Howmet Aerospace Inc.

Good morning and welcome to the HowMet Aerospace fourth quarter and full year 2025 conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. 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, Gary. Good morning and welcome to the HowNet Aerospace fourth quarter and full year 2025 results conference call. I'm joined by John Plant, Executive Chairman and Chief Executive Officer, and Patrick Winterlich, Executive Vice President and Chief Financial Officer. After comments by John and Patrick, 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 and 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, VT. Good morning and welcome to Hammett's Q4 and for the year 2025 earnings call. Let's start with the highlights on slide number four. Q4 was an extremely solid quarter. Revenue of $2.17 billion was up 15%. For the year, revenue was up 11%, and hence the final quarter saw an acceleration of growth. EBITDA was $653 million, up 29%. Operating income was $580 million, an increase of 34%. Four-year EBITDA of $2.42 billion was an increase of 26%. Pre-cash flow after record capital spend of $453 million was $1.43 billion, which is more than $100 million above the guide point, and a 93% conversion of net income. Over the last six years, aggregate net income conversion to free cash flow has been 95%. Earnings per share were $1.05, an increase of 42% in the quarter over 2024, resulting in a 40% increase for the year. Capital deployment in the quarter included $200 million of share buybacks, $50 million of dividends, $55 million for preferred share redemption, and a further $125 million for debt reduction. The closing cash balance was $743 million, allowing for further share buybacks in January and February, with $150 million completed, course to date. I'll stop at this point and let Patrick provide commentary by end markets and by segment.