Howmet Aerospace Inc.

Good day and welcome to the Howmet Aerospace second quarter 2026 earnings 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 a touch-tone phone. To withdraw your question, please press star then two. Please limit yourself to one question today. Please note that 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, Chloe. Good morning and welcome to the HowMet Aerospace Second Quarter 2026 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 the factors that could cause 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, adjusted operating income, and adjusted EPS. These measures are among the non-GAAP financial measures that we've included in our discussion. Reconciliations to the most directly comparable GAAP 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, PT, and good morning, everyone, and welcome to the HAMET Q2 earnings call. Let's start with the highlights on slide four. HAMET completed a successful second quarter. Headline revenues were up 24% year over year, with strong incremental margins of 46%, and that was after some impact from the CAM acquisition. Excluding all the M&A activity this year, organic growth was very healthy at 21% for the quarter and 20% for the first half. EBITDA margin in Q2 was 32.1%, an increase of 340 basis points year over year, including the absorption of CAM starting in April. 2027 is the focus year for our CAM optimization plan to begin to drive noticeable synergies. Operating margin was 28.8%. Second quarter free cash flow was just under half a billion dollars, and free cash flow totaled approximately $840 million for the first half. Earnings per share were $1.33, an increase of 46% year over year. A total of $600 million in shares were repurchased in the first half of the year, with $300 million being made in the second quarter. Thank you, John.