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Investor Day 2025 To Make Tomorrow’s Technologies Possible TM
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Welcome and Opening Remarks Nahla Azmy VP, Investor Relations TM
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3 Forward Looking Statements & Non-GAAP Financial Measures Forward Looking Statements On January 15, 2025, DuPont de Nemours, Inc. ("DuPont") announced it is targeting November 1, 2025, to completethe intended separation of its electronics business (the “Intended Qnity Separation”) by way of a spin-off transaction, thereby creating Qnity Electronics, Inc. ("Qnity"), a new independent, publicly traded electronics company. The Intended Qnity Separation will not require a shareholder vote and is subject to satisfaction of customary conditions, including final approval by DuPont's Board of Directors, receipt of tax opinion from counsel, the completion and effectiveness of the Form 10 registration statement ("Qnity FOrm 10") filed with the U.S. Securities and Exchange Commission ("SEC"), applicable regulatory approvals and satisfactory completion of financing. Effective in the first quarter of 2025, in light of the Intended Qnity Separation, DuPont realigned its management and reporting structure. This realignment resulted in a change in reportable segments in the first quarter of 2025 which changed the manner in which DuPont reports financial results by segment. As a result, commencing with the first quarter of 2025, the businesses to be separated as part of the Intended Qnity Separation are reported separately from the other businesses of DuPont. This presentation contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "project," "believe," "seek," "see," "will," "would," "target," “stabilization,” “confident,” “preliminary,” “initial,” ”drive,” “innovate” and similar expressions and variations or negatives of these words. Forward- looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which that are beyond Qnity’s control, that could cause actual results to differ materially from those expressed in any forward- looking statements. Forward-looking statements are not representations or warranties or guarantees of future results. Some of the important factors that could cause Qnity’s actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: the ability of DuPont to effect the Intended Qnity Separation and to meet the conditions related thereto; the possibility that the Intended Qnity Separation will not be completed within the anticipated time period or at all; the possibility that the Intended Qnity Separation will not achieve its intended benefits; the impact of Intended Qnity Separation on Qnity’s business and the risk that the separation may be more difficult, time-consuming or costly than expected, including the impact on Qnity’s resources, systems, procedures and controls, diversion of management’s attention and the impact and possible disruption of existing relationships with customers, suppliers, employees and other business counterparties; the possibility of disruption, including disputes, litigation or unanticipated costs, in connection with the Intended Qnity Separation; the uncertainty of the expected financial performance of Qnity following completion of the Intended Qnity Separation; the outcome of any pending or future litigation related to PFAS, including personal injury claims and natural resource damages claims; the extent and cost of ongoing remediation obligations and potential future remediation obligations; and changes in laws and regulations applicable to PFAS chemicals; indemnification of certain legacy liabilities and Qnity’s applicable percentage for the costs as described more fully in the most recent amendment to the registration statement on Form 10 on file with the SEC; the risks and uncertainties, including increased costs and the ability to obtain raw materials and meet customer needs from, among other events, pandemics and responsive actions; adverse changes in worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions; and other factors beyond Qnity’s control, including tariffs, inflation, recession, military conflicts, natural and other disasters or weather-related events; the ability to offset increases in cost of inputs, including raw materials, energy and logistics; the risks associated with continuing or expanding trade disputes or restrictions, new or increased tariffs or export controls including on exports to China of U.S.-regulated products and technology; and other risk factors discussed in Qnity’s most recent amendment to its registration statement on Form 10 filed with the Securities and Exchange Commission. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Qnity’s consolidated financial condition, results of operations, credit rating or liquidity. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Qnity assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Non-GAAP Financial Measures This presentation includes information that does not conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are considered non-GAAP measures. The non-GAAP measures presented are derived the financial statements included in the Qnity Form 10 and are not necessarily indicative of the future possible key performance indicators (“KPIs”) or non-GAAP measures of Qnity.. Qnity believes these non-GAAP financial measures are useful to investors because they provide additional information related to the performance of Qnity on an as managed by DuPont basis. These non-GAAP financial measures supplement disclosures prepared in accordance with U.S. GAAP and should not be viewed as an alternative to U.S. GAAP. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Reconciliations for these non-GAAP measures to their most directly comparable U.S. GAAP financial measures are provided in the Appendix. Non-GAAP measures included in this presentation are defined below. Operating EBITDA is defined as earnings (i.e., “Income before income taxes") before interest, depreciation, amortization, non- operating pension / OPEB benefits / charges, foreign exchange gains / losses , indirect legacy costs, and adjusted for significant items. The reference to Future Reimbursable Indirect Costs is deleted from the definition of Operating EBITDA as Qnity does not have Future Reimbursable Indirect Costs in any of the periods presented. Operating EBITDA Margin is defined as Operating EBITDA divided by Net Sales. Significant items are items that impact Qnity and arise outside the ordinary course of DuPont’s business that management believes may cause misinterpretation of underlying business performance, both historical and future, based on a combination of some or all of the item’s size, unusual nature and infrequent occurrence. Management classifies as significant items certain costs and expenses associated with integration and separation activities related to transformational acquisitions and divestitures as they are considered unrelated to ongoing business performance. Indirect legacy costs relate to cost sharing arrangements executed between DuPont and Qnity at the time of the separation. Such costs include certain litigation and environmental-related shared costs and indirect cost sharing arrangements, and are excluded from Operating EBITDA, as defined above, as they are considered unrelated to ongoing Qnity business performance. Pro Forma Operating EBITDA is defined as Pro Forma earnings (i.e., “ Pro Forma Income before income taxes") before Proforma adjustments related to interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, foreign exchange gains / losses , indirect legacy costs, and adjusted for significant items. Adjusted Pro Forma Operating EBITDA is defined as Pro Forma Operating EBITDA less recurring management adjustments as presented in the Appendix. Adjusted Pro Forma Operating EBITDA Margin is defined as Adjusted Pro Forma Operating EBITDA divided by Net Sales. Adjusted Free Cash Flow is defined as pro forma cash provided by/used for operating activities less capital expenditures and excluding the impact of indirect legacy costs related to cost sharing arrangements executed between DuPont and Qnity at the time of separation, IT independence costs, and separation-related transaction cost, as well as cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company's underlying business liquidity.
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4 Today’s Speakers & Agenda Jon Kemp Chief Executive Officer 15+ years Electronics Experience Randy King Chief Technology & Sustainability Officer 35+ years Innovation Experience Matt Harbaugh Chief Financial Officer 30+ years Financial Experience 2:00 PM Welcome and Opening Remarks Nahla Azmy | Vice President, Investor Relations Delivering Critical Solutions to Semiconductor Value Chain Jon Kemp | Chief Executive Officer Accelerating Growth through Innovation Randy King | Chief Technology & Sustainability Officer Executing with Excellence Jon Kemp | Chief Executive Officer Driving Long-Term Value Creation Matt Harbaugh | Chief Financial Officer 3:15 PM Closing Remarks Jon Kemp | Chief Executive Officer 3:20 PM Break 3:30 PM Q&A TM
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Delivering Critical Solutions to Semiconductor Value Chain Jon Kemp Chief Executive Officer TM
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6 Qnity: A Broad Pure-Play Technology Leader for the Fast-Growing Semiconductor Market End-to-end portfolio breadth for solutions to the semiconductor value chain; >65% of portfolio tied directly to semiconductors1 Leading the transition to advanced nodes with 90% unit-based consumables Decades-long partnerships with global leaders serving ~80% of the market Global network with local-for-local operating model & flexible supply chains Driving financial outperformance in rapidly growing semiconductor market Strong balance sheet & robust free cash flow to optimize capital allocation Non-exhaustive list of customers 1) Including chip fabrication, advanced packaging and thermal management
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7 Who We Are What We Do Where We’re Going Why We Win Target Outcomes Established, pure-play technology leader… …providing unparalleled portfolio breadth and depth… …that enables sustainable above-market growth… …built on deep and lasting customer relationships… …positioned to deliver on strong total shareholder returns Qnity Investment Highlights 7TM
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8 Our Purpose and Strategy To be a premier technology solutions provider across the semiconductor value chain, empowering AI, high performance computing, and advanced connectivity • Innovative portfolio built on decades of leading-edge products and solutions • Mission-critical strategic Partner of Choice to fabs and industry leading OEMs • Best-in-class operating model with excellence and consistency in performance, quality, and reliability Making Tomorrow’s Technologies Possible
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9 Qnity: A Premier Global Solutions Provider for the Semiconductor Value Chain AI = Artificial Intelligence; HPC = High Performance Computing. 1) Qnity Adjusted Pro Forma Operating EBITDA is a non-GAAP financial measure and is defined as Pro Forma earnings (i.e., “ Pro Forma Income before income taxes") before Pro Forma adjustments related to interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, foreign exchange gains / losses, indirect legacy costs, and adjusted for significant items. Reflects the recurring stand-alone public company costs of ~$96 million expected to be incurred annually following spin-off. Adjusted Pro Forma Operating EBITDA Margin is defined as Pro Forma Adjusted Operating EBITDA divided by Net Sales. Refer to appendix for reconciliations of relevant non-GAAP financial metrics to the most directly comparable GAAP measures. 2) Includes Hong Kong. Financials ~$4.6B Net Sales ~30% Adjusted Pro Forma Operating EBITDA Margin Global Footprint 2025E1 ~10,000 Employees 80+ Countries Served 39 Manufacturing Facilities End-Markets Net Sales 2024 Regions Net Sales 2024 ~40% ~20% ~15% ~15% ~10% Communication Infrastructure AI / HPC / Data Center Consumer Electronics Industrials/ Other Automotive Americas ~34% ~45% ~8% ~13% China2 All other Asia EMEA
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10 Who We Are What We Do Where We’re Going Why We Win Target Outcomes Established, pure-play technology leader… …providing unparalleled portfolio breadth and depth… …that enables sustainable above-market growth… …built on deep and lasting customer relationships… …positioned to deliver on strong total shareholder returns Qnity Investment Highlights 10TM
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11 CMP= Chemical Mechanical Planarization; PCB = Printed Circuit Board; OLED = Organic Light-Emitting Diode; EMI = Electromagnetic Interference; TIM = Thermal Interface Materials. 1960 – 2000 2000 – 2020 Today and Beyond Established Track Record of Delivering Innovative, Breakthrough Technologies OLED Materials Gracel Highspeed Laminates for Data Centers Interra® HK EMI Shielding Gaskets Kapton® Black and Artificial Graphite Sheets Dispensable TIM & EMI Solutions CMP Pad Ikonic and Vision CMP Slurries Acuplane and Optiplane CMP Cleans TMAH-free Copper ArF Lithography Advancements EPIC 193 and Embedded Barrier Layers CMP Pads & Slurry SUBA and IC 1000 i-line, 248nm, 193nm Photoresists, BARC Materials Post-etch HDA® Cleans Kalrez® Parts Polymide films Kapton® and Pyralux Laminates Photosensitive Dielectrics CYCLOTENE PCB Photoresist Riston® Copper Plating Microfill Advanced Node CMP Materials Pads, Slurries and Cleans Advanced Node Lithography Materials EUV Photoresist, BARC High Performance Thermal Solution Tflex SF10 Micro Bumps for Advanced Packaging SOLDERON TS7100 UV Curable/Printable Nano-Silver-Wire Inks Skyton IC Substrates for Advanced Packaging
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12 Device OEMs Equipment Manufacturing Qnity Portfolio Providing Critical Integrated Solutions Across the Value Chain NOTE: Logos indicate market players; Not an exhaustive list. 1) Includes fabless, foundry, and Integrated Device Manufacturers. Leading Players Assembly & Display Embed Circuit Boards into Devices Design and Produce Printed Circuit Boards PCB Building Encase and Connect the Chip to Circuitry Advanced Packaging Design & Manufacture Semiconductor Chips Chip Fabrication1
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13 Bringing Solutions at Every Stage of Manufacturing & Assembly NOTE: Represents board level consumables. Kalrez® and Display Materials not pictured above. Chip Fabrication CMP Pads CMP Slurries Advanced Cleans Lithographic Solutions Advanced Packaging Metallization Substrates Dielectrics Thermal Interface Materials PCB Building Circuit Metallization PCB Photoresists Laminates Films Assembly & Display Thermal Materials EMI Shielding OLED Materials Conductive Adhesives Our Product SolutionsValue Chain
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14 Peer 1 Peer 2 Peer 3 Peer4 Peer 5 Peer 6 Peer 7 Lithographic Materials Advanced Cleans & Slurries1 CMP Pads Technologies Advanced Display Materials Semiconductor Equipment Gases Deposition Advanced Packaging Advanced Circuit Materials Advanced Flex Technologies (AFT) 2 Thermal & EMI Other Assembly Materials Qnity Stands out with Leading Positions Source: Public Filings and Internal Company Analysis. NOTE: List of peers, technologies and solutions not exhaustive. 1) Includes pre- and post-etch. 2) Direct AFT competitors are not typically diversified into broader electronics value chain, e.g., PIAM, Kaneka. Market Position Diversified or Non-U.S. Based Materials PeersU.S.-Based Peers Semiconductor Technologies Interconnect Solutions
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15 Who We Are What We Do Where We’re Going Why We Win Target Outcomes Established, pure-play technology leader… …providing unparalleled portfolio breadth and depth… …that enables sustainable above-market growth… …built on deep and lasting customer relationships… …positioned to deliver on strong total shareholder returns Qnity Investment Highlights 15TM
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16 Powering the Next Leap in Electronics High-Performance Computing Advanced Connectivity Demand Drivers AI & Machine Learning Cloud Computing Data Proliferation Autonomous Driving Systems Device Interconnectivity Edge Computing New Technology Trends Driving Demand for New Material Solutions
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17 $1.0T Strong Secular Growth Trends Are Expected to Continue 17Source: SEMI, McKinsey & Company, and TechInsights. $1.3T $1.1TGlobal Semiconductor Sales $0.35T $0.50T $0.54T $0.73T 2015 2020 2023 2025 2030 Artificial Intelligence High Performance Computing Connectivity / IoT/ 5G Auto Electrification / ADAS Growth Drivers 2030
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18 Communication Infrastructure AutomotiveAI / Data Center Industrials / Other1 Consumer Electronics Key Drivers Cloud computing Higher speed connectivity Thermal management Autonomous driving systems Electric vehicles Internet and mobile demand 5G and beyond IoT expansion End Market Partnering with Customers to Accelerate Innovation in Attractive, High Growth End-Markets 1) Incl. other diverse end markets such as healthcare and others. Edge computing Increased connectivity Number of smart devices Automation and robotics Aerospace & defense Infrastructure development
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19 % of 2024 Net Sales Market CAGR (2024 – 2029) Current TAM 1, 2 ~50% Chip Fabrication MSD $15B ~10% Advanced Packaging HSD $4B ~20% PCB Building LSD – MSD $6B ~20% Assembly & Display MSD $8B ~4-5%3 >$30B Large and Growing Addressable Market Sources: Prismark and Yole NOTE: LSD = Low single digits; MSD = Mid single digits; HSD = High single digits. 1) Excludes material categories where Qnity does not play, such as wafers or photomasks. 2) As of 2024. 3) Weighted average CAGR.
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20 Our Strategy to Outperform the Underlying Market NOTE: All growth rates projected over the three-year planning horizon ending in 2028. ~6-7% Targeted Annualized Organic Net Sales CAGR through 2028 ~4-5% Underlying Market Tailwinds New Technologies End Market Demand Digitization / Connectivity Customer Gain TAM Expansion Content Growth + OUTPERFORM MARKET ~2%
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21 Who We Are What We Do Where We’re Going Why We win Target Outcomes Established, pure-play technology leader… …providing unparalleled portfolio breadth and depth… …that enables sustainable above-market growth… …built on deep and lasting customer relationships… …positioned to deliver on strong total shareholder returns Qnity Investment Highlights 21TM
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22 Partner of Choice to Many of the World’s Most Innovative Companies Customer Segmentation Top 50 Customers 57% Remaining Customers 43% Top 10 Customers 34% ~35 Years Average top 10 customer tenure Significant presence with leading companies, representing ~80% of total market1 7 of top 10 customers buy from both Semiconductor Technologies and Interconnect Solutions 1) Qnity estimates based on total Integrated Device Manufacturer (IDM) and Foundry Revenues (excluding fabless).
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23 APAC Americas EMEA Country with a Qnity facility Plant LabOffice Other Strategic Global Network with a Strong Local-for-Local Presence Network Advantages Customer Intimacy and Speed • Global production and R&D footprint close to customer facilities Supply Chain Resiliency • >80% production sourced in region • >70% raw material spend purchased in region Operational Stability • Leverage global flexibility for agile, continuous supply
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24 Customers depend on partners who can… Co-innovate with R&D and engineers through development and scale-up process Execute with exceptionally high consistency and quality Solve problems across the entire value chain Delivering Customized Solutions that Improve Customer Value Source: Assumptions based on SEMI and TechInsights data relating to AI GPU wafer. 1) Based on production of ~ 100k wafers per month for ~$17k wafer (5nm GPU). As customers scale new technologies… …small increases in yield drive big increases in value 1% improvement in yield can drive up to $200M in value for customers1
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25 Executing with a Best-in-Class Operating Model Efficiency and Productivity Partner of ChoiceCustomer Aligned Innovation Engine • Long standing customer relationships leading to increased opportunities • Market insights across value chain enable solutions with higher content • Maximize customer value through segmentation, AI tools, and analytics • Global supply chain executed locally for speed, quality, and resiliency • Drive productivity through lean, automation, and digital/AI tools • Consistent, reliable, high-quality manufacturing • Prioritize high-impact R&D aligned with customer roadmaps • Optimize global network to drive speed and consistency • Embed AI and analytics to accelerate product development Commercial LeadershipOperations ExcellenceInnovation Depth
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26 Customer Centric Innovation with a Seat at the Design Table Strategy of Highly Customized Solutions Customer Engagement Early understanding of customer roadmap 2-3 years before commercialization Technical Service & Scale Up Local application development support for optimization Continuous Productivity Results Improving yield of customer processes and delivering consistent quality / reliability Early Engagement CustomizationContinuous Improvement Technical Services Scale Up & Production Support Customer Development Process Strategy of Highly Customized Solutions Customer Engagement Early understanding of customer roadmap 2-3 years before commercialization Technical Service & Scale Up Local application engineering for optimization Continuous Productivity Results Improving yield of customer processes and delivering consistent quality and reliability
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27 …Customer Wins with More to Come CMP Pads, Slurries, and Cleans >401 new CMP pads, slurries, and cleans Advanced Photoresists for Lithography >301 new advanced photoresists Thermal Management Materials >301 new thermal management materials Solutions for Advanced Packaging >101 new metallization and dielectric products for advanced packaging Technology Investments Driving Strong Returns Innovation Engine Drives… Note: Not exhaustive list of customer wins. 1) Process of Record (POR) wins over last 3-5 years and are currently in commercial production.
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Accelerating Growth through Innovation Randy King Chief Technology and Sustainability Officer TM
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29TM Core Innovation Tenets Focused innovation to capture and respond to technology inflections Breadth and depth of portfolio creates competitive differentiation Deep customer intimacy gives visibility into customer and industry roadmaps
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30 High-Performance Computing Advanced Connectivity Demand Drivers Technology Inflections More than Moore’s Law 3D Stacking Heterogeneous Integration Miniaturization AI & Machine Learning Cloud Computing Data Proliferation Autonomous Driving Systems Device Interconnectivity Edge Computing Powering the Next Leap in Electronics New Technology Trends Driving Demand for New Material Solutions
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31 EMI = Electromagnetic Interface. Integrated Solutions with Leading Portfolio Breadth Wafer Level Metallization Rigid-Flex Circuit Materials Rigid Circuit Board Process Materials IC Substrates & Dielectrics Passive Component (inductors) Thermal Assembly Materials PCB BuildingChip Fabrication Advanced Packaging Assembly & Display Connectors Leading Edge Lithography Materials Reticle Mask Focusing Optics Photoresist Coated Wafer Image Repeated across Wafer Light CMP Materials and Cleans Conditioner Polishing Platen Polishing Pad Slurry Wafer within Retaining Ring EMI Shielding OLED Display Thermal Management Solution
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32 Portfolio Providing Leading Solutions Across the Manufacturing Cycle Cleaning Doping Etching Patterning Chemical Mechanical Planarization (CMP) Deposition Blank Silicon Wafer Building Displays Cleaning Chip Fabrication Assembly Semiconductor Technologies Interconnect Solutions Advanced Packaging PCB Building Semi Equipment
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33 Technology Leadership in Fast Growing Advanced Packaging WLSCP = Wafer Level Chip Scale Package. 1) Source: Yole. 33 Leader in Semiconductor Fab Materials Leader in Interconnect Materials ~$40B ~$75B Flip-chip 2.5/3D System in a package, Fan-out, WLCSP, Embedded Die Global Advanced Packaging End-Market, USD1 2023 2029 Background Generative AI requires high bandwidth memory (HBM) Unique Qnity Solution R&D leveraged portfolio expertise from Semiconductor Technologies and Interconnect Solutions to develop solution for HBM3 nodes Results Solution Commercialized for HBM3 Replicating solution with additional customers across HBM3 and HBM4 Partnering with Leading-Edge Customers ~11% Advanced Packaging at Intersection of Semiconductor and Interconnects Technology Roadmap
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34 Our Top Innovation Programs Drive Future Growth NOTE: Top programs are non-exhaustive. Yield-Enhancing Pads Adv. Node Photoresists and Sublayers Novel Chemistry for Angstrom-Level Cleans Semi Equipment Components (e.g., seals) High-Res Metallization, Low-Loss Dielectrics for Wafer-Level Packaging Thermal/EMI Management Solutions Multi-Functional Display Materials Advanced Copper Plating and IC Substrates Fineline Metallization Chemistries Dry-Film Photoresists for High Density Interconnects Assembly & DisplayPCB BuildingAdvanced PackagingChip Fabrication
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35 Accelerating Innovation through Data Science and AI What We Are Doing Today Results We Are Achieving Faster product development cycle New ideas and solutions Increased efficiency Result Achieved solution 35% faster than traditional model Harnessing decades of proprietary experimental data Utilizing algorithms to build powerful predictive models Automating data analysis with iterative learning loops Applying molecular modeling to develop targeted formulations In House Case Study Qnity Solution Developed new formulations to improve yield for advanced chip by using AI-assisted machine learning • Human: 100/week • Machine/AI: >100,000/week
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36 Innovation Breakthroughs in Thermal Management for AI-Optimized Servers GPU = Graphics Processing Unit; HBM = High Bandwidth Memory. 1) Source: Gartner. Customer Case Study Background OEMs require solutions to address excessive heat generation in data centers Unique Qnity Solution Rapidly developed multiple solutions leveraging prior breakthroughs in low thermal resistance technologies Results Commercialized solution with top OEM for AI boards (GPU, HBM, other modules) Replicating approach with additional data center customers 36 2023 2029 ~11M ~17M AI-Optimized Server Innovation Leader in Thermal Management Comprehensive Testing Capabilities across Global Footprint Deep Application Engineering Expertise Global Server End-Market1 (shipment units) ~7% Traditional Server
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37 Legacy nodes Advanced nodes ~15 (FinFETs 14nm) ~30 (GAA + BSPD) ~15 (2D DRAM, 1xnm) ~30 (3D DRAM) ~10 (2D NAND, F14) ~40 (3D NAND, Gen10) ~2 (Conv. Packaging) ~20 (Adv. Packaging) New Architectures Create Significant Opportunities for CMP Portfolio MSI = Million Square Inches; GAA = Gate All Around; BSPD = Back-side Power Delivery. Source: Omdia; Qnity estimates. Customer Win Background Customers require ultra-precise pad innovation to reliably produce cutting edge nodes <3nm Unique Qnity Solution Collaborative development of the Emblem line of pads, engaging leading edge fabs as design partners Results Growing business among market leading customer base and a platform for further innovation beyond 2nm 37 2023 2029 ~13k ~17k Legacy Nodes, >7nm Advanced nodes, ≤7nm Logic and Memory Volume (MSI) Qnity pads improve fab yield, critical in high-CMP layer architectures Number of CMP Layers, by Technology Node and Architecture (#) ~3% CAGR ~7% CAGR
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38TM Key Takeaways Focused innovation to capture and respond to technology inflections Breadth and depth of portfolio creates competitive differentiation Deep customer intimacy gives visibility into customer and industry roadmaps
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39TM Two Segments Delivering End-to-End Leading-Edge Solutions Interconnect Solutions (ICS) Semiconductor Technologies (ST) 39TM
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40TM Segment Overview Advanced solutions for integrated circuit fabrication; materials for digital displays and semiconductor equipment CMP Pads Technologies Advanced Cleans & Slurries Technology Lithographic Materials Advanced Display Materials Specialty Seals (Kalrez ®) Semiconductor Technologies
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41 $2,251 $2,450 ~$2,600 2023 2024 2025E Semiconductor Technologies: Building on a Strong Foundation Notes: Reflects FY 24 net sales based on new line of business structure effective first quarter 2025. 1) Qnity Adjusted Pro Forma Operating EBITDA is a non-GAAP financial measure and is defined as Pro Forma earnings (i.e., “ Pro Forma Income before income taxes") before Pro Forma adjustments related to interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, foreign exchange gains / losses , indirect legacy costs, and adjusted for significant items. Includes the segment impacts of pro forma and management adjustments expected to be incurred annually following spin-off related to stand-alone public company costs. Adjusted Pro Forma Operating EBITDA Margin is defined as Pro Forma Adjusted Operating EBITDA divided by Net Sales. Refer to appendix for reconciliations of relevant non-GAAP financial metasures to the most directly comparable GAAP measures. Net Sales Estimated Net Sales by End Market ~12% Communication Infrastructure ~15% Automotive ~19% AI / HPC / Data Center ~12% Industrials / Other ~42% Consumer Electronics $785 $882 $900+ 2023 2024 2025E Adjusted Pro Forma Operating EBITDA and Margin1 ~35% ~36% ~36%
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42 Significant Industry Investment Drives Volume Growth MSI = Million of Square Inches. 1) Source: Omdia. 2) Source: Gartner. Fab Construction Represents Built-in Demand $57B $65B $111B $183B $204B $203B $18B $19B $34B $65B $74B $81B $203B$204B $183B $111B $65B$57B 8,683 9,869 12,187 14,678 15,019 16,716 2010 2015 2020 2022 2026 2028 8,683 9,869 12,187 14,678 15,019 16,716 Global Silicon Shipments Forecast (12-in Equivalent, MSI)1 Global Semiconductor Capital Spending Trend2 Steady Growth in Silicon Shipments 2010 2015 2020 2022 2026 2028
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43 Continuously Shifting Portfolio Towards Advanced Nodes 2019 2024 Advanced2 31% Advanced1,2 31% Advanced1,2 35% Legacy3 69% Legacy1,3 69% Legacy1,3 65% Global Market Composition4 2024 1) % of Sales. 2) Advanced refers to ≤ 7nm process for Logic and all Memory. 3) Legacy refers to >7nm process for Logic. 4) Source: SEMI, Global Wafer per Month, 12-in Equivalent. ~45% 2030+Anticipated Trend
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44 Core Semiconductor Products Positioned for Growth EUV = Extreme Ultraviolet Lithography; DUV = Deep Ultraviolet Lithography. 0.1" Display Materials Specialty Seals (Kalrez ®) CMP Pads CMP Cleans & Slurries Lithographic Materials Innovation leader for performance and quality Industry leading performance for sealing applications Leader in CMP pads with broad portfolio and industry-leading performance Strong in cleans with broad portfolio of highly integrated and customized solutions Critical supplier of advanced Photoresists and functional sublayers Specialty play in OLED materials Specialized seals for extreme environments in Semiconductor and Industrial applications Enables precision wafer polishing for advanced nodes and advanced packaging Critical to defect control in advanced nodes, advanced packaging and high selectivity etchants Supports patterning for legacy and next-gen EUV / DUV applications Strategic Role Differentiators Growth Outlook
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45TM Segment Overview Advanced materials and engineering solutions for advanced packaging, high density interconnect, and circuit assembly Advanced Packaging Advanced Circuit Materials Thermal and EMI (Laird ) Advanced Flex Technologies Interconnect Solutions
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46 $1,784 $1,885 ~$2,000 2023 2024 2025E Interconnect Solutions: Enabling AI through Advanced Packaging and Thermal Solutions Estimated Net Sales by End MarketNet Sales Adjusted Pro Forma Operating EBITDA and Margin1 ~3% Communication Infrastructure ~17% Automotive ~11% AI / HPC / Data Center ~27% Industrials / Other ~42% Consumer Electronics $341 $456 $500+ 2023 2024 2025E ~19% ~24% ~26% Notes: Reflects FY 24 net sales based on new line of business structure effective first quarter 2025. 1) Qnity Adjusted Pro Forma Operating EBITDA is a non-GAAP financial measure and is defined as Pro Forma earnings (i.e., “ Pro Forma Income before income taxes") before Pro Forma adjustments related to interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, foreign exchange gains / losses , indirect legacy costs, and adjusted for significant items. Includes the segment impacts of pro forma and management adjustments expected to be incurred annually following spin-off related to stand-alone public company costs. Adjusted Pro Forma Operating EBITDA Margin is defined as Pro Forma Adjusted Operating EBITDA divided by Net Sales. Refer to appendix for reconciliations of relevant non-GAAP financial measures to the most directly comparable GAAP measures.
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47 Well-Positioned to Capture Growing Customer Demand Source: Prismark Partners. Megatrends AI / HPC / Data Center Smart Electronics Next-Gen Mobility 5G and Beyond Connectivity Growing Interconnect Demand 0 50 100 1 50 200 250 300 1000 1 50 0 2000 2500 3000 2019 2022 2025 2029F ~3.5% CAGR 19-25 ~5.5% CAGR 25-29 ~7.8% CAGR 19-25 ~9.5% CAGR 25-29 ▬ : Electronic Systems value ▬ : IC Packaging assembly value 50 250 450 2019 2022 2025 2029F Automotive ~3.3% CAGR 19-25 ~5.0% CAGR 25-29 50 1050 2050 2019 2022 2025 2029F ~4.4% CAGR 19-25 Industrials ~5.5% CAGR 25-29 50 550 2019 2022 2025 2029F AI/Data Center ~11.2% CAGR 19-25 ~11.2% CAGR 25-29 600 1,100 1,600 2019 2022 2025 2029F ~0.9% CAGR 19-25 ~4.0% CAGR 25-29 Consumer Electronics By Technology Applications: Units: $B By End Market Segments: Units: $B
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48 Broad Solutions and Deep Expertise as Trusted OEM Design Partner Strategic Role Critical solutions for thermal management and signal integrity Leading solutions for smart devices and high reliability industrial applications (AI, A&D, EVs) Leading solutions to support advanced packaging and miniaturization of PCB boards Differentiators System integration expertise, speed of innovation, and portfolio breadth Consistent product performance, application engineering expertise and speed of innovation System level design expertise and customer support model to optimize material performance Growth Outlook Advanced Circuit and Packaging Thermal Management and EMI (Laird ) Advanced Flex Technologies
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49 Primed to Capture Significant Value from Spin-Off Growth Outperformance Deliver strong, above-market growth Sharpened Strategic Focus Drive leadership position for technology inflections Optimized Operating Model Right-size for cost, complexity and impact Calibrate Culture Centered around customers, innovation, speed Capital Discipline Focus on high return growth investments
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50 Who We Are What We Do Where We’re Going Why We Win Target Outcomes Established, pure-play technology leader… …providing unparalleled portfolio breadth and depth… …that enables sustainable above-market growth… …built on deep and lasting customer relationships… …positioned to deliver on strong total shareholder returns Qnity Investment Highlights 50TM
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Driving Long-Term Value Creation Matt Harbaugh Chief Financial Officer TM
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52TM Disciplined, Returns-Focused Strategy to Optimize Long-Term Value Creation Build on strong history of growth Leverage operational excellence to accelerate sustainable, profitable growth Generate robust free cash flow for balanced capital allocation
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53 Strong Foundation of Financial Performance Net Sales ($M) Adjusted Pro Forma Operating EBITDA1 ($M) Adjusted Free Cash Flow2 ($M) $4,035 $4,335 ~$4,600 2023 2024 2025E $1,038 $1,252 ~$1,400 2023 2024 2025E $388 $598 $600+ 2023 2024 2025E ~26% ~29% ~30% 1) Qnity Adjusted Pro Forma OperatingEBITDA is a non-GAAP financial measure and is defined as Pro Forma earnings (i.e., “ Pro Forma Income before income taxes") before Pro Forma adjustments related to interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, foreign exchange gains / losses , indirect legacy costs, and adjusted for significant items. Reflects the recurring stand-alone public company costs of ~$96 million expected to be incurred annually following spin-off. 2) Adjusted Free Cash Flow is defined as pro forma cash provided by/used for operating activities less capital expenditures, IT independence costs, indirect legacy costs, and separation-related transaction cost and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business liquidity. Refer to appendix for reconciliations of relevant non-GAAP financial measures to the most directly comparable GAAP measures.
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54 2024A 2025E Change Drivers Net Sales $4.3B ~$4.6B ~7% Strength in AI driven applications across advanced nodes, advanced packaging, and thermal management Adjusted Pro Forma Operating EBITDA1 ~$1.25B ~$1.4B ~11% Higher net sales and cost productivity actions partially offset by selective growth investments Adjusted Pro Forma Operating EBITDA Margin2 ~29% ~30% ~100 bps Adjusted Free Cash Flow3 ~$598M $600M + NM Improved earnings partially offset by increased capex and NWC to support higher net sales 2025 Full Year Positioned for Continued Growth Momentum 1) Qnity Adjusted Pro Forma Operating EBITDA is a non-GAAP financial measure and is defined as Pro Forma earnings (i.e., “ Pro Forma Income before income taxes") before Pro Forma adjustments related to interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, foreign exchange gains / losses, indirect legacy costs, and adjusted for significant items. Reflects the recurring stand-alone public company costs of ~$96 million expected to be incurred annually following spin-off. 2) Adjusted Pro Forma Operating EBITDA Margin is defined as Pro Forma Adjusted Operating EBITDA divided by Net Sales. 3) Adjusted Free Cash Flow is defined as pro forma cash provided by/used for operating activities less capital expenditures, IT independence costs, indirect legacy costs, and separation-related transaction cost and excluding the impact of cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business liquidity. Refer to appendix for reconciliations of relevant non- GAAP financial measures to the most directly comparable GAAP measures.
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55TM 3-Year Financial Objectives Targets are on average over the three-year period. 1) Net leverage calculation based on Gross debt less Cash /Adjusted Operating EBITDA Strong Profitability ~7-9% Adj. EBITDA Growth CAGR Disciplined Capital Allocation Organic Growth Opportunistic M&A Capital Returns Solid Free Cash Flow Generation Above-Market Growth <3.0x Target Net Debt Leverage1 ~6-7% Organic Net Sales CAGR
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56 Our Strategy to Outperform the Market NOTE: All growth rates projected over the three-year planning horizon ending in 2028. ~6-7% Targeted Annualized Organic Net Sales CAGR through 2028 ~4-5% Underlying Market Tailwinds New Technologies End Market Demand Digitization / Connectivity Customer Gain TAM Expansion Content Growth + OUTPERFORM MARKET ~2%
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57 Balance Sheet Strength Underpins Financial Flexibility for Future Growth ~$3.5B Net Debt $4.1B Gross Debt Senior Secured Term Loan B Facility $2.35B (7 year, ~6%1,2) Senior Secured Note $1B (7 year, 5.750%) Senior Unsecured Note $750M (8 year, 6.250%) $4.1B Gross Debt ~2.5x 2025E Net Leverage4 NOTE: Annualized interest expense of ~$255 million 1) SOFR is defined as Secured Overnight Financing Rate 2) SOFR + 200 bps 3) The amount of cash and cash equivalents retained by Qnity following the Spin-Off, after giving effect to the Spin-Off and the anticipated debt incurred, will depend upon each of Qnity’s and DuPont’s cash flow prior to the Spin-Off and any adjustments to effect the desired capital structure and capital allocation strategy of each of Qnity and DuPont. 4) Net leverage calculation based on Gross debt less Cash /2025E Adjusted Pro Forma Operating EBITDA
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58 Solid Free Cash Flow Supports Balanced Capital Deployment Organic Reinvestment R&D and ongoing capital investments to support growth Capital Returns Target dividend payout ratio ~10%1 Leverage Management Target net leverage <3.0x Opportunistic M&A Selective, focused acquisitions with high return profile 1) Upon final Board approval; Based on Annual Adjusted Net Income.
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59 Enable global / regional capacity to meet customer demands Automation, AI, and digital tools to unlock efficiency, improve quality, and performance Drive ongoing supply chain reliability and quality Full support for top programs in advanced nodes, advanced packaging, and thermal management Advance analytics and leading-edge metrology tools Strategic Capital Investments Aligned with Customer Roadmaps Future R&D Investments Future Capex Investments 70% Growth 30% Maintenance 60% Top Programs 30% Supporting Existing Customers 10% Break- through Technologies ~7% of net sales ~6% of net sales
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60 Potential Focus Areas Advanced Packaging and Thermal Management Leading technologies in next-generation electronics Complementary Semi Consumables Integrate or enhance existing offerings Semiconductor Components or Services Equipment consumables, components, or services M&A to be Part of Our Future for Accelerating Long-Term Shareholder Returns Strategic Criteria Expands portfolio in fast-growing adjacencies Accelerates technology leadership with cutting-edge capabilities Diversifies sales with new solutions that deepen customer intimacy Attractive financial profile to amplify and accelerate value creation
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61 Managing Near-Term Transition while Driving Broader Transformation Broader Transformation Right size for complexity, cost, and footprint Drive quality and productivity improvements through automation Streamline processes to drive efficiencies Enhance operational speed with AI and other digital tools Near-Term Transition Initial one time IT stand-up cost incurred over 2 years Most TSAs running through year end 2027 Ongoing cost sharing for legacy liabilities
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62 Qnity’s Industry Leading Financial Profile U.S.-Based Competitors Diversified or Non-U.S. Based Materials Competitors ~7% 1% 2% ~30% 25% 26% ~83% 77% 65% Source: FactSet market data and Internal Company Analysis. 1) Historical financials for peers shown as Pro Forma for completed M&A. 2) Figures shown on a calendar year basis. 3) Qnity Adjusted Pro Forma Operating EBITDA is a non-GAAP financial measure and is defined as Pro Forma earnings (“Pro Forma Income before income taxes”) before Pro Forma adjustments related to interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, and adjusted for significant items. Reflects the recurring stand-alone public company cost of ~$96 million expected to be incurred annually following spin-off. Adjusted Pro Forma Operating EBITDA Margin is defined as Adjusted Pro Forma Operating EBITDA divided by Net Sales. 4) For comparison purposes only - FCF Conversion = (Adjusted EBITDA – CapEx) / Adjusted EBITDA. 5) Qnity CapEx figures exclude corporate allocated spend. EBITDA Margin2,3 (FY25E) FCF Conversion2,3,4,5 (FY25E) Net Sales Growth1,2 (FY23 – FY25E CAGR)
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63TM On-Track for November 2025 Spin NDRs / conferences Nov-Dec Business update call Nov Qnity spin-off accelerated to November 1, 2025 Jan Initial SEC Form 10 filing Apr Completes leadership announcements June Form 10 amendments June-Oct Debt financing Aug Inaugural Investor Day Sep 18 Targeted spin Nov 1 NYSE regular way trading Nov 3
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64TM Key Takeaways Build on strong history of growth Leverage operational excellence to accelerate sustainable, profitable growth Generate robust free cash flow for balanced capital allocation
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Closing Remarks Jon Kemp Chief Executive Officer TM
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66 Qnity: A Broad Pure-Play Technology Leader for the Fast-Growing Semiconductor Market Broad portfolio with end-to-end horizontal integration from chip manufacturing to advanced packaging to device assembly > 65% of the portfolio is tied directly to Semiconductors, including chip fabrication, advanced packaging and thermal management Deeply established, decades-long relationships with the world’s most innovative technology companies, representing ~80% of the total semiconductor market Leading the transition to advanced nodes for high performance computing and advanced connectivity with ~ 90% unit driven consumables product portfolio Global network with a highly resilient operating model with local-for-local presence and flexible supply chains Expect to deliver financial outperformancein a rapidly growing semiconductor market Exceptionally strong balance sheet and robust free cash flow generation supports balanced capital allocation strategy Non-exhaustive list of customers
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67TM Break and Q&A
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68TM APPENDIX
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69 • Previously President of Electronics & Industrials division • Held variety of roles including M&A, Strategy, Business Leader • BA from University of Utah and MBA from University of Virginia Jon Kemp Chief Executive Officer 15+ yearsIndustry Experience • Previously CFO of Vantive, the planned spin-off from Baxter prior to its sale to Carlyle • Held various leadership roles including CFO of NuVasive and Mallinckrodt • BSBA in Finance from Saint Louis University and an EMBA from Northwestern University’s Kellogg School of Management Matt Harbaugh Chief Financial Officer 30+ years • Previously VP of Technology at Chemours • Joined DuPont in 1989 and held variety of roles in R&D, Applications Dev, and Engineering • PhD from Michigan State University Randy King Chief Technology and Sustainability Officer 35+ years • Previously led several DuPont electronics businesses, including Authentication and Photovoltaic & Advanced Materials • BS from Peking University, MBA from Columbia University and PhD in Chemistry from University of Southern California Chuck Xu President, Interconnect Solutions 30+ years Sang Ho Kang President, Semiconductor Technologies • Joined Rohm & Haas in 1997 • Previously Global Business Director of Display Technologies • BS from Hanyang University and MBA from KAIST 25+ years Executive Leadership Bios
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70 Advanced2 31% Logic 72% Legacy3 69% Memory 28% Global Market Composition4 Composition of Semiconductor Technologies Portfolio as Compared with Industry Logic1 71% Advanced1,2 31% Memory1 29% Legacy1,3 69% 2019 2024 Logic1 80% Memory1 20% Advanced1,2 35% Legacy1,3 65% 2024 1) % of Sales. 2) Advanced refers to ≤ 7nm process for Logic and all Memory. 3) Legacy refers to >7nm process for Logic. 4) Source: SEMI, Global Wafer per Month, 12-in Equivalent
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71TM Reconciliations
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72 2025E: ElectronicsCo Segment to Qnity Adjusted Pro Forma Operating EBITDA Bridge *Representsestimated FY2025 results for DuPont’s ElectronicsCo segment. **Adjusted Carve Out OperatingEBITDA and Adjusted Pro Forma Operating EBITDA are measures defined on the following slides. Includes costs not previously charged to segment results: • Qnity carve financials include ~$35 million of additional corporate expenses representing Qnity’s portion of DuPont’s corporate costs not reflected in the ElectronicsCo segment. • Qnity adjusted pro forma operating EBITDA includes recurring stand-alone public company costs of ~$96 million expected to be incurred annually following spin-off. These costs are reflected in the above chart as: Qnity carve financials include ~$36 million of additional corporate expenses representing Qnity’s portion of DuPont’s corporate costs not reflected in the ElectronicsCo segment. Management adj – reflects incremental recurring costs of ~$60 million expected to be incurred following the Spin-Off in order to operate as a standalone public company. See Form 10 disclosure for further information. • Adjusted pro forma operating EBITDA - reflects a benefit of ~$10 million related to the Transaction Accounting Adjustments and Autonomous Entity Adjustments, which impact Operating EBITDA. ($ Millions) Segment FY 2025E* Corp Costs Depr Adj Other Carve FY 2025E** Pro forma adj Management adj Adj PF FY 2025E** ~ $1,520 ElectronicsCo Segment Operating EBITDA (DuPont)* ~ $1,450 Qnity Adjusted Carve Out Operating EBITDA** ~ $1,400 Qnity Adjusted Pro Forma Operating EBTIDA **
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73 Adjusted Operating EBITDA – Carve Out Operating EBITDA ($M) 1) Qnity Carve-Out Adjusted Operating EBITDA is a non-GAAP financial measure and is defined as earnings (i.e., “Income before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, foreign exchange gains / losses, indirect legacy costs, and adjusted for significant items. 2) Corporate includes expenses of the Corporate function not allocated to specific business in the Company. 3) Adjusted Operating EBITDA Margin is defined as Adjusted Operating EBITDA divided by Net Sales. Adjusted Pro Forma Operating EBITDA Margin is defined as Adjusted Pro Forma Operating EBITDA divided by Net Sales. 2023 2024 ~ 2025E Carve Out Net Sales $4,035 $4,335 $4,600 Semiconductor Technologies Segment 2,251 2,450 2,600 Interconnect Solutions Segment 1,784 1,885 2,000 Carve Out Net Income (GAAP) $533 $724 $830 Provision for Income Taxes 99 177 200 Depreciation and Amortization 403 394 410 Interest Expense - - - Other Expenses/(Income) 48 2 10 Adjusted Operating EBITDA1 $1,083 $1,297 $1,450 Semiconductor Technologies Segment 777 874 930 Interconnect Solutions Segment 333 448 520 Corporate2 (27) (25) - Net Income Margin – Carve 13.2% 16.7% 17% Adjusted Operating EBITDA Margin3 26.8% 29.9% 30% 73
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74 Adjusted Operating EBITDA – Pro Forma Operating EBITDA ($M) 2023 2024 ~ 2025E Carve Out Net Sales $4,035 $4,335 $4,600 Semiconductor Technologies Segment 2,251 2,450 2,600 Interconnect Solutions Segment 1,784 1,885 2,000 Carve Out Net Income – Pro Forma Adj. $301 $492 $600 Provision for Income Taxes 83 161 200 Depreciation and Amortization 403 394 410 Interest Expense 252 252 250 Other Expenses/(Income)1 59 13 - Management Adjustments2 (60) (60) (60) Adjusted Pro Forma Operating EBITDA3 $1,038 $1,252 $1,400 Semiconductor Technologies Segment 785 882 900 Interconnect Solutions Segment 341 456 500 Corporate4 (88) (86) - Net Income Margin – Pro Forma 7.5% 11.3% 13% Adjusted Pro Forma Operating EBITDA Margin5 25.7% 28.9% 30% 1) Pro forma Other Expenses includes litigation/environmental/legal costs, and non- operating pension credit. 2) Reflects the management adjustment expected to be incurred following spin-off related to stand alone public company costs. This is incremental to corporate costs reflected in the Qnity Carve-Out Operating EBITDA. 3) Qnity Adjusted Pro Forma Operating EBITDA is a non-GAAP financial measure and is defined as Pro Forma earnings (i.e., “ Pro Forma Income before income taxes") before Pro Forma adjustments related to interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, foreign exchange gains / losses, indirect legacy costs, and adjusted for significant items. Includes the segment impacts of pro forma and management adjustments expected to be incurred annually following spin-off related to stand-alone public company costs. 4) Corporate includes expenses of the Corporate function not allocated to specific business in the Company. 5) Adjusted Operating EBITDA Margin is defined as Adjusted Operating EBITDA divided by Net Sales. Adjusted Pro Forma Operating EBITDA Margin is defined as Adjusted Pro Forma Operating EBITDA divided by Net Sales. 74
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75 Adjusted Free Cash Flow - Pro Forma & Recurring Management Adjusted ($M) 2023 2024 ~ 2025E Cash Provided by Operating Activities (GAAP) $882 $1,061 $1,100 Capital Expenditures (231) (200) (250) Indirect Legacy Costs – Net of Tax1 16 16 30 Pro-forma Adjustment3 (232) (232) (230) Recurring Management Adjustment – Net of Tax4 (47) (47) (50) Adjusted Free Cash Flow – Pro Forma & Recurring Management Adjusted (non-GAAP) $388 $598 $600 1) Indirect legacy costs relate to cost sharing arrangements executed between DuPont and Qnity at the time of the separation. Such costs include certain litigation and environmental-related shared costs and indirect cost sharing arrangements, and are excluded from Adjusted Earnings and Operating EBITDA, as they are considered unrelated to ongoing Qnity business performance. 2) Adjusted free cash flow is a non-GAAP financial measure and is defined as pro forma cash provided by/used for operating activities less capital expenditures and excluding the impact of indirect legacy costs related to cost sharing arrangements executed between DuPont and Qnity at the time of separation, IT independence costs, and separation-related transaction cost, as well as cash inflows/outflows that are unusual in nature and/or infrequent in occurrence that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business liquidity. 3) Pro forma adjustment includes transaction accounting adjustments (including but not limited to: interest expense and debt issuance costs for newly issued debt and income tax impacts. Refer to Unaudited Pro Forma Combined Financial Statements in our recently filed form 10 for further discussion on pro forma adjustments. 4) Reflects the management adjustment expected to be incurred following spin-off related to stand alone public company costs. This is incremental to corporate costs reflected in the Qnity Carve-Out Operating EBITDA. 75
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Qnity , the Qnity Node Logo, and all products, unless otherwise noted, denoted with TM or ® are trademarks, trade names or registered trademarks of affiliates of Qnity Electronics, Inc. *The intended separation of Qnity Electronics, Inc., targeted for completion on November 1, 2025, is subject to satisfaction of customary conditions, including final approval by DuPont's Board of Directors, receipt of tax opinion from counsel, the completion and effectiveness of a Form 10 registration statement with the U.S. Securities and Exchange Commission, applicable regulatory approvals and satisfactory completion of financing. Qnity , DuPont Electronics