Element : 2026 Investor Day

Published: 2026-05-18 09:11:13 ET ESI

Published on 05/18/2026 at 09:11 am EDT

May 18, 2026

NON-GAAP FINANCIAL MEASURES

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United State s ("GAAP"), the Company presents in this presentation the following non-GAAP financial measures: EBITDA, adjusted EBITDA, adjusted EBITDA margin (including margin excluding pass-though metals), adjusted EPS, free cash flow, free cash flow conversion, net debt to adjusted EBITDA ratio, net debt to pro forma adjusted EBITDA ratio, long-term adj. EPS growth target of mid-teens, assuming market unit growth, net sales growth rate of ~7%, adj. EBITDA growth of high single digits to low double digits, incremental adj. EBITDA margin of 30-40%, and full year 2026 guidance for adjusted EBITDA. The Company also evaluates and presents its results of operations on a constant currency and organic basis. The definitions and reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in the footnotes and appendix of this presentation.

Management internally reviews these non-GAAP measures to evaluate performance and liquidity on a comparative period-to-period basis in terms of absolute performance, trends and expected future performance with respect to the Company's business and believes that these non-GAAP measures provide investors with an additional perspective on trends and underlying operating results on a period-to-period comparable basis. The Company also believes that investors find this information helpful in understanding the ongoing performance of its operations as well as their ability to generate cash separate from items that may have a disproportionate positive or negative impact on its financial results in any particular period or that are considered to be associated with its capital structure. These non-GAAP financial measures, however, have limitations as analytical tools, and should not be considered in isolation from, a substitute for, or superior to, the related financial information that the Company reports in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements and may not be completely comparable to similarly titled measures of other companies due to potential differences in calculation methods. In addition, these measu res are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded or included in determining these non-GAAP financial measures. Investors are encouraged to review the definitions and reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures included herein, and not to rely on any single financial measure to evaluate the Company's businesses.

The Company provides guidance regarding the Company's long-term adj. EPS growth target of mid-teens, assuming market unit growth, net sales growth rate of ~7%, adj. EBITDA growth of high single digits to low double digits, incremental adj. EBITDA margin of 30-40%, and full year 2026 financial guidance with respect to adjusted EBITDA only on a non-GAAP basis. Reconciliations of such forward-looking non-GAAP measures 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 amounts that are necessary for such reconciliations, including adjustments that could be made for restructurings, refinancings, impairments, divestitures, integration and acquisition related expenses, share-based compensation amounts, non-recurring, unusual or unanticipated charges, expenses or gains, adjustments to inventory and other charges reflected in its reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

Opening Remarks

Element Solutions Evolution

Welcome & Agenda

May 18, 2026

Electronics

Circuitry & Wafer Level Packaging Solutions

Kuprion

Semiconductor & Circuit Board Assembly

Micromax

Specialties

EFC Gases & Advanced Materials

Industrial Solutions

Enterprise Operations

Our Growth Algorithm Q&A

Sir Martin E. Franklin • Former Executive Chairman

Ian G.H. Ashken • Chairman

Improving Our Business Quality and Long-Term Growth Rate Through Operational Excellence and Prudent Capital Allocation

Ben Gliklich • Chief Executive Officer

Element Solutions Journey Since Founding

Laying the

Foundation

2019

Defining identity,

vision, and culture

Establishing an organizational structure and incentives to align with our objectives

COVID Crisis Management

2020

Ensuring business continuity

Stress testing our variable cost operating model

Capturing demand as secular growth tailwinds inflected positively

Winning Now, Winning Later

2021

Capitalizing on recovering end-markets

Refining commercial and operational processes for future growth

Accelerating internal and external investment to grow market leadership

Supply Chain Complexity & Opportunities

2022-23

Consolidated Industrial Surface Treatment market with Coventya and HSO acquisitions

Nimble pricing to cover rising inflation

ViaForm transaction & Kuprion acquisition

Capturing New Demand Vectors

2024

Positioning portfolio for surge in high-end electronics demand including roadmap for Kuprion and other advanced

materials capacity and additional quality capabilities

Portfolio Refinement & Acceleration

2025

Portfolio improvement (Graphics divestiture and signing of Micromax and EFC Gases & Advanced Materials acquisitions)

Continuing to build roadmap alongside key supply chain partners for long-term growth

Earnings Outperformance

Through a challenging overall backdrop

AGGREGATE ADJ. EBITDA*

$ in billions, except for ESI $ in millions

S&P 500 - Chemicals

Specialty Chemicals Composite1

performance since 2022

64.5

49.6

56.7

2022

2025

2026F

(12.0%)

(23.1%)

88.0

67.3

78.7

2022

2025

2026F

(10.5%)

(23.5%)

ESI 2022 Proxy Peers2

(25.2%)

(10.4%)

11.2 10.0

8.3

ESI

+4.0%

+28.2%

527 548 675

2022

2025 2026F

2022

2025 2026F 3

* These financial measures, on this slide and subsequent slides, are not prepared in accordance with GAAP. For definitions, discussions of adjustments and reconciliations, please refer to the footnotes and appendix of this presentation, including: Adjusted EBITDA reconciliation

Represents the sum of a set of 62 global, public specialty chemicals companies with $1B+ revenue

Represents the sum of peers listed in the ESI April 21, 2023 Proxy Statement (excluding NEU and DSEY due to lack of historical public data and acquisition, respectively)

2026F represents midpoint of guidance as of April 2026 8

Source: S&P Capital IQ, Public Filings

Because of Our Differentiated Business Positioning

Manufacturing Process

Primary

Inputs

Primary Outputs

Decision Criteria

Molecule synthesis Smelting Purification

Raw materials

Capital equipment

Base metals Inorganic salts Acids & bases Precious metals

Price Material quality

Formulation

Base metals Inorganic salts Acids & bases Precious metals

Chemical technology (products & tech. service) enabling customer specified outcomes

Product reliability Technical support

Component manufacturing & fabrication

Chemicals Energy Labor

Printed circuit boards Semi fabricators Packaged IC

Plated industrial components

Technical performance

Final assembly

Subassemblies Engineering

Branding & marketing

Electronics hardware

Automobiles

Consumer preference

Unique asset-light, service-driven, solutions-based commercial model

Suppliers

Qualifications & Specifications

Direct Customers

End Customer

"OEM"

80%

of product revenue specified or qualified by customers and OEMs

99%

Consumable Revenue

More than 2,100 technical staff supporting our customers

PCB plating chemistries

represent just ~3%

of the total PCB cost

And Solid Execution of Our Operating Model

Clear, consistent frameworks for how we run our businesses and deploy their cash flows

Operational Excellence Prudent Capital Allocation

Principles

Decentralized Customer-Centric People-Oriented Opportunistic Disciplined Flexible

Framework

Tools

Recognition

CHALLENGE

COMMIT

COLLABORATE

CHOOSE

CARE

Consider acquisitions

Available Risk-Adjusted Acquisition Returns

Increase dividend or build cash

Premium

ESI Valuation

Share repurchases

Discount

Acquisition

Hurdle Rate

+5% vs. (4%)

+10% vs. (8%)

Outcomes (2022-2025)

+43% vs. (14%) +10% (12%)

+14%

Revenue Growth* vs.

2022 Proxy Peer Median2

Adj. EBITDA* Growth vs.

2022 Proxy Peer2 Median

TSR1 vs.

2022 Proxy Peer Median2

ESI Electronics

Growth (Ex-Metal)*

vs.

MSI Volume

Growth

PCB SqM

(Millions)

* Please refer to the appendix for definitions of non-GAAP measures, discussions of adjustments and reconciliations, including: Operating model reconciliation

TSR calculated based on percent change in adjusted closing prices from 12/31/2022 ($17.41) to 12/31/2025 ($24.93), including reinvestment of dividends

Refers to Peer Group as defined in the ESI 4/21/2023 Proxy Statement. Note, revenue decline of (4%) is based on actual revenue figures for Peer Group. 10

Source: S&P Capital IQ, Prismark, SEMI

Focused on Customer-Centricity

Everyone has customers - our focus is outwards towards them

End Customer Need

End Customer Communicates

Business Unit Delivers

Quality

Requirements / specifications

Detailed data sets and production control data

Efficiency

Ongoing production challenges

Innovation

New capabilities

Product

roadmap

Business continuity

Requirements

Resilient supply chain

Ongoing technical support

Ad hoc production challenges

On-site technical service

Solutions

Business Unit Need

Commercial excellence

ESI Provides

Best-in-class selling process

with custom systems

Decision support

Reliable tools and data providing real-time costing, pricing and inventory

Growth capital to

support customers

Greater access to

the capital markets

Best-in-class talent

Recruitment and training programs

Capabilities

And Prudent Capital Allocation

Investing ahead of market shifts and behind customer needs

Efficiency

M&A

Growth

Direct Return of Cash

$176M

Share Buybacks

$312M

Dividends

~$500M

In capital returned to shareholders since 20221

Portfolio Optimization Growth Adjacency Expansion Seeding Emerging Technology

Sale of flexographic printing

plate business

~$325M (2025)

Advanced electronics

inks and pastes

~$500M (2026)

Next gen thermal materials for

advanced packaging

$20M+ (2023)

Rare & specialty gases

Drive customer intimacy with front-end-of-line semi

Net Debt /

Adj. EBITDA*:

~$370M+ (2026)

$200M (2023)

3.1x

3.4x

2.8x

3.1x

2022 2023 2024 2025 PF2

* Please refer to the appendix for definitions of non-GAAP measures, discussions of adjustments and reconciliations, including: Net debt and leverage ratio reconciliation. References to Net Debt represent balances as of year-end

Refers to period 1/1/22 to 12/31/25 12

Reflects pro forma impact of EFC and Micromax acquisitions

Our Business Has Evolved

Significant End Market Shifts Without Sacrificing Business Quality

END MARKET SHIFT1

Total ESI Electronics

HIGH, STABLE GROSS MARGINS* VARIABLE OPERATING COST 2

~6%

~15%

~$1.4bn ~45%

COGS*

~33%

Continued margin expansion and

~40%

Consumer

~50%

Consumer

proven ability to pass-through metals pricing in the face of volatility

52.0% 52.4%

Other Raws

48.2%

45.9%

Overhead

Logistics

~85%

2021

variable

~60%

Enterprise

~50%

Enterprise

~20%

2025PF3

Consumer

~25%

Consumer

~10%

Sales & Marketing

G&A R&D

~35%

~$530mn

Opex*

~55%

~20%

variable

~80%

Enterprise

~75%

Enterprise

2022 2023 2024 2025

* Please refer to the appendix for definitions of non-GAAP measures, discussions of adjustments and reconciliations, including: Cost of sales and operating expenses reconciliation; and ESI metrics reconciliation

Consumer defined as Graphics business, Mobile Devices & Other Consumer Electronics

Based on FY2025 expenses 13

Reflects pro forma impact of EFC and Micromax acquisitions, and excluding impact of divested and non-core businesses

…And Improved

Strong stable margins and cash flow

ESI Metrics

2019-2025

Ex-Metal Margin %

FCF* ($M) & FCF Conversion* (%)1

51%

46%

48%

52% 52%

294

80%

280

282

238

249

253

256

57%

59%

53%

55%

48%

47%

75%

70%

65%

26% 25% 25%

27% 27%

60%

55%

50%

45%

40%

35%

2021 2022 2023 2024 2025

2019 2020 2021 2022 2023 2024 2025

30%

* Please refer to the appendix for definitions of non-GAAP measures, discussions of adjustments and reconciliations, including: ESI metrics reconciliation 14

1. FCF Conversion % displays Free Cash Flow as a % of Adj. EBITDA

We Have Made Progress Against Our Vision…

ESI strives to be the leading chemical technology solutions provider in three specific, measurable categories

VALUE TO

CUSTOMERS

Gross Margins*

+60% internal fill rate in 2025

+581 bps

from 2022-20251

Net Promoter Scores

12% CAGR 2018-2025

OPPORTUNITIES FOR EMPLOYEES

Internal Fill Rate Employee Satisfaction

+90% avg. positive response rate from last 3 employee surveys

VALUE FOR SHAREHOLDERS

Growing Adj. EPS*

22% CAGR2 since Jan. 31, 2019

Total Shareholder Return*

* Please refer to the appendix for definitions of non-GAAP measures, discussions of adjustments and reconciliations, including: Gross margin reconciliation; and Adjusted EPS reconciliation

Gross margin improvement applies a constant currency rate and a constant pass-through metals price for all periods presented 15

TSR CAGR calculated based on percent change in adjusted closing prices from 1/31/2019 ($10.43) to 5/14/2026 ($43.54), includi ng reinvestment of dividends

…And Our Industry Outlook Has Improved

2016-2025 PCB M2 CAGR by Board Type

5-Year PCB Production Volume Growth Forecast

vs. Actual Annual Growth

Forecasting cyclical recovery

Forecasting secular growth

12.6%

9.3%

7.6%

6.8%

6.7%

4.5%

5.3%

(3.0%)

2021

(9.2%)

2022

2023

2024

2025

Commodity

4-6ML

Substrate

18+ layers

8-16 layer

20%

ESI Core Market

PCB Market Growth has been driven by ESI's core market in high-end, complex boards

Source: Prismark

Element Solutions Has Become a Higher Quality, Faster Growing Company

Our underlying growth rate has accelerated due to our portfolio evolution

* Please refer to the appendix for definitions of non-GAAP measures, discussions of adjustments and reconciliations

Refers to revised proxy peers as defined in the ESI 3/23/2026 Proxy Statement, excluding TRMB

Reflects pro forma impact of EFC and Micromax acquisitions, excluding metal revenue for 2025PF 17

Data center, high-performance compute, and telecommunications infrastructure

CRI* VS 2026 PROXY PEERS1

2025, %

ESI PORTFOLIO MIX

2021 & 2025PF2, %

24%

16%

11%

2021

Medical, Aero & Engineering Data & Telecom Infra Automotive Electronics Automotive Surface Consumer & Other Electronics Mobile Devices

Graphics

Energy

5%4%

24%

19%

11%

14%

13%

22%

15%

2025PF2

Industrial, Medical & Other Data Center, HPC & Telco Infra Automotive Electronics Automotive Surface

Other Consumer Electronics Mobile Devices

Aerospace & Defense

Energy

20%

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Peer 17

ESI

10%

11%

14%

16%

19%

37%

20%

21%

24%

25%

26%

27%

28%

29%

33%

Positioned for Growth Across the Hardware Ecosystem

Rick Fricke • President, MacDermid Alpha Electronics Solutions

Highly Complementary Electronics Materials Portfolio

MacDermid Alpha Electronics Solutions

ELECTRONICS1

Assembly Solutions Sales

$426M (ex-metals)

Circuitry Solutions Sales

Semiconductor Solutions Sales

Micromax Sales

$110M (ex-metals)

3,300+

Employees

$2.1B+

2025PF1

Sales

~25%

Consumer

END-MARKET DIVERSITY2

2025 NET SALES BY REGION1

~75%

Enterprise

2025 figures presented with metals revenue, pro forma for Micromax acquisition. Represents sum of 2025 sales for Assembly Solutions, Circuitry Solutions, Semiconductor Solutions, and Micromax as indicated on this slide

Reflects pro forma impact of Micromax acquisition, excluding metal revenue for 2025PF 19

Source: Management estimates

Lines of Business Spanning the Electronics Value Chain…

Line of Business:

Circuitry Solutions

Wafer Level Packaging

Semiconductor Assembly

Circuit Board Assembly

Micromax

Customer Base

PCB Fabricators

Foundries, IDMs

IDMs, OSATs

Assemblers

Component Manufacturers

Key

Capabilities:

Adhesion Promotion Metal Etching Circuit Metallization

Solderability Preservation

Damascene Copper RDL

Copper Pillar Bump Metallization

Die & Chip Attach Die Protection & Reinforcement

Thermal Management

Component Attach Component Protection & Reinforcement

Thermal Management

Passive Component Material Thick Film Pastes

Ceramic Tapes Electronic Inks

Revenue (FY25)

~$530M

~$200M

~$125M

~$900M1

~$325M2

Includes ~$480M of metals revenue

Includes ~$215M of metals revenue

Source: Management estimates 20

Disclaimer

Element Solutions Inc. published this content on May 18, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 18, 2026 at 13:10 UTC.