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Q4 2025 Quarterly Earnings Results February 4, 2026
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2 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 Operating Income, Non-GAAP Net Income, Non- GAAP Operating Margin, Non-GAAP Gross Margin, Non-GAAP EPS and Free 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. 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 financial 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 may include 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. Disclaimers
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3 $0.49 $0.70 $1.70 $2.46 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 Q4'24 Q4'25 Q1'26F 2024 2025 Non-GAAP EPS1 $651 $774 $2,443 $2,906 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Q4'24 Q4'25 Q1'26F 2024 2025 ($M) Net Sales Q4 2025 Financial Results and Q1 2026 Guidance Q4’25 above the guided range of $730M-$770M Forecast Q1 net sales of $770M-$810M Q4’25 at high end of guided range of $0.64-$0.70 Forecast Q1 Non-GAAP EPS of $0.64-$0.70 19% 19% YoY Growth (at mid-point for Q1’26F) $810 $770 $0.70 $0.64 43% 45% 1Non-GAAP financial metric. See Appendix for reconciliation to GAAP equivalent. 22% YoY Growth (at mid-point for Q1’26F) 34%
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4 $33 $12 $84 $18 $0 $15 $30 $45 $60 $75 $90 Q4'24 Q4'25 2024 2025 ($M) Free Cash Flow1 $86 $63 $237 $292 $0 $50 $100 $150 $200 $250 $300 $350 Q4'24 Q4'25 2024 2025 ($M) Operating Cash Flow Q4 2025 Cash Metrics 13.2% 8.1% 9.7% 10.0% % of Sales 8.1% 6.6% 6.3% 9.4% Capex % of Sales 1Non-GAAP financial metric. See Appendix for reconciliation to GAAP equivalent. | Strong Operating Cash Flow Supports Internal Capital Investment
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5 Q4 2025 Backlog and Book to Bill $0.50 $0.65 $1.56 $1.61 1.09 1.35 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 Q4'24 Q4'25 Book to Bill Backlog ($B) Backlog & Book to Bill 90-day Backlog A&D Program Backlog Book to Bill * Beginning Q1’25, 90-day backlog does not include shipments into customer hubs. The prior year 90-day backlog has been restated to conform to this reporting method. *
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6 8% 8% 14% 29% 42% 8% 9% 14% 28% 41% 7% 12% 13% 22% 46% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Networking Automotive Medical, Industrial & Instrumentation Data Center Computing Aerospace and Defense End Market % of Net Sales Q4'24 Q4'25 Q1'26F Q4 2025 End Market Net Sales 5% YoY Growth 57% YoY Growth 28% YoY Growth (7%) YoY Decline 23% YoY Growth 8% YoY Growth Forecast 66% YoY Growth Forecast 32% YoY Growth Forecast (12%) YoY Decline Forecast 27% YoY Growth Forecast | Continued YoY Sales Growth in Four of Five End Markets Note: Figures may include rounding
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7 8% 10% 14% 24% 44% 7% 13% 14% 20% 46% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Networking Automotive Medical, Industrial & Instrumentation Data Center Computing Aerospace and Defense End Market % of Net Sales 2024 2025 Full Year 2025 End Market Net Sales 13% YoY Growth 36% YoY Growth 22% YoY Growth (4%) YoY Decline 43% YoY Growth | Double Digit YoY Sales Growth in Four of Five End Markets
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8 Q4 2025 Financial Results and Q1 2026 Guidance 1Non-GAAP financial metric. See Appendix for reconciliation to GAAP equivalent. Financial Metric Q4’25 Q4’24 Year on Year Change Q1’26 Guidance GAAP Metrics Net Sales $774.3 M $651.0 M $123.3 M, or 19% $770 - $810 M Gross Margin 21.4% 19.4% 200 bps Operating Income % of Net Sales $80.7 M 10.4% $9.0 M 1.4% $71.7 M, or 797% 900 bps Net Income Per Diluted Share $50.7 M $0.48 $5.2 M $0.05 $45.5 M, or 880% $0.43, or 862% Cash flow from Operations % of Net Sales $62.9 M 8.1% $86.1 M 13.2% ($23.2 M), or -27% (510) bps Non-GAAP Metrics1 Non-GAAP Gross Margin 21.7% 20.5% 120 bps Non-GAAP Operating Income % of Net Sales $98.2 M 12.7% $65.8 M 10.1% $32.4 M, or 49% 260 bps Non-GAAP Net Income Per Diluted Share $74.8 M $0.70 $51.4 M $0.49 $23.4 M, or 46% $0.21, or 43% $0.64 - $0.70 Adjusted EBITDA % of Net Sales $126.2 M 16.3% $95.7 M 14.7% $30.5 M, or 32% 160 bps
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9 Full Year 2025 Financial Results and 2026 Net Sales Guidance 1Non-GAAP financial metric. See Appendix for reconciliation to GAAP equivalent. Financial Metric 2025 2024 Year on Year Change 2026 Guidance GAAP Metrics Net Sales $2,906.3 M $2,442.8 M $463.5 M, or 19% + 15% to 20% Gross Margin 20.7% 19.5% 120 bps Operating Income % of Net Sales $264.7 M 9.1% $116.0 M 4.8% $148.7 M, or 128% 430 bps Net Income Per Diluted Share $177.4 M $1.68 $56.3 M $0.54 $121.1 M, or 215% $1.14, or 211% Cash flow from Operations % of Net Sales $291.9 M 10.0% $236.9 M 9.7% $55.0 M, or 23% 30 bps Non-GAAP Metrics1 Non-GAAP Gross Margin 21.3% 20.4% 90 bps Non-GAAP Operating Income % of Net Sales $340.4 M 11.7% $233.7 M 9.6% $106.7 M, or 46% 210 bps Non-GAAP Net Income Per Diluted Share $259.0 M $2.46 $177.5 M $1.70 $81.5 M, or 46% $0.76, or 44% Adjusted EBITDA % of Net Sales $456.3 M 15.7% $351.5 M 14.4% $104.8 M, or 30% 130 bps
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We Thank You!
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11 Appendix
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12 Non-GAAP Reconciliations (In thousands, except per share data) RECONCILIATIONS2 Fourth Quarter Full Year 2025 2024 2025 2024 Non-GAAP gross profit reconciliation3: GAAP gross profit 165,869$ 126,541$ 601,686$ 477,375$ Add back item: Amortization of definite-lived intangibles 2,336 2,336 9,343 9,342 Stock-based compensation 3,646 2,653 12,866 9,342 Unrealized (gain) loss on commodity hedge (4,044) 1,635 (5,879) 370 Other charges - - - 709 Non-GAAP gross profit 167,807$ 133,165$ 618,016$ 497,138$ 21.7% 20.5% 21.3% 20.4% Non-GAAP operating income reconciliation4: GAAP operating income 80,749$ 9,028$ 264,684$ 116,043$ Add back items: Amortization of definite-lived intangibles 9,224 9,250 36,897 44,892 Stock-based compensation 12,082 8,083 41,668 29,780 (Gain) loss on sale of property, plant and equipment - (1,249) - (15,669) Unrealized (gain) loss on commodity hedge (4,044) 1,635 (5,879) 370 Impairment, restructuring, acquisition-related and other charges 226 39,018 3,044 58,324 Non-GAAP operating income 98,237$ 65,765$ 340,414$ 233,740$ 12.7% 10.1% 11.7% 9.6% GAAP net income 50,685$ 5,170$ 177,448$ 56,299$ Add back items: Amortization of definite-lived intangibles 9,224 9,250 36,897 44,892 Stock-based compensation 12,082 8,083 41,668 29,780 Non-cash interest expense 548 525 2,157 2,042 (Gain) loss on sale of property, plant and equipment - (1,249) - (15,669) Unrealized (gain) loss on commodity hedge (4,044) 1,635 (5,879) 370 Unrealized (gain) loss on foreign exchange 6,163 (13,048) 14,629 (1,039) Impairment, restructuring, acquisition-related and other charges 226 39,018 3,044 58,324 Income taxes6 (63) 2,005 (10,994) 2,481 Non-GAAP net income 74,821$ 51,389$ 258,970$ 177,480$ 0.70$ 0.49$ 2.46$ 1.70$ Non-GAAP gross margin Non-GAAP operating margin Non-GAAP net income and EPS reconciliation 5: Non-GAAP earnings per diluted share
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13 Non-GAAP Reconciliations (In thousands) Fourth Quarter Full Year 2025 2024 2025 2024 Adjusted EBITDA reconciliation7: GAAP net income 50,685$ 5,170$ 177,448$ 56,299$ Add back items: Income tax provision 11,323 9,161 32,889 27,650 Interest expense 12,376 11,204 45,334 47,515 Amortization of definite-lived intangibles 9,224 9,250 36,897 44,892 Depreciation expense 28,139 26,524 110,274 105,233 Stock-based compensation 12,082 8,083 41,668 29,780 (Gain) loss on sale of property, plant and equipment - (1,249) - (15,669) Unrealized (gain) loss on commodity hedge (4,044) 1,635 (5,879) 370 Unrealized (gain) loss on foreign exchange 6,163 (13,048) 14,629 (1,039) Impairment, restructuring, acquisition-related and other charges 226 38,966 3,044 56,439 Adjusted EBITDA 126,174$ 95,696$ 456,304$ 351,470$ Adjusted EBITDA margin 16.3% 14.7% 15.7% 14.4% Free cash flow reconciliation: Operating cash flow 62,930$ 86,054$ 291,882$ 236,894$ Capital expenditures, net (51,253) (52,761) (273,940) (152,871) Free cash flow 11,677$ 33,293$ 17,942$ 84,023$
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14 Non-GAAP Reconciliations Footnotes 7 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, impairment, 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. 6 Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate. 2 This information provides a reconciliation of non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the financial information in our consolidated condensed statements of operations. Prior year results have been revised to exclude the impact of unrealized (gain) loss on foreign exchange 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. 3 Non-GAAP gross profit and gross margin measures exclude amortization of definite-lived intangibles, stock-based compensation, unrealized (gain) loss on commodity hedge, and other charges. 5 This information provides 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, impairment, 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. 4 Non-GAAP operating income and operating margin measures exclude amortization of definite-lived intangibles, stock-based compensation, (gain) loss on sale of property, plant and equipment, unrealized (gain) loss on commodity hedge, impairment, restructuring, acquisition-related, and other charges.