Slide 1: Proven to perform anywhere. First Quarter 2026 Earnings
Proven to perform anywhere. First Quarter 2026 Earnings April 30, 2026 ATI Proprietary and Confidential ©2026 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 and Specialty Energy drives strong First Quarter
A&D growth and Specialty Energy drives strong First Quarter Q1-26 Sales ✓Strong Financial Delivery in Q1 $1.2B • Q1 Adj. EBITDA1: $232M vs. $221M guidance midpoint • Q1 Adj. Free Cash Flow1: $75M vs. ($143M) usage in Q1 2025 +1% YoY ✓Aerospace & Defense Accelerating Growth Adj. EBITDA1 • A&D: 69% of
Slide 4: HPMC Financial Summary
HPMC Financial Summary Q1-26 Q1 Sales: Up 5% YoY +5% Sales • Jet Engine sales up 8% YoY $646 • Specialty Energy sales up 26% YoY $614M $614 +5% YoY $584 Q1-25 Q4-25 Q1-26 +17% Adj. EBITDA1 Q1 Adj. EBITDA1: Up 17% YoY $155 $153 • Jet engine price and mix increasing margins $153M $131 +17% YoY Q1-25 Q
Slide 5: AA&S Financial Summary
AA&S Financial Summary Q1-26 Q1 Sales: Down (4)% YoY (4)% Sales • A&D sales up 6% YoY $560 $537M $531 $537 • Specialty Energy sales, driven by growing nuclear demand, up 20% YoY (4)% YoY Q1-25 Q4-25 Q1-26 +16% Adj. EBITDA1 Q1 Adj. EBITDA1: Up 16% YoY $99 $97 $97M • Defense and specialty energy drivi
Slide 6: Liquidity, Capital Deployment, and Adjusted Free Cash Flow
Liquidity, Capital Deployment, and Adjusted Free Cash Flow1 Q1 2026 Capital Highlights Q1 Adj. Free Cash Flow1 of $75M • Returned 100% of Adj. Free Cash Flow1 through share repurchases $75 $75 Cash & Liquidity • Liquidity of ~$1B, including $402M of cash on hand $55 • Net Debt/Adj. EBITDA1,2: 1.6x 2
Slide 7: Second Quarter & Full Year 2026 Outlook
Second Quarter & Full Year 2026 Outlook Second Quarter 2026 Key Assumptions Adj. EPS1,2 Adj. EBITDA2 Key Drivers $0.98 - $1.04 $245 - $255 million ✓ Double digit growth in 2026 in Jet Engine and Defense Previously X (Previously $X - $X million) ✓ Airframe recovery to begin ramping in second half 202
Slide 8: Additional Materials Appendix
Additional Materials Appendix
Slide 9: Appendix – 2026 Outlook Assumptions
Appendix 1 – 2026 Outlook Assumptions Earnings Drivers FY 2026 Net Interest Expense ~$89M Q2 Est. Average Share Count ~138M FY 2026 Est. Average Share Count ~137M Annual Cash Flow Drivers Capital Expenditures1 $280M - $300M Depreciation & Amortization ~$180M Managed Working Capital2 Cash usage of ~$
Slide 10: Appendix – Capital Expenditures, Net of Customer Funding
Appendix 2 – Capital Expenditures, Net of Customer Funding $M 2022 2023 2024 2025 2026 Guide Capital Expenditures $131 $201 $239 $281 $2901 Less Customer Funded Partnerships ($7) ($1) ($17) ($25) ~($60)3 Capital Expenditures Net of $124 $200 $222 $256 $230 Customer Funding2 Trailing 5 Yr. Annual Net
Slide 11: Appendix – Non-GAAP Financial Measures
Atl Appendix 3 ATL 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 financ
Slide 12: Appendix (continued)
Atl Appendix 3 (continued) Trailing 12-month Fiscal Quarter Ended period ended March 29,2026 December 28,2025 March 30, 2025 ‘March 29, 2026 Net income attributable to ATI $ 182 $ 966 = S 970 =«OS 425.5 Net income attributable to noncontroling interests 23 39 35 Ba Net income 1205 1005 1005 B86 (#)
Slide 13: Appendix (continued)
Atl Appendix 3 (continued) sted -¢ Cash How, Management utilizes 2 non-GAAP measure, Adjusted fize 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 pr