Slide 1: Proven to perform anywhere. Second Quarter 2025 Earnings
Proven to perform anywhere. Second Quarter 2025 Earnings July 31, 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: Jet engine powers momentum in strong Q2-25
Jet engine powers momentum in strong Q2-25 Q2-25 Sales ✓ Strong Financial Delivery $1.14B • Adjusted Free Cash Flow1: $93M (+94% YoY); disciplined working capital execution +4% YOY ✓ Aerospace & Defense: Accelerating Growth • A&D: 67% of total sales; $762M in Q2 Q2-25 Adj. EBITDA1 • Led by Commercia
Slide 4: A&D Driving Growth
A&D Driving Growth Jet Engine growth continues to drive ATI forward Q2-25 Revenue Sequential YoY 6-Mo 3-Yr Market ($M’s) Change Outlook Outlook ATI Perspective Change • Year-over-year growth driven by growth in production and Jet Engine $448 +6% +27% aftermarket, consistent operational performance a
Slide 5: Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Results $M (excl. EPS) Q2 2025 Q2 2024 % Chg. Q1 2025 % Chg. HPMC Segment Revenue: Up 8% year-over-year (YoY); up 4% sequentially Revenue $1,140 $1,095 +4% $1,144 -% • Jet Engine sales up 27% YoY, driven by strong demand and ongoing de-bottlenecking and capacity expansi
Slide 6: Cash & Liquidity
Cash & Liquidity Balance Sheet and Cash Flow (1) (2) Net Debt/Adj. EBITDA Ratio: 2.0x Q2 results • Liquidity of ~$990M, including $320M of cash on hand • Managed working capital(2) 36.5% of sales • Gross Capital expenditures were $72M in Q2 and $125M YTD $700 $600 Capital structure $500 • Repurchase
Slide 7: Third Quarter & Full Year 2025 Outlook
Third Quarter & Full Year 2025 Outlook Third Quarter 2025 Key Assumptions Adj. EPS (1)(2) Adj. EBITDA (2) Key Drivers $0.69 – $0.75 ✓ Strong demand in Jet Engine and Defense $200 – $210 million Previously X (Previously $X - $X million) • Airframe recovery shifting to 2026 driven by customer inventor
Slide 8: Additional Materials Appendix
Additional Materials Appendix
Slide 9: Appendix 1 – 2025 Outlook Assumptions
Appendix 1 – 2025 Outlook Assumptions Earnings Drivers FY 2025 Net Interest Expense ~$100M Q3 Estimated Average Share Count ~141M FY 2025 Estimated Average Share Count ~142M Annual Cash Flow Drivers Capital Expenditures $260M - $280M Depreciation & Amortization ~$168M Managed Working Capital(1) Cash
Slide 10: 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 $270 (1) Less Asset Sale Proceeds ($3) ($4) ($28) ($0) Business Sale Proceeds ($0) ($0) ($48) ($2) Customer Funded Partnersh
Slide 11: 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 12: Appendix 3 (continued)
Appendix 3 (continued) Trailing 12-month Fiscal Quarter Ended period ended June 29, 2025 March 30, 2025 June 30, 2024 June 29, 2025 Net income attributable to ATI $ 100.7 $ 97.0 $ 81.9 $ 417.5 Net income attributable to noncontrolling interests 3.3 3.5 3.7 15.7 Net income 104.0 100.5 85.6 433.2 (+)
Slide 13: 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