Core Viewpoint - The management has determined that separating Global Automotive and Global Industrial is the best strategy to unlock value, enabling each segment to pursue distinct growth strategies and capital allocation priorities [1] Group 1: Separation Strategy - The separation aims to create a pure-play automotive aftermarket leader under the NAPA brand and a standalone best-in-class industrial solutions platform via Motion [1] Group 2: Financial Performance - The performance in 2025 was marked by gross margin expansion for the third consecutive year, driven by strategic pricing, sourcing initiatives, and accretive acquisitions [1] - Industrial growth outperformed market trends despite a sluggish manufacturing economy, supported by diverse end markets and a recovery in planned maintenance outages [1] Group 3: Automotive Segment Performance - North America Automotive experienced strong performance in company-owned stores, although overall results were affected by lower-than-expected purchases from independent owners [1] - International Automotive faced moderated market conditions in Europe during the second half, leading to aggressive restructuring, including location closures and headcount reductions [1] Group 4: Operational Resilience - The company successfully managed the First Brands Group bankruptcy by executing contingency plans with alternative suppliers to ensure no operational disruption in 2026 [1]