Proven to perform

anywhere.

Fourth Quarter and Full Year 2024 Earnings

February 4, 2025

ATI Proprietary and Confidential ©2025 ATI. All rights reserved.

1

Forward Looking

Statements

This presentation contains forward-looking statements. Actual results may differ materially from results anticipated in the forward-looking statements due to various known and unknown risks, many of which we are unable to predict or control. These and additional risk factors are described from time to time in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023.

2

Key Takeaways

Performance

Balance Sheet

Strategic Progress

Strong recovery from Q3 outages;

Deploying capital for shareholder

Strategic investments extend

Growth in Jet Engine & Defense

returns, efficiently managing capital

competitive advantages

Q4 Adj. EBITDA1 of $210M

  • 13% sequential, 31% YoY increase

Adj. EBITDA1 Margin 17.9% in Q4

  • 280 bps improvement YoY

Q4 A&D at 65% of sales

  • 22% YoY growth in Jet Engine
  • 32% YoY growth in Defense
  • 17% YoY growth in Aero-Like markets
  • Offset by (5%) YoY decrease in Airframe

Ended Q4 with $1.3B of total liquidity including $721M cash on hand

  • Managed Working Capital1 was 31% of sales at end of Q4

Executing $700M Stock Repurchase Authorization

  • $70M of repurchases in Q4
  • $590M remains on authorization
  • ~5.3M shares repurchased in 2024
  • Continued progress made in de- bottlenecking forging operations and expanding testing capacity
  • Washington brownfield expansion remains on schedule
    • Qualifications in 2025
  • First print from new greenfield expansion in Florida: Additive Manufacturing Operations

(1) See appendix for reconciliation of non-GAAP financial measures.

3

A&D outlook strong despite near-term airframe disruptions

Forecasting double-digit Year-over-Year (YoY) growth for most core markets

Market

Q4-24

Sequential

YoY

6-Mo

3-Yr

ATI Perspective

Revenue ($M's)

Change

Change

Outlook

Outlook

Jet Engine

$428

+17%

+22%

• Sequential and year-over-year growth resulting from broadening

customer diversification, operational and supply chain improvements,

and strong aftermarket demand

• Sequential growth driven by modest recovery in titanium market

Airframe

$191

+6%

(5)%

• YoY sales decline driven by lower production rates and disruptions

from Boeing work stoppage

Defense

$148

+38%

+32%

• Sequential and year-over-year growth led by military aircraft, exotic

alloys, and munitions materials

Total A&D

$767

+17%

+15%

ATI revenue from Aerospace & Defense = 65%

• Sequential growth driven by large project shipment of material used

Specialty Energy

$82

+18%

+36%

for coal-fire power plant cleanup and increased gas-turbine demand

• YoY increase led by continued growth in nuclear power generation

as well as increased gas-turbine demand

Electronics

$52

+5%

+15%

• Sequential and YoY growth driven by growth in hafnium and

increased shipments of materials for handheld electronics

Medical

$51

(4)%

(3)%

• Lower sequential and YoY sales driven by ongoing inventory

rebalancing in medical device supply chain

Core End Markets

$952

+15%

+ 16%

ATI revenue from Core End Markets = 79%

4

Fourth Quarter 2024 Financial Results

$M (excl. EPS)Q4 2024 Q4 2023 % Chg. Q3 2024 % Chg.

Revenue

$1,173

$1,064

+10%

$1,051

+12%

HPMC Segment

$634

$583

+9%

$552

+15%

AA&S Segment

$539

$482

+12%

$499

+8%

Segment

$215

$182

+18%

$197

+9%

EBITDA

HPMC Segment

$127

$125

+1%

$123

+3%

Adj. EBITDA %

20%

22%

(200) bps

22%

(200) bps

AA&S Segment

$88

$57

+54%

$74

+20%

Adj. EBITDA %

16%

12%

+400 bps

15%

+100 bps

Adj. EBITDA (2)

$210

$161

+31%

$186

+13%

(ex. special items)

Adj. EBITDA %

18%

15%

+300 bps

18%

- bps

EPS (1)

$0.94

$0.99

(5)%

$0.57

+65%

Adj. EPS (1)(2)

$0.79

$0.64

+23%

$0.60

+32%

Note: amounts may not add due to rounding.

(1) Attributable to ATI

(2) See appendix for full reconciliation to the nearest GAAP measures

January 2019

HPMC Segment

Revenue: Up 9% year-over-year (YoY); up 15% sequentially

  • Led by continued growth in Jet Engine and Defense materials and forgings
  • Sales growth reflects strong recovery from VIM outage and continued de-bottlenecking progress in forgings

EBITDA: Up 1% YoY; up 3% sequentially

  • Reflects increased A&D volume and price gains in isothermal Jet Engine forgings
  • Partially offset by charge related to customer commercial negotiations
  • Prior year includes $10M of insurance recovery

AA&S Segment

Revenue: Up 12% YoY; up 8% sequentially

  • Sales growth led by increase Defense shipments for both ground armor and naval materials
  • Growth was partially offset by weaker Industrial demand

EBITDA: Up 54% YoY; up 20% sequentially

  • EBITDA reflects increased A&D volume and favorable overall product mix
  • Also impacted by $10.4M retroactive Advanced Manufacturing Production Credit (AMPC), partially offset by charge related to customer commercial negotiations

55

Full Year 2024 Financial Results

$M (excl. EPS)FY 2024 FY 2023 % Chg.

Revenue

$4,362

$4,174

+5%

HPMC Segment

$2,279

$2,120

+8%

AA&S Segment

$2,084

$2,054

+2%

Segment

$782

$710

+10%

EBITDA

HPMC Segment

$461

$434

+6%

Adj. EBITDA %

20%

21%

(100) bps

AA&S Segment

$321

$277

+16 %

Adj. EBITDA %

15%

14%

+100 bps

Adj. EBITDA (2)

$729

$635

+15%

(ex. special items)

Adj. EBITDA %

17%

15%

+200 bps

EPS (1)

$2.55

$2.81

(9)%

Adj. EPS (1) (2)

$2.46

$2.56

(4)%

HPMC Segment

Revenue: 8% year-over-year top-line growth driven by:

  • Year over year sales growth from increases in Jet Engine and Defense materials, driven by price gains in nickel and higher volume in titanium and forgings

EBITDA: 6% year-over-year growth driven by:

  • Margin drop-through from continued Jet Engine and Defense growth
  • Richer overall product mix and strong pricing in nickel, titanium, and forgings

AA&S Segment

Revenue: 2% year-over-year sales growth driven by:

  • Year over year growth 9%, excluding metal impacts on pass-through revenue
  • Year over year growth in A&D of 11% and "aero-like" growth of 19%
  • Partially offset by 13% year over year reduction in industrial market sales
    EBITDA: 16% EBITDA growth driven by:
  • Increased A&D mix and YoY growth in exotic alloys
  • EBITDA also impacted favorably by retroactive AMPC credit in Q4'24

Consolidated ATI

Revenue: 5% year-over-year sales growth driven by:

  • Year over year increase of 11% in core markets, partially offset by 14% reduction in industrial market sales
  • Year over year grew 9% excluding metal impacts on pass-through revenue

Note: amounts may not add due to rounding.

  1. Attributable to ATI
  2. See appendix for full reconciliation to the nearest GAAP measures

• Adjusted earnings per share declined in 2024, primarily due to higher income tax

6

expense

6

January 2019

Cash & Liquidity

Net Debt/Adj. EBITDA(1) Ratio: 1.6x(2)

$600 $500 $400

$MM's

$300

$200

$100

$-

2025

2026

2027

2028

2029

2030

2031

Notes

Term Loan

  1. Adj. EBITDA based on LTM Q4'24
  2. See appendix for full reconciliation to the nearest GAAP measures

January 2019

Balance Sheet and Cash Flow

Q4 results

  • Liquidity of ~$1.3B, including $721M of cash on hand
  • Managed working capital(2) 30.9% of sales
  • Capital expenditures were $47M in Q4

Capital structure

  • Executing multi-year $700M share repurchase authorization
  • Full year share repurchases ~5.3M shares for $260M
    • Completed $70M in Q4
    • $590M remaining on current authorization
  • Strong balance sheet and liquidity provide for balanced capital allocation opportunities
    • Fund growth
    • De-leverbalance sheet
    • Return capital to shareholders

77

First Quarter & Full Year 2025 Outlook

First Quarter 2025

Key Assumptions

Adj. EPS (1)(3)

$0.55 - $0.61

Previously X

Adj. EBITDA (3)

$170 - $180 million

(Previously $X - $X million)

Key Drivers

  • Strong demand in A&D, timing of growth in Commercial Aero accelerating in 2H 2025
  • All outage recovery from 3Q '24 remains on schedule and

consistent with prior expectations

Full Year 2025

Adj. EPS (2)(3)

Adj. EBITDA (3)

$2.80 - $3.00 $800 - $840 million

(Previously $800 - $900 million in

2023 Investor Day Targets)

FCF (3)

$240 - $360 million

  1. Assumes Q1 fully diluted average share count of ~145 million
  2. Assumes FY 2025 fully diluted average share count of ~145 million
  3. See appendix for reconciliation of non-GAAP financial measures
  • Guidance assumes no work stoppages or impacts from changes in global trade policy
  • Annual effective tax rate of 21.5 - 22.5%

Additional financial guidance and assumptions provided in Appendix 1

  • Consistent with prior assumptions
    Updated Assumption

8

Additional Materials Appendix

Appendix 1 - 2025 Outlook Assumptions

Earnings Drivers

FY 2025 Net Interest Expense

~$100M

Annual Cash Flow Drivers

Capital Expenditures

$260-$280M

Depreciation & Amortization

~$168M

Managed Working Capital(1)

Cash Usage of in Range of ~$100M

Full Year Cash Taxes

~$62M

(1) See Appendix 3 for reconciliation of non-GAAP financial measures

1010

January 2019

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Disclaimer

ATI Inc. published this content on February 04, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 04, 2025 at 13:37:56.976.