Completed the multi-step separation of residential and food processing businesses, positioning Middleby as a pure-play commercial foodservice solutions provider. Performance was bolstered by strategic investments in the ice and beverage platform, which is seeing rapid adoption as customers seek to expand menus and dayparts. Management attributed the second consecutive quarter of organic growth to a go-to-market strategy that emphasizes strategic partnerships and next-generation innovation. Operating margins were pressured by a mix shift toward the newer ice and beverage platform, which currently carries margins approximately 400 basis points lower than legacy cooking products. External headwinds included accelerated inflationary costs for ocean freight and steel surcharges, which outpaced management's initial expectations for the quarter.