ATI Inc.

conference call. My name is Becky and I'll be your operator today. During the presentation, you can register a question by pressing star followed by one on your keypad. If you change your mind, please press star followed by two. I will now hand over to your host, David Weston, Vice President of Investor Relations to begin. Please go ahead.

Thank you. Good morning and welcome to ATI second quarter 2025 earnings call. Today's discussion is being webcast online at atimaterials.com. Participating in today's call to share key points from our second quarter results are Kim Fields, President and CEO, and Don Newman, Executive Vice President and CFO. Before starting our prepared remarks, I would like to draw your attention to the supplemental presentation that accompanies this call. Those slides provide additional color and details on our results and outlook. It can also be found on our website at atimaterials.com. After our prepared remarks, we'll open the line for questions. As a reminder, all forward looking statements are subject to various assumptions and caveats. These are noted in the earnings release and in the accompanying presentation. Now I'll turn the call over to Kim.

Thanks, Dave. Good morning, everyone. And thank you for joining us. Q2 was another strong quarter for ATI. We continue to exceed expectations driven by operational performance and the high value products we deliver for commercial jet engines. As the aerospace recovery accelerates, ATI is exceptionally well positioned to grow in step with our customers and ahead of the market. Let's walk through the key financial results. Revenue grew 4% year over year, again, exceeding $1.1 billion. Adjusted EBITDA reached $208 million, surpassing the top end of our guidance. Adjusted earnings per share came in at 74 cents, also above our projected range. Our adjusted EBITDA margin reached 18.2%, a long-standing performance target. A key contributor with our high performance materials and component segment, which delivered margins of 23.7%, a 350 basis point improvement from Q2 2024. This expansion reflects favorable product mix, strong price, and operational execution. We expect margin strength to build as A&E continues to lead our growth. Adjusted free cash flow was $93 million, a 94% increase year over year. We remain disciplined in our capital deployment and focused on working capital efficiency, while making smart investments to support future growth and reliability. We also returned capital to shareholders with conviction, executing $250 million in share repurchases during the quarter. That brings our total buyback since 2022 to over $800 million, and we still have $270 million remaining under our current authorized repurchase program. Based on our performance and the near-term commercial engine demand, we've raised the midpoint of our full year guidance for adjusted EBITDA, EPS, and adjusted free cash flow. Our team is executing, our strategy is working, and our outlook is compelling. As we turn to the markets, let me begin with an exciting update. We signed a new long-term guaranteed volume agreement with Boeing for Airframe Products. This contract is both an extension and an expansion of our partnership, covering long and flat rolled products. It includes material from our new titanium alloy sheet operation in Pangelin, South Carolina. It's a clear validation of ATI as a long-term strategic supplier and a critical part of the aerospace supply chain. Earlier in the quarter, we announced a new, significantly expanded agreement with Airbus. That agreement now positions ATI as Airbus' top supplier of titanium flat rolled and long products. Both strategic contract wins signal that ATI is earning greater customer share. We're locking in long-term commitments and scaling in lockstep with the growing needs of the aerospace industry. These wins affirm investments we've made in capacity, technology, and customer alignment. Some near-term volatility remains as the Airframers balance inventory with supply chain realities. We anticipated this. What matters is how we're positioned as the ramp and build rate accelerates. We're confident in our ability to deliver with reliability and scale. Moving on to commercial jet engines, the core of ATI's growth in 2025. In Q2, we grew commercial jet engine sales 27%. Year to date, we're up 31% year over year through the first half of 2025. We expect full year jet engines grow to exceed 20%. And we believe there's more upside ahead. Customers continue to report expanding backlogs and are raising production forecasts to double-digit Kagers through the end of the decade. MRO activity is climbing steadily, particularly for next-gen engines like LEAP as GE shared on their earnings call earlier this month. ATI is heavily weighted toward those next-gen platforms with more than twice the opportunity of legacy programs. That shift in the install base represents sustained profitable growth for ATI through the 2030s. These are long-term contracts with high value content and they align perfectly with our differentiated capabilities. Defense remains a reliable and sustainable growth driver for ATI in 2025 and we're on track to deliver our third straight year of double-digit growth. We're securing strong positions on several key international programs. As the As we look to the second half of the year, we expect delivery timing in neighbor nuclear programs, titanium armor plate and rotary wing forgings to contribute meaningfully to our continued defense growth. Outside of A&E, specialty energy remains an exciting growth opportunity with rising demand in commercial nuclear and land-based gas turbines. We are supporting capacity. Our strategy has positioned us well and it is delivering. The team is executing with consistency and we're scaling with purpose, investing where it matters most to serve our customers and deliver value to our shareholders. The first half of 2025 confirms we are on the right path. Long-term agreements and customer commitments give us visibility and confidence in the future. Our strategic focus is clear to achieve consistent profitable growth through innovation, performance and partnerships. We believe the best is yet to come for ATI, our customers and our shareholders. With that, I will turn it over to Don.