Albany International Reports Second-Quarter 2026 Results

About this update from Albany International Corporation

Albany International Corp. (NYSE:AIN) today reported operating results for its second quarter of 2026, which ended June 30, 2026. Gunnar Kleveland, Albany International’s President and Chief Executive Officer, said, “Our second-quarter performance delivered the strongest Adjusted EBITDA we have achieved in the past two years and grew 11.5% year-over-year, despite modestly lower-than-expected revenue due to several discrete factors. This result reflects the progress we have made to build a more nimble company and underscores the strength of our operating model, our focus on profitable growth, and the dedication of the Albany team." Kleveland continued, “In Engineered Composites, we are seeing the benefits of a refined operating model centered on our innovative technologies, which enable lighter-weight, more durable solutions for customers across commercial aerospace, defense, and space applications. Our recent participation at the Farnborough International Airshow reinforced the value of our business, as leading OEMs and government stakeholders engaged with us to explore solutions enabled by our innovative material science. In Machine Clothing, we are applying that same focus on innovation to expand opportunities for our high-value, performance-driven products across a broader range of uses.” Consolidated Results The Company’s net revenues were $329.5 million in the second quarter of 2026, compared to $311.4 million in the prior year. The increase was primarily driven by higher volume in the Engineered Composites business, offset by some end-market softness in Machine Clothing along with downtime related to an equipment failure in the Machine Clothing business. Gross profit of $107.9 million in the second quarter of 2026 was 10.7% higher than $97.5 million reported for the same period of 2025, as a result of cost controls in Machine Clothing and a favorable mix of aerospace and defense programs in the Engineered Composites business. Selling, general, and administrative expenses were $56.1 million in the second quarter of 2026, compared to $58.5 million in the same period of 2025, driven primarily by cost containment initiatives. Operating income was $32.1 million, compared to $22.3 million in the prior year, an increase of 44.3%, primarily driven by stronger gross profit and cost containment initiatives. The effective tax rate for the quarter was 32.0% compared to a 31.3% effective tax rate in the second quarter of 2025. The net income attributable to the Company was $17.4 million, or $0.61 per share on a basic and diluted basis, compared to $9.2 million, or $0.31 per share in the second quarter of 2025. Adjusted diluted earnings per share (or Adjusted EPS, a non-GAAP measure) was $0.82 per share, compared to $0.57 per share for the same period of last year. Adjusted EBITDA (a non-GAAP measure) was $57.8 million, compared to $51.9 million in the second quarter of 2025, an increase of 11.5%, due to stronger revenue and operating profit. Adjusted EBITDA margin was 17.6% and 16.7% in the prior year, up 90 basis points as a result of stronger contribution from Engineered Composites. Will Station, Albany International’s Chief Financial Officer, said, “We are pleased with our second-quarter performance, as disciplined execution and a more focused operating model drove meaningful year-over-year improvement in profitability. As we look to the balance of the year, we remain well positioned to maintain our growth trajectory. In Engineered Composites, we expect continued strength as multiple programs scale and we benefit from our focus on quality of earnings, while in Machine Clothing, we remain focused on execution and margin stability as we manage a fluid demand environment across the geographies we serve.” Machine Clothing Machine Clothing's net revenues decreased 2.4% after adjusting for currency translation, primarily driven by cyclical declines in the Americas and machine downtime in that region. Machine Clothing’s adjusted EBITDA margin was 28.0%, compared to 28.9% in the second quarter of 2025. The margin decline is primarily impacted by foreign currency impacts related to a weaker U.S. dollar. On a constant currency basis, margins were up slightly at 29.0% despite lower volumes, driven by synergies and efficiency gains across the network. Engineered Composites Engineered Composites net revenues increased 14.2% after adjusting for currency translation, driven by strength across commercial and defense programs, most notably on the commercial side within the LEAP program, and on the defense side under the CH-53K and missile programs. Adjusted EBITDA margin was 13.3%, compared to 8.5% in the second quarter of 2025. The increase in margin was driven by the continued focus on quality of earnings and the scaling of more profitable programs. Capital Allocation Balance Sheet Capital expenditures were $11.9 million, compared to $14.9 million in the second quarter of 2025, and were driven primarily by facility optimizations. Research and development expenses totaled $11.7 million, compared to $12.6 million in the second quarter of 2025, consistent with the Company’s commitment to advancing proprietary technologies and supporting long-term growth in both Machine Clothing and Engineered Composites. Albany ended the quarter with cash and cash equivalents of $77.3 million and total debt of $450.7 million, resulting in a net debt position of $373.3 million. The Company maintains significant financial flexibility and liquidity to support ongoing investment initiatives while continuing to return capital to shareholders. Outlook for the Third Quarter of 2026 Consolidated net revenue between $320 million and $330 million Machine Clothing net revenue between $165 million and $170 million Engineered Composite net revenue between $155 million and $160 million Adjusted EPS between $0.60 and $0.70 Third-quarter effective tax rate of 31.5% Second-Quarter 2026 Results Conference Call/Webcast The Company will host a webcast to discuss results at 9:00 a.m. Eastern Time on Tuesday, August 4, 2026. Interested parties are encouraged to listen to the live webcast via the Company’s Investor Relations website at investors.albint.com or by registering via the link here . The event can also be accessed by dialing +1 (833) 461-5787 and using the Meeting ID: 487 159 842. An archive of the webcast will be available for replay on the website at approximately noon Eastern Time on Tuesday, August 4, 2026. ALBANY INTERNATIONAL CORP. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited)     Three Months Ended June 30,   Six Months Ended June 30,   2026   2025   2026   2025 Net revenues $ 329,482   $ 311,399   $ 640,815     $ 600,173 Cost of goods sold   221,581     213,892     433,120       406,180                 Gross profit   107,901     97,507     207,695       193,993 Selling, general, and administrative expenses   56,068     58,502     114,367       112,314 Technical and research expenses   11,722     12,552     24,679       24,448 Restructuring expenses, net   7,973     4,183     11,138       6,698                 Operating income   32,138     22,270     57,511       50,533 Interest expense, net   6,068     5,150     11,535       8,805 Other expense/(income), net   39     3,534     (3,154 )     4,517                 Income before income taxes   26,031     13,586     49,130       37,211 Income tax expense   8,327     4,254     15,977       10,530                 Net income   17,704     9,332     33,153       26,681 Net income attributable to the noncontrolling interest   290     149     458       143 Net income attributable to the Company $ 17,414   $ 9,183   $ 32,695     $ 26,538                 Earnings per share attributable to Company shareholders - Basic $ 0.61   $ 0.31   $ 1.15     $ 0.87                 Earnings per share attributable to Company shareholders - Diluted $ 0.61   $ 0.31   $ 1.14     $ 0.87                 Shares of the Company used in computing earnings per share:               Basic   28,361     29,928     28,341       30,373                 Diluted   28,588     30,090     28,568       30,535                 Dividends declared per Class A share $ 0.28   $ 0.27   $ 0.56     $ 0.54   ALBANY INTERNATIONAL CORP. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data)     June 30, 2026   December 31, 2025 Assets       Cash and cash equivalents $ 77,349     $ 112,350   Accounts receivable, net   252,133       235,084   Contract assets, net   77,287       87,102   Inventories   146,158       121,589   Income taxes prepaid and receivable   41,191       43,937   Prepaid expenses and other current assets   40,402       34,990   Assets held for sale   306,722       293,783   Total current assets $ 941,242     $ 928,835           Property, plant and equipment, net   467,424       482,568   Intangibles, net   19,667       21,428   Goodwill   160,552       162,507   Deferred income taxes   66,319       68,499   Other assets   56,161       54,872   Total assets $ 1,711,365     $ 1,718,709           Liabilities and Shareholders' Equity       Accounts payable $ 75,075     $ 64,499   Accrued liabilities   133,829       139,385   Income taxes payable   24,524       35,090   Liabilities held for sale   187,108       203,323   Total current liabilities   420,536       442,297           Long-term debt   450,669       455,663   Other noncurrent liabilities   85,983       86,850   Deferred income taxes   2,088       1,797   Total liabilities   959,276       986,607           Commitments and Contingencies               Shareholders' Equity:       Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 41,056,929 issued in 2026 and 40,989,106 in 2025   41       41   Additional paid in capital   464,148       460,472   Retained earnings   993,170       976,373   Accumulated items of other comprehensive income:       Translation adjustments   (121,743 )     (119,008 ) Pension and postretirement liability adjustments   (23,065 )     (23,911 ) Derivative valuation adjustment   131       (619 ) Treasury stock (Class A), at cost; 12,685,782 shares in 2026 and 12,685,782 in 2025   (566,993 )     (567,139 ) Total shareholders' equity   745,689       726,209   Noncontrolling interest   6,400       5,893   Total equity   752,089       732,102   Total liabilities and shareholders' equity $ 1,711,365     $ 1,718,709     ALBANY INTERNATIONAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)     Six Months Ended June 30,   2026   2025 Cash flows from operating activities:       Net income $ 33,153     $ 26,681   Adjustments to reconcile net income to net cash provided by operating activities:       Depreciation   32,853       40,085   Amortization   1,294       2,957   Change in deferred taxes   2,179       (2,761 ) Loss/(gain) on disposal of property, plant and equipment   324       (66 ) Non-cash interest expense   515       513   Compensation and benefits paid or payable in Class A Common Stock   5,009       3,654   Provision/(recovery) for credit losses from uncollected receivables and contract assets   (101 )     1,021   Foreign currency remeasurement loss/(gain) on intercompany loans   (3,788 )     7,171           Changes in operating assets and liabilities that provided/(used) cash:       Accounts receivable   (12,899 )     (4,490 ) Contract assets   (8,778 )     (15,329 ) Inventories   (22,912 )     (8,179 ) Prepaid expenses and other current assets   (5,195 )     (2,565 ) Income taxes prepaid and receivable   2,769       743   Accounts payable   14,488       26,878   Accrued liabilities   (23,259 )     (23,314 ) Income taxes payable   (11,034 )     (17,191 ) Noncurrent receivables   —       (201 ) Other noncurrent liabilities   288       (2,927 ) Other, net   (1,914 )     3,719   Net cash provided by operating activities   2,992       34,833           Cash flows from investing activities:       Purchases of property, plant and equipment   (21,170 )     (29,526 ) Purchased software   (12 )     (1,005 ) Proceeds received from sale of assets   —       3,243   Proceeds from sale of investment   1,660       —   Net cash used in investing activities   (19,522 )     (27,288 )         Cash flows from financing activities:       Proceeds from borrowings   83,000       171,995   Repayment of borrowings   (85,000 )     (58,046 ) Purchase of Treasury shares   —       (120,448 ) Taxes paid in lieu of share issuance   (1,333 )     (1,316 ) Dividends paid   (15,867 )     (16,693 ) Net cash used in financing activities   (19,200 )     (24,508 )         Effect of exchange rate changes on cash and cash equivalents   729       8,369           Decrease in cash and cash equivalents   (35,001 )     (8,594 ) Cash and cash equivalents at beginning of period   112,350       115,283   Cash and cash equivalents at end of period $ 77,349     $ 106,689           Supplemental disclosure of cash flow information:       Cash paid for interest, net $ 12,451     $ 10,710   Cash paid for income taxes $ 23,056     $ 26,278   The following table presents the reconciliation of Net revenues to net revenues excluding the effect of changes in currency translation rates, a non-GAAP measure: (in thousands, except percentages) Net revenues as reported, Q2 2026 (Decrease)/ increase due to changes in currency translation rates Q2 2026 revenues on same basis as Q2 2025 currency translation rates Net revenues as reported, Q2 2025 % Change compared to Q2 2025, excluding currency rate effects Machine Clothing $ 178,710 $ 2,137 $ 176,573 $ 180,926 (2.4 )% Albany Engineered Composites   150,772   1,824   148,948   130,473 14.2 % Consolidated total $ 329,482 $ 3,961 $ 325,521 $ 311,399 4.5 %             (in thousands, except percentages) Net revenues as reported, YTD 2026 (Decrease)/ increase due to changes in currency translation rates YTD 2026 revenues on same basis as 2025 currency translation rates Net revenues as reported, YTD 2025 % Change compared to 2025, excluding currency rate effects Machine Clothing $ 344,662 $ 8,279 $ 336,383 $ 355,623 (5.4 )% Albany Engineered Composites   296,153   4,959   291,194   244,550 19.1 % Consolidated total $ 640,815 $ 13,238 $ 627,577 $ 600,173 4.6 %             The following table presents Gross profit and Gross profit margin: (in thousands, except percentages) Gross profit, Q2 2026 Gross profit margin, Q2 2026 Gross profit, Q2 2025 Gross profit margin, Q2 2025 Machine Clothing $ 80,947 45.3 % $ 83,759 46.3 % Albany Engineered Composites   26,954 17.9 %   13,748 10.5 % Consolidated total $ 107,901 32.7 % $ 97,507 31.3 %           Reconciliation of Net income/(loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the current-year and comparable prior-year periods have been calculated as follows. Three months ended June 30, 2026 (in thousands) Machine Clothing Albany Engineered Composites Corporate expenses and other Total Company Net income/(loss) (GAAP) $ 34,705   $ 11,429   $ (28,430 ) $ 17,704   Interest expense/(income), net   —     —     6,068     6,068   Income tax expense   —     —     8,327     8,327   Depreciation and amortization expense   8,422     8,561     35     17,018   EBITDA (non-GAAP)   43,127     19,990     (14,000 )   49,117   Restructuring costs and other   6,389     —     1,584     7,973   Foreign currency revaluation (gains)/losses   503     175     (521 )   157   Strategic review and other transition expenses   20     109     739     868   Pre-tax loss/(income) attributable to noncontrolling interest   —     (289 )   —     (289 ) Adjusted EBITDA (non-GAAP) $ 50,039   $ 19,985   $ (12,198 ) $ 57,826   Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) (non-GAAP)   28.0 %   13.3 %   —     17.6 %           Three months ended June 30, 2025 (in thousands) Machine Clothing Albany Engineered Composites Corporate expenses and other Total Company Net income/(loss) (GAAP) $ 37,702   $ (2,674 ) $ (25,696 ) $ 9,332   Interest expense/(income), net   —     —     5,150     5,150   Income tax expense   —     —     4,254     4,254   Depreciation and amortization expense   7,973     13,455     323     21,751   EBITDA (non-GAAP)   45,675     10,781     (15,969 )   40,487   Restructuring costs and other   3,015     520     (918 )   2,617   Foreign currency revaluation (gains)/losses   3,467     21     5,449     8,937   Strategic review and other transition expenses   —     28     —     28   Pre-tax (income) attributable to noncontrolling interest   41     (228 )   —     (187 ) Adjusted EBITDA (non-GAAP) $ 52,198   $ 11,122   $ (11,438 ) $ 51,882   Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) (non-GAAP)   28.9 %   8.5 %   —     16.7 %   Six months ended June 30, 2026 (in thousands) Machine Clothing Albany Engineered Composites Corporate expenses and other Total Company Net income/(loss) (GAAP) $ 66,657   $ 20,027   $ (53,531 ) $ 33,153   Interest expense/(income), net   —     —     11,535     11,535   Income tax expense   —     —     15,977     15,977   Depreciation and amortization expense   16,724     17,350     73     34,147   EBITDA (non-GAAP)   83,381     37,377     (25,946 )   94,812   Restructuring costs and other   9,065     —     2,073     11,138   Foreign currency revaluation (gains)/losses   85     (41 )   (2,631 )   (2,587 ) Strategic review and other transition expenses   541     109     2,493     3,143   Pre-tax (income) attributable to noncontrolling interest   —     (520 )   —     (520 ) Adjusted EBITDA (non-GAAP) $ 93,072   $ 36,925   $ (24,011 ) $ 105,986   Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) (non-GAAP)   27.0 %   12.5 %   —     16.5 %   Six months ended June 30, 2025 (in thousands) Machine Clothing Albany Engineered Composites Corporate expenses and other Total Company Net income/(loss) (GAAP) $ 76,133   $ (1,058 ) $ (48,394 ) $ 26,681   Interest expense/(income), net   —     —     8,805     8,805   Income tax expense   —     —     10,530     10,530   Depreciation and amortization expense   15,679     26,750     613     43,042   EBITDA (non-GAAP)   91,812     25,692     (28,446 )   89,058   Restructuring costs and other   4,617     1,688     (918 )   5,387   Foreign currency revaluation (gains)/losses   5,159     (144 )   8,508     13,523   Strategic review and other transition expenses   182     (412 )   40     (190 ) Pre-tax (income) attributable to noncontrolling interest   120     (299 )   —     (179 ) Adjusted EBITDA (non-GAAP) $ 101,890   $ 26,525   $ (20,816 ) $ 107,599   Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) (non-GAAP)   28.7 %   10.8 %   —     17.9 %           The following table presents the reconciliation of Machine Clothing's Adjusted EBITDA Margin to Adjusted EBITDA Margin excluding the effect of changes in currency translation rates, a non-GAAP measure: (in thousands, except percentages) As reported, Q2 2026 (Decrease)/ increase due to changes in currency translation rates Q2 2026 on same basis as Q2 2025 currency translation rates As reported, Q2 2025 Machine Clothing Net revenues $ 178,710   $ 2,137   $ 176,573   $ 180,926   Machine Clothing Adjusted EBITDA (non-GAAP)   50,039     (1,112 )   51,151     52,198   Adjusted EBITDA Margin (Adjusted EBITDA divided by net revenues) (non-GAAP)   28.0 %     29.0 %   28.9 %   Per share impact of the adjustments to earnings per share are as follows: Three months ended June 30, 2026 (in thousands, except per share amounts) Pre tax Amounts Tax Effect After tax Effect Per share Effect Restructuring costs and other $ 7,973 $ 2,551 $ 5,422 $ 0.19 Foreign currency revaluation (gains)/losses   157   50   107   — Strategic review and other transition expenses   868   278   590   0.02 Three months ended June 30, 2025 (in thousands, except per share amounts) Pre tax Amounts Tax Effect After tax Effect Per share Effect Restructuring costs and other $ 2,617 $ 845 $ 1,772 $ 0.06 Foreign currency revaluation (gains)/losses   8,937   2,887   6,050   0.20 Strategic review and other transition expenses   28   9   19   0.00 Six months ended June 30, 2026 (in thousands, except per share amounts) Pre tax Amounts Tax Effect After tax Effect Per share Effect Restructuring costs and other $ 11,138   $ 3,620   $ 7,518   $ 0.26   Foreign currency revaluation (gains)/losses   (2,587 )   (841 )   (1,746 )   (0.06 ) Strategic review and other transition expenses   3,143     1,021     2,122     0.07   Six months ended June 30, 2025 (in thousands, except per share amounts) Pre tax Amounts Tax Effect After tax Effect Per share Effect Restructuring costs and other $ 5,387   $ 1,740   $ 3,647   $ 0.12   Foreign currency revaluation (gains)/losses   13,523     4,368     9,155     0.30   Strategic review and other transition expenses   (190 )   (61 )   (129 )   (0.01 )   The following table provides a reconciliation of Earnings per share attributable to the Company shareholders - Diluted (GAAP) to Adjusted earnings per share attributable to the Company shareholders - Diluted (non-GAAP):   Three months ended June 30, Six months ended June 30, Per share amounts (Diluted) 2026 2025 2026 2025 Earnings per share attributable to Company shareholders - Diluted (GAAP) $ 0.61 $ 0.31 $ 1.14   $ 0.87   Adjustments, after tax:         Restructuring costs and other   0.19   0.06   0.26     0.12   Foreign currency revaluation (gains)/losses   —   0.20   (0.06 )   0.30   Strategic review and other transition expenses   0.02   —   0.07     (0.01 ) Adjusted earnings per share attributable to Company shareholders - Diluted (non-GAAP) $ 0.82 $ 0.57 $ 1.41   $ 1.28     The calculations of net debt are as follows: (in thousands) June 30, 2026 December 31, 2025 June 30, 2025 Long-term debt   450,669   455,663   444,686 Total debt   450,669   455,663   444,686 Cash and cash equivalents   77,349   112,350   106,689 Net debt (non-GAAP) $ 373,320 $ 343,313 $ 337,997   Free cash flow is defined as GAAP "Net cash provided by operating activities" in a period less "Purchases of property, plant and equipment" and "Purchased software" in the same period. Management believes free cash flow provides an important perspective on our ability to generate cash from our business operations and, as such, that it is an important financial measure for use in evaluating the Company's financial performance. Management uses free cash flow internally to assess overall liquidity. The following table illustrates the calculation of free cash flow:   Three Months Ended June 30,   Six Months Ended June 30,   2026   2025   2026   2025 Net cash provided by operating activities $ (2,651 )   $ 32,714     $ 2,992     $ 34,833   Purchases of property, plant and equipment   (11,880 )     (13,929 )     (21,170 )     (29,526 ) Purchased software   (12 )     (1,005 )     (12 )     (1,005 ) Free cash flow $ (14,543 )   $ 17,780     $ (18,190 )   $ 4,302     About Albany International Corp. Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world’s leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications. Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms. Albany International is headquartered in Portsmouth, New Hampshire, operates 25 facilities in 12 countries, employs approximately 5,700 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com . Non-GAAP Measures This release, including the conference call commentary associated with this release, contains certain non-GAAP measures, that should not be considered in isolation or as a substitute for the related GAAP measures. Such non-GAAP measures include net revenues and percent change in net revenues, excluding the impact of currency translation effects; adjusted net revenues; Adjusted Gross profit/(loss); Adjusted Operating income/(loss);EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin; Net debt; Net leverage ratio; Adjusted Net Income; and Adjusted Diluted earnings per share (or Adjusted EPS). Management believes that these non-GAAP measures provide additional useful information to investors regarding the Company’s operational performance. Presenting Net revenues and change in Net revenues, after currency effects are excluded, provides management and investors insight into underlying revenues trends. Net revenues, or percent changes in net revenues, excluding currency rate effects, are calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. These current year revenues converted at prior year rates are then compared to the U.S. dollar amount as reported in the prior period. EBITDA (calculated as net income excluding interest, income taxes, depreciation and amortization), Adjusted EBITDA, and Adjusted EPS are performance measures that relate to the Company’s continuing operations. The Company defines Adjusted EBITDA as EBITDA excluding costs or benefits that are not reflective of the Company’s ongoing or expected future operational performance. Such excluded costs or benefits do not consist of normal, recurring cash items necessary to generate revenues or operate our business. Adjusted EBITDA margin represents Adjusted EBITDA expressed as a percentage of net revenues. Adjusted Net Income is a supplemental measure of our performance that is not required by, or presented in accordance with U.S. GAAP. The company defines Adjusted Net Income to exclude costs related to the review of strategic alternatives for its structures assembly business, which could include a potential sale of that portion of the business. Such excluded adjustments to profitability to future contracts do not consist of items that are considered normal or recurring in the course of continued business operations. The Company defines Adjusted EPS as diluted earnings per share (GAAP), adjusted by the after tax per share amount of costs or benefits not reflective of the Company’s ongoing or expected future operational performance. The income tax effects are calculated using the applicable statutory income tax rate of the jurisdictions where such costs or benefits were incurred or the effective tax rate applicable to total company results. The Company’s Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted EPS may not be comparable to similarly titled measures of other companies. Net debt aids investors in understanding the Company’s debt position if all available cash were applied to pay down indebtedness. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Forward-Looking Statements This press release may contain statements, estimates, guidance or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should,” “look for,” “guidance,” “guide,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Because forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q), actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic conditions, including inflationary cost pressures, as well as global events, which include but are not limited to geopolitical events; paper-industry trends and conditions during 2026 and in future years; expectations in 2026 and in future periods of revenues, Adjusted Net Revenues, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net revenues), Adjusted Net Income, Adjusted EPS, income, gross profit, gross margin, cash flows and other financial items in each of the Company’s businesses, and for the Company as a whole; the timing and impact of production and development programs in the Company’s AEC business segment and the revenues growth potential of key AEC programs, as well as AEC as a whole; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and changes in currency rates and their impact on future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company’s financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements. Statements expressing management’s assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers’ products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect in some cases. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804510537/en/

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