Kaiser Aluminum Corporation

Greetings and welcome to the Kaiser Aluminum Corporation third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. Should anyone require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kim Orlando with Addo Investor Relations. Thank you. You may begin.

Thank you. Hello, everyone, and welcome to Kaiser Aluminum's third quarter 2025 earnings conference call. If you have not seen a copy of our earnings release, please visit the investor relations page on our website at kaiseraluminum.com. We have also posted a PDF version of the slide presentation for this call. Joining me on the call today are Chairman, President, and Chief Executive Officer Keith Harvey, and Executive Vice President and Chief Financial Officer Neil West. Before we begin, I'd like to refer you to the first four slides of our presentation and remind you that the statements made by management and the information contained in this presentation that constitute forward-looking statements are based on management's current expectations. For a summary of specific risk factors that could cause results to differ materially from the forward-looking statements, please refer to the company's earnings release and reports filed with the Securities and Exchange Commission, including the company's annual report on Form 10-K for the full year ended December 31st, 2024. The company undertakes no duty to update any forward-looking statements to conform the statement to actual results or changes in the company's expectations. In addition, we have included non-GAAP financial information in our discussion. Reconciliations to the most comparable GAAP financial measures are included in the earnings release and in the appendix of the presentation. Reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP financial measures are not provided because certain items required for such reconciliations are outside of our control and or cannot be reasonably predicted or provided without unreasonable effort. Any reference to EBITDA in our discussion today means adjusted EBITDA, which excludes non-run rate items for which we have provided reconciliations in the appendix. Further, slide five contains definitions of terms and measures that will be commonly used throughout today's presentation. At the conclusion of the company's presentation, we will open the call for questions. I would now like to turn the call over to Keith Arvey. Keith?

Thanks, Kim, and good morning, everyone. I'll begin on slide seven for our third quarter update. We're pleased to report another strong quarter. marking our fourth consecutive period of performance ahead of our expectations. As a result, we're once again raising our full-year EBITDA outlook. During the quarter, we incurred approximately $20 million in startup costs tied to our two key strategic investments for aerospace and packaging. offset by the impact of metal pricing on inventory, which continued to provide a favorable tailwind. In total, we delivered 23% EBITDA margins in the third quarter and over 20% year-to-date. Now let's turn to the status of our key investments. At our Trentwood rolling mill, the installation of our Phase 7 plate capacity expansion project for aerospace and general engineering applications is nearly complete. It remains on time and on budget. As expected, the 12-week outage impacted our third quarter sales, reducing conversion revenue for aero and general engineering plate collectively by approximately $15 to $20 million. The investment timing, however, aligns well with the short and long-term growth expectations from our aerospace and general engineering customers. At our Warwick packaging rolling mill, the fourth coating line is steadily progressing through its qualification phase. September marked our strongest output to date on the new line, with momentum continuing into October. We anticipate reaching full run rate in time to support 2026 shipments. Customer feedback has been overwhelmingly positive regarding product quality and performance, fully aligning with the expectations we set when initiating this investment nearly three years ago. This project remains central to our strategy of shifting the majority of the mill's output to coated products. a segment where Warwick already holds a market-leading position. As we approach full run rate, increased throughput will begin to satisfy our customers' demand needs, and startup costs will begin to taper off. Turning to our key end markets, demand remains solid. Aerospace is trending positively, though not yet fully reflected in our results. Packaging supply remains tight, with strong demand expected to continue for the foreseeable future. General engineering continues to outperform the traditional 2% CAGR, reflecting solid demand from our customers. However, month to month demand has shown an uneven cadence, which has made it challenging to operate with normal efficiencies. Despite this variability, the overall trajectory remained strong. Automotive rebounded meaningfully late summer after a volatile start to the year. I'll touch more on our markets in a moment when we discuss the outlook. With that market backdrop in mind, as we near the end of our major investment cycle, we have a renewed focus on managing our cost, restoring operating efficiencies, and regaining our best-in-class operating metrics that have historically defined Kaiser. With that, I'll turn the call over to Neil to walk through the financials. Neil.