Mixed Regional Results

Segment results were mixed: the Americas operating income fell due to non‑recurrent insurance recoveries and the sale of the Chemical business, whereas the Europe, Middle East and Africa region saw a 4.9 % operating‑income rise thanks to favorable price‑mix and currency actions. Operating margin improved to 6.6 % from 5.3 % in Q4 2024, and the free‑cash‑flow margin climbed to 27.2 % from 20.5 % a year earlier. The company projected 2026 capital expenditures of $825 million and interest expense of $400–$425 million.