Noncontrolling Interest

12 Months Ended

Dec. 31, 2025

Effective October 31, 2013, SAFRAN S.A. ("SAFRAN") acquired a 10% equity interest in a new Albany subsidiary, Albany Safran Composites, LLC ("ASC"). Under the terms of the transaction agreements, ASC will be the exclusive supplier to SAFRAN of advanced 3D-woven composite parts in accordance with agreed upon scope parameters defined between both companies, for use in aircraft and rocket engines, thrust reversers and nacelles, and aircraft landing and braking systems (the “SAFRAN Applications”). AEC may develop and supply parts other than advanced 3D-woven composite parts for all aerospace applications, as well as advanced 3D-woven composite parts for any aerospace applications that are not SAFRAN Applications (such as airframe applications) and any non-aerospace applications.

The agreement provides SAFRAN an option to purchase Albany’s remaining 90% interest upon the occurrence of certain bankruptcy or performance default events, or if Albany’s Engineered Composites business is sold to a direct competitor of SAFRAN. The purchase price is based initially on the same valuation of ASC used to determine SAFRAN’s 10% equity interest, and increases over time as LEAP production increases.

In accordance with the operating agreement, Albany received a $28.0 million preferred holding in ASC which includes a preferred return based on the Company’s revolving credit agreement. The common shares of ASC are owned 90% by Albany and 10% by SAFRAN.

On August 31, 2023, the Company acquired all the outstanding shares of Heimbach, a privately held manufacturer of paper machine clothing with headquarters in Düren, Germany. In July 2021, Heimbach acquired 85% of Arcari, SRL (“Arcari”). Arcari is a manufacturer of textile and plastic industrial technical products and conveyor belts.

On April 1, 2025, Heimbach sold its 85% controlling interest in Arcari to the minority shareholder and recorded a gain of $1.6 million included in Other (Income) expense on the sale. In connection with the sale, the corresponding value of the noncontrolling interest was reduced to zero. The Company did not retain any ownership in Arcari as a result of the sale and accordingly there was no impact on operating results during the fourth quarter of 2025.

The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiaries:


ASC Noncontrolling Interest:
(in thousands, except percentages)	2025			2024
Net income/(loss) of Albany Safran Composites (ASC)	$	6,474		$	4,759
Less: Return attributable to the Company's preferred holding	1,799			1,329
Net income/(loss) of ASC available for common ownership	$	4,675		$	3,430
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income/(loss) attributable to noncontrolling interest	$	468		$	343

Noncontrolling interest, beginning of year	$	4,983		$	5,423
Net income/(loss) attributable to noncontrolling interest	468			343
Changes in other comprehensive income attributable to noncontrolling interest	442			(783)
ASC noncontrolling interest, end of year	$	5,893		$	4,983














Arcari noncontrolling interest, end of year	$	—	$	426


Total noncontrolling interest, end of year						$	5,893					$	5,409