{
  "report_rows": [
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.14bn vs. cons $1.13bn",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "IET orders",
      "prediction": "BEAT",
      "answer": "pred ~$4.05bn vs. cons $3.80bn",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "OFSE revenue",
      "prediction": "MISS",
      "answer": "pred ~$3.12bn vs. cons $3.20bn",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 adjusted EBITDA",
      "prediction": "LOWER",
      "answer": "guide ~$4.55bn vs. cons $4.65bn (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 OFSE EBITDA",
      "prediction": "LOWER",
      "answer": "guide ~$2.20bn vs. cons $2.325bn (FY26)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY26 IET EBITDA",
      "prediction": "BETTER",
      "answer": "guide ~$2.72bn vs. cons $2.70bn (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -4,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -6.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A likely IET-order beat of ~$4.05bn versus $3.80bn consensus and roughly in-line ~$1.14bn EBITDA versus $1.13bn will be outweighed by an implied FY26 OFSE EBITDA reset to about $2.20bn versus $2.325bn consensus. The resulting FY26 consolidated EBITDA guide of about $4.55bn versus $4.65bn shifts the debate to a slower Middle East normalization and pushes out-period estimates lower, supporting continued negative revisions after day 1.",
  "day5_confidence": "MEDIUM"
}