Ati Inc. · NYSE:ATI
Ati — Q3 2026 Earnings Presentation
20 slides from Ati's earnings presentation, Oct 29, 2026
Slide 1: Proven to perform anywhere. Third Quarter 2026 Earnings
Proven to perform anywhere. Third Quarter 2026 Earnings October 29, 2026
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: Key highlights
Key highlights Exceeded high-end of adj. EBITDA1 guide by $13M Q3 revenue grew across all key markets, up y/y and q/q Jet engine +39% y/y and +19% q/q; raised FY growth to low-to-mid-20s Raising FY 2026 guide by $35M to $1.195B2 following $125M raise in Q2 1 Non-GAAP financial measure. See appendix
Slide 4: Demonstrating higher earnings power
Demonstrating higher earnings power Q3 results reflect stronger demand, price and mix Adjusted Adjusted Adjusted Free Revenue Order Backlog EBITDA* EBITDA Margin* Cash Flow* $1.4B $328M 23.0% $80M $4.3B +26% y/y +46% y/y +300 bps y/y $223M YTD +20% y/y Stronger A&D ~70% +15% vs. YTD increase Remains
Slide 5: Production ramping for sixth superalloy
Production ramping for sixth superalloy One of just 2 qualified global suppliers for this next-gen engine superalloy THE SEVEN ADVANCED JET ENGINE NICKEL SUPERALLOYS 6/7 produced by ATI 5 sole source 1 2 3 4 5 6 7 OEM sole sole sole sole sole 1 of 2 produces source source source source source
Slide 6: Raising full-year outlook
Raising full-year outlook Q3 outperformance and stronger Q4 support higher outlook Prior FY guide Updated FY guide Change vs. Metric at midpoint at midpoint FY 2025 Adjusted EBITDA* $1.160B $1.195B +39% Adjusted EPS* $5.04 $5.20 +60% Adjusted FCF* $575M $575M +51% * Detailed reconciliations of forwa
Slide 7: ATI Operating Model
ATI Operating Model Profitable Operational Driving Growth elevATIon Excellence enterprise-wide • Pricing Excellence • Yield & Scrap performance • Commercial Improvement Excellence • Throughput Gains improvement • Mix Optimization • Maintenance through a Excellence disciplined, • SIOP • Functional •
Slide 8: Growth across all our key end markets
Growth across all our key end markets Up both year-over-year and sequentially JET ENGINE AIRFRAME DEFENSE SPECIALTY ENERGY +39% +19% +11% +14% +6% +6% +49% +36% Y/Y Q/Q Y/Y Q/Q Y/Y Q/Q Y/Y Q/Q • Demand strength in both • Strong Q3 with momentum • Sequential revenue growth • Growth la
Slide 9: Adj. EBITDA exceeds the high-end of our guidance
Adj. EBITDA exceeds the high-end of our guidance Demonstrating the strength of ATI’s differentiated portfolio Sales Adj. EBITDA* Adj. EBITDA margin* Adj. Free Cash Flow* $200M $1.42B $328M 22.6% 23.0% $284M 20.0% $80M $69M $69M $225M $1.26B $1.13B Q3-25 Q2-26 Q3-26 Q3-25 Q2-26 Q3-26 Q3-25 Q2-26 Q3-2
Slide 10: Building an integrated and interconnected business
Building an integrated and interconnected business AA&S is demonstrating an improved earnings profile AA&S Q3 2026 HPMC Q3 2026 Sales EBITDA margin Sales EBITDA margin $702M 25.8% $721M 23.2% +34% y/y +850 bps y/y +20% y/y (100) bps y/y Stronger performance reflects a Jet Engine growth offset by ram
Slide 11: Momentum: sequential growth in Q4
Momentum: sequential growth in Q4 Sequential profit improvement across both segments Q4 2026 Q4 2026 Implied Adj. Adjusted EBITDA* Adjusted EPS* EBITDA* Change $345–$355M $1.51–$1.57 +7% Midpoint +51% y/y midpoint +66% y/y vs. Q3 2026 Actual * Detailed reconciliations of forward-looking non-GAAP fin
Slide 12: Raising 2026 full-year outlook
Raising 2026 full-year outlook Revised FY guide reflects Q3 beat and stronger Q4; follows the $125M EBITDA raise a quarter ago Measure Metric FY Guide at Q2 FY Guide at Q3 Adjusted EBITDA* $1.135–$1.185B $1.190–$1.200B Consolidated EBITDA Margin* Low 20% range Low 20% range = Adjusted EPS* $4.90
Slide 13: Additional Materials Appendix
Additional Materials Appendix 13
Slide 14: Liquidity, Capital Deployment, and Adjusted Free Cash Flow
Liquidity, Capital Deployment, and Adjusted Free Cash Flow1 Q3 2026 Capital Highlights Q3 Adj. Free Cash Flow1 of $80M • Returned ~88% of Adj. Free Cash Flow1 through share repurchases $93 Cash & Liquidity $80 • Liquidity of ~$1B, including $442M of cash on hand $70 • Net Debt/Adj. EBITDA1,2: 1.3x 1
Slide 15: Appendix – 2026 Outlook Assumptions
Appendix 1 – 2026 Outlook Assumptions Earnings Drivers FY 2026 Net Interest Expense ~$93M Q4 Est. Average Share Count ~138M FY 2026 Est. Average Share Count ~138M Annual Cash Flow Drivers Capital Expenditures1 $280M - $300M Depreciation & Amortization ~$180M Managed Working Capital2 Cash usage of ~$
Slide 16: Appendix – CapEx Net of Customer Funding
Appendix 2 – CapEx 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)2 Capital Expenditures Net of $124 $200 $222 $256 $230 Customer Funding Trailing 5 Yr. Annual Net Cap. Ex. $124 $1
Slide 17: Appendix 3 – Non-GAAP Financial Measures
All Appendix 3 ATI 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 financi
Slide 18: Appendix 3 (continued)
All Appendix 3 (continued) Trailing 12-mouth Fiscal Quarter Ended ceneaedie September 27,2026 June 28,2026 ‘September 28,2025 September 27, 2026 Net income attributable to ATT $ 198 S$ 1510S 1100S 5556 ‘Net income attributable to noncontroling interests 38 33 3.6 13.0 Net income 1933 1543 113.6 568.
Slide 19: Appendix 3 (continued)
All Appendix 3 (continued) ted Free Cash Flow ‘Management utilizes a non-GAAP measure, Adjusted free cash flow, to asses the cashflow generation of the Company's operations. Adjusted fice cash flow is defined as the total eash provided by (used in) operating activities and investing activities a pre
Slide 20: Proven to perform anywhere.
Click to edit Master title style Proven to perform anywhere.