Ampco-Pittsburgh (AP) Q4 2025 earnings summary

Executive summary

• Significant underperforming assets, including the UK cast roll facility and a small US steel distribution business, were exited in Q4 2025, incurring substantial non-cash charges but expected to improve adjusted EBITDA by $7–8 million annually.

• Adjusted EBITDA for Q4 2025 was $3.2 million, down from $6 million prior year, mainly due to a pause in customer orders in the forged and cast segment after new global tariffs.

• Full year adjusted EBITDA reached $29.2 million, up 4% year-over-year, with strong demand in the air and liquid processing segment.

• Reported a GAAP net loss of $57.7 million for Q4 2025 and $66.1 million for FY 2025, driven by non-cash charges from the UK exit and asbestos revaluation.

• Bookings for both operating segments accelerated in the first two months of 2026.

Financial highlights

• Q4 2025 net sales were $108.8 million, up $7.8 million year-over-year; full year net sales were $434.2 million, up $15.9 million.

• Q4 adjusted EBITDA was $3.2 million, lower than prior year due to reduced operating days in FCEP; full year adjusted EBITDA was $29.2 million, up $1.1 million year-over-year.

• Adjusted net loss for Q4 2025 was $3.4 million and for FY 2025 was $2.7 million, after excluding significant one-time charges.

• Selling and administrative expenses declined $2.8 million (5%) for the full year, mainly due to lower employee-related costs.

• Cash on hand at year-end was $10.7 million, with $25.5 million undrawn on the revolving credit facility.

Outlook and guidance

• Actions taken in Q4, including the UK facility closure, are expected to drive improved profitability and annual EBITDA by $7–8 million in 2026.

• Roll market is recovering as of early 2026, with shutdown costs now behind.

• Margin expansion anticipated in H2 2026 and full year 2027, especially in FCEP.

• Air and Liquid segment is well-positioned for long-term growth in nuclear, Navy, and data center markets.

• Management expects improved earnings power as steel market conditions recover.