We expect ongoing new product development to underpin revenue and margin growth through 2027. Yesterday, TNC unveiled its new easy-to-use, self-propelled walk behind scrubber, which we think will appeal to users in heavily trafficked, busy environments requiring relatively simple cleaning machines. Over the last three to five years, Tennant has broadened its product portfolio, ranging from advanced higher priced robotics to simpler introductory devices, expanding its reachable market, while attempting to capture larger wallet share from its current customer base. We think these efforts contributed to 7% year-over-year bookings growth in 1H:25 despite customer uncertainty amid evolving tariff policies. We model year-over-year EPS improvement to $1.45 in 3Q:25 from $1.39 in the year ago quarter, on cost outs and new products, despite the challenging comparable (about $50 million of Covid-era backlog was converted in 2H:24). We anticipate multiple expansion as TNC begins reporting year-over-year EPS growth, driven by ongoing order expansion. The company remains well positioned to complete accretive transactions, given its strong cash conversion (we model around 100%) and limited capex. Our $115 price target is based on 20x our 2026 EPS estimate of $5.76. Our moderate risk rating reflects the healthy balance sheet (net leverage is under 1x) and strong cash conversion.