This report does not constitute a rating action. We expect revenue to grow about 1% in 2026. We assume mid- to high-single-digit percent volume growth in Industrial Holdco L.P.'s (ISG's) Force Motion Group (FMG) and Gimatic (automation) segments, expansion in aftermarket parts and services, and higher prices across its portfolio. This has support from favorable order momentum, including by customers in robust defense markets. However, our forecast for Spectrix (molding business) revenue to decline 4% in 2026 mostly offsets these contributions. It declined 7.3% year over year in the first half of 2026, weighed down from lower mold orders by medical and consumer goods end-market customers. In 2027, we forecast revenue grows about 4%. Spectrix orders grew in the third
