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    Albany International Corporation filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

    4/30/25 4:22:56 PM ET
    $AIN
    Textiles
    Consumer Discretionary
    Get the next $AIN alert in real time by email
    ain-20250430
    216 Airport DriveRochesterNew HampshireFALSE0000819793NYSE00008197932025-04-302025-04-300000819793ain:ClassACommonStockMember2025-04-302025-04-30

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    FORM 8-K
    CURRENT REPORT
    Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
    Date of Report:    April 30, 2025
    (Date of earliest event reported)
    ALBANY INTERNATIONAL CORP.
    (Exact name of registrant as specified in its charter)
    Delaware
    1-10026
    14-0462060
    (State or other jurisdiction
    of incorporation)
    (Commission
    File Number)
    (I.R.S Employer
    Identification No.)
    216 Airport Drive Rochester, New Hampshire
    03867
    (Address of principal executive offices)
    (Zip Code)
    Registrant’s telephone number, including area code       603-330-5850
    None
    (Former name or former address, if changed since last report.)
    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    ☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
    Securities registered pursuant to Section 12(b) of the Act:
    Title of each class
    Trading
    Symbol(s)
    Name of each exchange
    on which registered
    Class A Common Stock, $0.001 par value per share
    AIN
    The New York Stock Exchange (NYSE)
    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).
    ☐    Emerging growth company
    ¨    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act





    Item 2.02.  Results of Operations and Financial Condition.
    On April 30, 2025 Albany International issued a news release reporting first quarter 2025 financial results. The Company will host a webcast to discuss earnings at 9:00 a.m. Eastern Time on Thursday May 1, 2025. The news release is furnished as Exhibit 99.1 to this report.
    Item 9.01. Financial Statements and Exhibits.
    (d)    Exhibits. The following exhibit is being furnished herewith:
    99.1    News release dated April 30, 2025 reporting first-quarter 2025 financial results.



    Signature
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
    ALBANY INTERNATIONAL CORP.
    By:
    /s/ Robert D. Starr
    Name:
    Robert D. Starr
    Title:
    Executive Vice President and Chief Financial Officer
    (Principal Financial Officer and Principal Accounting Officer)
    Date: April 30, 2025


    EXHIBIT INDEX
    Exhibit No.
    Description
    99.1
    News release dated April 30, 2025 reporting first-quarter 2025 financial results.
    104
    Inline XBRL cover page.





    Exhibit 99.1

    image.jpg
    Albany International Reports First-Quarter 2025 Results
    ROCHESTER, N.H.--(BUSINESS WIRE)--April 30, 2025 — Albany International Corp. (NYSE:AIN) today reported operating results for its first quarter of 2025, which ended March 31, 2025.

    "Overall, I am pleased to report that our businesses are executing to the plan that we laid out at the start of this transition year. Our new business segment leaders are performing well as they restructure and strengthen their respective operations. Machine Clothing continues to deliver consistent strong results, and the integration of Heimbach is proceeding to plan. We expect to see the benefits of the Heimbach integration efforts accelerate into the second half of this year as our actions take effect. AEC is executing well on its current portfolio of programs, and the segment continues to win new business. The team is making progress on process improvements on our CH-53K and Gulfstream programs, and we had lower EAC adjustments in the quarter," said President and CEO, Gunnar Kleveland.

    "While we see uncertainty in the markets, we were not affected by tariffs or other disruptions in the first quarter. Due to our mostly regional set up for both suppliers and customers, the overall direct impact of tariffs, as they currently stand, is not expected to materially impact our financial or operational performance," concluded Kleveland.


    For the first quarter ended March 31, 2025:
    •Net revenues were $289 million, down 7.8%, or 6.9% after adjusting for currency translation, when compared to the prior year. MC's net revenues decreased 5.7%, which was primarily driven by decreased sales in publication, tissue and pulp grades. AEC's net revenues decreased 11.0%, primarily driven by demand reductions on certain commercial and space programs, which was partially offset by higher revenues on CH-53K and other programs.
    •Gross profit of $96 million was 11.2% lower than the $109 million reported for the same period of 2024; overall gross margin declined 130 basis points driven by changes in the estimated profitability of long-term contracts at AEC.
    •Selling, General, and Administrative (SG&A) expenses were $54 million, slightly lower than prior year.
    •Operating income was $28 million, compared to $39 million in the prior year, the result of lower Gross Profit at AEC and MC.
    •Effective tax rate for the quarter was 26.6%, compared to 29.2% for the first quarter of 2024. The 2025 rate was lower primarily due to favorable discrete tax adjustments in the current period exceeding favorable discrete tax adjustments in the prior period.
    •Net income attributable to the Company was $17 million ($0.56 per share), compared to $27 million ($0.87 per share) in the first quarter of 2024; Adjusted diluted earnings per share (or Adjusted diluted EPS, a non-GAAP measure) was $0.73 per share in the first quarter of 2025, compared to $0.90 per share in the first quarter of 2024. Adjusted EBITDA (a non-GAAP measure) was $56 million, compared to $65 million in the first quarter of 2024, a decrease of 14.8%.

    Please see the tables below for a reconciliation of non-GAAP measures to their comparable GAAP measures.









    1




    Outlook for Full-Year 2025:

    The company has re-affirmed guidance for the full year of 2025 as follows:

    •Total company revenue between $1.165 billion to $1.265 billion;
    •Effective income tax rate of approximately 31%;
    •Capital expenditures in the range of $85 to $95 million;
    •Adjusted diluted earnings per share between $3.00 and $3.40;
    •Total company Adjusted EBITDA between $240 million to $260 million;
    •Machine Clothing revenue between $705 million to $755 million;
    •Machine Clothing Adjusted EBITDA between $220 million and $240 million;
    •Albany Engineered Composites revenue between $460 million to $510 million; and
    •Albany Engineered Composites Adjusted EBITDA between $60 million to $70 million.


    2


    ALBANY INTERNATIONAL CORP.
    CONSOLIDATED STATEMENTS OF INCOME
    (in thousands, except per share amounts)
    (unaudited)
    Three Months Ended
    March 31,
    20252024
    Net revenues$288,774 $313,330 
    Cost of goods sold192,288 204,644 
    Gross profit96,486 108,686 
    Selling, general, and administrative expenses53,812 54,835 
    Technical and research expenses11,896 12,665 
    Restructuring expenses, net2,515 2,209 
    Operating income28,263 38,977 
    Interest expense/(income), net3,655 3,319 
    Other expense/(income), net983 (2,982)
    Income before income taxes23,625 38,640 
    Income tax expense6,276 11,271 
    Net income17,349 27,369 
    Net (loss)/income attributable to the noncontrolling interest(6)78 
    Net income attributable to the Company$17,355 $27,291 
    Earnings per share attributable to Company shareholders - Basic$0.56 $0.87 
    Earnings per share attributable to Company shareholders - Diluted$0.56 $0.87 
    Shares of the Company used in computing earnings per share:
    Basic30,823 31,209 
    Diluted30,984 31,291 
    Dividends declared per Class A share$0.27 $0.26 
    3


    ALBANY INTERNATIONAL CORP.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except share data)
    (unaudited)
    March 31, 2025December 31, 2024
    Assets
    Cash and cash equivalents$119,354 $115,283 
    Accounts receivable, net272,461 246,688 
    Contract assets, net156,069 166,557 
    Inventories161,082 145,845 
    Income taxes prepaid and receivable19,392 19,187 
    Prepaid expenses and other current assets39,954 37,132 
    Total current assets$768,312 $730,692 
    Property, plant and equipment, net564,966 563,431 
    Intangibles, net37,563 38,127 
    Goodwill178,837 176,261 
    Deferred income taxes26,369 28,757 
    Other assets112,029 111,428 
    Total assets$1,688,076 $1,648,696 
    Liabilities and Shareholders' Equity
    Accounts payable$83,000 $66,095 
    Accrued liabilities122,895 141,904 
    Current maturities of long-term debt— — 
    Income taxes payable2,022 18,367 
    Total current liabilities207,917 226,366 
    Long-term debt416,429 318,531 
    Other noncurrent liabilities141,555 138,830 
    Deferred taxes and other liabilities17,007 16,022 
    Total liabilities782,908 699,749 
    Commitments and Contingencies
    Shareholders' Equity:
    Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued— — 
    Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 40,972,665 issued in 2025 and 40,917,539 in 202441 41 
    Additional paid in capital455,584 452,933 
    Retained earnings1,074,863 1,065,763 
    Accumulated items of other comprehensive income:
    Translation adjustments(164,419)(181,555)
    Pension and postretirement liability adjustments(16,990)(14,328)
    Derivative valuation adjustment(741)(106)
    Treasury stock (Class A), at cost; 10,770,189 shares in 2025 and 9,844,746 in 2024(448,363)(379,210)
    Total shareholders' equity899,975 943,538 
    Noncontrolling interest5,193 5,409 
    Total equity905,168 948,947 
    Total liabilities and shareholders' equity$1,688,076 $1,648,696 
    4


    ALBANY INTERNATIONAL CORP.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
    (unaudited)
    Three Months Ended March 31,
    20252024
    Cash flows from operating activities:
    Net income$17,349 $27,369 
    Adjustments to reconcile net income to net cash provided by operating activities:
    Depreciation19,585 20,556 
    Amortization1,706 1,748 
    Change in deferred taxes and other liabilities3,578 (675)
    Impairment of property, plant and equipment473 49 
    Non-cash interest expense256 256 
    Compensation and benefits paid or payable in Class A Common Stock2,651 810 
    Provision for credit losses from uncollected receivables and contract assets269 365 
    Foreign currency remeasurement loss/(gain) on intercompany loans2,886 (792)
    Fair value adjustment on foreign currency contracts— 280 
    Changes in operating assets and liabilities that provided/(used) cash:
    Accounts receivable(20,713)(17,061)
    Contract assets11,421 2,982 
    Inventories(12,873)1,917 
    Prepaid expenses and other current assets(2,624)(6,525)
    Income taxes prepaid and receivable(70)(721)
    Accounts payable17,482 7,730 
    Accrued liabilities(21,164)(22,739)
    Income taxes payable(17,080)(5,466)
    Noncurrent receivables(200)(178)
    Other noncurrent liabilities(1,046)506 
    Other, net233 (814)
    Net cash provided by operating activities2,119 9,597 
    Cash flows from investing activities:
    Purchases of property, plant and equipment(15,597)(26,859)
    Purchased software— (21)
    Net cash used in investing activities(15,597)(26,880)
    Cash flows from financing activities:
    Proceeds from borrowings96,998 43,237 
    Principal payments on debt(3,007)(60,750)
    Debt acquisition costs— — 
    Purchase of Treasury shares(69,153)— 
    Taxes paid in lieu of share issuance(1,316)(2,446)
    Dividends paid(8,431)(8,110)
    Net cash provided by/(used in) financing activities15,091 (28,069)
    Effect of exchange rate changes on cash and cash equivalents2,458 (2,656)
    Increase/(decrease) in cash and cash equivalents4,071 (48,008)
    Cash and cash equivalents at beginning of period115,283 173,420 
    Cash and cash equivalents at end of period$119,354 $125,412 



    5



    The following table presents the reconciliation of Net revenues to net revenues excluding the effect of changes in currency translation rates, a non-GAAP measure:
    (in thousands, except percentages)Net revenues as reported, Q1 2025(Decrease)/ increase due to changes in currency translation ratesQ1 2025 revenues on same basis as Q1 2024 currency translation ratesNet revenues as reported, Q1 2024% Change compared to Q1 2024, excluding currency rate effects
    Machine Clothing$174,697 $(2,516)$177,213 $185,217 (4.3)%
    Albany Engineered Composites114,077 (486)114,563 128,113 (10.6)%
    Consolidated total$288,774 $(3,002)$291,776 $313,330 (6.9)%

    The following table presents Gross profit and Gross profit margin:
    (in thousands, except percentages)Gross profit,
    Q1 2025
    Gross profit margin, Q1 2025Gross profit,
    Q1 2024
    Gross profit margin, Q1 2024
    Machine Clothing$79,902 45.7 %$84,655 45.7 %
    Albany Engineered Composites16,584 14.5 %24,031 18.8 %
    Consolidated total$96,486 33.4 %$108,686 34.7 %


    A reconciliation from Net income/(loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the current-year and comparable prior-year periods has been calculated as follows:

    Three months ended March 31, 2025
    (in thousands)Machine ClothingAlbany Engineered
    Composites
    Corporate expenses
    and other
    Total Company
    Net income/(loss) (GAAP)$38,431 $1,616 $(22,698)$17,349 
    Interest expense/(income), net— — 3,655 3,655 
    Income tax expense— — 6,276 6,276 
    Depreciation and amortization expense7,706 13,295 290 21,291 
    EBITDA (non-GAAP)46,137 14,911 (12,477)48,571 
    Restructuring costs1,603 1,168 — 2,771 
    Foreign currency revaluation (gains)/losses (a)1,692 (165)3,059 4,586 
    Other transition expenses— (440)— (440)
    Strategic/integration costs182 — 40 222 
    Pre-tax loss/(income) attributable to noncontrolling interest 79 (71)— 8 
    Adjusted EBITDA (non-GAAP)$49,693 $15,403 $(9,378)$55,718 
    Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)28.4 %13.5 %— 19.3 %
    6


    Three months ended March 31, 2024
    (in thousands)Machine ClothingAlbany Engineered
    Composites
    Corporate expenses
    and other
    Total Company
    Net income/(loss) (GAAP)$44,347 $5,158 $(22,137)$27,368 
    Interest expense/(income), net— — 3,319 3,319 
    Income tax expense— — 11,271 11,271 
    Depreciation and amortization expense8,511 13,503 290 22,304 
    EBITDA (non-GAAP)52,858 18,661 (7,257)64,262 
    Restructuring costs21 2,188 — 2,209 
    Foreign currency revaluation (gains)/losses (a)(1,410)280 (1,296)(2,426)
    Other transition expenses— — 125 125 
    Strategic/integration costs713 182 426 1,321 
    Pre-tax (income) attributable to noncontrolling interest(11)(105)— (116)
    Adjusted EBITDA (non-GAAP)$52,171 $21,206 $(8,002)$65,375 
    Adjusted EBITDA margin (Adjusted EBITDA divided by Net revenues) (non-GAAP)28.2 %16.6 %— 20.9 %
    Per share impact of the adjustments to earnings per share are as follows:
    Three months ended March 31, 2025
    (in thousands, except per share amounts)
    Pre tax
    Amounts
    Tax
    Effect
    After tax
    Effect
    Per share
    Effect
    Restructuring costs$2,771 $635 $2,136 $0.07 
    Foreign currency revaluation (gains)/losses (a)4,586 1,477 3,109 0.10 
    Other transition expenses(440)(110)(330)(0.01)
    Strategic/integration costs222 67 155 0.01 

    Three months ended March 31, 2024
    (in thousands, except per share amounts)
    Pre tax
    Amounts
    Tax
    Effect
    After tax
    Effect
    Per share
    Effect
    Restructuring costs$2,209 $583 $1,626 $0.05 
    Foreign currency revaluation (gains)/losses (a)(2,426)(728)(1,698)(0.05)
    Other transition expenses125 31 94 0.00 
    Acquisition/integration costs1,321 386 935 0.03 












    7


    The following table provides a reconciliation of Diluted Earnings per share to Adjusted Diluted Earnings per share:
    Three months ended March 31,
    Per share amounts (Diluted)20252024
    Earnings per share attributable to Company shareholders - Basic (GAAP)$0.56 $0.87 
    Effect of dilutive stock-based compensation plans— — 
    Earnings per share attributable to Company shareholders - Diluted (GAAP)$0.56 $0.87 
    Adjustments, after tax:
    Restructuring costs0.07 0.05 
    Foreign currency revaluation (gains)/losses (a)0.10 (0.05)
    Other transition expenses(0.01)— 
    Strategic/integration costs0.01 0.03 
    Adjusted Diluted Earnings per share (non-GAAP)$0.73 $0.90 


    The calculations of net debt are as follows:
    (in thousands)March 31, 2025December 31, 2024March 31, 2024
    Current maturities of long-term debt$— $— $4,445 
    Long-term debt416,429 318,531 434,689 
    Total debt416,429 318,531 439,134 
    Cash and cash equivalents119,354 115,283 125,412 
    Net debt (non-GAAP)$297,075 $203,248 $313,722 


    Free cash flow is defined as GAAP "Net cash provided by operating activities" in a period less "Purchases of property, plant and equipment" and "Purchased software" in the same period. Management believes free cash flow provides an important perspective on our ability to generate cash from our business operations and, as such, that it is an important financial measure for use in evaluating the Company's financial performance. Management uses free cash flow internally to assess overall liquidity. The following table illustrates the calculation of free cash flow:
    Three Months Ended
    March 31,
    20252024
    Net cash provided by operating activities$2,119 $9,597 
    Purchases of property, plant and equipment
    (15,597)(26,859)
    Purchased software— (21)
    Free cash flow$(13,478)$(17,283)















    8



    The calculation of net leverage ratio as of March 31, 2025 is as follows:
    Total Company
    Twelve months ended Three months endedTrailing twelve months ended
    (in thousands)December 31, 2024March 31, 2024March 31, 2025March 31, 2025 (non-GAAP) (b)
    Net income/(loss) (GAAP)$88,055 $27,369 $17,349 $78,035 
    Interest expense/(income), net12,549 3,319 3,655 12,885 
    Income tax expense29,034 11,271 6,276 24,039 
    Depreciation and amortization expense89,294 22,304 21,291 88,281 
    EBITDA (non-GAAP)218,932 64,263 48,571 203,240 
    Restructuring costs15,143 2,209 2,771 15,705 
    Foreign currency revaluation (gains)/losses (a)(8,414)(2,426)4,586 (1,402)
    Other transition expenses1,492 125 (440)927 
    Strategic/integration costs5,126 1,321 222 4,027 
    Pre-tax (income) attributable to noncontrolling interest(310)(116)8 (186)
    Adjusted EBITDA (non-GAAP)$231,969 $65,376 $55,718 $222,311 

    (in thousands, except for net leverage ratio)March 31, 2025
    Net debt (non-GAAP)$297,075 
    Trailing twelve months Adjusted EBITDA (non-GAAP)222,311 
    Net leverage ratio (non-GAAP)1.34 
    (a) Foreign currency revaluation (gains)/losses represent unrealized gains and losses arising from the remeasurement of monetary assets and liabilities denominated in non-functional currencies on the balance sheet date.
    (b) Calculated as amounts incurred during the twelve months ended December 31, 2024, less those incurred during the three months ended March 31, 2024, plus those incurred during the three months March 31, 2025.











    9


    The tables below provide a reconciliation of forecasted full-year 2025 Adjusted EBITDA and Adjusted Diluted EPS (non-GAAP measures) to the comparable GAAP measures.
    Forecast of Full Year 2025 Adjusted EBITDAMachine ClothingEngineered Composites
    (in millions)LowHighLowHigh
    Net income attributable to the Company (GAAP) (c)$182 $198 $9 $15 
    Income attributable to the noncontrolling interest— — (1)(1)
    Interest expense/(income), net— — — — 
    Income tax expense— — — — 
    Depreciation and amortization34 38 50 54 
    EBITDA (non-GAAP)216 236 58 68 
    Restructuring costs2 2 1 1 
    Foreign currency revaluation (gains)/losses (d)2 2 — — 
    Strategic/integration costs— — — — 
    Other transition expenses— — — — 
    Pre-tax (income)/loss attributable to non-controlling interest— — 1 1 
    Adjusted EBITDA (non-GAAP)$220 $240 $60 $70 
    (c) Interest, Other income/expense and Income taxes are not allocated to the business segments
    Forecast of Full Year 2025 Adjusted EBITDATotal Company
    (in millions)LowHigh
    Net income attributable to the Company (GAAP)$88 $100 
    Income attributable to the noncontrolling interest(1)(1)
    Interest expense/(income), net15 13 
    Income tax expense41 46 
    Depreciation and amortization89 93 
    EBITDA (non-GAAP)232 251 
    Restructuring costs3 3 
    Foreign currency revaluation (gains)/losses (d)4 5 
    Strategic/integration costs— — 
    Other transition expenses— — 
    Pre-tax (income)/loss attributable to non-controlling interest1 1 
    Adjusted EBITDA (non-GAAP)$240 $260 
    Total Company
    Forecast of Full Year 2025 Earnings per share (diluted) (e)LowHigh
    Net income attributable to the Company (GAAP)$2.83 $3.23 
    Restructuring costs0.07 0.07 
    Foreign currency revaluation (gains)/losses (d)0.10 0.10 
    Other transition expenses(0.01)(0.01)
    Strategic/integration costs0.01 0.01 
    Adjusted Diluted Earnings per share (non-GAAP)$3.00 $3.40 
    (d)  Due to the uncertainty of these items, we are unable to forecast the full year impact for 2025. Amounts above represent actual results for the three months ended March 31, 2025.
    (e) Calculations based on weighted average shares outstanding estimate of approximately 31.0 million
    10


    About Albany International Corp.

    Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses.
    • Machine Clothing is the world’s leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications.
    • Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms.
    Albany International is headquartered in Rochester, New Hampshire, operates 30 facilities in 13 countries, employs approximately 5,400 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.

    Basis of Presentation

    Certain amounts in prior year financial statements have been reclassified to conform to current year presentation.

    Non-GAAP Measures

    This release, including the conference call commentary associated with this release, contains certain non-GAAP measures, that should not be considered in isolation or as a substitute for the related GAAP measures. Such non-GAAP measures include net revenues and percent change in net revenues, excluding the impact of currency translation effects; EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin; Net debt; Net leverage ratio; and Adjusted Diluted earnings per share (or Adjusted EPS). Management believes that these non-GAAP measures provide additional useful information to investors regarding the Company’s operational performance.

    Presenting Net revenues and change in Net revenues, after currency effects are excluded, provides management and investors insight into underlying revenues trends. Net revenues, or percent changes in net revenues, excluding currency rate effects, are calculated by converting amounts reported in local currencies into U.S. dollars at the exchange rate of a prior period. These current year revenues converted at prior year rates are then compared to the U.S. dollar amount as reported in the prior period.

    EBITDA (calculated as net income excluding interest, income taxes, depreciation and amortization), Adjusted EBITDA, and Adjusted EPS are performance measures that relate to the Company’s continuing operations. The Company defines Adjusted EBITDA as EBITDA excluding costs or benefits that are not reflective of the Company’s ongoing or expected future operational performance. Such excluded costs or benefits do not consist of normal, recurring cash items necessary to generate revenues or operate our business. Adjusted EBITDA margin represents Adjusted EBITDA expressed as a percentage of net revenues.

    The Company defines Adjusted EPS as diluted earnings per share (GAAP), adjusted by the after tax per share amount of costs or benefits not reflective of the Company’s ongoing or expected future operational performance. The income tax effects are calculated using the applicable statutory income tax rate of the jurisdictions where such costs or benefits were incurred or the effective tax rate applicable to total company results.

    The Company’s Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EPS may not be comparable to similarly titled measures of other companies.

    Net debt aids investors in understanding the Company’s debt position if all available cash were applied to pay down indebtedness.

    Net leverage ratio informs the investors of the Company's financial leverage at the end of the reporting period, providing an indicator of the Company's ability to repay its debt.

    We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

    Forward-Looking Statements

    This press release may contain statements, estimates, guidance or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should,” “look for,” “guidance,” “guide,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Because forward-looking statements are subject to certain risks and uncertainties (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q), actual results may differ materially from those expressed or implied by such forward-looking statements.

    Forward-looking statements in this release or in the webcast include, without limitation, statements about macroeconomic conditions, including inflationary cost pressures, as well as global events, which include but are not limited to geopolitical events; paper-industry trends and conditions during 2025 and in future years; expectations in 2025 and in future periods of revenues, EBITDA, Adjusted EBITDA (both in dollars and as a percentage of net revenues), Adjusted EPS, income, gross profit, gross margin, cash flows and other financial items in each of the Company’s businesses, and for the Company as a whole; the timing and impact of production and development programs in the Company’s AEC business segment and the
    11


    revenues growth potential of key AEC programs, as well as AEC as a whole; the amount and timing of capital expenditures, future tax rates and cash paid for taxes, depreciation and amortization; future debt and net debt levels and debt covenant ratios; and changes in currency rates and their impact on future revaluation gains and losses. Furthermore, a change in any one or more of the foregoing factors could have a material effect on the Company’s financial results in any period. Such statements are based on current expectations, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

    Statements expressing management’s assessments of the growth potential of its businesses, or referring to earlier assessments of such potential, are not intended as forecasts of actual future growth, and should not be relied on as such. While management believes such assessments to have a reasonable basis, such assessments are, by their nature, inherently uncertain. This release and earlier releases set forth a number of assumptions regarding these assessments, including historical results, independent forecasts regarding the markets in which these businesses operate, and the timing and magnitude of orders for our customers’ products. Historical growth rates are no guarantee of future growth, and such independent forecasts and assumptions could prove materially incorrect in some cases.

    Investor / Media Contact:
    JC Chetnani
    VP-Investor Relations and Treasurer
    [email protected]
    12
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