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Item 2. Management’s Discussion and Analysis

2026-04-30 compared with 2025-10-28 · 132 added, 266 removed, 185 unchanged (68% of the section changed)

Management’s Discussion and Analysis of Financial Condition and Results of Operations

ATI is a global manufacturer of technically advanced specialty materials and complex components.

Our largest market is aerospace & defense, representing 68% of sale s for the year-to-date period ended September 28, 2025, led by products for jet engines and airframes.

Additionally, we have a strong presence in the specialty energy, medical and electronics markets.

In aggregate, these markets represented 80% of our sales for the year-to-date period ended September 28, 2025.

ATI is a market leader in manufacturing differentiated products that require our materials science capabilities and unique process technologies, including our new product development competence.

Our capabilities range from cast/wrought and powder alloy development to final production of highly engineered finished components, including those used in latest generation jet engines and 3D-printed aerospace products.

ATI produces specialty materials, highly differentiated by our materials science expertise and advanced process technologies.

Aerospace & defense, our largest end markets, represented 69% of sale s for the quarter ended March 29, 2026, led by products for jet engines and airframes in addition to a wide range of defense applications.

Additionally, we have a strong presence in the specialty energy market and serve customers in several other markets including conventional energy, medical, electronics and other industrial markets.

We operate in two business segments:

High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions

HPMC produces a wide range of high performance materials, components, and advanced metallic powder alloys.

These products are made from nickel-based alloys and superalloys, titanium and titanium-based alloys, and a variety of other

specialty materials.

HPMC’s capabilities range from cast/wrought and powder alloy development to production of highly

engineered finished components, and 3D-printed aerospace products.

The HPMC segment’s primary focus is on maximizing jet

engine materials and components growth, with approximately 93% of its revenue derived from the aerospace & defense

markets, including approximately 70% from products for commercial jet engines.

The AA&S segment produces nickel-based alloys, titanium and titanium-based alloys, and specialty alloys, including

zirconium, hafnium, and niobium, in a variety of forms including plate, sheet, and strip products.

AA&S focuses on high-value

materials that are utilized in technically challenging and extreme environments, which require materials that can withstand

extreme heat, radiation and corrosion.

Sales to the aerospace & defense markets comprises approximately 43% of total AA&S

AA&S also serves customers across several other markets, notably specialty energy and conventional energy, as

well as electronics and certain industrial markets.

ATI follows a 4-4-5 or 5-4-4 fiscal calendar, whereby each fiscal quarter consists of thirteen weeks grouped into two four-week months and one five-week month, and its fiscal year ends on the Sunday closest to December 31.

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Results of Operations

Third quarter 2025 sales increased 7% to $1.13 billion, compared to $1.05 billion of sales for the third quarter 2024, primarily due to increased demand in the aerospace & defense market, partially offset by a decline in sales to our other core and industrial markets.

In aggregate, ATI’s aerospace & defense market sales increased 21% to $792.7 million, or 70% of total sales in the third quarter 2025, compared to $653.8 million, or 62% of total sales in the third quarter 2024.

The increase in aerospace & defense market sales was partially offset by sales declines in other core and industrial markets of 23% and 11%, respectively.

Sales for the year-to-date period ended September 28, 2025 increased 7% to $3.41 billion, compared to sales of $3.19 billion for the comparable 2024 period.

The increase in sales was primarily due to an 18% increase in sales to the aerospace & defense market, partially offset by sales declines in other core and industrial markets of 21% and 4%, respectively.

Comparative information regarding our overall revenues (in millions) by end market and their respective percentages of total revenues for the quarters and year-to-date periods ended September 28, 2025 and September 29, 2024 is shown below.

First quarter 2026 sales increased approximately 1% to $1.15 billion, compared to $1.14 billion of sales for the first quarter 2025, primarily due to increased demand and favorable pricing in the aerospace & defense markets, partially offset by a net decline in sales to our other markets, mostly in the conventional energy market.

In aggregate, ATI’s aerospace & defense sales increased 6% to $797.6 million, or 69% of total sales in the first quarter 2026, compared to $754.4 million, or 66% of total sales in the first quarter 2025.

The increase in aerospace & defense sales was driven by commercial jet engine and defense products, partially offset by a decline in sales of commercial airframe products.

Comparative information regarding our overall sales (in millions) by end market and their respective percentages of total sales for the quarterly periods ended March 29, 2026 and March 30, 2025 is shown below.

Quarter ended Quarter ended

Markets September 28, 2025 September 29, 2024

Markets March 29, 2026 March 30, 2025

Aerospace & Defense:

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Total Aerospace & Defense 797.6 69 % 754.4 66 %

Other Markets:

Specialty Energy 61.6 5 % 50.5 4 %

1 unchanged sentence

Medical 27.5 3 % 42.4 4 %

Other Core Markets 133.2 12 % 172.1 17 %

Core End Markets 925.9 82 % 825.9 79 %

Automotive 61.5 5 % 60.6 5 %

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Other 51.8 5 % 42.2 4 %

Industrial Markets 199.6 18 % 225.3 21 %

Total $ 1,125.5 100 % $ 1,051.2 100 %

Year-to-date period ended Year-to-date period ended

Markets September 28, 2025 September 29, 2024

Aerospace & Defense:

Jet Engines- Commercial $ 1,302.8 38 % $ 1,029.9 32 %

Airframes- Commercial 598.7 18 % 581.7 18 %

Defense 407.4 12 % 341.8 11 %

Total Aerospace & Defense 2,308.9 68 % 1,953.4 61 %

Specialty Energy 167.9 5 % 202.6 6 %

Electronics 131.7 4 % 142.8 4 %

Medical 112.2 3 % 173.9 6 %

Other Core Markets 411.8 12 % 519.3 16 %

Core End Markets 2,720.7 80 % 2,472.7 77 %

Conventional Energy 271.5 8 % 241.2 8 %

Automotive 186.7 5 % 190.6 6 %

Construction/Mining 103.0 3 % 113.2 4 %

Other 128.4 4 % 171.7 5 %

Industrial Markets 689.6 20 % 716.7 23 %

Total Other Markets 353.9 31 % 390.0 34 %

Total $ 1,151.5 100 % $ 1,144.4 100 %

For the third quarter 2025, international sales increased to $445 million, or 40% of total sales, from $426 million, or 40% of total sales, in the third quarter 2024.

ATI’s international sales are mostly to our core end markets.

Comparative information regarding our major products based on their percentages of revenues are shown below.

HRPF conversion service sales in the AA&S segment are excluded from this presentation.

Quarter ended Year-to-date period ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

For the first quarter 2026, international sales increased to $459 million, or 40% of total sales, from $501 million, or 44% of total sales, in the first quarter 2025.

Comparative information regarding our major products based on their percentages of sales are shown below.

Hot-Rolling and Processing Facility (HRPF) conversion service sales in the AA&S segment are excluded from this presentation.

Quarter ended

March 29, 2026 March 30, 2025

Nickel-based alloys and specialty alloys 49 % 48 %

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Total 100 % 100 %

Gross profit for the third quarter of 2025 was $255.3 million, or 22.7% of sales, compared to $224.8 million, or 21.4% of sales, for the third quarter 2024.

Third quarter 2025 gross profit includes $7.0 million of start-up and transaction-related costs, which are excluded from Adjusted EBITDA.

Third quarter 2024 gross profit includes a benefit of $4.8 million related to the recognition of previously deferred employee retention tax credits, of which $2.9 million related to the HPMC segment and $1.9 million related to the AA&S segment.

Third quarter 2024 gross profit also includes $2.5 million of start-up costs, partially offset by a $0.4 million credit for adjustments to inventory reserves related to our European restructuring, which are excluded from Adjusted EBITDA.

Our gross profit was $733.6 million, or 21.5% of sales, for the year-to-date period ended September 28, 2025, compared to $649.6 million, or 20.4% of sales for the year-to-date period ended September 29, 2024.

Year-to-date 2025 gross profit includes a benefit of $7.2 million related to the recognition of previously deferred employee retention tax credits, of which $4.4 million related to the HPMC segment and $2.8 million related to the AA&S segment.

Year-to-date 2025 gross profit also includes start-up and transaction-related costs of $17.0 million, which are excluded from Adjusted EBITDA.

Year-to-date 2024 gross profit includes a benefit of $13.4 million related to the recognition of previously deferred employee retention tax credits, of which $6.4 million related to the HPMC segment and $7.0 million related to the AA&S segment.

Year-to-date 2024 gross profit also includes $7.2 million of start-up costs and $5.1 million of charges for inventory write-downs related to our European restructuring, which are excluded from Adjusted EBITDA.

Gross profit for the first quarter of 2026 was $262.9 million, or 22.8% of sales, compared to $235.8 million, or 20.6% of sales, for the first quarter 2025.

First quarter 2026 gross profit includes $7.9 million of start-up and transaction-related costs and $1.1 million of restructuring-related costs, which are excluded from Adjusted EBITDA.

First quarter 2025 gross profit includes $4.0 million of start-up and transaction-related costs, which are excluded from Adjusted EBITDA.

Selling and Administrative Expenses

Selling and administrative expenses for the third quarter 2025 were $94.6 million, an increase of 15% compared to $82.4 million for the third quarter 2024.

The increase was primarily due to higher incentive compensation costs, foreign exchange losses compared to gains in the prior year period, and higher research and development expenses.

Third quarter 2025 includes $3.8 million of transformation and transaction-related costs and $2.5 million of losses on the sale of customer accounts receivable, which are excluded from Adjusted EBITDA.

Third quarter 2024 includes $1.7 million of transaction costs, which are excluded from Adjusted EBITDA.

Selling and administrative expenses for the year-to-date 2025 period were $262.4 million, an increase of 4% compared to $253.3 million for the 2024 year-to-date period.

The increase was primarily due to higher incentive compensation costs, foreign exchange losses, and higher research and development expenses.

Year-to-date 2025 includes $4.9 million of transformation and transaction-related costs and $5.7 million of losses on the sale of customer accounts receivable, which are excluded from Adjusted EBITDA.

Year-to-date 2024 includes $1.7 million of transaction costs, which are excluded from Adjusted EBITDA.

Restructuring (Credits) Charges

Third quarter 2025 included restructuring credits of $0.4 million due to a reduction in severance-related reserves primarily for our previous European restructuring.

Third quarter 2024 included restructuring charges of $0.5 million for severance-related reserves for the involuntary reduction of several domestic employees.

The year-to-date periods ended September 28, 2025 and September 29, 2024 included restructuring credits of $1.7 million and $1.2 million, respectively, primarily due to reductions in severance-related reserves for previous European and AA&S restructuring activities.

(Gain) Loss on Asset Sales and Sales of Businesses, net

Gain on asset sales and sales of businesses, net of $1.3 million for the third quarter of 2025 primarily includes a $1.1 million gain on the sale of our East Hartford, CT operations, an immaterial, non-core operation that was part of the Forged Products business unit in the HPMC segment.

The year-to-date period ended September 28, 2025 loss on asset sales and sales of businesses, net of $2.6 million also includes a $3.7 million loss for the sale of certain immaterial, non-core operations in Birmingham, UK and Dusseldorf, Germany, which were part of our European business in the HPMC Segment.

Gains on asset sales and sales of businesses, net of $2.5 million for the year-to-date 2024 period was mostly comprised of a $2.3 million gain on the sale of our idled Houston, PA facility.

Selling and administrative expenses for the first quarter 2026 were $92.1 million, an increase of 8.4% compared to $85.0 million for the first quarter 2025.

The increase was primarily due to $8.0 million of transformation and transaction-related costs and $2.4 million of losses on the sale of customer accounts receivable, which are excluded from Adjusted EBITDA.

First quarter 2025 included $1.6 million of losses on the sale of customer accounts receivable, which are excluded from Adjusted EBITDA.

Restructuring Charges

First quarter 2026 included restructuring-related severance and impairment costs of $7.0 million due to the rationalization of certain facilities, which are excluded from Adjusted EBITDA.

There were no restructuring charges in first quarter 2025.

Loss on Asset Sales and Sales of Businesses, net

The loss on asset sales and sales of businesses, net of $3.9 million in first quarter 2025 was mostly attributable to the prior year sale of certain immaterial, non-core operations that were part of our European business in the HPMC segment.

Interest Expense, Net

Interest expense, net decreased to $26.1 million in the third quarter of 2025 compared to $28.0 million in the third quarter of 2024.

Capitalized interest reduced interest expense by $2.4 million in the third quarter 2025 and $2.9 million in the third quarter 2024.

In addition, interest expense, net in the year-to-date period ended September 28, 2025 decreased to $74.5 million compared to $83.0 million in the year-to-date period ended September 29, 2024.

For the year-to-date periods ended September 28, 2025 and September 29, 2024, capitalized interest was $7.6 million and $8.8 million, respectively.

The decrease in interest expense, net in both the quarter and year-to-date periods was primarily due to the redemption of the 2025 Convertible Notes in the third quarter of 2024.

Interest expense, net increased to $23.7 million in the first quarter of 2026 compared to $23.0 million in the first quarter of 2025.

Capitalized interest reduced interest expense by $3.0 million in the first quarter 2026 and $3.1 million in the first quarter 2025.

The increase in interest expense, net was primarily related to increased borrowings made on our revolving credit facility in the first quarter 2026.

Other Income, Net

Other income, net for the third quarter and year-to date period ended September 28, 2025 of $12.2 million and $15.5 million , respectively, included a gain of $10.5 million from the sale of certain oil and gas rights.

Other income, net for the third quarter and year-to date period ended September 29, 2024 of $4.4 million and $5.2 million, respectively, included a gain of $3.7 million from the sale of certain oil and gas rights.

Our effective tax rate for the third quarter of 2025 was 21.4%, resulting in an income tax provision of $31.0 million, and our effective tax rate for the third quarter of 2024 was 24.6%, resulting in an income tax provision of $28.3 million.

The effective tax rate for the third quarter of 2025 includes discrete tax expense of $2.8 million, primarily related to return-to-provision adjustments for limitations of permanent benefits due to decreased taxable income.

The effective tax rate for the third quarter of 2024 includes discrete tax expense of $0.2 million.

Excluding the discrete tax items, the Company’s effective tax rates for the third quarter of 2025 and 2024 were 19.5% and 24.5%, respectively.

The decline in the effective tax rate was primarily due to deductions previously limited by net operating losses.

Our effective tax rate for the year-to-date period ended September 28, 2025 was 20.4%, resulting in an income tax provision of $81.3 million.

Our effective tax rate for the year-to-date period ended September 29, 2024 was 22.7%, resulting in an income tax provision of $70.5 million.

The effective tax rate for the year-to-date period ended September 28, 2025 includes discrete tax benefits of $1.7 million, inclusive of $4.1 million for share-based compensation.

The effective tax rate for the year-to-date period ended September 29, 2024 includes discrete tax benefits of $4.5 million, inclusive of $3.3 million for share-based compensation, as well as the impact from the recognition of a stranded deferred tax valuation allowance in accumulated other comprehensive loss due to the maturity of our interest rate swap.

Excluding the discrete tax items, the Company’s effective tax rate for the year-to-date periods ended September 28, 2025 and September 29, 2024 was 20.8% and 24.1%, respectively.

The decline in the effective tax rate was primarily due to deductions previously limited by net operating losses.

On July 4, 2025, the One Big Beautiful Bill Act, which includes permanent extensions of most expiring Tax Cuts and Jobs Act provisions and international tax changes, was enacted.

Pursuant to ASC 740, Income Taxes , the effects of changes in tax law are recognized in the period of enactment, the impact of which are not material and are reflected in the Company’s effective tax rate in the quarter.

The Company anticipates that the impacts related to the tax law changes will be favorable to future years’ cash tax payments due to changes in bonus depreciation, domestic research expensing and certain international provisions.

Net income attributable to ATI was $110.0 million, or $0.78 per share, in the third quarter of 2025, compared to $82.7 million, or $0.57 per share, for the third quarter of 2024.

Net income attributable to ATI was $307.7 million, or $2.16 per share, in the year-to-date period ended September 28, 2025, compared to a net income attributable to ATI of $230.7 million, or $1.61 per share, for the prior year period.

Other income, net for the first quarter 2026 decreased to $0.8 million compared to $1.5 million in the first quarter 2025.

Our effective tax rate for the first quarter of 2026 was 11.8%, resulting in an income tax provision of $16.1 million, and our effective tax rate for the first quarter of 2025 was 17.3%, resulting in an income tax provision of $21.0 million.

The lower effective tax rate on a year-over-year basis was primarily due to the timing and amount of discrete tax benefits.

The effective tax rate for the first quarter of 2026 includes discrete tax benefits of $11.9 million, while the effective tax rate for the first quarter of 2025 includes discrete tax benefits of $5.1 million.

The discrete tax benefits in both periods were primarily for share-based compensation.

Net income attributable to ATI was $118.2 million, or $0.85 per share, in the first quarter of 2026, compared to $97.0 million, or $0.67 per share, for the first quarter of 2025.

Business Segment Results

Comparative financial information (in millions) for our segments and corporate operations for the quarters and year-to-date periods ended September 28, 2025 and September 29, 2024 is shown below.

Quarter Ended Year-to-date period ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Comparative financial information (in millions) for our segments and corporate operations for the quarterly periods ended March 29, 2026 and March 30, 2025 is shown below.

Quarter Ended

March 29, 2026 March 30, 2025

High Performance Materials & Components $ 614.3 $ 584.1

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High Performance Materials & Components Segment

Third quarter 2025 sales were $602.9 million, an increase of $50.5 million, or 9%, compared to the third quarter 2024, primarily due to a $79.2 million, or 17%, increase in sales to the aerospace & defense market.

The increase in aerospace & defense sales was primarily driven by strong demand for commercial jet engine and defense products.

This increase was partially offset by a decline in sales to the medical, specialty energy, and industrial markets, inclusive of a $9 million negative impact due to the first quarter 2025 disposition of certain non-core operations in Europe.

Comparative information for our HPMC segment revenues (in millions) by market and their respective percentages of the segment’s overall revenues for the quarters ended September 28, 2025 and September 29, 2024 is as follows:

First quarter 2026 sales were $614.3 million, an increase of $30.2 million, or 5%, compared to the first quarter 2025, primarily due to sales growth in the the aerospace & defense markets, which increased $31.2 million, or 6%.

This increase was primarily driven by strong demand for commercial jet engine products, which grew more than 8% on a year-over-year basis.

Comparative information for our HPMC segment revenues (in millions) by market and their respective percentages of the segment’s overall revenues for the quarters ended March 29, 2026 and March 30, 2025 is as follows:

Quarter ended Quarter ended

Markets September 28, 2025 September 29, 2024

Markets March 29, 2026 March 30, 2025

Aerospace & Defense:

3 unchanged sentences

Total Aerospace & Defense 568.7 93 % 537.5 92 %

Other Markets:

Specialty Energy 15.6 2 % 12.4 2 %

Medical 9.7 2 % 15.8 3 %

Electronics — — % — — %

Other Core Markets 31.2 5 % 54.9 10 %

Core End Markets 585.3 97 % 529.8 96 %

Construction/Mining 11.7 2 % 7.1 1 %

2 unchanged sentences

Other 6.0 1 % 8.2 1 %

Industrial Markets 17.6 3 % 22.6 4 %

Total Other Markets 45.6 7 % 46.6 8 %

Total $ 614.3 100 % $ 584.1 100 %

International sales represented 44% of total segment sales for the third quarter 2025, compared to 48% in the prior year period.

Comparative information for the HPMC segment’s major product categories, based on their percentages of revenue for the quarters ended September 28, 2025 and September 29, 2024, is as follows:

International sales represented 45% of total segment sales for the first quarter 2026, compared to 46% in the prior year period.

Comparative information for the HPMC segment’s major product categories, based on their percentages of revenue for the quarters ended March 29, 2026 and March 30, 2025, is as follows:

Quarter ended

September 28, 2025 September 29, 2024

Nickel-based alloys and specialty alloys 44 % 43 %

Precision forgings, castings and components 40 % 36 %

Titanium and titanium-based alloys 16 % 21 %

Total 100 % 100 %

Segment EBITDA in the third quarter 2025 was $145.8 million, or 24.2% of total sales, compared to $123.2 million, or 22.3% of total sales, for the third quarter 2024.

The increase in segment EBITDA, as a percentage of sales, was primarily due to higher sales and favorable pricing of nickel-based and specialty alloys.

Results in the third quarter of 2024 included a benefit of $2.9 million from the recognition of previously deferred employee retention tax credits.

Sales for the year-to-date period ended September 28, 2025 were $1,795.8 million , an increase of $151.5 million, or 9%, compared to the year-to-date period ended September 29, 2024 , primarily due to a $255.3 million, or 18% , increase in sales to the aerospace & defense market.

The increase in aerospace & defense sales was primarily due to strong demand for commercial jet engine and defense products.

This increase was partially offset by a decline in sales to the medical, industrial, and specialty energy markets, inclusive of a $39 million negative impact due to the first quarter 2025 disposition of certain non-core operations in Europe.

Comparative information for our HPMC segment revenues (in millions) by market and their respective percentages of the segment’s overall revenues for the year-to-date periods ended September 28, 2025 and September 29, 2024 is as follows:

Year-to-date period ended Year-to-date period ended

Markets September 28, 2025 September 29, 2024

Aerospace & Defense:

Jet Engines- Commercial $ 1,216.2 68 % $ 970.6 59 %

Airframes- Commercial 230.1 13 % 263.5 16 %

Defense 204.0 11 % 160.9 10 %

Total Aerospace & Defense 1,650.3 92 % 1,395.0 85 %

Specialty Energy 46.5 3 % 67.0 4 %

Medical 43.0 2 % 97.5 6 %

Electronics — — % 3.0 — %

Other Core Markets 89.5 5 % 167.5 10 %

Core End Markets 1,739.8 97 % 1,562.5 95 %

Construction/Mining 20.5 1 % 19.9 1 %

Automotive 5.9 — % 13.4 1 %

Conventional Energy 4.2 — % 8.3 1 %

Other 25.4 2 % 40.2 2 %

Industrial Markets 56.0 3 % 81.8 5 %

Total $ 1,795.8 100 % $ 1,644.3 100 %

International sales represented 44% of total segment sales for the 2025 year-to-date period.

Comparative information for the HPMC segment’s major product categories, based on their percentages of revenue for the year-to-date periods ended September 28, 2025 and September 29, 2024, is as follows:

Year-to-date period ended

September 28, 2025 September 29, 2024

March 29, 2026 March 30, 2025

Nickel-based alloys and specialty alloys 45 % 41 %

2 unchanged sentences

Total 100 % 100 %

Segment EBITDA in the year-to-date period ended September 28, 2025 increased to $420.8 million, or 23.4% of total sales, compared to $334.6 million, or 20.4% of total sales, for the year-to-date period ended September 29, 2024.

The increase in segment EBITDA, as a percentage of sales, was primarily due to higher sales and favorable pricing of nickel-based and specialty alloys.

Results for the year-to-date periods ended September 28, 2025 and September 29, 2024 included benefits of $4.4 million and $6.4 million, respectively, from the recognition of previously deferred employee retention tax credits.

The Company’s investments to increase capacity and focus on continuous improvement are driving improvements to our work-flow processes and operations.

HPMC results for 2025 reflected year-over-year improved operating leverage and pricing as we continued to experience increasing demand from the aerospace & defense market, especially for commercial jet engines.

Although macro risks and uncertainty continue, we believe our capabilities, strong backlog and long-term agreements with aerospace market OEMs for our specialty materials, including powders, parts and components, position the HPMC segment for profitable growth for the next several years.

ATI has prepared for the potential risks of tariffs for many years, and we have taken actions to minimize the impact of tariffs in our contracts and supply chains.

While we expect continued, near-term challenges, we believe the backlog of commercial aircraft production, increasing requirements for maintenance, repair, and operations, and the current OEM production forecasts support our long-term growth expectations in this end market.

Segment EBITDA in the first quarter 2026 was $152.9 million, or 24.9% of total sales, compared to $131.0 million, or 22.4% of total sales, for the first quarter 2025.

The increase in segment margin rate was primarily due to higher volume and favorable sales mix and pricing.

The Company continues to invest in capacity and to improve work-flow processes and operations.

HPMC results for first quarter 2026 reflected year-over-year improved operating leverage and pricing as we continued to experience strong demand in our key aerospace & defense markets, particularly for commercial jet engine products.

We believe our long-term agreements with aerospace market OEMs and backlog for our specialty materials, including powders, parts and components, position the HPMC segment for continued growth.

Advanced Alloys & Solutions Segment

Third quarter 2025 sales were $522.6 million, an increase of $23.8 million, or 5%, compared to the third quarter 2024.

Sales to the aerospace & defense market increased $59.7 million, or 33%, due to higher commercial airframe and jet engine sales of $40.3 million and a $19.4 million increase in sales of defense products.

Aerospace & defense sales were 46% of the total AA&S sales in the third quarter 2025 compared to 36% in third quarter 2024.

The sales increase for aerospace & defense was partially offset by declines in sales to our other core markets, primarily specialty energy and medical, of $14.5 million, or 21% .

Comparative information regarding our AA&S segment revenues (in millions) by market and their respective percentages of the segment’s overall revenues for the quarters ended September 28, 2025 and September 29, 2024 is shown below.

First quarter 2026 sales were $537.2 million, a decrease of $23.1 million, or 4%, compared to first quarter 2025, primarily driven by a $37.8 million decline in sales to the conventional energy market.

This decrease was partially offset by higher sales to the aerospace & defense markets.

The increase in aerospace & defense sales was mostly due to demand for commercial jet engine and defense products, partially offset by lower commercial airframe sales.

Aerospace & defense sales were 43% of the total AA&S sales in the first quarter 2026 compared to 39% in first quarter 2025.

Quarter ended Quarter ended

Markets September 28, 2025 September 29, 2024

Markets March 29, 2026 March 30, 2025

Aerospace & Defense:

3 unchanged sentences

Total Aerospace & Defense 228.9 43 % 216.9 38 %

Other Markets:

Electronics 28.3 5 % 39.6 7 %

1 unchanged sentence

Medical 17.8 3 % 26.6 5 %

Other Core Markets 102.0 19 % 117.2 24 %

Core End Markets 340.6 65 % 296.1 60 %

Automotive 60.8 11 % 59.2 11 %

2 unchanged sentences

Other 45.8 9 % 34.0 6 %

Industrial Markets 182.0 35 % 202.7 40 %

Total Other Markets 308.3 57 % 343.4 62 %

Total $ 537.2 100 % $ 560.3 100 %

International sales represented 35% of total segment sales for the third quarter of 2025, compared to 32% in the prior year’s third quarter.

Comparative information regarding the AA&S segment’s major product categories, based on their percentages of revenue for the quarters ended September 28, 2025 and September 29, 2024, is presented in the following table.

International sales represented 34% of total segment sales for the first quarter of 2026, compared to 42% in the prior year’s first quarter.

Comparative information regarding the AA&S segment’s major product categories, based on their percentages of revenue for the quarters ended March 29, 2026 and March 30, 2025, is presented in the following table.

HRPF conversion service sales are excluded from this presentation.

Quarter ended

September 28, 2025 September 29, 2024

March 29, 2026 March 30, 2025

Nickel-based alloys and specialty alloys 53 % 55 %

3 unchanged sentences

Total 100 % 100 %

Segment EBITDA was $90.4 million, or 17.3% of sales, for the third quarter 2025, compared to segment EBITDA of $73.6 million, or 14.8% of sales, for the third quarter 2024.

The margin increase compared to the prior year was primarily due to favorable sales mix and pricing of exotic alloys.

Third qua rter 2024 included a $1.9 million benefit from the recognition of previously deferred employee retention tax credits.

Sales for the year-to-date period ended September 28, 2025 were $1,614.5 million, an increase of $69.4 million or 5% compared to the year-to-date period ended September 29, 2024.

Sales to the aerospace & defense market increased by $100.2 million, or 18%, due to higher commercial airframe and jet engine sales of $77.7 million and a $22.5 million increase in

defense sales.

The increase in aerospace & defense sales was partially offset by a decline in sales to our other core markets of $29.5 million, or 8%.

Sales to industrial markets were essentially flat compared to the prior year period.

Comparative information regarding our AA&S segment revenues (in millions) by market and their respective percentages of the segment’s overall revenues for the year-to-date periods ended September 28, 2025 and September 29, 2024 is shown below.

Year-to-date period ended Year-to-date period ended

Markets September 28, 2025 September 29, 2024

Aerospace & Defense:

Jet Engines- Commercial $ 86.6 5 % $ 59.3 4 %

Airframes- Commercial 368.6 23 % 318.2 20 %

Defense 203.4 13 % 180.9 12 %

Total Aerospace & Defense 658.6 41 % 558.4 36 %

Electronics 131.7 8 % 139.8 9 %

Specialty Energy 121.4 8 % 135.6 9 %

Medical 69.2 4 % 76.4 5 %

Other Core Markets 322.3 20 % 351.8 23 %

Core End Markets 980.9 61 % 910.2 59 %

Conventional Energy 267.3 17 % 232.9 15 %

Automotive 180.8 11 % 177.2 11 %

Construction/Mining 82.5 5 % 93.3 6 %

Other 103.0 6 % 131.5 9 %

Industrial Markets 633.6 39 % 634.9 41 %

Total $ 1,614.5 100 % $ 1,545.1 100 %

International sales represented 40% of total segment sales for the year-to-date period ended September 28, 2025, compared to 33% the prior year.

HRPF conversion service sales are excluded from this presentation.

Year-to-date period ended

September 28, 2025 September 29, 2024

Nickel-based alloys and specialty alloys 51 % 50 %

Zirconium and related alloys 19 % 18 %

Titanium and titanium-based alloys 19 % 13 %

Precision rolled strip products 11 % 19 %

Total 100 % 100 %

Segment EBITDA was $250.5 million, or 15.5% of sales, for the year-to-date period ended September 28, 2025, compared to segment EBITDA of $232.9 million, or 15.1% of sales, for the year-to-date period ended September 29, 2024.

The margin increase compared to the prior year was primarily due to higher sales, a favorable sales mix, and pricing of exotic alloys.

Results for the year-to-date period ended September 28, 2025 include a benefit of $2.8 million from the recognition of previously deferred employee retention tax credits and a benefit of $2.6 million due to a customer recovery for previously reserved accounts receivable.

Re sults for the year-to-date period ended September 29, 2024 includes a benefit of $7.0 million from the recognition of previously deferred employee retention tax credits.

Margins for our AA&S segment increased on a year-over-year basis, as expected, through improved sales mix and operating performance.

We continue to closely monitor macro risks and uncertainty, and have taken actions to minimize the impact of tariffs in our contracts and supply chains.

Segment EBITDA was $97.0 million, or 18.1% of sales, for the first quarter 2026, compared to segment EBITDA of $83.4 million, or 14.9% of sales, for the first quarter 2025.

The margin rate increase compared to the prior year was primarily due to favorable sales mix changes and favorable pricing of exotic alloys.

Corporate Items

Corporate expenses for the third quarter of 2025 were $15.6 million, compared to $13.4 million for the third quarter 2024.

The increase in corporate expenses for the quarter ended September 28, 2025 was primarily due to higher incentive compensation costs.

For the year-to-date period ended September 28, 2025, corporate expenses were $48.4 million, compared to $49.9 million for the year-to-date period ended September 29, 2024.

The decrease in corporate expenses for the year-to-date period ended September 28, 2025 was primarily due to lower incentive compensation costs.

Closed operations and other income/expense for the third quarter 2025 was income of $4.5 million, compared to income of $2.3 million for the third quarter 2024.

For the year-to-date period ended September 28, 2025, closed operations and other income/expense was income $4.5 million, compared to income of $1.7 million for the year-to-date period ended September 29, 2024.

Closed operations and other income/expense for the quarter and year-to-date periods ended September 28, 2025 and September 29, 2024 includes gains of $10.5 million and $3.7 million, respectively, on the sale of certain oil and gas rights, included within other income, net, on the consolidated statements of operations.

Corporate expenses for the first quarter of 2026 declined to $17.0 million, compared to $17.4 million for the first quarter 2025.

This reduction was primarily due to lower incentive compensation costs.

Closed operations and other income/expense for the first quarter 2026 was expense of $1.2 million, compared to expense of $2.4 million for the first quarter 2025.

The reduction in expense in was mostly due to the impact of foreign exchange losses in the prior year quarter.

Managed Working Capital

As part of managing the performance of our business, we focus on Managed working capital, a non-GAAP financial measure that we define as gross accounts receivable, short-term contract assets and gross inventories, excluding the effects of reserves for uncollectible accounts receivable and inventory valuation reserves, less accounts payable and short-term contract liabilities.

We assess Managed working capital performance as a percentage of the prior three months annualized sales.

Managed working capital is not intended to replace working capital or other GAAP financial measures or to be used as a measure of liquidity.

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Our strategies include, but are not limited to, taking advantage of favorable customer and supplier payment terms, participating in supplier financing programs, accounts receivable factoring arrangements and other customer financing programs, managing the timing of purchases of raw materials, and leveling manufacturing process throughput and shipping to limit periodic increases in Managed working capital.

At September 28, 2025, Managed working capital increased as a percentage of annualized sales to 36.4% compared to 30.9% at December 29, 2024.

The increase in Managed working capital as a percentage of annualized sales was primarily due to seasonal inventory builds to support increased operating levels and the timing of shipments, which impacts days sales outstanding, and vendor payments in the quarter.

Days sales outstanding, which measures actual collection timing for accounts receivable, worsened by 5% as of September 28, 2025 compared to year end 2024.

Gross inventory turns, which measures how many times we turn over our inventory relative to cost of sales in a year, worsened by 8% as of September 28, 2025 compared to year end 2024.

The computations of Managed working capital at September 28, 2025 and December 29, 2024, reconciled to the financial statement line items as computed under U.S.

We assess Managed working capital performance as a percentage of the prior three months annualized sales.

At March 29, 2026, Managed working capital increased as a percentage of annualized sales to 34.8% compared to 32.5% at December 28, 2025.

The increase in Managed working capital as a percentage of annualized sales was primarily due to seasonal inventory builds to support increased operating levels and the timing of shipments.

As a result, gross inventory turns, which measures how many times we turn over our inventory relative to cost of sales in a year, worsened by 13% at March 29, 2026 compared to December 28, 2025.

Days sales outstanding, which measures actual collection timing for accounts receivable, was relatively flat at March 29, 2026 compared to December 28, 2025.

The computations of Managed working capital at March 29, 2026 and December 28, 2025, reconciled to the financial statement line items as computed under U.S.

GAAP, were as follows.

The December 29, 2024 amounts include management working capital balances that are classified as held for sale.

September 28, December 29,

March 29, December 28,

(In millions) 2026 2025

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Liquidity and Financial Condition

On June 13, 2025, we amended our Asset Based Lending (ABL) Credit Facility, which is collateralized by the accounts receivable and inventory of our operations.

This amendment extended the ABL facility through June 2030.

The amended ABL includes a $600 million revolving credit facility, a letter of credit sub-facility of up to $200 million, a $200 million term loan (Term Loan), and a swing loan facility of up to $60 million.

Additionally, the amendment gives the Company the ability, through June 13, 2026 and as long as no default or event of default has occurred and is continuing, to borrow an additional term loan of up to $100 million in total, using one or two draws (the Delayed-Draw Term Loan).

The Company's amended Asset Based Lending (ABL) Credit Facility is collateralized by the accounts receivable and inventory of our operations and includes a $600 million revolving credit facility, a letter of credit sub-facility of up to $200 million, a $200 million term loan (Term Loan), and a swing loan facility of up to $60 million.

Additionally, the Company has the ability, through June 13, 2026 and as long as no default or event of default has occurred and is continuing, to borrow an additional term loan of up to $100 million in total, using one or two draws (the Delayed-Draw Term Loan).

The ABL facility also provides us with the option of including certain machinery and equipment as additional collateral for purposes of determining availability under the facility.

As of September 28, 2025, there were no outstanding borrowings under the revolving portion of the ABL facility, and $29.4 million was utilized to support the issuance of letters of credit.

At September 28, 2025, we had $372.2 million of cash and cash equivalents, available additional liquidity under the ABL facility of approximately $570 million, and up to $100 million of availability under the Delayed-Draw Term Loan.

Our next significant debt maturity is in the fourth quarter of this year and relates to the 6.95% Debentures due 2025 issued by our wholly owned subsidiary, Allegheny Ludlum LLC.

Periodically, our Board of Directors authorizes the repurchase of ATI common stock (the “Share Repurchase Program”), the most recent of which was $700 million that was announced in September 2024.

The ABL term runs through June of 2030.

As of March 29, 2026, there was $75 million in outstanding borrowings under the revolving portion of the ABL facility, and $29.3 million was utilized to support the issuance of letters of credit.

At March 29, 2026, we had $401.7 million of cash and cash equivalents, available additional liquidity under the ABL facility of approximately $495 million, and up to $100 million of availability under the Delayed-Draw Term Loan.

Our next significant debt maturity is $350 million of 5.875% Senior Notes in the fourth quarter of fiscal year 2027.

Periodically, our Board of Directors authorizes the repurchase of ATI common stock (the “Share Repurchase Program”), the most recent of which was $500 million that was announced in February 2026.

Repurchases under these programs are made in the open market or in privately negotiated transactions, with the amount and timing of repurchases depending on market conditions and corporate needs.

Open market repurchases are structured to occur within the pricing and volume requirements of SEC Rule 10b-18.

In the quarter and year-to-date period ended September 28, 2025, ATI used $150 million and $470 million, respectively, to repurchase 2.0 million and 6.4 million, respectively, of its common stock under the Share Repurchase Program.

At September 28, 2025, the Company has utilized $580 million of the $700 million currently authorized under the Share Repurchase Program.

In the quarter ended March 29, 2026, ATI used $75 million to repurchase 0.5 million of its common stock under the Share Repurchase Program.

At March 29, 2026, the Company has utilized $655 million of the $1.20 billion currently authorized under its currently active Share Repurchase Programs.

We believe that internally generated funds, current cash on hand and available borrowings under the ABL facility will be adequate to meet our liquidity needs.

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We have no off-balance sheet arrangements as defined in Item 303(a)(4) of SEC Regulation S-K.

In managing our overall capital structure, we focus on the ratio of net debt to Adjusted EBITDA, which we use as a measure of our ability to repay our incurred debt.

We define net debt as the total principal balance of our outstanding indebtedness excluding deferred financing costs, net of cash, at the balance sheet date.

See above for our definition of Adjusted EBITDA, which is a non-GAAP measure and is not intended to represent, and should not be considered more meaningful than, or as an alternative to, a measure of operating performance as determined in accordance with U.S.

Our ratio of net debt to

Adjusted EBITDA (Adjusted EBITDA Leverage Ratio) measures net debt at the balance sheet date to Adjusted EBITDA as calculated on the trailing twelve-month period from this balance sheet date.

Our Total Debt to Adjusted EBITDA Leverage ratio improved in the third quarter of 2025 compared to year end 2024, while our Net Debt to Adjusted EBITDA Leverage ratio worsened in the third quarter of 2025 compared to year end 2024, largely due to a lower cash balance.

In managing our overall capital structure, we focus on the ratio of both total and net debt to Adjusted EBITDA (Adjusted EBITDA Leverage ratios), which we use as a measure of our ability to repay our incurred debt.

We define total debt as the total principal balance of our outstanding indebtedness including deferred financing costs.

Net debt is defined as the total principal balance of our outstanding indebtedness excluding deferred financing costs, net of cash, at the balance sheet date.

See below for our definition of Adjusted EBITDA, which is a non-GAAP measure and is not intended to represent, and should not be considered more meaningful than, or as an alternative to, a measure of operating performance as determined in accordance with U.S.

We calculate the Adjusted EBITDA Leverage ratios based on total or net debt at the balance sheet date and Adjusted EBITDA for the trailing twelve-month period from the balance sheet date.

Our Total Debt to Adjusted EBITDA Leverage and Net Debt to Adjusted EBITDA Leverage ratios remained consistent at March 29, 2026 as compared to December 28, 2025.

The reconciliations of our Adjusted EBITDA Leverage ratios to the balance sheet and income statement amounts as reported under U.S.

GAAP are as follows:

Quarter ended Trailing 12-month period ended Year ended

September 28, 2025 September 29, 2024 September 28, 2025 December 29, 2024

Trailing 12-month period ended Year ended

March 29, 2026 December 28, 2025

Net income attributable to ATI $ 425.5 $ 404.3

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Net Debt to Adjusted EBITDA 1.60 1.56

Cash provided by operations was $298.5 million in the year-to-date period ended September 28, 2025, a significant improvement compared to $26.3 million in the year-to-date period ended September 29, 2024.

The 2025 period improvement was due to higher net income and improved working capital changes compared to the 2024 period, including cash flows from accounts receivable and inventory balances.

Accounts receivable were positively impacted by the sale of $80 million of accounts receivable in exchange for cash under the new Receivables Facility.

Cash provided by operations was $128.2 million in the quarter ended March 29, 2026, a significant improvement compared to cash used in operating activities of $92.5 million in the quarter ended March 30, 2025.

The 2026 period improvement was due to higher net income and improved working capital changes compared to the 2025 period.

Cash provided by operations was also positively impacted by the sale of $40 million of accounts receivable in exchange for cash under the Receivables Facility.

Working capital balances, and consequently cash from operations, can fluctuate throughout any operating period based upon the timing of receipts from customers and payments to vendors.

Other significant 2025 and 2024 operating cash flow items included payment of the annual cash incentive compensation.

Cash used in investing activities was $149.0 million in the year-to-date period ended September 28, 2025, which included $187.9 million for capital expenditures primarily to support various growth projects in our aerospace & defense and other core markets.

Cash used in investing activities was $178.2 million in the year-to-date period ended September 29, 2024, reflecting $191.8 million in capital expenditures.

Proceeds from disposals of property, plant and equipment in the year-to-date period ended September 28, 2025 of $10.9 million mostly relates to $10.5 million of proceeds on the sale of certain oil and gas rights.

Proceeds from disposals of property, plant and equipment in the year-to-date period ended September 29, 2024 of $10.6 million related to $3.7 million of proceeds on the sale of certain oil and gas rights and $3.5 million of proceeds received for the sale of assets for our idled Houston, PA facility.

Other significant first quarter 2026 and 2025 operating cash flow items included payment of the annual cash incentive compensation.

Cash used in investing activities was $53.6 million in the quarter ended March 29, 2026, which included $55.2 million for capital expenditures primarily for various growth projects to support the aerospace & defense markets.

Cash used in investing activities was $50.6 million in the quarter ended March 30, 2025, reflecting $53.3 million in capital expenditures.

We expect to fund our capital expenditures with cash on hand and cash flow generated from our operations and, if needed, borrowings under the ABL facility.

Cash used in financing activities was $512.6 million in the year-to-date period ended September 28, 2025, which included $470.0 million to repurchase 6.4 million shares of ATI stock under our Share Repurchase Program.

For the year-to-date period

ended September 29, 2024, cash used in financing activities was $166.2 million, which included $190.0 million to repurchase 4.1 million shares of ATI stock under our Share Repurchase Program.

At September 28, 2025, cash and cash equivalents on hand totaled $372.2 million, a decrease of $349.0 million from year end 2024.

Cash and cash equivalents held by our foreign subsidiaries was $179.1 million at September 28, 2025, of which $99.1 million was held by the STAL joint venture.

Cash used in financing activities was $88.8 million in the quarter ended March 29, 2026, which included $81.1 million to repurchase shares associated with income tax withholdings on share-based compensation and $75.0 million to repurchase 0.5 million shares of ATI stock under our Share Repurchase Program.

These outflows were offset by net borrowings under the Company's ABL of $75 million.

For the quarter ended March 30, 2025, cash used in financing activities was $107.5 million, which included $70.0 million to repurchase 1.2 million shares of ATI stock under our Share Repurchase Program.

At March 29, 2026, cash and cash equivalents on hand totaled $401.7 million, a decrease of $15.0 million from year end 2025.

Cash and cash equivalents held by our foreign subsidiaries was $156.8 million at March 29, 2026, of which $75.1 million was held by the STAL joint venture.

Reconciliation of Adjusted EBITDA to Net Income

ATI utilizes Adjusted EBITDA, which is a non-GAAP financial measure, to assist in assessing operating performance on a consistent basis across multiple reporting periods by removing the impact of special items, which can vary from period to period, that management does not believe are directly reflective of the Company’s core operations.

period, that management does not believe are directly reflective of the Company’s core operations.

The Company defines special items as significant non-recurring or non-operational charges or credits, including restructuring charges or credits, gains or losses on the sale of accounts receivable, strike related costs, goodwill and long-lived asset impairments, debt extinguishment charges, pension remeasurement gains and losses, other postretirement/pension curtailment and settlement gains and losses, and gains or losses on sales of businesses.

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The following table provides the reconciliation of net income attributable to ATI to the Adjusted EBITDA non-GAAP financial measures:

Quarter Ended Year-to-date period ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Quarter Ended

March 29, 2026 March 30, 2025

Net income attributable to ATI $ 118.2 $ 97.0

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(+) Restructuring and other charges (a)

12.9 4.3 25.9 12.8

(-/+) (Gain) loss on sales of businesses, net (b)

(1.1) — 2.6 —

Adjusted EBITDA $ 231.7 $ 194.6

Adjusted EBITDA as a % of sales 20.1 % 17.0 %

(a) Third quarter 2025:

Restructuring and other charges of $12.9 million include $7.2 million of start-up and transaction-related costs, which are primarily reported within cost of sales on the consolidated statements of operations, and $3.6 million of transformation-related costs and $2.5 million for losses on sale of accounts receivable, which are reported in selling and administrative expenses on the consolidated statements of operations .

These charges were partially offset by credits of $0.4 million due to a reduction in severance-related reserves for our European restructuring.

Third quarter 2024:

Restructuring and other charges of $4.3 million include $2.5 million of start-up costs, partially offset by a $0.4 million credit for adjustments to inventory reserves related to our European restructuring, both of which are reported within cost of sales on the consolidated statements of operations.

These charges also included $1.7 million of transaction costs, which are reported in selling and administrative expense on the consolidated statements of operation, and restructuring charges of $0.5 million.

Year-to-date 2025:

Restructuring and other charges of $25.9 million include $17.2 million of start-up and transaction-related costs, which are primarily reported within cost of sales on the consolidated statements of operations, and $4.7 million of transformation-related costs and $5.7 million for losses on sale of accounts receivable, which are reported in selling and administrative expenses on the consolidated statement of operations .

These charges were partially offset by credits of $1.7 million due to a reduction in severance-related reserves primarily for a previous restructuring in the AA&S segment.

Year-to-date 2024:

Restructuring and other charges of $12.8 million include $7.2 million of start-up costs and $5.1 million of inventory write-downs related to our European restructuring, both of which are reported within cost of sales on the consolidated statements of operations.

These charges also include $1.7 million of transaction costs, which are reported within selling and administrative expenses on the consolidated statements of operations, and restructuring credits $1.2 million primarily for revised workforce reduction estimates.

(b) (Gain) loss on sales of businesses, net, for the third quarter of 2025 includes a $1.1 million gain on the sale of a non-core operation from the Forged Products business unit, which is part of the HPMC segment.

(Gain) loss on sales of businesses, net, of $2.6 million for the year-to-date period ended September 28, 2025 also includes a $3.7 million loss on the sale of certain non-core European operations from the HPMC segment.

(a) First quarter 2026:

Restructuring and other charges of $26.4 million include $11.1 million of start-up and transaction-related costs and $1.1 million of restructuring-related costs, which are primarily reported within cost of sales on the consolidated statements of operations, $7.0 million of restructuring-related severance and impairment costs, $4.8 million of transformation-related costs, and $2.4 million for losses on the sale of accounts receivable, which are reported in selling and administrative expenses on the consolidated statements of operations .

First quarter 2025:

Restructuring and other charges of $5.6 million include $4.0 million of start-up and transaction-related costs, which are primarily reported within cost of sales on the consolidated statements of operations, and $1.6 million of losses on the sale of accounts receivable, which are reported in selling and administrative expense on the consolidated statements of operation.

(b) (Gain) loss on sales of businesses, net, of $3.7 million for the quarter ended March 30, 2025 represents a loss on the sale of certain non-core European operations from the HPMC segment.

Critical Accounting Policies

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(g) equipment outages;

(h) the risks of business and economic

disruption associated with extraordinary events beyond our control, such as war, terrorism, international conflicts, public health issues, such as epidemics or pandemics, natural disasters and climate-related events that may arise in the future;

(h) the risks of business and economic disruption associated with extraordinary events beyond our control, such as war, terrorism, international conflicts, public health issues, such as epidemics or pandemics, natural disasters and climate-related events that may arise in the future;

and (i) other risk factors summarized in our Annual Report on Form 10-K for the year ended December 28, 2025, and in other reports filed with the Securities and Exchange Commission.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis