Slide 1: Proven to perform anywhere
Proven to perform anywhere. Fourth Quarter and Full Year 2025 Earnings February 3, 2026 ATI Proprietary and Confidential ©2025 ATI. All rights reserved. 1
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: A&D growth powers momentum in strong Fourth Quarter
A&D growth powers momentum in strong Fourth Quarter Q4-25 FY-25 Sales Sales ✓Strong Financial Delivery in Q4 $1.2B $4.6B • Q4 Adj. EBITDA1: $232M vs. $226M guidance midpoint • FY25 Adj. Free Cash Flow1: $380M vs. $350M guidance +0% YoY +5% YoY midpoint Adj. EBITDA1 Adj. EBITDA1 ✓Aerospace & Defense
Slide 4: HPMC Financial Summary
HPMC Financial Summary Q4-25 +2% FY-25 Q4 Sales: Up 2% YoY Sales Sales $646 $634 • A&D drove segment growth and $646M $2,442M margin improvement $603 • Jet Engine sales up 10% YoY +2% YoY +7% YoY • Defense sales up 16% YoY Q4-24 Q3-25 Q4-25 +22% Adj. EBITDA1 Adj. EBITDA1 $146 $155 Q4 Adj. EBITDA1: $
Slide 5: AA&S Financial Summary
AA&S Financial Summary Q4-25 FY-25 (1)% Sales Sales Q4 Sales: Down (1)% YoY $539 • A&D sales up 6% YoY $531M $2,146M $523 $531 • Specialty Energy sales, driven by growing nuclear and gas turbine (1)% YoY +3% YoY demand, up 15% YoY Q4-24 Q3-25 Q4-25 • Medical sales down 55% YoY +12% Adj. EBITDA1 Adj.
Slide 6: ATI is now producing 6 of 7 engine alloys
ATI is now producing 6 of 7 engine alloys Unmatched position at the jet engine core ATI’s jet engine advantage FORGED with strength starts with MELT and precision Of the seven advanced nickel • ATI is one of just two powder and nickel cast and integrated U.S. suppliers wrought jet engine alloys,
Slide 7: Well-positioned in growing markets
Well-positioned in growing markets Jet engine Airframe Defense • Next-gen engine requirements Healthy, sustained demand: • U.S. and international spend accelerating • Boeing increased 737 production rate increase amid geo-political tension • MRO represents ~50% of total engine to 42 • New programs r
Slide 8: Robust market growth in A&D, Specialty Energy
Robust market growth in A&D, Specialty Energy Forecasting double-digit year-over-year growth for A&D Q4-25 Sequential Core Markets Revenue ($M’s) % of Revenue Change YoY Change Full Year 2026 YoY Expectations Jet Engine $460 39% +6% +8% Mid-Teens Growth Airframe $192 16% (3)% +1% Mid- to High-Single
Slide 9: Liquidity, Capital Deployment, and Adjusted Free Cash Flow
Liquidity, Capital Deployment, and Adjusted Free Cash Flow 2025 Capital Deployment FY25 Adj. Free Cash Flow of $380M • Adj. Net Income2 to Adj. Free Cash2 Flow Conversion: 83% $470 Cash & Liquidity • Liquidity of ~$1.0B, including $417M of cash on hand • Net Debt/Adj. EBITDA1,2: 1.6x 2 $281 • Manage
Slide 10: First Quarter & Full Year 2026 Outlook
First Quarter & Full Year 2026 Outlook First Quarter 2026 Key Assumptions Adj. EPS1,2 Adj. EBITDA2 Key Drivers $0.83 - $0.89 $216 - $226 million ✓ Double digit growth in Jet Engine and Defense Previously X (Previously $X - $X million) ✓ Airframe recovery to begin ramping in second half 2026 ✓ Specia
Slide 11: Additional Materials Appendix
Additional Materials Appendix
Slide 12: Appendix – 2026 Outlook Assumptions
Appendix 1 – 2026 Outlook Assumptions Earnings Drivers FY 2026 Net Interest Expense ~$82M Q1 Est. Average Share Count ~139M FY 2026 Est. Average Share Count ~138M Annual Cash Flow Drivers Capital Expenditures1 $280M - $300M Depreciation & Amortization ~$180M Managed Working Capital2 Cash usage of ~$
Slide 13: Appendix - Capital Expenditures, Net of Customer Funded Partnerships
Appendix 2 - Capital Expenditures, Net of Customer Funded Partnerships $M 2022 2023 2024 2025 2026 Guide Capital Expenditures $131 $201 $239 $281 $2901 Less Customer Funded Partnerships ($7) ($1) ($17) ($25) (~$60) Capital Expenditures Net of $124 $200 $222 $256 $230 Customer Funding2 Avg. Annual Ne
Slide 14: Appendix 3 - Non-GAAP Financial Measures
Appendix 3 ATI 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 financial p
Slide 15: Appendix 3 (continued)
Appendix 3 (continued) Fiscal Year Ended December 28, 2025 December 29, 2024 EPS EPS Net income attributable to ATI $ 404.3 $ 2.85 $ 367.8 $ 2.55 Adjustments for special items, pre-tax: Restructuring and other charges (a) 48.8 22.1 Pension remeasurement loss (b) 18.6 14.1 Loss (gain) on sales of bus
Slide 16: Appendix 3 (continued) - Adjusted Free Cash Flow
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