Element Solutions Inc. · NYSE:ESI
Element Solutions — Investor Day (May 2026)
97 slides from Element Solutions's investor day presentation, May 18, 2026
Slide 1: 2026 Virtual Investor Day
2026 Virtual Investor Day May 18, 2026
Slide 2: Cautionary Statement About Forward-Looking Statements
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS Please note that in this presentation, the investor day remarks and discussions that follow, we may discuss events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements, with respect to Element
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company presents in this presentation the following non-GAAP financial measures: EBITDA, adjusted EBITDA, adjusted EBITDA margin (i
Slide 4: Welcome & Agenda
1. Opening Remarks 2. Element Solutions Evolution 3. Electronics ▪ Circuitry & Wafer Level Packaging Solutions ▪ Kuprion ▪ Semiconductor & Circuit Board Assembly Welcome ▪ Micromax & Agenda 4. Specialties ▪ EFC Gases & Advanced Materials ▪ Industrial Solutions May 18, 2026 5. Enterprise Operations 6
Slide 5: Opening Remarks
Opening Remarks Sir Martin E. Franklin • Former Executive Chairman Ian G.H. Ashken • Chairman
Slide 6: Element Solutions Evolution
Element Solutions Evolution Improving Our Business Quality and Long-Term Growth Rate Through Operational Excellence and Prudent Capital Allocation Ben Gliklich • Chief Executive Officer
Slide 7: Element Solutions Journey Since Founding
Element Solutions Journey Since Founding Portfolio Refinement & Acceleration Capturing New 2025 Demand Vectors Portfolio improvement (Graphics divestiture and signing of 2024 Micromax and EFC Gases & Advanced Materials acquisitions) Winning Now, Winning Later Positioning portfolio for Continuing to
Slide 8: Earnings Outperformance
Earnings Outperformance Through a challenging overall backdrop AGGREGATE ADJ. EBITDA* $ in billions, except for ESI $ in millions % performance since 2022 S&P 500 - Chemicals Specialty Chemicals Composite1 (23.1%) (12.0%) (23.5%) (10.5%) 64.5 88.0 56.7 78.7 49.6 67.3 2022 2025 2026F 2022 2025 2026F
Slide 9: Qualifications & Specifications
Because of Our Differentiated Business Positioning Unique asset-light, service-driven, solutions-based commercial model Primary Decision Manufacturing Process Primary Outputs Inputs Criteria Base metals Molecule synthesis Suppliers Raw materials Inorganic salts Price Smelting Material quality Capita
Slide 10: Solid Execution of Our Operating Model
And Solid Execution of Our Operating Model Clear, consistent frameworks for how we run our businesses and deploy their cash flows Operational Excellence Prudent Capital Allocation Principles Principles Decentralized Customer-Centric People-Oriented Opportunistic Disciplined Flexible Tools Framework
Slide 11: Focused on Customer-Centricity
Focused on Customer-Centricity Everyone has customers – our focus is outwards towards them End Customer End Customer Business Unit Business Unit Need ESI Provides Need Communicates Delivers Detailed data sets Requirements / Quality and production Best-in-class selling process specifications Commerci
Slide 12: And Prudent Capital Allocation
And Prudent Capital Allocation Investing ahead of market shifts and behind customer needs Direct Return of Cash Efficiency M&A $368M+ Growth Portfolio Optimization Growth Adjacency Expansion Seeding Emerging Technology $176M Sale of flexographic printing plate business Advanced electronics inks and
Slide 13: Our Business Has Evolved
Our Business Has Evolved Significant End Market Shifts Without Sacrificing Business Quality END MARKET SHIFT1 HIGH, STABLE GROSS MARGINS* VARIABLE OPERATING COST 2 Total ESI Electronics Continued margin expansion and ~6% ~40% ~50% proven ability to pass-through metals ~15% Other Raws Consumer Consum
Slide 14: …And Improved
…And Improved Strong stable margins and cash flow ESI Metrics 2019-2025 Ex-Metal Margin % FCF* ($M) & FCF Conversion* (%)1 350 80% 52% 52% 294 75% 51% 300 280 282 48% 70% 46% 249 253 256 250 238 65% 60% 200 59% 59% 57% 55% 150 55% 53% 50% 48% 45% 26% 27% 27% 100 47% 25% 25% 40% 50 35% 2021 2022 2023
Slide 15: We Have Made Progress Against Our Vision…
We Have Made Progress Against Our Vision… ESI strives to be the leading chemical technology solutions provider in three specific, measurable categories Gross Margins* 1 VALUE TO CUSTOMERS +581 bps from 2022-20251 Net Promoter Scores Internal Fill Rate +60% internal fill rate in 2025 OPPORTUNITIES 2
Slide 16: …And Our Industry Outlook Has Improved
…And Our Industry Outlook Has Improved 2016-2025 PCB M2 CAGR by Board Type 5-Year PCB Production Volume Growth Forecast vs. Actual Annual Growth Forecasting cyclical recovery Forecasting secular growth ESI Core Market 12.6% 20% 9.3% 7.6% 6.8% 6.8% 6.7% 5.3% 4.5% 8% 8% 5% (3.0%) 2% (9.2%) 2021 2022 2
Slide 17: Element Solutions Has Become a Higher Quality, Faster Growing Company
Element Solutions Has Become a Higher Quality, Faster Growing Company CRI* VS 2026 PROXY PEERS1 2025, % 37% 33% 29% 28% 27% 26% 25% 24% 21% 20% 20% 19% 16% 14% 11% 10% 8% 4% ESI Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Pee
Slide 18: Electronics
Electronics Positioned for Growth Across the Hardware Ecosystem Rick Fricke • President, MacDermid Alpha Electronics Solutions
Slide 19: Highly Complementary Electronics Materials Portfolio
Highly Complementary Electronics Materials Portfolio MacDermid Alpha Electronics Solutions ELECTRONICS1 Assembly Circuitry Semiconductor Micromax Solutions Sales Solutions Sales Solutions Sales Sales $907M$426M (ex-metals) $528M $351M $327M $110M (ex-metals) END-MARKET DIVERSITY2 2025 NET SALES BY R
Slide 20: Lines of Business Spanning the Electronics Value Chain…
Lines of Business Spanning the Electronics Value Chain… Line of Circuitry Wafer Level Semiconductor Circuit Board Micromax Business: Solutions Packaging Assembly Assembly Customer Component PCB Fabricators Foundries, IDMs IDMs, OSATs Assemblers Base Manufacturers Adhesion Promotion Damascene Copper
Slide 21: Uniquely Positioned to Provide Systems Level Solutions
…Uniquely Positioned to Provide Systems Level Solutions Our customer base spans the full breadth of electronics manufacturing Foundry / IDMs IDMs / OSATs Assemblers / EMS Semiconductor Packaging PCB Assembly Deposition Planarization Patterning Wafer Level Die Attach Thermal & Component Packaging Env
Slide 22: Electronics Innovation is Moving Into Packaging & Substrates
Electronics Innovation is Moving Into Packaging & Substrates Growth opportunity is increasingly around the chip Value creation is Non-integrated Chip Package Heterogeneous Integration increasingly driven by advanced interconnect and packaging around the chip, rather than within the chip itself Monol
Slide 23: Purpose-Built to Solve Packaging Challenges Around the Chip
Purpose-Built to Solve Packaging Challenges Around the Chip Our integrated solutions are used in interconnecting, attaching, reinforcing, protecting, and ensuring efficient thermal management of electronic systems across all businesses Interconnecting Attaching Reinforcing Protecting Thermal Managem
Slide 24: Organizing Around Customer Need to Enable Faster Growth
Organizing Around Customer Need to Enable Faster Growth Prepared for higher complexity, faster cycle needs of leading edge customers EMERGING PAIN POINTS OUR OPPORTUNITY Material Complexity Faster response to support shorter manufacturing cycles Heat Dissipation TOOL CUSTOMERS PARTNERS Higher walle
Slide 25: Investing Ahead of Inflection Points
Investing Ahead of Inflection Points Portfolio investments anticipate fundamental market shifts ViaForm Kuprion Argomax Strengthens ESI’s position in Acquired applications leadership in Scaled early into silver sintering higher-growth, higher-value nano-copper targeting pain points ahead of broader
Slide 26: Investing Behind Our Customers
Investing Behind Our Customers Our Electronics business is a critical embedded partner in customer supply chains Southeast Asia Singapore Site India Research Applications Labs Expansion Center ▪ Strengthens local presence ▪ Doubles manufacturing ▪ Addresses global demands and supports growing role i
Slide 27: Electronics Growth Increasingly Driven by Enterprise Infrastructure
Electronics Growth Increasingly Driven by Enterprise Infrastructure Robust secular growth drivers Scaling Artificial 5X increase in AI Accelerators1 ▪ Materials for advanced packaging, substrates, and high-performance AI server Intelligence Infrastructure (>150M units cumulatively) interconnects ‘25
Slide 28: Enterprise Applications Carry More Content Per System
Enterprise Applications Carry More Content Per System Element Solutions business mix shifting to higher value systems Larger plating area $1-2 Higher layer counts $50-60 content More intensive content opportunity thermal management opportunity per device Increased power requirements per card Semicon
Slide 29: Significant Content Opportunities in Datacenters
Significant Content Opportunities in Datacenters Material solutions for AI / HPC servers Wafer Level Power Delivery Interconnect • Power IC Die Attach Substrate Fabrication • Damascene • Solder Paste • Primary & Thru-Hole Metallization • Hybrid Bonding • RDL • TSV • Etching • Surface Finish • RDL •
Slide 30: Circuitry & Wafer Level Packaging Solutions
Circuitry & Wafer Level Packaging Solutions Uniquely Positioned to Support AI Infrastructure and Advanced Packaging Growth Jim Watkowski • SVP, Advanced Interconnect Solutions
Slide 31: Our Solutions Sit at the Convergence of Chips and Boards
Our Solutions Sit at the Convergence of Chips and Boards Chip-on-Board Interconnect Cross Section WAFER LEVEL Damascene copper Microbumps Ultra Fine Pitch RDL Through Silicon Via Fine line pattern plating CIRCUIT LEVEL Bump metallization 31
Slide 32: Circuitry Solutions
Circuitry Solutions Driving reliability and performance in next-generation PCB & substrate fabrication Customer Pain Point Board Complexity Manufacturing Yield Signal Integrity Sustainable Manufacturing Element’s Solution PPR copper plating Systek for IC substrates Circuit formation chemistries Shad
Slide 33: Powering the AI Infrastructure Revolution
Powering the AI Infrastructure Revolution PPR plating for high layer count server boards 5+n+5 Computer Board PPR copper plating technology enables more granular control of metal deposition. ▪ More reliable connections 20-40 layer count ▪ Better electrical performance ▪ Higher manufacturing yields H
Slide 34: Wafer Level Packaging
Wafer Level Packaging Enabling advanced heterogeneous integration and packaging innovation Customer Pain Point Transistor Connection Input/Output Connectivity Next-Gen Bonding Element’s Solution ViaForm® MICROFAB® NOVAFAB® Damascene chemistries for uniform fill, Copper pillar, microbump, and RDL pla
Slide 35: A Materials Partner for Advanced Packaging
A Materials Partner for Advanced Packaging ESI metallization and attachment chemistries enable high-growth packaging technologies Tool Changes Required Hybrid Bonding: Interconnect density bump-less >> 10,000 Nano-twin Cu Fine grain Cu Polycrystalline Cu Embedded Si bridge 300 Cu Pillar, Barrier lay
Slide 36: Advanced Barrier Layers for Packaging Platforms
Advanced Barrier Layers for Packaging Platforms Innovative material solutions designed to blend substrate and wafer metallization Tin-Silver Alternative Barrier Silicon Copper Pillar Microbump (30-50 µm) Substrate Benefits of Our Technology Sustainability and Cost of Ownership Effective Barrier Meta
Slide 37: Advanced Barrier Layers for Packaging Platforms
Advanced Barrier Layers for Packaging Platforms Range of solutions that bridge current constraints and future needs Hybrid Bonding Barrier Free Nickel Barrier Alternative Barrier Copper Cu / Solder RDL Layer Solution Layer Solutions Damascene 100 μm bump size 150-200 μm pitch Barrier layer solutions
Slide 38: Kuprion
Kuprion Emerging Technology Solving AI Hardware Pain Points Alfred Zinn • Research & Development Fellow, Kuprion Nick Antonopoulos • VP, Emerging Technology
Slide 39: ActiveCopper Technology Overview
ActiveCopperTM Technology Overview Unlocking bulk copper performance across the electronic interconnect system Patented Family ActiveCopperTM ▪ Benefits of bulk Cu Pastes Adhesives Inks Gaskets without drawbacks ▪ Fuses to form solid CTE Tuning Capability copper interconnects and strong bonds Coeffi
Slide 40: Kuprion: Commercializing a Novel Material
Kuprion: Commercializing a Novel Material A new material to solve emerging AI customer pain points Customer Pain Point Power Density Thermal Reliability Manufacturability Element’s Solution Printed Circuit Board Power Trench Paste Copper Coin Paste for Heat Dissipation Via Filling for Glass Substrat
Slide 41: ActiveCopper for Thermal Management
ActiveCopper for Thermal Management Copper coin paste enables innovative board designs ▪ Enables complex, custom thermal architecture directly inside PCB ▪ Absorbs CTE mismatch stress between copper and substrate ▪ Eliminates thermal resistance layers through direct die bonding ▪ Achieves high-relia
Slide 42: ActiveCopper for Efficient Power Delivery
ActiveCopper for Efficient Power Delivery Copper paste application for power trench ▪ Traditional thin PCB traces can’t meet the high current demands of AI servers and data centers ▪ ActiveCopper shifts board architecture from thin traces to deep, high-capacity power trenches Width: 0.6mm – 5mm ▪ En
Slide 43: ActiveCopper for Advanced Packaging Substrates
ActiveCopper for Advanced Packaging Substrates Copper interconnects thermally matched for glass substrates ▪ Glass substrates introduce significant CTE mismatch challenges ▪ Proprietary copper paste and sintering process for glass-via fill ▪ Wide range CTE (3–8 ppm) allows copper structures to expan
Slide 44: Kuprion’s Opportunity Within the ESI Portfolio
Kuprion’s Opportunity Within the ESI Portfolio Commercializing emerging technology OSAT / IDM Semiconductor packaging ▪ ESI provides the scale, ▪ Die Attach manufacturing capability, and customer access to ▪ Wafer Level Packaging commercialize Kuprion’s ActiveCopper ▪ Deep OEM and OSAT Substrate Man
Slide 45: Semiconductor & Circuit Board Assembly Solutions
Semiconductor & Circuit Board Assembly Solutions Expanding Leadership in Power Electronics and Engineered Attachment Solutions Tom Hunsinger • SVP, Packaging & Board Assembly
Slide 46: Semiconductor Assembly Solutions
Semiconductor Assembly Solutions Increasingly complex attachment solutions for power and thermal management Customer Pain Point Thermal Management Heterogenous Integration Yield Maximization Element’s Solution Silver Sintering High-Precision Die Attach Formulated Systems Proprietary sintering techno
Slide 47: Argomax Sintering Materials for Power Electronics
Argomax® Sintering Materials for Power Electronics Maximizing thermal efficiency to advance power performance Engineered sintered materials and unique processes to address all possible design implementations for power electronics When Performance Matters [+] Pure metal bond lines for high performanc
Slide 48: Applications Expertise Extends Leadership in Power Electronics
Applications Expertise Extends Leadership in Power Electronics Top-Attach Sinter Argomax Sintered Products: (BondPad) ▪ Solve different customer Die-Attach Sinter pain points across the same (AccuLam) module stack in EV power electronics Complex Sinter (AccuTak) ▪ Designed to allow for more attach p
Slide 49: Circuit Board Assembly Solutions
Circuit Board Assembly Solutions High reliability component attachment materials for printed circuit boards Customer Pain Point Thermal Warpage Fine Feature Miniaturization with Yield Harsh-Environment Reliability Element’s Solution TrueHeight® Spacer Blocks and Preforms Advanced Solder Pastes Innol
Slide 50: Engineered Solutions for High Performance Computing
Engineered Solutions for High Performance Computing TrueHeight spacers address thermal warpage in AI accelerators Without Precision Spacer Block With ALPHA® TrueHeight® Spacer Block Fever part During the liquidous phase, solder is squeezed and The TrueHeight Spacer Block maintains minimum stand- for
Slide 51: Micromax
Micromax Expanding Our Capabilities in Mission Critical Applications Bruce Moloznik • SVP, Micromax
Slide 52: A Product Portfolio Built for Performance, Dependability & Innovation
A Product Portfolio Built for Performance, Dependability & Innovation Highly qualified circuit material solutions for high cost-of-failure applications Radar and Communications Passive 2025 END MARKET MIX Solutions Components 16% ~10% Ex-Metals revenue growth in 20251 Naval & Ground-Based Radar Chip
Slide 53: Micromax
Micromax Highly specialized microcircuit solutions for mission critical applications Customer Pain Point Tight Resistance in Small Footprint Low Signal-Loss Systems in Demanding Environments Element’s Solution Precision Resistor Pastes Low Temperature Co-Fired Ceramics (LTCC) Wide resistivity values
Slide 54: Unlocking Growing Value in Precision Resistors
Unlocking Growing Value in Precision Resistors Rising power demands require precise performance and sustained durability in miniaturized designs Thick film chip resistor structure Micromax materials enable tighter tolerance and performance of smaller, denser chip components for Polymer complex and d
Slide 55: Integrated Material Solutions for Advanced Antenna Applications
Integrated Material Solutions for Advanced Antenna Applications Network densification & high-speed data require increasingly advanced antenna systems LEO satellites transmit more data faster and cheaper Micromax LTCC material solutions enable high-frequency, high-reliability communication use cases
Slide 56: Micromax’s Opportunity Within the ESI Portfolio
Micromax’s Opportunity Within the ESI Portfolio Increased exposure to fast-growing end markets Higher penetration in advanced communications and high-power applications Deeper OEM and specifier access and relationships Expanded global customer network Thoughtful integration underway to identify comm
Slide 57: Specialties
Specialties High Quality Portfolio, Critical Services for Customer Supply Chains Matt Liebowitz • President, Specialties & ESI Strategy
Slide 58: Specified Solutions, Critical to Customer Supply Chains
Specified Solutions, Critical to Customer Supply Chains SPECIALTIES1 Industrial Energy EFC Gases & Solutions Sales2 Solutions Sales Advanced Materials Sales $640M $89M $74M END-MARKET DIVERSITY 2025 NET SALES BY REGION ~15% Electronics ~35% Automotive $800M+ ~20% Construction & Industrial 2025PF1 1,
Slide 59: High Quality Businesses
High Quality Businesses 1 High Level of Specification & Qualification EFC Gases 2 Differentiated Technical Service Predictable Recurring Revenue 3 Streams Industrial Solutions 4 Strong, Stable Margins 5 Asset Light Operating Models Energy Solutions 6 Stable Cash Flows and Returns on Capital 59
Slide 60: Strategically Positioned in Differentiated Markets
Strategically Positioned in Differentiated Markets EFC Gases Industrial Solutions Energy Solutions Standout growth as Building on industry High quality recurring enabler of critical domestic leadership, driving efficiency revenue in most stable investment priorities and positioned for recovery energ
Slide 61: EFC Gases & Advanced Materials
EFC Gases & Advanced Materials Enabling Critical Domestic Investment Priorities Pavel Perlov • Founder, EFC Gases & Advanced Materials Matt Adams • EVP, EFC Gases & Advanced Materials
Slide 62: A High-Growth Specialty Gas Solutions Provider
A High-Growth Specialty Gas Solutions Provider End-to-end capabilities in fast growing markets Sourcing R&D Global supplier network to source virgin State-of-the art R&D facility to specialty / rare gas / advanced materials that develop and scale market driven meet customers’ unique specifications p
Slide 63: Winning in Semiconductor Manufacturing
Winning in Semiconductor Manufacturing Growing traction for purity gases used in etching, cleaning and deposition Etching Plasma Cleaning 15 Process Lines & Locations Qualified in 2025 Continued Molecule Qualification Momentum Dielectric etch gases with the Chlorine / fluorine-based gases are capabi
Slide 64: A Partner for a Growing Space Industry
A Partner for a Growing Space Industry A provider of advanced satellite propulsion gases and filling services Xe / Kr Recovery / Satellite Propulsion Recycling Systems Significant Increase in Total Satellites Launched Annually (Launches in thousands) ~18% CAGR ~5.8 ~5.0 Krypton and xenon are the two
Slide 65: Enabling Domestic Electrical Transmission Infrastructure
Enabling Domestic Electrical Transmission Infrastructure High-touch services for critical insulation gases Data Centers Are Driving a Significant Increase in Energy Consumption Energy consumption is U.S. Electricity Consumed Data Center Projections Selected Trends Driving Increasing by Data Centers
Slide 66: A Platform Positioned for Growth
A Platform Positioned for Growth Highly complementary fit with the ESI portfolio Global Scale ESI provides the infrastructure and supply chain incumbency required to accelerate EFC’s scale and growth Customer Relationships Deep relationships with semiconductor technologists and key specifiers allow
Slide 67: Industrial Solutions
Industrial Solutions An Industry Leader, Positioned for Growth Graeme Dickinson • SVP, MacDermid Enthone Industrial Solutions
Slide 68: Industrial Solutions Overview
Industrial Solutions Overview Highly diversified global platform for recurring revenue APPLICATIONS MIX Large, Diversified Installed Base Anti-Corrosion 14% Decorative/Plating on Plastic 4% Wear Resistance 4% 38% HVAC Solutions 11% Deep Technical Expertise PET Recycling Light Metal Solutions Other 1
Slide 69: A Comprehensive Surface Solutions Portfolio
A Comprehensive Surface Solutions Portfolio Solving critical surface performance needs across corrosion, aesthetics, and durability Decorative Wear Anti-Corrosion Other Solutions POP Resistance Protects metal components Enables high-quality metallic Improves hardness and Adjacent technologies such f
Slide 70: Market Leading Position
Market Leading Position Investment in improved customer outcomes enhances our right to win Performa 3S System Quality Performance Systems ~200bps organic growth* outperformance vs. largest peer in 2024-25 Equipment Trivalent Chromium Financing Solutions * Please refer to the appendix for definitions
Slide 71: Global Scale, Local Responsiveness
Global Scale, Local Responsiveness Benefits of global technology development but agile decision-making driven locally 9% 91% >90% 1,800 30 9 16 MEIS Rev. generated from Employees Countries Global R&D Global Manufacturing Regional Customers Worldwide Locations Locations Regional Global 71
Slide 72: Business Quality Improvement through Challenging Macro
Business Quality Improvement through Challenging Macro Productivity enhancements, pricing discipline & procurement efficiency drive margin gains INDUSTRIAL SOLUTIONS ANNUAL GROWTH 2023-2025, % Procurement 4% 3% Pricing Discipline 0% (0%) (2%) Site Productivity (4%) Portfolio Rationalization 2023 202
Slide 73: Positioned for Growth
Positioned for Growth Targeted actions to expand our addressable market Where We Are Today Priority Growth Areas: ▪ Embedded in customer production processes Conversion Coatings ▪ Broad portfolio across surface treatment steps Penetrate adjacent conversion systems such ▪ Long-standing technical rela
Slide 74: Enterprise Operations
Enterprise Operations Driving Efficiency Carey Dorman • President, Enterprise Operations & Chief Financial Officer
Slide 75: Enterprise Operations Exist to Enable the Business
Enterprise Operations Exist to Enable the Business Resolving the tension between service and cost through continuous improvement and technology We centralized support functions under one organization including finance operations, legal, tax, human resources, IT infrastructure and regulatory Manage R
Slide 76: Driving Operating Leverage in G&A
…Driving Operating Leverage in G&A Keeping central functions lean and decisions close to customers FY25 ADJ. OPEX* BREAKDOWN ADJ. FINANCE EXPENSE* AS % OF GROSS PROFIT 12% Research & Development 6.0% Reduced Finance cost as % of Gross Profit $ by 25% 32% General & Admin 5.3% 5.0% 4.7% 4.5% 56% Sales
Slide 77: AI Enablement In ESI Functions
AI Enablement In ESI Functions Pursuing targeted opportunities with strong returns that will compound over time Pursuing AI / ML use cases across ESI Back Office Efficiency Supply Chain Agility Commercial Excellence ▪ Accounting automation ▪ Supply and demand planning ▪ Sales pipeline optimization ▪
Slide 78: Our Growth Algorithm
Our Growth Algorithm Carey Dorman • President, Enterprise Operations & Chief Financial Officer Ben Gliklich • Chief Executive Officer
Slide 79: ESI Sales Growth Algorithm
ESI Sales Growth Algorithm Market outperformance and targets Data Center, Industrial, Automotive Automotive Other Mobile Aerospace Energy HPC & Medical & Other Electronics Surfaces Consumer Devices & Defense 2025PF Telco Infra Electronics End-market Breakdown1 ~22% ~24% ~15% ~13% ~11% ~6% ~5% ~4% Th
Slide 80: ESI Sales Growth Algorithm
ESI Sales Growth Algorithm Market outperformance and targets Circuitry Assembly Semiconductor Micromax Industrial Energy EFC Gases 2025PF Solutions Solutions Solutions Solutions Solutions & Advanced Business Unit Materials Breakdown1 ~24% ~19% ~16% ~5% ~29% ~4% ~3% Through- the-cycle Internal Growth
Slide 81: Demonstrated Incremental Margin Expansion
Demonstrated Incremental Margin Expansion Accretive incremental margins ’18-’25 GROWTH Adj. net sales* $370M 17% 34% Incremental Adj. EBITDA margin* Adj. EBITDA* $127M 30% Despite outsized inflation and while ramping growth investment in new markets 30-40% ▪ ▪ Product mix shift to margin enhancing e
Slide 82: Balance Sheet Strength and Flexibility
Balance Sheet Strength and Flexibility Capacity for accretive investment and returns HEALTHY BALANCE SHEET SHAREHOLDER RETURNS AS A % OF FCF* $M 12/31/25 12/31/25 PF1 $M 2021 2022 2023 2024 2025 Corporate Revolver $0 $125 Buybacks 20 151 0 0 25 Term Loans 836 1,286 Dividends 62 78 77 78 78 Total Fir
Slide 83: Framework for Deploying Excess Capital
Framework for Deploying Excess Capital Capacity for accretive investments and returns Dynamic Value-Based Approach to Capital Allocation Available Risk-Adjusted Consider Acquisition Returns Acquisition acquisitions Hurdle Rate Share repurchases Increase dividend or build cash Premium Discount ESI Va
Slide 84: Targeting Long-Term Adj. EPS Growth of Mid-Teens %
Targeting Long-Term Adj. EPS* Growth of Mid-Teens % Compelling path forward NET SALES TARGET ADJ. EBITDA* TARGET ADJ. EPS* GROWTH TARGET Mid-Teens % HSD-LDD1% ~7% 5-6% 1-2% 30-40% Strategy Incremental Adj. execution EBITDA margins* Market Unit Growth Organic Outperformance* Incremental Margins Capit
Slide 85: Key Takeaways
Portfolio evolution yielding higher-growth and improved business quality Enabling Technology. Growing Sustainably. Enhancing position in fastest-growing, highest-value market subsegments by investing in people, capabilities and technology Building robust pipeline of emerging technologies Key to solv
Slide 86: Questions
element law solutions Questions
Slide 87: Appendix
element law solutions Appendix
Slide 88: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation (dollars in millions) 2019 2020 2021 2022 2023 2024 2025 Net income (attributable to common shareholders) 92 76 204 188 118 245 191 Net income attributable to the non-controlling interests 1 - 0 - - - - (Income) loss from discontinued operations, net of tax (13) 1 0 (2
Slide 89: Operating model reconciliation
Operating model reconciliation (dollars in millions) 2022 2025 Net sales 2,549 2,551 Impact of divested and non-core businesses (175) (36) Impact of using constant currency rates across all periods 9 49 Historical adjustment for Assembly metals pass-through price impact 63 - Adjusted net sales 2,446
Slide 90: Net debt and leverage ratio reconciliation
Net debt and leverage ratio reconciliation (dollars in millions) 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Adjustments1 12/31/2025 PF2 Corporate revolver - - - - - 125 125 Term loans 1,126 1,114 1,150 1,039 836 450 1,286 Total first lien debt 1,126 1,114 1,150 1,039 836 575 1,411 Senior
Slide 91: Gross margin reconciliation
Gross margin reconciliation (dollars in millions) 2022 2025 Net sales 2,549 2,551 Impact of divested and non-core businesses (175) (36) Impact of using constant currency rates across all periods 9 49 Historical adjustment for Assembly metals pass-through price impact 63 - Adjusted net sales 2,446 2,
Slide 92: ESI metrics reconciliation
ESI metrics reconciliation (dollars in millions) 2019 2020 2021 2022 2023 2024 2025 Net sales 2,400 2,549 2,333 2,457 2,551 Impact of divested and non-core businesses (170) (175) (175) (175) (36) Impact of using constant currency rates across all periods (105) 9 37 62 49 Assembly metals pass-through
Slide 93: Cost of sales and operating expenses reconciliation
Cost of sales and operating expenses reconciliation (dollars in millions) 2025 Cost of sales 1,481 Other (3) Cost of sales prior to divested & non-core businesses adj. 1,477 Impact of divested and non-core businesses (30) Adjusted cost of sales 1,447 (dollars in millions) 2025 Operating expenses 728
Slide 94: Adjusted EPS reconciliation
Adjusted EPS reconciliation (in millions) 2018 2025 Average basic / basic common shares outstanding 288 242 Shares issuable upon conversion of PDH Common Stock 4 - Shares issuable upon conversion of Series A Preferred Stock 2 - Shares issuable upon vesting/exercise of Stock Options 1 - Shares issuab
Slide 95: Incremental adjusted EBITDA margin reconciliation
Incremental adjusted EBITDA margin reconciliation (dollars in millions) 2018 2025 Net sales 1,961 2,551 Historical adjustment for Assembly metals pass-through price impact 220 - Adjusted net sales 2,181 2,551 Adjusted net sales growth (2018-25) $ 370 Adjusted net sales growth (2018-25) % 17% Adjuste
Slide 96: Balance sheet reconciliation
Balance sheet reconciliation (dollars in millions) 2021 2022 2023 2024 2025 Free cash flow (FCF) 280 253 282 294 256 Buybacks 20 151 - - 25 Dividends 62 78 77 78 78 Total shareholder returns 82 229 77 78 103 Total shareholder returns as % of FCF 29% 91% 27% 27% 40% (dollars in millions) 2021 2022 20
Slide 97: 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-period