Luxfer Holdings PLC

Good morning. My name is Angela, and I will be your conference operator today. Welcome to Luxfer's third quarter 2025 earnings conference call. All lines have been placed on mute. After the speaker's prepared remarks, we will hold a question and answer session. Now I will turn the call over to Kevin Grant, Vice President of Investor Relations and Business Development at Luxfer. Kevin, please go ahead.

Thank you, Angela, and good morning, everyone. Welcome to Luxford's third quarter 2025 earnings conference call. This morning, we'll be reviewing Luxford's financial results for the third quarter ended September 28, 2025. I'm pleased to be joined today by Andy Butcher, our Chief Executive Officer, and Steve Webster, our Chief Financial Officer. Today's webcast is accompanied by a presentation that can be accessed at Luxford.com. Please note any references and non-GAAP financials are reconciled in the appendix of the presentation. Before we begin, a friendly reminder that any forward-looking statements made about the company's expected financial results are subject to future risks and uncertainties. We undertake no obligation to update any forward-looking statements, whether a result of new information, future events, or otherwise. Please refer to the safe harbor statement on slide two of today's presentation for further details. During today's call, we'll be providing adjusted third quarter 2025 financial results, excluding a recently sold graphics art business and 2024 legal recoveries. Now, let me introduce Luxford CEO, Andy Butcher. Please turn to slide three. Andy, please go ahead.

Thank you, Kevin, and good morning, everyone. Thank you for joining us. The third quarter demonstrated strong execution and the earnings power of our core business. We continue to shift our mix toward higher value markets where Luxford differentiates through innovation and performance, particularly in defence and aerospace. These programmes build on our proven technical capability and trusted position with key customers. Adjusted earnings per share was 30 cents and adjusted EBITDA was $13.6 million, for an adjusted EBITDA margin of 14.6%. Margin expanded sequentially, supported by favourable mix in key end markets. Electron remains a clear revenue and profit engine. Aerospace led performance as foundries worked through deep backlogs and higher defence spending supporting new aircraft builds. Our magnesium heater platforms have been sizeable contributors throughout the year, complemented by consistent activity in commercial powders and flare programs, and improved demand in oil and gas applications. Gas cylinders delivered in line with our expectations. SCBA volumes were higher in the quarter, and aerospace inflatables increased significantly versus both the prior year and sequentially. As anticipated, Market pressure and clean energy persisted, but the team offset much of this, with strength in first response and aerospace helping to sustain a healthy mix. Cash generation was strong in the quarter, providing approximately $10 million of free cash flow, reflecting disciplined working capital management. We also completed the sale of graphic arts at the beginning of the quarter, sharpening focus on our core businesses, and enabling a more concentrated allocation of resources toward higher margin opportunities. And we were pleased to announce the addition of Stuart Watson to our board with heavy experience in the aerospace and defence industry. Footprint optimisation is advancing through our Centres of Excellence programme. The Pomona to Riverside composite cylinder relocation announced last quarter remains on track. This automation-led initiative will capitalise on our technology and is expected to deliver up to $4 million of annualised savings when fully ramped. New this quarter, we have announced plans to establish a Powders Centre of Excellence in Saxenburg, Pennsylvania next year, which will concentrate operations to improve throughput and service for both our growing defence and specialty industrial customers, while providing approximately $2 million of additional annualized savings. In short, the third quarter underscores our portfolio quality, operational resilience, and our ability to align the business to higher value sectors for stronger profitability. With that, I'll hand over to Steve to take you through the financials and our raised 2025 guidance. Steve?