Ampco-Pittsburgh
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Ampco-Pittsburgh (AP) investor relations material

Ampco-Pittsburgh Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary12 May, 2026

Executive summary

  • Q1 2026 net sales rose 3.9% year-over-year to $108.3 million, driven by strong Air and Liquid Processing (ALP) growth, while Forged and Cast Engineered Products (FCEP) sales declined slightly.

  • Adjusted EBITDA was $8.0 million, down from $8.8 million, reflecting ramp-up costs in Sweden, weaker FCEP mix, and a deconsolidation charge from U.K. insolvency.

  • Net loss attributable to shareholders was $(0.9) million ($(0.04) per share), compared to net income of $1.1 million ($0.06 per share) in Q1 2025.

  • Backlog increased $16.6 million sequentially to $345.5 million, with record ALP orders and robust order activity.

  • U.S. Defined Benefit Pension Plan reached fully funded status, enabling a shift to a more conservative investment strategy.

Financial highlights

  • Q1 2026 net sales were $108.3 million, up 3.9% year-over-year, with ALP revenue up 17% to $37.5 million and FCEP sales down 2% to $70.8 million.

  • Adjusted EBITDA was $8.0 million, $0.8 million lower than prior year, with margin at 7.4%.

  • ALP segment achieved record adjusted EBITDA and operating income, with backlog up $23.5 million (19%) and orders 40% higher than any prior quarter.

  • FCEP segment adjusted EBITDA was $5.7 million, down from $8.3 million year-over-year, impacted by timing, mix, and higher inventory costs.

  • Operating cash flow improved to $1.7 million, up from a use of $5.3 million in Q1 2025.

Outlook and guidance

  • FCEP expects stronger performance for the rest of 2026, with improved demand, margins, and order books, supported by tariff normalization and market consolidation.

  • ALP anticipates sustained demand in power generation, defense, and data centers, with capacity expansions and pricing actions to offset inflation.

  • Annual adjusted EBITDA improvement of $7 million-$8 million is expected from actions taken in 2025, particularly from the closure of the U.K. facility.

  • Debt reduction of $8 million-$10 million is targeted for the remainder of 2026.

  • Approximately 18% of backlog is expected to ship after 2026.

Basis for the $875k UES-UK recovery write-down
Funding strategy for the $70M asbestos gap
Drivers of the 54% ALP operating income growth
FCEP margin impact of late 2025 inventory
ALP drivers in nuclear and naval defense
Write down of U.K. facility closure receivable
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Q2 202612 Aug, 2026
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