Ampco-pittsburgh Corporation · NYSE:AP
Ampco-pittsburgh — Sidoti Micro-Cap Virtual Conference January 2026
36 slides from Ampco-pittsburgh's conference presentation, Jan 21, 2026
Slide 1: Investor Presentation
Producing Quality Products Since 1929 — Always Moving Forward! Investor Presentation Sidoti Micro-Cap Virtual Conference January 21, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements – The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by us or on behalf of Ampco-Pittsburgh Corporation and its subsidiaries (collectively, “we,” “us,” “our,” or the “Corporation”). This pr
Slide 3: Disclaimer, cont’d
Disclaimer, cont’d Industry Information - Unless otherwise indicated, information contained in this presentation concerning the Corporation’s industry, competitive position and the markets in which it operates is based on information from independent and research organizations, other third-party sou
Slide 4: Snapshot
Snapshot Ampco-Pittsburgh (NYSE:AP) 2024 Revenue Mix Year Founded 1929 69% Number of Employees ~1,500 Forged and Cast Engineered 31% Products Air and Liquid 2024 Revenue $418M Processing Market Cap (as of 1/13/2026)* * Common shares outstanding 20.3M; ~$117M Share price $5.78 #1 North America & #1 E
Slide 5: Strategic Game Plan for Ampco-Pittsburgh
Strategic Game Plan for Ampco-Pittsburgh 2025 2026 - 2028 Future State Eliminate Improved Grow Unprofitable Performance Increase Asset Assets $7M to $8M annual EBITDA Utilization and Operational Efficiencies improvement expected from Exited UK cast roll facility eliminating unprofitable Capitalize o
Slide 6: Forged and Cast Engineered Products Segment
Forged and Cast Engineered Products Segment Ampco-Pittsburgh Investor Presentation 6
Slide 7: Market Share Leader in Forged & Cast Rolls
Market Share Leader in Forged & Cast Rolls $286M Forged and Cast 2024 Net segment sales Engineered Products #1 Market Share in both North America & Europe[1] ~95% of [1] Corporation Estimates segment sales Forged engineered products (FEP) used in automotive tooling, plastic injection 69% molding, in
Slide 8: Global Operations
GLOBAL OPERATIONS Burgettstown, PA Styckebruk, SW Ravne, Slovenia Taiyuan, China Erie, PA Maanshan, China Carnegie, PA Valparaiso, IN Manufacturing Facility* *Manufacturing facilities also serve as additional sales offices. Source: Company Management, Public Filings Ampco-Pittsburgh Investor Present
Slide 9: Chinese Joint Ventures
CHINESE JOINT VENTURES Taiyuan, Shanxi Province ATR – Managed by UES • Joint venture between Baowu and Åkers AB, a non- operating subsidiary of UES, that produces cast rolls for hot strip mills, steckel mills and medium plate mills • Located in Taiyuan, Shanxi Province, China Beijing • Åkers AB hold
Slide 10: Roll Overview
ROLL OVERVIEW Rolls are large, cylindrical metal objects used in mills to squeeze and shape steel for rolled steel and aluminum production Backup Roll Work Roll 1 2 Main End-Products: Starting Material: 1 1 • Hot Rolled Coil • Billet 2 • Cold Rolled Coil 2 • Bloom • Plate • Slab • Rail, Sheet Pile,
Slide 11: Forged Rolls
FORGED ROLLS What is a Forged Roll? • Made from solid steel ingots that are Roll Product Weight intensely heated and hammered or pressed into shape Work 10,900 lbs. or 4,627 kg • Process strengthens the metal by aligning its grain structure and eliminates internal Backup 52,000 lbs. or 23,600 kg def
Slide 12: Cast Rolls
CAST ROLLS What is a Cast Roll? Product Information • Centrifugal casting (spun-cast) high alloy Roll Product shell with iron / steel core with heat resistance Hot Mill Work Rolls Plate Mill Rolls • Static cast used for less demanding Rougher Mill Rolls applications for lower cost alternatives Photo
Slide 13: Forged Engineered Products
FORGED ENGINEERED PRODUCTS FEP Business Overview Product Detail • Specializes in the production of ingot and open die Forging Type Image Size Weight forged products, serving the following markets: energy, construction, mining, master distribution, and tool and die Solid Bars, Max Length: 30ft. or Tr
Slide 14: FEP Sales Summary
FEP SALES SUMMARY Top Ten Customer Sales Sales By Geography End Market Sales Middle East Africa Latin America Other Asia • UES customers sell to a diverse set of end markets in the following industries: • Metal building Europe • Heavy non-residential construction • Light commercial / residential Top
Slide 15: Recent Equipment Modernization
RECENT EQUIPMENT MODERNIZATION ~�30mm investment upgrading current equipment and purchasing new hardware Recent Capital Expenditures • UES recently purchased six machine tools and two new furnaces − Including the foundation, building and cranes to support this new equipment, UES spent nearly �26mm u
Slide 16: Expanding the Addressable Market
Expanding the Addressable Market Forged Engineered Products Forged Bar Distribution Frac Market Tool Steel, Carbon and Alloy supplier to steel Corporation anticipates Frac spreads to service centers remain stable or increase as production remains high Segment sales expected to grow ~80% to 90%
Slide 17: Excerpt from ArcelorMittal Q3 2025 earnings call EU Steel Tariff
Excerpt from ArcelorMittal – Q3 2025 earnings call EU Steel Tariff Ampco-Pittsburgh Investor Presentation 17
Slide 18: Key End Markets & Growth Rates Looking Forward
Key End Markets & Growth Rates Looking Forward Market / Region 2024 2030 2025-30 CAGR NA Construction 2,138 2,520 +2.8% Spend (US$B) EU Construction 99.5 106.0 +1.0% Output (Index) NA Light-Vehicle 10.6 14.4 +4.6% Prod. (m) EU Light-Vehicle 12.0 18.2 +3.8% Prod. (m) NA Can-Sheet 1,310 1,700 +4.9% De
Slide 19: 2025: Strategic Reset for Future Profitability
2025: Strategic Reset for Future Profitability Ampco-Pittsburgh Investor Presentation 19
Slide 20: Customer Market Dynamics – Tariffs USA & Europe
Customer Market Dynamics – Tariffs USA & Europe Ampco-Pittsburgh Investor Presentation 20
Slide 21: Air and Liquid Processing Segment
Air and Liquid Processing Segment Ampco-Pittsburgh Investor Presentation 21
Slide 22: Air and Liquid Processing Segment
Air and Liquid Processing Segment Leading Player in Niche Markets $132M 2024 Net segment sales Air and Liquid Heat exchangers and Processing Segment heat transfer products Used in nuclear power, industrial 34% of process and HVAC Segment Sales Large custom air handling systems Used in commercial, in
Slide 23: Air and Liquid Processing Segment Key Customers
Air and Liquid Processing Segment Key Customers Ampco-Pittsburgh Investor Presentation 23
Slide 24: Record Revenue in each of the last two years
Air and Liquid Processing Segment Record Revenue in each of the last two years Growth expected Significant Launched new 55% revenue Strong positions to continue at an barriers to entry growth plans in growth over the in strategic average of 8% to in multiple 2022 last three years markets 10% per yea
Slide 25: U.S. Navy Market
Air and Liquid Processing Segment U.S. Navy Market Substantial long-term growth expected in the U.S. Navy market The Navy’s 2025 plan will cost 46% more annually in real terms than the average amount appropriated over the past 5 years. Source – Congressional Budget Office Air and Liquid has been app
Slide 26: Nuclear Market
Air and Liquid Processing Segment Nuclear Market Aerofin is the #1 supplier of heat exchangers to North American Nuclear Power Generation Market 2025 orders and shipments for the nuclear market were the highest in our history. Nuclear market expected to have significant long-term growth as nuclear p
Slide 27: Strategies for Growth
Air and Liquid Processing Segment Strategies for Growth • Growth strategy model has been successful over the last three years • Average 8% to 10% organic revenue growth expected over the next three years. Sales Growth Targets (3-yr CAGR) • Nuclear market entering long term growth phase • Business de
Slide 28: Financials
Financials Ampco-Pittsburgh Investor Presentation 28
Slide 29: Adjusted EBITDA Trend Improving
Adjusted EBITDA Trend Improving (In $ Millions, As-Adjusted) • 2025 September YTD Adjusted EBITDA Margin 8.0% • Expected $7M to $8M annualized EBITDA improvement from UK Exit beginning in 4Q 2025 • Base EBITDA growth opportunities * See non-GAAP Reconciliation Schedule in the Appendix Ampco-Pittsbur
Slide 30: Net Debt and Leverage
Net Debt and Leverage Net Debt[2] Bridge ($ millions) • Recent capex elevated due to significant FCEP forged plant modernization • Forecasted EBITDA growth expected to reduce debt and interest • Asbestos long term actuarial trends expected to improve • US pension plan PBO approaching fully funded st
Slide 31: Ampco-Pittsburgh Investment Thesis
Ampco-Pittsburgh Investment Thesis Forged & Cast Engineered Products Exited underperforming assets A stricter quota and tariff system proposed in mid-2026 in Europe End markets are projected to grow in the mid-single digits for the next 5 years Air & Liquid Processing 55% revenue growth over
Slide 32: Thank You
Thank You ampcopgh.com Ampco-Pittsburgh Investor Presentation 32
Slide 33: Appendix
Appendix Ampco-Pittsburgh Investor Presentation 33
Slide 34: Non-GAAP Reconciliation Schedules
Non-GAAP Reconciliation Schedules ($000's) 2022 2023 2024 2025 YTD[1] Net income (loss), before noncontrolling interest (GAAP) $ 3,980 $ (38,119) $ 2,351 $ (6,484) (Deduct) add: Interest expense 5,434 9,347 11,620 8,552 Other (income), net including investment-related income (8,212) (4,644) (4,497)
Slide 35: Non-GAAP Reconciliation Footnotes
Non-GAAP Reconciliation Footnotes [1] Represents reimbursement of past energy costs at one of the Corporation’s foreign operations by its local government. [2] Represents an accounting benefit resulting from the change in the method by which certain employees earn certain benefits. [3] Represents ex
Slide 36: Key End Markets & Growth Rates Looking Forward Sources
Key End Markets & Growth Rates Looking Forward Sources Sources • [PDF] North American Automotive Industry Outlook https://thinkkc.com/docs/default-source/non-index-files/automotive-industry-outlook_plante- moran_2025.pdf • [PDF] North America Light Vehicle Outlook https://myscma.com/wp-content/uploa
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