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1 Q3 2025 Earnings Call OCTOBER 29, 2025
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2 Forward-looking statements Safe Harbor Statement Statements included in this presentation that are not a description of historical facts are “forward -looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are generally accompanied by wor ds or phrases such as “anticipate,” “assume,” “believe,” “could,” “estimate,” “expect,” “foresee,” “goal,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “shoul d,” “seek,” “target” or similar expressions that convey uncertainty as to the future events or outcomes. Forward -looking statements are based on assumptions and beliefs that we believe to be reasonable; however, assumed facts almost always vary from actual results, and the differences between assumed facts and actual results could be material depending upo n the circumstances. Where we express an expectation or belief as to future results, that expectation or belief is expressed in good faith and based on assumptions believed to have a reasonable basis. We cannot assure you, however, that the stated expectation or belief will occur or be achieved or accomplished. This release contains forward -looking statements regarding our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansio ns, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from those indicated by the forward -looking statements. Other risks and uncertainties that could cause such results to differ include the following, without limitation: failure to capitalize on, volatility within, or other adverse ch anges with respect to our growth drivers, such as delays in adoption or implementation of new technologies; failure to successfully execute on our long -term growth strategy; uncertain business, eco nomic and political conditions in the U.S. and abroad, particularly in China, South Korea, Germany, Belgium, England, and Hungary, where we maintain significant manufacturing, sales o r administrative operations; the trade policy dynamics between the U.S. and other countries where we do business, in particular China, as reflected in tariff impositions and associ ated countermeasures, as well as the potential for U.S. -China supply chain decoupling; fluctuations in foreign currency exchange rates; our ability to develop innovative products and the extent to which they are incorporated into end -user products and systems; the extent to which end-user products and systems incorporating our products achieve commercial success; the abilit y and willingness of our sole or limited source suppliers to deliver certain key raw materials, including commodities, to us in a timely and cost -effective manner; business interruptions due to catastrophes or other similar events, such as natural disasters, war, terrorism or public health crises; the impact of sanctions, export controls and other foreign asset or investment restrictions; failure to realize, or delays in the realization of anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or dif ficulty integrating acquired businesses; our ability to attract and retain management and skilled technical personnel; our ability to protect our proprietary technology from infringement by thi rd parties and/or allegations that our technology infringes third party rights; changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate; fail ure to comply with financial and restrictive covenants in our credit agreement or restrictions on our operational and financial flexibility due to such covenants; the outcome of ongoing and futu re litigation, including our asbestos-related product liability litigation; changes in environmental laws and regulations applicable to our business; and disruptions in, or breaches of, our information technology systems. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on the Company. Our forward -looking statements are expressly qualified by these cautionary statements, which you should consider carefully. For additional information about the risks, uncertainties and oth er factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10 -Q. Rogers Corporation assumes no responsibility to update or revise any forward -looking statements contained herein, whether as a result of new information, f uture events or otherwise, except as required by law.
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3 Non-GAAP and Additional Information Non-GAAP Information This presentation includes the following financial measures that are not presented in accordance with generally accepted acco unting principles in the United States of America (“GAAP”): (1) Adjusted operating expenses, which the Company defines as operating expenses excluding acquisition and related integration co sts, dispositions, intangible amortization, (gains) losses on the sale or disposal of property, plant and equipment, restructuring, severance, impairment and other related costs , asbestos-related charges (credits); (2) Adjusted earnings per diluted share, which the Company defines as earnings (loss) per diluted share excluding acquisition an d related integration costs, dispositions, intangible amortization, (gains) losses on the sale or disposal of property, plant and equipment, restructuring, severance, impairment a nd other related costs, asbestos-related charges (credits), and the related income tax effect on these items, and charges to income tax expense for valuation allowances on deferred tax assets generated in prior years, divided by adjusted weighted average shares outstanding - diluted; (3) Adjusted EBITDA, which the Company defines as net income (loss) excluding acquisition and related integration costs, disposi tions, intangible amortization, (gains) losses on the sale or disposal of property, plant and equipment, restructuring, severance, impairment and other related costs, asbestos -related charges (credits), interest income (expense), net, income tax (benefit) expense , depreciation of fixed assets, and equity compensation expense; (4) Adjusted EBITDA Margin, which the Company defines as the percentage that results from dividing Adjusted EBITDA by total net s ales; (5) Free cash flow, which the Company defines as net cash provided by operating activities less non- acquisition capital expenditures. Management believes adjusted earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin are useful to investors beca use they allow for comparison to the Company’s performance in prior periods without the effect of items that, by their nature, tend to obscure the Company’s core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability o f investors to analyze trends in the Company’s business and evaluate the Company’s performance relative to peer companies. Management also believes free cash flow is useful to inves tors as an additional way of viewing the Company's liquidity and provides a more complete understanding of factors and trends affecting the Company's cash flows. However, non- GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as alternatives to, financial measures prepared in accordance with GAAP. In a ddition, these non-GAAP financial measures may differ from, and should not be compared to, similarly named measures used by other companies. Reconciliations of the differences bet ween these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth below.
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4 Key Messages For The Quarter • Deliver sustainable commercial and operational improvements • Prioritization of innovation pipeline • Sales and adjusted EPS higher YoY with sequential decline due to normal seasonality • Holding adjusted EBITDA margin at 15% with expense reduction efforts • Sales, gross margin and adjusted EPS results at high-end of guidance • Portable electronics, industrial and A&D sales improved QoQ • Adjusted EBITDA margin of 17.2%2 Q3 Results Q4 Outlook Critical Initiatives
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5 Executing on Critical Initiatives Near-Term Medium Term Growth Objectives Cost Structure Simultaneously Driving Key Initiatives To Improve Performance Over The Near And Medium -Term Operational Excellence Intensify customer focus to improve service and anticipate current and future needs Fully leverage existing capacity to increase competitiveness and grow share in all regions New product introductions targeting thermal management and signal integrity needs in adjacent markets Realize savings from operating expense and footprint actions, with vigilant cost focus continuing Complete restructuring of German facility and achieve $13M of annualized savings Selective investments in support of growth opportunities Efficient capital allocation with improved returns to shareholders Consistent execution and performance Implement a more agile org structure with continued refinement to structure and processes
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6 Q3 2025 Sales By End Market Market % of Sales 1 Comments versus Q2’25 results Industrial 28% Sales improved for the third consecutive quarter with growth in all regions A&D 16% Higher sales led by N. America commercial aerospace demand as defense sales remained strong e-mobility 14% Sales consistent versus the prior quarter with some improvement in power substrate demand ADAS 9% Sales decline tracked lower light vehicle production in Q3 Portable Electronics 9% Double digit sales growth consistent with normal seasonality Renewables 5% Sales consistent versus the prior quarter Wireless Infrastructure 5% Sales rebounded following softer order patterns in the second quarter 1 – Percentages reflect year-to-date sales and are approximate. Other end market sales of 15% not shown. Note: Percentages may not sum to 100% due to rounding
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7 Q3 2025 Financial Summary *See appendix for reconciliation of adjusted measures to GAAP measures (in millions, except for EPS) Q3 2025 Q2 2025 Net sales $216.0 $202.8 Gross margin $72.3 $64.0 Gross margin % 33.5% 31.6% Net income (loss) $8.6 ($73.6) Earnings (loss) per diluted share $0.48 ($4.00) Adjusted earnings per diluted share* $0.90 $0.34 Adjusted EBITDA* $37.2 $23.9 Adjusted EBITDA margin %* 17.2% 11.8% Sales, Gross Margin And Adjusted EPS Results At Top End of Guidance Improved adjusted EPS and adjusted EBITDA due to higher sales and gross margin and reductions in operating expenses AES sales +5.2%. Higher EV/HEV and industrial end markets EMS sales +8.7%. Improved portable electronics, A&D and industrial end markets
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8 Higher Sales And Cost Reductions Leading To 540 BPS Improvement In Adjusted EBITDA $23.9 $37.2 $3.2 $3.1 $2.2 $2.5 $2.6 $0.2 Q2'25 Volume Mix New factory utilization Operational excellence Adjusted operating expenses Other income (expense) Q3'25 Q3 2025 Adjusted EBITDA* 1 – Change in adjusted operating expenses excluding stock based compensation Note: Dollars may not add due to rounding 17.3% ($ in millions) 11.8% 17.2% 1
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9 Generated $29M Of Operating Cash Flow And $21M Of Free Cash Flow in Q3 $157.2 $167.8 $37.2 $7.1 $7.7 $3.4 $10.0 $12.6 Jun 30, 2025 Cash Adj. EBITDA Capex Working capital change Cash taxes paid Share repurchases Restructuring and other Sep 30, 2025 Cash Q3 2025 Cash Utilization ($ in millions) 1 2 1 - See reconciliation of adjusted EBITDA to GAAP net income in the appendix. 2 - Change in assets and liabilities per the statements of cash flows. Note: Dollars may not add due to rounding
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10 Q4 2025 Guidance Guidance Q4 2025 Net Sales $190M to $205M Gross Margin 30.0% to 32.0% Earnings Per Diluted Share1 $0.00 to $0.40 Adjusted Earnings Per Diluted Share2 $0.40 to $0.80 1 - Earnings per diluted share includes expected restructuring charges for certain manufacturing operations in Europe. 2 - See appendix for reconciliation of adjusted measures to GAAP measures
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11 Appendix
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12 Q3 2025: Adjusted Operating Expenses Reconciliation* Note: percentages and dollars may not add due to rounding. *GAAP operating expenses include (i) selling, general and administrative expenses, (ii) research and development expenses, (iii) restructuring and impairment charg es and (iv) other operating (income) expense, net per condensed consolidated statements of operations. ($ in millions) Q3 2025 Q3 2025 Q2 2025 Q2 2025 GAAP Operating Expenses and Margin $56.7 26.3% $131.5 64.8% Acquisitions and Divestiture Related Costs: Acquisitions and Related Integration Costs - - - - Dispositions - - - - Intangible Amortization ($2.8) (1.3%) ($2.7) (1.3%) (Gain) Loss on Sale or Disposal of PPE - - - - Restructuring, Business Realignment and Other Cost Saving Initiatives: Restructuring, Severance, Impairment and Other Related Costs ($7.1) (3.3%) ($76.1) (37.5%) Asbestos – Related Charges (Credits) - - - - Total Adjustments ($9.9) (4.6%) ($78.8) (38.9%) Adjusted Operating Expenses and Margin $46.7 21.6% $52.7 26.0%
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13 Q3 2025: Adjusted Earnings Per Diluted Share Reconciliation Note: dollars may not add due to rounding. Q3 2025 Q2 2025 GAAP Earnings (Loss) Per Diluted Share $0.48 ($4.00) Acquisitions and Divestiture Related Costs: Acquisitions and Related Integration Costs - - Dispositions - - Intangible Amortization $0.15 $0.15 (Gain) Loss on Sale or Disposal of PPE - - Restructuring, Business Realignment and Other Cost Saving Initiatives: Restructuring, Severance, Impairment and Other Related Costs $0.39 $4.14 Asbestos-Related Charges (Credits) - - Valuation Allowance on Deferred Tax Assets - $0.21 Estimated Income Tax Impact of Adjustments ($0.13) ($0.16) Impact of Including Dilutive Securities - - Total Adjustments $0.41 $4.33 Adjusted Earnings Per Diluted Share $0.90 $0.34
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14 Q3 2025: Adjusted EBITDA and Margin Reconciliation Note: percentages and dollars may not add due to rounding. ($ in millions) Q3 2025 Q2 2025 GAAP Net Income (Loss) $8.6 ($73.6) Acquisitions and Divestiture Related Costs: Acquisition and Related Integration Costs - - Dispositions - - Intangible Amortization $2.8 $2.7 (Gain) Loss on Sale or Disposal of PPE - - Restructuring, Business Realignment and Other Cost Saving Initiatives: Restructuring, Severance, Impairment and Other Related Costs $7.1 $76.1 Asbestos-Related Charges - Interest (Income) Expense, net ($0.2) ($0.4) Income Tax (Benefit) Expense $7.7 $4.3 Depreciation $10.4 $10.5 Equity Compensation Expense $0.8 $4.3 Adjusted EBITDA $37.2 $23.9 $ Divided by Total Net Sales $216.0 $202.8 Adjusted EBITDA Margin 17.2% 11.8%
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15 Q3 2025: Free Cash Flow Reconciliation Note: dollars may not add due to rounding. *Free cash flow defined as net cash provided by operating activities less non- acquisition capital expenditures per condensed consolidated statements of cash flows. ($ in millions) Q3 2025 Q2 2025 Net Cash Provided By Operating Activities $28.9 $13.7 Non-Acquisition Capital Expenditures ($7.7) ($8.1) Free Cash Flow $21.2 $5.6
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16 Q4 2025: Guidance Reconciliation Q4 2025 GAAP Earnings Per Diluted Share $0.00 to $0.40 Intangible Amortization $0.11 Other Adjustments* $0.29 Adjusted Earnings Per Diluted Share $0.40 to $0.80 *Other Adjustments is mainly comprised of expected restructuring charges for certain manufacturing operations in Europe.