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Tap here. – Management attributes the record EBITDA performance to a fundamental transformation of the AA&S segment from a cyclical business to a high-margin, durable earnings engine. – The AA&S shift is driven by portfolio optimization, with aerospace and defense now accounting for 44% of segment revenue, more than double its share from five years ago. – ATI is leveraging its position as one of only three qualified Western producers of high-purity hafnium and zirconium to capture value as China limits exports to aerospace and nuclear markets. – The ‘Elevation’ operating system is driving measurable productivity gains, including a 30% increase in ultrasonic inspection throughput and 15% in isothermal forgings. – Jet engine revenue growth of 13% is supported by ATI’s content on next-generation platforms being more than double that of legacy platforms. – Defense revenue reached an all-time high, growing 36% year-over-year due to accelerated demand across naval nuclear, missile, and missile defense applications. – HPMC performance remained within expectations despite qualification timing for the new Mexico facility and EB2 furnace shifting some shipments into future periods. Enhanced Guidance and Capacity Expansion – The full-year adjusted EBITDA midpoint was raised to $1.160 billion, reflecting a sustainable step change in AA&S performance and confidence in the HPMC ramp. – Management expects consolidated incremental margins of approximately 50% for the full year, an increase from the previously communicated 40%. – The fourth quarter is projected to be the strongest of 2026, with an implied annualized EBITDA exit rate of approximately $1.350 billion. – Capacity investments in nickel re-melt are on schedule to deliver approximately $350 million of incremental annual revenue by…