Financial Performance - Q3 2025 sales reached $1.1 billion, a 7% year-over-year increase[7] - Adjusted EBITDA for Q3 2025 was $225 million, up 21% year-over-year, including ~$10 million gains from oil & gas rights sale[7] - Adjusted EBITDA margin for Q3 2025 was 20%, a 230 bps increase year-over-year[7] - Adjusted EPS for Q3 2025 was $0.85, a 42% year-over-year increase[7] Segment Performance - Aerospace & Defense (A&D) accounted for 70% of total sales, with $793 million in Q3[3, 13] - HPMC (High Performance Materials & Components) sales were $603 million, up 9% year-over-year, with an adjusted EBITDA margin of 24%, a 190 bps increase[15] - AA&S (Advanced Alloys & Solutions) sales were $523 million, up 5% year-over-year, with an adjusted EBITDA margin of 17%, a 250 bps increase[20] Growth Drivers - Significant defense growth with a 51% year-over-year increase in Q3[13] - Strong jet engine growth with a 19% year-over-year increase[13] - Airframe growth driven by share gains, up 9% year-over-year[13] Capital Allocation - $150 million in share repurchases were made in Q3, with ~$1 billion repurchased since 2022 at an average price of ~$51 per share[9] - Liquidity of ~$1 billion, including $372 million of cash on hand[34] Outlook - Full-year Adjusted EBITDA guidance raised to $848 - $858 million[9, 35] - Full-year Adjusted EPS guidance raised to $3.15 - $3.21[9, 35]