JBT Marel Corporation ($JBTM)

Good morning, everyone, and welcome to JBT Marel's 2026 Investor Day. I'm Marlee Spangler, Senior Director of Investor Relations. I've been in this role for about a year, and prior to that was part of the legacy JBT IR organization. We greatly appreciate those of you in the room with us today. Great to see so many familiar faces as well as those of you watching us via webcast. The team and I are really excited for you to hear about our growth strategy and how that drives value creation for the years to come. Before we get started, of course, a few important reminders. The slides that are being shown here today have been filed with the SEC and are posted to our IR website. Second is that today's presentation will contain forward-looking statements, which are subject to the safe harbor language shown on this slide. These statements are subject to risk factors, which could cause our results to differ materially from what is presented today. We encourage you to review our risk factors in our most recent 10-K filing. We will also make references to certain non-GAAP financial measures, and we encourage you to review the reconciliations in the appendix of this presentation. We have a comprehensive agenda featuring great leaders from across our organization. We split the day into 2 halves. So in the morning, first half, you'll hear about who JBT Marel is and our value proposition. We'll take a short break. And after the break, you'll hear about how we're enhancing that value proposition and how that drives value. We'll end the day with our Q&A session. I'll come back prior to that to give some instructions. But for those of you on the webcast, you will see a button that should be live now to submit questions that we will sprinkle through in the Q&A session. And for those of you in the room, we'll just ask you to raise your hand as we'll have some mic runners. We'll end the day for those of you in the room with a luncheon where we were this morning in the general reception area and some networking with the great leadership team that's joining me today. And with that, I'd like to turn the presentation over to our CEO, Brian Deck. Thank you.

Thanks, Marlee, and good morning, everyone. I'm really excited to be here today, and we are all, the management team is excited to be here today to talk to you and share our story about how we are creating the global food technology leader. And we're doing it by bringing JBT and Marel together in a way that we are better together than we were apart. And in doing so, we are living our purpose, which is to transform the future of food. But first, I'm going to share a video to give you a little introduction to who JBT Marel is. [Presentation]

Great. So that's a visual. And for those in the room here today, -- further to that point, we do have a virtual hub that I really ask you to take a look at. It gives you an inside view of how some of our equipment works. It's more of an immersive view. So I think you'll enjoy that if you can stop by during the lunch period. Okay. So what are the key messages for today? First and foremost, as I said, we are building the global market leader in food technology with a distinct value proposition. We're harnessing the collective strength of JBT and Marel. We both bring different things to the table, different experiences, different expertise. But together, we're creating a distinctive value proposition that focuses on innovative technology, service and support, software and our deep expertise in the food industry. And we participate in an amazing end market. The food market is a great place to be, given its resilience, its consistent growth and the continued trends towards protein consumption and value-added foods consumption. And we're a major player in supporting that. We're executing our integration playbook. We did what we said in 2025, and we're continuing on that path. We're very excited about the opportunities that, that integration brings in terms of growth, synergistic sales, cost synergies and overall shareholder and customer value proposition. By delivering on our customers and creating value for them, it creates shareholder value as well. And how do we do that? We do it by delivering outcomes to our customers. The world is moving away from delivering inputs and really being measured by our outputs and how we make our customers successful. And we do that by food safety, efficient operations, the volume that's necessary to support those facilities, yield improvement, less food loss, more food coming out of the back end. And automation is a huge trend that we continue to see in that uptime and efficient operations and sustainability and waste reduction remains an important part of who we are. By doing all this, we're enabling our customers to get the most out of their inputs and really deliver outputs for them. And how do we do that? We do it by our business model that we're creating. First and foremost, it starts with the innovative technology that we have. Many of you know we have a very deep and broad technology base. And in particular, by bringing the 2 companies together, it offers a fuller line of more integrated solution than either one of us could have had on our own. And that's very important as we support our customers in efficient operations. But it's not just about the equipment. It's about everything around it, the service and support, parts, refurbishments, all the things that keep our customers running on a day-to-day basis is critically important. And that's supported by our food expertise, our food science, our process knowledge as well as the software and digital support and data that goes around it because we're moving into a world where providing more information helps our customers make those on-the-fly moves in order to support those efficient operations. And with this holistic business model, it's helping our customers deal with one partner and getting the most out of those operations and building the trust and the relationship and the partnership with a single point, taking the burden off of them that they don't have to do it themselves. The life cycle support is critically important, as I just mentioned. Service excellence is the key. The vast majority of our interface with our customers is on the service side, delivering parts and service and supporting them in their day-to-day operations, making sure those facilities and factories are running at peak activity. We have a global service network of 1,600 technicians. They're both local, regional, and we have global expertise. And our business model allows our access to our customers through all those expertise throughout the world. So we can make sure we harness that power through our relationships. And again, the world continues to move down a digital and data path to support that entire business model. Okay. Taking a step back, who is JBT Marel? First, let's start in the middle of the chart. If you look at our end market exposure, and this is 2025 orders based on the markets that we sell into. You can see we are very heavy in the last year on the protein side. Poultry had a tremendous year. It's our largest end market and happens to be our strongest end market as we stand here today. We're also very diversified as you go into meat, seafood, ready meals, pet food, we're a leader in that, beverages, juices. We do participate somewhat in pharma, and we have a great automated guided vehicle business. So it's really important to understand that diversification. And the thing that always surprises me or pleases me when you look at these numbers year-to-year, there's a fair amount of changes. And the reason is because the consumer and our customers move their investments around to support those end markets. So that diversification is critically important so that we can participate wherever our customers go and wherever the consumer goes. On the right, if you start on the bottom right, you can see our 2 segments. Arni will give a lot more detail on this, but there are 2 segments, our Protein Solutions and our Prepared Food and Beverage Solutions. Think about Protein Solutions, which are more bespoke to the upfront processing and the Prepared Food and Beverage is taking that median, doing more with it, more value-added as well as our diversified fruits, vegetables, beverages market. Together, that's the way we approach the market. And what's important to understand in the middle there, for example, in poultry, poultry actually crosses both segments. You have the Protein Solutions, but we also serve that market through the Prepared Food and Beverage solutions by virtue of things like value-added chicken nuggets or whatever, we have ready meals, et cetera. So it does cross both all these categories, many of these categories across both segments. Critically important is understanding our business model and by virtue of our amazing installed base, which you'll hear about from Augusto today is our split between our equipment revenue and our recurring revenue. Our recurring revenue is a huge benefit to our overall business model, support that relationship, as I mentioned, so much of our participation in the market is on a day-to-day basis. And that's parts, that's service, that's refurbishments, that's consumables and that's some lease revenue, very diversified model even within that. But as you look at this slide, the key takeaways is 2. One, the diversification that allows us to participate where the consumer moves from an end market perspective. And two, that revenue -- recurring revenue model. We're also diversified from a global geographic perspective. You can see we have 40% in the U.S., Canada, EMEA and 10% each in APAC and Latin America. That allows us a tremendous amount of flexibility as we develop our supply chains, particularly in a world of tariffs where we can have that operational flexibility to move our supply chain to support the current economic environment. It also allows us to take advantage of low-cost country operations. So we have low-cost factories in Eastern Europe, in South America and in India as well as China. This allows us to do some best cross country for either component manufacturing for either serving those local markets, which often have a different price point, but also providing a low-cost operations for importing equipment into the U.S. and in Europe. And that's even inclusive of tariff costs. These tend to be more lucrative and low cost even considering that. Now one important question that you might have looking at 40% EMEA, less than 5% of JBT Marel's revenue in 2025 came from the Middle East. We would expect that to be similar in 2026. I'm sure we'll talk about that a little bit. Another thing really important to understand about our resiliency is where we sit in the food chain. We are upstream of the customer, the consumer's decision, whether they're eating at home, right, going into the grocery store, quick service restaurants, full-service restaurants, institutionals like educational or hospitals. We work with our customers who make the decisions as to where that food will flow. But we are largely, if not completely agnostic to those end consumer trends. So that flexibility and that participation upstream, along with that diversification globally and the diversification from an end market perspective really provides some support in terms of managing through trends within the economy. To that point, we've done a lot of work to understand that. This chart shows food company CapEx versus general industrial CapEx for the last 20 years or so. The food line, the green line is approximately -- is 50 companies that we have created our own index looks at the CapEx over these last 20 years. And the black line is the XLI CapEx trends. And the takeaway here is 2 things. One, the growth is higher on average and the volatility is 2x less as measured by standard deviation. So what you're getting, and that's because of all the things I just talked about, geographic flexibility. And the fact is, and you'll hear about this quite a bit today in terms of some of the trends, the trends towards protein consumption and most importantly, value-added consumption, convenience foods as the world becomes more affluent, they want to have more flexibility in their diets and in time to prepare their foods. On the integration, we've made meaningful progress. In 2025, we executed on the organizational design. You'll hear from Shelley about some of the cultural aspects that we did to be able to be successful and move quickly in terms of absorbing the -- bringing the companies together and having a common purpose and values. We reduced duplicative costs. We started on our supply chain efforts, and we delivered on our promises for 2025 in terms of cost synergies, growth and deleveraging our balance sheet. And we're going to continue on that path of delivering our promises in 2026 and beyond with the focus shifting more towards the supply chain, looking at consolidating our vendor base, doing value-add, value engineer projects to simplify and bring cost out of our products as well as getting the most out of our operations, optimizing our footprint and make sure we are doing the right things in the right places. And I mentioned -- as I mentioned earlier, about utilizing some of our low-cost operations in a way that many others can't. That global footprint, that optionality that we have on that footprint is quite important. So integration is on track in all regards, and we're very excited about continuing that path. I do want to take a step back and talk about sustainability. This is very important for our customers. and supporting them on their journey in the view of consumers who like to partner with companies that they feel are sustainably conscious as well as the regulatory environment that our customers have to deal with. And how do we do that? We improve and get the most out of the water usage, electricity usage, natural gas usage, minimizing those resource usage. We also reduced food loss, improve food yield, add shelf life and extend and -- sorry, lower usage of plastics as well. We also support them in the development of new foods by virtue of accessing our customer innovation centers globally, which we have more than 10. This allows our customers to test new foods, whether or not it's on traditionals, but also things like plant-based foods or even things like cellular type foods that we continue to see. So we support them in those journeys. And very importantly, we also support them on food safety and traceability. It's a consistent challenge for our customers to make sure that they serve the consumer world in a safe manner because from a brand perspective, nothing can hurt a food brand more than a food challenge -- a safety incident. So we support them on that journey. A big part of our role is to support our customers in that brand protection. And as wonderful as these things are from a consumer perspective, from a regulatory perspective, it also supports our customers in lowering their costs. All these things support them on their competitive position in the marketplace. So it's not just for the sake of doing it, it's the sake of actually being -- making our customers more profitable. Operational excellence is core to who we are. Historically, so JBT has been on this journey for many years, and it's something that we bring to the Marel organization and operations. So we are deploying relentless continuous improvement that lean, we call it RCI, relentless continuous improvement. And really, it's about daily management and driving a culture of taking out complexity and bringing simplicity to the organization. And we do that by daily management, but also by virtue of the JBT Marel business system, which is a disciplined operating cadence, which connects our operating activities, our business to our business performance and our strategic initiatives with a constant feedback loop. So we're always identifying problems and solving those problems in a real-time basis. So this is core to who we are. And very importantly, takeaway is when we think about continuous improvement, it's enterprise-wide, which means it's not just about cost. It's about competitiveness. It's about reducing lead time. It's about reducing manufacturing time. It's about improving your service network, your commercial interface, your R&D effectiveness. All those things are what helps JBT Marel become more competitive by adopting lean in the JBT Marel business system. Okay. You're going to hear Arni go deep into this today, but I'll give you a quick introduction to our next-gen strategy. why do we call it next-gen? Because we feel that the industry is moving away, as I mentioned earlier, delivering inputs to delivering outputs in a more holistic business model, not just delivering equipment, but delivering all the things around that, that service, the support, software, that business, that intelligence that we have, that food expertise, that process knowledge that we bring more holistic. And you need all the pieces to do that. You need the full line solutions and you need all those pieces around it. And we feel that the industry is moving to that, not just from our perspective, but if you think about as baby boomers retire and the folks filling those roles, they're more comfortable with the service model. They're more comfortable with data supporting their business. So we feel that is critical to who we will be going forward. And in order to harness that, we have to have a customer service -- a customer-first service organization. And generally, having access to our -- providing our customers access to the whole of JBT Marel so that we can support them on this integrated value proposition that I've talked about a few times, allowing them to understand the benefits of doing it and taking that burden away from them. But also, it's also about capturing our full market value of who we are. JBT Marel has a tremendous amount of breadth on our technologies and our end markets, but now all of our customers know and understand that. So having that customer first organization that shows them where we can support them in various places because we have many very global food companies that participate in many end markets. And they don't always know and understand the depth and breadth of our offering. So a huge part of our cross-selling opportunities is our synergistic revenues model will bring that to life. I already talked about the operational distinctiveness. It has to be core to who we are in terms of continued development of our competitiveness and our cost structure and our margin development. And lastly, as we get through the integration and we deleverage our balance sheet, we are -- we will look to deploy capital. And we want to deploy capital in a way that supports that integrated value proposition. Not every end market that we participate, do we have the full line solution, do we have that holistic circle. So we will continue to invest there and potentially fill in some other white spaces that we see. But first, very foremost, we will execute on the integration and meet the commitments that we have talked about. Okay. I'm very excited that you get to meet the leadership team today. These are some of the best folks in the industry. I'm very proud of the work that they've done, the way we've come together. It's a mix of JBT and Marel folks, and this really is the best team in the business. So very proud of the work, and you'll hear from many of them today. So why invest in JBT Marel? We are executing on the transformation on the integration. The thesis have played out the way we thought in terms of recovery of some of the food markets, in terms of ability to bring these customers, our technologies together to create these integrated solutions and the margin potential of bringing them together. We have compelling market exposure, great end markets in food that are more stable, more resilient than many other end markets. We have a differentiated value proposition, virtue of that integrated model, the holistic model that I talked about. And our terrific resilient recurring revenue model supports us through ups and downs regardless of the economic environment. And we're bringing operational excellence to continue our path on margins even beyond 2028. All that would bring tremendous shareholder value. It brings tremendous customer value, but very importantly, shareholder value. So with that, I'm going to introduce and have Arni speak to our strategy and some other things. Arni Sigurdsson is the President of JBT Marel. Thank you.

Good morning, everybody. It's really great to be here today. I'm Arni Sigurdsson, President of JBT Marel. I've had various different roles across the Marel organization over the past decade and then led the Marel organization through the merger with JBT. What excites me the most about JBT Marel is the breadth of our offering and the reach that we have. We touch a meaningful portion of every food that is being consumed around the world every day. And that gives us a great opportunity to have real impact and transform the future of food. What I want to show you is how well we are positioned to drive profitable growth. We are focused on attractive markets with secular growth trends, driven by rising consumption and automation needs. We have this great diversified end market exposure, which gives resilience to our business. But not only that, we've picked the most attractive markets. We're accelerating growth and strengthening our competitive advantage with fuller lines, integrated value proposition around our equipment, service, software and application expertise. We're also leveraging the food expertise and the process know-how. We then have a large and growing installed base, which is instrumental to our service business and the recurring revenue, which is really focused on having deep partnership and relationships with our customers. So I want to start to put this opportunity into context by looking at the market opportunity. We are focused on a market of USD 50 billion that is expected to grow 3% to 4% over the next 3 years. We, on the other hand, are planning to grow 5% to 7% above the market. And the reason why we're confident that we're able to do that is because of our unmatched value proposition of fuller line solutions, the integrated offering and the focus of the interaction between equipment, service, software and the application expertise. And then what we're doing is we're continuously focused on innovation. We're continuously innovating to make sure we have the leading technologies that our customers want and require. We've also oriented our organization to an account-based go-to-market strategy. And the essence of that is to look at our customers through their eyes. So what is the need for that plant, what is the need for that customer, and orient our commercial organization in that way. And then that organization can bring the breadth and the scale and the reach of JBT Marel, the expertise to really help our customers on their journey. Then we have a customer-centric service model. We're making meaningful investments and decisions to really strengthen that part of our business, and we'll talk about it repeatedly over the course of the day to give you more insights here. Then our customers are consolidating. What that means is the more sophisticated processors are gaining share and there's consolidation happening and the players that have less efficiency, more manual operations are disappearing from the arena. And why this is important is that our value proposition and our offering and what we focus on is the high-end segment of the market where there's more automation, more sophistication type processing. So this bodes well for our business. To talk about the market, I want to start to tell you about kind of what's happening on the consumer side because that's driving some of the preferences there. That's driving the volume. And one of the good drivers here that we have often talked about in the past is that the population continues to grow. That means more mouths to feed, which is really good for us. But the world is also kind of developing. And that means kind of people have rising income. There is development there. And that helps with the diet that people have. The more disposable income you have, the more you move from a grain-heavy diet to a more protein-heavy diet. And that obviously bodes well to the end markets that we focus on. Not only that, with rising income, people tend to have more pets, which is very good for our pet business that Brian mentioned that we have a very good position in. But if you look at the protein market, which is kind of -- you can see it here on the graph that over the past 15 years, the protein market has been very resilient. It's growing consistently. The protein market has grown every year apart from 1 year, which was due to the African swine fever. But not only that, if you look at poultry, it's growing above the overall market. And the reason for that is due to some of the health benefits of poultry. It's due to the affordability. Poultry is much cheaper than some of the alternative food out there, and it's very heavy on the protein side. So it has this very favorable dynamics from that perspective. Not only that, it takes flavors easily. It's convenient to cook, whether it's grilled, tikka masala, I could go on and you know that. So that's an important trend on the poultry side that is really helping to drive the consumption there. There are other trends that are really relevant in this context. We all have very busy lifestyles. So the consumer preferences are evolving. Consumers want more convenience, more functional food. So think ready-to-eat, ready-to-heat, ready-to-cook with short preparation time in the kitchen. And what that means, there's a lot more product variety in the market. If you think about -- if you go to the supermarket today, there are aisles of different products that you can buy. If you look at it 10, 15 years ago, it was maybe a shelf. So that has really changed the market, which really means there's more products going into cut up, debone and prepared foods. So the value chain of our customers is extending. And this bodes really well for us because we have a strong offering in exactly those markets, cut up, debone and prepared foods. This is kind of the essence as we see it from a consumer standpoint. But we also need to look at what's happening with our customers, the food processors because our market is growing faster than consumption of food. And that's because of some of the trends that are happening with our customers. There is rising input costs and margin pressure that our customers are experiencing. So they're very focused on performance optimization, not only for individual machines, but across the whole process. So this is driving an accelerated demand for integrated line solutions from fewer strategic suppliers. Our customers really want to think about the end-to-end process. And the reason for that because it gives more opportunities to improve yields, to improve throughput and just overall optimization. Uptime and life cycle performance is another important trend that is happening. And the reason for that is equipment is becoming more sophisticated, and there is scarcity of skilled labor out there. So our customers are relying more on us to help them with service and managing their operations. The last one is the industry consolidation that I already talked about, but it's an important one to keep in mind what's happening in the space. So as you can see, we have really attractive end markets that are resilient and have these secular trends that will drive growth over the long term. So it's not enough to just focus on attractive markets. You need to have a clear right to win, which we do. And the reason for that is because we're exactly focusing on the trends that are in the market. We have a unique position when we look at the breadth of our offering. We have fuller lines. We're very focused on having the integrated offering around equipment, software, service and using our knowledge and expertise because that helps with uptime. That helps with performance when you really bring that together. And then we are innovating to be -- to have the leading technology really where it matters, especially those anchor points across the line in our end markets. Software and digital are also important tools that we're investing in, and that's really to enhance what we're already doing, whether it's to help on the service front with prescriptive maintenance and uptime or with the line, managing the line, having traceability. So we're using those tools and those capabilities and solutions to really help us. So we do have this unique position in the market, which is the essence of our competitive advantage, which will help us to grow above the market. Now I'm going to dive into the segments because that really explains better how we look at the different parts of the market and how we service our customers. So first, looking at Protein Solutions. This segment is focused on the first stage of processing, where we're harvesting kind of the animal protein, but this also includes cut up, debone and fresh processing. We're primarily focused here across the end markets of poultry, meat and fish. And if you look at those end markets, we have a clear leadership position in poultry and a top 2 position in meat and fish, which merely depends on kind of where you look in the value chain. We have a very comprehensive offering here, so we can offer key individual equipment to our customers. We also have the ability to offer extensive lines in each of those end markets. And we've been building this business over a long period, which means that we have a large installed base, which is evidenced by the high recurring revenue here and the high quality of earnings. Roger will give you some really good insights what we're doing on the poultry side to really bring this to life here. The other segment, Prepared Food and Beverage Solutions. This is focused primarily downstream on value-added processing. And here, this segment and the technology here is more end market agnostic. So you can just see there's a lot more end markets here that we are participating in. But how we think about this segment is really that we have some amazing leading technologies here. We have kind of our freezing business, preservation, juice extraction, extrusion, kind of I could go on and mention a few more. But that's really kind of where we have great technologies, and then we're building around those technologies to have a more comprehensive offering for the priority markets, which we think are the most attractive. And we've taken great steps here. If you just look at fruit and veggies, we have a great offering, pet food through the merger, really strong position there. And then Prepared Foods. This Prepared Foods part of our business, that's the part that was significantly strengthened through the merger of JBT and Marel. We now have great solutions that no one else can do. I mean we have hamburger lines, we have chicken nugget lines and kind of Bob will just give you some great insights on the opportunity here. I think we can still do a lot even though we have already reached this great point already. So that's the segment. We are executing on our clear strategic pillars to drive value creation through organic growth and margin enhancement, and Brian kind of touched on those, and I'm going to give you a little bit more insights to each one of them. A customer-first service organization drive sales and grow the installed base, which really enables recurring revenue growth. Equipment is the first step in the process to build an installed base. So we go to the customer, we understand the needs, we sell equipment, we install it, we train our customer to operate it, but then we support our customer with maintaining the equipment, ensuring uptime. We have multiple customer visits. We sell service and spare parts. So this is kind of how it works. And if you do a really good job on the service front, you're deepening the customer relationship, you understand the customer needs going forward, and then you're able to sell the next piece of equipment. So we often say that sales sells the first piece, but service sells the second. And this is really to show this infinity loop that we have here, it's really to show how one reinforces the other and the interplay how valuable that is. And this is really highlighting the importance of service and why we're putting so much emphasis on service from a strategic standpoint. We're then investing on the service front, like I mentioned, in digital tools and skills, capabilities, to really strengthen that further. And Augusto will give you some great insights to really kind of give you a more deeper understanding on the specific actions that we're taking. The integrated value proposition is very fundamental and close to our heart. So here is a key focus on making sure we're innovating in the right places. So we have leading technologies that are addressing our customer needs and are the key points when it comes to an integrated line. We're also broadening the offering through innovation, so it kind of -- it starts to enrich the full-line solutions. But here, due to the merger of JBT and Marel, we have an amazing portfolio already. So what we're already doing is in the areas where we already have the building blocks and the right pieces of equipment for align, we're taking steps to make that more seamlessly operate together. And there, you can think about like sometimes you need to ensure kind of mechanical designs like the height of the equipment is the same or the throughput and the speed operates. And then eventually, you obviously want to have the right technology and connections. So the kind of -- so basically, each piece of equipment can communicate so you start to operate it as one seamless integrated system. And here, there's a lot of opportunities, and you'll hear and see that throughout the day as well. Then, like I said, commercializing the software and digital capabilities really to strengthen that offering even further. That's for you, that's the glue and that's how you tie things together. So that's an important piece as we look at the fuller lines and the integrated value proposition. We're then focusing on capturing the full market potential. And the essence here is the go-to-market strategy that we have. Like I said, it's an account-based go-to-market strategy. So we are visiting the customer. We're understanding the full needs of that customer. And then we are supporting that commercial organization with product specialists for specific products, product knowledge when needed. We're bringing the service organization and the whole breadth of what we do. It's not enough to just change the organization. We're also making sure our people have the right tools and the knowledge with product training. We're also making sure that they are incentivized in the right way because here is the opportunity to kind of cross-sell our full portfolio. And we achieved order synergies of $30 million in 2025 with over half of that in the fourth quarter. So it was like very good momentum that we built over the course of the year. We're also really excited about the scale that we have right now as a combined organization. This is really important when we look at the emerging markets of Asia Pacific and Latin America. Just having people and resources and assets on the ground, just don't underestimate the importance of being able to speak the same language, understand the culture, being in the same time zone from a response standpoint. And now with our scale, we're having distribution center in the region. We're having manufacturing sites in the region, like you saw kind of on the slide from Brian. So this is really important to help us drive more growth in Asia Pacific and Latin America. And then the operational distinctiveness. Brian covered this extremely well. We're focusing on relentless continuous improvement enterprise-wide. That means we're deploying lean tools. We're implementing daily management. And we're not only doing it on the shop floor. We're doing it across key processes across the organization. And this is not just kind of some tools and so on. We really are focused embedding this into our culture and that this becomes the way we operate on a daily basis. We also see an opportunity on the procurement and supply chain excellence. We made great progress in 2025 through the integration, but we see further opportunities to consolidate our supply base and with that and deepen our relationship with our strategic suppliers. We see opportunities still to review and look at make versus buy decisions. And then we're looking also at our footprint to make sure it's fit for purpose. The world has been dynamic to say the least over the year, last 1.5 years. And we have a great footprint around the world in every region. So we want to make sure we have the right proximity to customers. We want to make sure that we can navigate the tariff environment. And we want to make sure we can deliver to our customers at the right cost at the right time with the right quality. So bringing it all together, and I hope you're seeing why I'm so excited about JBT Marel and the opportunity that we have in front of us. We have these amazing markets. They're attractive, they're growing, and they have these secular trends. We have a clear right to win and a strong competitive advantage with our full aligned solutions, our focus on an integrated offering across equipment, software, service and the application know-how, and we're continuously focused on innovating in the right places. Then we have this amazing installed base, which is the foundation of our service model that I talked about kind of how important it is. So this is why we believe with our strategic pillars, with the focus on execution, why we can grow above the market at 5% to 7%. With that, let me turn it over to our EVP and President of Poultry, Roger Claessens that will give us more insights into our poultry business. Thank you.

Good morning, everyone. Thank you for being here, and thank you for giving me the opportunity to share my enthusiasm about protein processing and then especially about poultry processing. I'm Roger Claessens, I'm leading the Poultry Division within JBT Marel, and I've been within the company for 25 years. I started 25 years ago as a field service engineer. And ever since, I've been fascinated about its challenges within the poultry processing industry. So let me take you a little bit along in what's going on here. Arni and Brian have explained, let's say, the challenges that our customers are up with every day. There's a full push for more volume because we are eating more and more chicken and beef and protein going further. There is a different push on more SKUs, more end products, so that also plays into our environment. We are more and more aware of what kind of food we want to eat, so track and traceability. Food safety is also high on the list of our customers in order to have solutions for. That, combined with a scarcity of skilled labor is an ideal mix of case studies that I would like to present to you. So we prepared 3 case studies. One is related to our full-line supplier ships. So I'm going to explain a little bit about that. The second is about creating a win-win situation with automation and, let's say, making sure that we are able to also create a full-line supplier ship in the end solutions of slicing and dicing because we're changing our diet. And the third one is how we partner with our customers in order to overcome geographical regional bottlenecks. So let me take you through all those 3, and then I hope you get as excited about protein processing as well. The first one is related to Bell & Evans, a poultry processor out of Fredericksburg, Pennsylvania, family-owned, third-generation and full focus on quality. It's not only about quality of their end products, but it's quality full end, it's quality at the farm, quality at the hatchery, quality for the people that work for them. It's all in their brand. And if you potentially go to Wegmans here in the U.S., then you can find their products and they clearly are seen as a premium brand. That family has approached us over the years and saying, hey, can you help us design the poultry processing plant of the future. We are in the need of expanding our capability because the demand is there, and we want to embrace everything that leads needed for the future because we need the next steps in order to be ready for that. So we partner with them, and we've shown all our modular building blocks because the modular building blocks lead into customized solutions, and we have been able to adapt our solutions to fulfill a full-line. And the full-line starts from post farm up to dispatch, as Arni also has explained before. You could see that line consists about more than 800 building blocks that we, as JBT Marel, have and that we are able to offer and with that, making a customer line with modular building blocks going forward. Let me take you through a few of the items that are very important for the quality aspect. When we start at the post farm environment, all our smart stacks have an RFID chip. With that, we start to track and trace temperature on the truck. We know how long a bird has been traveling, and that is already good input into the first step of the process. When those birds are at that moment being stunned and therefore transformed into bird into a carcass, we already start to measure, let's say, with weighing the birds on 5 different spots on 5-gram accuracy. We make across the process more than 50 pictures on the front and the back side to assess the quality. And when we are in cut-up and deboning, we have X-ray technology and other quality cameras and sensors in order to optimize. This is not only feeding the optimization of these customers in order to get more value and to assess the quality and track and tracing, but it also gives good information back into the agricultural side to optimize their breeding program and their chickens in order to make the next steps because that's what we're heading towards. It also is able to connect them with the track and traceability of the supermarkets. In this case, Wegmans and all the other suppliers in order to have a full transparency going forward. I would like to invite you also to visit the virtual hub that we have in the room over there, where we have explained -- where we are able to explain this full-line supplier ship going forward. So remember, 800 building blocks in a full-line, all the various sensors being combined in our software packages, of which Arni is going to talk about a little bit later. And that combined with the uptime that is super high. That relates into -- and I would invite you also to go on YouTube, type in Bell & Evans, and you will find Mr. Sechler, who will give 15 minutes introduction into his poultry processing plant, fully transparent. And I would say, it's the largest advertisement that we've ever gotten without asking for it. So I'm super excited about this. Let me take you through the second use case. And here, we are combining the need for automation because in this case, it's even more hard to find skilled labor, combined with the change on consumer behavior, 15 years ago or maybe 20 years ago, all of us would buy a whole chicken. We compare that at home. Today, I have 2 girls, 9 and 11, my 11-year old can make a meal because when we have HelloFresh, all, everything on the protein is already sliced, diced, potentially marinated and she just needs to put it into the fine bin and cook it. These solutions are all happening in the environment of our customers, and we have those solutions to help them. And therefore, to debone chicken breast, we've been doing that for over 50, 60 years. However, to make the next step in fully automating that and making those processing steps already ready for the next step, like the full-line supplier ship that Arni also referred to, that's the mix that we are looking into. So what we've developed in this case with Plukon is a fully automated breast cap debone. It's running 6,000 birds, 3,000 breast caps per hour. And in that, there are so many sensors that every cut, every preprocessing step is automated to achieve the highest yield and therefore, fully automated and therefore, even better than manual deboning lines. If you would look at the world on deboning, you could say that still 50% of everything that's being deboned is done manually. Specifically here in the U.S., it's even about 40% where it's done manually, where in other parts of the world, deboning of breast is done more automated. This is the next generation, and what is so exciting about this generation, fully automated all the data in there, and what I'm even more excited about is that we are able to connect it to the cut up line and the process afterwards because this machine will make sure that every fillet is correctly positioned on a conveyor belt so we can inspect it further on. And what advantage does that have is that when you have a controlling or inspecting process step, cameras or other technologies can take over. And therefore, we eliminate, let's say, the judgment or the subjective judgment of people on the line. This is a crucial step into our full-line supplier shape moving forward. Let me take you through the third one, and this is more a geographical one. When I was speaking about Bell & Evans, I didn't mention that at this day, we are at average processing speed of a chicken processing line, it's between 200 and 250 birds per minute, that's more than 4 birds a second. Imagine with the 800 building block that I spoke about in the first case, how many items are moving about there. However, here in the U.S., the line speed has been restricted to 140 birds per minute, not because there's no technology, because of regulation in order that we are able to inspect the birds on the line and to ensure food safety. If you look with the increasing rise of output, increasing demand on poultry, that means for our customers here in the U.S. that they almost need to buy 2 lines to do the same output compared to, let's say, a competitor of them outside the U.S. And if you would see that every second line besides the investment, which would be good for us as JBT Marel also needs double the amount of people in order to fill them. If you would be able to move to 250, that will be a great thing to do. So what did we do? We partner up with customers. We found the connection with the USDA and we found a solution in which we are able to process 250 birds per minute. How are we doing this? That it's just like a highway just before the inspections. We split the lanes, we slow down. Actually, we slow down to 125 birds per minute. They can be inspected and then we merge the lines back in again. It's a little bit technical, but that enables our customers to make the next step into, let's say, fully automation and being more competitive. That's a huge step, and that will, let's say, change the industry here in the U.S. for the coming decades because those changes are not done overnight. This combined with the 800 building blocks with the speed of 250 birds per minute. Going forward, we are well positioned in this case, in order to make the next step in being the full-line supplier that we would like to be in embracing also the service environment. With that, I hope you also got enthusiastic about poultry processing as I am. I could do 5 more cases, but we also have nice cases on beverage and meat. And with that, I would like to introduce EVP of Meat and Prepared Foods, Bob Petrie. Thank you.

Thank you, Roger. Good morning, everyone. My name is Bob Petrie, and I'm the leader of our Meat and Prepared Foods business. I've been with the company for just over 17 years, joining when JBT acquired Double D Food Engineering, a company in Scotland that I was a former owner. Prior to this role, I led JBT's protein and Asia business for just over 3 years. And I've been in this role for just over a year since January '25. I can't tell you how excited I am to be part of this amazing journey with JBT Marel. We've put together an incredible combination of technologies that is truly unparalleled in the industry, and that makes us unique, and it's an honor to be here today to help explain that to you in more detail. What I'd like to do over the next few slides is share with you how we bring together the breadth of our technology and deep processing know-how to solve some of our customers' most complex needs. The lack of labor and proliferation of SKUs in many of our prepared foods and beverage end markets is leading our customers towards more full-line solutions that deliver flexibility, ease of use, all while reducing energy consumption and total cost of ownership. We are further advancing our full-line solutions by integrating the latest in AI and vision technology to inspect and remove nonconforming product, a task that until recently could only be performed by manual labor. Our solutions here are faster and more reliable, meaning our customers can produce more throughput, and they can produce better quality products. And we are developing these full-line solutions by using standard modules or technology building blocks to create them. That allows us to reduce our cost and reduce the complexity in both our supply chain and our installed base. This means that we can service our equipment better and service our customers better. In the next few slides, I'm going to walk you through some real examples of our solutions. First, we'll take a look at one of our flagship end-to-end processing lines. Here, we have a full-line solution for producing fresh and frozen hamburgers for a well-known U.S.-based quick service restaurant or QSR as we often refer to them. Our customer in this case, Danish Crown, approached us with some very demanding requirements for the line. The line had to produce 100 tonnes of hamburger per day. That's enough hamburgers to supply around 1,000 QSR locations Each burger had to be exactly the same with no deviations and comply with very specific specifications for weight, shape, thickness, fat to lean content ratio and, of course, no bonds. Our solution here was to offer a fully integrated complete line, starting from meat inspection to meat preparation, which is grinding and mixing, to forming, freezing and [ win. ] We were the only company that could offer a full-line solution that could deliver on all of these requirements. So this is a great example of how the combination of JBT and Marel had allowed us to offer a solution that neither company could have offered on their own, nor any other company in the industry for that matter. Prior to the combination of the 2 businesses, the burden and risk of bringing together separate pieces of technology from many manufacturers that would have fallen on Danish Crown. And that was one of the key differentiations in this project. The advantage to Danish Crown having this full-line solution is that they now have a single accountable partner, not just for the delivery, installation and start-up of the line, but also for all of their processing needs and servicing needs going forward. This will allow Danish Crown to improve their efficiency and help them improve their competitiveness. And we are delighted to take care of all of that for them. Our next solution is in the beverage packaging industry. Here, we have what we call our EV filler, which is a next-generation volumetric beverage filling platform. This is a great example of how we use our deep processing know-how and food science know-how to create breakthrough solutions for the industry. Typical customers in this space would be global producers of water, carbonated soft drinks, juice, tea, et cetera, and the challenges our customers face in this area are twofold. The first is around flexibility, where a customer wants to change a product or packaging from one type to another, then in a traditional filling line, that would take a lot of change over time, meaning a traditional filler line has very high downtime. The second challenge is in total cost of ownership, and that is driven by the energy intensive nature of the processing. Our solution here is a next-generation filler designed for use for multiple beverage types at ambient or warm filling temperature. This unique concept eliminates the need for the energy-intensive prefill chilling and post seam warming steps. EV filler also has a unique method for filling the container, which means that we can control the fill level but to a greater accuracy than a traditional filler. So what benefits would a customer have using an EV filler over a traditional filling line? Well, the total cost of ownership would be down by around $700,000 per year per filler. And keep in mind, many customers in this space would have multiple fillers in their operation. And because we've collapsed the number of processing steps down from 3 to 1, we've been able to reduce the change over time, and so improve that all important uptime for our customer. And of course, we can do all of that in a much smaller footprint. So EV filler is a breakthrough solution for the industry, delivers higher return on investment, and that really helps us develop deeper and stronger relationships with our customer. In this next slide, I'm going to talk about how we are differentiating our full-line solutions even further through the use of AI and vision technology, in this case, to eliminate labor, increase throughput and improve product quality for formed, coated and fried product. A typical customer in this space would be producing very high volumes of convenience type products. So think of chicken nuggets. And our customers here are delivering to large demanding QSRs with very exact in quality and delivery standards. To comply with these standards, our customers are placing manual labor along the line to inspect and remove nonconforming product. As you can imagine, this is very expensive, but more crucially for our customers, it's also prone to human error. Our solution here is to place AI-enabled vision cameras system above the production line to inspect each individual product being produced. Our cameras have been taught using machine learning to understand our customer specification and [indiscernible] for action when it detects a nonconforming product. That action could be to remove the nonconforming product using our automatic removal conveyors or it can be to flag to an upstream piece of equipment to signal to stop production and thereby prevent any further defective product from being produced. The accuracy of our camera system is shown to be at least as good as the manual labor it replaces. And of course, thumbs up every day, doesn't take any breaks. And crucially, for our customers, its decision-making quality remains consistent throughout the duration of the shift, unlike the manual labor it replaces. Customers who deploy this solution can significantly reduce their labor, increase their throughput and reduce the amount of scrap and rework from the line. Not only are we using this technology to differentiate our full-line solutions for new equipment and CapEx projects, we can, in certain circumstances also offer this technology to existing customers in the form of upgrades. And we're also looking to deploy this application -- deploy this technology to other applications, particularly in the QSR and retail part segments where product appearance is particularly important. So that concludes the kind of more technology part of the presentation. What I'd like to do now is shift gears and talk a bit more about how we leverage the benefit of our scale through standardization, supplier consolidation and best cost country sourcing. We do this through what we call our VAVE or value add, value engineering program. By the way, this is one of the key levers we have to offset our tariffs. The VAVE program is designed to reduce cost, reduce lead time and reduce the number of product variants we have in the field. This makes it easier for our customers to use our equipment and easier for our service teams to service our equipment. In this example, we're looking at control panels. The background here is that as both companies have grown in the last few years, they've accumulated many product lines and many engineering teams. These engineering teams are designing their own control panels to suit their own customer requirements and very often using their own technology preferences. So as you can imagine, we have many unique control panels across the company. These control panels are often engineered to order. Sometimes they are made in-house and sometimes they are made outside the supplier. By bringing these teams together and focusing on a standard design using standard components, we can then reduce the number of variance, reduce the engineering lead time, enabling us to consolidate that spend into one larger supply contract that we can then take to a supplier in the best cost country. So what impact does the VAVE program have on our business? Well, we have an ongoing program of VAVE projects in many of our businesses. And typically, we would expect to see around 25% to 30% cost reduction. In this specific example with control panels, we saw cost reductions up to 50%, in addition to significant lead time reductions. And with control panels, the benefits doesn't finish there. Where we have harmonized some control panels, we get feedback from our service teams telling us that the installations go faster and smoother because now they know what to expect when they open the box. And of course, our new product development teams, they can also tap into these common control panels to allow us to scale a solution even further. Getting engineers to agree on a common standard across the world is no easy task, trust me. But I think you'll agree that the efforts we presented are very much worth it. So now you've seen some real examples of how we've solved some of our customers' most complex needs using highly differentiated and integrated solutions. These highly differentiated and integrated solutions are what enable us to win in the marketplace. This is what I was referring to in my introduction when I said we were unique. So this is a really important point. And before we move to the next part of the presentation, I want to take a few moments to summarize and recap exactly what it is that makes us different. We bring together equipment, software and services together, working seamlessly to solve some of our customers' most complex needs. We developed new products to solve real-world problems using scalable platforms that can be adapted to multiple end markets. And we are integrating technology building blocks to deliver complete end-to-end solutions, and we do that right across the world. We also have deep application and process and know-how across protein, prepared foods and the beverage industries. You put all that together, and we really stand out from the crowd. We have differentiated technologies that no other supplier can offer. We offer full-line solutions that no other single supplier can offer. And for these reasons, we truly are uniquely positioned in the industry. You heard me say in my introduction about just how excited I am to be on this amazing journey with JBT Marel. Now you know why. And with that said, I'd like to now hand over to Augusto Rizzolo, our Executive Vice President and President of Regions and Integration.

Thank you, Bob. Good morning, everybody. So my name is Augusto Rizzolo. I'm the EVP, President for Regions and Integration, as well as responsible for the global parts distribution center at JBT Marel. I have been with JBT Marel over 6 years. And prior to joining JBT, I spent my entire career working in industrial and the manufacturing sector, leading products and service business with full P&L responsibility in a global context. So the topic that I'm going to be sharing that with you today is why service aftermarket at JBT Marel is one of the most attractive value creation levers for our growth. And most important, why service, it is a such accretive component to our customers in how they run their operations. So I'd like to start that by delivering you some of the key messages that are going to be covering today, but most important, how those measures are going to anchor the strategy for JBT Marel moving forward. As you're going to see it through my presentation today, at a high level, our strategy is quite simple, right? JBT Marel benefits from a large global installed base, which that itself provides a long-term customer relationships, and not only that, but us having the opportunity to target sell the valuable installed base. It positions us to continue growing the recurring revenue at a very attractive margin. During the integration with JBT Marel, we had a great opportunity to talk with several customers around the world. And we learned a few critical components that's helping us to transform this new service and aftermarket business model. What we learned is that more than ever, the uptime from our equipment, it is critical, right? It is also very important in the way that we are transacting and doing business with our customers. It is critical how we communicate and show consistency in terms of how we're delivering the service in the different end markets that we play and the different products that we offer. So to respond to that, as I said, we are in the process to transform our service and business model by focusing on what matters the most to our customers, which is the customer-facing metrics that we are going to be introducing to you today as well. And as we focus on developing a new business model, we are also looking at ways to create new growth and operational initiatives to continue expanding our recurring revenue and expanding our margins profitably. So to better understand why the service is such a critical component, I would like to give you an example of how and why JBT is well positioned to help our customers during the product life cycle. Okay. As you heard from Brian and Arni today, I'm glad to say that today, more than ever, JBT Marel, it is well positioned to deliver this holistic and customer-centric business model. Why? A couple of reasons. We have the reach in terms of our global engineer in field service, 1,600 technicians out there that can be available to support our customers. At the same time, we had the product and the process knowledge that makes this urbanization unique in the [indiscernible] end markets and the products that we play. And most important, as you learn from Roger and Bob today, we have the capabilities to provide a full-line of solutions in those core end markets that we play. And here, I would like to reintroduce this infinite loop, which was shared by Arni previously. I think this is a great representation of the entire customer journey. And here, I'm going to be focused on the right side because it's the right side where our customers rely on the most, right? Once we have sold that equipment, we have commissioning we and our customers rely on us to continue providing the service during the product life cycle. At the same time, on the right side of that, it is where we, as JBT Marel, we can benefit from the most in terms of attractive value creation, right? As a matter of fact, on the right side, during the entire product life cycle, we can generate close to 2 to 4x the value of the sale of the new equipment, and I'm going to get in some more examples about that. But before we go to the next slide, I'd like to give some perspective for the customer needs and how we can support our customers. At JBT Marel, the customers rely on us, thanks to our product and our process knowledge. And I can tell you that out there, there is no one else better than JBT Marel that can service that equipment. Our customers, they also rely on us in our ability to provide preventive maintenance as you're going to learn later on, but also our ability to provide a higher uptime. The third one is parts availability. Our customers rely on us that during this entire product life cycle that we will have the parts available in case they have a downtime. And as you can expect, in order to keep the parts for 10 to 20 years, that require some investments on our side as well. So I think that gives you some perspective of why customer matter, also why service is such a critical component to our customers, but most important, why is that a value creation opportunity for JBT for the next 2 to 3 years. Okay. So in order to respond to those customer needs and the same, try to capitalize the opportunity that we see in terms of the aftermarket service, I have to say, I'm glad to say actually that we have been working in a set of our focus and strategic initiatives for the service business model. The new business model that we are developing for service has a focus to deliver best-in-class customer-facing metrics. And our goal has been very simple, it's to deliver a service that can be more consistent, localized and responsive to our customer. And in order to deliver that, as you can see here, we are focused on 2 core initiatives. The first one at the top is about our people, our culture and our organization in which Shelley is going to be spending some more comments about that during her presentation. But here, during the integration of the JBT Marel, and the development of -- or designing of our new operating model, we made a conscious decision that we would like to integrate the service organization within our global operating units and giving the right levels resource and accountability, so we can do the right thing to the customer at the different regions and markets that we play. The second one that you see there is about having dedicated service process, tools and operations. So at JBT Marel, we recognize that running a service organization is different than running manufacturing sites. And for that reason, we have been investing in new tools, in new processes and capabilities so we can enhance how we deliver our service to our customers. So those 2 together is going to deliver this new business model, which is going to be sustainable. But most important, we're going to be able to scale and deploy to the different operating units that we have and the different end markets that we play. And the results, as you can see on the right, is a continuously improving the metrics that our customers care the most, which are the customer-facing metrics. And by improving those customer-facing metrics, we will continue to deliver incremental value to our customers into JBT Marel. So just a quick view about what are the benefits that we're already seeing, thanks to those improvements that we're doing in our business model for service. Our customers are already perceiving better service levels and experience across the different end markets and products that we sell. They are getting faster response time and resolution times, better parts availability. But at the end of the day, it translates to uptime. For JBT Marel, thanks to the results that we have been delivering to our customers, it positions us as well to be the partner of choice, which that itself gives us the opportunity to start developing stronger customer relationships, build the trust, which, at the end of the day, give us a higher probability to targeted selling of the installed base and continue increasing our recurring revenue. So these outcomes are not only able, thanks to the improvements that we are doing in our service model, but also thanks to the investments we have been doing in terms of digital and new technology. Take me to the next slide. So JBT Marel has been investing in a significant amount of dollars and resource in the last couple of years to build what we call this digital platform. And today, I'm really happy to say that digital, it is a core capability within JBT Marel, and Arni going to give you some more perspective about that during his session. But there is one thing I would like to call out over here, which is what set us apart with everybody else in this market that has a digital offer. And that differentiation that we have is our ability to combine this digital platform, which is proprietary from JBT Marel with our product and process knowledge that is embedded within our organization. This is what makes us unique in terms of this combination of digital and product and process knowledge. And that enable us to leverage the digital, to better service our customers and be more productive in terms of how we're running our service organization. I'd like to give one perspective -- and to put this in perspective, sorry, I'd like to give one example of how we can apply the digital platform into our service field operation. So thanks to this digital platform that today exists in JBT Marel, we're able to connect with our installed base. And not only that, having that connectivity, combined with our product and process knowledge and years and years of experience of servicing the installed base, we're able to create some algorithms in which can provide us valuable information in terms of what are the key parameters that we should be measuring in that equipment that also provide us the ability to prevent any downtime, and in case we have a downtime, that assessment and symptoms that we have in that equipment, it give us the possibility to dispatch the right technician with the right knowledge to fix that problem. And also, it give us the visibility of what is the right part that technician should have so we can fix that by the first time we dispatch the technician. So think about how valuable is that, right? Having the ability to fix the machine the first time that we get there, and also give us that insight of how we can be more efficient in running our service operation. So no one else is capable of doing that, thanks to the digital and our product and process knowledge. All right. So that execution depends on several other factors that I spoke here. It depends on the digital platform that's available. It relies also on our field service engineer, which is by far one of the most valuable asset we have at JBT Marel, and also relies on parts availability, which takes me to the next topic. Here, I would like to start saying, to deliver best-in-class service, parts availability is key, right? And today, in JBT Marel, service, I have to say, has been sharing with our manufacturing sites, which, in some case, can cause some challenge in terms of how we are treating this business. And why are those challenges? Well, first, we are sharing the same resource in terms of running a service organization and a manufacturing site. So you may have some conflict priorities. In some case, we're also sharing the same process and KPIs, right, which now may be the right process that we need to run a service organization. The great news is that we recognize and we have been changing the situation by first introducing this business model that I already told you and the focus that we're putting in terms of running the service organization within our operating units. But second, which I would like to introduce here is this new structure that we have now in place with a dedicated parts network for our service business. As you can see here, that structure that's already in place is simpler and relies in 2 global distribution centers, one in the state of Georgia here in the United States. The second one is in Europe, located in the Netherlands, that, by the way, that distribution center that we have in the Netherlands is considered one of the state-of-the-art in terms of technology and automation that we have in place. The automation that we have in the facility that we're able to pick and play the parts automatically with -- supported with the IT solution that we have. For most of the orders that we received in the facility, we are able to receive the order and ship at the same day, which is a very compelling competitive advantage in the market that we play. Those 2 global distribution centers itself are being supported by 2 regional distribution centers in emerging markets that we have a significant presence in terms of installed base, but most important, as you heard from Arni, opportunity that we see in terms of growth, in terms of revenue and new equipment growth for the next 2 to 3 years. The results that we're seeing out of those 2 or combined structure that we have in place, it's a global scale, but also delivering the local speed that we need translated to some of the benefits that we see here. We've already seen 20%, 25% improvement in terms of on-time delivery. We also see improvements in terms of how we're running some of those operations, which is impacting level, lower levels of inventory and reducing our operating costs, thanks to the consolidation and investments that we are doing in automation. So with that, I would like just to step back for a second. And because I have been talking about several things here, the improvements that we are doing in our service model, I spoke about how digital together with the field service engineer can be a very compelling value proposition in terms of service to our customers. And I gave you also some perspective about the investments that we are doing in our distribution centers to improve parts availability. Now think about if we pull all this together and are able to deliver this in terms of offering to our customer in which they can get the full potential of the service offering that we can do. And here, the great news is that JBT Marel today is capable to deliver that through what we call our ProCare service agreement. The ProCare service agreement, it is where we can deliver this full service potential to our customers. It is where our customers can leverage the valuable knowledge that we have in terms of the product, the process, that is where they can get access to this digital platform that is proprietary to JBT Marel, this is where they can get the parts of the ability that they need, supported now, thanks to the distribution network that is already in place. And most important is the line of support that they need to prevent any downtime and focus on uptime during the entire life cycle of the machine. So this is very powerful to our customers, at the same time, a great opportunity for JBT Marel in terms of continuous growing our recurring revenue. And as you can see here on the slide, we can create a significant amount of value by focus on that, it's between the range of 2 to 4x the value of the equipment sales that we can get out of this ProCare program. So think about the significance of that by applying this across the entire installed base, which takes me to the next slide in terms of what are the actions and how we're going to be unlocking after market growth for JBT Marel in the next 2 to 3 years. I'd like to start first, reinforcing that we benefit from this global installed base, right, for JBT Marel. And here, you can see a number. We estimate that the installed base to be around 200,000 key machines around the world. And today, we capture roughly 40% of the share of wallet. And we do know that best-in-class manufacturing peers, they're not necessarily not only in the food and beverage processing, capturing a range of 50% and 60%. So that itself gives us a visibility of the upside opportunity that we have for the continuous 2 to 3 years. And here, I also like to give you some perspective of how we're going to be achieving the 50% to 60% share of wallet opportunity. And that's focused on some of those 4 drivers that you see here. The first one is about expanding our service labor or service contracts, so by focus on the ProCare. The other one I'd like to introduce here is the rebuilds and upgrades. We haven't spoken much about this, but we would appreciate that during the entire product -- life of the product, that can be between 10 to 20 years. And due to the market dynamics, customer needs would evolve and change. And here is an opportunity because we have upgrades and kits that we can offer to the installed base to improve in terms of yield, automation, and some other requirements that our customer may have, which is a great opportunity for JBT Marel. And the last one is the parts share of wallet. Even though today, if you look at our recurring revenue, parts represent a significant share of our revenue. We do see opportunity to continue growing the parts revenue, thanks to the investments that we're doing in our distribution networks, which are going to deliver parts availability. So that's how we're going to get to this 50%, 60% share of wallet in the next 2 to 3 years. So summarizing my presentation today, I would like one more time to reinforce the benefits that we see from the JBT Marel installed base. Remember, 200,000 key equipments out there, which provide us a great opportunity to continue growing the market above market rate, but also a great opportunity to continue strengthening that relationship with our customers. And that combined with what I presented today of our new service and aftermarket business model with the digital and field service capabilities that already exist inside of our organization and the investments that we are doing in terms of distribution network to improve our parts availability, that together is going to be delivering compelling results for JBT Marel, which Matt's going to be covering later on. And also, hopefully, I was able to give you some evidence where do we see that aftermarket growth coming from, from those 4 key pillars or drivers that we see, which will position us to improve our share of wallet. And I would like to conclude, this is all possible thanks to, one, the initiatives and for sure, the investments that I have presented today. But most important, this capable -- we are capable of doing this, thanks to the people and the leadership team that we have within JBT Marel today because that's where the knowledge resides and that's really what makes us unique and different in a market that we play globally. So with that, it concludes my presentation. It concludes the overview of our service and aftermarket. And I would like to turn that back to Marlee. Thank you.

Thanks, Augusto. That concludes the first half of the presentation. So we'll move into a break, quick bio break, ask that everyone be back in the room around 10:47. Thanks, everyone. [Break]

Welcome back from the break everyone. We're now moving to the second half of the presentation. And with that, I'd like to turn it over to Executive Vice President and Chief Human Resources Officer, Shelley Bridarolli.

Thanks, Marlee. Good morning. How are you all? So I'm Shelley Bridarolli, as Marlee said, I'm responsible for human resources at JBT Marel. And I have a number of years in diversified industrials. That is my background. And I'll tell you, I was really excited when I came to JBT Marel because at the end of the day, the employees are excited about what we do. They're passionate about our purpose. They want to transform the future of food. And as an organization, we can harness that, right? We can take that energy and that passion and activate it to reach our potential. And that shows up in how people operate every day. So I want to share our people story with you this morning. I want to tell you what it looks like in practice because we've had 4 areas that we've been focusing on. The first is driving that disciplined integration, ensuring stability, clarity and coordinated execution. Second, we're building a high-performance, customer-oriented organization. We want to accelerate this organization, meet our synergies and execute in a fantastic way. Third, we're attracting, we're developing and we're retaining our employees, right? We want to strengthen that customer responsiveness you've been hearing about this morning. We want to enable speed with a unified operating model. And last, we're harmonizing our talent systems and our incentives to reinforce accountability within the workplace, collaboration, but also cross-selling an enterprise-first behaviors. Together, this is how we scale what makes us distinctive from everybody else. It's their expertise, their commitment to customers and their willingness to run towards problems. By retaining our talent, by developing them and their capabilities and attracting new talent that fits within our value system, we're unable to execute and support long-term value creation. So every story begins with the foundation, and our foundation is about values, right? We brought 2 very proud organizations together. They're proud of their history, proud of their culture, proud of who they were. And you all know that 1 of the top 2 reasons integrations fail is because of cultural misalignment. And on the surface, we are at risk of that when you have those proud environments. Getting shared values right is absolutely the foundation of everything you do, not just culturally, but also operationally. We were presented with this rare opportunity to bring these organizations together. And when you do that, many leadership teams who are inexperienced choose to move fast on everything, thinking that's the right thing to do. Our leadership team has been through other integrations. For me, this is my third of equal size. And I will tell you, you moved slow when it comes to values, you don't move fast, because it is a foundation of everything you do. It's how you operate every day. Now you don't also slap them on a wall. The culture is about moments. It's not about meetings. So you need to ensure that you're excavating what makes you distinctive. That is key in making it happen. So we spent a lot of time doing focus groups, looking at historical documents, talking to folks, doing surveys in order to emerge the values that we ended up with. And the interesting thing is, although on the surface, we might have looked a little misaligned, we really weren't. In fact, we are extremely aligned. How we approached it was maybe a little bit different. But at the end of the day, our values were very similar. We all wanted to collaborate, right? We wanted to create true collaboration, and we had the opportunity to bring the best of both styles together in order to do that. We want to serve with integrity, do what we say we're going to do. We are driven to win. We're driven to execute. Grow with excellence. That's about putting that enterprise-wide relentless continuous improvement you've been hearing about and driving it through the organization, right, knowing where and how we need to improve. And of course, advancing with innovation, right? We had that Marel blue sky innovation with JBT's practical innovation that we look to commercialize. We can bring the best of those 2 together. What's important is these values are not stand-alone. They work in concert. That's really important because together, they create a high-performing culture. And that translates into execution, which creates long-term value. So a key piece of that value creation is making things simple for our customers, right? We talk about worry-free processing. We want it to be simple. They just want their operations to run smoothly. They want to be unburdened. And by leading with our purpose and values, we can focus on our commitment to retaining employees, developing employees, that's what differentiates us in the market. And it allows us to scale. We always need to invest in our technical experts. That's really important. We need to be ahead of the curve. What I want you to focus on in this slide are really the 3 middle bullets, right? We know we have technical experts. We know we're delivering relentless continuous improvement in a positive way. But in order to really win and take it to the next level, we need technical experts who are looking at it from the customers' lens. They need to understand that they have to actively listen to what those customers need because then they can work the problem, but not only work the problem, solve the problem, and sometimes even solve the problem with new and existing technology through cross-selling by solving a problem before the customer even knows that they have it. We need to take our secret sauce, which is our expertise in food science and processing, and we need to make it even stronger. We need to create that customer-centric expert who takes our technology, existing and new, and bring it to the table. Yes, we've talked about our foundation, and we've talked about developing our individuals. But we also want to attract new talent where it makes sense. Our purpose is clear. It is a mission for many people. That attracts people in the marketplace. People also want to work with other experts. They want to work with people who are better than them or at least at the same level. And so what we've done has gone out into targeted hiring. For example, in the U.S., who builds better technical talent than the U.S. military, right? That's what they're known for. But they don't just create technical experts. They train for risk. They train for resilience. They train for running towards problems with collaboration. That is a perfect alignment with JBT Marel. Those are the folks we're looking to bring, the ones who are ahead of the curve and willing to have a mission and focus on it. Now by having this fit alignment, we've actually reduced our time to hire by about 25% in some of our customer-facing field service roles. That means that we actually can get to the customer faster because we have the technical expert to understand what we're doing. Retention has also increased. In fact, an interesting fact that we have is we have the lowest voluntary turnover either company has ever had since we've come together. People are focused on the mission, and they're excited about the opportunity. Now outside of the U.S., obviously, we want regional hubs. We've had digital hubs, customer innovation centers. That is where we're bringing people in through trade and educational institutions so that we can build that pipeline so we're ready for our customers when they need them. This strengthens our capability and has direct customer impact. So we've talked about how we've built the organization. Let's talk about how we're sustaining that because it's great to build it, but you have to sustain it. And we are doing that through leadership and organizational discipline. You heard Brian earlier, who was very proud of our leadership team. I'm very proud of our leadership team. But it's not just the leadership team, it's leaders all the way through the organization. We are very selective of who we put in leadership roles. We need to ensure that they have deep domain experience. We need to ensure they have a customer orientation, they're coming at it from the customer's lens and proven P&L execution. And in order to ensure that they are laser-focused on delivering results in a positive way, we've established a clear operating model, clear expectations that are really tightly linked to financial outcomes and operational excellence. Arni talked about rising costs, margin pressure and performance optimization for our customers. We are not immune to that. We also face those pressures. And because of it, we have driven that relentless continuous improvement enterprise-wide. We tackle our own problems with the same vigor we do our customers. right? We embed that cadence into our daily management. And together, all of this creates a performance-driven organization built on leadership depth, execution discipline, and consistent accountability, all of which serve our customer and create value for us and our shareholders. Incentives also sustain a high-performing culture, right? They reinforce performance and behavior. And as part of the integration, we spent a lot of time aligning and harmonizing incentive structures across the entire organization. This created consistency and expectations. It also reinforced accountability. So our short-term incentives are tied directly to adjusted EBITDA, margin performance, cash flow where a significant portion of our pay is also on long-term incentives. And our long-term incentives are focused around adjusted EPS, ROIC and relative TSR. So incentives often feel like a financial conversation, but I would argue at its core, it's actually a values conversation, right? We need to ensure that people are rewarded for the right things and doing them in the right way. That includes the customer experience, cross-selling, leadership effectiveness, ownership. And this is what creates a true pay-for-performance culture, one that aligns with leadership accountability, financial outcomes, impact and long-term value creation. So to close, everything I've talked about today from our foundation to sustaining that really reinforces the core principle, strategy only delivers when people execute it with clarity, accountability, discipline and commitment, right? We have a culture where we have driven disciplined integration into it, right? It's grounded on our shared purpose, our values and consistent execution standards across all regions and businesses. We're building that high-performance customer-first culture where our teams run towards challenges, not away from them. They're solving the problems, removing obstacles before customers even know they have them, protecting that uptime in that yield, ensuring we have long-term partnerships, right? Our capabilities are built through depth. We are spending a lot of time investing in our food scientists, our processing experts, our customer-facing employees. We want them to scale, innovate and respond with speed. We've implemented unified systems, harmonized incentives, talent programs. This reinforces our strategy, right? We want to get results in the right way. And this is an organization that's designed to execute. I'm really proud of what we've built and how we've gone about doing it. We're excited about our journey, and we welcome you to join us. With that, I'll turn it over to our President of JBT Marel, Arni. Thank you.

Good to see you again. What I want to show you now is how software and digital are playing an important strategic role in addressing our customer needs, strengthening our integrated value proposition as well as improving our competitive positioning. There is an accelerating demand for processing insights and increased uptime with our customers. This is due to margin pressure, complex operating environment and evolving consumer preferences. And this kind of is where software and digital can play an important role in helping addressing those demands. We are uniquely positioned to capitalize on this demand due to our broad offering, deep process and application expertise through our people as well as the experience that we've had over many years in building and deploying software in the food processing space. This will not only drive our software business forward, but through strengthening the integrated value proposition, it will help us to sell more equipment and more service. And with digital tools, we're able to take service to the next level, like Augusto talked about, with prescriptive maintenance and other tools, remote support, which will really help our customers in their operation, it will also deepen our relationship with our customers as well as lower the cost of delivering service. All this together will allow us to capture a greater share of wallet and grow our long-term recurring revenue. So if we go deeper into the accelerating needs from our customers and how digital and software are playing a role there. There is a new generation of operators that are more digitally savvy, and they actually just want to use data to run their operations. Uptime and machine performance is becoming more important, like we've talked about, due to the fact that machines are becoming more sophisticated because of improved yield and throughput and so on, and there's scarcity of skilled labor to maintain and service those machines so they rely more on us. Then Brian talked about how we're moving more to a more output-oriented food processing space. And that means our customers need to manage their processing lines more holistically, and they also need to make sure that they are fulfilling the customer orders that are coming in often at 2:00 p.m. for same-day delivery. Then there's a growing need for traceability, both in the food processing space, but also across the value chain. This is to ensure regulatory compliance and food safety for consumers. Before I go deeper into software and digital, in particular, I just want to take this step back and really talk about the integrated solutions that we kind of repeatedly mentioned today, and it's not without a reason. It's because of it and kind of how important it is. We really need a seamless integration across the equipment, service, software and the application expertise. It's around our equipment, it's around our people and the knowledge that we have, but we're really bringing that together to achieve the most sophisticated level of food processing. Each component here reinforces the other, so the whole is greater than the sum of the parts. And this is what we're focusing on to achieve the next level of efficiency, and software digital are a piece of this overall picture. So let's look at our product offering. We look at it through kind of we have 3 product families high level in terms of how we look at it. In machines, we're focusing on remote support. We're focusing on prescriptive maintenance and overall equipment efficiency. And this is to achieve the performance of the machines, the uptime and so on. On the line side, what we're doing there, that's where we're taking multiple pieces of equipment and making sure it works seamlessly as one system. It's to make sure that the product flows smoothly, it's to be able to have full traceability on each piece, it's to be able to use data across the line, upstream and downstream to optimize in a complicated operating environment. On the factory side, that's where we're creating visibility across different sites to help our customers manage their business, but also help to integrate our solutions into the IT infrastructure of our customers. So with this breadth, we're able to tailor our solution to the needs of the customer just depending on where they are in their journey. And that's really the value of this broad offering that we have. All these different products require a really strong digital backbone. And therefore, we have one comprehensive scalable platform to support all the whole -- in all the 3 different product families. It's a platform with strong cybersecurity, cloud and data infrastructure that also enables AI optimization. We are obviously bringing JBT and Marel together, and the 2 platforms, we're kind of well on our way to integrate those and will be done by the end of the year, and this will be with very limited customer impact. What I want to show you now is a video kind of how our solutions work in real time in a poultry plant. Go ahead. [Presentation]

This is a good representation of what we do. And there are really kind of 2 key takeaways here. You really see the opportunity that we have with our broad offering. Roger talked about 800 different kind of machine codes in a poultry plant. So being able to have that broad offering, being able to understand the process, collect the data at different points, weighing at 5 different places just in the primary process with over 50 pictures, managing a process at 250 birds per hour, kind of that's the essence of what we're capable when we start to bring these things together. The other one is really the integrated solutions that we've talked about. You see kind of -- you can get the insights into the control room in the dashboard, but that's not enough. You need to get the insights and then you need to use that in real time. And in that, kind of with that speed, you really need to understand the process and have the deep integration into the equipment. That's really the essence here that I hope you can take away from the video. And it also speaks now to kind of why we're so well positioned in the market. With our unique software offering, that's really built through all of these different components. It's built through having the broad offering. It's built through the process know-how and the application expertise. It's built through kind of the experience of our people of building and deploying software and digital tools in the food processing space. And it's really the secret sauce of all these different components coming together. If you look at some of the other players in the space, they might have a piece of it, but they don't have that full suite that you really need to do to be able to deliver on that customer need. If you look at the enterprise players, they're really good in that space, but they don't have the integration with the equipment or the process know-how. If you look at the shop floor vendors, they have some automation capabilities, but they are not used to working with the raw material or understanding the context that, that machine is operating. And if you look at some of our more traditional peers, they just don't have the breadth and the experience, kind of the breadth of the offering and the experience when it comes to digital and software solutions. So we have the scale, and we are furthest along. And that is creating our unique position and competitive advantage in this area. Our focus areas and development priorities are on multiple fronts. We're obviously very focused on bringing the platforms together and being done with that by the end of the year. But then we're also on the machine side, we're onboarding more and more equipment to our platform to be able to deploy digital tools, use the insights to help give customers insights such as kind of what's your energy consumption, okay? What's the usage of these spare parts? And when do you need to swap it out and so on? So that's really onboarding more equipment to the platform. On the line solutions, we showed you some of the capabilities that we have in poultry. And to be honest, like we're furthest along in poultry. But it shows you the opportunity that we have elsewhere. So we're using that knowledge and capabilities to develop that for other end markets and other parts of the value chain where we don't have as comprehensive solutions as today. Then as we train our models and basically train and use the models around the solutions on kind of prescriptive maintenance, production planning and performance management, I mean we are using AI in that arena. Bob gave us a great example where we're using kind of vision technology and AI, and we're doing that here as well. But the key point here when it comes to it is to be able to train the models, you need to structure data and you need to understand the process, and you need to have the application know-how because that's how you train the models that we use when it comes to digital and software kind of insights. Not only that, you need to be able to use the insights, and that's where the integration with the equipment comes into play, like I talked about around the video. And this is what we bring to the table better than anybody else due to the fact of our offering and being able to bring all those different pieces together. There are 3 main levers that we're focusing on to drive long-term value creation. The first one here is we're expanding our offering, kind of use cases and solutions to have a more enriched offering. The second is around acquiring more customers that are using our tools and capabilities. And then the third one is around growing with our customers and capturing a greater share of wallet. This will allow us to grow our revenue, especially the recurring revenue through service, and software subscription and capture this greater share of wallet that I mentioned. So to summarize this, there is the accelerating demand through -- of processing insights and increased uptime. And that's where our tools play an important role to address that demand. We have the most comprehensive offering to address the customer needs. And then we have the secret sauce of all the different pieces coming together to have a strong competitive advantage in this part of our business. And this is also one of the key levers that we will use to grow above the market. With that, let me introduce our CFO, Matt Meister, who will give us some insights into our financials and outlook. Thank you.

Thanks, Arni, and thank you all for your time and interest in JBT Marel today. Many of you know me as I've been the CFO since 2020. Before joining JBT in 2019, I had over -- almost 20 years of experience in global diverse industrial businesses. You've heard a lot today, a lot about strategy, about our markets and about our technology. And I think it paints a really compelling picture of what JBT Marel is about and where our opportunities are going forward. And now I'd like to bring it all together and put some numbers and expectations with it. Let's start with some key points I'd like to touch on during this part of the presentation. First, we've been very successful in executing on our strategy, delivering comprehensive solutions from a customer-focused organization, which creates a really unique customer value proposition and enables the earning power of our business. Second, we have strong end markets and market-leading technology. By bringing these 2 businesses together, it gives ourselves the opportunity to unlock revenue synergies and grow at a potential rate above market growth. Third, we have leverage available to us within our business to significantly improve margins. We're continuing to execute on the synergies and that relentless continues focus and continuous improvement. And fourth, we have a robust cash flow model that supports our organic and inorganic growth opportunities. If you put all that together, we have a great platform for significant shareholder value creation and attractive return trajectory. Now let me dive into that value creation algorithm here at JBT Marel. Starting with the growth drivers. We've discussed this a lot today. You heard it from many of the presenters already. It was resilient end market. We have secular tailwinds that's really supporting the business. We have that unique customer value proposition that Arni just talked about. All of that supports that above-market growth rate that we're expecting over the next 3 years. As I mentioned before, within JBT Marel, we have a set of levers to really enhance margins. Favorable mix of recurring revenue, our focus on continuous improvement and again, execution on those cost synergies that we developed during the integration process early on. A combination of sustained growth and disciplined focus on margin improvement with our cash flow model really builds this powerful engine for differentiated financial performance and significant long-term shareholder value. Now let me walk through the components of that value creation engine and how it translates to financial outcomes. As many of you know by now, we have recently resegmented into 2 segments: Protein Processing Solutions and Prepared Food and Beverage Solutions. Both of those segments serve very attractive markets. They benefit from that inelastic demand for food and beverage. They have those secular tailwinds that we talked about with population and income growth, changes in consumer tastes and preferences, which drive our customers to have to innovate and invest. And they also have these complex operations that Roger and Bob talked about, which requires investment in automation for the lack of labor available to work on the lines as well as needing to enhance yield and reduce cost of production. And as you heard, JBT Marel is uniquely positioned with our technology and our full-line solutions as well as that domain expertise to meet those evolving customer needs in this complex environment that they operate in. By putting the companies together, we can leverage this unique customer value proposition, and it's all enhanced by revenue synergies. These integrated solutions that we introduced to the market as well as our go-to-market strategy has really resonated with customers over the last year, and it's given us the confidence to be able to increase our expectation for revenue synergies over the next 3 years. These synergies are the result of full-line connected solutions that we're able to sell across our various segments and gives us a distinct customer -- competitive advantage in the market. A good example of this, Bob talked about it a little bit, are the 2 QSR lines that we won in '25. And in those lines for nuggets and burgers, we're able to deliver technology that allowed for us to prepare the protein, form it, cook it, freeze it, and provide end-of-line applications. That's something that we could not have done as stand-alone companies, now putting them together, we can actually do that now. And when you combine this unique product offering, the scale that we have as a combined company provides us with the opportunity to succeed in underpenetrated, faster-growing markets like Latin America and Asia Pacific. And I think we demonstrated some really solid wins here as well in 2025. Collectively, these revenue synergies are expected to provide approximately 100 basis points of incremental growth, which is included in the [indiscernible] targets that I'll share with you here in a minute. So I've discussed the growth. Now I'd like to talk about some of those profitability enablers. Starting with cost synergies. As we reported in 2025, we made significant progress on actions from our integration plans. We realized $43 million in synergies during the year, and we exited the year with a run rate of $85 million in synergy savings. As we look ahead, we expect to continue that momentum and deliver a higher mix of supply chain and manufacturing initiatives, which includes value engineering activity, further supplier consolidation and select footprint actions. And based on that success and actions that we've taken, we're very confident in our ability to remain on track to deliver that run rate of $150 million in savings by the end of 2027. That's a key contributor to our expectation of delivering over 400 basis point improvement in margins by 2028. Beyond those synergies, margins will improve from our relentless focus on continuous improvement. And that's taking hold across our organization. As you heard earlier from Brian and Shelley, continuous improvement is core to our culture. And we're embedding that cost discipline and focus on operational efficiency across our various sites. And we're focused on optimizing the supply chain as well. In 2025, the team did a great job harmonizing the process and starting that process of harmonizing our supply base. That will continue. We've also started work on value added, value engineering, where it allows us to align common components across our various pieces of equipment. A good example Bob brought up earlier in the presentation is that standardization of control panels. It does sound straightforward to some extent, but a project like that was able to deliver 40% to 50% reduction in the cost of the panel while also improving lead times and installation times. It's a true win-win for our customers and for our business. Finally, we have a large number of manufacturing facilities across the globe. Some of those operate in lower-cost regions such as Brazil and Eastern Europe. And some of those -- and those facilities have capacity. And in 2025, we began the effort of moving some of our production to those lower-cost facilities. And as that continuous improvement work continues, we're able to free up more capacity in these lower-cost locations. We'll continue to evaluate more opportunities to deliver more savings within our operations going forward. Altogether, these actions create a durable margin improvement engine that will sustain profitability and growth into 2028 and beyond. So we spent time on growth and margin. Now I'd like to talk about the cash flow and capital allocation model. Our cash flow model has a number of favorable characteristics. First, we have a stable foundation with resilient markets and almost 50% revenue that's recurring. As we've seen historically, that constant drumbeat of food and beverage production requires our customers to continue to invest in their equipment and maintenance despite changes in economic conditions. Our business also benefits from a relatively low level of capital intensity. Working capital as a percent of sales we're estimating is going to run around 6% to 7% as a percentage of revenue during the next 3-year period as well as our businesses operate in a relatively asset-light way because they focus more on engineering, assembly and test. Because of that, we have a relatively low level of CapEx at about 3% to 3.5% of revenue. This positive cash flow profile, along with lower interest expense and lower onetime payments as the integration intensity starts to come down here at the end of '26, we're expecting free cash flow as a percentage of EBITDA around 55% to 60%. That translates to over 10% of revenue. And during this 3-year period of time, we're expecting cumulative free cash flow to be well over $1 billion. This will continue to strengthen our balance sheet and give us the flexibility to support our growth initiatives while also maintaining a disciplined approach to capital deployment. Speaking of the balance sheet, so this is something I'm really proud of the work that we've done this past year. I learned earlier in my career the importance of having a high [indiscernible] ratio. And I think we really delivered that here in 2025 by reducing our leverage from almost 4x at the close of the transaction to less than 2.9 in 12 months. Looking ahead, based on our strength of our cash flows and our continued improving profitability, we have a clear path to getting close to 2x by the end of 2026. That's well within that target range of 2 to 2.5x that we have. Additionally, the team has been working to implement a stable and flexible capital structure with a well-staggered maturity and a prudent mix of low-cost fixed debt as well as moderate floating rate exposure. And as you may know, we have a fairly large footprint in Europe, and we've been able to leverage that along with the derivative markets to access to lower-cost interest rates in Europe. It has really been able to deliver a much lower interest expense, and you saw that in our Q4 results and what we put in our guidance for 2026. Overall, this strong balance sheet and liquidity provides us with flexibility and foundation to maintain that disciplined capital deployment approach that we've taken in the past and continue to focus on long-term value creation. And our capital allocation priorities are clear. In the near term, we are focused on the integration. We're going to use our cash flow to continue to delever to that target range of 2 to 2.5x while funding investment to support growth and innovation, all while maintaining our current dividend. Long term, we expect to deploy capital, again, using that disciplined approach that we've shown towards strategic M&A and opportunistic share repurchases. Speaking of M&A, as we wrap up our integration focus, we expect to reset capital deployment focused on strategic value-enhancing inorganic growth. We're going to do that with a defined set of strategic and financial criteria. Strategically, we're looking for businesses that have market-leading technology that we can integrate into our portfolio and sell globally through our commercial teams. We're also looking for businesses that have the ability to add to our opportunity to deliver full-line solutions, able to sell those across our various businesses. We're also looking for businesses that have the opportunity to grow and enhance our recurring revenue stream. Financially, we're looking for opportunities where we can deliver double-digit cash ROIC by year 3 for smaller acquisitions and years 4 or 5 for the larger, more strategic ones. We're also looking to structure these in a way, we have a clear path to value, to accretive EPS on an adjusted basis as well as a clear path to a comfortable leverage range within 12 months. Let me talk about the actual targets. And here, we're showing a meaningful step-up across both top line growth and profitability. The compounded annual organic growth rate of 5% to 7%. Adjusted EBITDA margin in 2028 of 20%. Again, free cash flow conversion as a percentage of EBITDA of 55% to 60%, which translates to 10% plus revenue. And again, double-digit cash ROIC by 2028. We're confident in these targets because they're grounded in those growth and profitability drivers that we walked through earlier today and that you heard so much about during the presentation. And now I'd like to give a little more specifics around the revenue and margin growth targets that we have. Starting with revenue and our base for 2025 of $3.8 billion. We start with the market growth and the secular tailwinds of population and income growth, those ever-changing consumer preferences that drive investment in our customers, the increasing need for labor-saving and yield-enhancing solutions. On top of that, more complementary technology and bringing the 2 businesses together, we expect another 1% above that from revenue synergies. And finally, we have additional 1 to 2 points of growth through key initiatives that all of our businesses have. Those are focused primarily on customer-centric service model, that differentiated software and digital capabilities that Arni talked about and this full-line integrated solutions. Again, taken together, this should drive a compounded annual growth rate of 5% to 7%, which is nearly 2x market growth expectations that we have. All right. Now let me move on to margins. We talked today, it's not only about growth, but it's about profitable growth. And this slide provides primary drivers to achieve that 20% margin target by 2028. Let's start with margin expansion from incremental flow-through. Our estimate is that we should see flow through in the high 20% to 30%. That includes not only operating leverage but also the incremental investments required to achieve that growth. On top of that, we expect meaningful contribution from the synergy savings. We expect to deliver almost $110 million over the next 3 years in synergy savings as we continue to execute on that progress and success that we saw in 2025. And finally, to roll out the JBT Marel business model and that relentless focus on continuous improvement, it supports further margin expansion through disciplined cost management and operational excellence. Based on that momentum that we built in 2025, these drivers reinforce our confidence in delivering sustained margin improvement alongside that top line growth. Okay. I've outlined the revenue and margin profile for the total company. Now I want to move into some expectations for the segments. We expect both segments to achieve mid-single-digit compounded annual organic growth, also while significantly expanding margins. In the Protein Solutions segment, we're expecting significant growth in 2026, primarily from that backlog that's been built in the poultry business in late '24 and throughout 2025. Then in '27, we expect that growth to plateau a bit while the customers digest some of the investments they made, then recovering and growing again in 2028. And while we're optimistic cautiously about the recovery of the pork and fish market, those businesses will continue to deepen their position with existing customers and cultivate new relationships with the ever expanding capabilities of the combined company. Moving to the Prepared Food and Beverage segment. We expect more consistent year-over-year growth from this segment, although we do expect it to be slightly lower than the Protein Solutions segment. These customers in this segment are continuing to invest in convenience foods, specialty beverages, premium packaged foods and pet food. And both segments are dedicated to improving that customer experience and aftermarket support. And we're expecting to see continued growth in recurring revenue at a slightly higher rate than we expect to see equipment during this time. Let me wrap up with a few key takeaways before I hand the presentation back to Brian. As you've heard throughout the presentation, we are successfully executing on our strategy designed to deliver long-term earnings power, evidenced from our results in 2025. With our resilient end markets, strong fundamentals and unique value proposition, this allows us to unlock revenue synergies through fuller line solutions and integrated -- fuller line integrated solutions and delivering consistent, solid mid-single-digit organic growth in excess of market growth rates. And that growth will increasingly be profitable as we combine our continuous improvement efforts with the ongoing synergy realization to deliver 20% margin in 2020. And with that profitable growth plus our strong cash flow profile and our clear disciplined capital allocation priorities, we believe that will deliver an attractive ROIC trajectory and long-term shareholder value. Again, I want to thank you for your time and interest in JBT Marel today. Let me hand the presentation back to Brian. Thank you.

Thank you, Matt. Well, that was a lot. And I hope you really understand and got the clarity of what makes JBT Marel special. The depth of our technology, the breadth of our technology, building an ecosystem around that to create a sustainable, competitive advantage. And you saw some of the -- our key leaders today. We see the strength of their experience and their knowledge within the industry. You bring all that together, what's the story? We are executing on our transformation, on the integration. We've had a great first year on that, more to do. We're extraordinarily confident on our ability to do it. We have compelling end market exposures with critical continuous secular trends where we're well aligned with on protein consumption, on prepared foods, on convenience foods, the proliferation of different dietary preferences, we are there to support that. And we indeed have a differentiated value proposition. We have best technology in the industry. We have the most breadth and depth within the industry. We will add to that with M&A in areas where we aren't as advanced in certain places. However, as we sit here today, extraordinarily proud and feel indeed, we have a very differentiated value proposition by the benefit of bringing those technology solutions together with the service, the software and our food expertise. We have an amazing resilient recurring revenue model. Our installed base of over 200,000 pieces of equipment allows consistent interface with our customers, supporting them on that day-to-day challenges they have in delivering outcomes. And we continue to invest in our service and our commercial organization to support that ongoing recurring revenue model and support our customers' success. We continue to deploy operational excellence across our company through continuous improvement efforts. So beyond 2028 in our synergy work, we will continue our margin expansion. We have plenty of opportunities as you make us -- as we make ourselves better, not just from a cost perspective, but from a competitive perspective. All that together will deliver meaningful and differentiated shareholder value. So very excited to have shown all of this to you today. I am very excited. I know the team is very excited. And thank you for joining us here today. All right. I'm going to hand it back off to Marlee, and we'll talk about a little bit of the logistics. Thank you so much.

Okay. Thank you, everyone. It's just going to take us a few minutes to get set up. But while they're doing that, I just want to go over a couple of items for those of you in the room. As I mentioned earlier, we do have a couple of my team members here with mics. So when you have a question when we open it to the audience, if you can just raise your hand, give them a minute to get you a microphone. The microphone is going to be important so that those on the virtual webcast can also hear the questions that you're asking. We ask that you state your first and last name, and limit your questions to a question and follow-up, and should there be extra time, we're happy for you to jump back. Thank you. Thanks. Just give us a minute. Okay. We have the full team I appreciate it. So we've got a lot of water just in case. We got this question a lot from our online virtual audience. So I'll start. It sounds clearly like we're very focused on full-line solutions. Could you explain from the customer's perspective why this matters versus a best-of-breed approach from multiple vendors?

Sure. I'll start, and I'll hand it off to perhaps Roger and Bob to give their perspective. And indeed, if you're a competitor to JBT, certainly, you would argue that any one individual piece of equipment can match and even in some cases, beat a JBT Marel technology. But the differentiation of having everything together, and you saw it from the software video and you saw it from the conversations is it's not about a piece, it's about the system, it's about the orchestra, not an individual instrument. So the optimization as you go from the beginning to the end throughout the entire facility is really critical in turn to optimize that output. If you focus on the output, that is where you get the benefit. Roger, can you give your thoughts on that?

Yes. Thank you, Brian. I think it's a very good question, of course. If you look to, let's say, the challenges of our customers, and we elaborated on that in the presentations on food safety, a number of SKUs, increasing more output. There's a lot more at stake at the moment. And therefore, that combined with their own capability of matching all those components together, what is better than a one-stop shop, meaning that we, as JBT Marel are in a super position in order to connect those environments. But I need to explain this also to others. It's like if we all drive a car. And in the past, everyone would have a car steady. That was a little bit different today, we think it needs to be integrated in the car. That's where our customers are developing as well. And there, I think we are in the best position going forward. Bob, do you have something to add?

Yes. I'll just add to that. But as Brian said, our customers are really looking for outcomes and output, and nothing frustrates them more than multiple suppliers where they're like pointing fingers each other when they have a problem. They're looking for one accountable partner to take care of their production.

Great. I think there's a question in the back. Let's see.

Great. [ Adam Seiden ] from Barclays. Just two questions, one and then the follow-up as promised. There you go, Marlee. So could you talk through a little bit about the 3% to 4% market growth that you're expecting? And how you expect that to vary amongst the different end markets that you're talking to? Clearly, 5% to 7% you're targeting for JBT Marel versus the 3% to 4%, poultry is a big part of the business, and that's above it. But how does that vary as you get through the broader business?

Right. So speaking specifically to the 3% to 4% market growth along with the others that we will do. So it is very broad because food is a constant never-ending drumbeat. Now that will shift from individual market to individual market through the years, we never see everything perfectly aligned. What we do see is ups and downs throughout, but when you add it all up, and it's almost magical because every year, you see that consistent growth at consistent investment as people focus on things that are important to them, automation, margin expansion. Remember, food is a relatively low-margin business in the grand scheme of things, it's about volume, but our solutions bring that margin improvement to them. So that constant drumbeat of the need for automation, the need to feed mouths and the trends on protein consumption, the continued needs for consumption of prepared foods, that's always there. And then our advantage on top of that, which we just talked about was that full-line solutions, the ability to do more with the whole than perhaps others can do is what drives that incremental growth. Anything else you want to add, Arni?

Yes. Maybe just -- I mean, as we're looking kind of with the numbers that we're putting out, I mean it's over the next 3 years. So there is obviously kind of we can have recovery on some of the protein markets that are kind of playing into this. But then I just want to emphasize the overall trend is towards more value-added solutions. So more cut up or more prepared foods. So we also see kind of a nice tailwind and kind of have a secular trend on that part of our business.

Any other questions from the audience?

Just a follow-up for me was on the aftermarket share capture. You guys spoke to 40% today, you're striving to get to 50% in the target. Is that 50% embedded in the plan by the time we exit it?

Not by 2028, that's going to be a continuous journey, right? That's a longer-term target. We will continue to make trends within our model. We do show higher recurring revenue growth than equipment growth. It will take more time beyond 2028 to get to that number.

Thanks, Adam. Any other audience questions? Ross?

Ross Sparenblek, William Blair. Maybe just start with the parts. Could you maybe help frame the path and the time to get to the 50% plus? And then also, is there a natural ceiling here on where this can go? I mean could parts get to 2/3 mix over time?

Right. So I would say it would take somewhere in the range of 5 to 7 years to get to that 50%-ish. If you look at premium industrials, that way you can see outside of the food industry, best-in-class are typically in that 50% to 60% range. And the reason you'll never get to 2/3, 70% is 2 reasons. One, sophisticated customers also have their own internal service departments, right? They can -- if they have enough scale, they can bring a lot of that to their own operation. They also may have sophisticated procurement departments, which can try to buy some of the, I'll call them more standard parts that they can find on the open market. But where they struggle and where we obviously shine quite well is on the more sophisticated repairs, right, as well as the more proprietary parts or what not. Augusto, anything you want to add to that business model?

I think you covered it well, Brian. I would say also the expertise that we bring, as you said, into those unique products. I think that's a key value proposition that we add. But also the investments that we are doing now in terms of this distribution network, which guarantees, as I mentioned during my presentation, the parts availability, which is key for providing a best-in-class service model. I think that's another key component that will take us to the 56%.

But as we develop that critical parts distribution model, that really materially helps, right? If you get that on-time delivery in 24, 48 hours, that high, very high fulfillment rates, less stock outs, et cetera. So as we advance that very sophisticated distribution model, that will materially help us move up that chain. But that does take a little bit of time.

That's helpful. And then just when we think about growth investments, maybe for Matt, can you help us size what needs to be put in place to kind of realize that 110 to 130 basis points? Then also on the R&D spend, should we think about kind of the 3.5% range as a natural target as we look out the next couple of years?

Yes. I think from an investment perspective, I mean we're investing in resources on the teams to be able to help that growth, right? We need to make sure we have, as Augusto said, the right people in the right places to do the service. As our installed base grows, we need to have more of those people available to actually provide that service. So a lot of that investment is in resources and the people that we need to support it. We'll continue to invest, as Arni said, in the software and digital space. We can continue to build that out as that's a critical part of the service model that we're building out. So those 2 are big pieces of it. And just with volume, we need to have some resources to support that volume growth. And then in terms of R&D targets, I don't -- we don't have a target number in mind necessarily. I think that number makes sense. But I think in our mind, we're looking to allocate resources towards projects and opportunities that have the best returns. And so is it 3.5%, is it 4%, we're not putting a number on it. We want to make sure that we put enough resources towards innovation that we maintain that market-leading position that we have.

Okay. Thanks, Ross. Maybe an online question. Arni, there was a lot about software. Could you speak to specific plans to monetize the data and software that we've implemented in the business?

Yes. That's a great question. And there is kind of -- there are actually multiple ways to do that. I mean, we've talked about a few of them today. So one key lever that we're looking at is strengthening the value proposition on the service side. So Augusto spoke about how do you embed some of the connected services just into an overall service contract that then will allow us to capture that kind of greater share that we just talked about, how to get to that 50% level. Other elements that we're looking at is strengthening the value proposition of an integrated system. And the essence there is like we're strengthening that value proposition, and we're not overly focused whether, a, kind of do we capture the volume through the equipment or the software, it's really around the value that we're creating for the customer. But we will have opportunities to kind of charge for the software in some cases. So it really depends kind of where we are looking, like on maybe just one more example is for ovens, that's where a lot of energy is used, then you might be able to kind of create a package around that. So it kind of really varies and it's really focused on kind of what's the customer value proposition that we're able to deliver.

[indiscernible] KeyBanc Capital Markets. Thanks for all the good detail. Just as we think about customer consolidation and them gaining share, and then thinking about going from machines to full end solutions, how should we think about those moving pieces from a mix perspective? And then just on your volume growth number, what are the underlying incrementals just on that volume piece ex the synergies?

Sure. So I'll start. So the food industry does continue to consolidate, right? I think what you often see is upstart brands really provide that innovation into the food world. And then the larger players tend to buy those up and obviously have their own innovation models as well. We do have a fairly broad mix of still selling component sales versus full-line sales. So it's very much a mix. I would say, certainly, the trends are as we've stated, a fuller line, a more integrated model solution. I would say we are probably still less than 50-50 on full-line versus individual pieces of equipment. But it does vary quite a bit on the different businesses we have. Meat and poultry tend to have more fuller line solutions. Some of our beverage solutions tend to be more components and what not in preservation. And in part, we don't have as broad of an offering. So we do need to invest both from an innovation perspective and adding those building blocks to get us that capability as well as from an M&A perspective.

May I add to it. So it's when we talk about a full-line, and when I spoke about a poultry full-line about 800 building blocks, if you look, let's say, 10, 20 years ago, those were only 500 to 600 building blocks. It's about building up the line, and we are not telling our customers that they need to rebuild everything completely. The modular setup means that you can expand and you can grow with the business. And every 2 machines together is already aligned, maybe not a full-line, but that's where I think the strength comes of JBT Marel, being able to have these building blocks and bit by bit, the customer can, if he wants, if he sees the value proposition of us, we can extend the line until at a certain time, we have the full-line because let's face it, you're not every year building a completely new house or a completely new plant. You want to have it ready for the future. And those are the building blocks that we are able to provide.

And I think you're talking about the incremental growth in margins on the incremental growth. Yes. It depends, obviously, on the business where the growth is coming from and the mix of recurring and nonrecurring revenue. But overall, on average, we're expecting incrementals at the high 20% to low 30%.

Okay. And then just a follow-on on the synergies. As you look '26, '27, you listed kind of supply chain procurement, VAVE, back office footprint. How would you rank order those or bucket those in terms of the magnitude of opportunity?

The supply chain, the procurement side is the clear largest opportunity given the benefits of the 2 companies to come together and the scale that we now have in the marketplace, and the ability to commonize parts, to commonize and build and create these building blocks that Roger has talked about and then Bob has talked about. The more you can standardize the components, the more you can get meaningful. So that is, I would say, the clear #1 in that strategy. I would say, the ongoing SG&A and footprint optimization. And it's not just about the footprint optimization, it's about operating optimization, meaning putting the right things in the right place, it's taking advantage of some investments and underutilization in certain areas and maybe some constraints and higher costs in other areas. So it's about the mixing and the matching. It's about the regionalization with tariffs. We have to make more in the U.S. than we would have had in the past, right? So we have that operating footprint here. So I would say that as well as the SG&A are kind of a [indiscernible] hand in hand in terms of scale. I will say beyond 2028, the continuous improvement as well as that facility, the operating footprint, that operating optimization will continue beyond 2028.

Justin Ages, CJS Securities. Can you talk a little about the push and pull dynamics in terms of equipment orders? How much of the customers coming to you guys, want an upgrade? And how much is your sales team going in and saying, you've had this piece of equipment for a while, you should upgrade?

Yes. Maybe I'll have Bob. Bob is pretty close to that. You want to talk a little bit about that?

Yes, sure. I mean we see a combination because we have such really good relationships with our customers. We kind of know what equipment they have in their facility. We're in there all the time. So we kind of know when our customers are needing to replace capital equipment. But you are right, there are some occasions where customers will approach us as well. So it's a little bit of a combination.

And then one on capital allocation priorities. You mentioned as you shift towards lowering the leverage, you're going to have taking a greater look at M&A. So how full is that pipeline now? Are you just beginning to build it? Or are there a lot of ideas that you guys have kept in mind?

Sure. Well , certainly, for the last year, we've been extraordinarily focused on the integration, and we haven't had outward reaches and whatnot to develop the pipeline. That said, we know the industry very, very well. We know the players very, very well. Bob and Roger and Augusto and our other leaders are constantly kind of keeping things in mind so that when the time -- when we are ready, that pipeline can fill very quickly. There will not be a lack of opportunities. I would say, as we roll through the end of the year, and get to those target levels of under 2.5x levered, I think that's when we won't perhaps start more formally building that pipeline perhaps for some investments in 2027 and beyond.

Maybe shifting gears. The online audience is curious about what cross-selling metrics we have in place to achieve revenue synergies and grow the service model.

Great. So I'm going to Shelley talk a little bit about how we incentivize, and Bob and Roger and Augusto can chip in as well as you see fit. But how do we think about from an incentive perspective and just an operating cadence, how we're promoting cross-selling.

So when you think about incentives, right, you're trying to drive a certain behavior. And previously, our behavior was about selling a product. Now that structure has changed. It's about collaboration, it's about cross-selling. So we have metrics very much focused on people collaborating together to bring existing technology together to sell it to the customer. And so we reward for that behavior. And there's no losers in that reward, everyone gets rewarded for the cross-selling. So that really has been our focus around driving that collaboration behavior and driving that customer-facing behavior that we've talked about to bring that technology to those that need it.

And more operationally?

Yes. So we talked about our go-to-market model being more of an account management model. I think it's probably useful to know that in our history and our background, a lot of our commercial teams were very much focused on individual products. So if you can imagine through M&A over the last few years, you buy a company who may be an expert in packaging, their lens in the market is through the lens of packaging. Now we're changing that and having more account management model so that we're looking at -- when we go and visit a customer, they're looking at what process and equipment do they need in that facility. And then where we identify a need, we then bring in like an example, a packaging expert if that's required in that facility. So it's a very -- it's a big change in our model, and that's one that we've seen as now to show results.

Exactly. So it starts with the organizational design and the go-to-market strategy with the account model. That's the single most important factor. Two, it's the incentive structure that Shelley talked about that there is no disadvantage for selling someone else's product, if you will, when you reach across the businesses. So variable compensation is very structured to promote cross-selling. And three, all of our salespeople and sales leaders have targets for cross-selling as well.

Any questions from the audience? There's one in terms of automation trends. Can you speak to what you're seeing from our customers from an automation perspective and if we're innovating around any specific areas?

Yes. Roger, you want to talk about that specifically as to proteins?

Yes. In proteins, I would say automation is, of course, of all sectors. It's more about, how can we reduce, let's say, the labor content, inspection content because it's all about the scarcity of labor. And especially then also between brackets, simple jobs of packaging, inspection, et cetera. So automation will continue. And I think what we see now actually 2 trends, robots or sub-robots working side with people on the line to inspect and getting more and more sensors and, let's say, field and camera systems in order to assess to achieve higher throughput and yield. So let's say, in this case, with AI and other machines that start to regulate themselves, that's also a form of automation. And therefore, those small incremental steps have big results, and those are the trends that will remain in the coming years going forward. Combined with software and digital packages like also Arni explained.

And you specifically had called out when you -- the percentage of poultry factories that are still using manual labor to cut up.

Yes. So there's still a way, a big room to go forward, especially what -- in the secondary environment, there is actually where all the number of end products are created. And in some parts of the globe, still, let's say, there's almost 50% of manual labor that could be or can be automated with the solutions that we have. So the market is pretty good.

So the biggest opportunities remain where you have humans cutting things, sorting things, inspecting things and moving things around. There's still -- if you've ever been to a food factory, there's a tremendous amount of labor doing all those things, and that's where the largest opportunities are.

Okay. There's a question regarding the ProCare contracts that Augusto spoke to in his presentation. Do we have an estimate for how much percentage-wise we have ProCare contracts attached to equipment? And how do we monetize that?

Right. Maybe Augusto and Roger. The short answer is it is very end market and business dependent. But you can give a little bit of color on what that means.

Yes. I think it really varies from what is the product and the end market that we apply in the ProCare service agreement. We are still developing some of the product, building that capability so we can offer that ProCare service agreement. But it really depends that our product lines that we have close to 15% to 20% of the installed base already leveraging that type of benefit and there are, in some case, even higher. But it's something that we continue to, as I said, to build the capability within the organization, leveraging the field service engineers in some of the regions that we don't have a strong presence as well leveraging some of the technologies that we spoke about, the digital, so we can improve the productivity and efficiency in terms of how we're running the service organization and they apply in digital as well. So that's a combination which is one of the key drivers, as I explained today, that will take us to achieve the share of wallet between 50%.

Right. Maybe to add to that a little bit, if you look to at least the faster-moving environment, we talked about 250 birds per minute for a second, especially in the primary area, a lot of moving pieces. You can imagine that if small mistakes or small interruptions will have a big effect. That's why customers more and more want to have this ProCare contract because it's a kind of security of uptime performance, et cetera. So in order of us being able to package, let's say, not only parts, services, but also advice on what to do, et cetera, you see that the attachment rate is increasing quite rapidly on that.

Exactly. So as we move down this delivering outcomes model, that's where the customers more embrace the SLAs, the ProCare contracts that go along with it. So in the areas like culture, we're further along, you see attachment rates upwards of 50% in other areas where that's less developed and the market continues to develop, it's closer to 15%, 20%. But again, as -- and this is exactly the point Augusto is making, is as you embed the software, the technology and the smarts and the prescriptive maintenance that you can develop with the software, with that bundle, then customers will continue to gravitate. So we do see that as a growing target for us.

And Brian, let me just add one -- another perspective that we are seeing also in the business, as our customers are starting to sign up for some of those ProCare service agreement, the renewal rate, it is also high. So we don't see customers, once they see the value, they stick with that, and we don't see that really going down. So that's another, I think, positive that we are seeing in terms of continues to promote and expand these capabilities on the ProCare service agreement, the renewal rate.

Great. Appreciate it. Any other questions? If not, I'll finish with a final question from our online audience. Could you provide some additional context around the value add, value engineering opportunities? In what areas have you seen the most progress today? And where are you focused moving forward?

Right. Bob is very close to that. Do you want to talk a little bit about where you see the opportunities on value add, value engineering?

Yes. I think the big opportunity we see is in product lines that maybe have more of an engineering to order type aspect to it. So driving standardization and modularization into those products could really transform the competitiveness of that equipment, and we've seen that in some of the projects that we've done. So I would say that's probably where we see the biggest opportunity. But there are some common features across all of our equipment range. I talked about the control panels today. That's one. There's a few other areas as well. So those kind of areas that give us the biggest bang for our buck.

Okay. Appreciate it.

Can I add one. I think the value add, value engineer is also a great opportunity when we are localizing products in some of our emerging markets that we play today. So South America, Asia Pacific because when we do these VAVE, it's not only about the technical aspect of the product, it is also an opportunity that we can go back and understand what are the true customer needs and re-feature some of those products. So when we do that, it's not only about redesigning, but it's also realigning the specification of the product to the specific customer needs that we have in some of those emerging markets. So I think that goes in any hand as the technical but also the product strategy, right?

Okay. Brian, I'll hand it back to you for any final comments before we close out the morning, early afternoon, which we greatly appreciate all of you tuning in for.

So again, thank you all so much for joining us here today. Hopefully, you can see the excitement that sits with all of this. And hopefully, you've learned some of the features about JBT Marel and why we brought these businesses together, right? That expansion in our offering to do things we otherwise could not do, and the attacking the market and taking advantage of some of these secular trends, as we're just extraordinarily excited about. The team is just really pleased to be able to put this all together in front of you. I know this has been in our heads for so long. And as we put the 2 companies together, going back to '24, but this was really the vision that we've had for some time. And so we're very proud to be able to present it to you. And again, thank you all for joining us today.

Thank you, everyone. With that, we'll go to lunch, which should be -- I'm sure you're all hungry, right out these doors where breakfast was.

And make sure you stop by the virtual hub to get -- so you'll get a more immersive view inside different food factories.