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October 2025 TTM Technologies, Inc. Investor Presentation
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Forward-Looking Statements This communication may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the future business outlook, events, and expected performance of TTM Technologies, Inc. (“TTM”, “we” or the “Company”). The words “anticipate,” “believe,” “plan,” “forecast,” “foresee,” “estimate,” “project,” “expect,” “seek,” “target,” “intend,” “goal” and other similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made and are not guarantees of performance. Actual results may differ materially from these forward-looking statements. Such statements relate to a variety of matters, including but not limited to the operations of TTM’s businesses. These statements reflect the current beliefs, expectations and assumptions of the management of TTM, and we believe such statements to have a reasonable basis. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of the Company. These forward-looking statements are based on assumptions that may not materialize, and involve certain risks and uncertainties, many of which are beyond our control, that could cause actual events or performance to differ materially from those indicated in such forward-looking statements. Factors, risks, trends, and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied in forward-looking statements include, but are not limited to potential changes in domestic or global economic conditions, demand for our products, market pressures on prices of our products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, our dependence upon a small number of customers, and other factors set forth in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and in the Company’s other filings filed with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors”, and which are available at the SEC’s website at www.sec.gov. TTM does not undertake any obligation to update any of these statements to reflect any new information, subsequent events or circumstances, or otherwise, except as may be required by law, even if experience or future changes make it clear that any projected results expressed in this communication or future communications to stockholders, press releases or Company statements will not be realized. In addition, the inclusion of any statement in this communication does not constitute an admission by us that the events or circumstances described in such statement are material. Use of Non-GAAP Financial Measures In addition to the financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), TTM uses certain non-GAAP financial measures, including Adjusted EBITDA, Non-GAAP Net Income, Non-GAAP Gross Margin , Non-GAAP EPS and Adjusted Operating Cash Flow. We present non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into our ongoing financial performance. Disclaimers 2
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Disclaimers (cont.) 3 A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. We compensate for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliation to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. See Appendix for reconciliations of Non-GAAP metrics to the most comparable GAAP metric. Data Used in This Presentation Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Third Party Information The information contained herein does not purport to be all inclusive. This presentation has been prepared by the Company and includes information from other sources believed by the Company to be reliable. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of any of the opinions and conclusions set forth herein based on such information. This presentation may contain descriptions or summaries of certain documents and agreements, but such descriptions or summaries are qualified in their entirety by reference to the actual documents or agreements. Unless otherwise indicated, the information contained herein speaks only as of the date hereof and is subject to change, completion or amendment without notice.
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Technology-enabled end markets and customers Leading Technology Solutions provider of Mission Systems, PCBs and Specialty Components 4 Critical supplier to today’s fastest growing technologies such as advanced defense radar, cloud infrastructure, AI data centers, automobile technology, industrial automation and internet of things Significant global footprint with 22 facilities and over 17,000 employees Scale: $2.4 billion FY24 revenue Data Center Computing Medical, Industrial and Instrumentation Automotive Aerospace & Defense Networking
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History of TTM 5 0 1000 2000 3000 FY 1997 FY 1999 FY 2001 FY 2003 FY 2005 FY 2007 FY 2009 FY 2011 FY 2013 FY 2015 FY 2017 FY 2019 FY 2021 FY2023 Revenue ($ mn) IPO Acquires Tyco PCG • Aerospace & Defense • Diversification Acquires Meadville PCB •Cellular market •Asia footprint Acquires ViaSystems • Automotive • Synergies Divests Mobility & Restructures E-MS • Stable end markets • Financial flexibility Acquires Telephonics • Aerospace and Defense • Mission systems Acquires Anaren • Build to Spec • RF Technology $76.9 million $2.4 billion Acquires Telephonics • Aerospace and Defense • Mission systems
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TTM Continues to Transform the Business by Implementing Its Core Strategy of Differentiation 6 Differentiating TTM Transformation to better business model continues The result • Highly valued partner and satisfied customers • Strong and diversified portfolio with leading technical capabilities across all markets • Greater stability, less cyclicality and improved visibility Investing in engineering/technology and new regions • Engineered solutions with technical capabilities (Anaren, Telephonics, and Syracuse) in stable and growing A&D end-market • Footprint diversification (Penang, Malaysia and Eau Claire, WI) to prepare for regional growth Reducing exposure to cyclical consumer-oriented / commodity business • Mobility divestiture • E-M Solutions restructuring • Sold Shanghai Back Plane Assembly facility
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Strategic Focus 7 Diversification • Diverse end markets • Near term – Aerospace and Defense, Data Center Computing and Networking Differentiation • Engineering depth • Early engagement • Technology breadth • Global footprint Discipline • Operational execution • Earnings power • Cash flow generation
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FY 2024 Net Sales End Market Growth Drivers 2023 – 2028 CAGR (3rd Party) 2025 TTM View Aerospace & Defense 46% Increased Use of AESA Radar & Increased Military Equipment Builds 3-5% Above End Market Growth Drivers and Outlook 8 Source: TTM filings, Prismark Partners Nov 2023, Company estimates
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Aerospace & Defense Business At A Glance 9 Q3 25 Revenue growth +20% YoYRevenue growth +20% YoY Program backlog $1.46 billionProgram backlog $1.46 billion Key defense programs alignment Key defense programs alignment Engineered products focusEngineered products focus Q3 25 Market Mix Defense 91% Space 4% Comm Aero 5% 0 100 200 300 400 500 600 700 800 900 1000 1100 2017 2018 2019 2020 2021 2022* 2023 2024 Millions Estimated A&D Revenues by Product PCB Integration RF Components/Microelectronics Mission Systems A&D is a > $1 Billion Business PCB less than 50% of A&D revenues *pro-forma Telephonics
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• Top Strategic OEM Customers – Raytheon, Lockheed Martin & Sikorsky, Northrop Grumman, L3Harris, Boeing • Top Direct Government Customers – US Army, US Navy, US Air Force, International Ministries of Defense • Future Expansion – Commercial Space OEMs Program Portfolio Positioned for Growth 10 AEHF AEHF MH-60R MH-60R LTAMDS LTAMDS AMDR / SPY-6AMDR / SPY-6 F-35 F-35 HDR / SPY-7 HDR / SPY-7 Stryker Stryker We support over 200 programs, including key franchises for every major OEM
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Commercial Sector Megatrends 11 Notes: V2X = Vehicle to Everything ML = Machine Learning LLM = Large Language Models
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Rack AI, Compute, Servers & Storage 2 Ports/Server Core Switches 32-256 Ports Leaf Switches 32-64 Ports Top of Rack (TOR) Switches 32-64 Ports Spine Switches 32-128 Ports 1.6T 2025/2026 800G 2023/2024 1.6T 2025/2026 800G 2023/2024 400GDC-DC 100/ 400GSpine-Core Road mapping, Early Engagement and Design Collaboration for Differentiated Advanced Tech PCB Solutions: Asymmetric, oversized panels and Advanced HDI Improved Backdrilling Capability. Zero Stub Materials-Extreme & Ultra Low Loss Improved Copper Technology Advanced Drilling & Plating Aspect Ratio 1.6T 2025/2026 800G 2023/2024 Leaf-Spine 100/400G 800G 2025/2026 800G 2023/2024 800G 2025/2026 400G 2023/2024 TOR-Leaf 100/400G 100GServer-TOR 2022/2023 2022/2023 2022/2023 2022/2023 2022/2023 Datacenter Architecture Technology Advancements End Market Technology Trends Data Center Architecture Driving PCB Technology 12
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FY 2024 Net Sales1 End Market Growth Drivers 2023 – 2028 CAGR (3rd Party) 2025 TTM View Aerospace & Defense 46% Increased Use of AESA Radar & Increased Military Equipment Builds 3-5% Above Automotive 13% Electric & Autonomous Vehicle & Safety/ADAS/Infotainment 3-5% Below Data Center Computing 20% Semiconductor Development & Data Center expansion 7-9% Above Medical Industrial & Instrumentation 14% Patient Monitoring & Automated Test Equipment and Robotics 2-4% Above Networking 7% 5G Infrastructure Spend & Networking Infrastructure 2-5% Above End Market Growth Drivers and Outlook 13 Source: TTM filings, Prismark Partners Nov 2024, Company estimates 1The end market revenue has been recasted to reflect certain adjustm ents to allocations resulting from the segment reorganization.
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Strategic Focus 14 Diversification • Diverse end markets • Near term – Aerospace and Defense, Data Center Computing and Networking Differentiation • Engineering depth • Early engagement • Technology breadth • Global footprint Discipline • Operational execution • Earnings power • Cash flow generation
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Broad Technology Suite Delivers Enhanced Value 15 Transforming TTM Towards Highly Engineered Products and Advanced Technologies for Differentiation PCB Conventional/Advanced RF Components Microelectronics and Subsystems Radar Communications Surveillance Aerospace and Defense Commercial Designed and Engineered ProductsDesigned and Engineered Products
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Successful Customer Engagement Model… 16 Time Concept Production Aerospace & Defense Automotive Networking Pilot Production Prototype 6 Mo’s 1 yr 2 yrs 3 yrs 4 yrs 5 yrs 6 yrs 7–10 yrs RF and System Engineering Build to Specification RF and System Engineering Build to Specification Consumer Engaging customers from concept to production to improve market share
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Global Footprint (Effective on July 30, 2025) 17 North America Operations (Commercial Plants) 1 2 8 5 14 3 11 12 13 10 4 9 6 7 15 16 Syracuse – SYR 6 5 Sterling – STE Stafford Springs – SS 4 3 Stafford – ST 1 Denver – DEN 2 North Jackson – NJ Santa Ana – SA 9 8 Forest Grove – FG San Diego – SD 10 Logan – LG 12 13 San Jose – SJ Toronto – TOR 14 11 Chippewa Falls – CF Syracuse – SYR-W1 15 7 Salem – SAL Farmingdale – FRM 16 Asia Operations – All Commercial 22 Penang – PNG 19 Huiyang – HY Zhongshan – ZS 17 18 Guangzhou – GZ 21 Suzhou – SUZ1 20 Dongguan – DMC 19 21 17 20 18 22 1RF&S Facilities
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• Supporting customers with regional supply chain diversification (China+1) • Factory Specifications – 800,000 square feet – Factory automation with Industry 4.0 – Productivity 150% > China factories – Will employ 1,000 people – Most sustainable factory in TTM – Largest rooftop solar installation in Malaysia – Target Data Center Computing and MI&I Markets • Currently ramping to target $200 million annual revenues • Secured land rights for ten acres adjacent to first facility New Penang, Malaysia Manufacturing 18
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• What: Ultra-HDI (High Density Interconnect) PCB manufacturing facility • Where: Adjacent to our existing SYR-A&D location • Why: To address rapidly increasing U.S. Defense demand for capability and capacity in the United States • How: Investment of $100m+ to build a facility in excess of 160,000 sq. ft. • When: Began construction in 2024, low-rate production expected in 2026. New Facility in Syracuse, NY 19 Phase 1 Target $100 million revenues
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• Future high-volume U.S. production of advanced technology PCBs • Data center computing and Networking for generative AI applications • Shortens lead time required to bring new U.S. domestic capacity online • TTM’s largest U.S. facility at 750, 000 square feet New Facility in Eau Claire, Wisconsin 20
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Strategic Focus 21 Diversification • Diverse end markets • Near term – Aerospace and Defense, Data Center Computing, and Networking Differentiation • Engineering depth • Early engagement • Technology breadth • Global footprint Discipline • Operational execution • Earnings power • Cash flow generation
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Historical TTM Reported Annual Revenue and Operating Margins 22 $1,326 $2,095 $2,533 $2,659 $2,847 $2,689 $2,105 $2,249 $2,495 $2,233 $2,443 5.3% 7.0% 8.8% 9.6% 9.4% 7.6% 8.6% 8.4% 9.4% 8.9% 9.6% 0% 2% 4% 6% 8% 10% 12% 0 1,000 2,000 3,000 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Operating Margin1 Revenue ($mn) Revenue Operating Margin Mobility Sale E-MS Closure 2 1Operating margin is reported non-GAAP . See Appendix for reconciliation 2Includes approximately six months of Telephonics which closed 6/27/22
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Financial Performance and Targets 23 Metric 2024 Q3 2025 YTD Long Term Target Revenue growth 9.4% 19.0% 4-6% Non-GAAP Operating Margin1 9.6% 11.4% 11-13% Adjusted EBITDA Margin1 14.4% 15.5% 15-17% Capex 6.3% of Revenue 10.4% of Revenue 4-5% of Revenue Cash Flow from Operations 9.7% of Revenue 10.7% of Revenue > 10% of Revenue Return on Invested Capital 10.3% 13.2% 13-15% 1See Appendix for reconciliation
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Operating Margin Improvement Bridge 24 Bridge Also Requires Recovery in Commercial Revenue
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Strong Cash Flow Enables Flexible Capital Allocation Options 25 Cash Flows from Ops $312 $287 $177 $273 $187 $237 11.6% 13.6% 7.9% 10.9% 8.3% 9.7% 0% 2% 4% 6% 8% 10% 12% 14% 16% 0 100 200 300 400 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Cash Flow from Ops Percent of Revenue Cash Flow from Ops ($ mn) Free Cash Flow 176 184.6 96.1 176 27.5 84 8.3% 8.8% 4.3% 7.1% 1.2% 3.4% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0 100 200 300 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Free Cash Flow as Percent of Revenue Free Cash Flow ($ mn) Capex 136 102.6 80.5 96.9 159.7 152.9 6.4% 4.9% 3.6% 3.9% 7.2% 6.3% 0% 1% 2% 3% 4% 5% 6% 7% 8% 0 50 100 150 200 250 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Capital Spending as Percent of Revenue Capital Spending ($ mn) Penang investment temporarily increasing capital spending in 2023/2024 and Syracuse in 2024
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• Net debt leverage ((debt-cash)/EBITDA) is 1.0x below the low end of our target range of 1.5 – 2.0x and very healthy • No debt maturing until 2028 • Current covenants cap our leverage at 4.25x • Initiated swap in April 2023 for $250M, effectively fixing ~70% of Term Loan B rate at 5.75%, current borrowing rate is 6.38% • Liquidity (cash plus ABLs) is solid at $703.2M Capital Structure and Liquidity 26 Debt Maturity Profile Pro-forma refinancing Debt Borrowing Mix Capital Structure in Excellent Shape Secured 46%Unsecured 54% Unsecured vs. Secured Debt Synthetic Fixed, $250 , 27% Floating, $175 , 19% Fixed, $500 , 54% Floating vs. Fixed Rate Debt ($M) $80 $70 $150 $500 $1 $4 $4 $4 $3 $329 2025 2026 2027 2028 2029 2030 Asia ABL Revolver Size (Asia ABL) US ABL Revolver Size (US ABL) Sr Note Term Loan B
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• Invest in differentiation ─ New product and technology development ─ Leading edge equipment ─ Strategic acquisitions to strengthen product/technology portfolio • Repay debt until <2x net debt/EBITDA ─ $50 million repayment of Term Loan B in January 2023 ─ Net debt/EBITDA was 1.0x at the end of Q3’25 ─ Refinanced Term Loan and US and Asia ABLs in Q2 2023 ─ Refinanced Term Loan August 2024 • Return of capital to shareholders ─ Completed entire $100 million stock buyback in FY 2022 ─ Purchased 4.5 million shares for $76.8 million at $17.09 through end of Q2’25 ─ Authorized new $100 million buyback on May 9th 2025 ─ Future buybacks dependent on timing of M&A as well as organic investments Capital Allocation Strategy 27
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• Continued focus on markets with growth characteristics and favorable mega-trends • Ongoing investment in differentiation: – Advanced PCB technology capabilities for Generative AI – Engineered RF products for A&D – Manufacturing footprint • Solid Financial Management – Plan in place to improve operating margins – Strong focus on cash flow generation – Capital allocation balances investing in business with return of capital to shareholders Going Forward 28
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Thank You
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Appendix
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Non-GAAP Reconciliations (TTM Consolidated) Annual 31 $ Millions (except where noted) 2019 2019* 2020* 2021 2022 2023 2024 GAAP Gross Profit $401.7 $377.2 $359.0 $372.0 $458.0 $413.3 $477.4 Add back item: Inventory markup - 0.3 0.3 - Stock-based compensation 3.2 3.1 3.9 4.7 5.8 7.5 9.3 Accelerated Depreciation - 5.8 - 0.1 5.3 0.7 Amortization of intangibles 4.8 4.8 5.5 5.6 5.5 12.9 9.3 Other infrequent items (0.0) 1.8 (1.2) 0.4 Non-GAAP Gross Profit 409.7 385.1 374.3 382.3 471.6 438.1 497.1 GAAP Operating Income 120.1 109.6 28.1 126.0 210.4 42.3 116.0 Add back items: Amortization of intangibles 53.3 50.6 44.4 41.4 42.6 61.6 44.9 Accelerated Depreciation 0.0 6.8 - 0.1 5.3 1.9 Stock-based compensation 16.8 16.8 16.1 17.7 19.5 22.9 29.8 Impairment, restructuring, and acquisition-related charges 13.9 12.3 86.2 5.4 16.1 67.2 56.4 Inventory markup - - - - 0.3 0.3 - Other infrequent items - (0.1) (0.1) (0.7) (54.2) (1.3) (15.3) Non-GAAP Operating Income 204.1 189.3 181.4 189.7 234.9 198.4 233.7 GAAP TTM Technologies Net Income (Loss) 41.3 31.9 (16.4) 54.4 94.6 (18.7) 56.3 Add back items: Amortization of intangibles 53.3 50.6 44.4 41.4 42.6 61.6 44.9 Accelerated Depreciation 0.0 6.8 - 0.1 5.3 1.9 Stock-based compensation 16.8 16.8 16.1 17.7 19.5 22.9 29.8 Non-cash interest expense 14.3 14.3 17.5 2.1 2.2 2.2 2.0 Impairment, restructuring, acquisition-related, and loss on extinguishment of debt 13.9 12.3 86.2 20.6 16.1 67.2 56.4 Inventory markup - - - - 0.3 0.3 - Other infrequent items (3.7) (3.7) (0.8) (5.5) (55.1) (1.4) (15.3) Income tax effects (15.3) (15.0) (37.0) 7.4 60.9 0.1 2.4 Non-GAAP TTM Technologies Net Income 120.5 107.1 116.7 138.0 181.2 139.5 178.4 Non-GAAP EPS ($ per diluted share) 1.13 1.01 1.10 1.28 1.74 1.33 1.71 GAAP Net Income (Loss) 41.3 31.9 (16.4) 54.4 94.6 (18.7) 56.3 Add back items: Income tax provision 4.9 2.4 (29.9) 15.6 88.3 19.0 27.7 Interest expense 83.2 82.1 73.2 45.5 45.5 48.1 47.5 Amortization of intangibles 53.3 50.6 44.4 41.4 42.6 61.6 44.9 Depreciation expense 166.6 93.4 99.6 85.9 91.3 99.2 105.2 Stock-based compensation 16.8 16.8 16.1 17.7 19.5 22.9 29.8 Other infrequent items (3.7) (3.7) (0.8) (5.5) (55.1) (1.4) (15.3) Inventory markup - - - - 0.3 0.3 - Impairment, restructuring, acquisition-related, and loss on extinguishment of debt 13.9 12.3 86.2 20.6 16.1 67.2 56.4 Adjusted EBITDA 376.2 285.7 272.3 275.6 343.1 298.2 352.5 *Proforma excluding Mobility Non-GAAP reconciliations are as originally reported. Beginning 2025 the impact of unrealized (gain) loss on foreign exchange is excluded from non-GAAP net income, non-GAAP EPS, and adjusted EBITDA - refer to the revised historical non- GAAP financial information in the Form 8-K filed on February 5, 2025 for further information.
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Non-GAAP Reconciliations (TTM Consolidated) Q3 2025 YTD 32 See notes on next slide.
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Non-GAAP Reconciliations (TTM Consolidated) Q3 2025 YTD 33 6 Adjusted EBITDA is defined as earnings before income taxes provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, (gain) loss on sale of property, plant and equipment, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, restructuring, acquisition-related, and other charges. We present adjusted EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations. In addition, we provide our adjusted EBITDA because we believe that investors and securities analysts will find adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America. 5 Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP t ax rate. 3 Non-GAAP gross profit and gross margin measures exclude amortization of definite-liv ed intangibles, stock-based compensation, unrealized (gain) loss on commodity hedge, and other charges. 4 This information prov ides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures -- which add back amortization of definite-lived intangibles, stock-based compensation, non-cash interest expense, (gain) loss on sale of property, plant and equipment, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, restructuring, acquisition-related, and other charges as well as the associated tax impact of these charges and discrete tax items -- provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations.