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Proven to performanywhere.Third Quarter 2026 EarningsOctober 29, 2026
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Forward Looking StatementsThis 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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3 Q3 revenue grew across all key markets, up y/y and q/qJet engine +39% y/y and +19% q/q; raised FY growth to low-to-mid-20sRaising FY 2026 guide by $35M to $1.195B2following $125M raise in Q21Non-GAAP financial measure. See appendix for reconciliation. 2 Detailed reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not available without unreasonable effort due to the complexity of the excluded components. Key highlightsExceeded high-end of adj. EBITDA1guide by $13M
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Demonstrating higher earnings powerQ3 results reflect stronger demand, price and mixRevenueAdjusted EBITDA*Adjusted EBITDA Margin*Stronger terms + mix + volumeAdjusted Free Cash Flow*YTD increase+49% y/yOrder BacklogRemains near record level* Non-GAAP financial measure. See appendix for reconciliation. $328M+46% y/y23.0%+300 bps y/y$80M$223M YTD$4.3B+20% y/y$1.4B+26% y/yA&D ~70% of revenue+15% vs. Q2 20264
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5 THE SEVEN ADVANCED JET ENGINE NICKEL SUPERALLOYS6/7produced by ATI5 sole source High Pressure Compressor High Pressure Turbine Low Pressure Turbine7654321 OEM produces in-house1 of 2 sourcessole sourcesole sourcesole sourcesole sourcesole sourceOne of just 2 qualified global suppliers for this next-gen engine superalloyProduction ramping for sixth superalloy
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Raising full-year outlookQ3 outperformance and stronger Q4 support higher outlookChange vs.FY 2025Updated FY guideat midpointPrior FY guideat midpointMetric+39%$1.195B$1.160BAdjusted EBITDA*+60%$5.20$5.04Adjusted EPS*+51%$575M$575MAdjusted FCF*6* Detailed reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not available without unreasonable effort due to the complexity of the excluded components.
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ATI Operating ModelProfitableGrowthOperational ExcellenceEnterprise ProductivitySupply Chain ExcellenceelevATIon•Pricing Excellence•Commercial Excellence•Mix Optimization•Yield & Scrap Improvement•Throughput Gains•Maintenance Excellence•SIOP•Strategic Sourcing•Supplier Performance•Functional Productivity•Process Simplification•Digital EnablementDriving enterprise-wide performance improvement through a disciplined, consistent operating model.7
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Growth across all our key end marketsUp both year-over-year and sequentially JET ENGINE+39%Y/Y+19%Q/Q• Demand strength in both OEM and MRO• Higher production of next-gen enginesFY26 GROWTH OUTLOOKlow-to-mid-20s AIRFRAME+11% +14%• Strong Q3 with momentum building into Q4• Confidence supported by committed backlog and strong ordersFY26 GROWTH OUTLOOKmid-to-high single DEFENSE+6% +6%• Sequential revenue growth followed a strong Q2 (+36% YoY)• Missile demand is strengtheningFY26 GROWTH OUTLOOKhigh-teens SPECIALTY ENERGY+49% +36%• Growth largely driven by commercial nuclear demand• IGT demand remains strongFY26 GROWTH OUTLOOKmid-teensvs. high-teens prior guideY/Y Q/QY/Y Q/QY/Y Q/Q8
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9January 2019 Adj. EBITDA exceeds the high-end of our guidanceDemonstrating the strength of ATI’s differentiated portfolio * Non-GAAP financial measure. See appendix for reconciliation. * Note: * Q2 2026 Adj. EBITDA included a ~$10M AA&S asset-sale benefit (+80 bps consolidated margin; +160 bps AA&S margin). * Q3 2025 Adj. FCF benefited ~$10M from an oil & gas rights sale.* Q3 2026 Adj. FCF benefited from ~$10M from an asset sale.Q3-25 Q2-26 Q3-2620.0%22.6%23.0%+300 bps y/y | +40 bps q/qAdj. EBITDA margin*Q3-25 Q2-26 Q3-26$225M$284M$328M+46% y/y | +15% q/qAdj. EBITDA*Q3-25 Q2-26 Q3-26$1.13B$1.26B$1.42B+26% y/y | +13% q/qSalesQ3-25 Q2-26 Q3-26$80M$200M$69M$69MAdj. Free Cash Flow*($120) y/y | +$11M q/qYTD +$73M, +49% y/y 9
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10January 2019 AA&S Q3 2026EBITDA marginSales25.8%$702M+850 bps y/y+34% y/yStronger performance reflects a fundamentally different business today Building an integrated and interconnected businessAA&S is demonstrating an improved earnings profileHPMC Q3 2026EBITDA marginSales23.2%$721M(100) bps y/y+20% y/yJet Engine growth offset by ramping commercial production of sixth superalloy10
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Momentum: sequential growth in Q4Implied Adj. EBITDA* ChangeQ4 2026Adjusted EPS*Q4 2026 Adjusted EBITDA*+7%$1.51–$1.57$345–$355MMidpoint vs. Q3 2026 Actual +66% y/y+51% y/y midpointSequential profit improvement across both segments 11* Detailed reconciliations of forward-looking non-GAAP financial measures to the most directly comparable 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 outlookMetricRevised FY guide reflects Q3 beat and stronger Q4; follows the $125M EBITDA raise a quarter agoFY Guide at Q3FY Guide at Q2Measure$1.190–$1.200B$1.135–$1.185BAdjusted EBITDA*=Low 20% rangeLow 20% rangeConsolidated EBITDA Margin*$5.17–$5.23$4.90–$5.18Adjusted EPS* =$550–$600M$550–$600MAdjusted Free Cash Flow*=Mid-20% rangeMid-20% rangeHPMC MarginLow-to Mid 20% rangeLow-20% rangeAA&S Margin=~50%~50%Consolidated Incremental Margin12* Detailed reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not available without unreasonable effort due to the complexity of the excluded components.
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Additional Materials Appendix13
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14January 2019 Q3 2026 Capital Highlights 1 Non-GAAP financial measure. See appendix for reconciliation. 2 Adj. EBITDA based on LTM Q3’26. Q3 Adj. Free Cash Flow1of $80M•Returned ~88% of Adj. Free Cash Flow1through share repurchasesCash & Liquidity•Liquidity of ~$1B, including $442M of cash on hand•Net Debt/Adj. EBITDA1,2: 1.3x•Managed working capital132.9% of sales; 140 bps improvement sequentiallyCapital Deployment & Other Highlights•Redeemed $350M of 5.875% Notes due 2027 in Q3•Funded by Q2 issuance of $450M of 5.875% Notes due 2033•Remaining proceeds for general corporate purposes•No scheduled debt maturities until 2029•Repurchased $70M of shares in Q3 2026 •$425M total remaining on current authorization•Q3 2026 capex of $93M•Additionally, received ~$4M of customer funded capex Liquidity, Capital Deployment, and Adjusted Free Cash Flow1$80 $93 $70 Adj. Free Cash Flow Capex Share Repurchase$M’s14
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15January 20191Prior to estimated customer funding of ~$60M. 2Detailed reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not available without unreasonable effort due to the complexity of the excluded components. Appendix 1 – 2026 Outlook AssumptionsEarnings Drivers~$93MFY 2026 Net Interest Expense~138MQ4 Est. Average Share Count~138MFY 2026 Est. Average Share CountAnnual Cash Flow Drivers$280M - $300MCapital Expenditures1~$180MDepreciation & AmortizationCash usage of ~$235MManaged Working Capital220 – 21%Annual Effective T ax Rate14 – 16%Full Year Cash T ax Rate15
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16January 2019 Appendix 2 – CapEx Net of Customer Funding2026 Guide2025202420232022$M$2901$281$239$201$131Capital ExpendituresLess~($60)2($25)($17)($1)($7)Customer Funded Partnerships$230$256$222$200$124Capital Expenditures Net of Customer Funding$206$201$182$162$124Trailing 5 Yr. Annual Net Cap. Ex. (from 2022)1 Represents midpoint of 2026 capital expenditures guidance. 2 ~$4M of customer funded capital received in Q3: YTD ~$48M.16
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Appendix 3 17
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Appendix 3 (continued) 18
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Appendix 3 (continued) 19
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Click to edit Master title style Proven to performanywhere.