Ampco-Pittsburgh (AP) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales reached $108.0 million, up from $96.2 million year-over-year, driven by higher shipment volumes and improved pricing in key segments.

• Achieved strong underlying financial performance in Q3 2025, with decisive actions to transform operations and improve profitability, including strategic exits from the U.K. cast roll and steel distribution businesses.

• Air and Liquid Processing segment achieved record revenue for two consecutive years, with strong growth expected to continue.

• Announced leadership transition: David Anderson to become CFO in 2026, ensuring continuity and leveraging his experience.

• UES-UK entered administration in October 2025, resulting in a forthcoming non-cash impairment charge of $43–$45 million in Q4.

Financial highlights

• Adjusted EBITDA for Q3 2025 was $9.2 million, a 35% increase year-over-year; nine-month adjusted EBITDA was $26.0 million, up $3.9 million year-over-year.

• Adjusted EPS for Q3 2025 was $0.04, up $0.14 from prior year; year-to-date adjusted EPS of $0.03, up $0.16.

• Net sales for Q3 2025 were $108 million, a 12% increase compared to Q3 2024; nine-month net sales totaled $325.4 million.

• Net loss attributable to shareholders was $2.2 million or $0.11 per share for Q3, including $3.1 million in exit charges; nine-month net loss was $8.4 million ($0.42 per share), with $9.8 million in exit-related costs.

• Liquidity at September 30, 2025: $15 million cash and $28.2 million undrawn credit facility; net debt stood at $120.2 million as of Q3 2025.

Outlook and guidance

• U.K. exit expected to improve full-year adjusted EBITDA by $7–$8 million starting Q4 2025.

• Management anticipates sustainable elevated profitability heading into 2026 as trade policy clarifies and demand normalizes.

• Air & Liquid Systems segment expects continued growth, with 2025 being its best year ever and targets 8–10% annual organic revenue growth over the next three years.

• U.S. Navy and nuclear markets expected to drive long-term growth, with $9 million in Navy funding for pump facility expansion.

• Approximately 67% of backlog is expected to be released after 2025.