Slide 1: Fourth Quarter and Full Year 2024 Earnings Presentation
Fourth Quarter and Full Year 2024 Earnings Presentation Enabling Technology. Growing Sustainably.
Slide 2: Legal Notices
Legal Notices SAFE HARBOR Please note that in this presentation, we may discuss events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statement
Slide 3: Full Year 2024 Highlights
Full Year 2024 Highlights +7% Electronics Organic Net Sales Growth* outpacing end-markets Record Adjusted +120 bps Adj. EBITDA constant currency* margin expansion EBITDA +13% constant currency Adj. EBITDA* growth Record $294 million of Free Cash Flow* Free 55% conversion of Adj. EBITDA* to Free Cash
Slide 4: Fourth Quarter 2024 Financial Results
Fourth Quarter 2024 Financial Results Constant Currency* Organic* ($ in millions) Q4 2024 Q4 2023 YoY YoY YoY Net Sales $624 $573 9% 10% 6% Electronics 401 352 14% 14% 7% Industrial & Specialty 223 221 1% 3% 3% GAAP Diluted EPS $0.23 $0.32 Adj. EBITDA* $130 $120 8% 9% % margin 20.8% 20.9% (10 bps) (
Slide 5: Full Year 2024 Financial Results
Full Year 2024 Financial Results Constant Currency* Organic* ($ in millions) FY 2024 FY 2023 YoY YoY YoY Net Sales $2,457 $2,333 5% 7% 4% Electronics 1,561 1,415 10% 12% 7% Industrial & Specialty 896 919 (3%) (1%) (1%) GAAP Diluted EPS $1.00 $0.48 Adj. EBITDA* $535 $482 11% 13% % margin 21.8% 20.7%
Slide 6: Full Year 2024 Segment Details
Full Year 2024 Segment Details Market Commentary Electronics Net Sales ($ in millions) Net Sales Organic ($ in millions) Growth* Key Drivers Strength in Asia led by consumer and mobile end markets offset by weakness in broader Assembly $783 1% industrial and automotive end markets Primarily driven b
Slide 7: Balance Sheet and Cash Flow Considerations
Balance Sheet and Cash Flow Considerations Key Cash Flow Items Balance Sheet Management • Record FY 2024 free cash flow* of $294 million • Announced sale of Graphics business for $325 million, expected to close in Q1 20251 o Q4 2024 free cash flow* of $116 million • Net debt to adj. EBITDA ratio* of
Slide 8: Full Year 2025 Financial Guidance
Full Year 2025 Financial Guidance As of February 2025 Electronics Industrial & Specialty • Expect continuation of 2024 demand dynamics • Expect continuation of 2024 demand dynamics o Strength in wafer level plating, advanced o Europe remaining weak, Americas roughly packaging and AI-related niches o
Slide 9: Defining Success for 2025
Defining Success for 2025 Execution and share gain in key growth areas to deliver market outperformance Customer traction and supply chain progress for emerging technologies High single digit constant currency adj. EBITDA Growth Prudent capital allocation to accelerate adj. earnings per share growth
Slide 10: Appendix
Appendix Enabling Technology. Growing Sustainably.
Slide 11: Reconciliation to Adjusted Share Counts
Reconciliation to Adjusted Share Counts (amounts in millions) FY 2024 FY 2023 Q4 2024 Q4 2023 (Average) (Average) Basic common shares outstanding 242 242 242 242 Number of shares issuable upon vesting of granted Equity Awards 1 2 2 2 2 Adjusted common shares outstanding 245 244 245 244 Note: Totals
Slide 12: Net Income Reconciliation to Adjusted EBITDA
Net Income Reconciliation to Adjusted EBITDA ($ millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Net income $56 $93 $40 $55 $245 Add (subtract): Income from discontinued operations, net of tax — (2) — — (2) Income tax expense (benefit) 14 (18) 37 12 45 Interest expense, net 14 14 14 14 56 Depreciat
Slide 13: Net Income (Loss) Reconciliation to Adjusted EBITDA
Net Income (Loss) Reconciliation to Adjusted EBITDA ($ millions) Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Net income (loss) $43 $30 $(32) $77 $118 Add (subtract): (Income) loss from discontinued operations, net of tax — (3) — 1 (2) Income tax expense (benefit) 17 21 15 (40) 13 Interest expense, net 1
Slide 14: Net Income Reconciliation to Adjusted EPS
Net Income Reconciliation to Adjusted EPS ($ millions, except per share amounts) Q4 2024 Q4 2023 FY 2024 FY 2023 Net income $55 $77 $245 $118 Loss (income) from discontinued operations, net of tax — 1 (2) (2) Net income attributable to the non-controlling interests (0) (0) (0) (0) Reversal of amorti
Slide 15: Net Debt to Adjusted EBITDA Ratio Reconciliation on a Trailing Twelve Month Basis
Net Debt to Adjusted EBITDA Ratio Reconciliation on a Trailing Twelve Month Basis ($ millions) FY 2024 Net income $245 Add (subtract): Income from discontinued operations, net of tax (2) Income tax expense 45 Interest expense, net 56 Depreciation expense 40 Amortization expense 118 EBITDA 502 Adjust
Slide 16: Quarterly Results Overview
Quarterly Results Overview 2023 2024 ($ millions) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net Sales Electronics $340 $356 $367 $352 $349 $392 $419 $401 Industrial & Specialty 235 230 232 221 226 221 226 223 Total Net Sales $574 $586 $599 $573 $575 $613 $645 $624 Total Net Income (Loss) $43 $30 $(32) $77 $56 $93 $40
Slide 17: Organic Net Sales Reconciliation
Organic Net Sales Reconciliation Three Months Ended December 31, 2024 Change in Pass- Constant Reported Net Sales Impact of Currency Through Metals Acquisitions Organic Net Sales Currency Pricing Electronics 14% 0% 14% (7)% —% 7% Industrial & Specialty 1% 2% 3% —% —% 3% Total 9% 1% 10% (4)% —% 6% Tw
Slide 18: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation (dollars in millions) Q4 2024 Q4 2023 2024 2023 Cash flows from operating activities $139 $112 $362 $334 Capital expenditures (22) (16) (68) (53) Proceeds from disposal of property, plant and equipment — — — 1 Free cash flows $116 $95 $294 $282 Adjusted EBITDA $535 Free
Slide 19: Non-GAAP Definitions
Non-GAAP Definitions Adjusted Earnings Per Share (EPS): Adjusted EPS is a key metric used by management to measure operating performance and trends, as management believes the exclusion of certain expenses in calculating adjusted EPS facilitates operating performance comparisons on a period-to-perio