Rogers Corporation Investor Day 2026

Well, good morning and welcome to Rogers Corporation 2026 Analyst and Investor Day. My name is Steve Haymore. I am the head of investor relations at Rogers, and it is my pleasure to welcome all of you with us here today. It is wonderful to see so many familiar faces with us here at the New York Stock Exchange, and we are equally delighted to have many more joining us via the public webcast. Before we begin, there are a few items to quickly make you aware of. The first is that all the presentation materials for today's event will be posted over the course of this morning, and you can access that through our investor relations website. There is a link to a dedicated page where you will find those presentations. In addition, the information this morning will include some forward-looking statements.

We invite you to review more about this and review this statement, which is available on our website. The materials today will also include some non-GAAP financial measures. You can find the reconciliations to all those in the appendix of the materials, again, on our website. During the course of the morning, we will have the opportunity to hear from the Rogers leadership team about the vision, the strategy, and the exciting growth opportunities that we have ahead. At the conclusion of those presentations, we will have a brief break. Following that break, we will then have a live Q&A session. At the conclusion of the Q&A session, Ali will have a few closing remarks, and then for all those here, we invite you to come and see the product displays in the back of the room.

I know we are excited to get started, so with that, let me turn it over to Ali.

Good morning, everyone. We are excited and honored to share with you our vision for the future and our detailed strategy to achieve it. Rogers has a strong foundation and all the ingredients to successfully deliver. Rogers has the talent, technology platforms, loyal customers, and global reach all needed to become a great company. Our entire team is committed to delivering on this next phase of growth. We know Rogers has not consistently delivered against its potential. But today we will show you what has changed and the milestones to measure our progress. Our strategy and outlook reflect a conviction in what Rogers can achieve and is supported by active customer projects and tangible market opportunities. There are four themes that we will focus on in our presentations today. First, we are making progress toward becoming a leaner, faster, and higher growth company.

Second, you will hear about the significant potential we see in our core markets and in fast-growing adjacencies such as data centers. Third, our growth plans are built on product technologies, manufacturing capabilities, and supply chain that are proven in the market and trusted by our customers. Lastly, with our improved cost structure and growth outlook, there is a significant margin earnings upside embedded in the business. Our plan is to grow Rogers sales to over $1.5 billion by 2030. Our focus today will be on how we can achieve this organic growth and unlock Rogers' potential. Our confidence in achieving this target is supported by several key pillars. First, we are extending established technologies and manufacturing platforms into adjacent growth markets. Second, the differentiated performance of our solution has been validated through customer testing. Third, the expected size of those opportunities are based on active customer engagements.

In other words, this isn't a market share estimate. These are actual programs with customers. We'll share more details about the growth plans in a few moments. For those of you who are new to the story, let's go and tell you, who is Rogers? We may not be a household name, but we are in a lot of the products you use every day. We are in your cellphone. We are in airplanes, trains, and even cars that you may have used to come here today. We have been around for more than 190 years. It's a long time. With over 3,000 associates serving more than 2,800 customers in more than 60 countries. We serve global leaders in many industries with a diverse mix of products and services. Our global technical and manufacturing capabilities are well-positioned to refine and secure supply chain for our customers.

Our business is well-diversified with 36% of our revenue from industrial, 26% from automotive, followed by consumer electronics, aerospace, and defense at 16% each. We operate through two segments, the Advanced Electronics Solutions and the Elastomeric Material Solutions. There are three business units under each segment led by talented professionals. The AES segment is focused on solving customer issues in radio frequencies, connectivity, power, and thermal management. The EMS segment is made up of a comprehensive portfolio of high-performance elastomers, which protect critical systems and improve reliability, even providing customers with comfort and convenience. In AES, Rogers laminate materials enable improved radar performance in driver-assistance systems, such as blind spot detections. In EV, our power substrates improve vehicle range with more efficient power conversion. In EMS, Rogers improve the durability of your smartphones with polyurethane materials that provide impact protection and environmental sealing.

Our silicones also make air travel more comfortable with sound-dampening materials. Both Nate and Brian will go into a lot more details about this. Throughout our presentation today, you'll hear about why customers choose Rogers. We have a long and proven history. Many of our major customers have used our products for decades. Why? First, because we've been around for a long time. We have a strong reputation and a brand recognition. We have decades of experience in serving our customers with high-performing products. We also have a broad product portfolio and international footprint. We have a global scale combined with our regional experts that provide local support. In other words, we speak the customer's language. Second, our customers turn to us. Thank you, man. Our customers turn to us for our application and development experience.

Rogers engineers act as trusted partners to provide the necessary technical and development capabilities to optimize solutions for our global OEMs and end users. They know that Rogers can deliver and always delivers with the performance and reliability needed. I was talking to one of our large partners in Europe who told me that thousands of his customers actually ask for our products and brand by name, and they would not accept alternatives. This is an impressive statement and showing the strength of the brand in the global market. It's not just the U.S. In simple terms, we help solve complex challenges with engineered materials and products. In other words, the more challenging the problem, the greater need for Rogers solutions. For decades, Rogers has helped customers solve design challenges created by each new wave of technology.

When customers need data to travel further across a circuit board without losing quality or detect a faint radio signal, they turn to Rogers. Whether in space, defense, wireless communication, or automotive radars, we have been their trusted partners with the optimal solutions. When they are dealing with power and thermal management challenges in high-power chips, renewable energy, or EVs, they turn to Rogers. If they need solutions to ensure reliability of smartphones or if they need to improve the life of their EV battery, they turn to Rogers. Underpinning the value we provide to our customers is the mission-critical reliability provided by our materials and products. Sorry, this thing is not working here. Okay. Our global footprint gives customers supply resilience, regional production, and local technical capabilities that matter more as supply chain regionalize.

We have manufacturing operations in North America, Europe, and Asia, and the ability to produce many of our products in multiple regions, minimizing supply chain risks to our customers. We are also well-positioned to benefit from the continuing supply localization trends. Our market strategy is built on the deep connections we have with our customers. Our engagement with customers provide an understanding of their specific challenges at every stage in the value chain. That allows us to address and help them address their needs. If our existing portfolio does not meet their needs or expectations, we then customize our offering to their specific and unique criteria. Through this process, we are able to secure design wins that translate into durable revenue streams. These relationships also create opportunities to cross-sell more of our Rogers portfolio, compounding growth over time. We are continuing to strengthen this model in three ways.

First, we are expanding cross-selling by aligning capabilities around key industry verticals and increasing collaboration across product lines. Second, we are strengthening and building on existing relationship with our channel partners, such as converters and fabricators. Third, we are deepening customer engagement and expanding direct relationships with OEMs in targeted markets. Across each of these improvement areas, our focus is on developing a closer customer connection that will anticipate their needs and translate this into the products and solution that they will need and enable them to succeed. Rogers operates in dynamic markets, where speed of execution and time to markets are critical. In recent years, we did not consistently move at the pace these markets require. To succeed going forward, we are operating with greater focus, making faster decisions, shortening development cycles, and responding more quickly to customer needs.

We are already seeing evidence of this change in the marketplace. A lead customer has specifically recognized the pace at which we are sampling, testing, and delivering prototypes, one indication that our execution model is improving. The quick turnaround of samples to optimize their system performance was recognized by the same customer as a differentiated value. Examples like this have been enabled by our more simplified operating model and improved accountability structure. Our teams are empowered to make faster decisions and immediately address customer needs. We are not yet where we want to be, but the changes we are making are moving Rogers in the right direction, and it's showing up in our financial results. Sales are expected this year to end at $870 million, compared to $811 in 2025. EBITDA margins to grow by about 300 basis points and adjusted earning per share to $3.80 from $2.39 in 2025.

This is an important first step toward our long-term targets and evidence that our operating improvements are beginning to translate into a measurable result. Our growth plans begin with a strong alignment between our core technologies and the secular trends reshaping markets. Across connectivity, thermal management, power electronics, and pressure management, customers are facing increasingly complex design challenges, areas that align directly with Rogers' established and proven capabilities. In aerospace and defense, record OEM backlogs are driving demand for higher performance interconnect and elastomeric materials. In industrial markets, supply localization and factory automation are increasing the need for sealing and vibration management solution in demanding operating environments. In automotive, electrification and higher level of vehicle safety are creating opportunity across battery systems, power conversion, and high-performance radar. In data centers, rapidly increasing computing power is creating new requirements for higher speed connectivity and more efficient thermal management.