Slide 1: Proven to perform anywhere. First Quarter 2025 Earnings
Proven to perform anywhere. First Quarter 2025 Earnings May 1, 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: Strong Progress in Q1, Builds on Momentum
Strong Progress in Q1, Builds on Momentum A&D sales up 23% year over year Accelerating share repurchases, Strategic investments extend reinvesting for growth competitive advantages Q1 Adj. EBITDA1 of $195M Ended Q1 with ~$1B of total liquidity • ATI GICS code to be updated • 29% YoY growth including
Slide 4: ATI uniquely positioned to navigate evolving tariffs
ATI uniquely positioned to navigate evolving tariffs ATI is a U.S.-based producer with the majority of our production footprint located domestically. We have a flexible, diversified global supply chain. Our customer contracts are built to handle volatility. Tariffs implemented in 2025: Anticipate mi
Slide 5: ATI is at the heart of the jet engine
ATI is at the heart of the jet engine The “core” is our core “Next-gen” engines in service today run hotter for fuel efficiency, requiring high-strength alloys, resistance to creep and corrosion, and uncompromising quality at up to 3,000F. ATI’s jet engine Then we FORGE with advantage starts wi
Slide 6: A&D Driving Growth
A&D Driving Growth Forecasting double-digit Year-over-Year (YoY) growth for most core markets Q1-25 Revenue Sequential YoY 6-Mo 3-Yr Market ($M’s) Change Outlook Outlook ATI Perspective Change • Year-over-year growth from broadening customer diversification, Jet Engine $421 (2)% +35% operational and
Slide 7: First Quarter 2025 Financial Results
First Quarter 2025 Financial Results $M (excl. EPS) Q1 2025 Q1 2024 % Chg. Q4 2024 % Chg. HPMC Segment Revenue: Up 10% year-over-year (YoY); down (8)% sequentially Revenue $1,144 $1,043 +10% $1,173 (2)% • Jet Engine sales up 35% YoY, driven by strong demand and performance HPMC Segment $584 $530 +10
Slide 8: Cash & Liquidity
Cash & Liquidity Balance Sheet and Cash Flow (1) (2) Net Debt/Adj. EBITDA Ratio: 1.9x Q1 results • Liquidity of ~$1B, including $476M of cash on hand • Managed working capital(2) 35.9% of sales • Capital expenditures were $53M in Q1 $600 $500 Capital structure $400 • Repurchased ~1.2M shares for $70
Slide 9: Second Quarter & Full Year 2025 Outlook
Second Quarter & Full Year 2025 Outlook Second Quarter 2025 Key Assumptions Adj. EPS (1)(2) Adj. EBITDA (2) Key Drivers $0.67 – $0.73 ✓ Strong demand in A&D, timing of growth in Commercial Aero $195 – $205 million Previously X (Previously $X - $X million) accelerating in 2H 2025 • Guidance based on
Slide 10: Additional Materials Appendix
Additional Materials Appendix
Slide 11: Appendix – 2025 Outlook Assumptions
Appendix 1 – 2025 Outlook Assumptions Earnings Drivers FY 2025 Net Interest Expense ~$100M Q2 Estimated Average Share Count ~143M FY 2025 Estimated Average Share Count ~142M Annual Cash Flow Drivers Capital Expenditures $260M - $280M Depreciation & Amortization ~$168M Managed Working Capital(1) Cash
Slide 12: 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) Business Sale Proceeds ($0) ($0) ($48) Customer Funded Partnerships ($7) (
Slide 13: Appendix 3 – Non-GAAP Financial Measures
Appendix 3 ATI Inc. and Subsidiaries Non-GAAP Financial Measures (Unaudited, dollars in millions, except per share amounts) The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This report includes financial p
Slide 14: Appendix 3 (continued)
Atl Appendix 3 (continued) ; ‘Trailing 12-month Fiscal Quarter Ended peried ended ‘March 30,2025 December 29, 2024 March 31, 2024 ‘March 30, 2025 Net income attributable to ATI s 70 6S B71 S 61 S$ 398.7 ‘Net income attributable to noncontrolling interests 35 5.0 23 16.1 Net income 100.5 M21 68.4 M48
Slide 15: 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