AP

Image source: The Motley Fool. Tuesday, Aug. 11, 2026 at 8:30 a.m. ET Corporate Secretary-Kimberly Knox Chief Executive Officer-Brett McBrayer Vice President, Chief Financial Officer and President of Air & Liquid Systems Corporation-David Anderson President of Union Electric Steel Corporation-Sam Lyon Operator: Welcome to the Ampco-Pittsburgh Corporation Second Quarter 2026 Earnings Results Conference Call. [Operator Instructions] Please note this event is being recorded. I'd now like to turn the conference over to Kim Knox, Corporate Secretary. Please go ahead. Kimberly Knox: Thank you, Megan, and good morning to everyone joining us on today's second quarter 2026 conference call. Joining me today are Brett McBrayer, our Chief Executive Officer; and David Anderson, Vice President, Chief Financial Officer and President of Air & Liquid Systems Corporation. Also joining us on the call today is Sam Lyon, President of Union Electric Steel Corporation. Before we begin, I would like to remind everyone that participants on this call may make statements or comments that are forward-looking and may include financial projections or other statements of the corporation's plans, objectives, expectations or intentions. These matters involve certain risks and uncertainties, many of which are outside the corporation's control. The corporation's actual results may differ significantly from those projected or suggested in any forward-looking statements due to various risk factors, including those discussed in the corporation's most recently filed Form 10-K and in subsequent filings with the Securities and Exchange Commission. We do not undertake any obligation to update or otherwise release publicly any revision to our forward-looking statements. A replay of this call will be posted on our website later today. To access the earnings release or the webcast replay, please consult the Investors section of our website at ampcopgh.com. With that, I'd like to turn the call over to Brett McBrayer, Ampco-Pittsburgh's CEO. Brett? J. McBrayer: Thank you, Kim. Good morning, and thank you for joining us. The second quarter marked a clear turning point for Ampco-Pittsburgh. Net income was $1.5 million, or $0.07 per share compared to a net loss of $7.3 million or a loss of $0.36 per share in the prior year period. Adjusted EBITDA of $9.8 million improved 22% versus prior year, with margin expanding 240 basis points to 9.5% on net sales of $102.9 million. This is important. Demand across both segments is accelerating. Customer orders of approximately $144 million were up 50% versus prior year, and backlog grew $39.9 million from the first quarter to $385.4 million. Air & Liquid delivered record results and the actions we took in Forged and Cast Engineered Products, including the closure of our U.K. facility, are now flowing through to the bottom line. I'll now turn the call over to David Anderson, our Chief Financial Officer and President of Air & Liquid Systems to discuss the Air & Liquid segment. David Anderson: Thank you, Brett. Good morning. 2026 continues to be a positive year for Air & Liquid. Q2 revenue was comparable with prior year, while year-to-date revenue increased 9% versus prior year. Adjusted EBITDA in Q2 increased 34% versus prior year as improved manufacturing efficiencies led to significant margin improvement. Year-to-date adjusted EBITDA increased 43% versus prior year as increased revenue, improved manufacturing efficiencies and positive product mix drove adjusted EBITDA to the highest level in Air & Liquid's history. Backlog increased $23.3 million or 16% in the quarter as customer demand continued to drive order activity to record levels. Backlog is 39% higher than year-end 2025. Data centers are causing increasing demand in the power generation market, which is fueling demand in both our commercial pump and nuclear heat exchanger products. Our commercial pumps are used in gas turbines, which are seeing strong growth, while we continue to be the dominant supplier of heat exchangers into the growing nuclear market. There continues to be strong demand from the U.S. Navy, and we expect this demand to continue as the Navy moves forward with fleet expansion plans. The manufacturing equipment installed in 2024 has already increased manufacturing capacity for our pump product line, and there is more capacity expansion in process. Additional manufacturing equipment from the Navy funding program arrived at our facility in early 2026 and is expected to begin producing products in the second half of 2026. More equipment from the Navy funding program just arrived at the end of July. All of this equipment will position us to meet the long-term growth in this market. Demand for custom air handlers remains strong as there continues to be significant demand in the pharmaceutical and healthcare markets for our custom air handling products. With rising market demand and an increasing backlog, we continue to focus on increasing our manufacturing capacity. We are bringing in new equipment, increasing our headcount and improving our manufacturing efficiencies in order to meet the increasing demand. In summary, it was a great first half of 2026, and we are well positioned in markets that are showing significant long-term growth. J. McBrayer: Thank you, David. Sam Lyon, President of Forged and Cast Engineered Products segment, will now share more details regarding his group's performance. Samuel Lyon: Thank you, Brett, and good morning, everyone. For the second quarter of 2026, the Forged and Cast Engineered Products segment reported net sales of $67.3 million compared to $77.9 million in Q2 of 2025. Nearly all of that decline came from the exit from both our U.K. facility and our AUP Distribution business. Segment adjusted EBITDA of $7.8 million increased 15% compared to prior year and 36% sequentially. The timing items that affected Q1 reversed as expected. Large roll shipments in the U.S. recovered, higher cost inventory from late 2025 flowed through the P&L, and Sweden returned to profitability due to improved productivity and utilization. Demand has improved, particularly in North America. Tariff protections have reduced imports and lifted U.S. steel mill utilization, thereby increasing the number of rolls consumed. FEP orders and margins have also improved. Our backlog grew from year-end on orders for the second half of 2026 and 2027, and the market consolidation we discussed last quarter is presenting us with opportunities for additional business. Looking ahead, the third quarter will reflect our normal annual maintenance outage in the U.S. and the summer shutdowns in Europe. Despite these normal seasonal outages, we expect the second half of the year to be significantly stronger than the first half and continue to be optimistic about 2027. Brett, back to you. J. McBrayer: Thank you, Sam. I will now turn the call back over to David Anderson, our Chief Financial Officer, for more details regarding our financial performance for the quarter. David Anderson: Thank you, Brett. As indicated in both our Form 10-Q and in our press release 8-K filed this morning, Ampco-Pittsburgh reported Q2 net sales of $102.9 million compared to $113.1 million in the prior year, primarily reflecting the closure of the U.K. cast roll facility in the second half of 2025. Year-to-date revenue was $211.2 million compared to $217.4 million as the closure of the U.K. facility was partially offset by higher sales in the ALP segment. Q2 adjusted EBITDA of $9.8 million increased 22% compared to prior year and 22% sequentially compared to Q1 of 2026. Q2 backlog increased 12% as order activity was strong in both segments. Total selling and administrative expenses were relatively flat compared to prior year for both Q2 and year-to-date. Depreciation and amortization expense was lower than prior year by approximately $0.5 million in Q2 and $0.9 million year-to-date, primarily due to the closure of the U.K. facility in 2025. Other income and expense improved in Q2 and year-to-date, primarily due to lower loss on foreign exchange, which was partially offset by lower pension income, which was principally attributable to the U.S. defined benefit plan reaching a fully funded status in early 2026, resulting in a change in its investment strategies to a more conservative portfolio. At June 30, 2026, the corporation's liquidity position included cash on hand of $7 million and undrawn availability on our revolving credit facility of $29 million. In summary, Q2 was significantly stronger than prior year, and sequentially, Q2 showed strong improvement versus Q1 of this year as the impact from the U.K. facility closure begins to positively impact results. Operator, at this time, we would now like to open the line for questions. Operator: [Operator Instructions] There are no questions at this time. I would like to turn the conference back over to Brett McBrayer for any closing remarks. J. McBrayer: Thank you, Megan. In closing, I want to thank our employees whose efforts drove this quarter's results. The second quarter shows what this company looks like with our restructuring behind us and demand building in every market we serve from power generation in the U.S. Navy to a strengthening North American roll market. While the third quarter reflects our normal summer maintenance outages, we expect a significantly stronger second half of 2026. Thank you to our Board of Directors and our shareholders for your continued support, and thank you for joining us this morning. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Before you buy stock in Ampco-Pittsburgh, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Ampco-Pittsburgh wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Ampco-Pittsburgh (AP) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Shares of Ampco-Pittsburgh Corporation AP have gained 6% since the company reported its earnings for the quarter ended June 30, 2026. This compares with the S&P 500 Index’s 0.3% rise over the same time frame. Over the past month, the stock gained 13.3% compared with the S&P 500’s 2.2% rise. Ampco-Pittsburgh reported second-quarter 2026 net sales of $102.9 million, down 9% from $113.1 million a year earlier. Net income attributable to AP was $1.5 million, or 7 cents per share, against a year-ago loss of $7.3 million, or 36 cents per share. The prior-year quarter included $6.8 million of costs related to exiting U.K. operations. Adjusted EBITDA rose 22.3% to $9.8 million, while the adjusted EBITDA margin expanded 240 basis points to 9.5%. Forged and Cast Engineered Products (FCEP) sales declined 13.6% to $67.3 million, largely reflecting the closure of the U.K. plant, while adjusted operating income increased 15.1% to $7.8 million. Air and Liquid Processing (ALP) sales increased 1.2% to $35.6 million and adjusted operating income advanced 34.2% to $5.3 million. Customer orders increased 50% year over year to $144 million, up from $124 million in the first quarter. Backlog reached $385.4 million as of June 30, increasing $39.9 million sequentially. ALP benefited from orders for commercial pumps serving power generation and U.S. Navy programs, along with strength in air handling. FCEP saw improved roll-product orders, particularly in North America. Operating cash flow for the second quarter of 2026 improved to $0.3 million from a $2.3 million use of cash a year earlier. However, capital expenditures increased to $5.7 million from $1.5 million, contributing to negative free cash flow of $5.5 million compared with negative $3.8 million a year ago. AP ended the quarter with $7 million in cash and cash equivalents and $29 million of liquidity. Net debt increased to $130.5 million as of June 30, 2026, from $124.7 million as of June 30, 2025. Ampco-Pittsburgh Corporation price-consensus-eps-surprise-chart | Ampco-Pittsburgh Corporation Quote CEO Brett McBrayer said that improved customer activity and benefits from actions undertaken during the past year supported the quarter. Management cited recovering North American steel-market conditions, better manufacturing efficiency and productivity as the Sweden facility ramps up and healthy ALP demand. ALP management said quarterly adjusted EBITDA increased 34% as manufacturing efficiencies improved margins. Its backlog rose $23.3 million, or 16%, during the quarter and was 39% above year-end 2025. Management pointed to data-center-driven power-generation demand, U.S. Navy programs and pharmaceutical and health care demand for custom air handlers. The decline in consolidated sales primarily reflected the closure of the U.K. cast roll facility, while higher ALP sales provided a partial offset. Within FCEP, management said nearly all the year-over-year sales decline resulted from exits from the U.K. facility and AUP Distribution business. Profitability benefited from recovering U.S. large-roll shipments, the flow-through of higher-cost inventory from late 2025 and Sweden returning to profitability as productivity and utilization improved. Management also said tariff protections reduced imports and increased U.S. steel mill utilization, supporting roll demand. Lower depreciation and amortization expense, primarily associated with the U.K. closure, also aided the year-over-year comparison. Other income and expense improved mainly because of lower foreign-exchange losses, partly offset by lower pension income. Ampco-Pittsburgh did not provide specific full-year revenue or earnings targets. Management said higher backlog and stronger customer order activity support its outlook, with ALP continuing to benefit from healthy demand and FCEP seeing improving steel-market activity. Management cautioned that the third quarter will include the normal annual U.S. maintenance outage and summer shutdowns in Europe, but expects the second half of 2026 to be significantly stronger than the first half and remains optimistic about 2027. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ampco-Pittsburgh Corporation (AP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Ampco-Pittsburgh Corporation? Here are five stocks we like better. Ampco-Pittsburgh returned to profitability in Q2 2026, reporting $1.5 million in net income versus a $7.3 million loss a year earlier. Adjusted EBITDA rose 22% to $9.8 million, with margins expanding to 9.5% despite lower sales. Orders and backlog strengthened significantly: quarterly orders increased 50% to approximately $144 million, while total backlog rose 12% to $385.4 million. Demand was particularly strong in power generation, U.S. Navy products and North American steel markets. Management expects the second half of 2026 to be significantly stronger, although seasonal maintenance and European shutdowns will affect Q3. Air and Liquid Systems posted record first-half EBITDA, while restructuring improved profitability in the Forged and Cast segment. Baggage Claim: Apollo’s $7.7 Billion Bid to Acquire easyJet Ampco-Pittsburgh (NYSE:AP) reported second-quarter 2026 net income of $1.5 million, or $0.07 per share, compared with a net loss of $7.3 million, or $0.36 per share, in the prior-year period, as restructuring actions and improved operating performance supported profitability. Chief Executive Officer J. Brett McBrayer described the quarter as “a clear turning point” for the company. Adjusted EBITDA rose 22% from the prior year to $9.8 million, while adjusted EBITDA margin expanded 240 basis points to 9.5% on net sales of $102.9 million. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat The AI Boom Has a Second Act—And It's Playing Out in Optics Second-quarter sales declined from $113.1 million a year earlier, primarily due to the closure of the company’s U.K. cast roll facility during the second half of 2025. Year-to-date revenue was $211.2 million, compared with $217.4 million in the prior-year period. McBrayer said customer orders totaled approximately $144 million during the quarter, an increase of 50% from the prior-year period. Total backlog increased 12% during the quarter to $385.4 million, up from $339.9 million at the end of the first quarter. → 3 Dividend Champion Utilities for a Market That Can't Sit Still As Broadcom Eclipses $2 Trillion, Private Credit Giants Wants In The company said demand was accelerating across both of its operating segments. McBrayer said restructuring actions in the Forged and Cast Engineered Products business, including the U.K. facility closure, were beginning to contribute to financial results. At June 30, Ampco-Pittsburgh had $7 million in cash and $29 million of undrawn availability under its revolving credit facility. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War Air and Liquid Systems reported second-quarter revenue comparable with the prior-year period, while year-to-date revenue rose 9%. Segment adjusted EBITDA increased 34% in the second quarter and was up 43% year to date, reaching the highest level in the segment’s history, according to David G. Anderson, the company’s chief financial officer and president of Air and Liquid Systems. Anderson attributed the improvement to manufacturing efficiencies, higher revenue and favorable product mix. The segment’s backlog rose 16% during the quarter to $23.3 million and was 39% above its level at the end of 2025. The company cited growing power-generation demand related to data centers as a driver for its commercial pump and nuclear heat exchanger products. Its commercial pumps are used in gas turbines, while the company said it remains a dominant supplier of heat exchangers to the nuclear market. Anderson also cited continued demand from the U.S. Navy and said the business expects that demand to continue as the Navy advances fleet expansion plans. Equipment installed in 2024 has increased capacity for the pump product line, while additional equipment funded through a Navy program arrived in early 2026 and is expected to begin production during the second half of the year. More Navy-funded equipment arrived at the end of July. Demand for custom air handlers also remained strong, particularly in pharmaceutical and healthcare applications, Anderson said. The segment is adding equipment and employees and pursuing additional manufacturing-efficiency improvements to address rising demand and backlog. Forged and Cast Engineered Products reported second-quarter sales of $67.3 million, down from $77.9 million in the second quarter of 2025. Sam C. Lyon, president of Union Electric Steel Corp., said nearly all of the decline resulted from the company’s exit from the U.K. operation and its Alloys Unlimited & Processing distribution business. Despite the lower sales base, segment adjusted EBITDA increased 15% from a year earlier to $7.8 million and rose 36% sequentially from the first quarter. Lyon said first-quarter timing effects reversed as expected. Large roll shipments in the U.S. recovered, higher-cost inventory from late 2025 moved through the profit-and-loss statement, and the Sweden operation returned to profitability as productivity and utilization improved. Demand has improved particularly in North America, Lyon said. He attributed the stronger environment in part to tariff protections that reduced imports and increased U.S. steel mill utilization, leading to greater roll consumption. Orders and margins have improved, and backlog increased from year-end levels on orders scheduled for the second half of 2026 and 2027. Second-quarter Forged and Cast Engineered Products sales: $67.3 million Segment adjusted EBITDA: $7.8 million, up 15% year over year Air and Liquid Systems backlog: $23.3 million, up 16% in the quarter Total corporate liquidity at June 30: $36 million, including cash and revolver availability Management said the third quarter will include normal annual maintenance outages in the U.S. as well as summer shutdowns in Europe. Even with those seasonal effects, Lyon said the company expects the second half of 2026 to be “significantly stronger” than the first half and remains optimistic about 2027. McBrayer similarly said the company expects a stronger second half as demand builds across markets including power generation, U.S. Navy-related products and the North American roll market. No analyst questions were taken during the conference call. Ampco-Pittsburgh Corporation is a U.S.-based specialty metals manufacturer that produces cast and forged components for a range of industrial markets. The company's primary offerings include custom-designed forged rolls, grinding rolls and specialty bars for the steel and metal processing industries. In addition, Ampco-Pittsburgh supplies precision couplings, gears and die components for original equipment manufacturers in sectors such as mining, power generation and heavy machinery. The company operates multiple production facilities in North America, where it employs advanced melting, heat-treating and machining processes to deliver components with tight tolerances and enhanced wear resistance. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Ampco-Pittsburgh Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Net income turned positive at $1.5 million, a significant improvement from a net loss of $7.3 million in the prior year. Adjusted EBITDA increased 22% year-over-year, with margin expanding 240 basis points to 9.5%. Customer orders surged 50% year-over-year, and backlog grew to $385.4 million, up $39.9 million from Q1. Air & Liquid segment achieved record adjusted EBITDA, driven by strong demand from data centers, nuclear power, and the US Navy. Forge and Cast segment improved adjusted EBITDA by 15% year-over-year, benefiting from tariff protections and higher US steel mill utilization. Net sales declined to $102.9 million from $113.1 million in the prior year, primarily due to the UK facility closure. The company faces normal seasonal maintenance outages in Q3, which could temporarily impact results. Liquidity remains tight with only $7 million in cash and $29 million undrawn on the credit facility. Pension income decreased due to a shift to a more conservative investment strategy after reaching fully funded status. The Forge and Cast segment's sales dropped significantly, with nearly all decline attributed to the exit from the UK facility and AUP distribution business. Warning! GuruFocus has detected 6 Warning Signs with AP. Is AP fairly valued? Test your thesis with our free DCF calculator. Q: What were the key financial highlights for Ampco-Pittsburgh in Q2 2026, and how did they compare to the prior year? A: Brett McBrayer, CEO, reported that Q2 marked a clear turning point for the company. Net income was $1.5 million, or $0.07 per share, compared to a net loss of $7.3 million, or a loss of $0.36 per share, in the prior year period. Adjusted EBITDA improved 22% to $9.8 million, with margins expanding 240 basis points to 9.5% on net sales of $102.9 million. Customer orders surged 50% year-over-year to approximately $144 million, and backlog grew by $39.9 million from Q1 to $385.4 million. Q: Can you provide more details on the performance of the Air & Liquid Systems segment? A: David Anderson, CFO and President of Air & Liquid Systems, noted that Q2 revenue was comparable to the prior year, while year-to-date revenue increased 9%. Adjusted EBITDA in Q2 increased 34% year-over-year, and year-to-date adjusted EBITDA increased 43%, reaching the highest level in the segment's history. Backlog increased 16% in the quarter and is 39% higher than year-end 2025, driven by record order activity. Demand is being fueled by data centers driving power generation needs, strong US Navy demand, and robust pharmaceutical and healthcare markets for custom air handlers. Q: What drove the improvement in the Forged and Cast Engineered Products segment, and what is the outlook? A: Sam Lyon, President of Union Electric Steel, reported segment net sales of $67.3 million, down from $77.9 million in Q2 2025, primarily due to the exit from the UK facility and AUP distribution business. However, segment adjusted EBITDA increased 15% year-over-year and 36% sequentially to $7.8 million. The improvement was driven by the reversal of Q1 timing items, larger US shipments, and Sweden returning to profitability. Demand has improved, particularly in North America, aided by tariff protections that reduced imports and lifted US steel mill utilization. The company expects the second half of 2026 to be significantly stronger than the first half, despite normal seasonal maintenance outages in Q3. Q: How is the company addressing capacity constraints given the rising demand? A: David Anderson explained that the manufacturing equipment installed in 2024 has already increased capacity for the pump product line, with more capacity expansion in process. Additional equipment from the Navy funding program arrived in early 2026 and is expected to begin production in the second half of 2026, with more equipment arriving at the end of July. The company is also increasing headcount and improving manufacturing efficiencies to meet growing demand in both the Air & Liquid and Forged and Cast segments. Q: What is the company's liquidity position, and how are expenses trending? A: David Anderson stated that at June 30, 2026, the company had cash on hand of $7 million and undrawn availability of $29 million on its revolving credit facility. Selling and administrative expenses were relatively flat compared to the prior year. Depreciation and amortization expense was lower by approximately $0.5 million in Q2 and $0.9 million year-to-date, primarily due to the UK facility closure. Other income and expense improved due to lower foreign exchange losses, partially offset by lower pension income as the US defined benefit plan reached fully funded status. Q: What are the main drivers of demand in the power generation market? A: David Anderson highlighted that data centers are causing increasing demand in the power generation market, fueling demand for both commercial pumps used in gas turbines and nuclear heat exchanger products. The company remains the dominant supplier of heat exchangers into the growing nuclear market, and strong demand from the US Navy is expected to continue as the Navy moves forward with fleet expansion plans. Q: How did the closure of the UK facility impact the overall financial results? A: Brett McBrayer and David Anderson both noted that the actions taken in the Forged and Cast Engineered Products segment, including the closure of the UK facility, are now flowing through to the bottom line. The Q2 net sales decline of $10.2 million year-over-year was primarily due to the UK facility closure, but the resulting cost savings and improved efficiencies contributed to the significant improvement in adjusted EBITDA and net income. Q: What is the company's outlook for the remainder of 2026 and into 2027? A: Brett McBrayer stated that while Q3 will reflect normal summer maintenance outages, the company expects a significantly stronger second half of 2026. Sam Lyon added that the company remains optimistic about 2027, with backlog growing from year-end on orders for the second half of 2026 and 2027, and market consolidation presenting opportunities for additional business. The company is well positioned in markets showing significant long-term growth, including power generation, US Navy, and North American roll markets. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Second Quarter 2026 Highlights: Net sales of $102.9 million Net income attributable to Ampco of $1.5 million; $0.07 per share Adjusted EBITDA increased 22% versus prior year to $9.8 million Adjusted EBITDA margin expanded 240 basis points versus prior year to 9.5% Customer orders increased 50% versus prior year to approximately $144 million Backlog increased $39.9 million sequentially from 1Q 2026 to $385.4 million CARNEGIE, Pa., August 11, 2026--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (the "Company" or "Ampco") (NYSE: AP) announced financial results for its second quarter ended June 30, 2026 ("Second Quarter 2026"). "Our Second Quarter 2026 results reflect continued progress across the business as customer activity improved and the benefits of actions taken over the last year continued to build," said Brett McBrayer, CEO of Ampco-Pittsburgh. "In Forged and Cast Engineered Products, order activity improved, particularly in North America, as steel market conditions continued to recover from the lower levels experienced in 2025. At the same time, we continue to improve manufacturing efficiency and productivity as we ramp our Sweden facility and further optimize our operations. Air and Liquid Processing remains a source of strength, supported by healthy demand in key end markets and strong execution across the business. Customer order activity increased sequentially during the quarter, resulting in backlog growth and reinforcing our confidence in the direction of the business. We remain focused on execution, improving profitability and capitalizing on opportunities across our end markets as demand continues to recover and order activity remains constructive." Second Quarter 2026 Results Net sales for the Second Quarter 2026 were $102.9 million, compared to $113.1 million in the prior-year period. Higher sales in the Air and Liquid Processing segment were more than offset by lower sales in Forged and Cast Engineered Products, primarily reflecting the closure of the U.K. cast roll facility included in prior-year results. Net income attributable to Ampco-Pittsburgh improved to $1.5 million, or $0.07 per share, compared to a net loss of $7.3 million, or $0.36 per share, in the prior-year period. The prior year period included costs to exit the U.K. operations of $6.75 million, or $0.34 per share. The remaining improvement was driven by stronger operating performance across both segments, increasing benefits from actions taken during 2025, and continued progress in Forged and Cast Engineered Products as commercial activity and operating performance improved throughout the quarter. Adjusted EBITDA increased 22% to $9.8 million from $8.0 million in the prior-year period, while Adjusted EBITDA Margin expanded 240 basis points to 9.5%. Results benefited from improving demand trends and continued execution of initiatives to enhance manufacturing efficiency and profitability. Backlog Backlog at June 30, 2026, increased $39.9 million sequentially from March 31, 2026 to $385.4 million, reflecting stronger customer order activity and improving demand conditions. Second Quarter 2026 bookings were approximately $144 million, building on the $124 million of orders generated in the first quarter. Air and Liquid Processing order activity was driven by commercial pumps supporting power generation, pumps supporting U.S. Navy programs, and continued strength in air handling, including Buffalo Air Handling's largest equipment order in its history. In Forged and Cast Engineered Products, order activity improved for roll products, particularly in North America, as steel market conditions continued to recover from the lower levels experienced in 2025. Overall, backlog and order trends point to improving demand and a continued shift toward higher-value opportunities, supporting a favorable outlook through 2026 and into 2027. Second Quarter 2026 Segment Results Forged and Cast Engineered Products Net Sales for the Forged and Cast Engineered Products segment were $67.3 million, a decrease of 13.6% compared to the prior-year period, primarily reflecting the closure of the U.K. plant that was included in 2025 results. Adjusted operating income was $7.8 million, an increase of 15.1% compared to the prior-year period. Performance in the quarter reflected improving customer activity, particularly for roll products in North America, as steel market conditions continued to recover from the lower levels experienced in 2025. Results also benefited from improved operating leverage, manufacturing efficiencies and continued execution of actions implemented during 2025, including the ramp-up of the Company's Sweden facility. Management believes current order activity and improving demand trends support continued progress through the balance of the year. Air and Liquid Processing Net Sales for the Air and Liquid Processing segment were $35.6 million, an increase of 1.2% compared to the prior-year period, reflecting continued growth across the segment. Adjusted operating income was $5.3 million, an increase of 34.2% compared to the prior-year period. Performance in the quarter was driven by commercial pumps supporting power generation, increased demand for pumps supporting U.S. Navy programs and continued strength in air handling. Results also reflect the benefits of ongoing operational improvement initiatives, which continue to drive manufacturing efficiency, increase effective capacity and support improved operating leverage. Balance Sheet and Liquidity As of June 30, 2026, the Company had $7.0 million of cash and cash equivalents and total liquidity of $29.0 million. Operating cash flow for the Second Quarter 2026 was $0.2 million, compared to a use of $2.3 million in the prior-year period. The improvement reflects stronger operating performance and the absence of costs associated with the Company's U.K. facility. Capital expenditures were $5.7 million, resulting in free cash flow of $(5.5) million, compared to free cash flow of $(3.8) million in the prior-year period. Capital expenditures were higher than the prior-year period, which reflected lower spending levels as the Company executed strategic actions and operated in a softer demand environment during 2025. Current capital spending levels are more consistent with the Company's full-year plan and a normalizing operating environment. Net debt was $130.5 million as of June 30, 2026 (defined as total debt less cash and cash equivalents), compared to $124.7 million as of June 30, 2025. Full Year 2026 Outlook The Company exited the second quarter with higher backlog and stronger customer order activity. Air and Liquid Processing continues to benefit from healthy demand across its key markets, while improving order rates and customer activity in Forged and Cast Engineered Products reflect continued recovery in the steel market. Teleconference Access Ampco will hold a conference call on Tuesday, August 11, 2026, at 8:30 a.m. Eastern Time (ET) to discuss its financial results for the three and six months ended June 30, 2026. The Company encourages participants to pre-register for the conference call using the following link. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. To pre-register, please go to https://dpregister.com/sreg/10210240/104604d2a00 Those without internet access or unable to pre-register may dial in by calling: Participant Dial-in (Toll Free): 1-844-308-3408 Participant International Dial-in: 1-412-317-5408 For those unable to listen to the live broadcast, a replay will become available on our website under the Investors menu at www.ampcopgh.com. About Ampco-Pittsburgh Corporation Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, Sweden, and Slovenia and participates in two operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. Corporate headquarters are located in Carnegie, Pennsylvania. FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 (the "Act") provides a safe harbor for forward-looking statements made by us or on behalf of Ampco-Pittsburgh Corporation and its subsidiaries (collectively, "we," "us," "our," or the "Corporation"). This press release may include, but are not limited to, statements about operating performance, trends and events we expect or anticipate will occur in the future, statements about sales and production levels, timing of orders for our products, restructurings, the impact from pandemics and geopolitical conflicts, profitability and anticipated expenses, inflation, the global supply chain, the continued impact of tariffs, global trade conditions, the number and size of asbestos-related claims and sufficiency of asbestos-related insurance coverage, our ability to convert backlog to revenues in a timely manner, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed "forward-looking statements" within the meaning of the Act and words such as "may," "will," "intend," "believe," "expect," "anticipate," "estimate," "project," "target," "goal," "forecast," and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For us, these risks and uncertainties include, but are not limited to: inability to maintain adequate liquidity to meet our operating cash flow requirements, debt service costs, net asbestos payments, and other financial obligations; cyclical demand for our products, economic downturns and insufficient demand for our products; excess global capacity in the steel industry; inability to successfully restructure our operations, complete internal reorganizations, scale our operations, and/or invest in operations that will yield optimal long-term value to our shareholders; inability to obtain necessary capital or financing on satisfactory terms to acquire capital expenditures that may be necessary to support our growth strategy; liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries; limitations in availability of capital to fund our strategic plans or at acceptable interest rates; fluctuations in the value of the U.S. dollar and the functional (local) currency of our subsidiaries relative to other currencies; changes in the global economic environment, inflation, the ongoing impact of tariffs, elevated interest rates, recessions or prolonged periods of slow economic growth, global instability, consequences of pandemics, and actual and threatened geopolitical conflict; increases in commodity prices or insufficient hedging against increases in commodity prices, reductions in electricity and natural gas supply, or shortages of key production materials for us or our customers; inability to maintain compliance with the covenants, representations, or warranties of our various debt agreements; inoperability of certain equipment on which we rely; work stoppage or another industrial action on the part of any of our unions; changes in the existing regulatory environment; inability to satisfy the continued listing requirements of the New York Stock Exchange; failure to maintain an effective system of internal control; potential attacks on information technology infrastructure and other cyber-based business disruptions; and those discussed more fully elsewhere in Item 1A, Risk Factors, in Part I of the Corporation’s latest Annual Report on Form 10-K and Part II of the latest Quarterly Report on Form 10-Q. Additionally, as it relates to the insolvency proceedings of Union Electric Steel UK Limited ("UES-UK"), any forward-looking statements are subject to risks and uncertainties related to such proceedings, including but not limited to: the actions of the certain insolvency practitioners of FRP Advisory Trading Limited as administrators of UES-UK and the High Court of Justice, Business and Property Courts at Leeds; the interpretation and application of U.K. insolvency law; potential claims by creditors or other stakeholders; the ability to recover assets; the rights of purported secured creditors to satisfy their claims and reduce our obligations to them; and the broader impact on the Corporation’s condensed consolidated financial condition, results of operations, and strategic plans. We cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that we are not able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, we assume no obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise. NON-GAAP FINANCIAL MEASURES The Corporation presents non-GAAP adjusted EBITDA, non-GAAP adjusted income from operations, non-GAAP free cash flow and non-GAAP net debt. Non-GAAP adjusted EBITDA is calculated as net income (loss) excluding interest expense, other income - net, income tax provision, depreciation and amortization, and stock-based compensation along with significant charges or credits that are one-time charges or credits, unrelated to the Corporation’s ongoing results of operations, or beyond its control. Non-GAAP adjusted income from operations is calculated as income (loss) from operations excluding depreciation and amortization and stock-based compensation along with significant charges or credits that are one-time charges or credits, unrelated to the segment’s ongoing results of operations, or beyond its control. During the six months ended June 30, 2026, non-GAAP adjusted EBITDA and non-GAAP adjusted income from operations were adjusted to exclude a change in the estimated recovery from the structured insolvency of our U.K. cast roll legal entity. During the three and six months ended June 30, 2025, non-GAAP adjusted EBITDA and non-GAAP adjusted income from operations were adjusted to exclude severance and other exit costs associated with our exit from operations in the U.K. (the accelerated depreciation component of the U.K. exit is included in depreciation and amortization) and employee-retention credits received in the quarter. Non-GAAP free cash flow is calculated as cash provided by (used in) operating activities, purchase of property, plant and equipment, proceeds from government grants, used for purchase of equipment, and proceeds from the sale of property, plant and equipment. Non-GAAP net debt is calculated as total debt, less cash and cash equivalents. These non-GAAP financial measures are not based on any standardized methodology prescribed by accounting principles generally accepted in the United States of America ("GAAP") and may not be comparable to similarly titled measures presented by other companies. These measures are key measures used by the Corporation's management and Board of Directors to understand and evaluate the operating performance of the Corporation and its segments. The Corporation's management and Board of Directors believe non-GAAP adjusted EBITDA and non-GAAP adjusted income from operations enhance comparability to companies in its stated industry peer group. Additionally, a portion of the incentive and compensation arrangements for certain employees is based on the Corporation’s business performance. The Corporation believes these non-GAAP financial measures help identify underlying trends in its business that otherwise could be masked by the effect of the items it excludes from adjusted EBITDA and adjusted income from operations. The Corporation also believes these non-GAAP financial measures provide useful information to management, shareholders and investors, and others in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects and allowing for greater transparency with respect to key financial metrics used by the Corporation’s management in its financial and operational decision-making. In particular, the Corporation believes the exclusion of the change in estimated recovery, severance and other exit costs associated with our exit from operations in the U.K. and employee-retention credits received can provide a useful measure for period-to-period comparisons of the Corporation’s core business performance. Non-GAAP adjusted non-GAAP adjusted EBITDA, non-GAAP adjusted income from operations, non-GAAP free cash flow and non-GAAP net debt are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are limitations related to the use of non-GAAP adjusted EBITDA, rather than net income (loss), non-GAAP adjusted income from operations, rather than income (loss) from operations, non-GAAP free cash flow, rather than cash provided by (used in) operating activities, and non-GAAP net debt, rather than total debt which are the nearest GAAP equivalents. Among other things, there can be no assurance that additional expenses similar to the change in estimated recovery, severance and other exit costs associated with our exit from operations in the U.K. and employee-retention credits will not occur in future periods. View source version on businesswire.com: https://www.businesswire.com/news/home/20260811892938/en/ Contacts David AndersonVice President, Chief Financial Officer andAir & Liquid Processing President(412) [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management identified the second quarter as a clear turning point, with the closure of the U.K. facility and exit from the AUP Distribution business now positively impacting the bottom line. Air & Liquid Systems achieved record adjusted EBITDA, driven by manufacturing efficiencies and a favorable product mix in the power generation and nuclear markets. The Forged and Cast Engineered Products segment saw a sequential recovery as higher-cost inventory from late 2025 cleared the P&L and productivity improved in Sweden. Demand in the North American roll market is strengthening due to tariff protections reducing imports and increasing U.S. steel mill utilization. Data center expansion is acting as a primary catalyst for the power generation market, fueling demand for commercial pumps and nuclear heat exchangers. Backlog growth of $39.9 million from the first quarter was supported by a 50% year-over-year increase in customer orders, totaling approximately $144 million. Manufacturing capacity for the pump product line has increased following the installation of new equipment in 2024, with further expansions currently in progress. Management expects the second half of 2026 to be significantly stronger than the first half, despite normal seasonal maintenance outages in the third quarter. New manufacturing equipment funded by the U.S. Navy program is expected to begin producing products in the second half of 2026, with additional equipment arriving in late July. The corporation is aggressively increasing headcount and manufacturing capacity to address rising demand in the pharmaceutical and health care air handling markets. Strategic positioning for 2027 is supported by a growing backlog and opportunities arising from recent market consolidation in the engineered products space. Future financial results will reflect a shift to a more conservative investment strategy for the U.S. defined benefit plan, which reached fully funded status in early 2026. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. The year-over-year revenue decline in the Forged and Cast segment was almost entirely attributed to the strategic exit from the U.K. facility and AUP Distribution business. Pension income decreased as a result of the U.S. defined benefit plan reaching fully funded status and shifting to a more conservative portfolio. Liquidity at the end of Q2 remained stable with $7 million in cash and $29 million in undrawn availability on the revolving credit facility. Foreign exchange losses improved compared to the prior year, contributing to the overall increase in other income.

CARNEGIE, Pa., August 03, 2026--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Tuesday, August 11, 2026, at 8:30 a.m. Eastern Time (ET) to discuss its financial results for the second quarter ended June 30, 2026. If you would like to participate in the conference call, please register using the link below or by dialing 1-844-308-3408 at least five minutes before the 8:30 a.m. ET start time. We encourage participants to pre-register for the conference call using the following link. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. To pre-register, please go to https://dpregister.com/sreg/10210240/104604d2a00 Those without internet access or unable to pre-register may dial in by calling: Participant Dial-in (Toll Free): 1-844-308-3408 Participant International Dial-in: 1-412-317-5408 For those unable to listen to the live broadcast, a replay will become available on our website under the Investors menu at www.ampcopgh.com. About Ampco-Pittsburgh Corporation Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industries. It also manufactures open-die forged products that are sold principally to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps. It operates manufacturing facilities in the United States, Sweden, and Slovenia and participates in two operating joint ventures located in China. It has sales offices in North America, Asia, Europe, and the Middle East. Corporate headquarters are located in Carnegie, Pennsylvania. FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 (the "Act") provides a safe harbor for forward-looking statements made by us or on behalf of Ampco-Pittsburgh Corporation and its subsidiaries (collectively, "we," "us," "our," or the "Corporation"). This press release may include, but is not limited to, statements about operating performance, trends and events we expect or anticipate will occur in the future, statements about sales and production levels, timing of orders for our products, restructurings, the impact from pandemics and geopolitical conflicts, profitability and anticipated expenses, inflation, fluctuation of foreign currencies relative to the value of the U.S. dollar, the global supply chain, tariffs, global trade conditions, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed "forward-looking statements" within the meaning of the Act and words such as "may," "will," "intend," "believe," "expect," "anticipate," "estimate, "project," "target," "goal," "forecast" and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For us, these risks and uncertainties include, but are not limited to: inability to maintain adequate liquidity to meet our operating cash flow requirements, repay maturing debt and meet other financial obligations; cyclical demand for our products, economic downturns, and insufficient demand for our products; excess global capacity in the steel industry; inability to successfully restructure our operations, complete internal reorganizations, exit our U.K. operations in a timely and/or cost-efficient manner, scale our operations, and/or invest in operations that will yield the best long-term value to our shareholders; inability to obtain necessary capital or financing on satisfactory terms to acquire capital expenditures that may be necessary to support our growth strategy; liability of our subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of our subsidiaries; limitations in availability of capital to fund our strategic plans or at acceptable rates; fluctuations in the value of the U.S. dollar and the functional (local) currency of our subsidiaries relative to other currencies; changes in the global economic environment, inflation, the ongoing impact of tariffs, elevated interest rates, recessions or prolonged periods of slow economic growth, global instability, consequences of pandemics, and actual and threatened geopolitical conflict; increases in commodity prices or insufficient hedging against increases in commodity prices, reductions in electricity and natural gas supply or shortages of key production materials for us or our customers; inability to maintain compliance with the covenants, representations, or warranties of our various debt agreements; inoperability of certain equipment on which we rely; work stoppage or another industrial action on the part of any of our unions; changes in the existing regulatory environment; inability to satisfy the continued listing requirements of the New York Stock Exchange or the NYSE American Exchange; failure to maintain an effective system of internal control; potential attacks on information technology infrastructure and other cyber-based business disruptions; and those discussed more fully elsewhere in Item 1A, Risk Factors, in Part I of the Corporation’s latest Annual Report on Form 10-K and Part II of the latest Quarterly Report on Form 10-Q. Additionally, as it relates to the insolvency proceedings of Union Electric Steel UK Limited ("UES-UK"), any forward-looking statements are subject to risks and uncertainties related to such proceedings, including but not limited to: the actions of the certain insolvency practitioners of FRP Advisory Trading Limited as administrators of UES-UK and the High Court of Justice, Business and Property Courts at Leeds; the interpretation and application of U.K. insolvency law; potential claims by creditors or other stakeholders; the ability to recover assets; and the broader impact on the Corporation’s consolidated financial condition, results of operations, and strategic plans. We cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that we are not able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, we assume no obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260803911305/en/ Contacts David G. AndersonVice President, Chief Financial Officer and Treasurer(412) [email protected]

Shares of Ampco-Pittsburgh Corporation AP have lost 3% since the company reported earnings for the quarter ended March 31, 2026, against the S&P 500 Index’s 1.3% gain over the same period. Over the past month, however, the stock has rallied 25.1%, significantly outperforming the S&P 500’s 7.3% rise. Ampco-Pittsburgh reported first-quarter 2026 net sales of $108.3 million compared with $104.3 million, up 3.9% year over year, driven by strong demand in its Air and Liquid Processing (ALP) segment. Net loss attributable to Ampco-Pittsburgh was $0.9 million, or 4 cents per share, against net income of $1.1 million, or 6 cents per share, in the year-ago quarter. Adjusted EBITDA declined 9.2% to $7.9 million from $8.8 million, while adjusted EBITDA margin contracted to 7.4% from 8.4%. Within segments, Forged and Cast Engineered Products (FCEP) revenue fell 2% to $70.8 million from $72.3 million, while ALP revenue climbed 17.3% to $37.5 million from $31.9 million. Adjusted operating income in FCEP dropped 31% to $5.7 million from $8.3 million a year earlier, whereas ALP posted record adjusted operating income of $5.7 million, up 52% year over year from $3.8 million. AP exited the quarter with a backlog of $345.5 million compared with $328.9 as of Dec. 31, 2025, supported by approximately $124 million in first-quarter bookings. Management said the increase was led by record order activity in the ALP segment, fueled by strong demand from power generation and defense markets. ALP continued to benefit from rising demand tied to data centers, gas turbines and nuclear infrastructure. Management highlighted that commercial pumps used in gas turbines and nuclear heat exchangers experienced strong demand trends, while U.S. Navy-related business also remained robust. Ampco-Pittsburgh noted that new manufacturing equipment installed in 2024 has already increased pump production capacity, with additional Navy-funded equipment expected to become operational during the second quarter. In the FCEP business, management said order trends improved sequentially after softness in late 2025 and early 2026. Executives cited recovering demand for large forged rolls and stronger work roll orders heading into the second and third quarters. Ampco-Pittsburgh Corporation price-consensus-eps-surprise-chart | Ampco-Pittsburgh Corporation Quote Management attributed the weaker year-over-year profitability primarily to temporary timing and product mix issues in the FCEP segment. According to executives, uneven shipments involving blended products from Sweden and China created a less profitable mix during the quarter, while lower shipments of higher-margin large rolls in the United States also pressured margins. Tariff uncertainty was another factor affecting customer purchasing decisions in late 2025 and early 2026. Management said some customers delayed purchases of higher-margin products until tariff conditions stabilized. In addition, higher-cost inventory produced during late-2025 shutdowns negatively impacted first-quarter profitability. The quarter also reflected the impact of a receivable write-down related to the 2025 closure of the U.K. facility. AP recorded an $875,000 deconsolidation charge tied to the estimated recovery from the U.K. insolvency process. Despite those headwinds, management indicated that many of the issues were temporary. During the earnings call, executives estimated that timing-related factors reduced EBITDA by close to $3 million in the quarter and said those effects should reverse in the coming periods. Ampco-Pittsburgh ended the quarter with cash and cash equivalents of $9.2 million and total liquidity of $30.8 million. Operating cash flow improved to $1.7 million against a cash outflow of $5.3 million in the prior-year period. Free cash flow improved to $(1.7) million from $(7.2) million a year ago, reflecting better working capital management. Net debt stood at $124.9 million at quarter-end compared with $120.1 million as of March 31, 2025. AP also announced that its U.S. defined benefit pension plan achieved fully funded status as of Feb. 9, 2026. Management said the improved pension position allowed the company to shift toward a more conservative investment strategy. Management expressed optimism for the remainder of 2026 and into 2027, citing improving market conditions, stronger order trends and benefits from restructuring actions completed in late 2025. Executives said Ampco-Pittsburgh expects a more favorable product mix and improved conversion over the balance of the year. In FCEP, management pointed to improving steel industry conditions, infrastructure spending and reshoring activity as supportive demand drivers. Tariffs were also described as beneficial for certain forged engineered products by improving pricing conditions and supporting margins. AP reiterated expectations for annual adjusted EBITDA improvement of $7 million to $8 million from restructuring actions, including the closure of the U.K. facility and operational optimization initiatives. Ampco-Pittsburgh continued executing restructuring and operational realignment initiatives during the quarter. The company is ramping production at its Sweden facility following the closure of its U.K. cast roll plant in 2025. Management said the Sweden operation posted more than 20% sales growth year over year and is expected to deliver additional efficiency gains over time. Management also highlighted industry consolidation opportunities. During the quarter, executives noted that one European cast roll competitor entered receivership and a South American competitor exited parts of the forged and cast roll market, which management believes could create market share gains for Ampco-Pittsburgh in both Europe and the Americas. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ampco-Pittsburgh Corporation (AP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Tuesday, May 12, 2026, at 8:30 a.m. ET Chief Executive Officer — J. Brett McBrayer Chief Financial Officer and President, Air and Liquid Processing — David Anderson President, Forged and Cast Engineered Products — Samuel R. Lyon Need a quote from a Motley Fool analyst? Email [email protected] J. McBrayer: Thank you, Kim. Good morning, and thank you for joining our call. As reported in our press release, consolidated adjusted EBITDA for the first quarter was $8 million, down from $8.8 million the prior year. Our results reflect ramp-up costs in Sweden as well as a weaker mix in our Forged and Cast Engineered Products segment. We see ongoing progress in this segment following the 2025 slowdown with trends stabilizing as the business moves through a normalization in volumes and mix. With strong demand continuing in our Air and Liquid Processing segment, ALP achieved record adjusted EBITDA and record customer orders for the first quarter of 2026. To elaborate further on this performance, I will now turn the call over to David Anderson, Chief Financial Officer and President of our Air and Liquid segment. David Anderson: Thank you, Brett. Good morning. Tremendous start to the year for Air & Liquid as ALP set new records in customer orders and adjusted EBITDA. Q1 revenue increased 17%, driven by higher revenue in all product lines. Adjusted EBITDA in Q1 increased 52% versus prior year as higher revenue, improved manufacturing efficiencies and positive product mix drove adjusted EBITDA to the highest level in Air & Liquids history. Backlog increased $23.5 million or 19% in the quarter as customer orders increased to record levels. Customer orders were 40% higher than any prior quarter as we continue to see extremely strong demand for our custom engineered products across multiple markets. Data centers are causing increasing demand in the power generation market, which is fueling demand in both our commercial pump and nuclear heat exchanger products. Our commercial pumps are used in gas turbines, which are seeing strong growth, while we continue to be the dominant supplier of heat exchangers into the growing nuclear market. There continues to be strong demand from the U.S. Navy, and we expect this demand to continue as the Navy moves forward with fleet expansion plans. The manufacturing equipment installed in 2024 has already increased manufacturing capacity for our pump product line, and there is more capacity expansion in process. Additional manufacturing equipment from the Navy funding program arrived at our facility in early 2026 and is expected to begin producing products in the second quarter of 2026. There is additional equipment from the Navy funding program that is expected to arrive at our facility in the second half of this year. This equipment will position us to meet the long-term growth in this market. Demand for custom air handlers remains strong as there continues to be significant demand in the pharmaceutical market for our custom air handling products. With rising market demand and an increasing backlog, we continue to focus on increasing our manufacturing capacity. We are bringing in new equipment, increasing our headcount and improving our manufacturing efficiencies in order to meet the increasing demand. In summary, 2026 is off to a great start, and we are well positioned in markets that are showing significant long-term growth. J. McBrayer: Thank you, David. Sam Lyon, President of Forged and Cast Engineered Products segment, will now share more details regarding his group's performance. Sam? Samuel Lyon: Thank you, Brett, and good morning, everyone. For the first quarter of 2026, the Forged and Cast Engineered Products segment reported net sales of $70.8 million compared to $72.3 million in Q1 of 2025. Sales were relatively flat with Sweden and Slovenia mostly offsetting the loss from the closure of the U.K. and our distribution business, AUP. Segment adjusted EBITDA was $5.7 million, up from $2.3 million in Q4 and down from $8.3 million in the prior year period. Three discrete timing items shape Q1 results. First, to gain a competitive advantage with some European customers, we offer a blend of rolls from our Swedish plant and our joint venture in China. Due to uneven shipments in Q1, we had a less profitable mix, which will reverse in the coming quarters. Second, our lower shipments of higher-margin large rolls in the U.S. negatively affected the mix. Tariff uncertainty led many of our customers to defer orders for our highest margin product in Q4 of 2025 and Q1 of 2026. And third, higher cost inventory from Q4 of 2025 flowed through the P&L. This higher cost was driven by production downtime in Q4 due to a softer order book resulting from tariff uncertainty. The forward-looking picture is much more constructive. The U.S. order book for large rolls has recovered in Q2. The work roll order book is also higher in Q2 and Q3. FEP demand and margins are improved, supported by the tariff landscape. As a result of these factors, we expect the remainder of the year to be stronger. With the increased demand, the only planned outages are the yearly maintenance in the U.S. around the 4th of July and the typical summer holidays in Europe. In our last earnings call, I mentioned that 2 of our competitors were exiting the market. Marichal Ketin MKB, a cast roll manufacturer in Europe is in receivership and a competitor in South America has exited the cast roll market at the end of 2025 and is currently exiting the forged roll market. This market consolidation is presenting us with opportunities to gain market share. In summary, the underlying demand for our products is improving, supported by the tariff landscape, infrastructure growth, consolidation of roll manufacturers and reshoring. We are also realizing improvements in our Sweden operation due to higher utilization. We are optimistic for the remainder of 2026 and 2027. Brett, back to you. J. McBrayer: Thanks, Sam. I'll now turn the call back over to David Anderson, our Chief Financial Officer, for more detail regarding our financial performance for the quarter. Dave? David Anderson: Thank you, Brett. As indicated in both our Form 10-Q and in our press release, Ampco-Pittsburgh reported Q1 net sales of $108.3 million, which was an increase of 3.9% versus prior year. As discussed in the segment reports, Air and Liquids saw a significant sales increase versus prior year, while FCEP was relatively flat. Q1 adjusted EBITDA of $8 million was $0.8 million lower than prior year. The lower adjusted EBITDA was primarily driven by the temporary timing issues that Sam discussed. These issues were largely offset by the increase in adjusted EBITDA for the ALP segment. Backlog increased 5%, primarily driven by the record order activity in the ALP segment. Total selling and administrative expenses were relatively flat compared to prior year as higher sales commissions and other costs were offset by the elimination of SG&A expenses due to the closures of the U.K. facility and the small steel distribution business in the U.S. Depreciation and amortization expense was lower by approximately $400,000 due to the closure of the U.K. facility and the steel distribution business. The change in other income and expense was primarily due to lower net pension and other post-retirement income, which is principally attributable to the U.S. defined benefit plan reaching a fully funded status in early 2026, resulting in a change in its investment strategies to a more conservative portfolio. At March 31, 2026, the corporation's liquidity position included cash on hand of $9.2 million and undrawn availability on our revolving credit facility of $30.8 million. In summary, while there were some short-term timing issues in Q1, there were a number of positives that position us for the rest of the year, including our liquidity position, the fully funded defined benefit plan and the positive impact from the U.K. plant closure in late 2025. Operator, at this time, we would now like to open the line for questions. Operator: [Operator Instructions] And the first question we have will come from Bruce Galloway of Galloway. Bruce Galloway: It looks like it was a pretty good quarter, a few hiccups over there. A couple of questions. Number one, back in March, you stated that the order book was up 38% and air and liquid was up 73%. And at the end of the quarter, the numbers were a little muted from there. So maybe you could explain that. And my second question is you had a lot of adjustments and a lot of restructuring costs that occurred in the fourth quarter and carried on into the first quarter. What's the total amount of all that as far as EBITDA goes? David Anderson: Bruce, it's Dave. I can address your first question on the orders. And it's a little bit of comparing 2 different things. Order book is certainly up for the quarter. And in what we just presented, we were comparing sequentially to the fourth quarter. The press releases we had earlier in the year were comparing to prior year at the same time. So a little apples and oranges there, but all positive, all going in a good direction. And your question on adjusted EBITDA, Bruce? J. McBrayer: Yes, yes. You said you had a lot of adjustments, ramping up Sweden, moving stuff to the -- out of U.K., the pension defined plan. How much of the extraordinary expenses were there that -- and what does that translate to nonrecurring as far as EBITDA goes? David Anderson: I think the biggest part is forged and cast where you can see the results at the Q1 versus prior year. And our expectation is we will be going up over those numbers. So that was really in the FCEP section. So I think that difference is the timing issues that we were talking about. That's the primary difference. And that's what we see reversing out as we go into the next quarters. Bruce Galloway: But how much was that? Could you quantify? Was it $3 million in EBITDA, $2 million? David Anderson: Closer to $3 million. Bruce Galloway: Okay. Closer to $3 million. So kind of like on a normalized basis, you pretty much made like $8 million for the quarter. David Anderson: Correct. Samuel Lyon: Yes. And I guess for -- well, we made $8 million. So for FCEP, it would have been closer to... Bruce Galloway: $11 -- it would have been closer to $11 million... Samuel Lyon: Correct. And just a comment, Bruce, this is Sam. That timing issue between the blended shipments that we sell to European customers, that is purely timing. It will just reverse out in the next several quarters. And the overhead that we carried into the year, that's all pretty well gone as well. And then as I said, the outlook, particularly in North America is quite constructive from our customers. If you look at any of their earnings calls, their volumes are all going up and we're seeing that as well. So it's -- we feel like, as Brett said, we've kind of come through the trough at this point. Bruce Galloway: Okay. Also, are you getting any tariff money back? Samuel Lyon: Well, if we do, it will go right back to our customers. Everything -- every tariff that we had to pay, we had a line item that went to them. So -- but yes, we should. And that's a positive, too, because the new -- the way that the tariffs are going forward, we'll probably pay about half as much as we would have paid, which is just better for borrowing and our ABL. Bruce Galloway: Okay. How much business were you doing in the U.K.? And how much of that total amount switched over to Sweden? Samuel Lyon: We were doing at the end of last year, probably $30 million or so annualized in 2025 and half of that or so would go to Sweden, half to 2/3. Bruce Galloway: Okay. So on the revenue bar, you're not really comparing apples-to-apples. You have basically a discontinued operation in there, which cost you about $15 million in revenues, but obviously is helping you on the EBITDA line. Are you still on track to pick up about $9 million in savings from the closure of the U.K. facility? Samuel Lyon: We've always said $7 million to $8 million, but yes, we're still on. Operator: The next question we have will come from John Bair of Ascend Wealth Advisors. John Bair: A couple of questions here. Number one, now that you seem to have hit an inflection point. What are your thoughts on debt reduction overall? That's question one. And then I've got a couple of additionals, that I'd like to ask. David Anderson: John, it's Dave. I can answer that one on debt reduction. I mean that is one of our primary focuses as we move towards generating positive cash flow this year. We do expect debt reduction to occur as we go through this year. That's certainly one of our focuses is improving the balance sheet on that regard. John Bair: How much -- can you quantify or do you have a ballpark range of what you think you might be able to accomplish on that based on your order trends overall? David Anderson: I would think reasonable is $8 million to $10 million or something in the balance of this year. John Bair: Okay. And is there any potential for any kind of refinancing that might lower your overall interest costs? Or you pretty well settled in with that? David Anderson: We're pretty well settled, but we always evaluate if there's a better option somewhere. But I don't really expect that right now. John Bair: And then outside of the Air and Liquid products Navy activity and so forth, what are you seeing domestically with other aspects of the business? I know you did mention there was kind of a flattish situation with Forged because of tariffs and some of the other uncertainties. But -- and you have indicated that you'd see more positive in the back half of '26. Samuel Lyon: I guess -- this is Sam. The large roll orders that were suppressed in Q4 and Q1, I mean, they were down probably on average, 35% from normal. And they've -- in the next 2 quarters, it's completely recovered. So that was kind of the biggest issue. And those are a little bit more capital purchase items from the customers. They have a little leeway when they buy and when they don't buy them. And so they held off on those. And again, we're also seeing very strong demand on -- particularly in Q3 on the Forged side for work rolls. And we're also currently in the midst of -- part of the backlog issue, too, is we're currently finalizing our next year's orders with our 2 biggest customers as we speak. So one of them will be done in Q2 and probably one to be done in early Q3. So that this period in time is a low point. If you look every year, it's kind of the low point for our backlog for FCEP as we negotiate 2027. John Bair: And is that basically just kind of wait the wait and see with all the uncertainties that are out there economically, perhaps that and inventory has kind of been depleted so that you are entering a more robust, hopefully, a more robust ordering cycle and usage. In other words, is the steel companies activities picking up. Is that your sense that they're picking up enough that they feel more comfortable in ordering, say, larger needs? Samuel Lyon: Well, just it's purely the -- when demand goes down, there's a lag. So they're buying supplies, which rolls as a supply for a certain level of demand. So as demand goes down, they have an inventory overhang. Well, now the opposite is occurring. So demand is going up. So they directly have to purchase more rules. And the other thing, we did not have some business in 2026 because of the tariffs in Europe. People were nervous about buying stuff from the United States. That's all gone, and we have those orders back in the '27 order book as well. So I think for the most part, everybody is -- the tariffs are all normalized. Everybody is acceptable. Everybody understands what they are now, and we're kind of back to a more normalized state. John Bair: And do you think there's some reshoring activity that's helping boost demand? Samuel Lyon: Well, in the U.S., definitely. That's demand is much better on the infrastructure, data centers. Dave mentioned the pharmaceutical sites that are being built. All that is use of steel. John Bair: Okay. Very good. Last question, you mentioned in the prepared remarks there about 2 competitors exiting the market. Is that due to a softening of demand overall for them? Or they just not have the volumes that could justify remaining in that market? And how easy or maybe that's not the right word. How likely is it that you'll be able to pick up the market share that is being left behind by their exiting the market? Samuel Lyon: Well, in Europe, the European competitor, Europe market was oversupplied, which is the main reason why we got out of the U.K. as well. So that's a real positive for us there. And then in the South America, which they didn't announce it publicly, so I can't say who it is, but it's a noncore business for them, and they just decided it wasn't worth managing. On the South American competitor, that we will definitely -- we're being called directly by customers, and we have orders that we haven't had in years because of them going out of exiting the business. And in Europe, we'll compete and get our share from that as well. So that's all very positive. Operator: [Operator Instructions] The next question we have will come from Justin Bergner of Gabelli Funds. Justin Bergner: The question about the exits of the competitors was just answered, but I had one more question. Any benefit from the revised Section 232 tariffs that's material for your business? Samuel Lyon: Yes. There's a couple of things, Justin. One is that cast rules, so the rules from Sweden, those have been pretty dramatically reduced. So it -- while the tariffs didn't affect us greatly, it puts us on more level playing field with the U.S. competitor that we have, and we won't have to pay the tariff and foot the bill. So that's a positive. And then the tariffs on the FEP products stayed in place. That's still at 50%, which is a healthy barrier. So that's helping our FEP order book. It's probably double what it was last year, and the margins are much better as well. So I think if you look at the total picture, it's kind of landed in a good spot for us, better than it was 4 months ago. Operator: [Operator Instructions] It appears that we have no further questions at this time. This concludes our question-and-answer session. I would now like to turn the conference back over to Mr. Brett McBrayer for any closing remarks. Sir? J. McBrayer: Thank you. In closing, today, I want to thank our employees who continue to make a positive impact each and every day. With improving market conditions and the actions taken in the second half of 2025 in our Forged and Cast segment, we expect to recognize again an annual adjusted EBITDA improvement of $7 million to $8 million moving forward. I want to thank our Board of Directors and our shareholders for your continued support. Thank you for joining our call this morning. Operator: Thank you, sir, and to the rest of the management team. This concludes today's conference call. At this time, you may disconnect your lines. Thank you. Take care, and have a blessed day, everyone. Before you buy stock in Ampco-Pittsburgh, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Ampco-Pittsburgh wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Ampco-Pittsburgh (AP) Q1 2026 Earnings Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Consolidated Adjusted EBITDA: $8 million, down from $8.8 million the prior year. Air & Liquid Systems Segment Revenue: Increased 17% in Q1. Air & Liquid Systems Segment Adjusted EBITDA: Increased 52% versus prior year. Forged & Cast Engineered Products Segment Net Sales: $70.8 million, compared to $72.3 million in Q1 2025. Forged & Cast Engineered Products Segment Adjusted EBITDA: $5.7 million, up from $2.3 million in Q4, down from $8.3 million in prior-year period. Q1 Net Sales: $108.3 million, an increase of 3.9% versus prior year. Backlog Increase: 5%, driven by record order activity in the Air & Liquid Systems segment. Cash on Hand: $9.2 million as of March 31, 2026. Undrawn Availability on Revolving Credit Facility: $30.8 million. Warning! GuruFocus has detected 6 Warning Signs with AP. Is AP fairly valued? Test your thesis with our free DCF calculator. Release Date: May 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ampco-Pittsburgh Corp (NYSE:AP) reported a 17% increase in Q1 revenue for the Air & Liquid segment, driven by higher revenue across all product lines. The Air & Liquid segment achieved record adjusted EBITDA and customer orders, with a 52% increase in adjusted EBITDA compared to the prior year. Backlog for the Air & Liquid segment increased by $23.5 million or 19%, with customer orders 40% higher than any prior quarter. The company is experiencing strong demand from the U.S. Navy and expects this to continue with fleet expansion plans. Ampco-Pittsburgh Corp (NYSE:AP) is well-positioned in markets showing significant long-term growth, such as data centers, power generation, and pharmaceuticals. Consolidated adjusted EBITDA for the first quarter was $8 million, down from $8.8 million the prior year, reflecting ramp-up costs in Sweden and a weaker mix in the forge and cast segment. The Forged & Cast Engineered Products segment reported a decrease in net sales to $70.8 million from $72.3 million in Q1 2025. Higher cost inventory from Q4 2025 negatively impacted the P&L due to production downtime and tariff uncertainty. The closure of the UK facility and a small steel distribution business in the U.S. resulted in relatively flat sales for the Forged & Cast segment. The company faced temporary timing issues affecting adjusted EBITDA, primarily in the Forged & Cast segment, which are expected to reverse in the coming quarters. Q: Back in March, you stated that the order book was up 38% and air and liquid was up 73%. At the end of the quarter, the numbers were a little muted. Can you explain that? Also, what was the total amount of restructuring costs affecting EBITDA? A: David Anderson, President of Air and Liquid Systems Corporation, explained that the order book was compared sequentially to the fourth quarter, while earlier press releases compared to the prior year. Regarding restructuring costs, the primary impact was in the Forged and Cast segment, with timing issues expected to reverse in upcoming quarters. The extraordinary expenses were closer to $3 million, affecting EBITDA. Q: Are you getting any tariff money back, and how much business was shifted from the UK to Sweden? A: Samuel C. Lyon, President of Union Electric Steel, stated that any tariff refunds would go back to customers. The UK operations were doing about $30 million annually, with half to two-thirds of that business shifting to Sweden. Q: What are your thoughts on debt reduction, and can you quantify potential reductions? A: David Anderson mentioned that debt reduction is a primary focus, with expectations to reduce debt by $8 million to $10 million this year. They are also evaluating refinancing options but do not expect changes currently. Q: Outside of air and liquid products, what are you seeing domestically with other aspects of the business? A: Samuel C. Lyon noted that large roll orders have recovered after being suppressed due to tariffs. Demand is strong, particularly in Q3 for forged work rolls, and negotiations with major customers are ongoing, indicating a more robust ordering cycle. Q: Is there any benefit from the revised Section 232 tariffs for your business? A: Samuel C. Lyon explained that tariffs on cast rolls from Sweden have been reduced, leveling the playing field with U.S. competitors. The tariffs on FEP products remain at 50%, providing a healthy barrier and improving order books and margins. For the complete transcript of the earnings call, please refer to the full earnings call transcript.