Financial Highlights - Adjusted EBITDA margin expanded by 170 basis points year-on-year to 175%[7] - The company returned $423 million to shareholders, including $196 million in share repurchases[7] - IET orders reached $35 billion, including over $550 million from data center awards[7] - 2Q'25 Orders were $7032 million, a 9% increase sequentially and a 7% decrease year-over-year[33] - 2Q'25 Revenue was $6910 million, an 8% increase sequentially and a 3% decrease year-over-year[33] - 2Q'25 Adjusted EBITDA was $1212 million, a 17% increase sequentially and a 7% increase year-over-year[33] - 2Q'25 Adjusted Diluted EPS was $063 per share, a 23% increase sequentially and an 11% increase year-over-year[33] Portfolio Optimization - Announced transactions expected to generate approximately $1 billion in net deal proceeds[9] - The company sold 65% of SPC, with a 2-year put-call option for the remaining 35%, expected to close in 2H'25, with transaction consideration of $345 million[13] - The company is acquiring CDC for $540 million in an all-cash transaction expected to close end of '25 / early '26[13] - The company is selling PSI to Crane Technologies for $115 billion in an all-cash sale expected to close end of '25 / early '26[13] Market Dynamics - LNG projects require approximately 60 MTPA of FIDs over the next 18 months to reach the company's 3-year 100 MTPA target[24] - Gas infrastructure orders booked over the past six quarters totaled $29 billion[24] - The company expects global upstream spending to decline by high-single digits in 2025, with North America down low-double digits and international down high-single digits[24]