AIN - Model Update

Research evidence excerpt

AIN - Model Update

rise Value ($M) $2,248 Operational Resilience and Strategic New Business. Management made efforts to

mitigate an equipment malfunction in the MC segment in the first quarter, having already Cash & Equivalents ($M) $123

recovered more production volume than initially projected. To ensure a long-term solution,

Total Debt ($M) $477 AIN is relocating machinery from a closed facility, with a full capacity recovery expected

Minority Interest ($M) $0 by year-end. Strategically, the company secured a new contract with Pratt & Whitney

for composite engine components for their geared turbofan. Additionally, the company

5 Page Document is increasing production for the JASSM and LRASM missile platforms and maximizing

production including the use of overtime to meet customer demand.

Reasons for this report Salt Lake City Review Underway; China weakness a watch. The strategic review of the Salt Lake City facility remains on schedule, with marketing materials currently being

✓ Model Update finalized for interested parties. Management has been watching the overcapacity issue in

China as investment in paper machines and new machines in China have been high over ✓ PT Change

the past several years, as well as the production capability. In the first quarter there was a

stabilization, as Albany's process belts were in favor especially in tissue, but management

is keeping a watch given the limited visibility and is remaining conservative.

Guidance and estimates. AIN issued 2Q26 revenue guidance of $335M to $345M,

signaling confidence in sequential growth and continued program ramps across both

commercial and defense platforms. 2Q MC revenue guide is between $180M and $185M

and EC revenue is expected to be between $155M and $160M. Adjusted EPS is expected