2Q:F26 results reflect record sales and continued execution across all segments. Sales grew 14% year over year to $280.4 million, representing a second-quarter record but slightly below our $285.7 million estimate. Adjusted EPS of $1.09 compared to $1.16 last year and our $1.25 estimate, with the variance due primarily to expenses related to the recent WaterSurplus acquisition, including amortization, earn-out accretion, and interest expense. Water Treatment segment sales rose 21% to $150.9 million, supported by organic growth and recent acquisitions. Industrial Solutions increased 11% to $56.6 million, while Food & Health Sciences grew 2% to $72.9 million. Gross profit increased 12% year over year to $67.6 million compared to $60.2 million in the prior-year period, reflecting contributions from acquired businesses and higher sales across all three segments. Selling, general and administrative expenses rose $7.2 million, or 27%, primarily due to costs associated with the WaterSurplus acquisition, including amortization and earn-out accretion. Integration of WaterSurplus remains on plan, and management cited greater-than-expected opportunities for higher-margin sales across Water Treatment. We now model F2026 sales of $1.085 billion (from $1.100 billion) and adjusted EPS of $4.30 (from $4.50), reflecting modestly lower Food & Health Sciences expectations along with acquisition costs. Our F2027 sales and EPS estimates remain unchanged at $1.160 billion and $5.10, respectively. We maintain our $184 price target on HWKN shares based on an intact 36x our 2027 EPS estimate of $5.10. We justify our higher multiple compared to the company's five-year average of 20x based on HWKN's strategy to continue investing in its higher-margin Water Treatment segment, as it now represents 54% of total company sales. Our moderate risk rating reflects HWKN's critical products and services; historical and projected earnings expansion; solid balance sheet; and track record of dividends.