[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","xwxosq8qaxw9x8hhtt92jqvgh","revision",3,"title","Albany International公布2026年第三季度及前九个月业绩：净收入增长，净利润转正","originalTitle","ALBANY INTERNATIONAL CORP /DE/ (0000819793) (Filer)","summary","Albany International截至2026年9月30日的第三季度净收入为3.495亿美元，归属于公司股东的净利润为4,170万美元，摊薄后每股收益1.46美元；去年同期净亏损9,776万美元，摊薄后每股亏损3.37美元。","reason","该10-Q节选呈现了公司收入、利润及分部业绩同比改善，同时显示经营现金流下降和长期合同盈利估计变化对业绩有显著影响。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-29T18:29:20.000Z","discoveredAt","2026-10-29T18:45:27.710Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",76,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fS7eeZ_D406E",{"_73":74,"_16":75},"reportCount",2,"additionalSourceCount",0,"developmentCount","publicId","c02ddd01-ad86-484e-b00c-f9fa8bc5531d","Albany International第三季度净收入增长、扭亏为盈",{"_73":74,"_16":75},"

美国证券交易委员会

华盛顿特区 20549

Form 10-Q


☒	根据《1934年证券交易法》第13或15(d)条提交的季度报告
	截至以下日期的季度期间：	2026年9月 30日

或


☐	根据《1934年证券交易法》第13或15(d)条提交的过渡报告
	过渡期间自 __________ 至 __________

委员会档案编号： 1-10026


ALBANY INTERNATIONAL CORP.
（注册人章程中规定的确切名称）

特拉华州


（注册成立或组织所在州或其他司法管辖区）

325 Corporate Drive, Portsmouth, New Hampshire


（主要执行办公室地址）

14-0462060


（美国国税局雇主识别号）

03801


（邮政编码）

603-330-5800


（注册人电话号码，包括区号）

根据该法第12(b)条登记的证券：


各类别证券名称	交易代码	上市交易所名称
A类普通股，每股面值 $0.001	AIN	纽约证券交易所（NYSE）

请勾选以表明注册人是否 (1) 已在此前12个月（或注册人须提交此类报告的较短期间）内提交《1934年证券交易法》第13或15(d)条要求提交的所有报告，且 (2) 在过去90天内一直受此类申报要求约束。是 ☒ 否 ☐

请勾选以表明注册人在此前12个月（或注册人须提交此类文件的较短期间）内，是否已通过电子方式提交根据S-T条例第405条（本章§232.405）要求提交的所有交互式数据文件。是 ☒ 否 ☐

请勾选以表明注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》第12b-2条中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

大型加速申报公司

☒

加速申报公司

☐

非加速申报公司

☐

较小申报公司

☐

新兴成长型公司

☐

如果是新兴成长型公司，请勾选注册人是否已选择不采用《交易法》第13(a)条规定的、遵守任何新的或修订的财务会计准则的延长过渡期。 ☐

请勾选以表明注册人是否为空壳公司（定义见《交易法》第12b-2条）。是 ☐ 否 ☒

截至2026年10月 15日，注册人发行在外的A类普通股为28.4 million股。

ALBANY INTERNATIONAL CORP.


		页码
第一部分财务信息
第1项。	财务报表
	合并利润表 – 三个月和九个月截至 2026年9月30日及 2025年	1
	合并综合收益表 – 三个月和九个月截至 2026年9月30日及 2025年	2
	合并资产负债表，截至 2026年9月30日及 2025年12月31日	3
	合并现金流量表 – 九个月，截至 2026年9月30日及 2025年	4
	合并财务报表附注	6
第2项。	管理层对财务状况和经营业绩的讨论与分析	27
	前瞻性陈述	27
第3项。	有关市场风险的定量和定性披露	37
第4项。	控制与程序	38
第二部分其他信息
第1项。	法律诉讼	38
第1A项。	风险因素	38
第2项。	未注册股权证券的出售及所得款项用途	38
第3项。	高级证券违约	39
第4项。	矿山安全披露	39
第5项。	其他信息	39
第6项。	附件	40

第1项。财务报表

ALBANY INTERNATIONAL CORP.

合并利润表

（单位：千，股份金额除外）

（未经审计）


	截至9月30日的三个月，		截至9月30日的九个月，
	2026		2025		2026		2025
净收入	$	349,539			$	261,434		$	990,354	$	861,607
销售成本	209,161			311,372			642,281		717,552

毛利润/（亏损）	140,378			(49,938)			348,073		144,055
销售、一般及行政费用	61,501			51,905			175,868		164,219
技术和研发费用	12,186			11,467			36,865		35,915
重组费用，净额	7,293			3,197			18,431		9,895

营业收入/（亏损）	59,398			(116,507)			116,909		(65,974)
利息支出，净额	5,337			5,897			16,872		14,702

其他费用/（收入），净额	(1,727)			(347)			(4,881)		4,170

所得税前收入/（亏损）	55,788			(122,057)			104,918		(84,846)
所得税费用/（收益）	13,902			(24,419)			29,879		(13,889)

净收入（亏损）	41,886			(97,638)			75,039		(70,957)
归属于非控股权益的净收入	189			122			647		265
归属于公司的净收入（亏损）	$	41,697			$	(97,760)		$	74,392	$	(71,222)

归属于公司股东的每股收益/（亏损）- 基本	$	1.47			$	(3.37)		$	2.62	$	(2.38)

归属于公司股东的每股收益/（亏损）- 摊薄	$	1.46			$	(3.37)		$	2.60	$	(2.38)

计算每股收益所用公司股份数：
基本	28,377			29,012			28,353		29,914

摊薄	28,596			29,012			28,570		29,914

每股A类股份宣派的股息	$	0.28			$	0.27		$	0.84	$	0.81

随附附注是合并财务报表不可分割的一部分

ALBANY INTERNATIONAL CORP.

合并综合收益表

（单位：千）

（未经审计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
净收入/（亏损）	$	41,886			$	(97,638)		$	75,039	$	(70,957)

其他综合收益（税前）：
外币折算及其他调整	(3,635)			2,676			(5,990)		55,948
养老金结算/缩减	—			—			—		(1,600)
养老金负债调整摊销：
以前服务成本贷项	(39)			(38)			(117)		(112)
精算净损失	366			315			1,100		908
计入收益的利率互换相关付款及摊销	(100)			(53)			(386)		(324)
衍生工具估值调整	5,156			169			6,834		(425)

与其他综合收益项目相关的所得税：
养老金结算/缩减	—			—			—		422
以前服务成本贷项摊销	11			11			34		34
精算净损失摊销	(106)			(97)			(319)		(278)
计入收益的利率互换相关付款及摊销	14			17			146		51
衍生工具估值调整	(1,814)			(7)			(2,588)		67
综合收益/（亏损）	41,739			(94,645)			73,753		(16,266)
归属于非控股权益的综合收益	49			212			556		300
归属于公司的综合收益/（亏损）	$	41,690			$	(94,857)		$	73,197	$	(16,566)

随附附注是合并财务报表不可分割的一部分

索引

ALBANY INTERNATIONAL CORP.

合并资产负债表

（单位：千，股份和每股数据除外）


	（未经审计）
	2026年9月30日		2025年12月31日
资产
现金及现金等价物	$	79,125			$	112,350
应收账款净额	277,692			235,084
合同资产净额	164,438			87,102
存货	165,537			121,589
预付及应收所得税	34,803			43,937
预付费用及其他流动资产	42,439			34,990
持有待售资产	—			293,783
流动资产总额	764,034			928,835

不动产、厂房及设备净额	544,559			482,568
无形资产净额	30,411			21,428
商誉	182,011			162,507
递延所得税	57,059			68,499

其他资产	107,543			54,872
资产总额	$	1,685,617			$	1,718,709

负债及股东权益
应付账款	$	87,394			$	64,499
应计负债	207,062			139,385

应付所得税	22,929			35,090
持有待售负债	—			203,323
流动负债总额	317,385			442,297

长期债务	422,087			455,663
其他非流动负债	142,450			86,850
递延所得税	15,581			1,797
负债总额	897,503			986,607

承诺及或有事项（附注17）

股东权益：
优先股，每股面值；授权股数；已发行	—			—
A类普通股，每股面值$0.001；授权100,000,000股；2026年已发行41,071,328股，2025年已发行40,989,106股	41			41

额外实缴资本	466,578			460,472
留存收益	1,026,863			976,373
其他综合收益累计项目：
折算调整	(125,373)			(119,008)
养老金及退休后福利负债调整	(22,838)			(23,911)
衍生工具估值调整	3,387			(619)
库存股（A类），按成本计；2026年12,685,782股，2025年12,685,782股	(566,993)			(567,139)
股东权益总额	781,665			726,209
非控股权益	6,449			5,893
权益总额	788,114			732,102
负债及股东权益总额	$	1,685,617			$	1,718,709

随附附注是合并财务报表不可分割的一部分

索引

ALBANY INTERNATIONAL CORP.

合并现金流量表

（单位：千）

（未经审计）


	截至9月30日的九个月
		2026		2025
经营活动产生的现金流：
净利润/（亏损）		$	75,039			$	(70,957)
将净利润调节为经营活动提供的净现金的调整项：
折旧		61,218			61,577
摊销		3,845			3,903
递延税款变动		13,863			(21,864)
处置不动产、厂房和设备的损失/（收益）		616			(390)
非现金利息支出		694			777
合同损失准备（转回）		(52,514)			139,665
以A类普通股支付或应付的薪酬和福利		7,750			9,882
未收回应收款项和合同资产的信用损失准备		110			553
公司间贷款外币重估损失/（收益）		(5,740)			7,587
资产出售收益		—			(1,566)

提供/（使用）现金的经营资产和负债变动：
应收账款		(16,468)			2,152
合同资产		(9,169)			(7,952)
存货		(28,559)			(5,105)
预付费用和其他流动资产		(6,742)			(3,286)
预付和应收所得税		9,010			(13,825)
应付账款		6,568			18,684
应计负债		5,109			(22,887)
应付所得税		(12,608)			(13,022)

其他非流动负债		(1,451)			(4,307)
其他，净额		1,052			(847)
经营活动提供的净现金		51,623			78,772

投资活动产生的现金流：
购置不动产、厂房和设备		(33,277)			(47,559)
购买软件		(55)			(1,250)
出售资产所得款项		—			3,243
出售投资所得款项		1,660			—
其他投资活动		1,119			—
投资活动使用的净现金		(30,553)			(45,566)

融资活动产生的现金流：
借款所得款项		172,000			231,999
偿还借款		(202,000)			(82,044)
购买库存股		—			(170,964)
以发行股份代替缴纳的税款		(1,644)			(2,521)
已付股息		(23,810)			(24,738)
融资活动使用的净现金		(55,454)			(48,268)

汇率变动对现金及现金等价物的影响		1,159			8,089

现金及现金等价物减少		(33,225)			(6,973)
期初现金及现金等价物		112,350			115,283
期末现金及现金等价物		$	79,125			$	108,310

索引

ALBANY INTERNATIONAL CORP.

合并现金流量表（续）

（单位：千）

（未经审计）


现金流量补充披露：
支付的利息现金净额	$	18,144	$	17,333
支付的所得税现金	$	22,080	$	33,462

所附附注是合并财务报表不可分割的一部分

索引

ALBANY INTERNATIONAL CORP.

合并财务报表附注

（未经审计）

1. 重要会计政策

列报基础

管理层认为，随附的合并财务信息反映了为公允列报 Albany International Corp.（“Albany”、“注册人”、“公司”、“我们”或“我们的”）在所列中期的财务状况、经营业绩和现金流量所需的所有调整，但未包括按照美国公认会计原则（“GAAP”）编制年度财务报表通常要求的所有披露。除本报告另有披露外，所有此类调整均为正常的经常性调整。本季度报告（Form 10-Q）所含信息应与公司截至2025年12月31日止年度的年度报告（Form 10-K）一并阅读。

估计

按照 GAAP 编制合并财务报表要求管理层作出估计和假设，这些估计和假设会影响合并财务报表日资产和负债的列报金额、或有资产和负债的披露，以及报告期内收入和费用的列报金额。估计用于收入确认、合同盈利能力、信用损失准备、返利和销售折让、存货备抵、金融工具（包括衍生工具）、养老金及其他退休后福利、股票薪酬、持有待售资产和负债、商誉和无形资产、或有事项、所得税及其他应计项目等会计处理。我们的估计基于历史经验以及各种其他假设，我们认为这些假设在具体情况下是合理的。由于估计本身存在不确定性，未来期间报告的实际结果可能与估计不同。我们会定期审查估计和假设，并在确定有必要进行修订的期间，将修订影响反映在合并财务报表中。

尚未采用的最新会计公告

2025年12月，FASB 发布了 ASU No. 2025-11《中期报告（主题 270）：范围有限的改进》。该 ASU 澄清了主题 270 的适用范围以及中期财务报表的形式和内容。此外，该准则要求实体披露自上一年度报告期以来发生的重大事项。该指南将适用于自2028年1月1日开始的中期期间，可采用前瞻性或追溯性方式应用。我们正在评估该指南对披露的影响；但预计该准则不会影响公司的合并财务状况、经营业绩或现金流量。

2025 年 11 月，FASB 发布了 ASU No. 2025‑09《衍生工具与套期保值（主题 815）：套期会计改进》。该 ASU 对套期会计指南进行了有针对性的修订，旨在使套期会计结果更好地与实体的风险管理活动保持一致，包括与现金流量套期、预测交易以及某些债务相关套期策略有关的变更。该指南适用于本公司自 2026 年 12 月 15 日之后开始的财年，以及这些财年内的中期。允许提前采用。本公司目前正在评估该指南对合并财务报表及相关披露的影响。

2025 年 9 月，FASB 发布了 ASU No. 2025-06，以改进内部使用软件相关成本的会计处理。新指南取消了项目阶段，并要求在满足以下条件时开始资本化软件成本：(1) 管理层已授权并承诺为软件项目提供资金；(2) 项目很可能完成，且软件将用于执行预定功能。此外，要求在不动产、厂房和设备相关披露中列示所有资本化软件成本。该指南自 2028 年第一季度起生效，允许自某一年度报告期初提前采用。采用时，可采用未来适用法、追溯法或修订过渡法。本公司目前正在评估该指南对合并财务报表的影响。

2024 年 11 月，FASB 发布了 ASU No. 2024-03，以改进通常列报的费用项目中的费用披露。新指南要求公共实体按年度和中期披露以下费用类别的金额表格：(1) 存货采购；(2) 员工薪酬；(3) 折旧；(4) 无形资产摊销，以上金额均应列入各相关费用项目。此外，对于相关费用项目中未以量化方式单独细分的剩余金额，还要求按年度和中期作定性说明。相关费用项目是指损益表表面列报且包含上述任何费用类别的费用项目。

索引

该指南还要求将目前须披露的某些金额纳入同一张表格，以满足这些细分披露要求。此外，公共实体须按年度和中期单独披露销售费用，并按年度披露销售费用说明。该指南适用于 2027 年年度报告，并自 2028 年第一季度起适用于中期报告；允许提前采用，采用未来适用法，但允许追溯应用。我们正在评估该指南对合并财务报表的影响。

2. 可报告分部

公司根据产品性质进行组织，由两个可报告分部组成：Machine Clothing（“MC”）和 Albany Engineered Composites（“AEC”），每个分部均由一位分部总裁负责。这些分部反映了公司的首席执行官（即首席运营决策者（“CODM”））为分配资源和评估业绩而审查经营业绩的方式。CODM 根据净收入、毛利及其他关键财务数据等指标评估各分部的业绩，以评估表现并分配与公司整体目标相一致的资源。公司未为确定可报告分部而合并经营分部。

Machine Clothing：

Machine Clothing 分部供应用于制造纸张、纸板、生活用纸和毛巾、非织造材料、纤维水泥以及其他多种工业用途的透水和不透水带。我们在全球各国直接向客户终端用户销售 MC 产品。我们在所运营的各个地区的产品、制造流程和分销渠道基本相同。

我们为造纸机的每个区段和每种纸张等级设计、制造和销售造纸机织物（用于制造纸张、纸板、生活用纸和毛巾）。造纸机织物产品是定制的消耗品，设计技术含量高，并采用聚合物材料构成复杂结构。

Albany Engineered Composites：

Albany Engineered Composites 分部为商用和国防航空航天行业的客户提供高度工程化的先进复合材料解决方案。该分部包括 Albany Safran Composites, LLC（“ASC”），我们的客户 SAFRAN Group（“SAFRAN”）持有其 10 percent 非控股权益。AEC 通过 ASC，根据长期供应合同独家向 LEAP 项目供应先进复合材料风扇叶片和风扇机匣，收入根据成本加费用协议确定。

AEC 的其他重要项目包括 Sikorsky CH-53K、F-35、JASSM 和 Boeing 787 项目。AEC 还为 Boeing 商用项目供应真空废物箱，并为 F-35 的 Rolls Royce 升力风扇供应特种部件，同时供应 GE9X 发动机风扇机匣。截至 2025 年 12 月 31 日止年度，AEC 约 35% 的收入与美国政府合同或项目相关。

下表列示定期提供给 CODM 的可报告分部数据，并将其与财务报表所列合并总额进行调节，同时列出其他分部数据：

净收入与营业收入（亏损）的调节：


	截至 2026 年 9 月 30 日的三个月
（单位：千）	MC		AEC		公司总部		合计
净收入	$	169,802			$	179,737		$	—	$	349,539
销售成本	94,434			114,727			—		209,161
毛利	75,368			65,010			—		140,378
销售、一般及管理费用	30,971			17,166			13,364		61,501
技术与研究费用	6,412			4,498			1,276		12,186
重组费用，净额	6,827			—			466		7,293
营业收入/（亏损）	$	31,158			$	43,346		$	(15,106)	$	59,398

索引


	截至 2025 年 9 月 30 日的三个月
（单位：千）	MC		AEC		公司总部		合计
净收入	$	174,950			$	86,484		$	—	$	261,434
销售成本	92,880			218,492			—		311,372
毛利	82,070			(132,008)			—		(49,938)
销售、一般及行政费用	30,291			12,218			9,396		51,905
技术和研发费用	6,716			3,673			1,078		11,467
重组费用，净额	1,960			113			1,124		3,197
营业收入/（亏损）	$	43,103			$	(148,012)		$	(11,598)	$	(116,507)


	截至2026年9月30日的九个月
（千美元）	MC		AEC		公司		总计
净收入	$	514,464			$	475,890		$	—	$	990,354
销售成本	283,087			359,194			—		642,281
毛利	231,377			116,696			—		348,073
销售、一般及行政费用	97,710			40,067			38,091		175,868
技术和研发费用	19,960			13,256			3,649		36,865
重组费用，净额	15,892			—			2,539		18,431
营业收入/（亏损）	$	97,815			$	63,373		$	(44,279)	$	116,909


	截至2025年9月30日的九个月
（千美元）	MC		AEC		公司		总计
净收入	$	530,573			$	331,034		$	—	$	861,607
销售成本	284,842			432,710			—		717,552
毛利	245,731			(101,676)			—		144,055
销售、一般及行政费用	98,841			34,121			31,257		164,219
技术和研发费用	21,332			11,472			3,111		35,915
重组费用，净额	6,322			1,801			1,772		9,895
营业收入/（亏损）	$	119,236			$	(149,070)		$	(36,140)	$	(65,974)

折旧和摊销费用明细表：


	截至9月30日的三个月	截至9月30日的九个月
（千美元）	2026	2025	2026	2025








折旧和摊销
机器布	$	8,372		$	8,604	$	25,096	$	24,283
Albany 工程复合材料	22,503		13,479		39,852	40,229
公司	41		355		115	968
合并折旧和摊销	$	30,916		$	22,438	$	65,063	$	65,480

由于 Amelia Earhart Drive 设施符合持有待售会计准则，该设施的资产和负债已在截至2025年12月31日的合并资产负债表中归类为持有待售。归类为持有待售后，公司根据适用会计准则停止对相关长期资产计提折旧和摊销。截至2026年9月30日，公司认定该地点的净资产不再符合持有待售分类标准，因此恢复对长期资产计提折旧和摊销，包括补提本年度较早时未确认的费用。详情请参阅合并财务报表附注19，持有待售，。

营业收入/（亏损）与税前收入的调节：


	截至9月30日的三个月	截至9月30日的九个月
（千美元）	2026	2025	2026	2025
营业收入/（亏损）
机器布	$	31,158		$	43,103	$	97,815	$	119,236
Albany 工程复合材料	43,346		(148,012)		63,373	(149,070)
公司	(15,106)		(11,598)		(44,279)	(36,140)
合并营业收入/（亏损）	$	59,398		$	(116,507)	$	116,909	$	(65,974)
调节项目：
利息收入	(1,167)		(1,114)		(2,742)	(4,157)
利息费用	6,504		7,011		19,614	18,859


其他收入/（费用），净额	(1,727)		(347)		(4,881)	4,170
税前收入	$	55,788		$	(122,057)	$	104,918	$	(84,846)

下表列示了各应报告分部的资产：


（千美元）	2026年9月30日	2025年12月31日
分部资产
机器布	$	623,751		$	618,476
Albany 工程复合材料	740,898		491,802
调节项目：
现金	79,125		112,350
预付及应收所得税，以及递延所得税	91,862		112,436
预付费用及其他流动资产，以及其他资产	149,981		89,862
持有待售资产	$	—		$	293,783
合并总资产	1,685,617		1,718,709

下表列示了各应报告分部的资本支出：


	截至9月30日的九个月
（以千计）	2026	2025
资本支出和购置软件
Machine Clothing	$	16,280		$	20,387
Albany Engineered Composites	14,938		28,422
公司	2,114		—
资本支出和购置软件总额	$	33,332		$	48,809

3. 收入确认：

Albany Engineered Composites 部门通过长期合同提供的产品和服务占收入的很大一部分，我们主要采用完工百分比法（实际成本与预计成本之比）随时间确认这些合同收入。该方法需要作出重大判断和估计；如果基础情况发生变化，结果可能会有重大差异。需要调整合同预计收入或成本时，与先前估计相比的任何变动均计入变动发生期间的收益。

LEAP 发动机用于 Airbus A320neo、A321neo、Boeing 737 MAX 和 COMAC C919 飞机。AEC 最大的航空航天客户是 SAFRAN Group，向 SAFRAN（主要包括用于 CFM International LEAP 发动机的风扇叶片和机匣）的销售额在截至 September 30, 2026 和 2025 的三个月内分别为 $53.8 million 和 $46.4 million，在截至 September 30, 2026 和 2025 的九个月内分别为 $155.9 million 和 $130.2 million。截至 September 30, 2026 和 December 31, 2025，应收账款和合同资产中应收自 SAFRAN 的合计金额分别为 $53.4 million 和 $60.8 million。

长期合同预计盈利能力的变化可能由合同价值增减、客户交付要求修订、人工或间接费用预测更新、材料成本、影响供应链的因素、合同风险和机会评估的变化或其他因素引起。

索引

长期合同预计盈利能力的累计变动使 2026 年第三季度收入增加 $3.5 million，使 2026 年前九个月收入增加 $2.0 million。长期合同预计盈利能力的累计变动使营业收入增加 $37.9 million，其中包括 2026 年第三季度对先前持有待售资产的折旧和摊销进行的 $11.0 million 累计追补；截至 September 30, 2026 的九个月内，营业收入增加 $36.3 million，其中包括对先前持有待售资产的折旧和摊销进行的 $11.0 million 累计追补。截至 September 30, 2026 的三个月和九个月内，盈利能力增加主要由若干大型复杂项目推动，其中包括各种 CH-53K 项目的调整，金额分别为 $46.7 million 和 $44.5 million；这些调整主要基于合同价值增加，部分被合同剩余期限内未来间接费用率的变化抵消。

我们按收入确认时间以及内部审查所采用的类别，对各业务部门和产品组从客户合同中取得的收入进行细分。

下表按收入确认时间列示截至 September 30, 2026 的三个月内各产品组的收入细分情况：


	截至 September 30, 2026 的三个月
（以千计）	时点收入确认	随时间确认收入确认	总计
造纸机织物	$	168,750		$	1,052	$	169,802

Albany 工程复合材料：
ASC	—		53,096		53,096
其他 AEC	3,336		123,305		126,641
Albany 工程复合材料总计	$	3,336		$	176,401	$	179,737

总收入	$	172,086		$	177,453	$	349,539

下表按收入确认时点列示截至2025年9月30日的三个月内各产品组的收入明细：


	截至2025年9月30日的三个月
（千美元）	时点收入确认	随时间确认收入确认	总计
造纸机织物	$	173,929		$	1,021	$	174,950

Albany 工程复合材料：
ASC	—		44,873		44,873
其他 AEC	3,084		38,527		41,611
Albany 工程复合材料总计	$	3,084		$	83,400	$	86,484

总收入	$	177,013		$	84,421	$	261,434

下表按重要产品类别（造纸机织物（“PMC”）和工程织物）细分 MC 部门收入；对于 PMC，还按造纸机织物销售的地理区域细分：


	截至2026年9月30日的九个月
（千美元）	时点收入确认	随时间确认收入确认	总计
造纸机织物	$	511,308		$	3,156	$	514,464

Albany 工程复合材料：
ASC	—		152,454		152,454
其他 AEC	10,380		313,056		323,436
Albany 工程复合材料总计	$	10,380		$	465,510	$	475,890

总收入	$	521,688		$	468,666	$	990,354


	截至2025年9月30日的九个月
（千美元）	时点收入确认	随时间确认收入确认	总计
造纸机织物	$	527,509		$	3,064	$	530,573

Albany 工程复合材料：
ASC	—		128,639		128,639
其他 AEC	10,221		192,174		202,395
Albany 工程复合材料总计	$	10,221		$	320,813	$	331,034

总收入	$	537,730		$	323,877	$	861,607


	截至9月30日的三个月，	截至9月30日的九个月，
（千美元）	2026	2025	2026	2025
美洲 PMC	$	83,199		$	92,171	$	242,043	$	262,505
欧亚 PMC	68,510		67,128		215,560	206,486
工程织物	18,093		15,651		56,861	61,582
造纸机织物净收入总计	$	169,802		$	174,950	$	514,464	$	530,573

对于原始预期期限为一年或更短的合同，我们不披露未履行履约义务的价值。MC 部门的合同期限通常不到一年，而 AEC 部门的某些合同则是期限较短的固定总价订单。截至2026年9月30日和2025年9月30日，原始期限超过一年的合同剩余履约义务总额分别为8.774亿美元和11亿美元，主要涉及 AEC 部门的固定总价合同。对于截至2026年9月30日的剩余履约义务，我们预计在2026年确认约6430万美元收入，在2027年确认1.963亿美元，在2028年确认1.769亿美元，其余将在此后确认。

4. 养老金及其他退休后福利计划

公司设有固定福利养老金计划，覆盖部分美国及非美国员工。公司还向美国和加拿大的退休员工提供某些退休后福利。公司在员工在职服务期间计提提供这些福利的成本。

截至2026年和2025年9月30日的九个月期间，净定期福利成本/（收入）的构成如下：


	养老金计划	其他退休后福利
（千美元）	2026	2025	2026	2025
净定期福利成本/（收入）的构成部分：
服务成本	$	711		$	836	$	28	$	30
利息成本	4,570		4,505		995	1,060
资产预期收益	(2,109)		(3,427)		—	—
缩减成本/（收入）	—		(3,770)		—	—
结算成本/（收入）	—		2,170		—	—
以前服务成本/（收入）的摊销	(25)		(20)		(92)	(92)
精算净损失摊销	1,088		932		12	(24)
净定期福利成本	$	4,235		$	1,226	$	943	$	974

净定期福利成本/（抵免额）在每年年初确定，通常只有在发生重大事件（如缩减或结算）时才会在各季度之间变动。截至2026年9月30日的九个月期间，没有发生重大缩减或结算。2025年前九个月，我们采取行动，结算了瑞士一项MC养老金计划的部分负债，由此产生净收益，总额为$1.6 million。

设定受益养老金和退休后福利计划的服务成本，与相关员工在该期间提供服务所产生的其他薪酬成本列在同一项目中。净定期福利成本的其他组成部分列入合并收益表中的“其他（收入）/费用，净额”项目。

5. 重组

在MC，2026年和2025年采取了重组措施，以整合多个设施的生产活动。截至2026年9月30日的三个月和九个月期间，重组费用净额与固定资产转移至其他地点（包括海外）、裁员以及停产相关的制造费用有关。截至2025年9月30日的三个月期间，这些措施涉及$2.0 million的裁员费用。截至2025年9月30日的九个月期间，重组费用涉及裁员、固定资产减值及相关成本，以及$8.1 million的存货核销成本，扣除$1.8 million的养老金缩减收益。

在AEC，上年同期的重组活动与重组和裁员成本有关，截至2025年9月30日的三个月和九个月期间，重组费用净额分别为$0.1 million和$1.8 million。截至2026年9月30日的三个月和九个月期间，AEC均未发生任何重组成本。

在Corporate，截至2026年9月30日的三个月和九个月期间，重组费用净额主要与裁员和法律架构优化有关。

下表汇总了合并收益表中“重组费用，净额”和“销售成本”项下列报的费用：

索引


	截至9月30日的三个月	截至9月30日的九个月
（千美元）	2026	2025	2026	2025
机器服	$	6,827		$	1,960	$	15,892	$	6,578
Albany工程复合材料	—		113		—	1,801
企业部门	466		1,124		2,539	1,772
总计	$	7,293		$	3,197	$	18,431	$	10,151

下表按费用类型汇总了合并收益表中“重组费用，净额”和“销售成本”项下列报的费用：


截至2026年9月30日的九个月	已发生的重组总成本	解雇及其他成本	资产转移成本
（千美元）
Machine Clothing	$	15,892		$	8,677	$	7,215
Albany Engineered Composites	—		—
公司	2,539		2,539
总计	$	18,431		$	11,216	$	7,215


截至2025年9月30日的九个月	已发生的重组总成本	解雇及其他成本	资产减值	养老金缩减（收益）/损失
（千美元）
Machine Clothing	$	6,578		$	7,615	$	723	$	(1,760)
Albany Engineered Composites	1,801		1,801		—	—
公司	1,772		1,772		—	—
总计	$	10,151		$	11,188	$	723	$	(1,760)

下表列示了2026年和2025年年初至今重组负债的变动：


（千美元）	2025年12月31日	计提的重组费用	付款及其他	2026年9月30日
重组及其他负债总额	$	2,766		$	18,431	$	(19,855)	$	1,342


（千美元）	2024年12月31日	计提的重组费用	付款及其他	2025年9月30日
重组及其他负债总额	$	4,996		$	11,188	$	(12,878)	$	3,306

6. 其他（收入）/费用，净额

其他（收入）/费用净额的组成部分如下：


	截至9月30日的三个月	截至9月30日的九个月
（千美元）	2026	2025	2026	2025
货币交易损失/（收益）	$	(2,101)		$	(1,054)	$	(4,792)	$	7,751
衍生工具损失/（收益）	(119)		(95)		(1,573)	(3,357)

除服务成本外的定期养老金及退休后福利净成本组成部分	1,478		1,011		4,439	1,334
其他损失/（收益）	(985)		(209)		(2,955)	(1,558)
其他（收入）/费用总额，净额	$	(1,727)		$	(347)	$	(4,881)	$	4,170

计入其他（收入）/费用净额的货币交易损失/（收益）主要源于公司间贷款已实现及未实现的损失/（收益）。此外，衍生工具公允价值变动产生的收益由汇率变动推动，其中最显著的是巴西雷亚尔和英镑。

索引

7. 所得税

公司截至2026年和2025年9月30日的三个月及九个月的有效所得税率如下：


	截至9月30日的三个月	截至9月30日的九个月
	2026	2025	2026	2025
有效所得税率	24.9	%	20.0	%	28.5	%	16.4	%

本季度所得税费用根据ASC 740-270《所得税——中期报告》计算。根据该方法，受估值备抵约束的亏损辖区不能就其产生的亏损确认税收优惠，因此不纳入年度有效税率计算，其税款将在每个季度单独确认。

我们2026年预计年度有效税率主要反映21%的联邦税率、州和地方税的影响、外国业务征税的影响以及预计永久性差异。截至2026年和2025年9月30日的九个月，我们的实际有效税率分别为28.5%和16.4%。

截至2026年9月30日的九个月的有效税率高于截至2025年9月30日的九个月的有效税率，主要是由于公司上一年度处于亏损状态。离散税项使截至2026年9月30日的三个月和九个月的有效税率分别上升0.2%和0.5%，而截至2025年9月30日的三个月和九个月则分别上升0.6%和2.7%。

公司在美国及多个外国司法管辖区须接受审计。主要司法管辖区的未结税务年度通常为2020-2025年。我们认为，已针对所有司法管辖区和所有未结年度的未决税务事项计提了适当准备金。审计结果及审计结算时间存在重大不确定性。

8. 每股收益

用于计算每股收益的金额以及可能具有稀释性的证券的加权平均股数如下：


	截至9月30日的三个月	截至9月30日的九个月
（千股，每股收益除外）	2026	2025	2026	2025
归属于公司的净利润	$	41,697		$	(97,760)	$	74,392	$	(71,222)

加权平均股数：
用于计算基本每股净收益的加权平均股数	28,377		29,012		28,353	29,914
稀释性股票薪酬计划的影响：

限制性股票单位及多年期奖励	219		—		217	—

用于计算稀释每股净收益的加权平均股数	28,596		29,012		28,570	29,914



归属于公司的每股净收益：
基本	$	1.47		$	(3.37)	$	2.62	$	(2.38)
稀释	$	1.46		$	(3.37)	$	2.60	$	(2.38)

索引

9. 累计其他综合收益（“AOCI”）

下表列示了2025年12月31日至2026年9月30日期间AOCI各组成部分的变动：


（千美元）	折算调整	养老金及退休后负债调整	衍生工具估值调整	累计其他综合收益/（亏损）总额
2025年12月31日	$	(119,008)		$	(23,911)	$	(619)	$	(143,538)
外币折算及其他调整	(6,365)		375		4,246	(1,744)
与掉期相关的利息（费用）/收入重新分类至合并损益表，税后净额	—		—		(240)	(240)
养老金及退休后负债调整重新分类至合并损益表，税后净额	—		698		—	698
本期其他综合收益/（亏损）净额	(6,365)		1,073		4,006	(1,286)
2026年9月30日	$	(125,373)		$	(22,838)	$	3,387	$	(144,824)

下表列示了2024年12月31日至2025年9月30日期间AOCI各组成部分的变动：


（千美元）	折算调整	养老金及退休后负债调整	衍生工具估值调整	累计其他综合收益/（亏损）总额
2024年12月31日	$	(181,555)		$	(14,328)	$	(106)	$	(195,989)
外币折算及其他调整	58,366		(2,418)		(358)	55,590
养老金结算费用，税后净额	—		(1,178)		—	(1,178)
从累计其他综合收益/(亏损)重分类至合并收益/(亏损)表的与掉期相关的利息（费用）/收入，扣除税项	—		—		(273)	(273)
从累计其他综合收益/(亏损)重分类至合并收益/(亏损)表的养老金及退休后负债调整，扣除税项	—		552		—	552
本期其他综合收益/(亏损)净额	58,366		(3,044)		(631)	54,691
2025年9月30日	$	(123,189)		$	(17,372)	$	(737)	$	(141,298)

重分类至合并收益/(亏损)表的累计其他综合收益/(亏损)组成部分与我们的养老金及退休后计划和利率掉期有关。

下表列示了截至2026年9月30日的三个月和九个月期间从累计其他综合收益/(亏损)重分类的费用/(收入)金额，以及受影响的合并收益/(亏损)表项目；并列示了截至2025年9月30日的三个月和九个月期间的合并收益/(亏损)表：

索引


	截至9月30日的三个月	截至9月30日的九个月
（千元）	2026	2025	2026	2025
从累计其他综合收益/(亏损)中重分类的税前衍生工具估值：
计入税前收益/(亏损)的与利率掉期相关的净利息（收入）/费用(a)	$	(100)		$	(53)	$	(386)	$	(324)
所得税影响	14		17		146	51
因从累计其他综合收益/(亏损)中重分类的项目对净收益的影响	$	(86)		$	(36)	$	(240)	$	(273)

从累计其他综合收益中重分类的税前养老金及退休后负债：
养老金结算/缩减	$	—		$	—	$	0	$	(1,600)
以前服务贷项摊销	$	(39)		$	(38)	$	(117)	$	(112)
精算净损失摊销	366		315		1,100	908
重分类税前金额总计(b)	327		277		983	(804)
所得税影响	(95)		(86)		(285)	178
因从累计其他综合收益中重分类的项目对净收益的影响	$	232		$	191	$	698	$	(626)

(a)在我们的合并收益表中列为净利息费用的项目，包括与利率掉期协议相关的付款以及掉期提前终止款项的摊销（见合并财务报表附注15，金融工具，以及附注16，公允价值计量）。

(b)累计其他综合收益的组成部分列入我们合并收益表中的其他净（收入）/费用，计入定期养老金成本的计算（见合并财务报表附注4，养老金、退休后及其他福利计划）。

10. 非控股权益

自2013年10月31日起，Safran S.A.（Safran）收购了Albany Safran Composites, LLC（“ASC”）10%的股权。

2023年8月31日，公司收购了Heimbach的全部流通股。Heimbach是一家私人持有的造纸机织物制造商，总部位于德国迪伦。2021年7月，Heimbach收购了Arcari, SRL（“Arcari”）85%的股权。Arcari是一家纺织和塑料工业技术产品及传送带制造商。

2025 年 4 月 1 日，Heimbach 将其在 Arcari 的 85% 控股权益出售给少数股东，并确认了 1.6 million 美元的收益，计入出售相关的其他（收入）费用。与此次出售相关，非控股权益的对应价值降至零。出售后，公司未保留 Arcari 的任何所有权，因此截至 2026 年 9 月 30 日止三个月和九个月期间，经营业绩未受影响。

下表列示了归属于非控股权益的收入与公司子公司非控股权益的对账：

索引


ASC 非控股权益	截至 9 月 30 日的九个月
（单位：千，百分比除外）	2026	2025
Albany Safran Composites（ASC）的净收入	$	7,769		$	4,857
减：归属于公司优先持股的回报	1,299		1,352
可供普通股股东享有的 ASC 净收入	$	6,470		$	3,505
非控股股东的持股比例	10	%	10	%
归属于非控股权益的净收入	$	647		$	351

年初非控股权益	$	5,893		$	4,983
归属于非控股权益的净收入	647		351
归属于非控股权益的其他综合收益变动	(91)		376
中期末 ASC 非控股权益	$	6,449		$	5,709












中期末 Arcari 非控股权益	$	0		$	—


中期末非控股权益总额	$	6,449		$	5,709

11. 应收账款

应收账款净额包括贸易及其他应收账款和银行本票，均扣除预期信用损失准备。对于亚洲的某些收入，公司接受银行本票作为客户付款。本票可在到期时提示付款，期限不到一年。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，应收账款包括以下项目：


（单位：千）	2026 年 9 月 30 日	2025 年 12 月 31 日
贸易及其他应收账款	$	264,425		$	221,592
银行本票	17,396		17,844
预期信用损失准备	(4,129)		(4,352)
应收账款净额	$	277,692		$	235,084

12. 合同资产和负债

合同资产包括未开票金额，通常源于采用随时间确认收入的方法履行合同时，已确认收入超过向客户开票的金额。收款权变为无条件且已向客户开票后，合同资产转入应收账款净额。合同负债包括预收款和超过已确认收入的开票金额。合同负债列入合并资产负债表中的应计负债。

在每个报告期末，合同资产和合同负债按合同逐项以净额列示于合并资产负债表。

截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，合同资产和合同负债包括以下项目：


（单位：千）	2026 年 9 月 30 日	2025 年 12 月 31 日
合同资产	$	165,296		$	87,573
预期信用损失准备	(858)		(471)
合同资产净额	$	164,438		$	87,102

合同负债	$	28,185		$	33,397

截至2026年9月30日的九个月内，合同资产净额增加了7730万美元，主要由于 Amelia Earhart Drive 战略审查结束，6860万美元从待售资产重新分类回合同资产净额。未开票收入的其余增幅与商业和国防项目有关。截至2026年9月30日和2025年9月30日的九个月内，合同资产均未发生减值损失。

截至2026年9月30日，合同负债较2025年12月31日减少520万美元，主要是由于合同负债状态合同的履约义务已履行并确认收入，但部分被 Amelia Earhart Drive 战略审查结束后从待售负债重新分类回应计负债的金额所抵消。截至2026年9月30日和2025年9月30日的九个月内，计入年初合同负债余额的已确认收入分别为2380万美元和560万美元。

13. 存货

截至2026年9月30日和2025年12月31日，存货包括以下项目：


（千美元）	2026年9月30日	2025年12月31日
原材料	$	89,490		$	60,311
在制品	56,009		46,952
产成品	20,038		14,326
存货总额	$	165,537		$	121,589

14. 商誉及其他无形资产

下表列示截至2026年9月30日和2025年12月31日无形资产及商誉的账面总额、累计摊销额和净值：


	2026年9月30日
（千美元）	摊销年限	账面总额	累计摊销及其他	账面净额

有限年限资产：
AEC 商标和商品名称	6-15	$	208		$	(208)	$	—
AEC 技术	10-15	6,322		(4,437)		1,885
AEC 知识产权	15	1,250		(569)		681
AEC 客户关系	8-15	69,446		(53,507)		15,939
Heimbach 已开发技术	9	8,712		(3,041)		5,671
有限年限无形资产总额		$	85,938		$	(61,762)	$	24,176

无限年限无形资产：
Heimbach 商品名称		$	6,235		$	—	$	6,235
MC 商誉		68,216		—		68,216
AEC 商誉		113,795		—		113,795
无限年限无形资产总额：		$	188,246		$	—	$	188,246


	2025年12月31日
（千美元）	摊销年限	账面总额	累计摊销及其他	账面净额

有限年限资产：
AEC 商标和商品名称	6-15	$	208		$	(208)	$	—
AEC 技术	10-15	6,530		(4,114)		2,416
AEC 知识产权	15	1,250		(505)		745
AEC 客户关系	8-15	69,560		(64,331)		5,229
Heimbach 已开发技术	9	9,291		(2,709)		6,582
有限年限资产总额		$	86,839		$	(71,867)	$	14,972

无限年限无形资产：
Heimbach 商品名称		$	6,456		$	—	$	6,456
MC 商誉		69,911		—		69,911
AEC 商誉		114,428		(21,832)		92,596
无限年限无形资产总额：		$	190,795		$	(21,832)	$	168,963

截至2025年12月31日，与 Amelia Earhart Drive 设施相关的 1,340 万美元有限使用寿命资产和 2,180 万美元 AEC 商誉被重新分类为持有待售资产。截至2026年9月30日，这些金额已重新分类回资产负债表中的各自项目。

The changes in intangible assets, net and goodwill from December 31, 2025 to September 30, 2026, were as follows:


(in thousands)	December 31, 2025	Reclassified from Assets Held for Sale	Amortization	Currency Translation	September 30, 2026
Finite-lived intangible assets:
AEC Trademarks and trade names	$	—		$	—	$	—		$	—	$	—
AEC Technology	2,416		—		(446)	(85)		1,885
AEC Intellectual property	745		—		(64)	—		681
AEC Customer relationships	5,229		13,384		(2,618)	(56)		15,939
Heimbach Developed technology	6,582		—		(717)	(194)		5,671
Total Finite-lived intangible assets	$	14,972		$	13,384	$	(3,845)		$	(335)	$	24,176

Indefinite-lived intangible assets:
Heimbach Trade name	$	6,456		$	—	$	—		$	(221)	$	6,235
MC Goodwill	69,911		—		—	(1,695)		68,216
AEC Goodwill	92,596		21,829		—	(630)		113,795
Total Indefinite-lived assets:	$	168,963		$	21,829	$	—		$	(2,546)	$	188,246

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually.

15. Financial Instruments

The following table represents the Company's outstanding debt:


(in thousands, except interest rates)	September 30, 2026	December 31, 2025
Borrowings under the Amended Credit Agreement
USD borrowings	$	320,000		$	350,000
EUR borrowings	102,087		105,663
Total bank debt	422,087		455,663

Index

Amended Credit Agreement

On August 16, 2023, we entered into a $800 million unsecured committed Five-Year Revolving Credit Facility Agreement, amended on June 28, 2024 (collectively, the “Amended Credit Agreement”), which matures in August of 2028.

The applicable interest rate for borrowings under the Amended Credit Agreement is based on both Term SOFR and EURIBOR plus a spread, which is based on our leverage ratio (as defined in the Amended Credit Agreement) at the time of a borrowing as follows:


Leverage Ratio	Commitment Fee	ABR Spread	Term Benchmark/ Daily Simple SOFR Spread
<1.00:1.00	0.275%	0.500%	1.500%
≥ 1.00:1.00 and < 2.00:1.00	0.300%	0.625%	1.625%
≥ 2.00:1.00 and < 3.00:1.00	0.325%	0.750%	1.750%
≥ 3.00:1.00	0.350%	1.000%	2.000%

As of September 30, 2026, the applicable interest rate for borrowings under the Amended Credit Agreement was based on one-month term SOFR and one-month EURIBOR plus the spread, which was 1.625%.

As of September 30, 2026, there was $422.1 million of borrowings outstanding under the Amended Credit Agreement and we had borrowings available of $377.9 million, based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Amended Credit Agreement).

As of September 30, 2026 and December 31, 2025, the USD interest rate in effect was 5.61% and 5.56%, respectively, including the effect of interest rate swaps; at the end of September 30, 2026 and December 31, 2025, the EUR interest rate in effect was 3.96% and 3.73%, respectively, including the effect of interest rate swaps.

Under the Amended Credit Agreement, we are required to maintain a leverage ratio (as defined in the Credit Agreement) of not greater than 3.75 to 1.00, or 4.25 to 1.00 after a significant acquisition. We are also required to maintain a minimum interest coverage ratio (as defined in the Credit Agreement) of greater than 3.00 to 1.00. If our leverage ratio exceeds 3.50 to 1.00, we will be restricted in paying dividends to a maximum amount of $40 million in a calendar year.

As of September 30, 2026, our leverage ratio was 1.68 to 1.00 and our interest coverage ratio was 7.68 to 1.00. As of September 30, 2026, we were in compliance with all applicable covenants. We anticipate continued compliance in each of the next four quarters while continuing to monitor future compliance based on current and future economic conditions.

The borrowings are guaranteed by certain of the Company’s subsidiaries, including all significant U.S. subsidiaries (subject to certain exceptions), as defined in the Amended Credit Agreement. Our ability to borrow additional amounts under the Amended Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Amended Credit Agreement).

Interest Rate Swaps

From time to time, the Company enters into interest rate swap contracts to manage the interest rate risk associated with its outstanding variable-interest rate borrowings. Such contracts are intended to economically hedge the reference rate component of future interest payments associated with outstanding borrowings under the Company’s Amended Credit Agreement.

In the second and third quarters of 2026, the Company entered into three USD and two EUR forward starting interest rate swap agreements with starting dates of November 15, 2026 and November 14, 2026, respectively. These instruments are intended to replace the Company's existing interest rate swap agreements upon their maturity on those same dates and are entered into for the purpose of managing the Company's exposure to variability in cash flows attributable to changes in benchmark interest rates. Changes in fair value during the forward period, from the trade date through the respective starting dates, will be recorded in other comprehensive income (loss).

The three USD forward starting interest rate swap agreements have three-year tenors and mature on November 15, 2029. The swaps have the effect of fixing the SOFR portion of the interest rate on a total of $175 million of USD indebtedness drawn under the Amended Credit Facility. Under these interest rate swap agreements, the Company pays a fixed rate and the counterparty pays a floating rate based on the one-month term SOFR rate, reset monthly. The two EUR forward starting interest rate swap agreements have three-year tenors and mature on November 14, 2029. The swaps have the effect of fixing the EURIBOR portion of the interest rate on a total of €45 million of EUR

Index

indebtedness drawn under the Amended Credit Facility. Under this agreement, the Company pays a fixed rate and the counterparty pays a floating rate based on the one-month EURIBOR rate, reset monthly.

In November, 2024, we entered into two interest rate swap agreements: A USD interest rate swap agreement and a EUR interest rate swap agreement. The USD interest rate swap agreement covers the period November 15, 2024 through November 15, 2026. This transaction has the effect of fixing the SOFR portion of the interest rate (before the credit spread) on $125 million of the US indebtedness drawn under the Amended Credit Facility. Under the terms of this transaction, the Company pays a fixed rate of 3.987% and our counterparty pays a floating rate based on the one-month SOFR rate at each monthly calculation date. The EUR interest rate swap agreement covers the period November 14, 2024 through November 15, 2026. This transaction has the effect of fixing the EURIBOR portion of the interest rate (before the credit spread) on EUR 45 million of the EUR indebtedness drawn under the Amended Credit Facility. Under the terms of this transaction, the Company pays a fixed rate of 2.277% and our counterparty pays a floating rate based on the one-month EURIBOR rate at each monthly calculation date.

These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 16, Fair-Value Measurements. No cash collateral was received or pledged in relation to the swap agreements.

16. Fair-Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•Level 1 - Quoted prices in active markets for identical assets or liabilities.

•Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.

•Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

We had no Level 3 financial assets or liabilities at September 30, 2026 or at December 31, 2025, other than certain pension assets as indicated in our December 31, 2025 Annual Report on Form 10-K.

Debt is carried at cost, which approximates fair value.

The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial and non-financial assets and liabilities, which are measured at fair value on a recurring basis:


	September 30, 2026		December 31, 2025
	Quoted prices in active markets		Significant other observable inputs		Quoted prices in active markets		Significant other observable inputs
(in thousands)	(Level 1)		(Level 2)		(Level 1)		(Level 2)
Fair Value
Assets:
Cash equivalents	$	4,138			$	—		$	10,584	$	—


Other Assets:
Common stock of unaffiliated foreign public company (a)	—			—			1,098		—
Interest rate swaps	—			5,677			—		768
Liabilities:
Foreign currency option contracts	—			353			—		—

(a)Original cost basis $0.5 million.

Cash equivalents include short-term securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities.

Index

The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the interest rate swaps are recorded as a component of Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets. As of September 30, 2026, these interest rate swaps were determined to be highly effective hedges of interest rate cashflow risk. Amounts accumulated in Other comprehensive income are reclassified as interest expense/(income), net when the related interest payments (that is, the hedged forecasted transactions), affect earnings. Interest expense/(income) related to payments under the active swap agreements totaled $(0.4) million for the nine months ended September 30, 2026 and $(0.3) million for the nine months ended September 30, 2025.

We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results. From time to time, we enter into foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accrued liabilities, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other (income)/expense, net.

When exercised, the foreign currency instruments are net-settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is a risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to mitigate risk by evaluating the creditworthiness of counterparties and by monitoring the currency exchange and interest rate markets while reviewing the hedging risks and contracts to ensure compliance with our internal guidelines and policies.

(Gains)/losses related to changes in fair value of derivative instruments that were recognized in Other (income)/expense, net in the Consolidated Statements of Income were as follows:


	Three months ended September 30,	Nine months ended September 30,
(in thousands)	2026	2025	2026	2025
Derivatives not designated as hedging instruments:
Foreign currency options (gains)/losses	$	(13)		$	(95)	$	(1,187)	$	(3,356)

17. Contingencies

Asbestos Litigation

Albany International Corp. is a defendant in suits brought in various courts in the United States by plaintiffs who allege that they have suffered personal injury as a result of exposure to asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills.

We were defending 3,662 claims as of September 30, 2026.

The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:


(in thousands, except number of claims)	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid to Settle or Resolve
Twelve months ended December 31, 2025	3,646		28		59	3,677	$	173
Nine months ended September 30, 2026	3,677		47		32	3,662	$	100

We anticipate that additional claims will be filed against the Company and related companies in the future but are unable to predict the number and timing of such future claims. Due to the fact that information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims and therefore are unable to estimate a range of reasonably possible loss in excess of amounts already accrued for pending or future claims.

While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurance carrier has defended each

case and funded settlements under a standard reservation of rights. As of September 30, 2026, we had resolved, by means of settlement or dismissal, 38,126 claims at a total cost of $11 million. Of this amount, almost 100% was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims.

The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,676 claims as of September 30, 2026, only twelve claims have been filed against Brandon since January 1, 2012, and only $15,000 in settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999 and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights.

In some of these asbestos cases, the Company is named both as a direct defendant and as the “successor in interest” to Mount Vernon Mills (“Mount Vernon”). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions.

We currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Although we cannot predict the number and timing of future claims, based on the foregoing factors, the trends in claims filed against us, and available insurance, we also do not currently anticipate that potential future claims will have a material adverse effect on our financial position, results of operations, or cash flows.

18. Changes in Shareholders’ Equity

The following tables summarize changes in Shareholders’ Equity for the three and nine month periods ended September 30, 2026:


	Class A Common Stock		Additional paid-in capital	Retained earnings	Accumulated items of other comprehensive income	Class A Treasury Stock	Noncontrolling Interest	Total Shareholders' Equity
	Shares	Amount			Shares	Amount
June 30, 2026	41,057		41				464,148		993,170	(144,677)		12,686		(566,993)	6,400	752,089
Net income						41,697				189		41,886
Stock issued under incentive compensation plans	14										—
Taxes paid in lieu of share issuance					(311)						(311)
Stock-based compensation					2,741						2,741
Dividends declared on Class A Common Stock, $0.28 per share						(7,948)					(7,948)
Cumulative translation adjustments							(3,630)			(140)		(3,770)
Pension and postretirement liability adjustments							227				227
Derivative valuation adjustment and other						(56)		3,256				3,200
September 30, 2026	41,071		$	41				$	466,578	$	1,026,863		$	(144,824)	12,686	$	(566,993)	$	6,449	$	788,114


	Class A Common Stock		Additional paid-in capital	Retained earnings	Accumulated items of other comprehensive income	Class A Treasury Stock	Noncontrolling Interest	Total Shareholders' Equity
	Shares	Amount			Shares	Amount
December 31, 2025	40,989		$	41				$	460,472	$	976,373		$	(143,538)	12,686	$	(567,139)	$	5,893	$	732,102
Net income	—		—				—		74,392	—		—		—	647	75,039
Stock issued under incentive compensation plans	67		—				—		—	—		—		—	—	—
Taxes paid in lieu of share issuance	—		—				(1,644)		—	—		—		—	—	(1,644)
Stock-based compensation	—		—				6,868		—	—		—		—	—	6,868
Shares issued to Directors	15		—				882		—	—		—		—	—	882
Share repurchase excise tax adjustment	—		—				—		—	—		—		146	—	146
Dividends declared on Class A Common Stock, $0.84 per share	—		—				—		(23,831)	—		—		—	—	(23,831)
Cumulative translation adjustments	—		—				—		—	(6,365)		—		—	(91)	(6,456)
Pension and postretirement liability adjustments	—		—				—		—	1,073		—		—	—	1,073
Derivative valuation adjustment and other	—		—				—		(71)	4,006		—		—	—	3,935
September 30, 2026	41,071		$	41				$	466,578	$	1,026,863		$	(144,824)	12,686	$	(566,993)	$	6,449	$	788,114

The following tables summarize changes in Shareholders’ Equity for the three month and nine month periods ended September 30, 2025:


	Class A Common Stock		Additional paid-in capital	Retained earnings	Accumulated items of other comprehensive income	Class A Treasury Stock	Noncontrolling Interest	Total Shareholders' Equity
(in thousands)	Shares	Amount			Shares	Amount
June 30, 2025	40,984		41				456,587		1,075,934	(144,292)		11,516		(499,658)	5,497	894,109
Net income	—		—				—		(97,760)	—		—		—	122	(97,638)
Stock issued under incentive compensation plans	5		—				—		—	—		—		—	—	—
Taxes paid in lieu of share issuance	—		—				(137)		—	—		—		—	—	(137)
Stock-based compensation	—		—				3,844		—	—		—		—	—	3,844
Purchase of Treasury shares (a)	—		—				—		—	—		810		(50,516)	—	(50,516)
Dividends declared on Class A Common Stock, $0.27 per share	—		—				—		(7,739)	—		—		—	—	(7,739)
Cumulative translation adjustments	—		—				—		—	2,395		—		—	90	2,485
Pension and postretirement liability adjustments	—		—				—		—	473		—		—	—	473
Derivative valuation adjustment and other	—		—				—		—	126		—		—	—	126
September 30, 2025	40,989		$	41				$	460,294	$	970,435		$	(141,298)	12,326	$	(550,174)	$	5,709	$	745,007


	Class A Common Stock		Additional paid-in capital	Retained earnings	Accumulated items of other comprehensive income	Class A Treasury Stock	Noncontrolling Interest	Total Shareholders' Equity
(in thousands)	Shares	Amount			Shares	Amount
December 31, 2024	40,917		$	41				$	452,933	$	1,065,763		$	(195,989)	9,845	$	(379,210)	$	5,409	$	948,947
Net income	—		—				—		(71,222)	—		—		—	265	(70,957)
Stock issued under incentive compensation plans	61		—				(1,067)		—	—		—		—	—	(1,067)
Taxes paid in lieu of share issuance	—		—				(1,454)		—	—		—		—	—	(1,454)
Stock-based compensation	—		—				9,122		—	—		—		—	—	9,122
Shares issued to Directors'	11		—				760		—	—		—		—	—	760
Purchase of Treasury shares (a)	—		—				—		—	—		2,481		(170,964)	—	(170,964)
Dividends declared on Class A Common Stock, $0.81 per share	—		—				—		(24,025)	—		—		—	—	(24,025)
Dividends paid to noncontrolling interests	—		—				—		—	—		—		—	(88)	(88)
Cumulative translation adjustments	—		—				—		—	58,366		—		—	35	58,401
Pension and postretirement liability adjustments	—		—				—		—	(3,044)		—		—	—	(3,044)
Derivative valuation adjustment and other	—		—				—		(81)	(631)		—		—	88	(624)
September 30, 2025	40,989		$	41				$	460,294	$	970,435		$	(141,298)	12,326	$	(550,174)	$	5,709	$	745,007

(a)On February 21, 2025, the Company's Board of Directors authorized the Company to repurchase shares up to $250 million (excluding any fees, commissions, taxes or other expenses related to such purchases), which replaces the 2021 authorization.

19. Held for Sale

During the fourth quarter of 2025, we announced plans to commence a strategic review of the Amelia Earhart Drive facility in Salt Lake City. As of December 31, 2025, the Company determined that the Amelia Earhart Drive facility met held-for-sale accounting criteria, and the facility's assets and liabilities were classified as held-for-sale in the consolidated balance sheet. Upon classification as held for sale, the Company ceased depreciation and amortization of the related long-lived assets in accordance with applicable accounting guidance. At the time of the decision, fair value exceeded carrying value and therefore no impairment loss was recorded.

In the third quarter of 2026, we determined that we would no longer pursue the previously planned sale of the facility following the conclusion of the strategic review. This decision was made following new business wins, a renegotiated contract for the Boeing 787 program, and amended contract terms with Sikorsky, a Lockheed Martin Company, on the CH-53K program. Upon making this decision, the Company reclassified the assets and liabilities held-for-sale back into their respective line items on the balance sheet. Additionally, the Company resumed depreciation and amortization of the long-lived assets including catch-up on unrecognized expense from earlier in the year. As fair value continues to exceed carrying value, no impairment loss was recorded, and the reclassification was made using carrying value with this catch-up depreciation and amortization.

The following table presents the assets and liabilities classified as held-for-sale at September 30, 2026 and December 31, 2025:


(in thousands)	September 30, 2026		December 31, 2025
Accounts receivable, net	$	—			$	27,159
Contract assets, net	—			68,550
Inventories	—			16,422
Prepaid expenses and other current assets	—			697
Property, plant and equipment, net	—			93,525
Intangibles, net	—			13,384
Goodwill	—			21,829
Other assets	—			52,217
Total assets held for sale	$	—			$	293,783

Accounts payable	$	—			$	16,408
Accrued liabilities	—			115,448
Other noncurrent liabilities	—			59,724
Deferred income taxes	—			11,743
Total liabilities held for sale	$	—			$	203,323

20. Subsequent Events

We evaluated subsequent events through the issuance date of these financial statements in Form 10-Q. No material subsequent events were identified that require disclosure.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations and financial condition of the Company. MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying Notes.

Forward-looking Statements

This quarterly report and the documents incorporated or deemed to be incorporated by reference in this quarterly report contain statements concerning our future results and performance and other matters that are “forward-looking” statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” \"forecast,\" ”look for,” “will,” “should,” “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 prior Quarterly Reports on Form 10-Q) actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are qualified in their entirety by the specific cautionary factors identified below and the more detailed risk factor discussions contained in those filings. Investors should not place undue reliance on any forward-looking statement.

There are a number of risks, uncertainties, and other important factors that could cause actual results to differ materially from the forward-looking statements, including, but not limited to:

•Conditions in the industries in which our Machine Clothing and Albany Engineered Composites segments compete, along with the general risks associated with macroeconomic conditions, including higher interest rates, inflationary pressures, or the effects of another pandemic, for an extended period of time;

•Across the entire Company, increasing labor, raw material, energy, or logistics and costs due to supply chain constraints and inflationary pressures. These challenges have only increased as a result of the ongoing Russia-Ukraine war and the conflict in the Middle East;

•Across both segments, potential port strikes could cause additional disruptions to our supply chain;

•Harm caused by changes in our relationships or contracts with suppliers and customers;

•In the Machine Clothing segment, greater than anticipated declines in the demand for publication grades of paper, or lower than anticipated growth in other paper grades;

•In the Albany Engineered Composites segment, longer-than-expected timeframe for the aerospace industry to utilize existing inventories, and unanticipated reductions in demand, delays, technical difficulties or cancellations in aerospace programs that are expected to generate revenue and drive long-term growth;

•Inability of our Machine Clothing or Albany Engineered Composites segments to create additional production capacity in a timely manner or the occurrence of other manufacturing or supply difficulties (including as a result of geopolitical crises, natural disaster, public health crises and epidemics/pandemics, regulatory or otherwise);

•Changes in geopolitical conditions impacting countries where the Company does or intends to do business;

•Failure to achieve or maintain anticipated profitable growth;

•Failure to achieve our strategic initiatives and other goals, including, but not limited to, our sustainability goals;

•In the Albany Engineered Composites segment, the estimates and expectations based on aircraft production rates provided by Airbus, Boeing and others;

•In the Albany Engineered Composites segment, risks and uncertainties associated with the successful implementation and ramp up of significant new programs, including the ability to manufacture the products to the detailed specifications required and recover start-up costs and other investments in the programs;

•In the Albany Engineered Composites segment, risks associated with changes in estimates and assumptions that could result in a decline in program gross margins or turn a profitable program into a loss program;

•Adverse impacts from inflation, an economic slowdown or recession and from disruption in capital and credit markets that might impede our access to credit, increase our borrowing costs and impair the financial soundness of our customers and suppliers;

•Changes in trade policy, tariffs, or import/export restrictions that may significantly and adversely impact our results of operations;

•Expectations regarding our ability to attract, motivate, and retain the workforce necessary to execute our business strategy and other goals;

•Adverse impacts from fluctuations in foreign currency exchange rates;

•Harm caused by customer purchase reductions, payment defaults or contract non-renewal;

•In the Albany Engineered Composites segment, future funding and compliance risks associated with our contracts with government entities, OEM customers or prime contractors on contracts with governmental agencies;

•Costly and disruptive legal disputes and settlements;

•Future levels of indebtedness and capital expenditures;

•Adverse impacts from changes in tax legislation or challenges to our tax positions;

•Cybersecurity incidents or significant computer system compromises or data breaches;

•Significant problems with information systems or networks;

•Failure to successfully integrate the Heimbach Group companies into our business systems and processes within the expected timeframe or, failure to or delayed realization of anticipated benefits of the acquisition could adversely impact the Company’s business, financial condition and results of operations; and

•Other risks and uncertainties detailed in this report and other periodic reports.

Further information concerning important factors that could cause actual events or results to be materially different from the forward-looking statements can be found in the “Business Environment Overview and Trends” sections of this quarterly report, as well as in the Item 1A-“Risk Factors” section of our most recent Annual Report on Form 10-K. The risk factors enumerated above and in those filings are intended to be meaningful cautionary statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and such factors are specifically incorporated by reference herein. Although we believe the expectations reflected in our other forward-looking statements are based on reasonable assumptions, it is not possible to foresee or identify all factors that could have a material and negative impact on our future performance. The forward-looking statements included or incorporated by reference in this report are made on the basis of our assumptions and analyses, as of the time the statements are made, in light of our experience and perception of historical conditions, expected future developments, and other factors believed to be appropriate under the circumstances.

Except as otherwise required by the federal securities laws, we disclaim any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained or incorporated by reference in this report to reflect any change in our expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.

Business Environment Overview and Trends

We conduct our business under two reportable segments: Machine Clothing (“MC”) and Albany Engineered Composites (“AEC”) each rooted in similar materials sciences know-how that forms a common approach to customer value proposition in design and manufacturability. MC competes on the basis of its deep industry knowledge, customer reputation and customer service and global advanced textile manufacturing capabilities, which has enabled it to develop a robust and market leading product offering that can be tailored to customer-specific requirements. AEC competes on the basis of its innovative technology solutions, extensive composite manufacturing capabilities and capacity that enable it to offer high quality specific part and assembly solutions that achieve its customers’ application performance requirements.

Also, please refer to the Business Environment Overview and Trends in the Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025. The Annual Report on Form 10-K, along with the Company's other filings, can be found on the Securities and Exchange Commission's website, www.sec.gov, as well as on the Company's website: www.albint.com.

Global, economic, and political conditions, changes in raw material and commodity prices and supply, labor availability and costs, inflation, interest rates, potential changes in U.S. government policy positions, including changes in

Department of Defense policies or priorities, geopolitical conflicts and strained international relations, U.S. and non-U.S. tax law changes, foreign currency exchange rates, sanctions, tariffs, energy costs and supply, and the impact from natural disasters and weather conditions create uncertainties that could impact our businesses.

Machine Clothing Segment

The MC segment continues to deliver resilient performance, with several areas performing well despite uneven market dynamics. In Asia, softer demand—across Paper Machine Clothing & Engineered Fabrics—continues to contribute to regional pressure. Packaging and Tissue continue to perform well, supported by growth across most regions. Looking ahead to the remainder of 2026, we expect Packaging and Tissue to remain positive contributors, with sales in Europe holding broadly stable, while trajectory in the Americas is impacted by cyclical moderation tied to customer consolidations. Publication grades remained under structural pressure, and the MC segment expects publication grade paper demand to continue declining through 2026 and beyond, offset by growing demand for tissue grade products.

We believe the MC segment is well-positioned in key markets, with high-quality, low-cost production, substantially lower fixed costs in mature markets, and continued strength in new product development, technical product support, and manufacturing technology. Some of the markets in which MC's products are sold are expected to have volume trends that are in line with global GDP. Despite pricing and demand pressures on revenue growth, the MC segment is expected to improve earnings in the future through technological innovations, manufacturing productivity efficiencies, global footprint optimization, and cost controls.

The MC segment has been a significant generator of operating cash inflows for the Company. The Company seeks to maintain the cash-generating potential of this business by vigorously using our differentiated and technically superior products to reduce our customers’ total cost of operation while improving their paper quality, and by maintaining lower costs through a continued focus on cost-reduction initiatives and strategic investment.

Albany Engineered Composites Segment

The AEC segment's strategy is to continue to build on its global brand by leveraging its industry leading performance to drive future growth through technology differentiation. This includes continued investment in AEC's proprietary 3D-woven technology to accelerate solutions that can be offered across a set of broader applications, and by leveraging AEC's non-3D technology capabilities and capacity, on high-value aerospace (both commercial and defense) applications, and other emerging markets such as space and advanced air mobility (\"AAM\"). The AEC segment provides longer-term growth potential for the Company as it ramps current production programs and captures new commercial and defense opportunities.

The AEC segment (including Albany Safran Composites, LLC (“ASC”), in which our customer SAFRAN Group owns a 10% noncontrolling interest) supplies a number of customers in the aerospace industry. AEC’s largest aerospace customer is the SAFRAN Group (\"SAFRAN\") and sales to SAFRAN, through ASC, (consisting primarily of fan blades and cases for CFM International’s LEAP engine) accounted for approximately 15% of the Company’s consolidated Net revenues in 2025. The AEC segment, through ASC, also supplies 3D-woven composite fan cases for the GE9X engine. Outside of ASC, the AEC segment also supplies 3D-woven composite vanes for the F-35 Liftfan.

The AEC segment's current portfolio of non-3D programs includes components for the CH-53K helicopter, components for the F-35, missile bodies for Lockheed Martin’s JASSM air-to-surface missiles, fuselage components for the Boeing 787 aircraft, vacuum waste tanks for Boeing commercial aircraft and components and structures for other commercial, defense, and space and AAM programs. In 2025, approximately 35% of AEC net revenues were related to U.S. government contracts or programs.

The AEC segment is dependent on global supply chains and has experienced disruptions in recent years. In addition, higher inflation levels increased material costs, higher labor rates and other supplier costs that have impacted the AEC segment’s results of operations. The AEC segment attempts to mitigate raw material and supplier costs by entering into long-term supply agreements. However, in some cases, higher raw material and supplier costs adversely impacted certain firm-fixed price programs resulting in lower program gross margins. In addition, as the AEC segment ramps-up larger complex programs, such as those associated with the CH-53 program, it continues to face challenges in staffing and training its workforce to support production rates, which has impacted operational productivity, particularly at its Salt Lake City facility, and contributed to increased labor and scrap costs.

During the fourth quarter of 2025, we announced plans to commence a strategic review of the Amelia Earhart Drive facility in Salt Lake City. In the third quarter of 2026, we determined that we would no longer pursue the previously planned sale of the facility following the conclusion of the strategic review. This decision was made following new business wins, a renegotiated contract for the Boeing 787 program, and amended contract terms with Sikorsky, a Lockheed Martin Company, on the CH-53K program. We continue to engage closely with our customers in connection with the retained operations.

Consolidated Results of Operations

Net Revenues and Gross Profit

The following table summarizes our Consolidated Net revenues and Gross profit:


	Three Months Ended September 30,	Nine Months Ended September 30,
(in thousands, except percentages)	2026	2025	2026	2025
Net revenues	$	349,539		$	261,434		$	990,354	$	861,607
Gross profit	140,378		(49,938)		348,073		144,055
Gross profit margin	40.2	%	(19.1)	%	35.1	%	16.7	%

Three Month Comparison

Net revenues for the three months ended September 30, 2026 increased $88.1 million or 33.7% as compared to the three months ended September 30, 2025, primarily driven by negative CH-53K program adjustments of $46.0 million recorded in the prior year period compared to the reversal of $11.6 million of those adjustments in the current year period due to a contract renegotiation resulting in additional transaction price, as well as higher other program activity levels in the AEC segment. This is partially offset by softness in the MC business as a result of reduced activity levels in the Americas region.

The increase in gross profit of $190.3 million for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, was primarily driven by negative CH-53K program adjustments of $147.3 million recorded in the prior year period compared to the reversal of $44.4 million of these adjustments in the current year period due to the contract renegotiation. Additionally, higher AEC sales volume contributed to the increase in gross profit. These increases were partially offset by $11.0 million of catch-up depreciation and amortization recorded in the current year period upon reclassification of the Amelia Earhart Drive assets out of held for sale. Gross profit margin increased to 40.2% from (19.1)% for the three months ended September 30, 2026 and September 30, 2025, respectively.

Nine Month Comparison

Net revenues for the nine months ended September 30, 2026 increased $128.7 million or 14.9% as compared to the nine months ended September 30, 2025, primarily driven by negative CH-53K program adjustments of $54.3 million recorded in the prior year period compared to positive adjustments of $11.6 million in the current year period due to a contract renegotiation resulting in additional transaction price, as well as higher other program activity levels in the AEC segment. This is partially offset by softness in the MC business as a result of reduced activity levels in the Americas region. Additionally, changes in currency translation rates increased comparative segment net revenues by $14.0 million as compared to the prior year.

The increase in gross profit of $204.0 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily driven by changes in the estimated profitability of our CH-53K and other long-term contracts recognized in both periods. These adjustments were a negative $157.6 million in the prior year period, primarily related to an estimated loss reserve on CH-53K, compared to a positive $36.3 million in the current year period, primarily related to the CH-53K contract renegotiation. Additionally, higher AEC sales volume contributed to the increase in gross profit. Gross profit margin increased to 35.1% from 16.7% for the nine months ended September 30, 2026 and September 30, 2025, respectively.

Operating Expenses

The following table summarizes Consolidated Operating expenses by classification:


	Three Months Ended September 30,	Nine Months Ended September 30,
(in thousands, except percentages)	2026	2025	2026	2025
Selling, general and administrative expenses	$	61,501		$	51,905		$	175,868	$	164,219
Technical and research expenses	12,186		11,467		36,865		35,915
Restructuring expenses, net	7,293		3,197		18,431		9,895
Total operating expenses	$	80,980		$	66,569		$	231,164	$	210,029
Total operating expenses as a % of net revenues	23.2	%	25.5	%	23.3	%	24.4	%

Three Month Comparison

Consolidated Selling, general and administrative (\"SG&A\") expenses increased $9.6 million or 18.5% as compared to the three months ended September 30, 2025. The overall changes are primarily the result of costs incurred related to the strategic review of the Amelia Earhart Drive facility and an increase in compensation costs.

Consolidated Technical and research expenses increased by $0.7 million as compared to the three months ended September 30, 2025, driven by increased costs to assist with continued innovation primarily within the AEC segment.

Restructuring expenses, net of $7.3 million in the three months ended September 30, 2026, increased by $4.1 million compared to $3.2 million in the three months ended September 30, 2025. The increase in restructuring expenses for the three month period is primarily a result of higher asset transfer costs related to site consolidations and higher consulting costs.

Nine Month Comparison

Consolidated Selling, general and administrative (\"SG&A\") expenses increased $11.6 million or 7.1% as compared to the nine months ended September 30, 2025. The overall changes are primarily the result of costs incurred related to the strategic review of the Amelia Earhart Drive facility and an increase in compensation costs.

Consolidated Technical and research expenses increased by $1.0 million as compared to the nine months ended September 30, 2025, driven by increased costs to assist with continued innovation primarily within the AEC segment.

Restructuring expenses, net of $18.4 million in the nine months ended September 30, 2026, increased by $8.5 million compared to $9.9 million in the nine months ended September 30, 2025. The increase in restructuring expenses for the nine month period is primarily a result of higher asset transfer costs related to site consolidations and higher consulting costs.

Operating Income

See the Segment Results of Operations section of this Management's Discussion and Analysis of Financial Condition and Results of Operations for significant drivers of Operating income/(loss) for each business segment.

Other Earnings Items


	Three Months Ended September 30,	Nine Months Ended September 30,
(in thousands, except percentages)	2026	2025	2026	2025
Interest expense, net	$	5,337		$	5,897	$	16,872	$	14,702
Other (income)/expense, net	(1,727)		(347)		(4,881)	4,170
Income tax expense	13,902		(24,419)		29,879	(13,889)
Net income attributable to the noncontrolling interest	189		122		647	265

Interest Expense, net

Interest expense, net, increased $2.2 million as compared to the nine months ended September 30, 2025 due to higher average debt balances as well as a lower amount of interest income earned on cash equivalents during the current year.

Other (Income)/Expense, net

Other (income)/expense, net, included foreign currency related activity which resulted in gains of $2.1 million and $4.8 million in the three and nine months ended September 30, 2026, as compared to gains of $1.1 million and losses of $7.8 million in the same periods last year. These changes were primarily the result of unrealized gains and losses on intercompany loans. In addition, changes in the fair value of derivative instruments included gains of $0.1 million and $1.6 million in the three and nine months ended September 30, 2026, as compared to gains of $0.1 million and $3.4 million for the three and nine months ended September 30, 2025. Unrealized gains and losses on both derivative instruments and intercompany loans were driven by currency rate movements, most notably the Brazilian Real and British Pound Sterling. Components of net periodic pension and postretirement costs other than service costs constituted expenses of $1.5 million and $4.4 million in the three and nine months ended September 30, 2026, as compared to expenses of $1.0 million for the three months ended September 30, 2025 and $1.3 million for the nine months ended September 30, 2025. See Note 6, Other (Income)/Expense, net, in the Notes to the Consolidated Financial Statements in Item 1, which is incorporated herein by reference.

Effective Income Tax Rate


	Three months ended September 30,	Nine months ended September 30,
	2026	2025	2026	2025
Effective income tax rate	24.9	%	20.0	%	28.5	%	16.4	%

The Company has operations that constitute a taxable presence in 22 countries outside of the United States. The majority of these countries had income tax rates that were above the United States federal tax rate of 21 percent during the periods reported. The jurisdictional location of earnings is a significant component of our effective tax rate each year. The rate impact of this component is influenced by the specific location of non-U.S. earnings and the level of our total earnings. From period to period, the jurisdictional mix of earnings can vary as a result of operating fluctuations in the normal course of business, as well as the extent and location of other income and expense items, such as pension settlement and restructuring charges.

The tax rate is affected by recurring items, such as the income tax rate in the U.S. and non-U.S. jurisdictions and the mix of pre-tax income earned in those jurisdictions. The tax rate is also affected by U.S. tax costs on foreign pre-tax earnings, and by discrete items that may occur in any given year but are not consistent from year to year. The Company’s effective tax rate for the nine months ended September 30, 2026 was 28.5%, compared to 16.4% for the same period in 2025, primarily due to the Company being in a loss position in prior year. For more information, see Note 7, Income Taxes, in the Notes to the Consolidated Financial Statements in Item 1, which is incorporated herein by reference.

The Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global minimum tax of 15 percent effective on January 1, 2024. The U.S. has not adopted the Pillar Two rules; however, various other governments around the world are enacting legislation. As currently designed, Pillar Two will ultimately apply to our worldwide operations. Certain foreign subsidiaries subject to the Pillar Two regime file reports to comply with locally enacted guidance. On January 1, 2026, the Pillar Two Side-by-Side (SbS) Safe Harbor agreement became effective, and the US is a Qualified SbS Regime. Therefore, a qualified US-headquartered multinational corporation may elect the SbS Safe Harbor and be exempt from minimum top-up tax. AIC intends to make the election. We do not expect the Pillar Two rules to materially increase our global tax costs in 2026, though uncertainty remains as the rules develop. We will continue to monitor U.S. and global legislative action related to Pillar Two for potential impacts.

Segment Results of Operations

Machine Clothing Segment

A summary of MC's selected financial results is as follows:


	Three Months Ended September 30,	Nine Months Ended September 30,
(in thousands, except percentages)	2026	2025	2026	2025
Net revenues	$	169,802		$	174,950		$	514,464	$	530,573

Gross profit	75,368		82,070		231,377		245,731
% of net revenues	44.4	%	46.9	%	45.0	%	46.3	%
SG&A expenses	30,971		30,291		97,710		98,841
Technical and research expenses	6,412		6,716		19,960		21,332
Restructuring expenses, net	6,827		1,960		15,892		6,322
Operating income	31,158		43,103		97,815		119,236
% of net revenues	18.3	%	24.6	%	19.0	%	22.5	%

Net revenues

Net revenues for the three months ended September 30, 2026 decreased 2.9% as compared to the three months ended September 30, 2025, driven by reduced demand in the Americas region partially offset by strong performance within the European market and stable performance in Asia.

Net revenues for the nine months ended September 30, 2026 decreased 3.0% as compared to the nine months ended September 30, 2025, driven by reduced demand in the Americas region offset by strong performance within the European market and stable performance in Asia. Further, changes in currency translation rates had the effect of increasing Net revenues by $8.4 million for the nine months ended September 30, 2026, as compared to this period in 2025.

Gross Profit

Gross profit for the three months ended September 30, 2026 decreased by $6.7 million as compared to the three months ended September 30, 2025, driven by the volume declines noted above as well as under absorbed costs related to lower production rates, with gross profit margin decreasing from 46.9% to 44.4% in the three months ended September 30, 2025 and 2026, respectively.

Gross profit for the nine months ended September 30, 2026 decreased by $14.4 million as compared to the nine months ended September 30, 2025, primarily driven by the volume declines noted above as well as under absorbed costs related to lower production rates, with gross profit margin decreasing slightly from 46.3% to 45.0% in the nine months ended September 30, 2025 and 2026, respectively.

Operating Income

Operating income for the three months ended September 30, 2026 decreased $11.9 million or 27.7% as compared to the three months ended September 30, 2025, primarily as a result of gross profit declines and higher restructuring costs. Incremental restructuring expenses were primarily a result of higher asset transfer costs related to site consolidations and higher consulting costs.

Operating income for the nine months ended September 30, 2026 decreased $21.4 million or 18.0% as compared to the nine months ended September 30, 2025, primarily as a result of gross profit declines and higher restructuring costs, partially offset by Selling, general, and administrative and Technical and research cost containment. Incremental restructuring expenses were primarily a result of higher asset transfer costs related to site consolidations and higher consulting costs.

Albany Engineered Composites Segment

AEC has contracts with certain customers, including its contract for the LEAP program, where revenue is determined by a cost-plus-fee agreement. Revenue earned under this arrangement accounted for approximately 33% and 37% of segment revenue for the nine months ended September 30, 2026 and 2025, respectively.

In addition, AEC has long-term contracts in which the selling price is fixed. In accounting for those contracts, we estimate the profit margin expected at the completion of the contract and recognize a pro-rata share of that profit during the course of the contract using a cost-to-cost approach. Changes in estimated contract profitability will affect revenue and gross profit when the change occurs, which could have a significant favorable or unfavorable effect on revenue and gross profit in any reporting period. For contracts with anticipated losses, a provision for the entire amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations, which are treated as period expenses. Expected losses on projects include losses on contract options that are probable of exercise, excluding profitable options that often follow.

A summary of AEC's selected financial results is as follows:


	Three Months Ended September 30,	Nine Months Ended September 30,
(in thousands, except percentages)	2026	2025	2026	2025
Net revenues	$	179,737		$	86,484		$	475,890	$	331,034

Gross profit	65,010		(132,008)		116,696		(101,676)
% of net revenues	36.2	%	(152.6)	%	24.5	%	(30.7)	%
SG&A expenses	17,166		12,218		40,067		34,121
Technical and research expenses	4,498		3,673		13,256		11,472
Restructuring expenses, net	—		113		—		1,801
Operating income	43,346		(148,012)		63,373		(149,070)
% of net revenues	24.1	%	(171.1)	%	13.3	%	(45.0)	%

Net revenues

Net revenues for the three months ended September 30, 2026 increased $93.3 million, or 107.8%, primarily driven by negative CH-53K program adjustments of $46.0 million recorded in the prior year period compared to the reversal of $11.6 million of those adjustments in the current year period due to a contract renegotiation resulting in additional transaction price, as well as higher other program activity levels, primarily LEAP.

Net revenues for the nine months ended September 30, 2026 increased $144.9 million, or 43.8%, primarily driven by negative CH-53K program adjustments of $54.3 million recorded in the prior year period compared to positive adjustments of $11.6 million in the current year period due to a contract renegotiation resulting in additional transaction price. Additionally, other program activities are higher in the current year period including LEAP platforms, B787 Frames, F-35, and BETA Technologies. Further, changes in currency translation rates had the effect of increasing Net revenues by $5.7 million for the nine months ended September 30, 2026, as compared to this period in 2025.

Gross Profit

Gross profit for the three months ended September 30, 2026 increased $197.0 million as compared to the three months ended September 30, 2025, and Gross profit margin increased from (152.6)% to 36.2% in the three months ended September 30, 2025 and 2026, respectively. The change was primarily driven by the absence of negative CH-53K program adjustments of $147.3 million recorded in the prior year period compared to the reversal of $44.4 million of these adjustments in the current year period due to the contract renegotiation. Additionally, higher sales volume contributed to the increase in gross profit. These increases were partially offset by $11.0 million of catch-up depreciation and amortization recorded in the current year period upon reclassification of the Amelia Earhart Drive assets out of held for sale.

Gross profit for the nine months ended September 30, 2026 increased $218.4 million as compared to the nine months ended September 30, 2025, and Gross profit margin increased from (30.7)% to 24.5% in the nine months ended September 30, 2025 and 2026, respectively. The change is primarily driven by changes in the estimated profitability of our CH-53K and other long-term contracts recognized in both periods. These adjustments were a negative $157.6 million in the prior year period, primarily related to an estimated loss reserve on CH-53K, compared to a positive $36.3 million in the current year period, primarily related to the CH-53K contract renegotiation. Additionally, higher sales volume contributed to the increase in gross profit.

Operating Income

Operating income for the three months ended September 30, 2026 increased $191.4 million as compared to the three months ended September 30, 2025, principally due to favorable changes to Gross profit as noted above and the conclusion of restructuring activities from 2025. This is partially offset by an increase in SG&A expenses of $4.9 million from the prior period as a result of increased compensation expenses.

Operating income for the nine months ended September 30, 2026 increased $212.4 million as compared to the nine months ended September 30, 2025, principally due to favorable changes to Gross profit as noted above and the conclusion of restructuring activities from 2025. This was slightly offset by an increase in SG&A expenses of $5.9 million from the prior period as a result of increased compensation expenses. Additionally, Technical and research expenses increased $1.8 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025, driven by increased costs to assist with continued innovation within the segment.

Working Capital, Liquidity and Capital Structure

Cash Flow Summary


	Nine months ended September 30,
(in thousands)	2026	2025
Net income	$	75,039		$	(70,957)
Depreciation and amortization	65,063		65,480
Changes in working capital (a)	(42,519)		(15,108)
Changes in other noncurrent liabilities and deferred taxes	12,412		(26,171)
Other operating items	(58,372)		125,528
Net cash provided by operating activities	51,623		78,772
Net cash used in investing activities	(30,553)		(45,566)
Net cash used in financing activities	(55,454)		(48,268)
Effect of exchange rate changes on cash and cash equivalents	1,159		8,089
Decrease in cash and cash equivalents	(33,225)		(6,973)
Cash and cash equivalents at beginning of year	112,350		115,283
Cash and cash equivalents at end of period	$	79,125		$	108,310

(a)Includes Accounts receivable, Contract assets, Inventories, Accounts payable, and Accrued liabilities.

Net cash provided by operating activities during the nine months ended September 30, 2026 was $51.6 million, compared to $78.8 million in the nine months ended September 30, 2025. The decrease was driven by lower cash generated by working capital primarily due to timing of customer collections and inventory growth in connection with timing of demand in both MC and AEC.

Net cash used in investing activities included capital expenditures totaling $33.3 million and $48.8 million for the nine months ended September 30, 2026 and September 30, 2025, respectively, with continued growth capital and capital designed to improve operating efficiencies across the Company.

Net cash used in financing activities was $55.5 million for the nine months ended September 30, 2026 as compared to net cash used of $48.3 million for the nine months ended September 30, 2025. During 2026, we had net repayments of debt of $30.0 million as compared to $150.0 million of borrowings in the prior year, which were offset by share repurchases of $171.0 million. Additionally, the Company has returned cash to shareholders through dividends of $23.8 million in the first nine months of 2026, compared to $24.7 million for the nine months ended September 30, 2025.

Liquidity and Capital Structure

We finance our business activities principally with cash generated from operations and borrowings, largely through our revolving credit agreement as discussed below. As of September 30, 2026, $422.1 million of borrowings were outstanding under our $800 million unsecured committed Amended Credit Agreement.

As of September 30, 2026, we had cash and cash equivalents of $79.1 million and borrowing capacity under our Amended Credit Agreement of $377.9 million, for a total liquidity of approximately $457.0 million. We believe cash

flows from operations and the availability of funds under our Amended Credit Agreement will be adequate to fund our operations and business needs over the next twelve months.

As of September 30, 2026, $68.4 million of our total cash and cash equivalents were held by non-U.S. subsidiaries. The accumulated undistributed earnings of the Company’s foreign operations not targeted for repatriation to the U.S. were in excess of $161.5 million, as of September 30, 2026 and are intended to remain indefinitely invested in foreign operations. Our cash planning strategy includes repatriating current earnings in excess of working capital requirements from certain countries in which our subsidiaries operate. While we have been successful in such endeavor to date, there can be no assurance that we will be able to cost effectively repatriate funds in the future. Repatriating such cash from certain jurisdictions, which is currently considered to be indefinitely reinvested in foreign operations, may also result in additional taxes.

Off-Balance Sheet Arrangements

The Company is party to certain off-balance sheet arrangements, including certain guarantees. The Company provides financial assurance, such as payment guarantees and letters of credit and surety bonds, primarily to support workers’ compensation programs and customs clearance, of less than $10 million. There were no material changes in the Company’s off-balance sheet arrangements during the third quarter of 2026.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are exposed to changes in both foreign currency exchange rates and interest rates. From time to time, the Company enters into derivative agreements to manage these risks. The market risk is the potential loss arising from adverse changes in these rates as discussed below.

Foreign Currency Exchange Rate Risk

We have manufacturing plants and sales transactions worldwide and, therefore, are subject to foreign currency risk. Our operational results can be materially impacted depending on the volatility and magnitude of foreign rate changes. This risk is composed of both potential losses from the translation of foreign currency financial statements and the remeasurement of foreign currency transactions. To manage this risk, we periodically enter into forward exchange contracts either to hedge the net assets of a foreign investment or to provide an economic hedge against future cash flows. The total net assets of non-U.S. operations and long-term intercompany loans denominated in nonfunctional currencies subject to potential loss amount to approximately $646.2 million. The potential loss in fair value resulting from a hypothetical 10% adverse change in quoted foreign currency exchange rates amounts to $64.6 million. Furthermore, related to foreign currency transactions, we have exposure to various nonfunctional currency balances totaling $305.0 million. This amount includes, on an absolute basis, exposures to assets and liabilities held in currencies other than our local entities’ functional currencies. On a net basis, we had $214.6 million of foreign currency assets as of September 30, 2026. As currency rates change, these nonfunctional currency balances are revalued, and the corresponding adjustment is recorded in the income statement. A hypothetical change of 10% in currency rates could result in an adjustment to the income statement of approximately $21.5 million. Actual results may differ from these estimates.

Interest Rate Risk

We are exposed to interest rate fluctuations with respect to our variable rate debt, depending on general economic conditions.

On September 30, 2026, we had the following unhedged variable rate debt:


(in thousands, except interest rates)
Long-term debt:
Credit agreement borrowings outstanding (due in 2028):
USD borrowings (end of period all-in interest rate of 5.6%)	195,000
EUR borrowings (end of period all-in interest rate of 4.0%)	51,044
Total	$	246,044

Assuming borrowings were outstanding for an entire year, an increase of one percentage point in weighted average interest rates would increase interest expense by $2.5 million. To manage interest rate risk, we may periodically enter into interest rate swap agreements to effectively fix the interest rates on variable debt to a specific rate for a period of time.

See Note 15. Financial Instruments in the Notes to the Consolidated Financial Statements in Item 1, which is incorporated herein by reference.

Item 4. Controls and Procedures

a) Disclosure controls and procedures.

The principal executive officer and principal financial officer, based on their evaluation of disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q, have concluded that the Company’s disclosure controls and procedures are effective for ensuring that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in filed or submitted reports is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer as appropriate, to allow timely decisions regarding required disclosure.

(b) Changes in internal control over financial reporting.

There was no change in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

The information set forth above under Note 17. Commitments and Contingencies in Item 1, Notes to Consolidated Financial Statements is incorporated herein by reference.

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities during the three months ended September 30, 2026


Period	Total number of shares purchased	Average price paid per share	Total number of shares purchased as part of publicly announced program	Approx. dollar value of shares that may yet be purchased under the program (in thousands)
July 1 to July 31, 2026	—		—		—	76,655
August 1 to August 31, 2026	—		—		—	76,655
September 1 to September 30, 2026	—		—		—	76,655

Total	—		—		—	$	76,655

On February 21, 2025, the Company's Board of Directors authorized the Company to repurchase shares up to $250 million (excluding any fees, commissions, taxes or other expenses related to such purchases), which replaces the 2021 authorization. Share purchases may be made through open market purchases, privately negotiated transactions or otherwise. The program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company's discretion. The timing and amount of any share repurchases will be based on the Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including alternative investment opportunities and capital structure. The Company has not repurchased shares in 2026. As of September 30, 2026, we were authorized to repurchase shares up to $76.7 million.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

Securities Trading Plans of Directors and Executive Officers

During the nine months ended September 30, 2026, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Albany International Corp. securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits


Exhibit No.	Description

31.1	Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act.
31.2	Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act.
32.1	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code).
101.INS	XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover page formatted as Inline XBRL and contained in Exhibit 101

SIGNATURES

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 thereunto duly authorized.


		ALBANY INTERNATIONAL CORP.
		(Registrant)

Date: October 29, 2026	By	/s/ Sean Valashinas
		Sean Valashinas Acting Chief Financial Officer, Controller and Chief Accounting Officer (Principal Financial Officer)

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