EX-99.2 3 entgq12025ex992.htm EX-99.2 entgq12025ex992
ENTEGRIS PROPRIETARY AND CONFIDENTIAL – INTERNAL First Quarter 2025 May 7, 2025 Entegris Earnings Summary EXHIBIT 99.2


 
2 Safe Harbor ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY This presentation contains “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “may,” “will,” “would” or the negative thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based on current management expectations and assumptions only as of the date of this news release. They are not guarantees of future performance and they involve substantial risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, but are not limited to, fluctuations in the demand for semiconductors and the overall volume of semiconductor manufacturing; the impact of global economic uncertainty, including financial market volatility, which may cause or exacerbate negative trends in consumer spending, inflationary pressures and interest rate fluctuations, economic recessions, national debt and bank failures, which may limit our ability to access cash, raw material shortages, supply and labor constraints, and price increases; fluctuations in the Company’s revenues and operating results and their impact on the Company’s stock price; supply chain interruptions and the Company’s dependence on sole, single and limited source suppliers; risks related to the Company’s international operations, including challenges in hiring and integrating workers in different countries, maintaining appropriate business practices across the varied jurisdictions in which we operate, and engaging and managing global, regional and local third-party service providers; the impact of regional and global instabilities, hostilities and geopolitical uncertainty, including, but not limited to, the ongoing conflicts between Ukraine and Russia, and between Israel and Hamas, as well as the global responses thereto; export controls, economic sanctions, and similar restrictions; tariffs, additional taxes, and other protectionist measures resulting from international trade disputes, strained international relations, and changes in foreign and national security policy; the concentration and consolidation of the Company’s customer base; the Company’s ability to meet rapid demand shifts; the Company’s ability to continue technological innovation and to introduce new products to meet customers’ rapidly changing requirements; manufacturing and other operational disruptions or delays; IT system failures, network disruptions, and cybersecurity risks; the risks associated with the use and manufacture of hazardous materials; goodwill impairment; challenges in attracting and retaining qualified personnel; the Company’s ability to protect and enforce intellectual property rights; the Company’s environmental, social, and governance commitments; legal and regulatory risks, including changes in laws and regulations related to the environment, health and safety, accounting standards, and corporate governance, across the jurisdictions in which the Company operates; changes in taxation or adverse tax rulings; the ability to obtain government incentives and the possibility that competitors will benefit from government incentives for which the Company does not qualify; the amount and consequences of the Company’s indebtedness, its ability to repay its debt and to obtain future financing, and the Company’s obligations under its current outstanding credit facilities; volatility in the Company’s stock price; the payment of cash dividends and the adoption of future share repurchase programs; the Company’s ability to effectively implement any organizational changes; challenges associated with a potential change of control; substantial competition; the Company’s ability to identify, complete and integrate acquisitions, joint ventures, divestitures or other similar transactions; the impacts of climate change; and other matters. These risks and uncertainties also include, but are not limited to, the risk factors and additional information described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2025, including under the heading “Risk Factors” in Item 1A, and in the Company’s other periodic filings with the SEC. Except as required under the federal securities laws and the rules and regulations of the SEC, the Company undertakes no obligation to update publicly any forward-looking statements or information contained herein, which speak as of their respective dates. This presentation contains references to "Adjusted Net Sales ", “Adjusted EBITDA,” “Adjusted EBITDA – as a % of Net Sales,” “Adjusted Operating Income,” “Adjusted Operating Margin,” “Adjusted Gross Profit,” “Adjusted Gross Margin – as a % of Net Sales,” “Adjusted Segment Profit,” “Adjusted Segment Profit Margin,” “Non-GAAP Operating Expenses,” “Non-GAAP Tax Rate,” “Non-GAAP Net Income,” “Diluted Non-GAAP Earnings per Common Share,” “Free Cash Flow,” and other measures that are not presented in accordance GAAP. The non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures but should instead be read in conjunction with the GAAP financial measures. Further information with respect to and reconciliations of such measures to the most directly comparable GAAP measure can be found attached to this presentation.


 
3 Summary – Consolidated Statement of Operations GAAP ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY $ in millions, except per share data 1Q25 1Q24 4Q24 1Q25 over 1Q24 1Q25 over 4Q24 Net Sales $773.2 $771.0 $849.8 0.3% (9.0%) Gross Margin 46.1% 45.6% 45.6% Operating Expenses $234.2 $234.2 $237.3 0.0% (1.3%) Operating Income $122.3 $117.6 $150.0 4.0% (18.5%) Operating Margin 15.8% 15.3% 17.7% Tax Rate 11.5% 7.0% 8.9% Net Income $62.9 $45.3 $102.3 38.9% (38.5%) Diluted Earnings Per Common Share $0.41 $0.30 $0.67 36.7% (38.8%)


 
4 Summary – Consolidated Statement of Operations Non-GAAP1 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY $ in millions, except per share data 1Q25 1Q24 4Q24 1Q25 over 1Q24 1Q25 over 4Q24 Net Sales $773.2 $771.0 $849.8 0.3% (9.0%) Adjusted Gross Margin – as a % of Net Sales 46.1% 45.6% 45.6% Non-GAAP Operating Expenses2 $185.9 $173.7 $187.6 7.0% (0.9%) Adjusted Operating Income $170.8 $178.1 $200.1 (4.1%) (14.6%) Adjusted Operating Margin 22.1% 23.1% 23.5% Non-GAAP Tax Rate3 15.0% 14.1% 11.6% Non-GAAP Net Income4 $101.5 $103.8 $127.5 (2.2%) (20.4%) Diluted Non-GAAP Earnings Per Common Share $0.67 $0.68 $0.84 (1.5%) (20.2%) Adjusted EBITDA $220.7 $223.4 $248.4 (1.2%) (11.2%) Adjusted EBITDA – as a % of Net Sales 28.5% 29.0% 29.2% 1.See GAAP to non-GAAP reconciliation tables in the appendix of this presentation. 2.Excludes amortization expense, integration costs, restructuring costs, impairment of long-lived assets and gain on sale of Pipeline and Industrial Materials ("PIM") business. 3.Reflects the tax effect of non-GAAP adjustments and discrete tax items to GAAP taxes. 4.Excludes the items noted in footnotes 2 and 3, non-recurring loss on extinguishment of debt and modification of our Existing Credit Agreement in 2024, patent infringement settlement gain, net and the tax effect of non-GAAP adjustments.


 
5 Summary – Consolidated Statement of Operations (excluding divestiture)1,2 Non-GAAP ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY $ in millions, except per share data 1Q25 1Q24 4Q24 1Q25 over 1Q24 1Q25 over 4Q24 Adjusted Net Sales $773.2 $737.1 $849.8 4.9% (9.0%) Adjusted Gross Margin % 46.1% 46.1% 45.6% Non-GAAP Operating Expenses $185.9 $171.8 $187.6 8.2% (0.9%) Adjusted Operating Income $170.8 $167.7 $200.1 1.8% (14.6%) Adjusted Operating Margin 22.1% 22.8% 23.5% Adjusted EBITDA $220.7 $213.0 $248.4 3.6% (11.2%) Adjusted EBITDA Margin 28.5% 28.9% 29.2% 1.Q1 2024 results exclude the impact of the PIM business, which was divested in Q1 2024. 2.See GAAP to non-GAAP reconciliation tables in the appendix of this presentation.


 
6 Sales increase ex. divestiture (YOY) was driven primarily by CMP slurries and pads. Sales decrease (SEQ) in line with normal seasonality. $ in millions 1Q25 1Q24 4Q24 1Q25 over 1Q24 1Q25 over 4Q24 Net Sales $341.4 $350.0 $361.1 (2.5%) (5.5%) Adjusted Net Sales (ex. divestiture)1 $341.4 $316.1 $361.1 8.0% (5.5%) Segment Profit $75.0 $67.1 $77.1 11.8% (2.7%) Segment Profit Margin 22.0% 19.2% 21.4% Adj. Segment Profit2 $75.1 $75.3 $78.2 (0.3%) (4.0%) Adj. Segment Profit (ex. divestiture)1 $75.1 $64.9 $78.2 15.7% (4.0%) Adj. Segment Profit Margin2 22.0% 21.5% 21.7% Adj. Segment Profit Margin (ex. divestiture)1 22.0% 20.5% 21.7% Materials Solutions (MS) ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1Q25 Highlights 1.Q1 2024 results exclude the impact of the PIM business, which was divested in Q1 2024. 2.See GAAP to non-GAAP reconciliation tables in the appendix of this presentation.


 
7 Sales increase (YOY) was driven primarily by micro contamination control solutions. Sales decrease (SEQ) was driven primarily by driven by CapEx products, including fluid handling products and FOUPs. Segment profit margin (adjusted) decrease (SEQ) was driven by lower volume. $ in millions 1Q25 1Q24 4Q24 1Q25 over 1Q24 1Q25 over 4Q24 Net Sales $433.9 $423.3 $491.2 2.5% (11.7)% Segment Profit $108.1 $111.2 $134.9 (2.8%) (19.9%) Segment Profit Margin 24.9% 26.3% 27.5% Adj. Segment Profit2 $110.4 $111.2 $137.1 (0.7%) (19.5%) Adj. Segment Profit Margin2 25.4% 26.3% 27.9% Advanced Purity Solutions (APS)1 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1Q25 Highlights 1.The FY 2024 information has been recast to reflect the Company's Q4 2024 realignment into two reportable segments: Materials Solutions (MS) and Advanced Purity Solutions (APS). 2.See GAAP to non-GAAP reconciliation tables in the appendix of this presentation.


 
8 Summary – Balance Sheet Items ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY $ in millions 1Q25 1Q24 4Q24 $ Amount % Total $ Amount % Total $ Amount % Total Cash and Cash Equivalents $340.9 4.0% $340.7 4.1% $329.2 3.9% Accounts Receivable, Net $500.5 5.9% $424.5 5.1% $495.3 5.9% Inventories, Net $671.5 8.0% $625.7 7.5% $638.1 7.6% Net PP&E $1,652.6 19.6% $1,473.8 17.6% $1,622.9 19.3% Total Assets $8,431.4 $8,364.7 $8,394.6 Accounts Payable $174.6 2.1% $131.2 1.6% $193.3 2.3% Other Current Liabilities $338.0 4.0% $338.8 4.1% $331.9 4.0% Long-Term Debt $3,984.5 47.3% $4,172.9 49.9% $3,981.1 47.4% Total Liabilities $4,682.0 55.5% $4,934.6 59.0% $4,703.1 56.0% Total Shareholders’ Equity $3,749.4 44.5% $3,430.2 41.0% $3,691.5 44.0%


 
9 Summary – Cash Flows ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY $ in millions 1Q25 1Q24 4Q24 Beginning Cash Balance $329.2 $456.9 $432.1 Cash provided by operating activities 140.4 147.2 176.1 Capital expenditures (108.0) (66.6) (107.5) Net payments on debt — (418.8) (150.0) Proceeds from sale of business, net — 249.6 — Payments for dividends (15.4) (15.3) (15.1) Other investing activities (0.3) (2.0) (0.4) Other financing activities (7.0) (5.8) (0.3) Effect of exchange rates 2.0 (4.5) (5.7) Ending Cash Balance $340.9 $340.7 $329.2


 
10 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1.See GAAP to non-GAAP reconciliation tables in the appendix of this presentation. GAAP $ in millions, except share data 2Q25 Guidance 1Q25 Actual 4Q24 Actual Net Sales $735 - $775 $773.2 $849.8 Non-GAAP Operating Expenses 1 $179 - $183 $185.9 $187.6 Non-GAAP Net Income 1 $91 - $102 $101.5 $127.5 Diluted non-GAAP Earnings per Common Share 1 $0.60 - $0.67 $0.67 $0.84 Adjusted EBITDA Margin ~27.5% 28.5% 29.2% Non-GAAP $ in millions, except share data 2Q25 Guidance 1Q25 Actual 4Q24 Actual Net Sales $735 - $775 $773.2 $849.8 Operating Expenses $225 - $229 $234.2 $237.3 Net Income $51 - $62 $62.9 $102.3 Diluted Earnings per Common Share $0.34 - $0.41 $0.41 $0.67 Operating Margin 14.1% - 16.2% 15.8% 17.7% Outlook


 
11 Appendix


 
12 Consolidated (as reported) Summary Financials Non-GAAP1 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 Net Sales $771.0 $812.7 $807.7 $849.8 $3,241.2 $773.2 Adjusted Gross Margin % 45.6% 46.2% 46.0% 45.6% 45.9% 46.1% Non-GAAP Operating Expenses $173.7 $196.9 $185.9 $187.6 $744.1 $185.9 Adjusted Operating Income $178.1 $178.9 $185.9 $200.1 $743.0 $170.8 Adjusted Operating Margin 23.1% 22.0% 23.0% 23.5% 22.9% 22.1% Adjusted EBITDA $223.4 $226.3 $233.0 $248.4 $931.1 $220.7 Adjusted EBITDA % 29.0% 27.8% 28.8% 29.2% 28.7% 28.5% 1.See GAAP to non-GAAP reconciliation tables in the appendix of this presentation.


 
13 Consolidated (excluding divestiture)1 Summary Financials Non-GAAP ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 Net Sales $737.1 $812.7 $807.7 $849.8 $3,207.3 $773.2 Adjusted Gross Margin % 46.1% 46.2% 46.0% 45.6% 46.0% 46.1% Non-GAAP Operating Expenses $171.8 $196.9 $185.9 $187.6 $742.2 $185.9 Adjusted Operating Income $167.7 $178.9 $185.9 $200.1 $732.6 $170.8 Adjusted Operating Margin 22.8% 22.0% 23.0% 23.5% 22.8% 22.1% Adjusted EBITDA $213.0 $226.3 $233.0 $248.4 $920.7 $220.7 Adjusted EBITDA % 28.9% 27.8% 28.8% 29.2% 28.7% 28.5% 1.Q1 2024 and FY 2024 results exclude the impact of the PIM business, which was divested in Q1 2024.


 
14 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1. The FY 2024 information has been recast to reflect the Company's Q4 2024 realignment into two reportable segments: Materials Solutions (MS) and Advanced Purity Solutions (APS). Segment (as reported) Financials Non-GAAP1 Adjusted Segment Profit: MS $75.3 $70.8 $71.7 $78.2 $296.0 $75.1 APS 111.2 122.6 127.4 137.1 498.3 110.4 Adjusted Segment Profit Margin: MS 21.5% 20.7% 20.7% 21.7% 21.1% 22.0% APS 26.3% 25.9% 27.5% 27.9% 26.9% 25.4% $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 Net Sales: MS $350.0 $342.3 $346.7 $361.1 $1,400.1 $341.4 APS 423.3 472.6 463.1 491.2 1,850.2 433.9 Inter-segment elimination (2.3) (2.2) (2.1) (2.5) (9.1) (2.1) Total Sales $771.0 $812.7 $807.7 $849.8 $3,241.2 $773.2


 
15 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1.Q1 2024 and FY 2024 results exclude the impact of the PIM business, which was divested in Q1 2024. 2.The FY 2024 information has been recast to reflect the Company's Q4 2024 realignment into two reportable segments: Materials Solutions (MS) and Advanced Purity Solutions (APS). Segment (excluding divestiture)1,2 Financials Non-GAAP Adjusted Segment Profit: MS $64.9 $70.8 $71.7 $78.2 $285.6 $75.1 APS 111.2 122.6 127.4 137.1 498.3 110.4 Adjusted Segment Profit Margin: MS 20.5% 20.7% 20.7% 21.7% 20.9% 22.0% APS 26.3% 25.9% 27.5% 27.9% 26.9% 25.4% $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 Net Sales: MS $316.1 $342.3 $346.7 $361.1 $1,366.2 $341.4 APS 423.3 472.6 463.1 491.2 1,850.2 433.9 Inter-segment elimination (2.3) (2.2) (2.1) (2.5) (9.1) (2.1) Total Sales $737.1 $812.7 $807.7 $849.8 $3,207.3 $773.2


 
16 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1.Q1 2024 and FY 2024 results exclude the impact of the PIM business, which was divested in Q1 2024. 2. Excludes net sales of the PIM business, which was divested in Q1 2024. 3. See Reconciliation of Net Sales to Adjusted Net Sales Comparable Non-GAAP within. 4. Restructuring charges resulting from discrete cost-saving initiatives. 5. Excludes gross profit of the PIM business, which was divested in Q1 2024. $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 Net Sales $771.0 $812.7 $807.7 $849.8 $3,241.2 $773.2 Adjusted net sales Non-GAAP 3 $737.1 $812.7 $807.7 $849.8 $3,207.3 $773.2 Gross profit - GAAP $351.8 $375.8 $371.8 $387.3 $1,486.7 $356.5 Adjustments to gross profit: Restructuring costs 4 — — — 0.4 0.4 0.2 Adjusted Gross Profit $351.8 $375.8 $371.8 $387.7 $1,487.1 $356.7 Divestiture 5 (12.3) — — — (12.3) — Adjusted (excluding divestiture)1 gross profit $339.5 $375.8 $371.8 $387.7 $1,474.8 $356.7 Gross margin - as a % of net sales 45.6% 46.2% 46.0% 45.6% 45.9% 46.1% Adjusted gross margin - as a % of net sales 45.6% 46.2% 46.0% 45.6% 45.9% 46.1% Adjusted (excluding divestiture)1 gross margin - as a % of adjusted net sales 46.1% 46.2% 46.0% 45.6% 46.0% 46.1% Reconciliation of Adjusted Gross Profit (as reported) to Adjusted (excluding divestiture)1 Gross Profit Non-GAAP $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 Net Sales $771.0 $812.7 $807.7 $849.8 $3,241.2 $773.2 Divestiture 2 (33.9) — — — (33.9) — Adjusted net sales Non-GAAP $737.1 $812.7 $807.7 $849.8 $3,207.3 $773.2 Reconciliation of Net Sales (as reported) to Adjusted Net Sales Non-GAAP (excluding divestiture)1


 
17 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1.Represents professional and vendor fees recorded in connection with services provided by consultants, accountants, lawyers and other third-party service providers to assist us in integrating CMC Materials into our operations. 2. Represents severance charges related to the integration of CMC Materials. 3. Restructuring charges resulting from discrete cost-saving initiatives. 4. Represents an asset reduction of an acquired tax equalization asset from the CMC Materials acquisition. 5.Non-recurring net (gain) loss from the sale of PIM business. 6. Impairment of long-lived assets. 7.Non-cash amortization expense associated with intangibles acquired in acquisitions. 8. Excludes operating expenses of the PIM business, which was divested in Q1 2024. Reconciliation of GAAP Operating Expenses (as reported) to Operating Expenses (excluding divestiture)1 Non-GAAP $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 GAAP Operating Expenses $234.2 $245.7 $235.6 $237.3 $952.8 $234.2 Adjustments to operating expenses: Integration costs: Professional fees 1 2.0 0.3 0.3 — 2.6 — Severance costs 2 0.1 0.5 0.2 — 0.8 — Restructuring costs 3 — — — 3.5 3.5 2.2 Acquired tax equalization asset reduction 4 — — 3.0 — 3.0 — (Gain) loss from sale of business 5 (4.8) 0.5 — — (4.3) — Impairment of long-lived assets 6 13.0 — — — 13.0 — Amortization of intangible assets 7 50.2 47.5 46.2 46.2 190.1 46.1 Non-GAAP operating expenses $173.7 $196.9 $185.9 $187.6 $744.1 $185.9 Divestiture 8 (1.9) — — — (1.9) — Operating Expenses (excluding divestiture)1 Non- GAAP $171.8 $196.9 $185.9 $187.6 $742.2 $185.9


 
18 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1.Represents professional and vendor fees recorded in connection with services provided by consultants, accountants, lawyers and other third-party service providers to assist us in integrating CMC Materials into our operations. 2. Represents severance charges related to the integration of CMC Materials. 3. Restructuring charges resulting from discrete cost-saving initiatives. 4. Represents an asset reduction of an acquired tax equalization asset from the CMC Materials acquisition. 5.Non-recurring net (gain) loss from the sale of PIM business. 6. Impairment of long-lived assets. 7.Non-cash amortization expense associated with intangibles acquired in acquisitions. Reconciliation of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 Net Sales $771.0 $812.7 $807.7 $849.8 $3,241.2 $773.2 Net income $45.3 67.7 77.5 102.3 292.8 62.9 Net income - as a % of net sales 5.9% 8.3% 9.6% 12.0% 9.0% 8.1% Adjustments to net income: Income tax expense 3.4 6.7 8.2 10.0 28.3 8.2 Interest expense, net 54.4 52.5 50.4 50.6 207.9 49.6 Other expense (income) , net 14.3 3.0 (0.2) (13.1) 4.0 1.3 Equity in net loss of affiliates 0.2 0.2 0.3 0.2 0.9 0.3 GAAP - Operating income $117.6 $130.1 $136.2 $150.0 $533.9 $122.3 Operating margin - as a % of net sales 15.3% 16.0% 16.9% 17.7% 16.5% 15.8% Integration costs: Professional fees 1 2.0 0.3 0.3 — 2.6 — Severance costs 2 0.1 0.5 0.2 — 0.8 — Restructuring costs 3 — — — 3.9 3.9 2.4 Acquired tax equalization asset reduction 4 — — 3.0 — 3.0 — (Gain) loss from sale of business 5 (4.8) 0.5 — — (4.3) — Impairment of long-lived assets 6 13.0 — — — 13.0 — Amortization of intangible assets 7 50.2 47.5 46.2 46.2 190.1 46.1 Adjusted operating income $178.1 $178.9 $185.9 $200.1 $743.0 $170.8 Adjusted operating margin - as a % of net sales 23.1% 22.0% 23.0% 23.5% 22.9% 22.1% Depreciation 45.3 47.4 47.1 48.3 188.1 49.9 Adjusted EBITDA $223.4 $226.3 $233.0 $248.4 $931.1 $220.7 Adjusted EBITDA - as a % of net sales 29.0% 27.8% 28.8% 29.2% 28.7% 28.5%


 
19 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1.Q1 2024 and FY 2024 results exclude the impact of the PIM business, which was divested in Q1 2024. 2. See Reconciliation of Net Sales to Adjusted Net Sales Comparable Non-GAAP within. 3. See Reconciliation of GAAP Net Income to Adjusted Operating Income within. 4. Excludes operating income of the PIM business, which was divested in Q1 2024. 5. Excludes EBITDA of the PIM business, which was divested in Q1 2024. Reconciliation of Adjusted Operating Income (as reported) to Adjusted Operating Income (excluding divestiture)1 Non-GAAP $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 Adjusted (excluding divestiture) 1 Net Sales 2 $737.1 $812.7 $807.7 $849.8 $3,207.3 $773.2 Adjusted EBITDA 223.4 226.3 233.0 248.4 931.1 220.7 Divestiture 5 (10.4) — — — (10.4) — Adjusted (excluding divestiture)1 EBITDA $213.0 $226.3 $233.0 $248.4 $920.7 220.7 Adjusted (excluding divestiture)1 EBITDA - as a % of net sales 28.9% 27.8% 28.8% 29.2% 28.7% 28.5% Reconciliation of Adjusted EBITDA (as reported) to Adjusted EBITDA (excluding divestiture)1 Non-GAAP $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 Adjusted (excluding divestiture) 1 Net Sales 2 $737.1 $812.7 $807.7 $849.8 $3,207.3 $773.2 Adjusted Operating Income 3 178.1 178.9 185.9 200.1 743.0 170.8 Divestiture 4 (10.4) — — — (10.4) — Adjusted (excluding divestiture)1 Operating Income $167.7 $178.9 $185.9 $200.1 $732.6 $170.8 Adjusted (excluding divestiture)1 Operating Income - as a % of net sales 22.8% 22.0% 23.0% 23.5% 22.8% 22.1%


 
20 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1.Q1 2024 and FY 2024 results exclude the impact of the PIM business, which was divested in Q1 2024. 2. Restructuring charges resulting from discrete cost-saving initiatives. 3.Non-recurring net (gain) loss from the sale of PIM business. 4.Impairment of long-lived assets. 5. Excludes segment profit of the PIM business, which was divested in Q1 2024. Reconciliation of MS Segment Sales (as reported) to MS Segment Sales (excluding divestiture)1 Non-GAAP $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 MS segment profit $67.1 $70.3 $71.7 $77.1 $286.2 $75.0 Restructuring costs 2 — — — 1.1 1.1 0.1 (Gain) loss from the sale of business 3 (4.8) 0.5 — — (4.3) — Impairment of long-lived assets 4 13.0 — — — 13.0 — MS adjusted segment profit $75.3 $70.8 $71.7 $78.2 $296.0 $75.1 Divestiture 5 (10.4) — — — (10.4) — Adjusted MS Segment Profit (excluding divestiture) 1 $64.9 $70.8 $71.7 $78.2 $285.6 $75.1 Reconciliation of MS Segment Profit (as reported) to Adjusted MS Segment Profit (excluding divestiture)1 Non-GAAP $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 Net Sales: MS Segment Net Sales $350.0 $342.3 $346.7 $361.1 $1,400.1 $341.4 Adjusted (excluding divestiture)1 Net Sales (33.9) — — — (33.9) — MS Segment (excluding divestiture)1 Adjusted Net Sales $316.1 $342.3 $346.7 $361.1 $1,366.2 $341.4


 
21 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1.The FY 2024 information has been recast to reflect the Company’s Q4 2024 realignment into two reportable segments: Materials Solutions (MS) and Advanced Purity Solutions (APS). 2. Restructuring charges resulting from discrete cost-saving initiatives. Reconciliation of APS Segment Profit to Adjusted APS Segment Profit Non-GAAP 1 $ in millions 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 Net Sales: APS Segment profit $111.2 $122.6 $127.4 $134.9 $496.1 $108.1 Restructuring costs 2 — — — 2.2 2.2 2.3 APS adjusted segment profit $111.2 $122.6 $127.4 $137.1 $498.3 $110.4


 
22 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY 1.Represents professional and vendor fees recorded in connection with services provided by consultants, accountants, lawyers and other third-party service providers to assist us in integrating CMC Materials into our operations. 2. Represents severance charges related to the integration of CMC Materials. 3. Restructuring charges resulting from discrete cost-saving initiatives. 4.During the fourth quarter of 2024, the Company settled a patent infringement litigation and received net proceeds of $20.0 million. 5.Represents an asset reduction of an acquired tax equalization asset from the CMC Materials acquisition. 6.Non-recurring net (gain) loss from the sale of PIM business. 7. Impairment of long-lived assets. 8.Non-cash amortization expense associated with intangibles acquired in acquisitions. 9. Non-recurring loss on extinguishment of debt and modification of our Existing Credit Agreement in 2024. 10. The tax effect of pre-tax adjustments to net income was calculated using the applicable marginal tax rate for each respective year. Reconciliation of GAAP Net Income and Diluted Earnings per Common Share to Non-GAAP Net Income and Diluted Non-GAAP Earnings per Common Share $ in millions, except per share data 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 GAAP net income $45.3 $67.7 $77.5 $102.3 $292.8 $62.9 Adjustments to net income: Integration costs: Professional fees 1 2.0 0.3 0.3 — 2.6 — Severance costs 2 0.1 0.5 0.2 — 0.8 — Restructuring costs 3 — — — 3.9 3.9 2.4 Patent infringement settlement gain, net 4 — — — (20.0) (20.0) — Acquired tax equalization asset reduction 5 — — 3.0 — 3.0 — (Gain) loss from the sale of business 6 (4.8) 0.5 — — (4.3) — Impairment of long-lived assets 7 13.0 — — — 13.0 — Amortization of intangible assets 8 50.2 47.5 46.2 46.2 190.1 46.1 Loss on extinguishment of debt and modification 9 11.6 0.7 — 2.0 14.3 — Tax effect of adjustments to net income and discrete items 10 (13.6) (10.1) (9.6) (6.9) (40.2) (9.9) Non-GAAP net income 103.8 107.1 117.6 127.5 456.0 101.5 Diluted earnings per common share $0.30 $0.45 $0.51 $0.67 $1.93 $0.41 Effect of adjustments to net income $0.39 $0.26 $0.26 $0.17 $1.07 $0.25 Diluted non-GAAP earnings per common share $0.68 $0.71 $0.77 $0.84 $3.00 $0.67 Diluted non-GAAP weighted average shares outstanding 151.7 151.8 151.9 151.9 151.8 152.0


 
23 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY *As a result of displaying amounts in millions, rounding differences may exist in the tables. Reconciliation of GAAP Outlook to Non-GAAP Outlook* $ in millions Second Quarter Outlook Reconciliation GAAP operating expenses to non-GAAP operating expenses: June 28, 2025 GAAP operating expenses $225 - $229 Adjustments to net income: Amortization of intangible assets 46 Non-GAAP operating expenses $179 - $183 $ in millions Second Quarter Outlook Reconciliation GAAP net income to non-GAAP net income: June 28, 2025 GAAP net income $51 - $62 Adjustments to net income: Amortization of intangible assets 46 Income tax effect (6) Non-GAAP net income $91 - $102 $ in millions, except per share data Second Quarter Outlook Reconciliation GAAP diluted earnings per share to non-GAAP diluted earnings per share: June 28, 2025 Diluted earnings per common share $0.34 - $0.41 Adjustments to diluted earnings per common share: Amortization of intangible assets 0.30 Income tax effect (0.04) Diluted non-GAAP earnings per common share $0.60 - $0.67


 
24 ENTEGRIS FIRST QUARTER 2025 EARNINGS SUMMARY *As a result of displaying amounts in millions, rounding differences may exist in the tables. Reconciliation of GAAP Outlook to Non-GAAP Outlook* (continued) $ in millions Second Quarter Outlook Reconciliation GAAP operating expenses to non-GAAP operating expenses: June 28, 2025 Net sales $735 - $775 GAAP - Operating income $104 - $125 Operating margin - as a % of net sales 14.1% - 16.2% Amortization of intangible assets 46 Adjusted operating income $150 - $172 Adjusted operating margin - as a % of net sales 20.4% - 22.1% Depreciation 51 Adjusted EBITDA - as a % of net sales ~27.5%