Slide 1: Proven to perform anywhere. Second Quarter 2026 Earnings
Proven to perform anywhere. Second Quarter 2026 Earnings August 6, 2026
Slide 2: Forward Looking Statements
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
Slide 3: Demonstrating higher earnings power
Demonstrating higher earnings power Strong commercial terms and mix support margin growth Adjusted Adjusted Adjusted Free Revenue Order Backlog EBITDA* EBITDA Margin* Cash Flow* $1.3B $284M 22.6% $69M $4.4B Positive +18% y/y +11% y/y +37% y/y +440 bps y/y in Q2 2026 +7% seq. A&D >68% Highest since S
Slide 4: Raising full-year outlook across all key metrics
Raising full-year outlook across all key metrics Strong 1H and improved 2H visibility support higher outlook Prior FY guide New FY guide Implied change vs. Metric at midpoint at midpoint FY 2025 Adjusted EBITDA* $1.035B $1.160B +35% Adjusted EPS* $4.34 $5.04 +56% Adjusted FCF* $495M $575M +51% * Det
Slide 5: ATI Operating Model
ATI Operating Model Execution Driving Growth elevATIon Discipline enterprise-wide Profitable Operational excellence growth performance • Pricing Excellence • Yield & Scrap Improvement improvement • Commercial Excellence • Throughput gains • Maintenance excellence through a • Mix Optimization discipl
Slide 6: Aligning capital to the highest return opportunities
Aligning capital to the highest return opportunities Stronger investments support expanding demand 2H-26 Year-End 2027 Early 2028 NEXT-GEN ENGINE PREMIUM QUALITY PRIMARY-MELT VIM TESTING + TITANIUM + FURNACE INSPECTION NICKEL RE-MELT Chihuahua, Mexico Expansions underway; Online by YE 2027; facility
Slide 7: Establishing the ATI of the next decade
Establishing the ATI of the next decade Meeting growing demand, adding efficiencies, expanding margins, improving cash generation JET ENGINE AIRFRAME DEFENSE SPECIALTY ENERGY • Largest, most • Supply chain • All-time high revenue • Defense production important growth inventories largely in Q2 2026 p
Slide 8: Results exceed high-end of our guidance
Results exceed high-end of our guidance Results demonstrate the strength of ATI’s differentiated portfolio Sales Adj. EBITDA* Adj. EBITDA margin* Adj. Free Cash Flow* $93M $284M 22.6% $1.26B 20.1% $232M 18.2% $74M $208M $69M $1.15B $1.14B 2Q-25 1Q-26 2Q-26 2Q-25 1Q-26 2Q-26 2Q-25 1Q-26 2Q-26 2Q-25 1
Slide 9: Building an integrated and interconnected business
Building an integrated and interconnected business Anticipate AA&S Segment EBITDA margin consistently above 20% HPMC Q2 2026 AA&S Q2 2026 Sales Segment EBITDA Sales Segment EBITDA margin margin 1 $637M 24.1% $624M 23.7% +5% y/y +40 bps +17% y/y +930 bps Growth driven by nickel products Second profit
Slide 10: Momentum: Sequential growth accelerates in Q3
Momentum: Sequential growth accelerates in Q3 Sequential improvement across both segments on strong A&D pricing and mix Q3 2026 Q3 2026 Implied Adj. Adjusted EBITDA* Adjusted EPS* EBITDA* Change $305–$315M $1.31–$1.37 9% Midpoint +38% y/y +81% y/y vs. Q2 2026 Actual * Detailed reconciliations of for
Slide 11: Raising 2026 full-year outlook
Raising 2026 full-year outlook Revised guide reflects better second-half baseline compared to prior expectations Measure Metric 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 Adju
Slide 12: Additional Materials Appendix
Additional Materials Appendix 12
Slide 13: Liquidity, Capital Deployment, and Adjusted Free Cash Flow
Liquidity, Capital Deployment, and Adjusted Free Cash Flow1 Q2 2026 Capital Highlights Q2 Adj. Free Cash Flow1 of $69M • Returned >70% of Adj. Free Cash Flow1 through share repurchases Cash & Liquidity $69 $69 • Liquidity of ~$1.3B, including $783M of cash on hand, inclusive of proceeds used to pay
Slide 14: Appendix – 2026 Outlook Assumptions
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 ~$180M Managed Working Capital2 Cash usage of ~$
Slide 15: Appendix – CapEx Net of Customer Funding
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 $124 $200 $222 $256 $230 Customer Funding2 Trailing 5 Yr. Annual Net Cap. Ex. $124 $
Slide 16: Appendix 3 – Non-GAAP Financial Measures
Atl Appendix 3 ATH Inc. and Subsidiaries Non-GAAP Financial Measures (Unaudited, dollars in millions, except per share amounts) The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This report includes financi
Slide 17: Appendix 3 (continued)
Atl Appendix 3 (continued) Fiscal Quarter Ended Tune 28,2026 ‘March 29, 2026 Fane 29,2025 EPS TPS TPS Not income attibuteble to ATT s isto $ 109 ms2$ oss S$ 107 $ 070 Ajustments for special items, pre-tax: estructusing and other charges (2) 26 264 14 Pension remeacurement loss (0) - - - oss (gain) o
Slide 18: Appendix 3 (continued)
Atl Appendix 3 (continued) jucted Free Cach Flow Management utilizes a non-GAAP measure, Adjasted 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: bby (weed in) operating activities and investing activities
Slide 19: Proven to perform anywhere.
Click to edit Master title style Proven to perform anywhere.