Noncontrolling Interest

3 Months Ended

Mar. 31, 2026

Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in Albany Safran Composites, LLC ("ASC").

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 first quarter of 2026.

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


ASC Noncontrolling Interest	Three months ended March 31,
(in thousands, except percentages)	2026			2025
Net income of Albany Safran Composites (ASC)	$	2,110		$	940
Less: Return attributable to the Company's preferred holding	427			441
Net income of ASC available for common ownership	$	1,683		$	499
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income attributable to the noncontrolling interest	$	168		$	50

Noncontrolling interest, beginning of year	$	5,893		$	4,983
Net income attributable to noncontrolling interest	168			50
Changes in other comprehensive income attributable to the noncontrolling interest	(47)			(136)
ASC Noncontrolling interest, end of interim period	$	6,014		$	4,897












Arcari Noncontrolling interest, end of interim period	$	0		$	296


Total Noncontrolling interest, end of interim period	$	6,014		$	5,193