Slide 1: TTM Technologies, Inc. Investor Presentation
TTM Technologies, Inc. Investor Presentation July, 2025
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements This communication may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the future business outlook, events, and expected performance of TTM Technologies, Inc. (“TTM
Slide 3: Disclaimers (cont.)
Disclaimers (cont.) A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. We compensate for these limitations by
Slide 4: Leading Technology Solutions provider of Mission Systems, PCBs and Specialty Components
Leading Technology Solutions provider of Mission Systems, PCBs and Specialty Components Technology-enabled end markets and customers Critical supplier to today’s fastest growing technologies Data Center Computing such as advanced defense radar, cloud infrastructure, AI data centers, automobile techn
Slide 5: History of TTM
Acquires Telephonics History of TTM • Aerospace and Defense • Mission systems Acquires Anaren 3000 • Build to Spec Acquires ViaSystems • RF Technology • Automotive • Synergies Acquires Tyco PCG • Aerospace & Defense $2.4 billion 2000 IPO • Diversification Revenue ($ mn) Divests Mobility & Restructur
Slide 6: TTM Continues to Transform the Business by Implementing Its Core Strategy of Differentiation
TTM Continues to Transform the Business by Implementing Its Core Strategy of Differentiation The result • Highly valued partner and satisfied customers • Strong and diversified portfolio with leading technical capabilities across all markets • Greater stability, less cyclicality and improved visibil
Slide 7: Strategic Focus
Strategic Focus Differentiation Diversification Discipline • Diverse end markets • Engineering depth • Operational execution • Near term – Aerospace • Early engagement • Earnings power and Defense, Data • Technology breadth • Cash flow generation Center Computing and • Global footprint Networking 7
Slide 8: End Market Growth Drivers and Outlook
End Market Growth Drivers and Outlook FY 2024 2023 – 2028 CAGR End Market Growth Drivers 2025 TTM View Net Sales (3rd Party) Increased Use of AESA Radar & Aerospace & Defense 46% Increased Military Equipment Builds 3-5% Above Source: TTM filings, Prismark Partners Nov 2023, Company estimates 8
Slide 9: Aerospace & Defense Business At A Glance
Aerospace & Defense Business At A Glance Q2 25 Q2 25 Market Mix Estimated A&D Revenues by Product 1100 Comm Aero 5% A&D is a Revenue growth +21% YoY 1000 $1 Billion Space 4% 900 800 Business 700 Program backlog $1.46 billion Millions 600 500 400 Key defense programs 300 200 alignment 100 0 Defense 2
Slide 10: Program Portfolio Positioned for Growth
Program Portfolio Positioned for Growth • Top Strategic OEM Customers – Raytheon, Lockheed Martin & Sikorsky, AEHF Northrop Grumman, L3Harris, Boeing • Top Direct Government Customers F-35 LTAMDS – US Army, US Navy, US Air Force, International Ministries of Defence MH-60R • Future Expansion – Commer
Slide 11: Commercial Sector Megatrends
Commercial Sector Megatrends Notes: V2X = Vehicle to Everything ML = Machine Learning LLM = Large Language Models 11
Slide 12: End Market Technology Trends
Data Center Architecture Driving PCB Technology Datacenter Architecture Technology Advancements 2022/2023 2023/2024 2025/2026 Road mapping, Early End Market Technology Trends Core DC-DC 400G 800G 1.6T Switches Engagement and 32-256 Ports Design Collaboration for Differentiated 2022/2023 2023/2024 20
Slide 13: End Market Growth Drivers and Outlook
End Market Growth Drivers and Outlook FY 2024 End Market Growth 2023 – 2028 CAGR 2025 TTM View Net Sales1 Drivers (3rd Party) Increased Use of AESA Radar & Aerospace & Defense 46% Increased Military Equipment 3-5% Above Builds Electric & Autonomous Vehicle & Automotive 13% Safety/ADAS/Infotainment 3
Slide 14: Strategic Focus
Strategic Focus Differentiation Diversification Discipline • Diverse end markets • Engineering depth • Operational execution • Near term – Aerospace • Early engagement • Earnings power and Defense, Data • Technology breadth • Cash flow generation Center Computing and • Global footprint Networking 14
Slide 15: Broad Technology Suite Delivers Enhanced Value
Broad Technology Suite Delivers Enhanced Value Transforming TTM Towards Highly Engineered Products and Advanced Technologies for Differentiation Designed and Engineered Products PCB Microelectronics and Communications RF Components Radar Conventional/Advanced Subsystems Surveillance Aerospace and De
Slide 16: Successful Customer Engagement Model
Successful Customer Engagement Model… Consumer Automotive Production Networking Aerospace & Defense Production RF and System Engineering Build to Specification Pilot Prototype Concept 6 Mo’s 1 yr 2 yrs 3 yrs 4 yrs 5 yrs 6 yrs 7–10 yrs Time Engaging customers from concept to production to improve mar
Slide 17: Global Footprint
Global Footprint (Effective on July 30, 2025) 15 6 14 8 2 7 11 21 3 12 4 16 18 19 1 5 13 20 17 9 10 22 North America Operations (Commercial Plants) Asia Operations – All Commercial 1 Denver – DEN 8 Forest Grove – FG 13 San Jose – SJ 17 Zhongshan – ZS 20 Dongguan – DMC 2 North Jackson – NJ 9 Santa An
Slide 18: New Penang, Malaysia Manufacturing
New Penang, Malaysia Manufacturing • Supporting customers with regional supply chain diversification (China+1) • Factory Specifications – 800,000 square feet – Factory automation with Industry 4.0 – Productivity 150% > China factories – Will employ 1,000 people – Most sustainable factory in TTM – La
Slide 19: New Facility in Syracuse, NY
New Facility in Syracuse, NY • What: Ultra-HDI (High Density Interconnect) PCB manufacturing facility • Where: Adjacent to our existing SYR-A&D location • Why: To address rapidly increasing U.S. Defense demand for capability and capacity in the United States • How: Investment of $100m+ to build a fa
Slide 20: New Eau Claire, Wisconsin Facility
New Eau Claire, Wisconsin Facility • Future high-volume U.S. production of advanced technology PCBs • Data center computing and Networking for generative AI applications • Shortens lead time required to bring new U.S. domestic capacity online • TTM’s largest U.S. facility at 750, 000 square feet 20
Slide 21: Strategic Focus
Strategic Focus Differentiation Diversification Discipline • Diverse end markets • Engineering depth • Operational execution • Near term – Aerospace • Early engagement • Earnings power and Defense, Data • Technology breadth • Cash flow generation Center Computing, and • Global footprint Networking 2
Slide 22: Historical TTM Reported Annual Revenue and Operating Margins
Historical TTM Reported Annual Revenue and Operating Margins Mobility Sale E-MS Closure 3,000 $2,847 12% $2,659 $2,689 $2,533 $2,495 $2,443 10% $2,249 $2,233 $2,095 $2,105 9.6% 9.6% 9.4% Operating Margin1 2,000 9.4% 8.9% 8% Revenue ($mn) 8.8% 8.6% 8.4% 7.6% $1,326 7.0% 6% 1,000 5.3% 4% 2% 0 0% 2 FY
Slide 23: Financial Performance and Targets
Financial Performance and Targets Metric 2024 1H 2025 Long Term Target Revenue growth 9.4% 17% 4-6% Non-GAAP Operating 9.6% 10.8% 11-13% Margin1 Adjusted EBITDA 14.4% 15.2% 15-17% Margin1 Capex 6.3% of Revenue 9.0% 4-5% of Revenue Cash Flow from 9.7% of Revenue 6.3% > 10% of Revenue Operations Retur
Slide 24: Operating Margin Improvement Bridge
Operating Margin Improvement Bridge 14% 0.7% 13.0% 2.2% 12% 0.5% 10% 9.6% 8% 6% 4% 2% 0% Operating Margin FY24 Incremental Revenue Penang Plant Syracuse Plant Target Op. Margin Bridge Also Requires Recovery in Commercial Revenue 24
Slide 25: Strong Cash Flow Enables Flexible Capital Allocation Options
Strong Cash Flow Enables Flexible Capital Allocation Options Cash Flows from Ops Free Cash Flow Capex 400 16% 300 10% 250 8% Cash Flow from Ops Percent of Revenue Free Cash Flow as Percent of Revenue 7.2% Capital Spending as Percent of Revenue 14% 9% 11.6% 6.3% 7% Cash Flow from Ops ($ mn) 8% 6.4% 2
Slide 26: Capital Structure and Liquidity – Q2 25
Capital Structure and Liquidity – Q2 25 Debt Maturity Profile Pro-forma refinancing • Net debt leverage ((debt-cash)/EBITDA) is 1.2x $500 below the low end of our target range of 1.5 – 2.0x and very healthy $4 $150 $329 • No debt maturing until 2028 $70 $4 $4 $4 $4 $80 $3 • Current covenants cap our
Slide 27: Capital Allocation Strategy
Capital Allocation Strategy • Invest in differentiation ─ New product and technology development ─ Leading edge equipment ─ Strategic acquisitions to strengthen product/technology portfolio • Repay debt until <2x net debt/EBITDA ─ $50 million repayment of Term Loan B in January 2023 ─ Net debt/EBITD
Slide 28: Going Forward
Going Forward • Continued focus on markets with growth characteristics and favorable mega-trends • Ongoing investment in differentiation: – Advanced PCB technology capabilities for Generative AI – Engineered RF products for A&D – Manufacturing footprint • Solid Financial Management – Plan in place t
Slide 29: Thank You
TIM Technologies. Inspiring Innovation Thank You
Slide 30: Appendix
TIM Technologies. Inspiring Innovation Appendix
Slide 31: Non-GAAP Reconciliations (TTM Consolidated) Annual
Non-GAAP Reconciliations (TTM Consolidated) Annual $ Millions (except where noted) 2019 2019* 2020* 2021 2022 2023 2024 GAAP Gross Profit $401.7 $377.2 $359.0 $372.0 $458.0 $413.3 $477.4 Add back item: Inventory markup - 0.3 0.3 - Stock-based compensation 3.2 3.1 3.9 4.7 5.8 7.5 9.3 Accelerated Depr
Slide 32: Non-GAAP Reconciliations (TTM Consolidated) 1H 2025
Non-GAAP Reconciliations (TTM Consolidated) 1H 2025 First Two Quarters 2025 Non-GAAP gross profit reconciliation2: GAAP gross profit $ 279,081 Add back item: Amortization of definite-lived intangibles 4,671 Stock-based compensation 5,500 Unrealized gain on commodity hedge (1,059) Other charges - Non