Order intake and earnings were weaker than expected in Q4. The Energy business reported decreasing margins (-130bp), and FX headwinds have not helped despite strong demand for environmental products. Indeed, in the Marine division (growth driver), we continue to see a positive trend but at a slower pace, while the Energy business dragged down the performance due to overcapacity. Has the peak been reached? What is clear is that growth would continue in the coming quarters, but at a slower pace ....