On this page of StockholderLetter.com we present the latest annual shareholder letter from AMPCO PITTSBURGH CORP — ticker symbol AP. Reading current and past AP letters to shareholders can bring important insights into the investment thesis.

 •  3/27/2026 Letter Continued (Full PDF)
 •  4/14/2023 AP Stockholder Letter
 •  4/23/2024 AP Stockholder Letter
 •  3/31/2025 AP Stockholder Letter
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 •  AP Benford's Law Stock Score = 78

AP Shareholder/Stockholder Letter Transcript:

Ampco-Pittsburgh Corporation
2025 Annual Report on Form 10-K

PAGE INTENTIONALLY BLANK

March 16, 2026
Letter to Shareholders
To Our Shareholders,
2025 was a year of decisive, necessary action for Ampco-Pittsburgh Corporation. While our GAAP
financial results reflect the impact of significant non-recurring charges, these figures represent a
fundamental turning point in our history. This year, we successfully executed a complex strategic
restructuring to de-risk our portfolio, eliminate long-standing structural drains on capital, and position the
Corporation for sustained, profitable growth.
A Culture of Safety and Excellence
Our commitment to the well-being of our employees reached new heights in 2025. By shifting our focus
toward auditing high-risk hazards and leading indicators, we achieved a significant improvement in our
safety performance with reductions in both our Recordable and Lost Time injury rates. Furthermore, we
recorded zero environmental incidents across our global operations. Our goal remains zero life-altering
events, and the cultural shift toward proactive hazard mitigation remains firmly embedded in our
operational DNA.
Strategic Portfolio Rationalization
The headline financials for 2025   including a reported net loss attributable to Ampco-Pittsburgh of
($66.1M)   were primarily driven by deliberate strategic choices. We successfully completed the exit of
our U.K. cast roll operations (UES-UK) and our steel distribution business (AUP). While these actions
necessitated exit and deconsolidation charges of approximately $52M, they effectively eliminate entities
that have historically hindered our earnings potential.
Excluding these and other non-recurring items, our core business remains resilient. Our Adjusted
EBITDA* grew to $29.2M (up from $28.1M in 2024). We also successfully amended and extended our
credit agreement for five years, securing an additional $12M in liquidity and ensuring we have the capital
structure necessary to support our future.
Segment Performance
Forged and Cast Engineered Products (FCEP): 2025 was a pivotal year of transition for FCEP.
Despite headwinds from global tariffs and volatile demand, we protected our margins through disciplined
pricing and customer cost-sharing agreements. Most importantly, we transferred a significant portion of
U.K. orders to our Swedish and U.S. facilities. We enter 2026 with an optimized manufacturing footprint
and a much stronger portfolio of forged and cast products.
Air and Liquid Systems (ALS): Our ALS segment delivered another record-breaking performance.
Excluding asbestos-related charges, the team achieved all-time highs in both Revenue and Operating
Income. Our continued partnership with the U.S. Navy is facilitating a modernization of our Buffalo
Pumps facility to meet robust defense demand. The segment   s momentum is evidenced by a recordbreaking start to 2026, including the highest monthly order volume in the subsidiary   s history.

Conclusion and 2026 Outlook
We view 2025 as a year of significant change. By shuttering loss driving entities and resolving legacy
structural problems, we have cleared the path for 2026. We enter the new year as a leaner, more focused
organization, better equipped to capture the full earnings power of our core assets.
I want to thank our employees for their resilience during this transition, and our Board of Directors and
shareholders for their steadfast support. We have taken the difficult steps required to fix the foundation of
this company, and we believe we are now positioned to deliver superior long-term returns.
Sincerely,
J. Brett McBrayer
Chief Executive Officer
Ampco-Pittsburgh Corporation
This letter to shareholders contains forward-looking statements as defined under U.S. federal
securities laws. Accordingly, attention is directed to the section entitled    Forward-Looking
Statements    in Ampco-Pittsburgh Corporation   s Annual Report on Form 10-K for the year
ended December 31, 2025.
* Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of net (loss) income,
the most directly comparable GAAP financial measure, to non-GAAP adjusted EBITDA for 2025
and 2024, respectively, please    Item 7     Management   s Discussion and Analysis of Financial
Condition and Results of Operations   Consolidated Results of Operations Overview   NonGAAP Financial Measures    in Ampco-Pittsburgh Corporation   s Annual Report on Form 10-K
for the year ended December 31, 2025.

3/27/2026 Letter Continued (Full PDF)

 

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