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1 Third Quarter 2025 Earnings October 28, 2025 Proven to perform anywhere. ATI Proprietary and Confidential ©2025 ATI. All rights reserved.
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Forward Looking Statements This presentation contains forward-looking statements. Actual results may differ materially from results anticipated in the forward-looking statements due to various known and unknown risks, many of which we are unable to predict or control. These and additional risk factors are described from time to time in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024. 2
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A&D growth powers momentum in strong Third Quarter 3 Q3-25 Sales $1.1B +7% YoY Q3-25 Adj. EBITDA1,2 $225M +21% YoY Q3-25 Adj. EBITDA1,2 % 20% +230 bps YoY Q3-25 Adj. EPS1 $0.85 +42% YoY (1) See appendix for reconciliation of non-GAAP financial measures. ✓Strong Financial Delivery in Q3 • Adjusted EBITDA1,2: $225M vs. $205M guidance midpoint • Adjusted Free Cash Flow1: $200M ✓Aerospace & Defense Accelerating Growth • A&D: 70% of total sales; $793M in Q3 ✓Segment Performance and Profit Drivers • HPMC margin: 24.2% (+190 bps YoY) on jet engine and defense growth • AA&S margins: 17.3% (+250 bps YoY) on richer mix, airframe share gains, defense growth ✓Return of capital to shareholders remains a priority • $150M in Q3 share repurchases; ~$1B since 2022 at average price of ~$51 per share ✓Raising full-year Adjusted EBITDA1, EPS1, and FCF1 guidance ATI Sales 70% Aerospace & Defense 30% Other (2) Q3’25 ATI Adj. EBITDA includes ~$10M of gains from sale of oil & gas rights
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17.7% 18.2% 20.0% Q3-24 Q2-25 Q3-25 $186 $208 $225 Q3-24 Q2-25 Q3-25 $1,051 $1,140 $1,126 Q3-24 Q2-25 Q3-25 4 Sales $1.1B +7% YoY Adj. EBITDA1,2 $225M +21% YoY Adj. EBITDA1,2 % 20% +230 bps YoY Q3-25 Sales: A&D Accelerating Growth • A&D: 70% of total sales / $793M in Q3 • Significant defense growth: +51% YoY growth in Q3 • Strong jet engine growth: +19% YoY growth • Share gains driving airframe growth: +9% YoY growth ATI Consolidated Financial Summary (1) See appendix for reconciliation of non-GAAP financial measures. Adjusted EBITDA1,2: Up 21% YoY • HPMC: Adj. EBITDA margin of 24.2% (+190 bps YoY) • AA&S: Adj. EBITDA margin 17.3% (+250 bps YoY) • YoY incremental margin: 52% +7% +21% +230 bps (2) Q3’25 ATI Adj. EBITDA includes ~$10M of gains from sale of oil & gas rights
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22.3% 23.7% 24.2% Q3-24 Q2-25 Q3-25 $123 $144 $146 Q3-24 Q2-25 Q3-25 $552 $609 $603 Q3-24 Q2-25 Q3-25 5 Sales $603M +9% YoY Adj. EBITDA1 $146M +18% YoY Adj. EBITDA1 % 24% +190 bps Q3-25 Sales: Up 9% YoY • A&D drove segment growth and margin improvement • Jet Engine sales up 17% YoY • Defense sales up 71% YoY HPMC Financial Summary (1) See appendix for reconciliation of non-GAAP financial measures. Adjusted EBITDA1: Up 18% YoY • Strong jet engine demand (Materials & Forgings) • Record defense sales (volume & mix gains) • YoY incremental margin: 44% +9% +18% +190 bps
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14.8% 14.4% 17.3% Q3-24 Q2-25 Q3-25 $74 $77 $90 Q3-24 Q2-25 Q3-25 $499 $532 $523 Q3-24 Q2-25 Q3-25 Sales: Up 5% YoY • A&D sales mix in Q3 record high of 46%, growing 34% YoY • Jet Engine up 44%, Airframe up 31%, Defense up 34% YoY AA&S Financial Summary 6 Sales $523M +5% YoY (1) See appendix for reconciliation of non-GAAP financial measures. Adj. EBITDA1 $90M +23% YoY Adj. EBITDA1 % 17% +250 bps Q3-25 Adjusted EBITDA1: Up 23% YoY • A&D growth drove favorable segment mix • YoY incremental margin: 70% +250 bps +5% +23%
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Well-positioned in growing markets 7 Jet engine Airframe Defense • Next-gen engine requirements accelerating • MRO represents ~50% of total engine sales Healthy, sustained demand: • Boeing increased rate to 42 • Airbus bringing on new A320 lines • U.S. and international spend increase amid geo-political tension • New programs require high- performance materials • 39% of ATI revenue. 19% YoY; full-year expected to exceed 20% • Sole-source producer: 5 of 7 advanced nickel powder and nickel cast and wrought jet engine alloys • Iso-forging leader; only producer for all three engine OEMs • Q3 airframe sales 3% YTD, 9% YoY • New LTAs extend and expand ATI presence through 2030 • ATI supports all platforms, narrow and widebody • Airframe revenue for all customers up ~70%, Q3’25 TTM vs 2022 • Q3 defense revenue 19% YTD, 51% YoY • Three consecutive years of double- digit growth • Broad strength: naval nuclear, rotary craft, missile, armored vehicles
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Market Q3-25 Revenue ($M’s) Sequential Change YoY Change 18-Mo Outlook Current vs. Previous Full Year 2025 Expected Growth Jet Engine $434 (3)% +19% Current: > 20% Airframe $198 +1% +9% Current: Up 1 – 2% Defense $161 +36% +51% Current: > 10% Total A&D – 70% of Sales $793 +4% +21% Specialty Energy $54 (15)% (23)% Electronics $48 +11% (1)% Medical $31 (21)% (42)% Industrial $200 (14)% (11)% Total ATI Sales $1,126 (1)% +7% 8 A&D Driving Growth Forecasting double-digit year-over-year growth for A&D Prior: Down (5) – (7)% Prior: Same Prior: Same Prior: Flat Current: Down (8) – (10)%
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9 January 2019 2025 Capital Deployment (1) Adj. EBITDA based on LTM Q3’25 (2) See appendix for full reconciliation to the nearest GAAP measures (3) Represents midpoint of $260M - $280M capex guidance Cash & Liquidity • Liquidity of ~$1B, including $372M of cash on hand • Net Debt/Adj. EBITDA1,2: 1.8x • Managed working capital 2 36.4% of sales Capital Deployment & Other Highlights • Repurchased ~2M shares for $150M in Q3 ‒ $120M remaining on current authorization ‒ Repurchased ~6.4M shares for $470M year to date • FY25 capex guidance held at $270M3 • Nearest term debt maturity $150M at end of 2025; anticipate repaying with cash from balance sheet • Upgraded by both S&P and Moody’s in September (BB/Ba2) Liquidity & Capital Deployment 9 $470 $270 $150 YTD Buybacks FY Projected Capex FY Projected Debt Repayment $M’s 3
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Fourth Quarter 2025 $0.84 - $0.90 Previously X Key Assumptions Full Year 2025 (1) See appendix for average share counts (2) See appendix for reconciliation of non-GAAP financial measures 10 Adj. EPS1,2 Adj. FCF1 $330 - $370 million Prior $270 - $350 million $3.15 - $3.21 Prior $2.90 - $3.07 Adj. EPS1,2 Fourth Quarter & Full Year 2025 Outlook Key Drivers ✓ Strong demand in Jet Engine and Defense ✓ Airframe recovery shifting to 2026 driven by customer inventory normalization in 2025 • Guidance based on assumed tariff impacts announced through October 1, 2025, and does not include additional changes or impacts beyond those impacts Additional financial guidance and assumptions provided in Appendix 1. ✓ Consistent with prior assumptions • Updated Assumption Adj. EBITDA2 $221 - $231 million (Previously $X - $X million) Adj. EBITDA2 $848 - $858 million Prior $810 - $840 million
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Disciplined Execution Drives Margin Expansion 11 Strategic Pricing Operational Excellence Portfolio Optimization • 62% revenue under long- term agreements (75% in HPMC segment) • Value-based pricing and strategic contract structures • ATI “Triple-Threat:” higher uptime, improved first-pass yield, expanded capabilities • Operational excellence initiatives expand capacity for differentiated products • Enhance reliability, asset utilization, earnings growth • 80/20 mindset • Redeploying capital to high- value, high growth areas • Investing to create the most value • Agile, profitable, positioned to deliver Doubled margins since 2019 • Adjusted EBITDA1 up 19% over 2024 • ATI margins grown from <11%2 (2019) to ~20% (Q3-2025) (2) Excludes $92M in asset sales. (1) See appendix for reconciliation of non-GAAP financial measures.
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Additional Materials Appendix
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13 January 2019 $M (excl. EPS) Q3 2025 Q3 2024 % Chg. Q2 2025 % Chg. Revenue $1,126 $1,051 +7% $1,140 (1)% HPMC Segment $603 $552 +9% $609 (1)% AA&S Segment $523 $499 +5% $532 (2)% Adj. EBITDA (2) (ex. special items) $225 $186 +21% $208 +8% Adj. EBITDA % 20% 18% +230 bps 18% +180 bps HPMC Segment $146 $123 +18% $144 +1% Adj. EBITDA % 24% 22% +190 bps 24% +50 bps AA&S Segment $90 $74 +23% $77 +18% Adj. EBITDA % 17% 15% +250 Bps 14% +290 bps EPS (1) $0.78 $0.57 +37% $0.70 +11% Adj. EPS (1)(2) $0.85 $0.60 +42% $0.74 +15% Note: amounts may not add due to rounding. (1) Attributable to ATI (2) See appendix for full reconciliation to the nearest GAAP measures Third Quarter 2025 Financial Results Summary 13
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14 January 2019 (1) See Appendix 3 for reconciliation of non-GAAP financial measures Appendix 1 – 2025 Outlook Assumptions 14 Earnings Drivers FY 2025 Net Interest Expense ~$100M Q4 Estimated Average Share Count ~139M FY 2025 Estimated Average Share Count ~142M Annual Cash Flow Drivers Capital Expenditures $260M - $280M Depreciation & Amortization ~$168M Managed Working Capital1 Cash usage of ~$30M Annual Effective T ax Rate 20 - 21% Full Year Cash T axes ~$40M
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15 January 2019 Appendix 2 - Capital Expenditures, Net of Sale Proceeds & Customer Funded Partnerships 15 $M 2022 2023 2024 2025 Guide Annual Spend / Proceeds Capital Expenditures $131 $201 $239 $2701 Less Asset Sale Proceeds ($3) ($4) ($28) ($11) Business Sale Proceeds ($0) ($0) ($48) ($21) Customer Funded Partnerships ($7) ($1) ($17) ($11)2 Net Capital Expenditures $121 $196 $146 $227 Avg. Annual Net Cap. Ex. (from 2022) $121 $159 $154 $173 (1) Represents midpoint of 2025 Cap. Ex. Guidance (2) ~$11M of Customer Funded Partnerships were expended through third quarter of 2025
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16 Appendix 3 EPS EPS EPS Net income attributable to ATI $ 110.0 $ 0.78 $ 100.7 $ 0.70 $ 82.7 $ 0.57 Adjustments for special items, pre-tax: Restructuring and other charges (a) 12.9 7.4 4.3 Gain on sales of businesses (c) (1.1) - - Total pre-tax adjustments for special items 11.8 0.08 7.4 0.05 4.3 0.03 Income tax on adjustments for special items (2.4) (0.01) (1.7) (0.01) (1.1) - Adjusted Net income attributable to ATI $ 119.4 $ 0.85 $ 106.4 $ 0.74 $ 85.9 $ 0.60 September 28, 2025 June 29, 2025 September 29, 2024 Fiscal Quarter Ended The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This report includes financial performance measures that are not defined by GAAP, including Adjusted net income attributable to ATI, Adjusted EPS, Adjusted EBITDA, Segment EBITDA, Adjusted free cash flow and Managed working capital. The Company uses these non-GAAP financial measures to assist in assessing operating performance on a consistent basis across multiple reporting periods by removing the impact of special items, which can vary from period to period, that management does not believe are directly reflective of the Company’s core operations. The Company defines special items as significant non-recurring or non-operational charges or credits, restructuring and other charges/credits, gains or losses from the sale of accounts receivable, strike related costs, goodwill and long-lived asset impairments, debt extinguishment charges, pension remeasurement gains and losses, other postretirement/pension curtailment and settlement gains and losses, and gains or losses on sales of businesses. Adjusted net income attributable to ATI and related Adjusted EPS are calculated by adjusting net income attributable to ATI for the tax-effected impact of special items. We define Adjusted EBITDA as net income, excluding net interest expense, income taxes, depreciation and amortization, and special items. Our measure of segment EBITDA, which we use to analyze the performance and results of our business segments, excludes net interest expense, income taxes, depreciation and amortization, special charges, corporate expenses, closed operations and other income (expense). Our methods of calculating Adjusted free cash flow and Managed working capital are discussed in greater detail below under the headings “Adjusted Free Cash Flow” and “Managed Working Capital,” respectively. Management believes presenting these non-GAAP financial measures is useful to investors because it (1) provides investors with meaningful supplemental information regarding financial and operating performance by excluding certain items management believes do not directly impact the Company’s core operations, (2) permits investors to view performance using the same metrics that management uses to forecast, evaluate performance, and make operating and strategic decisions, and (3) provides additional information useful to investors on a period-to-period consistent basis that are commonly used to analyze companies’ operating performance. Management believes that consideration of these non-GAAP financial measures, together with our GAAP financial measures and the corresponding reconciliations, provides investors with additional understanding of the Company’s performance and trends that would be absent such disclosures. Non-GAAP financial measures should be viewed in addition to, and not superior to or as an alternative for, the Company’s reported results prepared in accordance with GAAP. The following tables provide the calculation of the non-GAAP financial measures discussed in the Company’s earnings release on October 28, 2025:
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17 Appendix 3 (continued) Trailing 12-month period ended September 28, 2025 June 29, 2025 September 29, 2024 September 28, 2025 Net income attributable to ATI $ 110.0 $ 100.7 $ 82.7 $ 444.8 Net income attributable to noncontrolling interests 3.6 3.3 3.9 15.4 Net income 113.6 104.0 86.6 460.2 (+) Depreciation and Amortization 42.6 41.6 38.5 164.1 (+) Interest Expense 26.1 25.4 28.0 99.7 (+) Income Tax Provision 31.0 29.3 28.3 114.2 EBITDA 213.3 200.3 181.4 838.2 Adjustments for special items, pre-tax: (+) Restructuring and other charges (a) 12.9 7.4 4.3 35.2 (+) Pension remeasurment loss (b) - - - 14.1 (+/-) Gain on sales of businesses, net (c) (1.1) - - (50.3) Adjusted EBITDA 225.1 207.7 185.7 837.2 Debt 1,906.9$ Add: Debt issuance costs 12.2 Total debt 1,919.1$ Cash (372.2)$ Net Debt (Total debt less cash) 1,546.9$ Net Debt to Adjusted EBITDA 1.8 Fiscal Quarter Ended (a) Third fiscal quarter 2025 includes pre-tax charges of $12.9 million consisting of $7.2 million for start-up and transaction-related costs, $3.6 million of transformation-related costs, and $2.5 million of losses for the sale of customer accounts receivable, partially offset by credits of $0.4 million due to a reduction in severance-related reserves. Second fiscal quarter 2025 includes pre-tax charges of $7.4 million consisting of $7.1 million for start-up and transaction-related costs and $1.6 million of losses for the sale of customer accounts receivable, partially offset by credits of $1.3 million due to a reduction in severance-related reserves. Third fiscal quarter 2024 includes pre-tax charges of $4.3 million primarily for start-up and transaction-related costs. Trailing 12-month period ended September 28, 2025 results includes pre-tax charges of $35.2 million consisting of $21.2 million of start-up and transaction-related costs, $4.7 million of transformation-related costs, $3.6 million of severance-related restructuring costs and $5.7 million of losses for the sale of customer accounts receivable. (b) The trailing 12-month period ended September 28, 2025 results include a $14.1 million loss for actuarial gains and losses arising from the remeasurement of the Company’s pension assets and obligations. (c) Third fiscal quarter 2025 results include a $1.1 million gain on the sale of a non-core business previously reported in the HPMC segment. The trailing 12-month period ended September 28, 2025 results also include a $3.7 million loss on the sale of certain non-core European operations from the HPMC segment and a $52.9 million gain on the sale of our precision rolled strip operations in New Bedford, MA and Remscheid, Germany.
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18 Appendix 3 (continued) Adjusted Free Cash Flow Fiscal Year Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 December 29, 2024 Cash provided by operating activities 229.5$ 24.0$ 298.5$ 26.3$ 407.2$ Cash used in investing activities (29.8) (61.1) (149.0) (178.2) (159.6) Add back: cash contributions to U.S. qualified defined pension plans - - - - - Adjusted Free Cash Flow 199.7$ (37.1)$ 149.5$ (151.9)$ 247.6$ Managed Working Capital September 28, 2025 June 29, 2025 September 29, 2024 Accounts receivable $ 709.9 $ 787.9 $ 730.2 Short-term contract assets 94.3 86.4 90.5 Inventory 1,405.6 1,412.6 1,414.5 Accounts payable (493.5) (532.3) (528.5) Short-term contract liabilities (159.2) (171.7) (146.5) Subtotal 1,557.1 1,582.9 1,560.2 Allowance for doubtful accounts 4.7 3.4 2.6 Inventory reserves 77.5 80.3 71.7 Net managed working capital held for sale - - 47.3 Managed working capital $ 1,639.3 $ 1,666.6 $ 1,681.8 Annualized prior 3 months sales 4,502.2 4,561.4 4,205.1 Managed working capital as a % of annualized sales 36.4% 36.5% 40.0% Fiscal Quarter Ended Fiscal Year-To-Date Period Ended Management utilizes a non-GAAP measure, Adjusted free cash flow, to assess the cash flow generation of the Company’s operations. Adjusted free cash flow is defined as the total cash provided by (used in) operating activities and investing activities as presented on the consolidated statements of cash flows, adjusted to exclude cash contributions to the Company’s U.S. qualified defined benefit pension plan. Management utilizes this measure to assess the cash flow generation performance of its business as it excludes cash contributions to the Company’s U.S. qualified benefit pension plan that are periodic rather than recurring. The impact of cash generated from the sale of assets and non-core businesses is included in the measure as the proceeds of such transactions are contemplated by Management in setting capital budgets to fund capital expenditures. Management believes this measure provides investors with additional meaningful insights as to the Company’s ability to generate cash in excess of operational and investing needs. Adjusted free cash flow is not intended to be a measure of free cash flow for management’s discretionary use, as it does not consider certain cash requirements such as interest, tax, or other contractually required payments. Further, adjusted free cash flow should be viewed in addition to, and not superior to or as an alternative for, the Company’s reported results prepared in accordance with GAAP. As part of managing the performance of our business, we focus on Managed working capital, a non-GAAP financial measure that we define as gross accounts receivable, short-term contract assets and gross inventories, excluding the effects of reserves for uncollectible accounts receivable and inventory valuation reserves, less accounts payable and short-term contract liabilities. We assess Managed working capital performance as a percentage of the prior three months annualized sales. Managed working capital is not intended to replace working capital or other GAAP financial measures or to be used as a measure of liquidity. Management believes this non-GAAP financial measure focuses on the assets and liabilities most closely attributable to our core operations, allowing Management to quantify and evaluate the asset intensity of our business. Further, Management believes this non-GAAP financial measure provides investors with additional insights into the Company’s effectiveness in balancing the need to maintain appropriate asset levels to support sales growth and operations while deploying our cash effectively. The September 29, 2024 amounts inlcude management working capital balances that were classified as held for sale.