Slides
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* ATI Proven to perform anywhere . Second Quarter 2026 Earnings August 6 , 2026
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Forward Looking Statements This presentation contains forward-looking statements. Forward-looking statements, which may contain such words as “anticipates,” “believes,” “estimates,” “expects,” “would,” “should,” “will,” “will likely result,” “forecast,” “outlook,” “projects,” and similar expressions, are based on management’s current expectations. 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 28, 2025. This presentation also includes non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are included in the appendix. 2
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Demonstrating higher earnings power Strong commercial terms and mix support margin growth Revenue A&D >68% of revenue Adjusted EBITDA* Highest since 2007 Adjusted EBITDA Margin* Stronger terms + mix Adjusted Free Cash Flow* 1H26: Up $193M YoY Order Backlog New ATI record * Non-GAAP financial measure. See appendix for reconciliation. Q2 adjusted EBITDA included a $10M AA&S asset-sale benefit (+80 bps consolidated margin; +160 bps AA&S margin). $284M +37% y/y 22.6% +440 bps y/y $69M Positive in Q2 2026 $4.4B +18% y/y +7% seq. $1.3B +11% y/y 3
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Raising full-year outlook across all key metrics * Detailed reconciliations of forward-looking non-GAAP financial measures are not available without unreasonable effort due to the complexity of the excluded components Strong 1H and improved 2H visibility support higher outlook Metric Prior FY guide at midpoint New FY guide at midpoint Implied change vs. FY 2025 Adjusted EBITDA* $1.035B $1.160B +35% Adjusted EPS* $4.34 $5.04 +56% Adjusted FCF* $495M $575M +51% 4
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ATI Operating Model Growth Execution Discipline Portfolio Optimization Strategic Alignment elevATIon Profitable growth • Pricing Excellence • Commercial Excellence • Mix Optimization Operational excellence • Yield & Scrap Improvement • Throughput gains • Maintenance excellence Supply chain excellence • SIOP • Strategic Sourcing • Supplier Performance Enterprise productivity • Functional Productivity • Process Simplification • Digital Enablement Driving enterprise-wide performance improvement through a disciplined, consistent operating model. 5
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6 January 2019 Aligning capital to the highest return opportunities Stronger investments support expanding demand 2H-26 Year-End 2027 Early 2028 NEXT-GEN ENGINE TESTING + INSPECTION Chihuahua, Mexico facility online PREMIUM QUALITY TITANIUM + NICKEL RE-MELT Expansions underway; benefits begin in 2H 2026 PRIMARY-MELT VIM FURNACE Online by YE 2027; nickel capacity up 15% – 20% by early 2028 +$350M incremental nickel-based revenue by 20281 1 Compared with year-end 2025 levels. $350M reflects revenue from added nickel melt capacity. 6
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7 January 2019 Establishing the ATI of the next decade Meeting growing demand, adding efficiencies, expanding margins, improving cash generation DEFENSE • All-time high revenue in Q2 2026 • Demand accelerated across naval nuclear, missile and missile defense • Defense contract renewal more than doubles revenue2 SPECIALTY ENERGY • Defense production prioritized in Q2, impacted mix • Growth in 2H anticipates mix rebalance • Nuclear shipments and durable IGT demand support growth AIRFRAME • Supply chain inventories largely normalized • Customer order patterns aligning with OEM build rates • Growth weighted toward 2H JET ENGINE • Largest, most important growth market • ATI content over 2x on next-gen engines • Next-gen to represent > 50% of installed fleet by 20301 1 Source(s): Forecast International and Aviation Week 2 More than doubles revenue for the specific contract as compared to the prior contract 7
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8 January 2019 Results exceed high-end of our guidance Results demonstrate the strength of ATI’s differentiated portfolio * Non-GAAP financial measure. Q2 adjusted EBITDA included a $10M AA&S asset-sale benefit (+80 bps consolidated margin; +160 bps AA&S margin). 2Q-25 1Q-26 2Q-26 18.2% 20.1% 22.6% +440 bps y/y | +250 bps q/q Adj. EBITDA margin* 2Q-25 1Q-26 2Q-26 $208M $232M $284M +37% y/y | +23% q/q Adj. EBITDA* 2Q-25 1Q-26 2Q-26 $1.14B $1.15B $1.26B +11% y/y | +10% q/q Sales 2Q-25 1Q-26 2Q-26 $93M $74M $69M Adj. Free Cash Flow* ($24M) y/y | ($5M) q/q 8
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9 January 2019 Building an integrated and interconnected business 1 Includes $10M asset sale benefitted segment’s margin by 160 basis points Anticipate AA&S Segment EBITDA margin consistently above 20% HPMC Q2 2026 Sales Segment EBITDA margin $637M 24.1% +5% y/y +40 bps Growth driven by nickel products for Jet Engines partially offset by impacts of qualification timing AA&S Q2 2026 Sales Segment EBITDA margin $624M 23.7% +17% y/y +930 bps Second profit / cash engine, business fundamentally transformed and improved 1 9
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Momentum: Sequential growth accelerates in Q3 Q3 2026 Adjusted EBITDA* Q3 2026 Adjusted EPS* Implied Adj. EBITDA* Change $305–$315M $1.31–$1.37 9% +38% y/y +81% y/y Midpoint vs. Q2 2026 Actual Sequential improvement across both segments on strong A&D pricing and mix 10 * Detailed reconciliations of forward-looking non-GAAP financial measures are not available without unreasonable effort due to the complexity of the excluded components
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Raising 2026 full-year outlook Metric Revised guide reflects better second-half baseline compared to prior expectations Measure Prior Guide Current Guide Adjusted EBITDA* $1.010 - $1.060B $1.135–$1.185B Consolidated EBITDA Margin* ~20% Low 20% range Adjusted EPS* $4.20–$4.48 $4.90–$5.18 Adjusted Free Cash Flow* $465–$525M $550–$600M HPMC Margin Mid-20% range Mid-20% range = AA&S Margin Upper teens Low-20% range Consolidated Incremental Margin ~40% ~50% 11 * Detailed reconciliations of forward-looking non-GAAP financial measures are not available without unreasonable effort due to the complexity of the excluded components
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Additional Materials Appendix 12
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13 January 2019 Q2 2026 Capital Highlights 1 See Appendix for full reconciliation to the nearest GAAP measures 2 Adj. EBITDA based on LTM Q2’26 Q2 Adj. Free Cash Flow1 of $69M • Returned >70% of Adj. Free Cash Flow1 through share repurchases Cash & Liquidity • Liquidity of ~$1.3B, including $783M of cash on hand, inclusive of proceeds used to pay off 2027 Notes in Q3 • Net Debt/Adj. EBITDA1,2: 1.5x • Managed working capital 34.3% of sales; 50 bps improvement sequentially Capital Deployment & Other Highlights • Issued $450M Notes due 2033 at 5.875% • $350M used to payoff 5.875% Notes due 2027 in Q3 • Remaining proceeds for general corporate purposes • No scheduled debt maturities until October 2029 • Repurchased $50M of shares in Q2 2026 • $495M total remaining on current authorization • Q2 2026 capex of $69M, ~$23M of customer funded capex Liquidity, Capital Deployment, and Adjusted Free Cash Flow1 $69 $69 $50 Adj. Free Cash Flow Capex Share Repurchase $M’s 13
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14 January 2019 1 Prior to estimated customer funding of ~$60M 2 Detailed reconciliations of forward-looking non-GAAP financial measures are not available without unreasonable effort due to the complexity of the excluded components Appendix 1 – 2026 Outlook Assumptions Earnings Drivers FY 2026 Net Interest Expense ~$89M Q2 Est. Average Share Count ~138M FY 2026 Est. Average Share Count ~137M Annual Cash Flow Drivers Capital Expenditures1 $280M - $300M Depreciation & Amortization ~$180M Managed Working Capital2 Cash usage of ~$200M Annual Effective T ax Rate 20 – 21% Full Year Cash Tax Rate 14 – 16% 14
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15 January 2019 Appendix 2 – CapEx Net of Customer Funding $M 2022 2023 2024 2025 2026 Guide Capital Expenditures $131 $201 $239 $281 $2901 Less Customer Funded Partnerships ($7) ($1) ($17) ($25) ~($60)3 Capital Expenditures Net of Customer Funding2 $124 $200 $222 $256 $230 Trailing 5 Yr. Annual Net Cap. Ex. (from 2022) $124 $162 $182 $201 $206 1 Represents midpoint of 2026 Cap. Ex. Guidance 2 Represents net impact of Capital Expenditures to Adjusted Free Cash Flow 3 ~$23M of Customer Funded Capital received in Q2; YTD ~$44M 15
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Appendix 3 16
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17 Appendix 3 (continued)
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Appendix 3 (continued) 18
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Click to edit Master title style Proven to perform anywhere.