Rogers Corporation · NYSE:ROG
Rogers — Q4 2025 Earnings Presentation
19 slides from Rogers's earnings presentation, Feb 17, 2026
Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call FEBRUARY 17, 2026 1
Slide 2: Forward-looking statements
Forward-looking statements Safe Harbor Statement Statements included in this presentation that are not a description of historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 193
Slide 3: Non-GAAP and Additional Information
Non-GAAP and Additional Information Non-GAAP Information This presentation includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): (1) Adjusted operating expenses, which the Company defines
Slide 4: Key Messages For The Quarter
Key Messages For The Quarter • Q4 sales, GM% and adj. EPS results near the high-end of guidance Q4 & 2025 Highlights • Sales +5%, Adj. EPS +94%, Adj. EBITDA margin +500 bps YoY • Simplified operating structure and delivered significant cost savings • Improve multi-year growth outlook 2026 Priorities
Slide 5: Q4 2025 Sales By End Market
Q4 2025 Sales By End Market Market % of Sales 1 Comments versus Q4’24 results Sales increased at a high single digit rate YoY with growth in AES and EMS. Industrial 27% Full year sales grew at a mid single digit rate. Sales declined slightly YoY as full year sales improved at a high-single digit A&D
Slide 6: 2025 Highlights
2025 Highlights • Implemented a more agile and dynamic org structure Structural • Enhanced customer relationships and improved service levels Improvements • Greater focus and faster execution of R&D projects • Announced $45M in cost reductions with full realization expected by Q4 2026 Profitability
Slide 7: 2026 Focus Areas
2026 Focus Areas • Fully leverage existing capacity to increase competitiveness and grow share in all regions Growth • Secure design wins with key customers in new market segments Objectives • Prioritize development activities to increase rate of new product introductions • Complete restructuring of
Slide 8: Financial Summary
Financial Summary (in millions, except for EPS) 2025 2024 Q4’25 Q3’25 Q4’24 Net sales $810.8 $830.1 $201.5 $216.0 $192.2 Q4’25 Sales +5% YoY AES sales +14.6% YoY. Higher EV/HEV, ADAS, Gross margin % 31.7% 33.4% 31.5% 33.5% 32.1% renewables and industrial end markets Net income (loss) $(61.8) $26.1 $
Slide 9: Q4 2025 Adjusted EBITDA
Q4 2025 Adjusted EBITDA* ($ in millions) $6.3 $0.4 $4.3 $0.7 $1.1 $1.7 17.3% $34.4 $23.3 12.1% 17.1% Q4'24 Volume Mix New factory Operational Adjusted Other income Q4'25 utilization excellence operating (expense) expenses 1 A d ju ste d EBITDA Im p ro vem ent D ri ve n By H i gh e r Vo l u m e A n d
Slide 10: Q4 2025 Cash Utilization
Q4 2025 Cash Utilization $26.5 ($ in millions) $34.4 $4.0 $4.7 $14.3 $8.7 $197.0 $167.8 Sep 30, 2025 Adj. EBITDA1 Capex Working capital Cash taxes Share Restructuring and Dec 31, 2025 Cash change 2 paid repurchases other Cash G e n e rate d $47M Of Op e rati n g Cas h F l o w A n d $42M Of F re e Ca
Slide 11: Q1 2026 Guidance
Q1 2026 Guidance Q1 2026 Net Sales $193M to $208M Sales midpoint of $201M increasing 5% YoY Gross Margin 30.5% to 32.5% Adj. EBITDA midpoint of $31M or 15.5% of Adjusted Earnings Per Diluted Share $0.45 to $0.85 sales is improving 59% or 530 bps YoY Adjusted EBITDA $27M to $35M 2026 Capital Expendit
Slide 12: Appendix
\ Appendix ROGERS CORPORATION, 12
Slide 13: Q4 2025: Adjusted Operating Expenses Reconciliation
Q4 2025: Adjusted Operating Expenses Reconciliation* ($ in millions) Q4 2025 Q3 2025 Q4 2024 GAAP Operating Expenses $56.3 $56.7 $74.5 Acquisitions and Divestiture Related Costs: Acquisitions and Related Integration Costs - - ($0.2) Dispositions - - - Intangible Amortization ($2.8) ($2.8) ($3.1) (Ga
Slide 14: Q4 2025: Adjusted Earnings Per Diluted Share Reconciliation
Q4 2025: Adjusted Earnings Per Diluted Share Reconciliation Q4 2025 Q3 2025 Q4 2024 GAAP Earnings (Loss) Per Diluted Share $0.26 $0.48 ($0.03) Acquisitions and Divestiture Related Costs: Acquisitions and Related Integration Costs - - ($0.40) Dispositions - - - Intangible Amortization $0.16 $0.15 $0.
Slide 15: Q4 2025: Adjusted EBITDA and Margin Reconciliation
Q4 2025: Adjusted EBITDA and Margin Reconciliation ($ in millions) Q4 2025 Q3 2025 Q4 2024 GAAP Net Income (Loss) $4.6 $8.6 ($0.5) Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs - - ($7.5) Dispositions - - - Intangible Amortization $2.8 $2.8 $3.1 (Gain) Loss on
Slide 16: Q4 2025: Free Cash Flow Reconciliation
Q4 2025: Free Cash Flow Reconciliation ($ in millions) Q4 2025 Q3 2025 Q4 2024 Net Cash Provided By Operating Activities $46.9 $28.9 $33.7 Non-Acquisition Capital Expenditures ($4.7) ($7.7) ($15.4) Free Cash Flow $42.2 $21.2 $18.3 Note: dollars may not add due to rounding. 16 *Free cash flow defined
Slide 17: 2025: Adjusted Earnings Per Diluted Share Reconciliation
2025: Adjusted Earnings Per Diluted Share Reconciliation 2025 2024 GAAP Earnings Per Diluted Share ($3.40) $1.40 Acquisitions and Divestiture Related Costs: Acquisitions and Related Integration Costs - ($0.40) Dispositions - - Intangible Amortization $0.60 $0.67 (Gain) Loss on Sale or Disposal of PP
Slide 18: 2025: Adjusted EBITDA and Margin Reconciliation
2025: Adjusted EBITDA and Margin Reconciliation ($ in millions) 2025 2024 GAAP Net Income ($61.8) $26.1 Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs - ($7.5) Dispositions - - Intangible Amortization $11.0 $12.4 (Gain) Loss on Sale or Disposal of PPE - $0.1 Re
Slide 19: 2025: Free Cash Flow Reconciliation
2025: Free Cash Flow Reconciliation ($ in millions) 2025 2024 Net Cash Provided By Operating Activities $101.2 $127.1 Non-Acquisition Capital Expenditures ($30.1) ($56.1) Free Cash Flow $71.1 $71.0 Note: dollars may not add due to rounding. 19 *Free cash flow defined as net cash provided by operatin