Q4 Financial PerformanceFebruary 11, 2019  www.albint.com | AIN | #albint 

 ‘Non-GAAP’ Items and Forward-Looking Statements  This presentation contains the following non-GAAP measures:Percentage changes in net sales, excluding currency rate effects (for each segment, and the Company as a whole);Adjusted EBITDA (for each segment, and the Company as a whole; absolute and as a percentage of sales);Net debt; andNet income per share attributable to the Company, excluding adjustments. We think such items provide useful information to investors regarding the Company’s core operational performance. See the Company’s earnings release (which accompanies this presentation) for additional information including reconciliations to GAAP measures.  This presentation also may contain statements, estimates, or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. We disclaim any obligation to update any information in this presentation to reflect any changes or developments after the date on the cover page. Certain additional disclosures regarding our use of these ‘non-GAAP’ items and forward-looking statements are set forth in our fourth-quarter earnings press release dated February 11, 2019, and in our SEC filings, including our most recent quarterly reports and our annual reports for the years ended December 31, 2015, 2016, and 2017. Our use of such items in this presentation is subject to those additional disclosures, which we urge you to read.  2 

 Net Sales by Segment  3    (in thousands, except percentages)   Net SalesThree Months endedDecember 31, 2018 2017      PercentChange  Impact of Changesin CurrencyTranslation Rates  Increase /(decrease) due to ASC 606  Percent Changeexcluding Currency Rate and ASC 606 Effects  Machine Clothing (MC)   $150,693   $150,263   0.3%   $(2,547)   $(3,781)   4.5%  Albany Engineered Composites (AEC)   100,920   76,465   32.0%   (685)   (1,088)   34.3%  Total   $251,613   $226,728   11.0%   $(3,232)   $(4,869)   14.5%    (in thousands, except percentages)   Net SalesYears endedDecember 31, 2018 2017      PercentChange  Impact of Changesin CurrencyTranslation Rates  Increase /(decrease) due to ASC 606  Percent Changeexcluding Currency Rate and ASC 606 Effects  Machine Clothing (MC)   $611,858   $590,357   3.6%   $6,128   $(3,970)   3.3%  Albany Engineered Composites (AEC)   370,621   273,360   35.6%   2,399   (3,150)   35.9%  Total   $982,479   $863,717   13.8%   $8,527   $(7,120)   13.6% 

 Gross Profit Margin by Quarter  4  Includes 7.3% impact from profitability revision in two AEC contracts  * Reflects correction of immaterial errors related to the implementation of ASC 606 in the Company’s quarterly financial statements for the first three quarters of 2018. 

 Net Income (GAAP) and Adjusted EBITDA (non-GAAP) by Segment  5    Three Months ended December 31, 2018         (in thousands)   Machine Clothing    Albany Engineered Composites  Corporate expenses and other   Total Company  Operating income/(loss) (GAAP)  $42,884   $6,667   $(12,137)   $37,414  Interest, taxes, other income/expense  -  -   (20,142)   (20,142)  Net income (GAAP)   42,884  6,667   (32,279)   17,272  Interest expense, net   -  -   4,594   4,594  Income tax expense  -  -   10,538   10,538  Depreciation and amortization   6,542   10,909   1,162   18,613  EBITDA (non-GAAP)   49,426   17,576   (15,985)   51,017  Restructuring expenses, net   1,756   80    20   1,856  Foreign currency revaluation (gains)/losses   26   3   2,878   2,907  Write-off of inventory in a discontinued product line  -  -  -  -  Pension settlement /curtailment charge  -  -   1,494   1,494  Pretax (income)/loss attributable to noncontrolling interest in ASC  -   422  -   422  Adjusted EBITDA (non-GAAP)  $51,208   $18,081   $(11,593)   $57,696  Three Months ended December 31, 2017          Machine Clothing    Albany Engineered Composites    Corporate expenses and other    Total Company  $34,614   $585   $(11,984)   $23,215  -  -   (18,057)   (18,057)   34,614   585   (30,041)   5,158  -  -   4,049   4,049  -  -   9,985   9,985   8,429  8,920   1,351   18,700   43,043  9,505   (14,656)   37,892   2,417   854  -   3,271   (524)   44   2,325   1,845  -   (355)  -   (355)  -  -  -  -  -   746  -   746  $44,936   $10,794   $(12,331)   $43,399 

 Net Income (GAAP) and Adjusted EBITDA (non-GAAP) by Segment  6    Year ended December 31, 2018         (in thousands)   Machine Clothing    Albany Engineered Composites  Corporate expenses and other   Total Company  Operating income/(loss) (GAAP)  $169,836   $16,647   $(49,075)   $137,408  Interest, taxes, other income/expense  -  -   (54,389)   (54,389)  Net income (GAAP)   169,836   16,647   (103,464)   83,019  Interest expense, net   -  -   18,124   18,124  Income tax expense  -  -   32,228   32,228  Depreciation and amortization   30,813   43,205   5,018   79,036  EBITDA (non-GAAP)   200,649   59,852   (48,094)   212,407  Restructuring expenses, net   12,278   3,048   244   15,570  Foreign currency revaluation (gains)/losses   (826)   547   (62)   (341)  Write-off of inventory in a discontinued product line  -  -  -  -  Pension settlement/curtailment charge  -  -   1,494   1,494  Pretax (income)/loss attributable to noncontrolling interest in ASC  -   (197)  -   (197)  Adjusted EBITDA (non-GAAP)  $212,101   $63,250   $(46,418)   $228,933  Year ended December 31, 2017          Machine Clothing    Albany Engineered Composites *   Corporate expenses and other    Total Company  $153,980  $(31,657)   $(43,647)   $78,676  -  -  (46,091)   (46,091)   153,980   (31,657)  (89,738)   32,585  -  -   17,091  17,091  -  -   22,123  22,123   33,527   33,533   4,896  71,956  187,507   1,876  (45,628)   143,755   3,429   10,062  -   13,491   3,903   214   4,644   8,761  -   2,800  -   2,800  -  -  -  -  -   567  -   567  $194,839   $15,519  $(40,984)  $169,374  * Includes $15.8 million charge for AEC contract revisions 

 Earnings Per Share  7  *Includes $0.31 charge for AEC contract revisions      Per share amounts (Basic)  Three Months endedDecember 31, 2018 2017     YearsendedDecember 31, 2018 2017 *    Net income attributable to the Company, as reported (GAAP)  $0.55  $0.18  $2.57  $1.03  Adjustments:          Restructuring expenses, net  0.04  0.07  0.34  0.27  Discrete tax adjustments and effect of change in income tax rate  0.05  0.16  (0.12)  0.14  Foreign currency revaluation losses/(gains)  0.06  0.04  (0.01)  0.18  Write-off of inventory in a discontinued product line  -  (0.01)  -  0.05  Pension settlement/curtailment charge  0.04  -  0.04  -  Net income attributable to the Company, excluding adjustments (non-GAAP)  $0.74  $0.44  $2.82  $1.67 

 Total Debt (GAAP) and Net Debt* (non-GAAP) $ thousands  8  * Total debt less cash see table 22 for reconciliation of total debt to net debt 

 Summary Financial InformationQ1 through Q3 2018, as revised*  9  (dollars in thousands, except per share data)  Machine Clothing segment         (in thousands)   Q1    Q2  Q3  Nine Months ended September 30, 2018  Net sales  $141,773   $161,784   $157,608   $461,165   Gross profit   $66,311   $79,072   $78,728  $224,111  Gross profit percentage   46.8%   48.9%   50.0%   48.6%  Operating income   $26,941   $50,314   $49,700  $126,955  Net income attributable to the Company  -  -  -  -  Earnings per share - basic  -  -  -  -  Adjusted EBITDA (non-GAAP)  $45,169   $57,965   $57,759   $160,893   Total Company         Q1    Q2  Q3   Nine Months ended September 30, 2018  $223,603   $255,374   $251,889   $730,866    $77,782   $91,643   $92,402  $261,827   34.8%   35.9%   36.7%   35.8%   $17,004   $42,156   $40,834   $99,994   $7,662   $29,902   $27,736   $65,300   $0.24   $0.93   $0.86   $2.02  $47,118   $61,411   $62,708   $171,237   * Reflects correction of immaterial errors related to the implementation of ASC 606 in the Company’s quarterly financial statements for the first three quarters of 2018.