Please note that today's conference is being recorded. At this time, I'll turn the conference over to Megan Cochard. Megan, you may now begin. Thank you, Rob, and good morning or evening, everyone. Welcome to Novelis's first quarter Fiscal Year 2025 Earnings Conference Call. Hosting our call today is Steve Fisher, our President and Chief Executive Officer, and Dev Ahuja, our Chief Financial Officer. Following the presentation, the call will be open to analysts and investors for questions. This conference call is being broadcast on the internet at novelis.com in the Investors section. A replay of this call will also be available on our website. Before I turn the call over to Steve, let me remind you that today's earnings release and presentation include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to, those factors identified in the release and in our filings with the Securities and Exchange Commission. Today's presentation also includes certain non-GAAP measurements. Reconciliation of these measurements is provided in the financial statements included with our earnings release, as well as in the appendix of our presentation. Let me turn the call over to Steve. Thanks, Megan. Good morning or evening, everyone, and thanks for joining us today. Let me start with some highlights on slide three. Novelis delivered strong first quarter results as macro headwinds have somewhat settled down and beverage packaging demand and industry supply chains have normalized. As a result, we saw a substantial improvement in shipments and EBITDA compared to the prior year. Total flat-rolled product shipments increased 8%, driven by a double-digit increase in beverage packaging shipments, while total Adjusted EBITDA grew 19% to $500 million. We also continue making steady progress across a number of strategic capital investments underway that will strengthen our business for the future. Our projects remain on track and on budget, including our largest U.S. greenfield rolling and recycling facility under construction in Bay Minette. I'm particularly pleased to share some exciting updates on investments focused on increasing the recycled content in our products. In June, we began commissioning a highly advanced automotive recycling center in North America that will increase our ability to utilize more pre- and post-consumer automotive scrap. In July, we announced a UBC recycling expansion at our Latchford, United Kingdom, recycling center. Both of these investments will help to increase the recycled content of our products while reducing carbon emissions. Demand is good, and our projects are on track. An unprecedented weather event in Europe at the end of June caused significant flooding at our Sierre Switzerland plant. Fortunately, all of our employees were safely evacuated, though production has been halted since June 30th. We are implementing efforts to mitigate the impact. The halt in production is hindering our ability to fully meet our customer commitments in the near term. We currently estimate the plant to be back up and running at the end of the second quarter. Dev will discuss the outage and estimated impact in a bit more detail. First, he will take you through a review of our first quarter financial results. Dev? Thank you, Steve. Good morning or good evening. Let's turn to slide five and our Q1 financial highlights compared to the prior year period. Net sales increased 2% to $4.2 billion, primarily driven by an 8% increase in total flat-rolled product shipments to 951 kilotonnes. The increase in shipments is due to significantly higher beverage packaging shipments globally on normalizing demand compared to the prior year, which was impacted by inventory reduction actions across the beverage supply chain. Shipments in each of our other end markets were roughly in line with prior year levels. Adjusted EBITDA increased a very strong 19% year-over-year to $500 million in the first quarter. Adjusted EBITDA per ton also continued its strong year-over-year recovery, improving 10% to $525. Net income attributable to our common shareholder was down 3% to $151 million. This includes $40 million in initial non-cash charges relating to Sierre flooding, as well as higher restructuring and an unfavorable movement in metal price lag compared to the prior year. Net income, excluding these as well as other special items, increased 32% year-over-year in Q1 to $204 million. Let's turn to the Adjusted EBITDA bridge for Q1 on slide six, which shows EBITDA growth year-over-year is primarily driven by the scale benefits we gain as our shipments grow. The impact of higher shipments resulted in an $83 million EBITDA contribution from volume. Price and mix overall was slightly unfavorable, as higher contracted pricing was offset by less favorable product mix due to outpaced growth in beverage packaging relative to other product end markets. Operating costs and SG&A were also slightly unfavorable, due mainly to wage inflation and employment costs, while other operating costs have settled. FX and other items provided some favorability in the quarter. Let's look at segment Q1 performance year-over-year, beginning on page seven. North America shipments were up 5% due to higher beverage packaging shipments on normalizing demand and share gains, as well as slightly higher shipments in building and construction on improving demand. Adjusted EBITDA was up 10%, primarily driven by higher volumes and higher contracted product pricing, partially offset by unfavorable product mix and less favorable metal benefit. In Europe, shipments were up 5% year-over-year, driven by higher beverage packaging shipments on normalizing demand, partially offset by lower automotive shipments on some weaker demand. EBITDA was up 2% due to volume benefits on the higher shipments, partially offset by less favorable product mix. Turning to slide eight. Asia shipments were up 10% versus the prior year, driven mainly by higher beverage packaging shipments, including higher interregional support to North America. Slightly higher automotive shipments were offset by slightly lower specialties shipments. Adjusted EBITDA increased 6%, due mainly to the higher volume and favorable FX, partially offset by less favorable product mix and higher operating costs. Lastly, South America shipments grew 29%, driven by normalizing beverage packaging demand compared to the prior year, which was impacted by steep customer destocking. Adjusted EBITDA was up 57% year-over-year as a result of both the improved volume as well as metal benefits from a higher utilization of scrap inputs with increased can sheet production. Let's turn to cash flow on slide nine. For the first three months, fiscal 2025 Adjusted Free Cash Flow was an outflow of $280 million, better than the prior year outflow of $349 million, primarily due to higher Adjusted EBITDA and lower working capital requirements. Current year Adjusted Free Cash Flow includes $348 million in capital expenditures, as we continue to make great progress in advancing a number of transformational capital investments underway. We continue to manage a strong and prudent balance sheet, guided by a balanced capital allocation framework that allows for strategic capital investment while maintaining Net Leverage and adequate liquidity. We ended the quarter with a net leverage ratio of 2.4x and total liquidity of $2.2 billion. For fiscal 2025, we anticipate total capital expenditures will be on the lower end of our previously guided range of $1.8 billion-$2.1 billion, including approximately $300 million for maintenance CapEx. Before I turn the call back to Steve, I would like to provide some more details on the extraordinary weather event that occurred at the end of Q1, impacting our automotive rolling operations in Sierre, Switzerland. Persistent heavy rainfall at the end of June caused the Rhône River to overflow and flood the city of Sierre and the Valais region, including Novelis Sierre plant. We promptly initiated emergency processes in close cooperation with city officials, and all our employees were safely evacuated. However, water flooded the production halls at levels up to 1.5 meters, and operations at Sierre were halted on June 30th. Since then, we have been working in close cooperation with our customers to minimize the impact from production disruption. We quickly took steps to enact overtime, reprioritization, and production reroutings, leveraging Novelis's broad operating presence across Europe and across the world. As a result, we have already found ways to mitigate a significant portion of an otherwise unmitigated potential shipment loss situation, and we are still working on further solutions. In addition to close customer collaboration, our teams have been diligently working to clean and restore the plant since the flooding and are making great progress. Our current timeline suggests we can restart production by the end of our second quarter. As a result of this event, we recognized $40 million of non-cash charges in the first quarter, consisting of $30 million in fixed assets charges related to accelerated depreciation and $10 million in inventory write-offs. Additionally, we expect to incur costs for repairs, cleanup, and production loss relating to this period until operations are fully restored. The plant is insured for property damage and business interruption losses related to such events. We estimate the total net cash impact from this event after estimated insurance is $80 million. We estimate the impact to Adjusted EBITDA is $30 million, the majority of which will occur in quarter two. I'd now like to hand the call back to Steve for an update on market trends and our capital investment plans. Thanks, Dev. Turning to slide 12, Novelis has a significant organic capital investment program underway to strengthen our industry leading position and grow with our customers. We continue to make great progress with all of our projects, which remain on track and on budget. Of the projects currently underway, the largest is our U.S. greenfield rolling and recycling investment in Bay Minette. With finished goods capacity totaling 600 KT, Bay Minette will be a highly sophisticated and automated plant, which will yield higher operational efficiency and lower production costs. Approximately 2/3 of the new capacity will be utilized to support domestic beverage packaging customers, as local demand currently outpaces local supply. As previously shared, with our first mover advantage and proven record of delivering quality products and services to our customers, we have secured long-term contracts for all the new beverage packaging capacity at this plant and continue to make good progress on the automotive side. Construction at Bay Minette continues on track, with steel installation and equipment foundation work well underway. Our timeline remains intact, and we continue to expect to begin commissioning in the second half of calendar year 2026. Our investments to expand recycling capacity also continue to make great progress. The Automotive Recycling Center in Guthrie began commissioning in the first quarter, and I'm excited about a new recycling expansion project that we announced in July. We are investing approximately $90 million, net of a $15 million grant from the United Kingdom government, to increase recycling capacity in Latchford for used beverage cans and other scrap types for the production of beverage packaging sheet. This investment underscores our commitment to sustainability, fostering low carbon and high recycled content products that support not only our own ambitious sustainability goals, but those of our customers as well. In addition to these investments, we continue to work to debottleneck existing assets and reduce input costs through several brownfield investments. Altogether, we have decades of experience adding and enhancing rolling and recycling capacity through high return investments across the world, and we are excited for what this transformational investment period will bring. One of the milestones we achieved is with the commissioning of the Guthrie Automotive Recycling Center in June on slide 13. The Guthrie Recycling Center in the U.S. is now casting sheet ingot, marking a milestone in our journey to increase the recycled content of our products. When fully ramped, Guthrie is expected to have an annual casting capacity of 240 kilotons of sheet ingot, and to reduce our carbon emissions by more than 1 million tons each year. Featuring advanced aluminum shredding and sorting technology, Guthrie will recycle and cast sheet ingot made from both pre and post-consumer automotive scrap. It also allows us to convert our excess production scrap right back into sheet ingot and reduces our reliance on external sheet ingot supply. This is a high return investment that also aligns with our sustainability commitments. Increasing our use of recycled content and expanding our closed-loop recycling programs preserves the value of aluminum alloys to maximize their environmental benefits, lowers our input costs, and reduce carbon emissions for Novelis and our customers. Let's turn to the end market trends on slide 14. Demand trends for both the near and long term across the premium markets Novelis supplies remain constructive. Near-term demand in our largest end market, beverage packaging, remains quite positive, particularly in North America, and is improving in South America and Europe as well. Our long-term global view remains positive at approximately 4% compounded annual growth rate through 2031. In automotive, demand remains broadly stable, even amid some ongoing macro challenges. We are working in tight cooperation with our customers to minimize severe flood-related outage impacts. Longer-term demand is expected to grow at a 7% compounded annual growth rate, supported by continued adoption of aluminum and favorable vehicle sales mix towards large luxury and electric vehicles, which all use a higher share of aluminum. Demand for premium aerospace plate and sheet remains solid over the long term, reflecting strength from growing OEM build rates supported by multiyear backlogs for aircraft deliveries. While there are some expected limitations to OEM production rates this year due to broader supply chain constraints, favorable customer mix supports a more stable near-term demand outlook for Novelis. Lastly, specialties demand remains a bit mixed. Economic headwinds have kept the European building and construction market muted, and in Asia, we are seeing some slowing electric vehicle battery demand. However, the largest part of our specialties portfolio is the North America building and construction, a market in which we are starting to see a strengthening order book. Overall, we see good end market growth this year, aligned with CRU estimates for 4% global growth, excluding China, in aluminum flat roll products demand this calendar year. In summary, we delivered another strong quarter with significant improvement in a number of key financial metrics in the first quarter. Demand trends across the end markets we support are positive over the near and long term. Our broad geographic presence, diverse product portfolio, and our strategic investments underway will further strengthen our industry leadership position. These strengths, combined with our commitment to expand recycled content and drive operational excellence, will continue to be competitive advantages in a growing market, needing sustainable aluminum products. With that, we're happy to take your questions. Thank you. At this time, we'll be conducting a question-and-answer session. If you'd like to ask a question, please press star one from your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. That we may address questions from as many participants as possible, we ask that you limit yourself to one question and one follow-up. If you have additional questions, you may re-queue. One moment please, while we poll for questions. Thank you. Thank you. Our first question is from the line of Sumangal Nevatia, with Kotak Securities. Please proceed with your questions. Thank you for the opportunity. Good morning, and good evening, everyone. My first question is with respect to this floods in Europe. Is it possible to share what sort of volume impact are we looking at? Do we expect normalcy to return from third quarter, or it's gonna be a gradual recovery in volumes? If you could also share what sort of capacity got impacted? With this, any sense on volume for the full year that we should build in for FY2025? Yeah, Sumangal, we do expect to resume production levels in the third quarter. That's a positive thing. Dev gave some indicative numbers as it relates to overall impact, and I'll let him go back through that in a minute here, too. We're actively working with our customers. We're trying to find rerouting the products through different facilities throughout Europe, through China, through the U.S. to mitigate the entire impact that we see here, too. Right now, giving specifics on volumes are difficult. We also see the ability to try and catch up volumes then, and restock our customers as we think about the third quarter. I think more to come there, but I think the broad overall impact we feel is a good estimate right now. Maybe Dev can go back through, kind of that overall estimate that we see as it relates to, the impact of this. Yeah. Sumangal, basically, from an impact perspective, as I said during my prepared remarks, that the two numbers to keep in mind is, that we will have an EBITDA impact net of insurance of $30 million, you should expect most of that to be in this quarter, I mean, the second quarter of the fiscal September quarter. The cash flow impact altogether is $80 million, you should expect that over Q2 and Q3. Keep in mind that there will be timing. This is net of insurance. We may have to deploy the cash first, and the insurance recovery may come with time. We are not able to put very specific timings right now. We are still working through the process. Just keep in mind that the impact numbers that I gave to you are net impact numbers, and there will be a timing, you know, with a higher impact in some quarters, and that will follow with some recovery, which we are not yet able to time. This is the color that we can give on the CS situation. understood. Dev, just one clarification, the $30 million impact net of insurance that we have estimated, is it largely coming from the volume loss, or this is just the repair cost or the, and not the opportunity cost? No, this is on volume. This is on volume, because the repair cost, you know, and all that, will be classified and called out separately. Please consider this as basically business interruption from volume, largely. Understood. Understood. Just, Yusuf, my second question is broadly on the industry, on the scrap price. We do read that scrap prices are quite elevated as a percentage of aluminum prices, and the market is quite tight. If you could just share and give some more color as to what's happening on that front. Do we see any risk to our sustainable EBITDA guidance for this year, keeping the Europe impact outside? Sumangal, I mean, it's not something that's kind of a huge surprise. We always said that directionally, we expect that scrap conditions will tighten. With the change in China's policy, in particular, it had kind of accelerated these trends. It's not something that we were completely unprepared for. Yes, you're absolutely right, scrap conditions are tight. At the same time, keep in mind that inflation overall has eased, and we have seen some benefits and offset of a much better cost environment. Yes, I mean, we are prepared. We have a lot of initiatives in the pipeline to deal with, you know, potentially a more competitive landscape when it comes to scrap. A number of initiatives are already happening. Net, net, the final message is that whatever guidance we have given to you does consider a tighter scrap market, and we continue to say that 525 in the short to mid-term is a sustainable EBITDA per ton. That's really the net message. Understood. If I may just squeeze in one last question. Between the last call and this call, in between, we've tried for an IPO and eventually called it off. Last call, we did not talk any about it. Is it possible to now share what was the rationale? What happened in terms of what did not play out as per expectation, and why did we call it off? Is it a delay or is it a total cancellation of those plans? Yeah, Sumangal, so the rationale for the IPO was a discovery of the true premium valuation that Novelis deserves in the marketplace. It wasn't about proceeds coming either to Novelis or to our parent company, Hindalco. As we got into the market and looked at the market conditions at that point in time, we did not see it prudent to continue to move forward at that point in time. We said that is postponed at this point in time. Not canceled, but postponed. No timing as it relates to when that might occur again, though. Understood. That's all from my side. Thank you. All the best. Thanks. Thank you. Our next question is from the line of Indrajit Agarwal with CLSA. Please proceed with your questions. Hi, thank you for the opportunity. I just have one question. Can you highlight how's the can market right now, and demand, not just for, you know, beverage can, but other categories as well? Has advertisement activity picked up again? Overall, as we said in our prepared remarks, we see a lot of strength coming back in the beverage packaging market across the world. Great signals, and returning normalized growth. We, we stand by what CRU sees as a longer term growth at 4% compounded annual growth rate, 2023-2031. With that said, there's probably, you know, you know, when you look at the North American marketplace, it's probably growing a little bit shy of that right now, but we particularly are taking market share as we are displacing previously imported can sheet with our South Korean assets and our Brazilian assets in support of the can contracts that we've already signed, for Bay Minette, on a longer term basis. Overall, very positive signals in the beverage packaging. Continued substitution trends associated with aluminum packaging taking share from glass, which we've always said is a big trend, and continue to see this as a strong market in the near long term. Sure. Thank you. How are the imports from China right now into U.S. in terms of canned sheets, and how do you think that's shaping up as you commission your Bay Minette facility? Yeah. As you look at, you know, the previous several years, imports coming into the U.S. for can sheet ranging, you know, around 400 KT to 500 KT, that's because the local supply is not there, that's why we're building Bay Minette, clearly. When I say we're taking share, we're starting to take the share away from some of that China import with our South Korean and Brazilian assets. The overall short supply in the North American marketplace exists until the Bay Minette expansion comes on and some of our brownfield debottlenecking that will come a little bit shorter term, 12 to 18 months from now. Sure. Thank you. That's all from my side. Our next question is from the line of Sejal Jain with Ambit. Please proceed with your questions. Hi. Thank you. Just wanted to start off with autos. There seems to be some weakness in autos and electric vehicles. Just want to understand, A, the supply-demand. Previously, I understood the utilization of auto lines was close to 100%. Where do you see now, and given the new capacity is coming up and you still have some open capacity, are you seeing interest in locking that capacity up, or you would want to keep it open for somewhat longer? In that context, there has been some, you're guiding to lower CapEx this year on the lower end. Does it mean just maybe delaying the CapEx, but the line still comes online? Overall CapEx, there's no change to the overall CapEx estimate for Bay Minette. Just on overall Bay Minette and contracting for autos. Sure. Sure. First of all, we see overall stable positive demand from North American and European auto market, which are two largest markets for us. China is being impacted by some of the macroeconomic challenges, but overall, we see positive overall automotive markets in the near term and continue to see a 7% overall compounded annual growth rate over the next five years. Again, you have to understand our mix as well. We have a favorable mix. When you start to think about overall vehicle sales, you might be looking at something like, you know, 1%-2% in the North America space, similar in the European space. The overall mix of luxury vehicles and light trucks that are growing at a much higher pace is favorable to our overall aluminum supply to the auto OEMs. We see favorable market conditions. We continue to see favorable contracting for our existing assets and the assets that are coming up with Bay Minette. Again, as a reminder, we have about 1,000 KT of overall auto finishing capacity in the system, of which we're running at about 750 KT. We continue to contract and feel comfortable about filling the remainder 1,000 KT as we bring Bay Minette up over the next, you know, second half of 2026. Obviously, in the short term, we're going to be impacted by Sierre, I think Dev and myself have already addressed that. Specifically on Bay Minette, contracting there, we're having good contracting. Again, it's very easy for us to talk about beverage packaging being fully contracted because these are very large, long-term contracts. In the case of automotive contracts, these are gonna be much smaller, we're having success in booking that and still feel very confident by the time we start to commission Bay Minette up by the second half of calendar 2026, that will be fully contracted for automotive as well. To your specific point, are we delaying or deferring any CapEx? No, not at all. There is no reason to do that. There's no change to the CapEx estimate for Bay Minette, and overall, the auto capacity in within Bay Minette the entire capacity is still untied, or has something tied up? Yeah, there's no change in overall capital at Bay Minette, $4.1 billion. No change in timeline. Still comfortable and confident in second half of calendar 2026. 2/3 of that plant is beverage packaging. 1/3 is towards automotive to finish filling the existing finishing assets that are already in existence in the North American marketplace. Okay. Just one quick question on Switzerland. How much is the capacity, as the previous participant had also asked, is there no impact in to the North Italy assets you have? As you look at the near-term impact, is there fungibility, are there customers you service, as you mentioned, the auto customers and all from Switzerland, how will that, those customers get serviced in the near term? Are you getting those products from somewhere outside? Is there flexibility, sir? When it comes to impact on our Italian assets, none at all. No, no impact on the Italian assets. That has nothing to do with the Sierre situation. They are very different assets dedicated to the specialties portfolio, number one. Number two, we are not getting into specifics of capacity by plant because, you know, we work across a network of plants with flexibility to move between locations. All that we would like to share with you is that yes, there is an EBITDA impact, which I've already stated out. We are still in the middle of working through all the final customer mitigation, you know, sort of actions. We are working in close cooperation in short. In short, by September, end of September, we expect to be back, and from the following quarter, things will start in the normal course of production. Okay, thank you so much. Thank you. Our next question is from the line of Amit Dixit with ICICI Securities. Please proceed with your question. Hi, good evening or good morning, everyone. Thanks for the opportunity. I have a couple of questions. The first one is essentially on the beverage can. From the South American or Latin American business, it looks like beverage can market is, you know, back, and we really don't see any further headwinds over there due to destocking or any other, you know, things that plagued us for the better part of FY 2024. Is it a right assumption that, you know, beverage can market is back to where it was pre all this destocking and all? Yes, absolutely. The beverage packaging market in South America has completely normalized. We see us gaining share. Aluminum packaging is gaining share. What we were seeing until a couple of quarters ago is all behind us. Your point is absolutely right. We are in a good market. Okay. That's helpful. The second one is on the recycling investment. While the one at Guthrie has started, it's commissioned in Q1 of FY 2025, and the one in Uls an would be commissioned again in second half of FY 2025. We have again, you know, gone in for, well, for expansion in U.K. Just wanting to understand that from the first two, what kind of quantifiable benefits would we would be able to get, and whether there are some more recycling investments in store. I know that your long-term target by FY 2030 possibly is to reach around 70%. In near term, could we see some more such investment in recycling in particular? obviously, we're very proud of decommissioning the Guthrie recycling facility in this previous quarter. It's 240 KT of capacity geared at automotive. one that we can grow our recycling content with our customers. It will be value creative in the second half of this fiscal year as it ramps up. With UAL, again, this is a very another asset that's very efficient, a high returning asset, 100 KT of capacity. As you said, will come in later part of this fiscal year, second half of this fiscal year. Again, as we look at the announced investment, this this cycle here, it's a $90 million investment in Latchford. Again, Greenfield. We were able to get a grant from the U.K. government of $15 million, truly creating another circular system to avoid exporting scrap from the U.K. This is, you know, truly state-of-the-art shredding, sorting, decoding, melting technologies that's gonna enable us to recycle large volume of various types of aluminum scrap. Again, operational efficiencies, reducing CO2 by more than 350 KT on an annual basis. Again, all of these investments are very accretive to us. We've set a goal to get to 75% recycled content. We don't necessarily need a lot more recycling capacity to get there, but certainly as we see the opportunities, we will continue the investment towards recycling. Just one more question, that is from more of a, like, you know, academic perspective. Now, is there in aerospace industry as well, is there any acceptance for the scrap material or just completely virgin material still? Yes, today, it's almost completely virgin, but we are working with a number of OEMs associated with their intent to move to a higher recycled content alloys. I think this will take longer as you think about qualification of new alloys onto aircraft, but absolutely it's something that the industry is moving towards, but might take just a little bit longer than some of our other end markets. Okay, that is helpful. Thank you, and all the best. Thank you. Our next question is from the line of Pallav Agarwal with Antique Stock Broking. Please proceed with your questions. Good evening and good morning, Pallav. I had a question on, you know, the blended realizations. If I just do a rough math, we've seen that the blended realization this quarter, actually declined, you know, both on a YOY and on a mostly on a YOY basis, despite the LME, you know, being up by almost 12%. Could you give us a sense of how much of this was due to product mix or any of this is due to, you know, input costs coming down and some of the inflation-linked, pricing, coming off? Yeah, to be clear, you are basically referring to the price mix, $9 million negative that we had in the EBITDA bridge? Yeah, I'm just referring to if I just, you know, divide the net revenues by the shipments. You know, the blended realization for this quarter comes to about $4,400 per ton, compared to $4,600 last year, you know, despite the LME going up from 2,260 to 2,525. Just want to understand, you know, what's led to the decline in realization despite higher LME? Remember that, you know, trying to calculate a revenue on a per ton basis is not a very good thing in our case, because, you know, that includes. I know that you're talking about the aluminum prices, but in fact, you know, we have had a negative impact from metal prices. I think the best way to understand performances, we have given you in the EBITDA bridge, the value-added portion, where, you know, we have pointed to a price mix impact of $9 million. Basically, to get to the crux of your question, we have had a different product mix this year, so there is a mix impact, because beverage packaging had a big surge in volumes, because we are comping over a very different quarter last year, impacted by destocking primarily. Basically, because of that mix impact, you see that $9 million, but overall pricing on a value-added portion, as we call the conversion premium portion, is pretty positive. In beverage packaging, we are gaining pricing, as we have always been saying. In short, that's overall a positive to stable situation across our segments. just to clarify, you know, the increase in contracts that we were looking at, so that trend continues, right? As contracts get repriced, they're getting repriced at higher levels? Yes, absolutely. Sure. Just, you know, given that we've seen, beverage consumption improving, you know, so could there be a potential impact, you know, if this talk of recession in the U.S. does, you know, does happen? Could that impact the beverage can demand going ahead? No, we're not seeing any impact of. First of all, I mean, the U.S. economy is doing pretty well, actually. There is no recession, really. I mean, the conditions are good, employment is very good, and therefore, the economy is driven by really consumer spending, which is, which is positive. No, I mean, things are really good. Adoption is increasing. As compared to last year, all the beverage companies are putting the focused investment on promotions. ... it is therefore leading to good consumer pulls. We are seeing really good conditions actually. Sure. Yeah. Thank you so much. Thank you. Our next question is from the line of Carlos de Alba with Morgan Stanley. Please proceed with your questions. Yeah, good morning. just one quick question. Can you maybe clarify, please, the sequence of events to get qualified in Bay Minette for automotive? Can you sign contracts as per mentioned earlier in the call? Can you sign the contracts before the plant really start producing and therefore before a proper qualification? I don't know if the collaboration relationship that you have with the sector, with your other plants will help the process, but a clarification on the time, the timing and the steps of that selling to the auto sector from Bay Minette would be great. Thank you. Carlos. With our experience, decades in the industry, supplying auto OEMs and beverage packaging customers, certainly we've already signed the beverage packaging. That doesn't mean we don't have to go through qualification, but they've got the confidence in us to be able to qualify in a very short period of time. We work with them through those qualifications and ensure that those can be done in a very timely manner. The same thing with our OEM customers. They have the confidence in our ability to bring these assets up in a quality manner and be able to qualify them in a very short period of time. They do feel very comfortable contracting with us, and we are seeing success there. All right. Thank you very much, Steve Fisher. Yep. Our next question is from the line of Kirtan Mehta with BOB Capital Markets. Please proceed with your questions. Thank you, sir, for the opportunity. You have discussed about the regional trends on a YOY basis. I just also wanted to understand in terms of what has driven a sequential decline in EBITDA in North America as well as South America. North America, EBITDA is down around 13% quarter-on-quarter, whereas South America is down 9% quarter-on-quarter. As far as the quarter-on-quarter in North America is concerned, we had an outage and, you know, sort of we had shifted the maintenance, the annual maintenance in one of our assets in Logan, which happened in this quarter. That has an impact. We did have, therefore, more dependence on getting higher volumes from Asia. These are really the reasons why, you know, the margin on the quarter-on-quarter EBITDA that you see in North America is a little bit lower. Doesn't change the fundamentals at all. As far as South America is concerned, I mean, you know, directionally, it's not a big thing. We had $884 per ton in Q4. We have $857 in Q1. I mean, there's some normal volatility, ups and downs, timings of repairs and maintenance. We did have our annual maintenance in South America in this quarter, which leads to, you know, depleting inventory and player repairs. These are the kind of things that impact us quarter-on-quarter for this quarter. Thanks for this clarification. Second question was about the CapEx. I do understand that there are no change in the targets or project commissioning plan. We have guiding sort of lower end of the $1.8 billion-$2.2 billion range. Would you be able to provide more color on what shift, what is shifting this to the lower range at this half of the year or start of the year after the quarter? Yeah. you know, I mean, when we start the year, we have a certain amount of visibility, and as the year goes by, we have more visibility into how the cash will go. Therefore particularly on Bay Minette, the cash outflow will be lower than what we had estimated earlier, and that has nothing to do with impacting any timelines. It's just the cash flow estimates, which are now more refined. That is really what it is. Thanks, Dev. Thank you. Our next question is from the line of Vikash Singh with Phillip Capital. Please proceed with your questions. Thank you, sir, for giving me the opportunity. Sir, can you give us the volume breakup between can auto and aero this quarter? Sorry, could you repeat it? Uh, Repeat, your question? Can you repeat? The shipment breakups between can, auto, and aero this for this quarter? Yeah, no, we don't break it out on a quarterly basis. That's not something that we provide on a quarterly basis. Understood. just a second question, so that the impact of LME is fully adjusted in our working capital, and that's why our debt has increased or some portion we will experience in the Q2, given that the shipments was largely impacted in Q2 in the European market? No, there is some lag, and we will see an impact coming. You know, the thing is the following, that already in this quarter, we see a downward pressure on metal prices. You know, between some of the lag from Q1 and then the downward pressure, you know, we don't expect that Q2 will create any significantly different direction when it comes to working capital, driven by metal prices, working capital involvement, driven by metal prices. What we have to just keep in mind is that we talked about the sensitivity. Every $100 of, for metal price impact is about an $80 million in working capital. it comes with a lag, but this is just the high level number that you need to keep in mind for your modeling purposes. Understood, sir. Just one last thing on this scrap spread, basically. Just wanted to understand why you said that you have kept in mind in your long-term guidance of $525 per ton. Just wanted to understand, had we in the next two to three quarter, had there could be any quarter where the most of the impact of scrap spread decline may boil down to one quarter, or it could be evenly spread, and how much this scrap spread has confined in the last six months? We always talk about the annual guidance number. When we tell you 525, we mean that this is for the full year. You mentioned the term long-term guidance for 525. 525 is not a long-term guidance. Long term, our EBITDA per ton will evolve upwards. This is more like a short to midterm guidance. The point to keep in mind is that when you think quarter to quarter, there are a number of factors that impact us more prominently. Like third quarter is a low quarter because we have a number of maintenance shutdowns across the whole network of our plants. Events like this do impact quarter on quarter. I would not say that you should model something very out of the way when it comes to scrap spreads, you know, between quarter. There are other things that impact us quarter-on-quarter. Quarter four is always our strongest quarter, and so on. Nothing specific that you can or should be thinking about on a quarter-on-quarter basis on scrap. Understood, sir. Thank you for answering my question. I'll divert from this. Thank you. Our final question this morning comes from the line of Vishnu Kumar with Avendus. Please proceed with your questions. Thanks for your time. Just trying to understand the volume growth in beverage can market in U.S. Ball has commented that their volume growth has been flat. Is our volume share coming from replacing some part of Chinese imports? We understand there's one other player who had some unscheduled shutdown this quarter especially in the packaging line. Just trying to get some sense of our volume growth in this particular in U.S. specifically. Yeah. As I said earlier, we still stay confident in the longer term growth rates globally, for bev packaging at 4% compounded annual growth rate through 2031. We do recognize that the North America market is probably growing a bit under that at this point in time in the near term, similar to what Ball and others have guided towards. What we are seeing growth because, yes, we are displacing formerly imported can sheet, primarily coming from China, with our imports coming in from South Korea and Brazil. We're taking share from the China imports, as we have already signed the long-term contracts associated with Bay Minette, and we ramp towards the full commissioning of Bay Minette over the next several years. Understood, sir. Just a follow-up on the same. What will be the volume of can sheet market, the demand in U.S., and how much are imported today? Yeah. The imports over the last few years have been in the range of 400-500 KT. Quite significant, which is supporting the investment thesis of Bay Minette, right? That when we say two-thirds of Bay Minette at 600 KT is 400 KT, it is to displace the imported volume, not even counting the growth that we see in the marketplace. Understood. The size would be of the market of U.S. can consumption? U.S. market size... Yeah, can't. We'll come back to you on that. Just trying to understand the difference in the metal, benefit, differences that you highlighted in U.S. is slightly tighter than in Latin America. You highlighted that there are some good benefits that we have seen. Just on the scrap prices, what is it making it very divergent in these two markets, if you could help us understand? Your question is around scrap? Yeah, correct. You're asking why we have different conditions between North America and South America? Sorry, I'm just trying to understand the question. We have highlighted in the presentation that there is significantly improved metal benefits. I'm assuming scrap is probably helping us in South America this time around. I do understand the benefits that we generally get in scrap in the Latin American market, but, around this time, is there any material benefits that you've got and on scrap in this particular quarter? Yeah. Okay, if I'm understanding your question, so yeah, what we were trying to say in our prepared remarks is that last year, around this time, in South America, we were facing some very, some very abnormal market conditions when it comes to spreads, availability, and overall, you know, it was a heavy destocking quarter. As a result of which, obviously, recycling benefits are much lower when you're selling lower volumes, and this year, that has normalized. Because of the overweight of the headwinds that we were facing last year in South America, this year it is a positive comp in South America in a more normalized market. That is why we have that overweight of better metal benefit in South America. Back to your overall market in North America, the volume for bev packaging in North America, 2023, the domestic supply was 1.8, the consumption was 2.3, so it shows the magnitude of the imports coming into the marketplace. Okay, thanks. Thanks for that. One last question, if I may. With the new player likely to start somewhere, end of next year, just while wanting to understand the delta or the interplay on scrap, Midwest premium, and how should we think about the spot prices, let's say, in structurals or any other, under any other categories? I mean, obviously, I understand beverage and beverage is something that we fully contracted in auto, we are on the way. How should we think on these three line items on scrap metal, I mean, on scrap, Midwest premium, and these spot prices? Yeah. I'm not sure I follow the question that you're asking. I mean, the tightness in scrap right now is driven more structurally by some significant capacity build in China and change in China regulations that's driving exports out of many of the markets towards China. Obviously, lots of actions that need to go into place to continue to preserve the domestic supplies into our domestic markets. I'm not sure I understood your question or concern in scrap spreads. Okay. My question is, if once the new, the other new competitor comes in and, obviously, scrap is going to be used by them as well, will the scrap market continue to be tighter? Also wanted to understand, just a sense on how will the Midwest premium behave when there's another player with additional supply? Will there be any change in the Midwest premium, or it will, I mean, the other market forces will be on it? Well, when we have a new player coming into the market, adding can capacity, yes, it will increase the demand for scrap. That is very clear. We are working on opening up more sources of can scrap availability and even overall scrap availability, not just beverage packaging. I.e., you know, investing in technology to be able to buy and process dirtier scrap, just as one example, getting into more strategic alliances when it comes to opening up more sources of supply. Basically, while demand will go up, in the meanwhile, supplies will also expand, including higher recycling rates, in the U.S., that will keep happening, you know, with time. There is going to be some compensation coming from more availability as well. Net, net, yes. I mean, you know, it is a bit of a pressure situation as the demand goes up, but we are taking a lot of mitigation actions as well. Got it. Thank you. At this time, we've reached the end of our question and answer session. I'll hand the floor back to Steve Fisher for closing comments. Thank you. Thanks to everyone for attending our call today. We had a solid start to the fiscal year and continued to execute against our strategic capital investment plan underway. I want to thank you all for your support and look forward to providing another update on our business and financials on our Q2 earnings call in early November. Have a great day. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.