Hillenbrand delivered a challenging yet strategically structured QQ1 2025, characterized by a soft revenue backdrop driven by lower starting backlog and volume, offset by price realization, synergies, and ongoing portfolio transformation. Consolidated revenue came in at $707 million, down 9% year over year, with adjusted EPS of $0.56, down 19% YoY. The company highlighted signs of resilience in the Advanced Process Solutions (APS) segment, including record aftermarket orders and robust demand in Food, Health & Nutrition (FHN) end markets, while the Molding Technology Solutions (MTS) segment remained softer on North American automotive exposure and tariff-related uncertainty. A pivotal strategic event was the announced sale of approximately 51% of Milacron to Bain Capital for $287 million, with Hillenbrand retaining ~49% ownership. Management framed this as a lever to accelerate deleveraging, improve margin profile, and reduce cyclicality, while preserving potential upside via equity income from Milacron going forward. The updated 2025 guidance reflects six months of Milacron performance and a net effect of removing the Milacron tranche in the second half, resulting in guidance of approximately $2.63–$2.80 billion in revenue, $411 million of adjusted EBITDA, and $2.45–$2.80 in adjusted EPS. The company targets around $150 million in operating cash flow and roughly $45 million in capital expenditures for the year. Near-term catalysts include continued strength in FHN aftermarket services, cross-selling benefits from the integration of FHN and APS assets, and ongoing cost-synergy realization in APS, all while macro headwinds (tariffs, inflation, FX) remain a variable. Investors should monitor Milacron-related equity income, leverage trajectory toward the low 3x range, and the cadence of backlog normalization across APS and MTS as drivers of a sustainable rebound in profitability.