Ampco-Pittsburgh Corp.

Q2 net sales were $102.9 million versus $113.1 million in the prior year, and year-to-date revenue was $211.2 million versus $217.4 million. Q2 net income was $1.5 million, or $0.07 per share, compared with a net loss of $7.3 million, or $(0.36) per share, and adjusted EBITDA was $9.8 million, up 22% year over year with margin up 240 basis points to 9.5%. In Air & Liquid, Q2 revenue was comparable with the prior year and adjusted EBITDA increased 34%; in Forged and Cast Engineered Products, Q2 net sales were $67.3 million versus $77.9 million, while segment adjusted EBITDA was $7.8 million, up 15%. Management did not provide formal quarterly or full-year financial guidance, but said Q3 will reflect normal maintenance outages and the second half of 2026 is expected to be significantly stronger than the first half.

Brett McBrayer framed the quarter as a clear turning point, saying restructuring actions are now flowing through to the bottom line and demand is building across end markets. He highlighted accelerating orders, a $385.4 million backlog, and record Air & Liquid performance as evidence that the business is gaining traction. His tone was upbeat and confident, especially on the outlook for the second half of 2026.

David Anderson emphasized that higher profitability came from improved manufacturing efficiencies, favorable product mix, and lower depreciation and amortization after the U.K. facility closure. He noted Q2 adjusted EBITDA of $9.8 million, year-to-date adjusted EBITDA up 43% in Air & Liquid, and liquidity at June 30 of $7 million in cash plus $29 million of undrawn revolving credit availability. He also pointed to lower foreign exchange losses, partially offset by lower pension income after the U.S. defined benefit plan reached fully funded status and shifted to a more conservative investment strategy.

There was no analyst Q&A; the operator said there were no questions. Management’s main additional commentary was that Q3 will include the normal annual maintenance outage in the U.S. and summer shutdowns in Europe, but that the second half of the year should be materially stronger than the first. They also reiterated that demand remains strong in power generation, the U.S. Navy, and North American rolls.