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Enabling Technology. Growing Sustainably. Fourth Quarter and Full Year 2025 Earnings Presentation 1
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2 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 statements made by or on behalf of the Company. Such discussion and statements will often contain words such as “expect,” “anticipate,” “project,” “will,” “should,” “believe,” “intend,” “plan,” “assume,” “estimate,” “predict,” “seek,” “continue,” “outlook,” “may,” “might,” "aim," “can have,” “likely,” “potential,” “target,” “hope,” “goal,” “priority,” “guidance” or "confident" and variations of such words and similar expressions, and relate in this presentation, without limitation, the Company's expected benefits of recent divestitures and acquisitions; integration of these recent acquisitions; product introductions; financial and management capacity; capital deployment; market conditions and demand expectations; record performance in 2026; market trends; product demand; FY 2026 cash flow outlook, including cash interest, cash taxes and net capex; net debt to adjusted EBITDA ratio by end of 2026; full year 2026 considerations; full year 2026 financial guidance for adjusted EBITDA, adjusted earnings per share (EPS), adjusted EPS growth and adjusted free cash flow; and defining success for 2026 and delivering on financial goals. These projections and statements reflect management's estimates, assumptions and expectations with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Such projections and statements are based on the assessment of information available as of the current date, and the Company does not undertake any obligations to provide any further updates. Actual results could differ materially from those expressed or implied in the forward-looking statements if one or more of the underlying estimates, assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the war in Ukraine and other hostilities in the Middle-East as well as actions in response thereto and their impact on market conditions and the global economy; increases in tariffs and/or imposition of new tariffs and other changes in trade policy in the U.S. and other countries, and other economic factors that may affect cost structure and demand, including the cost and availability of raw materials and precious metals; capital requirements and need for and availability of financing; the impact of government regulations on our ability to conduct operations; the impact of changes to privacy, cybersecurity, environment, global trade, tax and other governmental regulations; impairments, including those goodwill and other intangible assets; price volatility and cost environment; inflation and fluctuations in foreign exchange rates; our liquidity, cash flows and capital allocation; funding sources and capital expenditures; outstanding debt and debt leverage ratio; shares repurchases; debt and/or equity issuance, repayments or retirement; expected returns to stockholders; and the impact of acquisitions, divestitures, restructurings, refinancings, impairments and other unusual items, including the Company's ability to integrate and obtain the anticipated benefits, results and synergies from these items or other related strategic initiatives. Additional information concerning these and other factors that could cause actual results to vary is, or will be, included in the Company’s periodic and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. This data is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that may be achieved in the future. 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, adjusted earnings per share (EPS), adjusted common shares outstanding, adjusted free cash flow; financial guidance related to adjusted EBITDA, adjusted EPS, adjusted EPS growth and adjusted free cash flow for the full year of 2026 and net debt to adjusted EBITDA ratio. The Company also evaluates and presents its results of operations on a constant currency and organic basis. The definitions and reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in the footnotes and appendix of this presentation and in the Company’s earnings release dated February 17, 2026 (the “Release”), a copy of which can be found on the Company’s website at www.elementsolutionsinc.com. This presentation should be read in conjunction with the Release. Management internally reviews these non-GAAP measures to evaluate performance and liquidity on a comparative period-to-period basis in terms of absolute performance, trends and expected future performance with respect to the Company’s business and believes that these non-GAAP measures provide investors with an additional perspective on trends and underlying operating results on a period-to- period comparable basis. The Company also believes that investors find this information helpful in understanding the ongoing performance of its operations as well as their ability to generate cash separate from items that may have a disproportionate positive or negative impact on its financial results in any particular period or that are considered to be associated with its capital structure. These non-GAAP financial measures, however, have limitations as analytical tools, and should not be considered in isolation from, a substitute for, or superior to, the related financial information that the Company reports in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements, and may not be completely comparable to similarly titled measures of other companies due to potential differences in calculation methods. In addition, these measures are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded or included in determining these non-GAAP financial measures. Investors are encouraged to review the definitions and reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures included herein and in the Release, and not to rely on any single financial measure to evaluate the Company’s businesses. The Company provides full year 2026 guidance with respect to adjusted EBITDA, adjusted EPS, adjusted EPS growth, adjusted free cash flow and net debt to adjusted EBITDA ratio only on a non-GAAP basis. Reconciliations of such forward-looking non-GAAP measures to GAAP are excluded in reliance upon the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K due to the inherent difficulty in forecasting and quantifying, without unreasonable efforts, certain amounts that are necessary for such reconciliations, including adjustments that could be made for restructurings, refinancings, impairments, divestitures, integration and acquisition related expenses, share-based compensation amounts, non-recurring, unusual or unanticipated charges, expenses or gains, adjustments to inventory and other charges reflected in its reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.
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3 Full Year 2025 Highlights ▪ New records for net sales, adjusted EBITDA* and adjusted EPS* ▪ 10% Electronics Organic Net Sales Growth* • Outpacing printed circuit board and semiconductor market growth1 in 2025 ▪ Specialties Segment margin expansion despite broad industrial market softness • +800 bps improvement in gross margin in past 3 years Operational Excellence Prudent Capital Allocation High-performance electronics paste and inks focused on specialty, high-value niches Brings highly-complementary capabilities, strong brand and team Creates ~$2 billion market-leading Electronics performance technology portfolio Leading supplier of niche, rare gases, advanced materials and associated services to high-growth semiconductor manufacturing, electrical transmission infrastructure and satellite propulsion end-markets 1. As measured by printed circuit board area (square meters) from Prismark and SEMI Quarterly Shipments of Silicon* Materials in Million of Square Inches (MSI) * These financial measures, on this slide and subsequent slides, are not prepared in accordance with GAAP. For definitions, discussions of adjustments and reconciliations, please refer to the footnotes and appendix of this presentation
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4 Fourth Quarter 2025 Financial Results Constant Currency* Organic* ($ in millions) Q4 2025 Q4 2024 YoY YoY YoY Net Sales $676 $624 8% 6% 10% Electronics 487 401 21% 20% 13% Specialties 189 223 (15%) (18%) 4% Diluted EPS $0.03 $0.23 Adj. EBITDA* $136 $130 5% 3% % margin 20.2% 20.8% (60 bps) (70 bps) Electronics 95 87 10% 8% % margin 19.6% 21.6% (200 bps) (210 bps) Specialties 41 43 (5%) (7%) % margin 21.6% 19.4% 220 bps 260 bps Adj. EPS* $0.37 $0.35 6% ▪ Organic net sales* increased 10% year-over-year led by high-end electronics growth from AI and data center investment ▪ Electronics segment organic growth* of 13% with all three business verticals growing double digits ▪ Specialties organic growth* of 4% with modest volume improvement in core Industrial surface treatment and 9% Energy Solutions growth ▪ Constant currency adj. EBITDA* increased 8% excluding the impact of the Graphics divestiture ▪ Steep tin and silver price increases contributed high-single digit reported sales growth to Electronics and negatively impacted adj. EBITDA* and free cash flow* in the quarter due to hedge timing which should be recaptured in 2026 ▪ Excluding net sales from Assembly pass-through metals ($141 million), adj. EBITDA* margin would have been 25.5%, a 40bps improvement YoY1 ▪ Adjusted EPS* increase of 6%, despite impact of Graphics divestiture Note: Totals may not sum due to rounding or due to varying sizes of the two reportable segments * See non-GAAP definitions and reconciliations in the appendix 1. Calculation for adjusted EBITDA* margin excluding net sales from Assembly pass -through metals is $136 million in adjusted EBITDA* divided by ($676 million net sales less $141 million metals net sales)
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5 Full Year 2025 Financial Results Constant Currency* Organic* ($ in millions) FY 2025 FY 2024 YoY YoY YoY Net Sales $2,551 $2,457 4% 3% 6% Electronics 1,786 1,561 14% 14% 10% Specialties 765 896 (15%) (15%) 1% Diluted EPS $0.79 $1.00 Adj. EBITDA* $548 $535 2% 2% % margin 21.5% 21.8% (30 bps) (30 bps) Electronics 382 362 6% 5% % margin 21.4% 23.1% (170 bps) (180 bps) Specialties 165 173 (5%) (4%) % margin 21.6% 19.3% 230 bps 250 bps Adj. EPS* $1.49 $1.44 3% ▪ Organic net sales* increased 6% led by broad-based Electronics growth of 10% ▪ Double digit organic growth* in Circuitry and Semiconductor led by AI and data center driven demand for advanced PCB chemistry and advanced packaging metallization solutions ▪ Organic growth* in Specialties of 1% despite soft western industrial end markets ▪ Constant currency adj. EBITDA* increased 7% excluding the impact of the Graphics divestiture ▪ Excluding net sales from Assembly pass-through metals ($481 million), adj. EBITDA* margin of 26.5%, a 60 bps increase YoY1 ▪ Record Adjusted EPS*, increasing 3% despite impact of the Graphics divestiture Note: Totals may not sum due to rounding or due to varying sizes of the two reportable segments * See non-GAAP definitions and reconciliations in the appendix 1. Calculation for adjusted EBITDA* margin excluding net sales form Assembly pass-through metals is $548 million in adjusted EBITDA* divided by ($2.55 billion net sales less $481 million metals net sales)
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6 Full Year 2025 Segment Details Market Commentary Electronics * See non-GAAP definitions and reconciliations in the appendix 1. Note segment total includes $24M in Q1 2025 Graphics sales Note that totals may not sum due to rounding Net Sales ($ in millions) Organic Growth* Key Drivers Assembly $907 8% Increased consumer electronics demand in Asia and the Americas and strength in high- performance computing end markets Circuitry $528 10% AI and data center investment driving demand for advanced metallization solutions Semiconductor $351 13% Growth in wafer plating and advanced packaging material solutions; power electronic growth with new EV customers Total $1,786 10% Net Sales ($ in millions) Organic Growth* Key Drivers Industrial $651 0% Growth in Asian automotive end markets offset by lower European industrial activity Energy $89 7% Growth from market strength, competitive wins, and continued pricing actions Total1 $765 1% Specialties
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7 Balance Sheet and Cash Flow Considerations FY 2025 Capital Structure $ millions FY 2025 FY 2026 Cash Interest $69 ~$80 Cash Taxes $99 ~$120 Net Capex* $61 ~$75 • FY 2025 adjusted free cash flow* of $256 million o Q4 2025 adjusted free cash flow* of $83 million o $40M+ of working capital investment and hedge outflows associated with rapid rise in metal prices • Net capex of $61 million o Strategic growth projects such as nano-copper manufacturing capacity expansion to continue into 2026 o Maintenance capex requirements remain modest and long-term investment level (~2% of sales) remain unchanged • Closed EFC acquisition Jan 2, 2026 for $369 million, net of cash1 • Closed Micromax acquisition Feb 2, 2026 for approximately $500 million, net of cash1 • Net debt to adj. EBITDA ratio* of 1.8x on an LTM basis as of December 31, 2025 • $450M in term loan add-on as of Feb 2, 2026 with an effective interest rate of ~4.3% when including $350M of fixed-rate, cross currency swaps • Expect to reduce leverage ratio by half of a turn to approximately 2.5x by the end of 2026, barring any further capital deployment Note: Totals may not sum due to rounding * See non-GAAP definitions and reconciliations in the appendix 1. Subject to customary post closing adjustments 2. See p.11 for reconciliation to Adjusted Shares Outstanding 3. Based on Element Solutions’ closing stock price of $24.99 at December 31, 2025 Key Cash Flow Items Balance Sheet Management FY 2025 Cash Flow Uses and FY 2026 Outlook Instrument (in millions) Term Loans $836 Senior Notes due 2028 800 Total Debt $1,636 Cash Balance 627 Net Debt $1,010 Adjusted Shares Outstanding2 245 Market Capitalization3 $6,115 Total Capitalization $7,125
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8 Full Year 2026 Financial Guidance As of February 2026 FY Adjusted EPS* Guidance $1.70 to $1.75 before any contribution from potential incremental capital allocation FY Adj. EBITDA* Guidance $650 million to $670 million1 reflects expected full-year contribution of Micromax and EFC acquisitions FY 2026 Considerations ▪ Expect continuation of 2025 demand dynamics ▪ Robust demand in leading-edge applications for high-performance computing and datacenter adjacent applications ▪ Growth in power electronics from new EV customers ▪ Continuation of 2025 demand dynamics ▪ $5M adj. EBITDA* headwind from Graphics comparison in Q1 ’26 ▪ EFC to contribute positively to growth rate and margin Electronics Specialties * See non-GAAP definitions and reconciliations in the appendix 1. Based on FX rates and metals prices as of Jan 2026
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9 Defining Success for 2026 Execution and share gain in key growth areas to deliver market outperformance Customer traction and supply chain progress for emerging technologies Successful integrations Mid to high teens adj. EPS* growth * See non-GAAP definitions and reconciliations in the appendix
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Enabling Technology. Growing Sustainably. Appendix 10
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11 Reconciliation to Adjusted Share Counts (amounts in millions) Q4 2025 Q4 2024 FY 2025 (Average) FY 2024 (Average) Basic common shares outstanding 243 242 242 242 Number of shares issuable upon vesting of granted Equity Awards1 2 2 2 2 Adjusted common shares outstanding 245 245 244 245 Note: Totals may not sum due to rounding 1. Equity awards with targets that are considered probable of achievement vested at target level
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12 Net Income Reconciliation to Adjusted EBITDA ($ millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Net income $98 $48 $39 $6 $191 Add (subtract): Income tax expense 18 16 16 25 75 Interest expense, net 14 13 13 13 53 Depreciation expense 10 10 10 11 41 Amortization expense 27 29 29 26 110 EBITDA 167 114 107 81 470 Adjustments to reconcile to Adjusted EBITDA: Restructuring expense 1 2 2 1 6 Acquisition, integration and transaction expenses 8 3 11 12 35 Foreign exchange losses on intercompany loans 6 11 12 — 28 (Gain) loss on divestitures (72) 6 7 1 (59) Unrealized losses (gains) on metals derivative contracts 11 (4) 6 3 17 Debt financing costs 2 — — — 2 2025 executive share grants — — — 37 37 Other, net 5 4 2 1 12 Adjusted EBITDA $128 $136 $147 $136 $548 MacDermid Graphics Solutions Adjusted EBITDA $5 — — — $5 Adjusted EBITDA excluding Graphics $123 $136 $147 $136 $542 Net income margin % 16.5% 7.6% 6.0% 0.9% 7.5% Adjusted EBITDA margin % 21.6% 21.7% 22.4% 20.2% 21.5% Note: Totals may not sum due to rounding
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13 Net Income Reconciliation to Adjusted EBITDA ($ 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 Depreciation expense 10 10 10 10 40 Amortization expense 30 30 29 28 118 EBITDA 124 129 131 119 502 Adjustments to reconcile to Adjusted EBITDA: Restructuring expense (income) 2 4 (0) 2 8 Acquisition, integration and transaction expenses 2 3 6 10 22 Foreign exchange (gains) losses on intercompany loans (7) (4) (14) 0 (24) Unrealized losses (gains) on metals derivative contracts 1 1 2 (7) (4) Debt refinancing costs — — 0 0 1 Kuprion Acquisition research and development charge 4 — — — 4 Other, net 2 3 17 6 27 Adjusted EBITDA $127 $135 $143 $130 $535 Net income margin % 9.7% 15.2% 6.3% 8.8% 10.0% Adjusted EBITDA margin % 22.1% 22.1% 22.1% 20.8% 21.8% Note: Totals may not sum due to rounding
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14 ($ millions, except per share amounts) Q4 2025 Q4 2024 FY 2025 FY 2024 Net income $6 $55 $191 $245 Income from discontinued operations, net of tax — — — (2) Net income attributable to non-controlling interests (0) (0) (0) (0) Reversal of amortization expense 26 28 110 118 Adjustment to reverse incremental depreciation expense from acquisitions 0 0 1 1 Restructuring expense 1 2 6 8 Acquisition, integration and transaction expenses 12 10 35 22 Foreign exchange losses (gains) on intercompany loans — 0 28 (24) Loss (gain) on divestitures 1 — (59) — Unrealized losses (gains) on metals derivative contracts 3 (7) 17 (4) Debt financing costs — 0 2 1 Kuprion Acquisition research and development charge — — — 4 2025 executive share grants 37 — 37 — Other, net 1 6 12 27 Tax effect of pre-tax non-GAAP adjustments (16) (8) (38) (30) Adjustment to estimated effective tax rate 19 (1) 21 (13) Adjusted net income $90 $85 $363 $352 Adjusted earnings per share $0.37 $0.35 $1.49 $1.44 Adjusted common shares outstanding1 245 245 244 245 Note: Totals may not sum due to rounding 1. See p.11 for a reconciliation to Adjusted Share Counts Net Income Reconciliation to Adjusted EPS
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15 Net Debt to Adjusted EBITDA Ratio Reconciliation ($ millions) FY 2025 Net income $191 Add (subtract): Income tax expense 75 Interest expense, net 53 Depreciation expense 41 Amortization expense 110 EBITDA 470 Adjustments to reconcile to Adjusted EBITDA: Restructuring expense 6 Acquisition, integration and transaction expenses 35 Foreign exchange losses on intercompany loans 28 Gain on divestitures (59) Unrealized losses on metals derivative contracts 17 Debt refinancing costs 2 2025 executive share grants 37 Other, net 12 Adjusted EBITDA $548 Net Debt $1,010 Net Debt to Net Income Ratio 5.3x Net Debt to Adjusted EBITDA Ratio 1.8x Note: Totals may not sum due to rounding
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16 Quarterly Results Overview 2024 2025 ($ millions) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net Sales Electronics $349 $392 $419 $401 $394 $439 $465 $487 Specialties 226 221 226 223 199 186 191 189 Total Net Sales $575 $613 $645 $624 $594 $625 $656 $676 Net Income $56 $93 $40 $55 $98 $48 $39 $6 Adjusted EBITDA Electronics $84 $92 $99 $87 $89 $97 $102 $95 Specialties 43 43 44 43 40 40 45 41 Total Adjusted EBITDA $127 $135 $143 $130 $128 $136 $147 $136 Note: Totals may not sum due to rounding
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17 Organic Net Sales Reconciliation Three Months Ended December 31, 2025 Reported Net Sales Impact of Currency Constant Currency Change in Pass- Through Metals Pricing Divestitures Organic Net Sales Electronics 21% (2)% 20% (7)% —% 13% Specialties (15)% (2)% (18)% —% 22% 4% Total 8% (2)% 6% (4)% 8% 10% Note: Totals may not sum due to rounding or due to varying sizes of the two reportable segments Twelve Months Ended December 31, 2025 Reported Net Sales Impact of Currency Constant Currency Change in Pass- Through Metals Pricing Divestitures Organic Net Sales Electronics 14% (1)% 14% (4)% —% 10% Specialties (15)% 0% (15)% —% 16% 1% Total 4% 0% 3% (3)% 6% 6%
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18 (dollars in millions) Q4 2025 Q4 2024 2025 2024 Cash flows from operating activities $91 $139 $290 $362 Capital expenditures (17) (22) (62) (68) Proceeds from disposal of property, plant and equipment 1 — 2 — Adjustments 8 27 Adjusted free cash flow $83 $116 $256 $294 Note: Totals may not sum due to rounding Adjusted Free Cash Flow Reconciliation
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19 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 excl usion of certain expenses in calculating adjusted EPS facilitates operating performance comparisons on a period -to-period basis. Adjusted EPS is defined as n et income adjusted to reflect adjustments consistent with the Company’s definition of adjusted EBITDA. Additionally, the Company eliminates amortization expense associated with intangible assets, incremental depreciation associated with the step-up of fixed assets and incremental cost of sales associated with the step-up of inventories recognized in purchase accounting for acquisitions. The res ulting adjusted net income is then divided by the Company's adjusted common shares outstanding. Adjusted common shares outstanding represent the shares outstanding as of the balance sheet date for the quarter-to-date period and an average of each quarter for the year -to-date period, plus shares issuable upon exercise or vesting of all outstanding equity awards (assuming a performance achievement ta rget level for equity awards with targets considered probable). The Company uses a non-GAAP effective tax rate of 20%, as described in the Release. This rate, which reflects the Company's estimated long -term expectations for taxes to be paid on its adjusted non -GAAP earnings, is consistent with how management evaluates the Company's financial performance. The Company also believes that providing a fix ed rate facilitates comparisons of business performance from period to period. This non-GAAP effective tax rate is lower than the average of the statutory tax rates applicable to the Company's jurisdictional mix of earnings, primarily because it reflects tax benefits derived from U.S. tax attribute carryforwards, which consist of operating losses and tax credits. Without taking into account these benefits and other similar adjustments, the Company projects its non -GAAP effective tax rate would be 24.7% based on its results for the full year 2025. This rate would have resulted in a $0.09 reduction in Adjusted EPS fpr the year ended December 31, 2025. Constant Currency: The Company discloses net sales and adjusted EBITDA on a constant currency basis by adjusting results to exclude the impact of changes due to the translation of foreign currencies of its international locations into U.S. dollars. Management believes this non-GAAP financial information facilitates period-to-period comparison in the analysis of trends in business performance, thereby providing valuable supplemental information regarding its results of operations, consistent with how the Company internally evaluates its financial results. The impact of foreign currency translation is calculated by converting the Company's current-period local currency financial results into U.S. dollars using the prior period's exchange rates and comparing these adjusted amounts to its prior period reported results. The difference between actual growth rates and constant currency growth rates represents the estimated impact of foreign currency translation. EBITDA and Adjusted EBITDA: EBITDA represents earnings before interest, provision for income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA, excluding the impact of additional items included in GAAP earnings which the Company believes are not representative or indicative of its ongoing business or are considered to be associated with its capital structure, as described in the Release. Adjusted EBITDA for each segment also includes an allocation of corporate costs, such as compensation expense and professional fees. Management believes adjusted EBITDA and adjusted EBITDA margin provide investors with a more complete understanding of the long-term profitability trends of the Company’s business and facilitate comparisons of its profitability to prior and future periods. However, these measures, which do not consider certain cash requirements, should not be construed as an alternative to net income or cash flows from operations as a measure of profitability or liquidity. Net Debt to Net Income and Net Debt to Adjusted EBITDA Ratios: Net debt is a non-GAAP measure and is comprised of total debt (current installments of long-term debt, revolving credit facilities and long- term debt), excluding unamortized discounts and debt issuance costs, which totaled $10.3 million at December 31, 2025, less cash. For the non-GAAP reconciliation of Net debt, please refer to the "FY 2025 Capital Structure" table on page 7. Net debt to net income ratio and net debt to adjusted EBITDA ratio is net debt divided by net income and adjusted EBITDA, respectively. Free Cash Flow and Adjusted Free Cash Flow: Free cash flow is defined as net cash flows from operating activities less net capital expenditures. Net capital expenditures include capital expenditures less proceeds from the disposal of property, plant and equipment. Adjusted free cash flow for 2025 is defined as net cash flows from operating activities less (1) net capital expenditures, (2) non-recurring payments associated with a multi-year tax settlement and (3) professional fees, non-recurring expenses and taxes paid in association with acquisitions and divestitures. Management believes that these non-GAAP measures, which measure the Company’s ability to generate cash from its business operations are important financial measures for evaluating the Company's liquidity. Free cash flow and adjusted free cash flow should be considered as additional measures of liquidity to, rather than as substitutes for, net cash provided by operating activities. Organic Net Sales Growth: Organic net sales growth is defined as net sales excluding the impact of foreign currency translation, changes due to the pass-through pricing of certain metals, and acquisitions and/ or divestitures, as applicable. Management believes this non-GAAP financial measure provides investors with a more complete understanding of the underlying net sales trends by providing comparable net sales over differing periods on a consistent basis. For the three months ended December 31, 2025, Electronics' consolidated results were positively impacted by $26.9 million of pass-through metals pricing and Specialties consolidated results were negatively impacted by $48.8 million of divestitures. For the twelve months ended December 31, 2025, Electronics' consolidated results were positively impacted by $64.4 million of pass-through metals pricing and Specialties consolidated results were negatively impacted by $139 million of divestitures.