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	3. ACQUIRER PROJECTED FINANCIALS
	Apex Industrial Corp. ($ in millions)
	KEY GROWTH ASSUMPTIONS
		FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
	Revenue Growth Rate	6.5%	6.0%	5.5%	5.0%	5.0%
	COGS (% of Revenue)	58.0%	57.5%	57.0%	56.5%	56.0%
	SG&A (% of Revenue)	15.0%	14.8%	14.5%	14.3%	14.0%
	R&D (% of Revenue)	5.0%	5.0%	5.0%	5.0%	5.0%
	D&A (% of Revenue)	4.2%	4.0%	3.8%	3.7%	3.5%
	Interest Rate on Debt	5.5%	5.5%	5.5%	5.5%	5.5%
	Tax Rate	25.0%	25.0%	25.0%	25.0%	25.0%
	PROJECTED INCOME STATEMENT
	Revenue	$13,313	$14,111	$14,887	$15,632	$16,413
	Cost of Goods Sold	($7,721)	($8,114)	($8,486)	($8,832)	($9,191)
	Gross Profit	$5,591	$5,997	$6,402	$6,800	$7,222
	Gross Margin (%)	42.0%	42.5%	43.0%	43.5%	44.0%
	SG&A Expenses	($1,997)	($2,088)	($2,159)	($2,235)	($2,298)
	R&D Expenses	($666)	($706)	($744)	($782)	($821)
	Depreciation & Amortization	($559)	($564)	($566)	($578)	($574)
	Total Operating Expenses	($3,222)	($3,358)	($3,469)	($3,595)	($3,693)
	Operating Income (EBIT)	$2,370	$2,639	$2,933	$3,205	$3,529
	EBIT Margin (%)	17.8%	18.7%	19.7%	20.5%	21.5%
	Interest Expense	($165)	($165)	($165)	($165)	($165)
	Other Income / (Expense)	$30	$30	$30	$30	$30
	Pre-Tax Income (EBT)	$2,235	$2,504	$2,798	$3,070	$3,394
	Income Tax Expense	($559)	($626)	($699)	($767)	($848)
	Net Income	$1,676	$1,878	$2,098	$2,302	$2,545
	Net Margin (%)	12.6%	13.3%	14.1%	14.7%	15.5%
	EBITDA	$2,929	$3,203	$3,499	$3,783	$4,103
	EBITDA Margin (%)	22.0%	22.7%	23.5%	24.2%	25.0%
	Diluted Shares Outstanding (mm)	250.0	250.0	250.0	250.0	250.0
	Diluted EPS ($)	$6.70	$7.51	$8.39	$9.21	$10.18
	Note: Projections based on management case assumptions. Blue font = editable inputs. Green font = cross-sheet reference.
	Source: Management projections and internal assumptions. Subject to revision based on actual performance.