Performance through the first nine months of 2025 reinforces the core BCPC investment case, with the company continuing to execute consistently across all three segments and deliver strong growth despite a relatively unchanged operating environment. We view 2026 as a continuation year rather than a transition year, with results driven by sustained demand, ongoing market penetration, and disciplined execution. Human Nutrition & Health remains the primary growth driver entering 2026, supported by continued penetration of the nutrient portfolio and sustained better-for-you demand across the segment, with improving momentum in food ingredients and solutions tied to high-protein, high-fiber, and lower-sugar formulations. We model Animal Nutrition & Health to expand 5% in 2026, with growth supported by continued adoption of rumen-protected encapsulated nutrients, relatively stable North American dairy markets, and a more constructive European pricing environment. Specialty Products should continue to provide a steady contribution in 2026, with performance gases benefiting from healthier end-market conditions and plant nutrition supported by geographic expansion efforts that help mitigate historical U.S. seasonality. For 2026, we project consolidated sales of $1.08 billion and adjusted EPS of $5.50, supported by continued execution across all segments and stable end-market conditions. BCPC enters 2026 with a strong financial position, with low leverage, consistent free cash flow generation, and ample liquidity supporting ongoing organic investment, disciplined capital allocation, and flexibility to pursue tuck-in acquisitions as opportunities arise. We maintain our $220 price target on BCPC shares, which is based on an intact 40× multiple to our 2026 adjusted EPS estimate of $5.50. Our moderate risk rating reflects BCPC's historical and projected earnings expansion, solid balance sheet, and strong free cash flow generation.