Core Viewpoint - Ampco-Pittsburgh Corporation experienced a significant decline in share price following the release of its mixed earnings report for Q4 2025, with a 22.9% drop since the earnings announcement, underperforming the S&P 500 Index [1] Financial Performance - Q4 2025 net sales increased by 7.8% to $108.8 million compared to $100.9 million in the same quarter of the previous year, but the company reported a net loss of $57.7 million, or $2.85 per share, compared to a net income of $3.1 million, or $0.16 per share, in the prior-year period [2] - For the full year, net sales rose by 3.8% to $434.2 million from $418.3 million, while the net loss was $66.1 million, or $3.28 per share, compared to a net income of $0.4 million, or $0.02 per share, in 2024 [3] Segment Performance - The Air and Liquid Processing (ALP) segment showed strong performance with Q4 2025 revenues increasing by 9.8% year over year, and full-year revenue rising by 7.5% to $141.6 million [4] - In the Forged and Cast Engineered Products (FCEP) segment, Q4 2025 net sales increased by 6.7% to $70.9 million, but fourth-quarter adjusted EBITDA fell to $2.2 million from $5.5 million due to various operational challenges [5] Profitability Challenges - The significant net loss was attributed to large non-cash and restructuring-related charges, including a $42.4 million deconsolidation charge and an $11.9 million asbestos-related revaluation charge, which distorted GAAP earnings [6] - Profitability was further pressured by lower overhead absorption from reduced production days and shifts in product mix, with tariff-related uncertainties causing order delays [7] Management Outlook - Management indicated that 2025 was a transitional year with strategic actions aimed at improving long-term profitability, including the exit from underperforming U.K. operations expected to yield annual EBITDA improvements of $7 million to $8 million [8] - Early signs of recovery in order activity were noted, with bookings in the first two months of 2026 rising by 73% compared to the previous year, indicating improving demand conditions [9] - The company anticipates improved profitability as steel market conditions normalize and restructuring benefits materialize, with margin expansion expected in the second half of 2026, particularly in the FCEP segment [10] Other Developments - Ampco-Pittsburgh completed a major restructuring initiative, including exiting its U.K. cast roll facility and a non-core steel distribution business, which resulted in substantial one-time charges but is expected to streamline operations [11] - The company is also shifting production capacity to its Sweden facility, planning to increase output by approximately 20% by the third quarter of 2026 [11]

Earnings Call InsightsAmpco-Pittsburgh outlines $7M–$8M annual EBITDA uplift following asset removals and anticipates margin expansion in 2026Mar. 17, 2026 12:43 PM ETAmpco-Pittsburgh Corporation (AP) StockAI-Generated Earnings Calls InsightsCommentsEarnings Call Insights: Ampco-Pittsburgh Corporation (AP) Q4 2025 Management View Brett McBrayer, CEO, highlighted that "the fourth quarter was a busy quarter for Ampco-Pittsburgh, where we initiated and completed the removal of significant underperforming asset ...

David Anderson, vice president, chief financial officer, and president of Air and Liquid Systems Corporation, said 2025 was a “record-breaking year” for the Air and Liquid segment, with new highs in revenue and adjusted EBITDA.On a consolidated basis, Ampco-Pittsburgh reported adjusted EBITDA of $3.2 million for the fourth quarter, down from $6.0 million in the prior-year quarter. McBrayer attributed the expected decline to a pause in customer orders in the Forged and Cast Engineered Products segment follow ...

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q4 was $3.2 million, down from $6 million the prior year, driven by a pause in customer orders due to new global tariffs [4] - Full year consolidated adjusted EBITDA was $29.2 million, an improvement from the prior year [4][22] - Net sales for Q4 were $108.8 million, an increase of $7.8 million compared to Q4 2024, while full year net sales were $434.2 million, up $3.8 million from the prior year [21] Business Line Data and Key Metrics Changes - Air and Liquid Processing segment achieved record revenue and adjusted EBITDA in 2025, with Q4 revenue 10% higher than the prior year and full year revenue 7% above the prior year [6][7] - Forged and Cast Engineered Products (FCEP) reported Q4 net sales of $70.9 million, up from $66.5 million in Q4 2024, and full year net sales of $292.6 million, stable compared to $286.6 million in the prior year [12] - FCEP adjusted EBITDA for Q4 was $2.2 million, down from $5.5 million in the prior year, while full year adjusted EBITDA was $24.4 million [13] Market Data and Key Metrics Changes - Backlog for Air and Liquid declined by $8 million year-over-year, primarily due to the U.S. Navy's termination of the Constellation-class frigate program [8] - Significant order activity was noted at the start of 2026, with bookings up 73% compared to the prior year [8] - Demand for heat exchangers in the nuclear market reached record levels, indicating long-term growth potential [9] Company Strategy and Development Direction - The company initiated the removal of underperforming assets to improve adjusted EBITDA by $7-$8 million annually [4] - Focus on optimizing the Sweden facility and ramping up production to meet expected market growth [13][15] - Anticipation of significant margin expansion in the second half of 2026 and full year 2027 due to operational improvements and tariff protections [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about emerging from the steel market slowdown and improving profitability in 2026 [52] - The company noted that the roll market is recovering, and shutdown costs are behind them [25] - Management highlighted strong demand in the nuclear and AI data center markets, positioning the company for growth [10][9] Other Important Information - The company recorded significant one-time charges related to the exit from unprofitable operations, totaling $42.4 million in Q4 and $52.2 million for the full year [19] - The pension plan achieved fully funded status in early 2026, enhancing the company's liquidity position [24] Q&A Session Summary Question: Inquiry about Air and Liquid Processing margins - Management indicated that Q4 margins were affected by an unusual mix, and the full year is more representative of typical performance [29] Question: Clarification on customer behavior changes in Forged and Cast rolls - Management explained that customer behavior was impacted by tariff calculations, leading to a pause in orders, but demand is now recovering [32][34] Question: Involvement with Westinghouse's AP1000 reactors - Management confirmed past supply to Westinghouse and noted positive indicators for future activity in the nuclear market [46][48]

Backlog declined year over year by $8 million, primarily driven by the U.S. Navy’s decision to terminate production of the Constellation frigate program, which resulted in $7.1 million of orders being removed from the backlog in late 2025. Costs related to the terminated orders are expected to be paid by the Navy along with normal profit margins. While backlog ended $8 million lower, we did see significant order activity at the start of 2026. As referenced in our press release dated March 10, order activity ...

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q4 2025 was $3.2 million, down from $6 million in the prior year, primarily due to a pause in customer orders in the forged and cast segment after new global tariffs were announced [4] - Full year consolidated adjusted EBITDA was $29.2 million, an increase of $1.1 million compared to the prior year, marking the third consecutive year of growth [21] - Net sales for Q4 2025 were $108.8 million, an increase of $7.8 million compared to Q4 2024, while full year net sales were $434.2 million, up $3.8 million from the previous year [20] Business Line Data and Key Metrics Changes - The Air and Liquid Processing segment achieved record revenue and adjusted EBITDA in 2025, with Q4 revenue up 10% year-over-year and full year revenue up 7% [6] - The Forged and Cast Engineered Products (FCEP) division reported Q4 net sales of $70.9 million, compared to $66.5 million in Q4 2024, and full year sales of $292.6 million, stable compared to $286.6 million in the prior year [12] Market Data and Key Metrics Changes - Backlog for the Air and Liquid segment declined by $8 million year-over-year, primarily due to the U.S. Navy's termination of the Constellation-class frigate program [7] - Significant order activity was noted at the start of 2026, with bookings up 73% compared to the prior year [7] Company Strategy and Development Direction - The company initiated the removal of underperforming assets to improve adjusted EBITDA by $7-$8 million annually [4] - The focus for FCEP is on optimizing the Sweden facility and ramping up production, with expectations for a 20% increase in production levels by Q3 2026 [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improved profitability as the company emerges from the steel market slowdown, anticipating better results in 2026 [50] - The nuclear market continues to show strong activity, with expectations for growth in demand for heat exchangers and other products [10][46] Other Important Information - The company recorded significant one-time charges related to the exit from unprofitable operations, including a $42.4 million deconsolidation charge in Q4 [18] - The pension plan achieved fully funded status in early 2026, which is expected to positively impact the company's financial position [22] Q&A Session Summary Question: Insights on Air and Liquid Processing margins - Management indicated that the full year margins are more representative of typical performance, with Q4 being affected by an unusual mix of orders [28] Question: Changes in customer behavior regarding forged and cast rolls - Management explained that customer behavior was impacted by uncertainty around tariffs, but demand is now recovering as pricing stabilizes [31][32] Question: Involvement with Westinghouse's AP1000 reactors - Management confirmed past supply to Westinghouse and noted ongoing activity in the nuclear market, which is expected to ramp up [43][46]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ☐ 1934 For the transition period from to Commission File Number 1-898 AMPCO-PITTSBURGH CORPORATION Pennsylvania 25-1117717 (State of Incorporation) (I.R.S. Employer Identification No.) 726 Bell Avenue, Suite 301 ...

Financial Performance - Ampco-Pittsburgh reported net sales of $108.8 million for Q4 2025, up from $100.9 million in Q4 2024, and $434.2 million for the full year 2025, compared to $418.3 million in 2024, driven by higher shipment volumes in the Air and Liquid Processing segment [2]. - Total net sales for Q4 2025 reached $108.8 million, a 7.3% increase from $100.9 million in Q4 2024 [20]. - For the full year 2025, total net sales were $434.2 million, a 3.5% increase from $418.3 million in 2024 [20]. - The adjusted margin from operations for the year ended December 31, 2025, was 8.32%, compared to 6.72% in 2024, indicating an improvement of 2.6 percentage points [29]. - The adjusted margin from operations for the three months ended December 31, 2025, was 3.17%, compared to 2.92% in the same period of 2024, showing a positive trend in operational efficiency [29]. Loss and Charges - The company recorded a net loss of $57.7 million, or $2.85 per share, for Q4 2025, which included a $42.4 million deconsolidation charge and a $11.9 million non-cash asbestos revaluation charge [3]. - Net loss attributable to Ampco-Pittsburgh for Q4 2025 was $57.7 million, compared to a net income of $3.1 million in Q4 2024 [22]. - The net loss attributable to Ampco-Pittsburgh for the year 2025 was $66.1 million, compared to a net income of $438,000 in 2024 [24]. - The company incurred an asbestos-related charge of $11.9 million in 2025, which was a significant factor in the adjusted net loss [24]. - The company reported a deconsolidation charge of $41.4 million in Q4 2025, which significantly impacted the financial results [20]. - The company incurred a deconsolidation charge of $41.424 million for the year ended December 31, 2025, which may affect future financial stability [29]. - The company reported a loss from operations of $54.479 million for the year ended December 31, 2025, compared to a loss of $14.183 million in 2024, highlighting challenges in operational profitability [29]. Operational Efficiency - Adjusted EBITDA for Q4 2025 was $3.2 million, down from $6.0 million in Q4 2024, while full year adjusted EBITDA increased by 4% to $29.2 million compared to the previous year [4]. - The adjusted EBITDA has risen by 54% over the last three years, indicating a positive trend in operational performance [6]. - The adjusted EBITDA for Q4 2025 was $3.2 million, with an adjusted EBITDA margin of 2.92%, down from 5.96% in Q4 2024 [26]. - Income from operations, as adjusted (Non-GAAP), for the year ended December 31, 2025, was $29.161 million, a significant increase from a loss of $10.594 million in 2024 [29]. - The company is focusing on restructuring efforts to enhance its operational footprint and improve earnings power moving forward [6]. - The company plans to continue focusing on operational efficiency and cost management to improve future performance [21]. Costs and Expenses - The cost of products sold (excluding depreciation and amortization) increased to $93.5 million in Q4 2025, up from $80.2 million in Q4 2024, reflecting a 16.4% rise [20]. - The company reported a depreciation and amortization expense of $21.785 million for the year ended December 31, 2025, compared to $18.611 million in 2024, reflecting an increase of 11.6% [29]. - Severance and other exit costs for the year ended December 31, 2025, amounted to $7.463 million, which is a notable expense impacting the overall financial performance [29]. - Stock-based compensation for the year ended December 31, 2025, was $1.351 million, slightly lower than $1.478 million in 2024, suggesting a potential reduction in equity-based incentives [29]. Market Conditions - The company experienced lower demand due to tariff impacts on the steel market and a ramp-up of the Sweden facility, which affected overhead absorption [5]. - Ampco-Pittsburgh's Air and Liquid Processing business showed growth potential, with full year revenue increasing for the fourth consecutive year and adjusted operating income reaching a record high in 2025 [4]. - Other income for Q4 2025 declined due to lower pension income and foreign exchange gains compared to the previous year [7]. - Interest expenses for Q4 2025 were $2.8 million, consistent with the previous year, while total interest expenses for the full year were $11.4 million [6]. - The exit from the UK cast roll facility is expected to yield an annual positive EBITDA improvement of $7 million to $8 million [4].

Core Insights - Ampco-Pittsburgh Corporation reported net sales of $108.8 million for Q4 2025 and $434.2 million for the full year, representing increases from $100.9 million and $418.3 million in the previous year, driven by higher shipment volumes in the Air and Liquid Processing segment despite challenges in the Forged and Cast Engineered Product segment due to facility shutdowns [1][2] Financial Performance - The company experienced a net loss of $57.7 million, or $2.85 per share, for Q4 2025, which included significant charges related to exiting the UK cast roll business and an asbestos revaluation charge [2][4] - For the full year 2025, the net loss attributable to Ampco was $66.1 million, or $3.28 per share, also impacted by similar charges [2][4] - Adjusted EBITDA for Q4 2025 was $3.2 million, down from $6.0 million in the prior year, while full year adjusted EBITDA was $29.2 million, up 4% from the previous year [3][4] Operational Changes - The company successfully exited the UK cast roll facility in Q4 2025, which is expected to yield an annual positive EBITDA improvement of $7 million to $8 million [4][6] - The CEO noted that approximately 50% of the volume from the UK facility is being shifted to the Sweden plant, indicating a strategic operational adjustment [5][6] Segment Performance - The Air and Liquid Processing segment showed growth, with full year revenue increasing for the fourth consecutive year and adjusted operating income reaching a record high in 2025 [5][6] - The Forged and Cast Engineered Products segment faced challenges due to the shutdown of the UK facility, impacting overall performance [1][5] Cost Management - The company reported lower selling, general, and administrative expenses, which partially offset the impact of lower overhead absorption due to reduced production days [3][4] - Interest expenses remained stable at $2.8 million for Q4 2025 and $11.4 million for the full year, comparable to the previous year [6]

Core Viewpoint - Ampco-Pittsburgh Corporation has shown significant stock performance, with a 253.9% increase over the past three months, outperforming both the industry and broader market indices [1][7]. Financial Performance - The company announced promising third-quarter 2025 results, showcasing year-over-year revenue growth and improved core profitability, driven by strong demand in the Air and Liquid Processing (ALP) segment and favorable pricing [2][12]. - Management noted stable demand across major end markets and improving supply-chain conditions, which are expected to enhance profitability in the future [3]. Market Position and Strategy - Ampco-Pittsburgh operates through the Forged and Cast Engineered Products (FCEP) and ALP segments, serving diverse global markets including industrial, energy, nuclear, and manufacturing [9]. - Recent portfolio restructuring, including exiting unprofitable operations, is anticipated to significantly improve adjusted EBITDA and streamline operations, positioning the company for stronger profitability [10][11]. Segment Performance - The ALP segment achieved its best year-to-date performance in Q3 2025, with increased revenues and an improved product mix, indicating durable demand trends in energy and defense markets [12][13]. Competitive Landscape - The company holds a strong leadership position in forged and cast rolls, with significant market share in North America and Europe, supporting pricing resilience [13]. Challenges - Ampco-Pittsburgh faces cyclical softness and excess capacity in the global steel industry, which may pressure demand and create pricing volatility [14]. - Ongoing trade policy uncertainty and tariffs have led to order delays and inventory adjustments, impacting normal purchasing patterns [14]. Valuation - The company's trailing 12-month EV/Sales ratio of 0.7X is below the industry average of 1.9X, suggesting that the market may not fully reflect its improving fundamentals [15][18]. Outlook - The company appears well-positioned for future growth, supported by operational improvements and a streamlined portfolio, despite broader industry challenges [17][20].