Ampco-pittsburgh Corporation · NYSE:AP
Ampco-pittsburgh — Q2 2026 Earnings Presentation
27 slides from Ampco-pittsburgh's earnings presentation, Aug 11, 2026
Slide 1: Investor Presentation
Producing Quality Products Since 1929 — Always Moving Forward! Investor Presentation East Coast IDEAS Conference June 10, 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: 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 Products ~33% ~$346M ~$205M Air and Liquid Market Cap[2] Processing Backlog[1] Market Leading Positions Across Critical Products in Durable End Markets
Slide 5: Ampco-Pittsburgh Investment Thesis
Ampco-Pittsburgh Investment Thesis Improving Forged & Cast Fundamentals Industry recovery and protective market dynamics support earnings improvement Tariff protection in key markets and roll supply rationalization Market share opportunity as industry consolidates Pricing, mix and utilization
Slide 6: 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 7: Forged and Cast Engineered Products Segment
Forged and Cast Engineered Products Segment Ampco-Pittsburgh Investor Presentation 7
Slide 8: 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 Mission-critical pro
Slide 9: 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 Utilization, mix Portfolio actions volume and mix backlog tightening due to and pricing drive ~$7–8M dislocation from improving as supply r
Slide 10: End Markets Positioned for Long-Term Growth
End Markets Positioned for Long-Term Growth (2025-2030 CAGR) +2.8% +4.2% NA Construction EU Can-Sheet +1.0% Spend Demand EU Construction Output North European American Market Market EU Light-Vehicle NA Light-Vehicle NA Can-Sheet Prod. Prod. Demand +4.6% +3.8% +4.9% Construction Automotive Can-Sheet
Slide 11: Tariff Tailwind
Tariff Tailwind Tariffs benefitting the overall business, reducing imports, driving increased domestic production and increasing steel mill utilization Overall flat rolled imports decreased over 40% since introduction of increased Section 232 tariffs USA market conditions improving, Nucor, Cliff
Slide 12: Air and Liquid Processing Segment
Air and Liquid Processing Segment Ampco-Pittsburgh Investor Presentation 12
Slide 13: 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 14: 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 Strong positions to continue at an barriers to entry growth plans in growth over the in strategic average of in multiple 2022 last four years markets ~8-10%
Slide 15: Aerofin
Aerofin Heat Exchangers Business Overview & Industry Dynamics Nuclear Market Leading supplier of nuclear heat exchangers with high technical barriers Growth in Nuclear Market Bookings Engineered, mission-critical components specified early in since 2021 333% project cycles Custom heat transfer
Slide 16: 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 17: Buffalopumps
Buffalopumps Centrifugal Pumps Business Overview & Strategic Priorities 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 growing aftermar
Slide 18: Air and Liquid Processing Segment
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 18
Slide 19: Air and Liquid Processing Segment
Air and Liquid Processing Segment Growth Strategy Growth strategy model has proven successful over the past three years Average 8-10% 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 20: Financials
Financials Ampco-Pittsburgh Investor Presentation 20
Slide 21: 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 Growth Optimization 6.7% Simply portfolio, exit Volume and demand
Slide 22: Net Debt and Leverage
Net Debt and Leverage Leverage Trend Key Drivers of Leverage Reduction Net Debt / EBITDA 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 Trend
Slide 23: Ampco-Pittsburgh Investment Thesis
Ampco-Pittsburgh Investment Thesis Improving Forged & Cast Fundamentals Industry recovery and protective market dynamics support earnings improvement Tariff protection in key markets and roll supply rationalization Market share opportunity as industry consolidates Pricing, mix and utilization
Slide 24: Appendix
Appendix Ampco-Pittsburgh Investor Presentation 24
Slide 25: Non-GAAP Reconciliation Schedules
Non-GAAP Reconciliation Schedules 1 ($000's) 2022 2023 2024 2025 2026 YTD Net income (loss) - before noncontrolling interest (GAAP) $ 3,980 $ (38,119) $ 2,351 $ (63,542) $ (150) (Deduct) add: Interest expense 5,434 9,347 11,620 11,369 2,723 Other (income), net including investment-related income (8,
Slide 26: 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 27: Key End Markets & Growth Rates Looking Forward Sources
Key End Markets & Growth Rates Looking Forward Sources Sources • [PDF] North American Automotive Industry Outlook https://thinkkc.com/docs/default-source/non-index-files/automotive-industry-outlook_plante- moran_2025.pdf • [PDF] North America Light Vehicle Outlook https://myscma.com/wp-content/uploa