Ampco-Pittsburgh (AP) investor relations material

Executive summary

• Net sales for Q2 2025 were $113.1M, up $2.1M year-over-year, but year-to-date sales declined to $217.4M from $221.2M in 2024.

• Q2 2025 saw a net loss of $7.3M, or $0.36 per share, compared to net income of $2.0M, or $0.10 per share, in Q2 2024, mainly due to a $6.8M U.K. exit charge.

• Adjusted EBITDA for Q2 2025 was $8.0M, down $2.1M from prior year, with year-to-date adjusted EBITDA at $16.8M, up from $15.2M.

• The U.K. cast roll facility continued to incur losses; its wind down is progressing and expected to improve annual operating income by at least $5M.

• Air and Liquid Processing (ALP) segment achieved a 15% increase in adjusted EBITDA and improved operating income, setting a record for year-to-date adjusted EBITDA.

Financial highlights

• Q2 2025 consolidated operating loss was $3.1M, compared to $5.0M operating income in Q2 2024.

• Adjusted EBITDA margin for Q2 2025 was 7.1%, down from 9.1% in Q2 2024.

• Net loss attributable for Q2 2025 was $7.3M or $0.36 per share, including a $6.8M U.K. exit charge.

• Cash and cash equivalents at June 30, 2025 were $9.9M, with a $34.2M undrawn revolving credit facility.

• Backlog at June 30, 2025 was $351.3M, down $27.6M from year-end, with 37% expected to ship after 2025.

Outlook and guidance

• At least $5M annualized operating income improvement is expected post-U.K. facility closure.

• Anticipate a full order book for 2026 at the Swedish cast roll plant; closure of U.K. operations to provide meaningful OI improvement.

• FCEP segment expects continued challenges from global overcapacity, soft demand, and tariff volatility; focus remains on operational efficiency and completing U.K. exit.

• ALP segment anticipates steady demand and aims to grow revenues and market share, with backlog increases in key product lines.

• Long-term fundamentals remain strong, with construction, automotive, and can sheet demand projected to grow at mid-single digit rates over five years.