3Q:25 EPS of $0.30 easily exceeded our $0.25 estimate and the year-earlier EPS of $0.27 on stronger than-anticipated margins, benefiting from pricing and mix, including healthy demand for MREs (meals ready-to-eat) and recently launched UGR-Es (MREs for groups), as well as magnesium alloys for aerospace and defense. Elektron sales grew 2.5% year over year in 3Q:25. Gas Cylinders revenue expanded just under 1%. Management raised its full year EPS guidance range modestly to $1.04 to $1.08 (from $0.97 to $1.05). The company also announced a planned $6 million investment into its North American magnesium powders business in Saxonburg, PA, which is expected to save $2 million annually once completed. Coupled with the previously announced consolidation of its gas cylinders business in Riverside, CA, total annual savings is forecasted by management to reach $6 million. While we expect the alternative fuel market will remain soft next year and anticipate weakness in the premium automotive market, we project further strength in high margin sales to the burgeoning commercial space market. Luxfer continues to utilize strong cash flow to fund debt reduction and lower interest expense. The balance sheet remains strong with net leverage under 1x at the end of 3Q:25 compared to nearly 2x in 1H:24. We model cash flow funding further debt reduction and additional capex to support production efficiency efforts.