Metallus (MTUS) investor relations material

Executive summary

• Net sales reached $341 million in Q2 2026, up 12% year-over-year and 11% sequentially, with net income rising to $8.9 million from $3.7 million in Q2 2025 and $5.4 million in Q1 2026.

• Adjusted EBITDA was $29 million, up 18% sequentially and 9% year-over-year, driven by higher shipments, improved pricing, and product mix.

• Order book increased over 50% year-over-year, providing strong visibility into the second half of 2026.

• Strategic capital investments, including new furnaces and share repurchases, are enhancing process consistency and throughput.

• AS9100D certification achieved, broadening aerospace and defense opportunities.

Financial highlights

• Net income for Q2 2026 was $8.9 million ($0.21 per diluted share); adjusted net income was $11.1 million ($0.26 per diluted share).

• Adjusted EBITDA reached $29 million, compared to $27 million in Q1 2026 and $26.5 million in Q2 2025.

• Operating cash flow was $12.8 million in Q2 2026; free cash flow was $7.1 million.

• Capital expenditures in Q2 were $15.2 million, with $9.5 million related to government-funded projects.

• Cash and cash equivalents stood at $108.6 million at quarter-end; total liquidity was $394.8 million.

Outlook and guidance

• Q3 shipments expected to be similar to Q2, with price and mix slightly better.

• Price increases announced for August 2026 on bar and tubing products; full benefit expected in 2027.

• Q3 adjusted EBITDA anticipated to be slightly higher sequentially and year-over-year.

• Planned 2026 capital expenditures of $70 million, with $35 million primarily government-funded.

• Adjusted effective income tax rate for 2026 projected between 27% and 30%.