Howmet Aerospace Inc.

Good day and welcome to the Helmet Airspace third quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Paul Luther, Vice President of Investor Relations. Please go ahead.

Thank you, Drew. Good morning and welcome to the HMET Aerospace Third Quarter 2025 Results Conference Call. I'm joined by John Plant, Executive Chairman and Chief Executive Officer, and Ken Giacobi, Executive Vice President and Chief Financial Officer. After comments by John and Ken, we will have a question and answer session. I would like to remind you that today's discussion will contain forward-looking statements relating to future events and expectations. You can find factors that could cause the company's actual results to differ materially from these projections listed in today's presentation in earnings press release and in our most recent SEC filings. In today's presentation, references to EBITDA, operating income, and EPS mean adjusted EBITDA excluding special items, adjusted operating income excluding special items, and adjusted EPS excluding special items. These measures are among the non-GAAP financial measures that we've included in our discussion. Reconciliations to the most directly comparable GAAP financial measures can be found in today's press release and in the appendix in today's presentation. In addition, unless otherwise stated, all comparisons are on a year-over-year basis. With that, I'd like to turn the call over to John.

Thank you, P.T., and welcome to the Hamet Q3 call. Let's start with the company highlights on slide four. Q3 was a very strong quarter for Hamad. Revenue growth continues to accelerate and was at 14% compared to 8% in the first half. Within this revenue growth, commercial aerospace increased 15%. And within this number, commercial aero parts sales increased by 38% for a total spares increase of 31%. EBITDA was up 26% and operating income up 29%. Cash flow was also healthy at $423 million after capital expenditure of $108 million. New-to-date capital expenditure is approximately $330 million. Regarding share buyback, $200 million of cash was deployed to buybacks in Q3 with an additional $100 million buyback in October. October year-to-date buyback is now $600 million, which is $100 million higher than the 2024 full year. We also paid off the balance of $63 million of the U.S. term early, which was due in November 2026. And with the resulting net leverage now stands at 1.1 times net debt to EBITDA. The dividend payments were also increased in August by a further 20% versus the prior quarter, and earnings per share increased by just over 34%. Other commentary which may be helpful is that working capital days improved year over year, allowing for the increased capital expenditure for future growth, and all within the free cash flow number previously referenced. Headcount did increase by a further 265 people, mainly within the engines business, as we staff our new manufacturing plants. As planned, the increase in headcount has slowed as we go into the second half, although we envision hiring again as we pick up in early 2026. Now let me turn the call over to Ken to cover the markets and segment performance.