Ampco-pittsburgh Corporation · NYSE:AP
Ampco-pittsburgh — Sidoti Micro-Cap Virtual Conference September 2026
28 slides from Ampco-pittsburgh's conference presentation, Sep 23, 2026
Slide 1: Investor Presentation
Producing Quality Products Since 1929 — Always Moving Forward! Investor Presentation Sidoti Conference September 23, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements – The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by us or on behalf of Ampco-Pittsburgh Corporation and its subsidiaries (collectively, “we,” “us,” “our,” or the “Corporation”). This pr
Slide 3: Disclaimer, cont’d
Disclaimer, cont’d Industry Information - Unless otherwise indicated, information contained in this presentation concerning the Corporation’s industry, competitive position and the markets in which it operates is based on information from independent and research organizations, other third-party sou
Slide 4: Disclaimer, cont’d
Disclaimer, cont’d Non-GAAP Financial Measures – The Corporation presents non-GAAP adjusted EBITDA, non-GAAP net debt, non-GAAP net debt to adjusted EBITDA ratio and non-GAAP organic revenue. Non-GAAP adjusted EBITDA is calculated as net income (loss) excluding interest expense, other expense (incom
Slide 5: Business Snapshot
Business Snapshot Ampco-Pittsburgh (NYSE: AP) 2025 Revenue Mix $434M 6.7% ~67% Forged and Cast 2025A Revenue 2025 Adjusted Engineered EBITDA Margin[4] Products ~33% ~$385M ~$178M Air and Liquid Market Cap[2] Processing Backlog[1] Market Leading Positions Across Critical Products in Durable End Marke
Slide 6: Ampco-Pittsburgh Investment Thesis
Ampco-Pittsburgh Investment Thesis September 2026 Improving Forged & Cast Fundamentals Industry recovery and protective market dynamics support earnings improvement Differentiated Air & Liquid Processing Platform Mission-critical products serving durable and highly specialized end markets Balance Sh
Slide 7: Strategic Roadmap
Strategic Roadmap Future State 2026-2028 Profitable Growth & Value Creation 2025 Performance Increase asset utilization and Improvement & operating efficiency Portfolio Balance Sheet Capitalize on favorable North American and European market Optimization Strengthening dynamics Completed exit o
Slide 8: Forged and Cast Engineered Products Segment
Forged and Cast Engineered Products Segment Ampco-Pittsburgh Investor Presentation 8
Slide 9: Forged and Cast Engineered Products Segment
Forged and Cast Engineered Products Segment Market Share Leader in Forged and Cast Rolls Business Overview & Industry Dynamics Segment Overview #1 Forged and cast mill roll provider in North America Forged & Cast Mill Rolls $293M 2025 Net segment sales and Top Tier in Europe [1] Mission-critical
Slide 10: Forged and Cast Engineered Products
Forged and Cast Engineered Products Positioned for Recovery as Market Conditions Normalize and Fundamentals Improve 1 2 3 4 5 Temporary Orders and Roll industry Portfolio actions Utilization, mix volume and mix backlog tightening due to anticipated to and pricing dislocation from improving as supply
Slide 11: End Markets Positioned for Long-Term Growth
End Markets Positioned for Long-Term Growth (Projected 2025-2030 CAGR) +1.3% +3.3% NA Construction EU Can-Sheet +2.0% Spend Demand EU Construction Output North European American Market Market EU Light-Vehicle NA Light-Vehicle NA Can-Sheet Prod. Prod. Demand +1.1% +0.6% +2.4% Construction Automotive
Slide 12: Tariff Tailwind
Tariff Tailwind Tariffs benefitting the overall business, reducing imports, driving increased steel mill utilization in our largest markets Overall flat rolled imports decreased over ~40% since introduction of increased Section 232 tariffs USA market conditions improving, Nucor, Cliffs & SDI are
Slide 13: Air and Liquid Processing Segment
Air and Liquid Processing Segment Ampco-Pittsburgh Investor Presentation 13
Slide 14: Air and Liquid Processing Segment
Air and Liquid Processing Segment Leading Player in Niche Markets Segment Overview Air & Liquid Processing Revenue $141M 2025 Net segment sales Heat exchangers Used in nuclear power, industrial process and HVAC 30% 34% Large custom air handling systems Used in commercial, institutional and industria
Slide 15: Air and Liquid Processing Segment
Air and Liquid Processing Segment Record Revenue in Each of the Last Two Years 1 2 3 4 5 Growth expected Significant Launched new ~67% revenue to continue at an Strong positions barriers to entry growth plans in growth between average of in strategic in multiple 2022 2021 and 2025 ~10-12% per year m
Slide 16: Aerofin
Aerofin Heat Exchangers Business Overview & Industry Dynamics Nuclear Market A leading supplier of nuclear heat exchangers with high technical barriers Growth in Aerofin’s Bookings from the Engineered, mission-critical components specified early in Nuclear Market since 2021 333% project cycles
Slide 17: Buffalo Air Handling
Buffalo Air Handling Air Handling Systems Business Overview & Industry Dynamics Consistent Revenue Growth Custom air handling systems for pharma, healthcare and industrial applications Revenue Engineered-to-order products specified at project level with $50.0 limited standardization $46.4 Regi
Slide 18: Buffalo Pumps
Buffalo Pumps Centrifugal Pumps Business Overview & Strategic Priorities Buffalo Pumps’ End Market Exposure Mission-critical pumps for U.S. Navy, power generation and industrial markets High barriers to entry driven by qualification requirements and technical expertise Installed base supports
Slide 19: Air and Liquid Processing Segment: Key Customers
Air and Liquid Processing Segment Key Customers Aerofin Buffalo Air Handling Energy & Industrial Infrastructure Defense / A&D Healthcare, Pharma & Life Sciences Buffalo Pumps Energy & Industrial Infrastructure Defense, Aerospace & Government Ampco-Pittsburgh Investor Presentation 19
Slide 20: Air and Liquid Processing Segment: Growth Strategy
Air and Liquid Processing Segment Growth Strategy Growth strategy model has proven successful over the past three years Average 10-12% organic revenue growth expected over the next three years Sales Growth Targets Company Commentary (3 yr. CAGR) Nuclear market entering long term growth phase
Slide 21: Financials
Financials Ampco-Pittsburgh Investor Presentation 21
Slide 22: Path to Double-Digit Adj. EBITDA Margin
Path to Double-Digit Adj. EBITDA Margin Disciplined actions & profitable growth driving margin expansion Future State Target Margin Expansion Drivers Double-digit Margin Target 2025 Adj. EBITDA 10%+ Portfolio Profitable Margin $29.2M[1] Growth Optimization 6.7% Simply portfolio, exit Volume and dema
Slide 23: Net Debt and Leverage
Net Debt and Leverage Leverage Trend Key Drivers of Leverage Reduction Net Debt / EBITDA[1] Capex Normalization Recent capex elevated due to significant FCEP forged plant modernization EBITDA Growth ~3.0x Forecasted EBITDA growth expected to reduce 5.1x 5.0x debt and interest 4.0x 4.2x Actuarial Tre
Slide 24: Ampco-Pittsburgh Investment Thesis
Ampco-Pittsburgh Investment Thesis Improving Forged & Cast Fundamentals Industry recovery and protective market dynamics support earnings improvement Differentiated Air & Liquid Processing Platform Mission-critical products serving durable and highly specialized end markets Balance Sheet & Cash Flow
Slide 25: Appendix
Appendix Ampco-Pittsburgh Investor Presentation 25
Slide 26: Non-GAAP Reconciliation Schedules
Non-GAAP Reconciliation Schedules ($000's) 2022 2023 2024 2025 2026 YTD1 Net income (loss) - before noncontrolling interest (GAAP) $ 3,980 $ (38,119) $ 2,351 $ (63,542) $ 1,999 (Deduct) add: Interest expense 5,434 9,347 11,620 11,369 5,514 Other (income), net including investment-related income (8,2
Slide 27: Non-GAAP Reconciliation Footnotes
Non-GAAP Reconciliation Footnotes [1] Represents reimbursement of past energy costs at one of the Corporation’s foreign operations by its local government. [2] Represents an accounting benefit resulting from the change in the method by which certain employees earn certain benefits. [3] Represents ex
Slide 28: Key End Markets & Growth Rates Looking Forward Sources
Key End Markets & Growth Rates Looking Forward Sources Sources 1. AIA, July 2026 Consensus Construction Forecast, July 20, 2026: https://www.aia.org/resource- center/july-2026-consensus-construction-forecast 2. EUROCONSTRUCT, 101st Conference press release, June 5, 2026: https://www.euroconstruct.or
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