Slide 1: Proven to perform anywhere. Third Quarter 2025 Earnings
Proven to perform anywhere. Third Quarter 2025 Earnings October 28, 2025 ATI Proprietary and Confidential ©2025 ATI. All rights reserved. 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements. 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 facto
Slide 3: A&D growth powers momentum in strong Third Quarter
A&D growth powers momentum in strong Third Quarter Q3-25 Sales ✓ Strong Financial Delivery in Q3 $1.1B • • Adjusted EBITDA1,2: $225M vs. $205M guidance midpoint Adjusted Free Cash Flow1: $200M +7% YoY ATI ✓ Aerospace & Defense Accelerating Growth Q3-25 Adj. EBITDA1,2 • A&D: 70% of total sales; $793M
Slide 4: ATI Consolidated Financial Summary
ATI Consolidated Financial Summary Q3-25 +7% Sales Sales: A&D Accelerating Growth $1,140 $1,126 • A&D: 70% of total sales / $793M in Q3 $1.1B • Significant defense growth: +51% YoY growth in Q3 $1,051 +7% YoY • Strong jet engine growth: +19% YoY growth Q3-24 Q2-25 Q3-25 • Share gains driving airfram
Slide 5: HPMC Financial Summary
HPMC Financial Summary Q3-25 +9% Sales $609 Sales: Up 9% YoY $603 A&D drove segment growth and margin improvement $603M $552 • • Jet Engine sales up 17% YoY +9% YoY • Defense sales up 71% YoY Q3-24 Q2-25 Q3-25 +18% Adj. EBITDA 1 Adjusted EBITDA1: Up 18% YoY $146M $144 $146 • Strong jet engine demand
Slide 6: AA&S Financial Summary
AA&S Financial Summary Q3-25 +5% Sales Sales: Up 5% YoY $532 $523M $523 • A&D sales mix in Q3 record high of 46%, growing 34% YoY $499 +5% YoY • Jet Engine up 44%, Airframe up 31%, Defense up Q3-24 Q2-25 Q3-25 34% YoY +23% Adj. EBITDA1 $90 Adjusted EBITDA1: Up 23% YoY $90M $74 $77 • A&D growth drove
Slide 7: Well-positioned in growing markets
Well-positioned in growing markets Jet engine Airframe Defense • Next-gen engine requirements Healthy, sustained demand: • U.S. and international spend accelerating • Boeing increased rate to 42 increase amid geo-political tension • MRO represents ~50% of total engine • Airbus bringing on new A320 l
Slide 8: A&D Driving Growth
A&D Driving Growth Forecasting double-digit year-over-year growth for A&D Q3-25 Revenue Sequential 18-Mo Current vs. Previous Market ($M’s) Change YoY Change Outlook Full Year 2025 Expected Growth Jet Engine $434 (3)% +19% Current: > 20% Prior: Same Airframe $198 +1% +9% Current: Up 1 – 2% Prior: Fl
Slide 9: Liquidity & Capital Deployment
Liquidity & Capital Deployment 2025 Capital Deployment Cash & Liquidity • Liquidity of ~$1B, including $372M of cash on hand • Net Debt/Adj. EBITDA1,2: 1.8x $470 • Managed working capital2 36.4% of sales Capital Deployment & Other Highlights $270 • Repurchased ~2M shares for $150M in Q3 ‒ $120M rema
Slide 10: Fourth Quarter & Full Year 2025 Outlook
Fourth Quarter & Full Year 2025 Outlook Fourth Quarter 2025 Key Assumptions Adj. EPS1,2 Adj. EBITDA2 Key Drivers $0.84 - $0.90 $221 - $231 million ✓ Strong demand in Jet Engine and Defense Previously X (Previously $X - $X million) ✓ Airframe recovery shifting to 2026 driven by customer inventory nor
Slide 11: Disciplined Execution Drives Margin Expansion
Disciplined Execution Drives Margin Expansion Strategic Operational Portfolio Pricing Excellence Optimization • 62% revenue under long- • ATI “Triple-Threat:” higher • 80/20 mindset term agreements (75% in uptime, improved first-pass yield, • Redeploying capital to high- HPMC segment) expanded capab
Slide 12: Additional Materials Appendix
Additional Materials Appendix
Slide 13: Third Quarter 2025 Financial Results Summary
Third Quarter 2025 Financial Results Summary $M (excl. EPS) Q3 2025 Q3 2024 % Chg. Q2 2025 % Chg. Revenue $1,126 $1,051 +7% $1,140 (1)% HPMC Segment $603 $552 +9% $609 (1)% AA&S Segment $523 $499 +5% $532 (2)% Adj. EBITDA (2) $225 $186 +21% $208 +8% (ex. special items) Adj. EBITDA % 20% 18% +230 bps
Slide 14: Appendix 1 – 2025 Outlook Assumptions
Appendix 1 – 2025 Outlook Assumptions Earnings Drivers FY 2025 Net Interest Expense ~$100M Q4 Estimated Average Share Count ~139M FY 2025 Estimated Average Share ~142M Count Annual Cash Flow Drivers Capital Expenditures $260M - $280M Depreciation & Amortization ~$168M Managed Working Capital1 Cash u
Slide 15: Appendix 2 - Capital Expenditures, Net of Sale Proceeds & Customer Funded Partnerships
Appendix 2 - Capital Expenditures, Net of Sale Proceeds & Customer Funded Partnerships $M 2022 2023 2024 2025 Guide Annual Spend / Proceeds Capital Expenditures $131 $201 $239 $2701 Less Asset Sale Proceeds ($3) ($4) ($28) ($11) Business Sale Proceeds ($0) ($0) ($48) ($21) Customer Funded Partnershi
Slide 16: Appendix 3
Appendix 3 The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This report includes financial performance measures that are not defined by GAAP, including Adjusted net income attributable to ATI, Adjusted EPS
Slide 17: Appendix 3 (continued)
Appendix 3 (continued) Trailing 12-month Fiscal Quarter Ended period ended September 28, 2025 June 29, 2025 September 29, 2024 September 28, 2025 Net income attributable to ATI $ 110.0 $ 100.7 $ 82.7 $ 444.8 Net income attributable to noncontrolling interests 3.6 3.3 3.9 15.4 Net income 113.6 104.0
Slide 18: Appendix 3 (continued)
Appendix 3 (continued) Adjusted Free Cash Flow Management utilizes a non-GAAP measure, Adjusted 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 by (used in) operating activities and investing activities as