Qnity Announces CFO Transition

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Key Terms

adjusted pro forma operating ebitda financial

A measure of a company’s recurring operating profit before interest, taxes and non-cash charges, shown as if certain events or adjustments (like acquisitions, divestitures, one-time costs or expected cost savings) had already happened. Investors use it to estimate the business’s underlying cash-generating performance and to compare companies or deal scenarios on an even footing — like judging two stores after removing one-off repairs and assuming planned remodels are complete.

non-gaap financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

pro forma income before income taxes financial

Pro forma income before income taxes is an adjusted measure of a company’s pretax profit that removes one-time items or unusual charges to show the underlying, recurring operating result. Think of it as a cleaned-up bank balance that excludes rare windfalls or losses so investors can compare ongoing performance across periods. It matters because it highlights core profitability before taxes, but adjustments can vary and should be reviewed closely.

opeb financial

Other post-employment benefits (OPEB) are promises an employer makes to cover former employees’ costs after they retire, most commonly health care and life insurance, but not pensions. Think of it like a household promising to pay a parent’s medical bills years from now: it creates a future bill the company must plan for. Investors watch OPEB because growing or underfunded OPEB obligations can reduce future cash available for dividends, investment, or debt repayment and can affect a company’s reported liabilities and credit strength.

01/16/2026 - 06:00 AM

Matt Harbaugh Stepping Down Due to Health Reasons; Mike Goss to Serve as Interim CFO

Company Reaffirms Full Year 2025 Financial Guidance

WILMINGTON, Del.--(BUSINESS WIRE)-- Qnity Electronics, Inc. (“Qnity”) (NYSE: Q), a premier technology solutions leader across the semiconductor value chain, today announced that Matt Harbaugh has stepped down from his role as Chief Financial Officer due to health reasons. Mike Goss, the Company’s current Principal Accounting Officer and Controller, has been appointed to serve as Interim Chief Financial Officer, effective immediately. The Company will conduct a comprehensive search for the position.

“Matt’s leadership and deep experience guiding complex spin‑offs have been valuable as we transitioned into a new independent company,” said Jon Kemp, Qnity’s Chief Executive Officer. “On behalf of the entire team, we wish him well and fully support his decision to focus on his health.”

“It has been a privilege to work alongside this strong management team to launch Qnity,” said Matt Harbaugh. “I remain confident in the company’s continued success and strategy for value creation.”

Stepping into this interim role, Mike brings nearly three decades of finance experience across several disciplines. Prior to serving as Qnity’s Principal Accounting Officer and Controller, Mike spent 14 years at DuPont where he held multiple senior roles. During this time, he gained significant expertise in portfolio transformation and financial operations rigor, most recently serving as Vice President, Principal Accounting Officer and Controller, from December 2018 to October 2025. Prior to DuPont, Mike held various roles at Ernst & Young.

“Mike is a seasoned financial leader recognized for his experience across core disciplines and a proven track record of leading financial operations to drive strategic growth, company performance, and long-term value,” said Kemp. “His deep understanding of our business and financial operations will ensure a smooth transition as we continue to execute against our strategic priorities.”

Reaffirmed 2025 Financial Guidance

Qnity reaffirms its full year 2025 financial guidance for Net Sales of ~$4.7B and Adjusted Pro Forma Operating EBITDA¹ of ~$1.4B as provided on November 6, 2025 as part of its third quarter business update call.

Adjusted Pro Forma Operating EBITDA is a non-GAAP financial measure and is defined as Pro Forma earnings (i.e., " Pro Forma Income before income taxes") before Pro Forma adjustments related to interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, foreign exchange gains / losses, indirect legacy costs, and adjusted for significant items. Reflects the recurring stand-alone public company costs of ~$96 million expected to be incurred annually following spin-off.

Fourth Quarter & Full Year 2025 Earnings Call on Thursday, February 26, 2026

Qnity leadership plans to provide a review of its financial results and a business update during its earnings call scheduled on Thursday, February 26, 2026 at 8:00 a.m. ET. Details for the conference call and webcast presentation will be provided in the coming weeks.

About Qnity

Qnity is a premier technology provider across the semiconductor value chain, empowering AI, high performance computing, and advanced connectivity. From groundbreaking solutions for semiconductor chip manufacturing, to enabling high-speed transmission within complex electronic systems, our high-performance materials and integration expertise make tomorrow’s technologies possible. More information about the company, its businesses and solutions can be found at www.qnityelectronics.com.

Qnity™, the Qnity Node Logo, and all products, unless otherwise noted, denoted with TM or ^® are trademarks, trade names or registered trademarks of affiliates of Qnity Electronics, Inc.

Cautionary Statement Regarding Forward-Looking Statements

The full year 2025 financial guidance for Net Sales Adjusted Pro Forma Operating EBITDA presented herein are estimates and subject to the completion of Qnity’s financial closing and other procedures and finalization of Qnity’s consolidated financial statements for its year ended December 31, 2025, and subsequent events may occur that require adjustments to these estimates. This financial guidance has not been reviewed by Qnity’s independent auditors. Accordingly, actual financial and operating results that will be reflected in Qnity’s Annual Report on Form 10-K for the year ended December 31, 2025, including in its financial statements, and otherwise publicly reported by Qnity may differ materially from these estimates. In addition, any statements regarding Qnity’s full year 2025 financial guidance included herein do not present all information necessary for an understanding of the Company's financial condition and results of operations as of and for the year ended December 31, 2025.

This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements use words such as "plans", "expects", "will", "would", "anticipates", "believes", "intends", "seeks", "projects", "efforts", "estimates", "potential", "continue", "intend", "may", "could", "should" and similar expressions, among others, as well as other words or expressions referencing future events, conditions or circumstances. Statements that describe or relate to Qnity's business plans or prospects, goals, intentions, strategies, future operating or financial performance, outlook, including the information under the heading “2025 Financial Outlook,” statements regarding Qnity’s strategic path, operating model and capital allocation plan to deliver above-market growth and strong profitability and statements that do not relate to historical or current fact, are examples of forward-looking statements. Forward-looking statements are based on our current beliefs, expectations and assumptions, which may not prove to be accurate, and involve a number of known and unknown risks and uncertainties, many of which are out of Qnity's control. Forward-looking statements are not guarantees of future performance, and there are a number of important factors that could cause actual outcomes and results to differ materially from the results contemplated by such forward-looking statements. Additional information concerning risks and uncertainties can be found in Qnity's filings with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Qnity does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Reconciliation of 2025 Financial Guidance

Non-GAAP Financial Measures

Full Year Adjusted Operating EBITDA – Carve Out & Pro Forma Operating EBITDA *(in millions)*	Carve-Out 2024 & Estimated 2025 Results				Adjusted Pro Forma Carve-Out 2024 & Estimated 2025 Results
	2024		~ 2025E		2024			~ 2025E
Carve Out Net Sales¹	$	4,335	$	4,700	$	4,335		$	4,700
Semiconductor Technologies Segment		2,450		2,600		2,450			2,600
Interconnect Solutions Segment		1,885		2,100		1,885			2,100

Carve Out Net Income (GAAP) / Carve Out Net Income - Pro Forma Adj.	$	724	$	*800*	$	492		$	*600*
Management Adjustments²						(60	)		(60	)
Pro Forma & Management Adj. Net Income					$	432		$	*540*

Provision for Income Taxes		177		200		161			195
Depreciation and Amortization		394		380		394			380
Interest Expense³		—		45		252			250
Other Expenses/(Income)⁴		2		25		13			35

Adjusted Operating EBITDA⁵ / Adjusted Pro Forma Operating EBITDA⁶	$	1,297	$	*1,450*	$	1,252		$	*1,400*

Net Sales has been derived from our historical combined financial statements, which were prepared on a carve-out basis as we did not operate as a stand-alone entity in 2024 or during the period ended September 30, 2025. The estimated forecast financial information and metrics presented have been voluntarily provided and reflect Qnity on a projected standalone basis.
Reflects a management adjustment to give effect to the Spin-Off of Qnity into an independent, publicly traded company, for the twelve months ended December 31, 2024 and December 31, 2025. The adjustment is not reflected net of tax. This is incremental to corporate costs reflected in the Carve-Out Adjusted Operating EBITDA.
For the purpose of 2025E full year estimated results, we have included the full amount of interest expense in the pro forma results. A portion of this expense will be reflected in Carve results due to the issuance of the Senior Secured Notes and Senior Unsecured Notes in August 2025 and the Senior Secured Term Loan Facility entered into at the time of spin.
Carve-out & Pro forma Other Expenses include nonoperating pension / OPEB benefits / charges, foreign exchange gains / losses, net, and significant items including litigation/ environmental/legal costs, and restructuring expense.
Carve-Out Adjusted Operating EBITDA is a non-GAAP financial measure and is defined as earnings (i.e., “Income before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, foreign exchange gains / losses, indirect legacy costs, and adjusted for significant items.
Adjusted Pro Forma Operating EBITDA is a non-GAAP financial measure and is defined as Pro Forma earnings (i.e., “ Pro Forma Income before income taxes") before Pro Forma adjustments related to interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, foreign exchange gains / losses, indirect legacy costs, and adjusted for significant items. Includes the pro forma and management adjustments expected to be incurred annually following spin-off related to stand-alone public company costs.