Rogers : 2026 First Quarter Conference Call Slides

Published: 2026-04-28 17:14:32 ET ROG

Published on 04/28/2026 at 05:14 pm EDT

Q1 2026 Earnings Call

APRIL 28, 2026

Non-GAAP and Additional Information

This presentation includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"):

Adjusted operating expenses, which the Company defines as operating expenses excluding acquisition and related integration costs, 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);

Adjusted earnings per diluted share, which the Company defines as earnings (loss) per diluted share excluding acquisition and related integration costs, 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), 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;

Adjusted EBITDA, which the Company defines as net income (loss) excluding acquisition and related integration costs, 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), interest income (expense), net, income tax (benefit) expense , depreciation of fixed assets, and equity compensation expense;

Adjusted EBITDA margin, which the Company defines as the percentage that results from dividing Adjusted EBITDA by total net sales;

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 because 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 of 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 investors 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 addition, 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 between these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth below.

The Company provides quarterly guidance for adjusted earnings per diluted share and adjusted EBITDA on a non-GAAP basis only. The forward-looking comparable GAAP measures and a reconciliation of adjusted earnings per share and adjusted EBITDA to GAAP are excluded in reliance upon the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K due to the inherent difficulty in forecasting and quantifying, without unreasonable efforts, certain reconciling items. These include, among other things, adjustments that could be made for acquisition and related integration costs, 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), and charges to income tax expense for valuation allowances on deferred tax assets generated in prior years, and other charges reflected in the Company's reconciliations of historic numbers, the amount of which, based on historical experience, could be significant.

Key Messages For The Quarter

Q1 2026 Highlights

All financial metrics met or exceeded the mid-point of Q1 guidance.

Sales +5%, Adj. EPS +178%, Adj. EBITDA margin +580 bps YoY.

Q2 2026 Outlook

Sales +6%, Adj. EBITDA margin +590 bps YoY at guidance mid-point.

Higher YoY sales in automotive, industrial, and electronics and communications.

2026 Focus Areas

New design win activity in ADAS and EV battery applications.

Continue to gain customer traction with R&D pipeline.

Delivering meaningful YoY improvements in OpEx and margins.

Q1 2026 Sales By End Market

Market % of Sales1 Comments versus Q1'25 results

EMS industrial sales increased at a double-digit rate year over year with stronger sales in the U.S. and Europe across multiple sub-markets. Mass transit sales improved with strength in rail applications.

Lower year over year automotive sales due to lower light vehicle production and weakness in the U.S. EV market. ADAS sales were lower following strong year-end demand.

Double digit growth year over year in smartphones due to improved OEM volumes, mix of higher-end devices and increased customer share. Wireless infrastructure sales improved due to order timing.

15% Sales increased slightly year over year from higher commercial aerospace demand in the EMS business.

1 - Percentages reflect year-to-date sales and are approximate. 2 - Includes general industrial, renewable energy and mass transit.

3 - Includes EV/HEV, ADAS and ICE auto business. 4 - Includes portable electronics, consumer electronics, wireless and wired infrastructure. 5

Note: Other end market sales of 6% not shown. Percentages may not sum to 100% due to rounding

2026 Focus Areas

Growth Objectives

Profitability

Improvement

Capital Allocation

Several design wins in Q1, including EV battery and ADAS applications.

Continued progress in R&D pipeline, with further traction at major OEMs.

Improved cost and operating performance across global operations; restructuring activities remain on track.

Ongoing expense management efforts resulted in adjusted Q1 OpEx decreasing 7% YoY.

Increased focus on M&A opportunities

Targeted CAPEX to support R&D pipeline opportunities

Consistent Execution Continued in Q 1

All Financial Metrics Met or Exceeded Guidance Mid- Point

*See appendix for reconciliation of adjusted measures to GAAP measures

Financial Summary

(in millions, except for EPS)

Q1'26

Q4'25

Q1'25

$201.5

$190.5

31.5%

29.9%

$4.6

$(1.4)

$0.26

$(0.08)

Adjusted EBITDA margin %*

$0.89

$0.27

$34.4

$19.5

Q1'26 Adjusted EPS +178% YoY

Q1'26 Adjusted EBITDA margin +580 bps YoY

17.1%

10.2%

Q1'26 Sales +5% YoY. $7.9M FX benefit.

AES sales +3.4% YoY. Higher electronics & comms and industrial markets. $5.3M FX benefit.

EMS sales +7.0% YoY. Higher industrial, electronics and A&D markets, partially offset by lower automotive. $2.5M FX benefit.

Q1 2026 Adjusted EBITDA*

$19.5

10.2%

($ in millions)

$32.0

16.0%

Q1'25 Volume / Mix New factory performance

Operational excellence

Adjusted operating expenses1

Other income (expense)

Q1'26

Adjusted EBITDA Improvement Driven By Higher Volume

And Profitability Improvement Initiatives

1 - Change in adjusted operating expenses excluding stock based compensation Note: Dollars may not add due to rounding

Q1 2026 Cash Utilization

$197.0

$195.8

($ in millions)

$4.7 $13.2

Balance Sheet Remains Strong with $196M in Net Cash

- See reconciliation of adjusted EBITDA to GAAP net income in the appendix.

- Change in assets and liabilities per the statements of cash flows. Note: Dollars may not add due to rounding

Dec 31, 2025

Adj. EBITDA1

Capex

Working capital change 2

Cash taxes

Restructuring and other

Mar 31, 2026

Cash

paid

Cash

Q2 2026 Guidance

Q2 2026

Sales midpoint of $215M increasing 6% YoY

Net Sales $210M to $220M

Gross Margin 32.5% to 33.5%

Adj. EBITDA midpoint of $38M or 17.7% of sales is improving 590 bps YoY

Adjusted Earnings Per Diluted Share $0.90 to $1.10 Adjusted EBITDA $35M to $41M

2026

Capital Expenditures $30M to $40M

Appendix

Historical Sales By End Market

Market

Q1 2025

% of Sales 1

FY 2025

% of Sales 1

Industrial2

36%

Automotive3

27%

26%

Electronics & Communications4

15%

16%

Aerospace & Defense

16%

1 - Percentages reflect year-to-date sales and are approximate. 2 - Includes general industrial, renewable energy and mass transit.

3 - Includes EV/HEV, ADAS and ICE auto business. 4 - Includes portable electronics, consumer electronics, wireless and wired infrastructure. 12

Note: Other end market sales for Q1 2025 and FY 2025 is 6%. Percentages may not sum to 100% due to rounding

Q1 2026: Adjusted Operating Expenses Reconciliation*

($ in millions)

Q1 2026

Q4 2025

Q1 2025

GAAP Operating Expenses

$53.9

$56.3

$57.3

Acquisitions and Divestiture Related Costs:

Acquisitions and Related Integration Costs

Dispositions

Intangible Amortization

($2.7)

($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

($5.9)

($8.0)

($5.9)

Asbestos - Related Charges (Credits)

Total Adjustments

($8.6)

($10.8)

($8.6)

Adjusted Operating Expenses

$45.3

$45.6

$48.7

Divided by Total Net Sales

$200.5

$201.5

$190.5

Adjusted Operating Expenses as a percentage of sales

22.6%

25.6%

Note: percentages and dollars may not add due to rounding. 13

*GAAP operating expenses include (i) selling, general and administrative expenses, (ii) research and development expenses, (iii) restructuring and impairment charges and (iv) other operating

(income) expense, net per condensed consolidated statements of operations.

Q1 2026: Adjusted Earnings Per Diluted Share Reconciliation

Q1 2026 Q4 2025 Q1 2025

Acquisitions and Related Integration Costs - - -

Dispositions - - -

Intangible Amortization $0.15 $0.16 $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 $0.33 $0.44 $0.32 Asbestos-Related Charges (Credits) - - -

Valuation Allowance on Deferred Tax Assets - ($0.05) -Estimated Income Tax Impact of Adjustments $0.02 $0.09 ($0.11) Impact of Including Dilutive Securities - - -Total Adjustments $0.50 $0.64 $0.35

Note: dollars may not add due to rounding.

Q1 2026: Adjusted EBITDA and Margin Reconciliation

($ in millions)

Q1 2026

Q4 2025

Q1 2025

GAAP Net Income (Loss)

$4.5

$4.6

($1.4)

Acquisitions and Divestiture Related Costs:

Acquisition and Related Integration Costs

Dispositions

Intangible Amortization

$2.7

$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

$5.9

$8.0

$5.9

Asbestos-Related Charges

Interest (Income) Expense, net

($0.3)

$0.1

($0.3)

Income Tax (Benefit) Expense

$6.8

$4.9

($0.2)

Depreciation

$10.7

$11.8

$9.2

Equity Compensation Expense

$1.7

$2.2

$3.6

Adjusted EBITDA

$32.0

$34.4

$19.5

Divided by Total Net Sales

$200.5

$201.5

$190.5

Adjusted EBITDA Margin

16.0%

17.1%

10.2%

Note: percentages and dollars may not add due to rounding.

Q1 2026: Free Cash Flow Reconciliation

($ in millions)

Q1 2026

Q4 2025

Q1 2025

Net Cash Provided By Operating Activities

$5.8

$46.9

$11.7

Non-Acquisition Capital Expenditures

($4.7)

($9.6)

Free Cash Flow

$1.1

$42.2

$2.1

Note: dollars may not add due to rounding. 16

*Free cash flow defined as net cash provided by operating activities less non-acquisition capital expenditures per condensed consolidated statements of cash flows.

Disclaimer

Rogers Corporation published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:10 UTC.