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ALBANY INTERNATIONAL Albany International Announces Successful Completion of its Strategic Review and Schedules Investors Call September 1 , 2026 • Strategic review concludes with an amended contract on CH - 53KⓇ helicopter , new business wins , and improved site profitability • Reverses reach - forward loss and updates outlook • Contract modification expected to generate positive cash flow beginning in 2027 • Schedules an Investor Call for September 2 , 2026 , at 8:30 AM PORTSMOUTH , N.H .-- ( BUSINESS WIRE ) -- Sep . 1 , 2026-- Albany International Corp. ( NYSE : AIN ) today announced the completion of the strategic review of its Amelia Earhart Drive facility in Salt Lake City , Utah . Following new business wins , a renegotiated Boeing 787 contract for one - piece composite fuselage frames , and new contract terms with Sikorsky , a Lockheed Martin Company , on the CH - 53KⓇ program , Albany will retain the facility and end the previously announced strategic review . Under the new agreement with Sikorsky , Albany will continue with its current production scope on CH - 53K , having improved the financials for the program . Albany partnered with Sikorsky to ensure continuity of production of these heavy lift helicopters , delivering a critical new capability for the United States Marine Corps . Gunnar Kleveland , Albany International's President and Chief Executive Officer , said , " We are pleased to announce the completion of our strategic review of the Amelia Earhart Drive facility , which enables the continued execution of the CH - 53K program through an amended contract . The contract reduces the program risk , generates positive cash flow , stabilizes 53K aircraft production , and offsets projected losses while maintaining support for our longstanding customer , Sikorsky . Throughout this process , our goal has been to maximize shareholder value while continuing to support our valued customers , as we carefully evaluated multiple alternatives . After reviewing all available options , we concluded that retaining the facility and continuing operations under the amended contract delivers the strongest overall economic outcome . We appreciate the continued engagement and partnership with Sikorsky through this process , which was critical to achieving an outcome that benefits both companies and our troops in the air and on the ground . The outcome of this process allows us to retain a strategically important and well - capitalized manufacturing facility that is well positioned to deliver on a number of existing growth programs and is a key enabler of future growth . " Chris Stone , President of Albany Engineered Composites said , " In support of that growth , we have entered a contract extension for the composite fuselage frames on the Boeing 787 Dreamliner , a notable legacy program for the Salt Lake City facility . In addition , we have also recently secured new defense contracts with a strategic customer that will expand our program portfolio and contribute to the long - term , balanced growth of our Salt Lake City business . " Mr. Stone continued , " The conclusion of the strategic review and retention of the Amelia Earhart Drive facility allows us to retain a world - class facility supporting critical A & D customers and programs , including the CH - 53K program . Just as importantly , it ensures capacity and expertise to support a growing pipeline of commercial aerospace , defense , and advanced air mobility opportunities with several strategic customers that leverage our composite expertise . The extension with Boeing and the new defense contracts we have recently secured are key examples of the growth pipeline in front of us . I could not be prouder of the performance and professionalism of the team in Salt Lake City . Throughout this process , they remained focused on delivering for our customer and executing at a high level . Their professionalism and dedication played a key role in preserving the strong relationship we have built with our customer and in enabling this outcome . In addition , I'd like to thank Sikorsky for their continued support and collaboration throughout the process and Guggenheim Securities , who served as exclusive financial advisor to Albany International Corp. in connection with its strategic review . I am excited for the future of this site and our business as a whole . " Updated Outlook for the Third Quarter of 2026 • Consolidated net revenue outlook remains unchanged at between $ 320 million and $ 330 million • Machine Clothing net revenue outlook remains unchanged at between $ 165 million and $ 170 million • Engineered Composite net revenue outlook remains unchanged at between $ 155 million and $ 160 million Adjusted EPS increased from prior guidance of $ 0.60 to $ 0.70 to between $ 1.40 and $ 1.50 • Third - quarter effective tax rate of 31.5 % Outlook for the Fourth Quarter of 2026 • Consolidated net revenue between $ 325 million and $ 335 million • Machine Clothing net revenue between $ 170 million and $ 175 million Engineered Composite net revenue between $ 155 million and $ 160 million • • Adjusted EPS between $ 0.65 and $ 0.75