Financial Data and Key Metrics Changes - Q4 2025 revenue was $1.2 billion, with adjusted EBITDA of $232 million, exceeding guidance [4][13] - Full year 2025 revenue totaled $4.6 billion, up 5% year-over-year, driven by 14% growth in aerospace and defense [4][13] - Adjusted EBITDA for 2025 exceeded $859 million, up 18% year-over-year, with adjusted EPS at $3.24, a 32% increase from 2024 [4][13] - Adjusted free cash flow totaled $380 million, up 53% from 2024, with $470 million returned to shareholders [4][14] Business Line Data and Key Metrics Changes - Aerospace and defense revenue represented 68% of total revenue in 2025, up from 62% in 2024, with engine sales growing 21% [8][13] - Specialty energy business delivered 9% year-over-year growth in Q4, supported by multi-year customer commitments [8][9] - Full-year adjusted EBITDA margins increased to 18.7%, up from 16.7% in 2024, with HPMC margins at 23.6% and AA&S margins at 16.3% [15] Market Data and Key Metrics Changes - Strong demand in aerospace and defense markets, with commercial aerospace demand accelerating [5][7] - Defense revenue grew 14% year-over-year, with missile sales up 127% due to increased government spending [8][9] - Projected double-digit growth in jet engines and continued strength in defense and airframe demand [8][22] Company Strategy and Development Direction - Company is focused on proprietary products and long-term agreements to expand market share and improve pricing [9][10] - Capital discipline and operational execution are central to the strategy, with a focus on unlocking capacity through productivity improvements [10][11] - Investments in differentiated nickel capabilities and modernization of melting systems are planned to support growth [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in customer demand and operational execution, guiding for $1 billion of adjusted EBITDA in 2026, a 16% increase year-over-year [5][18] - The company anticipates continued margin expansion, with full-year consolidated margins projected to be around 20% [23] - Management highlighted the importance of long-term contracts and differentiated materials in securing premium pricing and expanding market share [25] Other Important Information - The company plans to invest $220-$240 million in capital expenditures for 2026, focusing on proprietary engine alloys [10][19] - The backlog remains just under one year of revenue, with lead times for specialized materials extending [70] Q&A Session Summary Question: Expansion of capacity with customer support - Management explained that customer agreements ensure access to differentiated materials, allowing flexibility in capacity allocation [28][29] Question: Update on airframe growth and inventory situation - Management noted that airframe inventories are normalizing, with modest improvements in order rates expected in the second half of 2026 [31][62] Question: Breakdown of defense revenue growth drivers - Management provided insights into defense revenue, indicating naval and missile segments as key growth areas, with significant contracts in place [36][38] Question: 2027 guidance update - Management expressed confidence in the 2027 guidance, indicating a bias towards the top end of EBITDA margin expectations [42][44] Question: Pricing outlook for exotic alloys - Management indicated that pricing assumptions for 2026 are based on current market conditions, with significant movements in specialty alloys considered [55][56] Question: Staffing plans for 2026 - Management stated that headcount will remain stable, with some open positions to support new capacity, leveraging the current experienced workforce [90] Question: Growth in isothermal forgings - Management confirmed that isothermal forgings are in high demand, with lead times extending and continued growth expected [92][95]

Fourth Quarter and Full Year 2025 Earnings February 3, 2026 ATI Proprietary and Confidential ©2025 ATI. All rights reserved. Proven to perform anywhere. 1 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, are based on management's current expectations. Actual ...

NEWS RELEASE www.ATImaterials.com ATI Inc. Investor Contact: Media Contact: Corporate Headquarters David Weston Natalie Gillespie 2021 McKinney Avenue 412-394-2908 412-389-3124 Dallas, TX 75201 U.S.A. david.weston@ATImaterials.com natalie.gillespie@ATImaterials.com ATI Announces Fourth Quarter and Fiscal Year 2025 Results Annual sales of $4.6 billion represent highest total since 2012 Guidance The Company is providing first quarter and fiscal year 2026 guidance in the table below. | | | | | | | | Current | ...

Core Insights - ATI Inc. reported strong financial results for Q4 2025, with sales of $1.18 billion and net income of $96.6 million, reflecting a 5% increase in sales compared to Q3 2025 and stable year-over-year performance [1][2] - The company achieved annual sales of $4.6 billion, the highest since 2012, with a 5% increase from the previous fiscal year [1][2] - Adjusted free cash flow for fiscal year 2025 was $380 million, up 53% from fiscal year 2024, indicating strong cash generation capabilities [1][2] Financial Performance - Q4 2025 adjusted EBITDA was $232 million, representing 19.7% of sales, while adjusted net income attributable to ATI was $130 million, or $0.93 per share [1][2] - For fiscal year 2025, net income attributable to ATI increased by 10% to $404.3 million, and earnings per share rose by 12% to $2.85 [2][5] - Adjusted net income for fiscal year 2025 was $460.1 million, a 30% increase compared to fiscal year 2024, with adjusted earnings per share rising by 32% to $3.24 [2][5] Segment Performance - High Performance Materials & Components (HPMC) segment sales for Q4 2025 were $645.9 million, with segment EBITDA of $155 million, or 24% of sales, reflecting strong demand in aerospace and defense markets [1][2] - Advanced Alloys & Solutions (AA&S) segment sales were $531.2 million, with segment EBITDA of $98.5 million, or 18.5% of sales, showing a sequential increase in margins due to favorable manufacturing costs [2][4] - Aerospace & defense sales represented 91% of total HPMC sales in Q4 2025, driven by strong demand for commercial jet engine and defense products [1][2] Cash Flow and Capital Management - Operating cash flow for fiscal year 2025 was $614 million, an increase of over 50% year-over-year, allowing the company to repurchase $470 million in shares and repay $150 million of outstanding debt [1][2] - The company’s strong balance sheet and cash flow generation provide flexibility to support growth and return capital to shareholders [1][2] Guidance - ATI provided guidance for Q1 2026, expecting adjusted EBITDA between $216 million and $226 million, and for fiscal year 2026, adjusted EBITDA is projected to be between $975 million and $1,025 million [1][2]

Group 1 - Steven Cress is the Head of Quantitative Strategies at Seeking Alpha, managing quant ratings and factor grades on stocks and ETFs [1] - Cress leads Alpha Picks, selecting two attractive stocks to buy each month and determining when to sell them [1] - The quantitative stock rating system created by Cress is designed to interpret data for investors, offering insights and saving time [2] Group 2 - Cress has over 30 years of experience in equity research, quantitative strategies, and portfolio management, positioning him well to discuss various investment topics [2] - He previously founded CressCap Investment Research, which was acquired by Seeking Alpha in 2018, enhancing its quant analysis and market data capabilities [2] - Cress also founded a quant hedge fund, Cress Capital Management, and has experience running a proprietary trading desk at Morgan Stanley [2]

Core Viewpoint - Altai Resources Inc. held its annual and special meeting of shareholders, where all matters were approved with rates exceeding 99% [1] Group 1: Election of Directors - Kursat Kacira, Jeffrey Ackert, and Eric Yao were elected as directors with approval rates of 99.5%, 99.5%, and 99.9% respectively [2] Group 2: Appointment of Auditors - CAN Partners LLP, Chartered Professional Accountants, were appointed as auditors with a shareholder approval rate of 99.9% [3] Group 3: Adoption of New General By-Law No. 1 - All existing by-laws were repealed, and a new by-law no. 1 was enacted with a shareholder approval rate of 99.9% [4] Group 4: About the Company - Altai Resources Inc. is a junior resource company based in Toronto, Ontario, with an investment portfolio consisting of cash and cash equivalents [5]

Company Overview - ATI Inc. is positioned as an attractive opportunity within the aerospace and defense sector, benefiting from increased defense spending by the Trump administration, particularly in the U.S. [1] Investment Strategy - The focus is on identifying GARP (Growth At a Reasonable Price) and turnaround stocks, emphasizing the importance of valuation as a foundation for stock selection [1] Market Context - The aerospace and defense segment is experiencing significant sector tailwinds due to government spending initiatives, which may enhance growth prospects for companies like ATI Inc. [1]

Core Insights - German sports car maker Porsche reported a 10% decrease in global vehicle deliveries for 2025, aligning with the trend observed among other German automakers such as Mercedes and BMW [1] Company Performance - Porsche's vehicle deliveries fell by 10% in 2025, indicating a significant decline in sales performance [1] - The decline in deliveries places Porsche in the same category as its German competitors, Mercedes and BMW, who also reported weaker figures [1]

Company Performance - ATI's stock increased by 1.74% to $125.39, outperforming the S&P 500's gain of 0.26% on the same day [1] - Year-to-date, ATI shares have risen by 14.23%, surpassing the Aerospace sector's increase of 10.62% and the S&P 500's rise of 1.57% [1] Earnings Expectations - ATI is set to release its earnings on February 3, 2026, with an expected EPS of $0.89, reflecting a 12.66% increase from the same quarter last year [2] - The Zacks Consensus Estimate projects net sales of $1.2 billion, which is a 2.13% increase compared to the previous year [2] Full Year Projections - For the full year, earnings are projected at $3.2 per share, indicating a 30.08% increase, while revenue is expected to remain stable at $4.61 billion [3] - Recent revisions to analyst forecasts for ATI may indicate shifting business dynamics, with positive revisions suggesting optimism about profitability [3] Valuation Metrics - ATI has a Forward P/E ratio of 31.1, which is lower than the industry average of 37.34, indicating a discount relative to its peers [6] - The company has a PEG ratio of 1.18, compared to the Aerospace - Defense Equipment industry's average PEG ratio of 2.29 [6] Industry Context - The Aerospace - Defense Equipment industry is ranked 47 in the Zacks Industry Rank, placing it in the top 20% of over 250 industries [7] - Strong industry rankings correlate with performance, as the top 50% of rated industries outperform the bottom half by a factor of 2 to 1 [7]

Company Overview - ATI Inc. is a U.S. specialty materials company that focuses on high-performance metals for aerospace, defense, energy, and industrial markets [2]. Analyst Background - The analysis is conducted by Dhierin-Perkash Bechai, an aerospace, defense, and airline analyst with a background in aerospace engineering [2]. - The analyst runs The Aerospace Forum, which aims to discover investment opportunities in the aerospace, defense, and airline industries [2]. Investment Insights - The investing ideas provided by the analyst are driven by data-informed analysis, offering context to developments in the aerospace and defense industries [2]. - The investing group also provides direct access to data analytics monitors, enhancing the investment research process [2].