We project improved year-over-year results in 3Q:25 but temper our 2026 ag recovery expectations. We model 2% year-over-year revenue growth to $457 million in 3Q:25, with loss per share narrowing on mix and reduced tax expense. Despite ongoing agriculture and forestry market weakness, we model healthy operating margins due to cost reductions and production efficiency improvements. We anticipate lower interest rates will benefit the Earthmoving/Construction (EMC) and Consumer segments into 2026, but low crop prices will slow the Ag recovery. A China-U.S. trade deal and/or increased U.S. farm aid could enable us to revisit our estimates. We expect ongoing integration of the Carlstar acquisition and the expanded Goodyear (NASDAQ: GT, NC) licensing agreement, which extends to lawn and garden equipment tires, to provide a boost to Consumer revenue and margins in 2026-2027. We model improving cash flow in 2026-2027 and declining net leverage as end markets gradually recover. The stock historically performs well in a strengthening ag market. We view the stock as attractively valued, trading below book value, ahead of an eventual ag recovery.