[10-Q] ROGERS CORP Quarterly Earnings Report

Rhea-AI Filing Summary

Rogers Corporation (ROG) reported Q3 2025 results. Net sales were $216.0 million versus $210.3 million a year ago. Gross margin was $72.3 million (down from $74.1 million) and operating income was $15.7 million. Net income was $8.6 million, or $0.48 per diluted share, compared with $0.58 last year.

For the first nine months, revenue was $609.3 million versus $637.9 million, with a net loss of $66.4 million, driven by $71.8 million of non‑cash impairments recognized earlier in the year ($67.3 million goodwill and $4.5 million indefinite‑lived intangible related to the curamik reporting unit). Operating cash flow was $54.3 million; capital expenditures were $25.4 million. Cash and cash equivalents were $167.8 million, and there were no outstanding borrowings under the $450 million revolving credit facility. The company repurchased $38.1 million of stock year‑to‑date; 17,984,499 shares were outstanding as of October 24, 2025.

Positive

• None.

Negative

• $71.8M non-cash impairments (goodwill $67.3M; indefinite-lived intangible $4.5M) drove a $66.4M nine-month net loss.

Insights

Equity analyst — materials and components

Q3 steady; year-to-date loss reflects large non-cash impairments.

Rogers posted Q3 net sales of $216.0M and EPS of $0.48, modestly above last year’s revenue but with slightly lower gross margin dollars. Operating income of $15.7M and tax expense of $7.7M yielded net income of $8.6M.

Year-to-date results show revenue of $609.3M and a net loss of $66.4M, primarily due to previously recorded non-cash impairments totaling $71.8M tied to the curamik unit (goodwill $67.3M, indefinite-lived intangible $4.5M). Restructuring charges of $7.1M in Q3 add near-term expense.

Liquidity appears solid with cash of $167.8M and no borrowings on the revolver. The company repurchased $38.1M of shares year-to-date. Actual performance from here will hinge on segment demand trends and execution on the manufacturing consolidation plan disclosed in the segment and restructuring notes.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________

FORM 10-Q

_______________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission file number 1-4347

_______________________________

ROGERS CORPORATION

(Exact Name of Registrant as Specified in its Charter)

_______________________________

Massachusetts			06-0513860
(State or Other Jurisdiction of			(I. R. S. Employer Identification No.)
Incorporation or Organization)

2225 W. Chandler Blvd., Chandler, Arizona 85224-6155

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (480) 917-6000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class						Trading Symbol(s)			Name of each exchange on which registered
Capital Stock,			par value $1.00 per share			ROG			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☒			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares outstanding of the registrant’s capital stock as of October 24, 2025 was 17,984,499.

ROGERS CORPORATION

FORM 10-Q

September 30, 2025

TABLE OF CONTENTS
Part I – Financial Information
			Item 1.			Condensed Consolidated Financial Statements (Unaudited):
						Condensed Consolidated Statements of Operations			4
						Condensed Consolidated Statements of Comprehensive Income (Loss)			5
						Condensed Consolidated Statements of Financial Position			6
						Condensed Consolidated Statements of Shareholders’ Equity			7
						Condensed Consolidated Statements of Cash Flows			8
						Notes to Condensed Consolidated Financial Statements			9
			Item 2.			Management’s Discussion and Analysis of Results of Operations and Financial Position			27
			Item 3.			Quantitative and Qualitative Disclosures About Market Risk			35
			Item 4.			Controls and Procedures			35
Part II – Other Information
			Item 1.			Legal Proceedings			36
			Item 1A.			Risk Factors			36
			Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			36
			Item 5.			Other Information			36
			Item 6.			Exhibits			37
						Signatures			38

Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Refer to “Forward-Looking Statements” in Item 2, Management’s Discussion and Analysis of Results of Operations and Financial Position for additional information.

2

ROGERS CORPORATION

Defined Terms(1)

Term			Definition
ADAS			Advanced driver assistance systems
AES			Advanced Electronics Solutions
APAC			Asia - Pacific
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
CODM			Chief Operating Decision Maker
EMEA			Europe, the Middle East and Africa
EMS			Elastomeric Material Solutions
ERP			Enterprise resource planning
EURIBOR			Euro Interbank Offered Rate
EV/HEV			Electric Vehicles/Hybrid Electric Vehicles
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
Fifth Amended Credit Agreement			Fifth Amended and Restated Credit Agreement, dated as of March 24, 2023, among Rogers Corporation, the lenders from time to time party hereto, JPMorgan Chase Bank, N.A., as Administrative Agent and HSBC Bank USA, National Association, Wells Fargo Bank, National Association, Citibank, N.A. and Citizens Bank, N.A., as Co-Syndication Agents
Guarantors			Existing and future material domestic subsidiaries
INOAC			INOAC Corporation
JV			Joint venture
OECD			Organization for Economic Co-operation and Development
R&D			Research and development
RIC			Rogers INOAC Corporation
RIS			Rogers INOAC Suzhou Corporation
SEC			U.S. Securities and Exchange Commission
SG&A			Selling, general and administrative
SOFR			Secured Overnight Financing Rate
TIBOR			Tokyo Interbank Offered Rate
Union Plan			Rogers Corporation Employees’ Pension Plan
U.S.			United States of America
U.S. GAAP			Accounting principles generally accepted in the United States

    

(1)Certain terms used within this Form 10-Q are defined in the table above.

3

Part I – Financial Information

Item 1.    Financial Statements

ROGERS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars and shares in millions, except per share amounts)

			Three Months Ended												Nine Months Ended
			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Net sales			$	216.0					$	210.3					$	609.3					$	637.9
Cost of sales			143.7						136.2						416.0						422.5
Gross margin			72.3						74.1						193.3						215.4
Selling, general and administrative expenses			41.6						45.1						134.6						143.5
Research and development expenses			7.4						8.1						21.5						26.5
Restructuring and impairment charges			7.1						6.3						89.1						7.8
Other operating (income) expense, net			0.5						—						0.2						—
Operating income (loss)			15.7						14.6						(52.1)						37.6
Equity income in unconsolidated joint ventures			—						0.4						—						1.2
Other income (expense), net			0.4						(1.5)						(3.4)						(0.8)
Interest income (expense), net			0.2						—						0.9						(1.0)
Income (loss) before income taxes			16.3						13.5						(54.6)						37.0
Income tax (benefit) expense			7.7						2.8						11.8						10.4
Net income (loss)			$	8.6					$	10.7					$	(66.4)					$	26.6
Basic earnings (loss) per share			$	0.48					$	0.58					$	(3.63)					$	1.43
Diluted earnings (loss) per share			$	0.48					$	0.58					$	(3.63)					$	1.43
Shares used in computing:
Basic earnings (loss) per share			18.1						18.6						18.3						18.6
Diluted earnings (loss) per share			18.1						18.6						18.3						18.6

The accompanying notes are an integral part of the condensed consolidated financial statements.

4

ROGERS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(Dollars in millions)

			Three Months Ended												Nine Months Ended
			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Net income (loss)			$	8.6					$	10.7					$	(66.4)					$	26.6
Foreign currency translation adjustment			(3.3)						25.8						47.9						10.9
Pension and other postretirement benefits:
Amortization of loss, net of tax (Note 2)			—						0.1						0.2						0.3
Other comprehensive income (loss)			(3.3)						25.9						48.1						11.2
Comprehensive income (loss)			$	5.3					$	36.6					$	(18.3)					$	37.8

The accompanying notes are an integral part of the condensed consolidated financial statements.

5

ROGERS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited)

(Dollars and shares in millions, except par value)

			September 30, 2025						December 31, 2024
Assets
Current assets
Cash and cash equivalents			$	167.8					$	159.8
Accounts receivable, net			145.5						135.3
Contract assets			26.7						23.7
Inventories, net			142.9						142.3
Asbestos-related insurance recoverables, current portion			4.3						4.3
Other current assets			17.8						28.5
Total current assets			505.0						493.9
Property, plant and equipment, net of accumulated depreciation of $428.1 and $390.8			378.7						365.1
Operating lease right-of-use assets			22.0						24.1
Goodwill			303.5						357.6
Other intangible assets, net of amortization			102.1						110.3
Asbestos-related insurance recoverables, non-current portion			48.0						48.0
Deferred income taxes			66.8						61.5
Other long-term assets			19.9						20.6
Total assets			$	1,446.0					$	1,481.1
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable			$	49.7					$	48.1
Accrued employee benefits and compensation			45.1						41.5
Accrued income taxes payable			6.9						7.7
Operating lease obligations, current portion			4.1						4.0
Asbestos-related liabilities, current portion			5.4						5.4
Other accrued liabilities			18.8						16.8
Total current liabilities			130.0						123.5
Operating lease obligations, non-current portion			18.9						20.6
Asbestos-related liabilities, non-current portion			51.8						52.1
Non-current income tax			7.5						5.7
Deferred income taxes			18.7						18.0
Other long-term liabilities			16.4						9.6
Commitments and contingencies (Note 5 and Note 9)
Shareholders’ equity
Capital stock - $1 par value; 50.0 authorized shares; 17.9 and 18.5 shares issued and outstanding			17.9						18.5
Additional paid-in capital			117.3						147.3
Retained earnings			1,114.7						1,181.1
Accumulated other comprehensive loss			(47.2)						(95.3)
Total shareholders' equity			1,202.7						1,251.6
Total liabilities and shareholders' equity			$	1,446.0					$	1,481.1

The accompanying notes are an integral part of the condensed consolidated financial statements.

6

ROGERS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(Dollars and shares in millions)

			Three Months Ended												Nine Months Ended
			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Capital Stock
Balance, beginning of period			$	18.1					$	18.6					$	18.5					$	18.6
Shares issued for vested restricted stock units, net of shares withheld for taxes			—						—						—						0.1
Shares issued for employee stock purchase plan			—						—						—						—
Shares repurchased			(0.2)						—						(0.6)						(0.1)
Balance, end of period			17.9						18.6						17.9						18.6
Additional Paid-In Capital
Balance, beginning of period			126.4						152.4						147.3						151.8
Shares issued for vested restricted stock units, net of shares withheld for taxes			—						(0.1)						(1.4)						(1.4)
Shares issued for employee stock purchase plan			—						—						0.7						0.9
Equity compensation expense			0.8						3.4						8.7						12.2
Shares repurchased			(9.8)						—						(37.5)						(7.8)
Excise tax on repurchased shares			(0.1)						—						(0.5)						—
Balance, end of period			117.3						155.7						117.3						155.7
Retained Earnings
Balance, beginning of period			1,106.1						1,170.9						1,181.1						1,155.0
Net income (loss)			8.6						10.7						(66.4)						26.6
Balance, end of period			1,114.7						1,181.6						1,114.7						1,181.6
Accumulated Other Comprehensive Loss
Balance, beginning of period			(43.9)						(81.1)						(95.3)						(66.4)
Other comprehensive income (loss)			(3.3)						25.9						48.1						11.2
Balance, end of period			(47.2)						(55.2)						(47.2)						(55.2)
Total Shareholders’ Equity			$	1,202.7					$	1,300.7					$	1,202.7					$	1,300.7

The accompanying notes are an integral part of the condensed consolidated financial statements.

7

ROGERS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in millions)

			Nine Months Ended
			September 30, 2025						September 30, 2024
Operating Activities:
Net income (loss)			$	(66.4)					$	26.6
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization			39.7						36.3
Equity compensation expense			8.7						12.2
Deferred income taxes			(5.2)						(7.4)
Equity in undistributed income of unconsolidated joint ventures			—						(1.2)
Dividends received from unconsolidated joint ventures			—						2.5
Impairment charges			71.8						—
Other non-cash charges, net			1.2						0.5
Changes in assets and liabilities:
Accounts receivable			(3.9)						1.5
Proceeds from insurance related to operations			—						4.1
Contract assets			(1.2)						17.0
Inventories, net			5.5						(0.3)
Other current assets			(2.1)						(1.3)
Accounts payable and other accrued expenses			4.6						6.0
Other, net			1.6						(3.1)
Net cash provided by operating activities			54.3						93.4
Investing Activities:
Capital expenditures			(25.4)						(40.7)
Proceeds from the sale of marketable equity securities			1.0						—
Purchases of marketable equity securities			(0.2)						—
Proceeds from the sale of property, plant and equipment, net			13.4						—
Net cash used in investing activities			(11.2)						(40.7)
Financing Activities:
Repayment of debt principal and finance lease obligations			(1.2)						(30.3)
Payments of taxes related to net share settlement of equity awards			(1.4)						(1.3)
Proceeds from issuance of shares to employee stock purchase plan			0.7						0.9
Share repurchases			(38.1)						(7.9)
Net cash used in financing activities			(40.0)						(38.6)
Effect of exchange rate fluctuations on cash			4.9						0.6
Net increase in cash and cash equivalents			8.0						14.7
Cash and cash equivalents at beginning of period			159.8						131.7
Cash and cash equivalents at end of period			$	167.8					$	146.4
Supplemental Disclosures:
Accrued capital additions			$	3.7					$	5.3
Cash paid during the year for:
Interest, net of amounts capitalized			$	0.9					$	1.4
Income taxes, net of refunds			$	16.8					$	10.9

The accompanying notes are an integral part of the condensed consolidated financial statements.

8

ROGERS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 – Basis of Presentation

As used herein, the terms “Company,” “Rogers,” “we,” “us,” “our” and similar terms mean Rogers Corporation and its consolidated subsidiaries, unless the context indicates otherwise.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. Accordingly, these statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements include all normal recurring adjustments necessary for their fair presentation in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated.

Interim results are not necessarily indicative of results for a full year. For further information regarding our accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Note 2 – Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss by component were as follows:

(Dollars in millions)			Foreign Currency Translation Adjustments						Pension and Other Postretirement Benefits(1)						Total
Balance as of December 31, 2024			$	(86.7)					$	(8.6)					$	(95.3)
Other comprehensive income (loss) before reclassifications			47.9						—						47.9
Amounts reclassified from accumulated other comprehensive loss			—						0.2						0.2
Other comprehensive income (loss)			47.9						0.2						48.1
Balance as of September 30, 2025			$	(38.8)					$	(8.4)					$	(47.2)
Balance as of December 31, 2023			$	(56.8)					$	(9.6)					$	(66.4)
Other comprehensive income (loss) before reclassifications			10.9						—						10.9
Amounts reclassified from accumulated other comprehensive loss			—						0.3						0.3
Other comprehensive income (loss)			10.9						0.3						11.2
Balance as of September 30, 2024			$	(45.9)					$	(9.3)					$	(55.2)

(1) Net of taxes of $1.4 million and $1.5 million as of September 30, 2025 and December 31, 2024, respectively. Net of taxes of $1.7 million and $1.8 million as of September 30, 2024 and December 31, 2023, respectively.

Note 3 – Derivatives and Hedging

The valuation of our derivative contracts used to manage their respective risks is described below:

•Foreign Currency – The fair value of any foreign currency option derivative is based upon valuation models applied to current market information such as strike price, spot rate, maturity date and volatility, and by reference to market values resulting from an over-the-counter market or obtaining market data for similar instruments with similar characteristics.

•Commodity – The fair value of copper derivatives is computed using a combination of intrinsic and time value valuation models, which are collectively a function of five primary variables: price of the underlying instrument, time to expiration, strike price, interest rate and volatility. The intrinsic valuation model reflects the difference between the strike price of the underlying copper derivative instrument and the current prevailing copper prices in an over-the-counter market at period end. The time value valuation model incorporates changes in the price of the underlying copper derivative instrument, the time value of money, the underlying copper derivative instrument’s strike price and the remaining time to the underlying copper derivative instrument’s expiration date from the period end date.

As of September 30, 2025, we did not have any derivative contracts that qualified for hedge accounting treatment.

9

Foreign Currency

During the three and nine months ended September 30, 2025, we entered into U.S. dollar, euro, Korean won, Hungarian forint, and Japanese yen forward contracts. We entered into these foreign currency forward contracts to mitigate certain global transactional exposures. These contracts do not qualify for hedge accounting treatment. As a result, any fair value adjustments required on these contracts are recorded in “Other income (expense), net” line item in our condensed consolidated statements of operations in the period in which the adjustment occurred.

As of September 30, 2025, the notional values of the remaining foreign currency forward contracts were as follows:

(Amounts in millions)
Currencies (Buy/Sell)			Maturity Date			Notional Amount (Buy/Sell)
USD/CNH			October 31, 2025			$49.1 / ¥350.0
EUR/USD			October 31, 2025			€11.1 / $13.0
KRW/USD			October 31, 2025			₩2,959.1 / $2.1
USD/GBP			October 31, 2025			$8.6 / £6.4

Commodity

As of September 30, 2025, we had 12 outstanding contracts to hedge exposure related to the commodity price of copper in our AES operating segment. These contracts are held with financial institutions and are intended to offset rising copper prices and do not qualify for hedge accounting treatment. As a result, any fair value adjustments required on these contracts are recorded in the “Other income (expense), net” line item in our condensed consolidated statements of operations in the period in which the adjustment occurred.

As of September 30, 2025, the volume of our copper contracts outstanding was as follows:

(Volume in ones, notional in millions)
Contract Period			Volume			Notional Amount
October 2025 - December 2025			69 metric tons per month			$2.0
January 2026 - March 2026			69 metric tons per month			$2.0
April 2026 - June 2026			69 metric tons per month			$2.0
July 2026 - September 2026			69 metric tons per month			$2.1

Note 4 - Balance Sheet Items

Accounts Receivable

The “Accounts receivable, net” line item in the condensed consolidated statements of financial position consisted of the following:

(Dollars in millions)			September 30, 2025						December 31, 2024
Accounts receivable - trade			$	135.6					$	125.1
Allowance for credit losses			(1.4)						(1.5)
Accounts receivable - other			11.3						11.7
Total accounts receivable, net			$	145.5					$	135.3

Contract Assets

We had contract assets primarily related to unbilled revenue for products that are deemed to have no alternative use whereby we have the right to payment. Revenue is recognized in advance of billing to the customer in these circumstances as billing is typically performed at the time of shipment to the customer. The unbilled revenue is included in the “Contract assets” line item in the condensed consolidated statements of financial position. We did not have any contract liabilities as of September 30, 2025 or December 31, 2024. No impairment losses were recognized in each of the three- and nine-month periods ended September 30, 2025 or September 30, 2024 on any contract assets arising from our contracts with customers. Our contract assets by operating segment as of September 30, 2025 and December 31, 2024 were as follows:

10

(Dollars in millions)			September 30, 2025						December 31, 2024
Advanced Electronics Solutions			$	22.4					$	18.9
Elastomeric Material Solutions			0.2						0.7
Other			4.1						4.1
Total contract assets			$	26.7					$	23.7

Inventories

The “Inventories, net” line item in the condensed consolidated statements of financial position consisted of the following:

(Dollars in millions)			September 30, 2025						December 31, 2024
Raw materials			$	66.1					$	62.7
Work-in-process			44.9						41.7
Finished goods			31.9						37.9
Total inventories			$	142.9					$	142.3

Accounts Payable

The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following:

(Dollars in millions)			September 30, 2025						December 31, 2024
Accounts payable - trade			$	47.5					$	45.6
Accounts payable - other			2.2						2.5
Total accounts payable			$	49.7					$	48.1

Note 5 - Leases

Finance Leases

We have finance leases primarily related to manufacturing equipment. Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities were nil and $0.1 million for the three months ended September 30, 2025 and 2024, respectively. Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities were $8.1 million and $0.1 million for the nine months ended September 30, 2025 and 2024, respectively. Our expenses and payments for finance leases were as follows:

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Amortization expense of finance lease right-of-use assets			$	0.5					$	0.2					$	1.3					$	0.4
Interest expense on finance lease obligations			$	(0.1)					$	—					$	(0.3)					$	—
Payments on finance lease obligations			$	0.4					$	0.1					$	1.2					$	0.3

Operating Leases

We have operating leases primarily related to manufacturing and R&D facilities, as well as vehicles. Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities were $0.2 million and $5.6 million for the three months ended September 30, 2025 and 2024, respectively. Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities were $0.6 million and $5.9 million for the nine months ended September 30, 2025 and 2024, respectively. Our expenses and payments for operating leases were as follows:

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Operating leases expense			$	1.6					$	1.3					$	4.5					$	3.9
Short-term leases expense			$	0.2					$	0.2					$	0.6					$	0.5
Payments on operating lease obligations			$	1.2					$	1.1					$	4.0					$	3.5

Lease Balances in Statements of Financial Position

The assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows:

11

(Dollars in millions)			Financial Statement Line Item			September 30, 2025						December 31, 2024
Finance lease right-of-use assets			Property, plant and equipment, net			$	9.0					$	1.1
Operating lease right-of-use assets			Operating lease right-of-use assets			$	22.0					$	24.1
Finance lease obligations, current portion			Other accrued liabilities			$	1.4					$	0.4
Finance lease obligations, non-current portion			Other long-term liabilities			$	7.7					$	0.8
Total finance lease obligations						$	9.1					$	1.2
Operating lease obligations, current portion			Operating lease obligations, current portion			$	4.1					$	4.0
Operating lease obligations, non-current portion			Operating lease obligations, non-current portion			$	18.9					$	20.6
Total operating lease obligations						$	23.0					$	24.6

Net Future Minimum Lease Payments

The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of September 30, 2025:

			Finance																		Operating
(Dollars in millions)			Leases Signed						Less: Leases Not Yet Commenced						Leases in Effect						Leases Signed						Less: Leases Not Yet Commenced						Leases in Effect
2025			$	0.4					$	—					$	0.4					$	1.6					$	—					$	1.6
2026			1.8						—						1.8						5.0						—						5.0
2027			1.6						—						1.6						4.2						—						4.2
2028			1.4						—						1.4						3.3						—						3.3
2029			1.4						—						1.4						3.2						—						3.2
Thereafter			4.1						—						4.1						10.9						—						10.9
Total lease payments			10.7						—						10.7						28.2						—						28.2
Less: Interest			(1.6)						—						(1.6)						(5.2)						—						(5.2)
Present Value of Net Future Minimum Lease Payments			$	9.1					$	—					$	9.1					$	23.0					$	—					$	23.0

The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:

			September 30, 2025						December 31, 2024
Weighted Average Remaining Lease Term
Finance leases			6.9 years						3.4 years
Operating leases			6.8 years						7.3 years
Weighted Average Discount Rate
Finance leases			4.69%						4.33%
Operating leases			5.62%						5.63%

Note 6 – Goodwill and Other Intangible Assets

Goodwill

The changes in the net carrying amount of goodwill by operating segment were as follows:

(Dollars in millions)			Advanced Electronics Solutions						Elastomeric Material Solutions						Other						Total
December 31, 2024			$	113.6					$	241.8					$	2.2					$	357.6
Impairment			(67.3)						—						—						(67.3)
Foreign currency translation adjustment			5.4						7.8						—						13.2
September 30, 2025			$	51.7					$	249.6					$	2.2					$	303.5

12

Other Intangible Assets

The carrying amount of other intangible assets were as follows:

			September 30, 2025																								December 31, 2024
(Dollars in millions)			Gross Carrying Amount						Accumulated Impairment						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Customer relationships			$	181.0					$	—					$	103.8					$	77.2					$	175.9					$	96.1					$	79.8
Technology			79.4						—						66.4						13.0						75.6						60.6						15.0
Trademarks and trade names			20.1						—						8.2						11.9						19.1						7.7						11.4
Total definite-lived other intangible assets			280.5						—						178.4						102.1						270.6						164.4						106.2
Indefinite-lived other intangible asset			4.5						4.5						—						—						4.1						—						4.1
Total other intangible assets			$	285.0					$	4.5					$	178.4					$	102.1					$	274.7					$	164.4					$	110.3

In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations.

The amortization expense related to other intangible assets was as follows:

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Amortization expense			$	2.8					$	3.1					$	8.2					$	9.3

The estimated future amortization expense is $2.8 million, $10.7 million, $10.3 million, $8.0 million, and $7.6 million in 2025, 2026, 2027, 2028, and 2029, respectively. These amounts could vary based on changes in foreign currency exchange rates.

The weighted average amortization period as of September 30, 2025, by definite-lived other intangible asset class, is presented in the table below:

						Weighted Average Remaining Amortization Period
Customer relationships						6.8 years
Technology						2.8 years
Trademarks and trade names						8.8 years
Total definite-lived other intangible assets						6.5 years

Goodwill & Other Intangible Assets Impairments

Goodwill and indefinite-lived other intangible assets are evaluated for impairment annually, and between annual impairment assessments if events or changes in circumstances indicate the carrying value may be impaired, by first performing a qualitative assessment to determine whether a quantitative impairment assessment is necessary.

In the second quarter of 2025, we concluded that a quantitative impairment assessment was required as the fair value of our curamik® reporting unit, which is under our AES operating segment, may be more likely than not less than its carrying value based on multiple triggering events, including changing market competition and supply dynamics that resulted in reduced demand forecasts for short and mid-term net sales and gross margin.

Based on our interim impairment assessment, we concluded our curamik® reporting unit’s carrying value exceeded its estimated fair value. As a result, during the second quarter of 2025, we recorded non-cash impairment charges to our curamik® reporting unit’s goodwill and indefinite-lived other intangible asset of $67.3 million and $4.5 million, respectively, which represents full impairments of each. The decline in the estimated fair value of our curamik® reporting unit during the second quarter of 2025, and the resulting impairment charges, was primarily driven by revised short-term and mid-term forecasts for net sales and gross margin expectations of our curamik® reporting unit. The impairment charges were recorded in the “Restructuring and impairment charges” line item in the condensed consolidated statements of operations.

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The application of the quantitative assessment requires significant judgment, including the assignment of assets and liabilities to reporting units and determination of the fair value of each reporting unit for which a quantitative assessment is performed. The quantitative goodwill and indefinite-lived other intangible asset impairment assessment performed over the curamik® reporting unit consisted of a fair value calculation which combined an income approach and a market approach, weighted at 50% each, which was then compared with the reporting unit’s carrying value. The income approach uses the discounted cash flow method, which is based on the present value of future cash flows through a multi-year discounted cash flow analysis. The market approach uses the guideline public company method, which is based on market data using comparable publicly traded company multiples of EBITDA for a group of benchmark companies. Determination of fair value is subjective and requires the use of significant estimates and assumptions, including financial projections for net sales, gross margin and operating margin, discount rates, terminal growth rates, future market conditions, and market multiples, among others. We assessed the assumptions used in the quantitative impairment assessment to be reasonable and consistent with assumptions that would have been used by other market participants.

No interim triggering events were identified for our other reporting units, and therefore, interim impairment assessments were considered unnecessary.

Long-lived assets, including definite-lived other intangible assets, property, plant and equipment and lease right-of-use assets, are evaluated for recoverability whenever events or circumstances indicate the carrying value may not be recoverable. The recoverability test is performed at the asset group level, which we have assessed to be our reporting units. As a result of triggering events identified in our curamik® reporting unit during the second quarter of 2025, discussed above, we tested long-lived assets for recoverability by comparing the estimated future undiscounted cash flows of the asset group to its carrying value. Determination of estimated future undiscounted cash flows is subjective and requires the use of significant estimates and assumptions, including financial projections for net sales, gross margin and operating margin and future market conditions, among others. We assessed the assumptions used in the recoverability test to be reasonable and consistent with assumptions that would have been used by other market participants.

Based on our long-lived assets recoverability test, our curamik® reporting unit, had estimated future undiscounted cash flows that exceeded its carrying value. As a result, no impairment charges to our curamik® reporting unit’s long-lived assets have been recognized.

Note 7 – Postretirement Benefit Plans

Pension Plan

As of September 30, 2025, we had one qualified noncontributory defined benefit pension plan, the Union Plan, which was frozen and ceased accruing benefits in 2013. The measurement date is December 31st for each respective plan year. We were not required to make any contributions to the Union Plan in 2024 and will not be required to make any contributions in 2025.

Deferred Compensation Plan

We sponsor a non-qualified deferred compensation plan, which provides specified deferred compensation benefits to a certain group of select employees. The deferred compensation plan is funded through a rabbi trust, which is ultimately invested in accordance with each plan participants’ selections from pre-approved funds. As of September 30, 2025 and December 31, 2024, our deferred compensation plan primarily consisted of marketable securities, which includes mutual funds and fixed income funds. Marketable securities are recorded at fair value. The balances are reflected in the “Other long-term assets” line item in the condensed consolidated statements of financial position. The following table summarizes, by major security type, our marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:

			Fair Value of Deferred Compensation Plan as of September 30, 2025
(Dollars in millions)			Adjusted Cost						Unrealized Gains						Unrealized Losses						Fair Value
Level 1 Securities:
Mutual funds			$	4.0					$	0.9					$	—					$	4.9
Level 2 Securities:
Fixed income funds			$	0.1					$	—					$	—					$	0.1
Total			$	4.1					$	0.9					$	—					$	5.0

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			Fair Value of Deferred Compensation Plan as of December 31, 2024
(Dollars in millions)			Adjusted Cost						Unrealized Gains						Unrealized Losses						Fair Value
Level 1 Securities:
Mutual funds			$	4.6					$	0.5					$	—					$	5.1
Level 2 Securities:
Fixed income funds			$	0.2					$	—					$	—					$	0.2
Total			$	4.8					$	0.5					$	—					$	5.3

Note 8 – Revolving Credit Facility

On March 24, 2023, we entered into a Fifth Amended Credit Agreement which amended and restated the Fourth Amended Credit Agreement, and provides for (1) a revolving credit facility with up to $450.0 million of revolving loans, with sub-limits for multicurrency borrowings, letters of credit and swing-line notes, and (2) a $225.0 million expansion feature. Borrowings may be used to finance working capital needs, for letters of credit and for general corporate purposes in the ordinary course of business, including the financing of permitted acquisitions (as defined in the Fifth Amended Credit Agreement). The Fifth Amended Credit Agreement extended the maturity, the date on which all amounts borrowed or outstanding under the Fifth Amended Credit Agreement are due, from March 31, 2024 to March 24, 2028.

All obligations under the Fifth Amended Credit Agreement are guaranteed by each of our existing and future material domestic subsidiaries, as defined in the Fifth Amended Credit Agreement. The obligations are also secured by a Fifth Amended and Restated Pledge and Security Agreement, dated as of March 24, 2023, entered into by us and the Guarantors which grants to the administrative agent, for the benefit of the lenders, a security interest, subject to certain exceptions, in substantially all of the non-real estate assets of ours and the Guarantors. These assets include, but are not limited to, receivables, equipment, intellectual property, inventory, and stock in certain subsidiaries.

Borrowings under the Fifth Amended Credit Agreement bear interest based on one of two options. Alternate base rate loans will bear interest at a rate that includes a base reference rate plus a spread of 62.5 to 100.0 basis points, depending on our leverage ratio. The base reference rate will be the greater of the (1) prime rate, (2) federal funds effective rate plus 50 basis points, and (3) one-month Term SOFR plus 110.0 basis points. Loans bearing an interest rate determined by reference to the Adjusted Term SOFR Rate, the Adjusted Euro Interbank Offered Rate, or the Adjusted Tokyo Interbank Offered Rate (each as defined in the Fifth Amended Credit Agreement) will bear interest based on the screen rate plus a spread of 162.5 to 200.0 basis points, depending on our leverage ratio. Based on our leverage ratio as of September 30, 2025, the spread was 162.5 basis points.

In addition to interest payable on the principal amount of indebtedness outstanding, we incur an annual fee of 25 to 35 basis points (based upon our leverage ratio), paid quarterly, of the unused amount of the lenders’ commitments under the Fifth Amended Credit Agreement.

The Fifth Amended Credit Agreement contains customary representations and warranties, covenants, mandatory prepayments and events of default under which the Company’s payment obligations may be accelerated. The financial covenants include a requirement to maintain (1) a total net leverage ratio of no more than 3.25 to 1.00, subject to a one-time election to increase the maximum total net leverage ratio to 3.75 to 1.00 for one fiscal year in connection with a permitted acquisition, and (2) an interest coverage ratio of no less than 3.00 to 1.00. We are permitted to net up to $50.0 million of unrestricted domestic cash and cash equivalents in the calculation of the total net leverage ratio. The Fifth Amended Credit Agreement generally permits us to pay cash dividends to our shareholders, provided that (i) no default or event of default has occurred and is continuing or would result from the dividend payment and (ii) our total net leverage ratio does not exceed 2.75 to 1.00. If our total net leverage ratio exceeds 2.75 to 1.00, we may nonetheless make up to $20.0 million in restricted payments, including cash dividends, during the fiscal year, provided that no default or event of default has occurred and is continuing or would result from the payments. Our total net leverage ratio did not exceed 2.75 to 1.00 and our interest coverage ratio was greater than or equal to 3.00 to 1.00 as of September 30, 2025.

Our discretionary principal payments on our revolving credit facility in 2025 and 2024 were as follows:

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Discretionary principal payments			$	—					$	—					$	—					$	30.0

We had no outstanding borrowings under our revolving credit facility as of September 30, 2025 or December 31, 2024. We had $1.2 million and $1.6 million of outstanding line of credit issuance costs as of September 30, 2025 and December 31, 2024, respectively, which will be amortized over the life of the Fifth Amended Credit Agreement.

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Note 9 – Commitments and Contingencies

We are currently engaged in the following material legal and environmental proceedings:

Asbestos

Overview

We, like many other industrial companies, have been named as a defendant in a number of lawsuits filed in courts across the country by persons alleging personal injury from exposure to products containing asbestos. We have never mined, milled, manufactured or marketed asbestos; rather, we made and provided to industrial users a limited number of products that contained encapsulated asbestos, but we stopped manufacturing these products in the late 1980s. Most of the claims filed against us involve numerous defendants, sometimes as many as several hundred. In virtually all of the cases against us, the plaintiffs are seeking unspecified damages above a jurisdictional minimum against multiple defendants who may have manufactured, sold or used asbestos-containing products to which the plaintiffs were allegedly exposed and from which they purportedly suffered injury. Most of these cases are being litigated in Maryland, Illinois, Missouri and New York; however, we are also defending cases in other states. We continue to vigorously defend these cases, primarily on the basis of the plaintiffs’ inability to establish compensable loss as a result of exposure to our products. The indemnity and defense costs of our asbestos-related product liability litigation to date have been substantially covered by insurance.

The following table summarizes the change in number of asbestos claims outstanding for the nine months ended September 30, 2025:

			Asbestos Claims
Claims outstanding as of January 1, 2025			523
New claims filed			99
Pending claims dismissed			(130)
Pending claims settled			(10)
Claims outstanding as of September 30, 2025			482

The total indemnity settlements for asbestos claims in 2025 were as follows:

(Dollars in millions)			September 30, 2025
Settlements			$	1.5

Impact on Financial Statements

We recognize a liability for asbestos-related contingencies that are probable of occurrence and reasonably estimable. In connection with the recognition of liabilities for asbestos-related matters, we record asbestos-related insurance recoverables that are deemed probable.

The liability projection period covers all current and future indemnity and defense costs through 2064, which represents the expected end of our asbestos liability exposure with no further ongoing claims expected beyond that date. This conclusion was based on our history and experience with the claims data, the diminished volatility and consistency of observable claims data, the period of time that has elapsed since we stopped manufacturing products that contained encapsulated asbestos and an expected downward trend in claims due to the average age of our claimants, which is approaching the average life expectancy.

To date, the indemnity and defense costs of our asbestos-related product liability litigation have been substantially covered by insurance. Although we have exhausted coverage under some of our insurance policies, we believe that we have applicable primary, excess and/or umbrella coverage for claims arising with respect to most of the years during which we manufactured and marketed asbestos-containing products. In addition, we have entered into a cost sharing agreement with most of our primary, excess and umbrella insurance carriers to facilitate the ongoing administration and payment of claims covered by the carriers. The cost sharing agreement may be terminated by any party, but will continue until a party elects to terminate it. As of the filing date for this report, the agreement has not been terminated, and no carrier had informed us that it intends to terminate the agreement. We expect to continue to exhaust individual primary, excess and umbrella coverages over time, and there is no assurance that such exhaustion will not accelerate due to additional claims, damages and settlements or that coverage will be available as expected.

The amounts recorded for the asbestos-related liability and the related insurance recoverables are based on facts known at the time and a number of assumptions. However, projecting future events, such as the number of new claims to be filed each year, the average cost of disposing of such claims, the length of time it takes to dispose of such claims, coverage issues among insurers and the continuing solvency of various insurance companies, as well as the numerous uncertainties surrounding asbestos litigation in the U.S., could cause the actual liability and insurance recoveries for us to be higher or lower than those

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projected or recorded. The full extent of our financial exposure to asbestos-related litigation remains very difficult to estimate and could include both compensatory and punitive damage awards.

Changes recorded in the estimated liability and estimated insurance recovery based on projections of asbestos litigation and corresponding insurance coverage, result in the recognition of expense or income.

Our projected asbestos-related liabilities and insurance recoverables were as follows:

(Dollars in millions)			September 30, 2025						December 31, 2024
Asbestos-related liabilities			$	57.2					$	57.5
Asbestos-related insurance recoverables			$	52.3					$	52.3

Environmental Voluntary Corrective Action Program

Our location in Rogers, Connecticut is part of the Connecticut Voluntary Corrective Action Program. As part of this program, we partnered with the Connecticut Department of Energy and Environmental Protection to determine the corrective actions to be taken at the site related to contamination issues. We evaluated this matter and completed internal due diligence work related to the site in 2015. Remediation activities on the site are ongoing and are recorded as reductions to the accrual as they are incurred. We have incurred $2.0 million of aggregate remediation costs through September 30, 2025, substantially all of which was incurred and accrued for prior to 2023, and the accrual for future remediation efforts is $0.7 million.

Other Matters

In addition to the above issues, the nature and scope of our business brings us in regular contact with the general public and a variety of businesses and government agencies. Such activities inherently subject us to the possibility of litigation, including environmental and product liability matters that are defended and handled in the ordinary course of business. We have established accruals for matters for which management considers a loss to be probable and reasonably estimable. It is the opinion of management that facts known at the present time do not indicate that such litigation will have a material adverse impact on our results of operations, financial position or cash flows.

Note 10 – Earnings (Loss) Per Share

Basic earnings (loss) per share is based on the weighted average number of common shares outstanding. Diluted earnings (loss) per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding.

The following table sets forth the computation of basic and diluted earnings (loss) per share:

(Dollars and shares in millions, except per share amounts)			Three Months Ended												Nine Months Ended
			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Numerator:
Net income (loss)			$	8.6					$	10.7					$	(66.4)					$	26.6
Denominator:
Weighted-average shares outstanding - basic			18.1						18.6						18.3						18.6
Effect of dilutive shares			—						—						—						—
Weighted-average shares outstanding - diluted			18.1						18.6						18.3						18.6
Basic earnings (loss) per share			$	0.48					$	0.58					$	(3.63)					$	1.43
Diluted earnings (loss) per share			$	0.48					$	0.58					$	(3.63)					$	1.43

Dilutive shares are calculated using the treasury stock method and primarily include unvested restricted stock units. Anti-dilutive shares are excluded from the calculation of diluted shares and diluted earnings per share. For the three months ended September 30, 2025, and 2024, 0.1 million shares were excluded for both periods. For the nine months September 30, 2024, less than 0.1 million shares were excluded.

For the nine months ended September 30, 2025, the assumed vesting of restricted stock units had an antidilutive effect on diluted loss per share and were excluded from the calculation of diluted loss per share. For the nine months ended September 30, 2025, 0.2 million anti-dilutive shares were excluded from the calculation of diluted loss per share.

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Note 11 – Capital Stock and Equity Compensation

Share Repurchases

In 2015, we initiated a share repurchase program (the Program) of up to $100.0 million of the Company’s capital stock to mitigate the dilutive effects of stock option exercises and vesting of restricted stock units granted by the Company, in addition to enhancing shareholder value. In 2024, the Board of Directors authorized an additional $100.0 million to be used for share repurchases. The Program has no expiration date and may be suspended or discontinued at any time without notice. For the three and nine months ended September 30, 2025, we purchased 137,879 shares and 563,869 shares for a total value of $10.0 million and $38.1 million, respectively, using cash from operations and cash on hand. As of September 30, 2025, $66.1 million remained available to purchase under the Program. Our stock repurchases may occur from time to time through open market purchases, privately negotiated transactions or plans designed to comply with Rule 10b5-1 promulgated under the Exchange Act.

(Dollars in millions, except shares and per share amounts)
Period						Total Number of Shares Purchased						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs
July 1, 2025 to July 31, 2025						—						$	—					—						$	76.1
August 1, 2025 to August 31, 2025						137,879						$	72.50					137,879						$	66.1
September 1, 2025 to September 30, 2025						—						$	—					—						$	66.1

Equity Compensation

Equity Compensation Expense

The components of equity compensation expense were as follows:

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Performance-based restricted stock units expense			$	(0.7)					$	1.4					$	3.2					$	4.7
Time-based restricted stock units expense			1.1						1.9						4.6						5.9
Deferred stock units expense			0.4						—						0.6						1.3
Other			—						0.2						0.3						0.4
Total equity compensation expense			$	0.8					$	3.5					$	8.7					$	12.3

Performance-Based Restricted Stock Units

As of September 30, 2025, we had outstanding performance-based restricted stock units with a market condition from 2025, 2024 and 2023. These awards generally cliff vest at the end of a three-year measurement period. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the measurement period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures.

The performance-based restricted stock units with a market condition have one measurement criterion: the three-year total shareholder return on our capital stock as compared to that of a specified group of peer companies. The fair value of this measurement criterion was determined on the grant date using a Monte Carlo simulation valuation model. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period with no changes for final projected payout of the awards. We account for forfeitures as they occur.

The following table sets forth the assumptions used in the Monte Carlo calculation for each material award granted in 2025 and 2024:

			February 26, 2025						February 19, 2024						February 13, 2024
Expected volatility			45.6%						46.3%						46.2%
Expected term (in years)			2.9						2.9						2.9
Risk-free interest rate			4.28%						4.35%						4.35%

Expected volatility – In determining expected volatility, we have considered a number of factors, including historical volatility.

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Expected term – We use the vesting period of the award to determine the expected term assumption for the Monte Carlo simulation valuation model.

Risk-free interest rate – We use an implied “spot rate” yield on U.S. Treasury Constant Maturity rates as of the grant date for our assumption of the risk-free interest rate.

Expected dividend yield – We do not currently pay dividends on our capital stock; therefore, a dividend yield of 0% was used in the Monte Carlo simulation valuation model.

As of September 30, 2025, we had outstanding performance-based restricted stock units with a performance condition from 2024. These awards generally cliff vest at the end of a two-year performance period. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the measurement period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures.

The performance-based restricted stock units with a performance condition have one measurement criterion: 2025 net revenue. The fair value of these awards was determined based on the market value of the underlying stock price at the grant date with cumulative compensation expense recognized to-date being increased or decreased based on the changes in the forecasted payout percentage as of the end of each reporting period. As of September 30, 2025, the performance condition is not probable of vesting. As such, no compensation expense has been recognized for the performance-based restricted stock units. We account for forfeitures as they occur.

A summary of activity of the outstanding performance-based restricted stock units for the nine months ended September 30, 2025 is presented below:

			Performance-Based Restricted Stock Units
Awards outstanding as of December 31, 2024			109,106
Awards granted			83,834
Stock issued			—
Awards forfeited/cancelled			(75,581)
Awards outstanding as of September 30, 2025			117,359

Time-Based Restricted Stock Units

As of September 30, 2025, we had time-based restricted stock unit awards from 2025, 2024, 2023 and 2022 outstanding. The outstanding awards all ratably vest on the first, second and third anniversaries of the original grant date. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed subsequent to the last grant anniversary date. Each time-based restricted stock unit represents a right to receive one share of Rogers’ capital stock at the end of the vesting period. The fair value of the award is determined by the market value of the underlying stock price at the grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. We account for forfeitures as they occur.

A summary of activity of the outstanding time-based restricted stock units for the nine months ended September 30, 2025 is presented below:

			Time-Based Restricted Stock Units
Awards outstanding as of December 31, 2024			110,745
Awards granted			112,875
Stock issued			(48,324)
Awards forfeited/cancelled			(50,174)
Awards outstanding as of September 30, 2025			125,122

Deferred Stock Units

We grant deferred stock units to non-management directors. These awards will generally vest at the one-year anniversary of the award, subject to continuous service. Each deferred stock unit results in the issuance of one share of Rogers’ capital stock. The grant of deferred stock units is typically done annually during the second quarter of each year. The fair value of the award is determined by the market value of the underlying stock price at the grant date.

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A summary of activity of the outstanding deferred stock units for the nine months ended September 30, 2025 is presented below:

			Deferred Stock Units
Awards outstanding as of December 31, 2024			11,900
Awards granted			22,616
Stock issued			(10,950)
Awards outstanding as of September 30, 2025			23,566

Note 12 – Operating Segment Information

Our reporting structure is comprised of the following strategic operating segments: AES and EMS. The remaining operations, which represent our non-core businesses, are reported in the Other operating segment. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally. Our CODM is the Chief Executive Officer of Rogers Corporation. The CODM uses gross margin as a reported segment profit or loss measure to evaluate the performance of each business segment, and then leverages this information to decide where to allocate resources and assess how well each segment is performing financially, considering factors like revenue, inventory, and significant expenses specific to that segment.

Our AES operating segment designs, develops, manufactures and sells circuit materials, ceramic substrate materials, busbars and cooling solutions for applications in EV/HEV, automotive (e.g., ADAS), aerospace and defense (e.g., antenna systems, communication systems and phased array radar systems), renewable energy (e.g., wind and solar), wireless infrastructure (e.g., power amplifiers, antennas and small cells), mass transit, industrial (e.g., variable frequency drives), connected devices (e.g., mobile internet devices and thermal solutions) and wired infrastructure (e.g., computing and internet protocol infrastructure) markets.

Our EMS operating segment designs, develops, manufactures and sells engineered material solutions for a wide variety of applications and markets. These include polyurethane and silicone materials used in cushioning, gasketing and sealing, and vibration management applications for EV/HEV, general industrial, portable electronics, automotive, mass transit, aerospace and defense, footwear and impact mitigation markets; customized silicones used in flex heater and semiconductor thermal applications for EV/HEV, general industrial, portable electronics, automotive, mass transit, aerospace and defense and medical markets; and polytetrafluoroethylene and ultra-high molecular weight polyethylene materials used in wire and cable protection, electrical insulation, conduction and shielding, hose and belt protection, vibration management, cushioning, gasketing and sealing, and venting applications for EV/HEV, general industrial, automotive, and aerospace and defense markets.

Our Other operating segment consists of elastomer components for applications in the general industrial market, as well as elastomer floats for level sensing in fuel tanks, motors, and storage tanks applications in the general industrial and automotive markets.

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Operating Segment Information

The following table presents a disaggregation of revenue from contracts with customers and other pertinent financial information, for the periods indicated; inter-segment sales have been eliminated from the net sales data:

(Dollars in millions)						Advanced Electronics Solutions						Elastomeric Material Solutions						Other						Total
Three Months Ended September 30, 2025
Net sales - recognized over time						$	47.7					$	2.2					$	3.8					$	53.7
Net sales - recognized at a point in time						67.0						95.0						0.3						162.3
Total net sales						$	114.7					$	97.2					$	4.1					$	216.0
Cost of sales						$	78.6					$	62.5					$	2.6					$	143.7
Gross margin						$	36.1					$	34.7					$	1.5					$	72.3
Inventories, net						$	85.7					$	55.5					$	1.7					$	142.9
Depreciation expense						$	4.4					$	2.9					$	0.2					$	7.5
Three Months Ended September 30, 2024
Net sales - recognized over time						$	37.8					$	1.0					$	3.8					$	42.6
Net sales - recognized at a point in time						74.4						93.2						0.1						167.7
Total net sales						$	112.2					$	94.2					$	3.9					$	210.3
Cost of sales						$	78.1					$	55.4					$	2.7					$	136.2
Gross margin						$	34.1					$	38.8					$	1.2					$	74.1
Inventories, net						$	86.5					$	66.4					$	1.5					$	154.4
Depreciation expense						$	4.4					$	2.3					$	0.2					$	6.9
Nine Months Ended September 30, 2025
Net sales - recognized over time						$	121.5					$	6.7					$	11.2					$	139.4
Net sales - recognized at a point in time						206.4						262.5						1.0						469.9
Total net sales						$	327.9					$	269.2					$	12.2					$	609.3
Cost of sales						$	231.8					$	176.3					$	7.9					$	416.0
Gross margin						$	96.1					$	92.9					$	4.3					$	193.3
Inventories, net						$	85.7					$	55.5					$	1.7					$	142.9
Depreciation expense						$	13.0					$	8.5					$	0.6					$	22.1
Nine Months Ended September 30, 2024
Net sales - recognized over time						$	130.2					$	4.3					$	13.1					$	147.6
Net sales - recognized at a point in time						219.6						270.3						0.4						490.3
Total net sales						$	349.8					$	274.6					$	13.5					$	637.9
Cost of sales						$	245.0					$	168.8					$	8.7					$	422.5
Gross margin						$	104.8					$	105.8					$	4.8					$	215.4
Inventories, net						$	86.5					$	66.4					$	1.5					$	154.4
Depreciation expense						$	13.2					$	6.4					$	0.6					$	20.2

Operating Segment Net Sales by Geographic Area

The following table presents net sales by our operating segment operations by geographic area for the periods indicated:

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(Dollars in millions)						Net Sales(1)
Region/Country						Advanced Electronics Solutions						Elastomeric Material Solutions						Other						Total
Three Months Ended September 30, 2025
United States						$	22.4					$	38.0					$	0.8					$	61.2
Other Americas						0.5						3.7						0.1						4.3
Total Americas						22.9						41.7						0.9						65.5
China						38.0						29.3						1.4						68.7
Other APAC						11.0						8.7						0.3						20.0
Total APAC						49.0						38.0						1.7						88.7
Germany						14.3						5.4						0.1						19.8
Other EMEA						28.5						12.1						1.4						42.0
Total EMEA						42.8						17.5						1.5						61.8
Total net sales						$	114.7					$	97.2					$	4.1					$	216.0
Three Months Ended September 30, 2024
United States						$	19.2					$	32.8					$	0.9					$	52.9
Other Americas						0.3						4.1						—						4.4
Total Americas						19.5						36.9						0.9						57.3
China						32.0						29.9						1.0						62.9
Other APAC						27.8						8.3						0.5						36.6
Total APAC						59.8						38.2						1.5						99.5
Germany						18.2						6.5						0.1						24.8
Other EMEA						14.7						12.6						1.4						28.7
Total EMEA						32.9						19.1						1.5						53.5
Total net sales						$	112.2					$	94.2					$	3.9					$	210.3

(1)Net sales are allocated to countries based on the location of the customer. The table above lists individual countries with 10% or more of net sales for the periods indicated.

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(Dollars in millions)						Net Sales(1)
Region/Country						Advanced Electronics Solutions						Elastomeric Material Solutions						Other						Total
Nine Months Ended September 30, 2025
United States						$	67.4					$	105.6					$	2.5					$	175.5
Other Americas						1.7						9.4						0.1						11.2
Total Americas						69.1						115.0						2.6						186.7
China						105.5						75.1						3.7						184.3
Other APAC						37.2						24.4						1.5						63.1
Total APAC						142.7						99.5						5.2						247.4
Germany						39.3						16.9						0.5						56.7
Other EMEA						76.8						37.8						3.9						118.5
Total EMEA						116.1						54.7						4.4						175.2
Total net sales						$	327.9					$	269.2					$	12.2					$	609.3
Nine Months Ended September 30, 2024
United States						$	57.4					$	103.3					$	2.9					$	163.6
Other Americas						3.6						11.5						0.3						15.4
Total Americas						61.0						114.8						3.2						179.0
China						105.3						75.7						3.6						184.6
Other APAC						78.4						23.0						2.1						103.5
Total APAC						183.7						98.7						5.7						288.1
Germany						56.8						21.3						0.4						78.5
Other EMEA						48.3						39.8						4.2						92.3
Total EMEA						105.1						61.1						4.6						170.8
Total net sales						$	349.8					$	274.6					$	13.5					$	637.9

(1)Net sales are allocated to countries based on the location of the customer. The table above lists individual countries with 10% or more of net sales for the periods indicated.

Note 13 – Supplemental Financial Information

Restructuring and Impairment Charges

The components of the “Restructuring and impairment charges” line item in the condensed consolidated statements of operations, were as follows:

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Restructuring charges
Manufacturing footprint consolidation			$	1.3					$	5.9					$	8.9					$	6.3
Global workforce reduction			0.4						—						2.9						—
Executive leadership transition			5.4						—						5.4						—
R&D facility exit			—						0.4						—						1.3
Facility consolidations			—						—						0.1						0.2
Total restructuring charges			7.1						6.3						17.3						7.8
Impairment charges
Goodwill impairment			—						—						67.3						—
Other intangible assets impairment			—						—						4.5						—
Total impairment charges			—						—						71.8						—
Total restructuring and impairment charges			$	7.1					$	6.3					$	89.1					$	7.8

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Restructuring Charges - Manufacturing Footprint Consolidation

In June 2024, we announced our intent to consolidate our high frequency circuit material manufacturing operations, impacting our Evergem, Belgium facility. We anticipate the plan to be completed in the second half of 2025. The plan is expected to significantly reduce our manufacturing costs and operating expenses. We expect to incur approximately $22.0 million to $24.0 million in pre-tax restructuring charges related to this plan, the majority of which are expected to be in the form of cash-based expenditures related to employee severance and other termination benefits. Most of the non-cash expenditures will be in the form of accelerated depreciation.

We incurred $1.3 million of restructuring charges related to this plan for the three months ended September 30, 2025, substantially all of which were related to severance and other termination benefits. We incurred $8.9 million of restructuring charges related to this plan for the nine months ended September 30, 2025, of which $6.9 million related to severance and other termination benefits and $1.4 million related to accelerated depreciation.

We incurred $5.9 million in restructuring charges related to this plan in the three months ended September 30, 2024, of which $4.7 million related to severance and other termination benefits and $1.2 million related to accelerated depreciation. We incurred $6.3 million of restructuring charges related to this plan in the nine months ended September 30, 2024, of which $4.7 million related to severance and other termination benefits and $1.6 million related to accelerated depreciation.

Severance and related benefits activity related to the manufacturing footprint consolidation plan is presented in the table below for the nine months ended September 30, 2025:

(Dollars in thousands)			Manufacturing Footprint Consolidation Restructuring Severance and Related Benefits
Balance as of December 31, 2024			$	9.2
Provisions			6.8
Payments			(12.7)
Foreign currency translation adjustment			1.4
Balance as of September 30, 2025			$	4.7

Restructuring Charges - Global Workforce Reduction

In March 2025, we announced a plan to reduce our global workforce that was substantially completed in the first half of 2025. We incurred $0.4 million and $2.9 million in pre-tax restructuring charges related to this plan for the three and nine months ended September 30, 2025, respectively, all of which were related to severance and other termination benefits. All termination benefits were paid out as of September 30, 2025.

Restructuring Charges - Executive Leadership Transition

In July 2025, certain executives left the Company as part of an executive leadership transition. In addition to these departures, other related organizational changes were made leading to departures of additional personnel. We have incurred $5.4 million in restructuring charges related to this transition in the three and nine months ended September 30, 2025, substantially all of which were related to severance and other termination benefits.

Severance and related benefits activity related to the executive leadership transition is presented in the table below for the nine months ended September 30, 2025:

(Dollars in thousands)			Executive Leadership Transition Restructuring Severance and Related Benefits
Balance as of December 31, 2024			$	—
Provisions			5.3
Payments			(3.2)
Foreign currency translation adjustment			—
Balance as of September 30, 2025			$	2.1

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Restructuring Charges - R&D Facility Exit

In June 2024, we announced the closure of our Burlington, Massachusetts Innovation Center which was completed by the end of 2024. We incurred $0.4 million in pre-tax restructuring charges for the three months ended September 30, 2024, of which, $0.3 million related to severance and other termination benefits. We incurred $1.3 million in pre-tax restructuring charges in the nine months ended September 30, 2024, of which $0.6 million relates to severance and other termination benefits and $0.7 million in the form of accelerated depreciation.

Restructuring Charges - Facility Consolidations

As of December 31, 2024, we included $13.1 million of assets held for sale within the “Other current assets” financial statement line item of the condensed consolidated statements of financial position, representing the land and building at our former Price Road facility in Chandler, Arizona. The sale was completed on March 11, 2025 for a sale price of $13.4 million, net of selling costs.

Restructuring Charges - curamik® Cost Actions

On July 30, 2025, we announced our intention to implement initiatives to reduce costs in the curamik® business under our AES operating segment. This determination was made in response to market conditions and once fully implemented, these actions are expected to reduce manufacturing costs and operating expenses. As a result of these intended actions, we expect to record expenses in the range of $12.0 million to $20.0 million comprised of employee severance costs, property, plant and equipment relocation and reinstallation costs, consulting fees and other miscellaneous cash costs. No charges were recognized in the third quarter of 2025 as the termination benefits, number of employees and timing of actions were still subject to negotiation. We expect the bulk of the cash outflows will occur in 2026, with some cash outflows occurring in the fourth quarter of 2025.

Goodwill Impairment Charge

In the second quarter of 2025, we determined the $67.3 million of goodwill attributable to our curamik® reporting unit was impaired. For additional information, refer to “Note 6 – Goodwill and Other Intangible Assets.”

Indefinite-Lived Other Intangible Asset Impairment Charge

In the second quarter of 2025, we determined the $4.5 million indefinite-lived other intangible asset attributable to our curamik® reporting unit was impaired. For additional information, refer to “Note 6 – Goodwill and Other Intangible Assets.”

Allocation of Restructuring and Impairment Charges to Operating Segments

The following table summarizes the allocation of restructuring and impairment charges to our operating segments:

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Advanced Electronics Solutions
Allocated restructuring charges			$	4.2					$	6.1					$	12.7					$	7.2
Allocated impairment charges			—						—						71.8						—
Elastomeric Material Solutions
Allocated restructuring charges			2.9						0.2						4.6						0.6
Allocated impairment charges			—						—						—						—
Total restructuring and impairment charges			$	7.1					$	6.3					$	89.1					$	7.8

Other Income (Expense), Net

The components of the “Other income (expense), net” line item in the condensed consolidated statements of operations, were as follows:

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Foreign currency translation impacts			$	0.8					$	(0.1)					$	(2.4)					$	0.7
Foreign currency derivative impacts			(0.4)						(0.8)						(0.8)						(1.2)
Copper derivative impacts			—						(0.1)						0.1						0.3
Other			—						(0.5)						(0.3)						(0.6)
Total other income (expense), net			$	0.4					$	(1.5)					$	(3.4)					$	(0.8)

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Interest Income (Expense), Net

The components of “Interest income (expense), net” line item in the condensed consolidated statements of operations, were as follows:

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Interest on revolving credit facility			$	—					$	—					$	—					$	(0.5)
Line of credit fees			(0.3)						(0.2)						(0.9)						(0.8)
Debt issuance amortization costs			(0.2)						(0.2)						(0.4)						(0.4)
Interest income			0.7						0.5						2.3						0.8
Other			—						(0.1)						(0.1)						(0.1)
Total interest income (expense), net			$	0.2					$	—					$	0.9					$	(1.0)

Note 14 – Income Taxes

The below discussion of the effective tax rate for the periods presented in the condensed consolidated statements of operations is in comparison to the 21% U.S. statutory federal income tax rate.

We had a tax rate of 47.2% in the third quarter of 2025. During the quarter, our effective tax rate was unfavorably impacted by (i) an increase in the valuation allowance attributable to loss jurisdictions in which no tax benefit is anticipated to be realized and (ii) an increase in reserves for uncertain tax positions.

During the third quarter of 2024, our effective tax rate was 20.7%. During the third quarter of 2024, our effective tax rate was favorably impacted by a decrease of reserves for uncertain tax positions, partially offset by the mix of income in higher tax rate jurisdictions.

We had a negative tax rate of 21.6% for the nine months ended September 30, 2025 due to tax expense on a pre-tax book loss. Our income tax expense for the nine months ended September 30, 2025 was unfavorably impacted by the $67.3 million goodwill impairment in curamik® for which no tax benefit is available, an increase in the valuation allowance attributable to loss jurisdictions in which no tax benefit is anticipated to be realized, and an increase in reserves for uncertain tax positions.

For the first nine months of 2024, the Company’s effective tax rate on its income before income taxes was 28.1%. The effective rate for the first nine months of 2024 was unfavorably impacted primarily by the write-off of deferred tax assets related to stock compensation and the mix of income in higher tax rate jurisdictions, partially offset by a decrease of reserves for uncertain tax positions.

On July 4, 2025, H.R. 1, otherwise known as the “One Big Beautiful Bill Act”, was signed into law. We are currently evaluating the key provisions of this law and currently do not expect it to have a material impact on the Company or its financial statements.

The OECD Pillar 2 guidelines published to date include transition and safe harbor rules around the implementation of the Pillar 2 global minimum tax of 15%. Based on current enacted legislation effective in 2024 and our structure, we do not expect a material impact in 2025. We are monitoring developments and evaluating the impacts these new rules will have on our future effective income tax rate, tax payments, financial condition, and results of operations.

Note 15 - Mergers and Acquisitions

Joint Venture Separation Agreement

On October 29, 2024, we entered into a JV Separation Agreement with INOAC with an effective date of November 5, 2024, in which INOAC acquired our 50% ownership shares of RIC, we acquired INOAC’s 50% ownership shares of RIS, and we sold the property, plant and equipment constituting RIS Production Line 1 to INOAC. The combined transaction resulted in a net payment to us from INOAC of $4.9 million. The JV Separation Agreement terminated all other agreements previously entered into in connection with the RIC and RIS JV relationships.

The purchase accounting and purchase price allocation for the RIS acquisition transaction is now considered final, with no adjustments from the information presented in our Annual Report on Form 10-K for the year ended December 31, 2024.

Note 16 - Recent Accounting Standards

Recently Adopted Standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 enhances segment reporting under Topic 280 by expanding the breadth and frequency of segment

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disclosures. This amendment will improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted ASU 2023-07 in our Annual Report on Form 10-K for the year ended December 31, 2024, using the retrospective approach.

Recently Issued Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of the standard will be applied on a prospective basis and retrospective application to all periods presented is permitted. We will adopt ASU 2023-09 in our Annual Report on Form 10-K for the year ending December 31, 2025, using a prospective transition method. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and accompanying notes.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require new disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense captions. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Adoption should be applied either prospectively to financial statements issued after the effective date, or retrospectively to any or all prior periods presented in the financial statements. We will adopt ASU 2024-03 in our Annual Report on Form 10-K for the year ending December 31, 2027, using a prospective transition method. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and accompanying notes.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40). This update specifically targets improvements to the accounting for internal-use software. The amendments in this update (1) remove all references to prescriptive and sequential software development stages throughout Subtopic 350-40, (2) specify that the disclosures in Subtopic 360-10 are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements, (3) clarify that the intangibles disclosures in paragraphs 350-30-50-1 through 50-3 are not required for capitalized internal-use software costs, and (4) supersede the website development costs guidance and incorporate the recognition requirements for website-specific development costs form Subtopic 350-50 into Subtopic 350-40. The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. Adoption should be applied either prospectively to financial statements issued after the effective date, a modified approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or retrospectively to any or all prior periods presented in the financial statements. We will adopt ASU 2025-06 in our Annual Report on Form 10-K for the year ending December 31, 2028, using a prospective transition method. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and accompanying notes.

Item 2.    Management’s Discussion and Analysis of Results of Operations and Financial Position

As used herein, the “Company,” “Rogers,” “we,” “us,” “our” and similar terms include Rogers Corporation and its subsidiaries, unless the context indicates otherwise.

Forward-Looking Statements

This Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Such statements are generally accompanied by words such as “anticipate,” “assume,” “believe,” “could,” “estimate,” “expect,” “foresee,” “goal,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “seek,” “target” or similar expressions that convey uncertainty as to future events or outcomes. Forward-looking statements are based on assumptions and beliefs that we believe to be reasonable; however, assumed facts almost always vary from actual results, and the differences between assumed facts and actual results could be material depending upon the circumstances. Where we express an expectation or belief as to future results, that expectation or belief is expressed in good faith and based on assumptions believed to have a reasonable basis. We cannot assure you, however, that the stated expectation or belief will occur or be achieved or accomplished. Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation:

•failure to capitalize on, volatility within, or other adverse changes with respect to our growth drivers, such as delays in adoption or implementation of new technologies;

•failure to successfully execute on our long-term growth strategy;

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•uncertain business, economic and political conditions in the U.S. and abroad, particularly in China, South Korea, Belgium, Germany, England, and Hungary where we maintain significant manufacturing, sales or administrative operations;

•the trade policy dynamics between the U.S. and other countries where the Company does business, in particular China, as reflected in tariff impositions and associated countermeasures, as well as the potential for U.S.-China supply chain decoupling;

•fluctuations in foreign currency exchange rates;

•our ability to develop innovative products and the extent to which they are incorporated into end-user products and systems;

•the extent to which end-user products and systems incorporating our products achieve commercial success;

•the ability and willingness of our sole or limited source suppliers to deliver certain key raw materials, including commodities, to us in a timely and cost-effective manner;

•business interruptions due to catastrophes or other similar events, such as natural disasters, war, terrorism or public health crises;

•the impact of sanctions, export controls and other foreign asset or investment restriction;

•failure to realize, or delays in the realization of, anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or difficulty integrating acquired businesses;

•our ability to attract and retain management and skilled technical personnel;

•our ability to protect our proprietary technology from infringement by third parties and/or allegations that our technology infringes third party rights;

•changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate;

•failure to comply with financial and restrictive covenants in our credit agreement or restrictions on our operational and financial flexibility due to such covenants;

•the outcome of ongoing and future litigation, including our asbestos-related product liability litigation;

•changes in environmental laws and regulations applicable to our business; and

•disruptions in, or breaches of, our information technology systems.

Our forward-looking statements are expressly qualified by these cautionary statements, which you should consider carefully, along with the risks discussed in this section and elsewhere in this report in addition to the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 (the Annual Report) and our other reports filed with the SEC, any of which could cause actual results to differ materially from historical results or anticipated results. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

The following discussion and analysis of our financial condition and results of operations should be read together with our condensed consolidated financial statements and the related notes that appear elsewhere in this Form 10-Q along with our audited consolidated financial statements and the related notes thereto in our Annual Report.

Company Overview and Strategy

We design, develop, manufacture and sell high-performance and high-reliability engineered materials and components to meet our customers’ needs. We operate two strategic operating segments: AES and EMS. Our remaining operations, which represent non-core businesses, are reported in our Other operating segment. We are headquartered in Chandler, Arizona.

Our growth and profitability strategy is based upon the following principles: (1) market-driven organization, (2) innovation leadership, (3) synergistic mergers and acquisitions, and (4) operational excellence. Our priorities in executing this strategy are focused on driving near-term improvements to profitability and improving the growth outlook for the Company over the next several years by further strengthening our focus on commercial activities, optimizing our global capacity to meet customer demand and driving innovation.

As a market-driven organization, we are focused on capitalizing on growth opportunities in multiple end markets. This includes the automotive industry, where there are market opportunities resulting from the continuing trends in vehicle electrification, and ADAS adoption. Other opportunities are driven by the advancement of communication systems in aerospace and defense, the growth of next-generation smartphones in the portable electronics industry, and the continued expansion of renewable energy. In addition to our focus on these markets, we sell into a variety of other markets, including industrial, wireless infrastructure and mass transit.

Our growth strategy is based on addressing trends in these markets and applying our repeatable customer engagement process. Our sales engineers and technical service employees work closely with our customers to understand their complex needs. They then leverage our innovation and technology capabilities and deep applications expertise to provide unique solutions to customers’ challenges. In addition to these capabilities, our strategy for success is also built on our reputation for high performance and reliability, trusted customer relationships and an expansive product portfolio. Through this strategy we expect

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to be able to drive further commercial wins, which provide the potential for future growth. This growth strategy includes both organic and inorganic investments from which we strive to ensure high-quality solutions for our customers.

Our operational excellence efforts are focused on driving ongoing cost improvements to further enhance our profitability and developing a more agile and customer focused organization. These efforts include focusing on improving yields, throughput, procurement capabilities, and manufacturing processes. We have also taken specific cost improvement actions in recent quarters that have and will benefit our performance. These actions include optimizing our manufacturing footprint, and reducing manufacturing and corporate employees. We continue to review and re-align our manufacturing and engineering footprint in an effort to maintain a leading competitive position globally and to support our customers’ growth initiatives.

We seek to enhance our operational and financial performance by investing in research and development, manufacturing and materials efficiencies, and new product initiatives that respond to the needs of our customers. We strive to evaluate operational and strategic alternatives to improve our business structure and align our business with the changing needs of our customers and major industry trends affecting our business.

If we are able to successfully execute on our strategy, we see an opportunity, over the next several years, to increase revenues from current levels and further improve profitability. The increase in revenues is largely expected to come from our organic business, with the potential to augment this growth through targeted acquisitions. This outlook is supported by our participation in a number of growth markets and by our competitive positions in these markets. The markets where we see growth opportunities include EV/HEV, ADAS, aerospace and defense, portable electronics, renewable energy, and industrial.

Executive Summary

The following synopsis and factors should be considered when reviewing our results of operations, financial position and liquidity:

•In the third quarter of 2025 as compared to the third quarter of 2024, our net sales increased approximately 2.7% to $216.0 million, our gross margin decreased approximately 170 basis points to 33.5% from 35.2%, and we had an operating margin of 7.3% compared to an operating margin of 6.9%.

•We recognized restructuring charges of $7.1 million in the third quarter of 2025 due to our wind down of manufacturing operations for our AES operating segment in our Evergem, Belgium facility, our executive leadership transition and the reduction of our global workforce.

•We repurchased 0.1 million shares of our capital stock for $10.0 million in the third quarter of 2025.

Results of Operations

The following table sets forth, for the periods indicated, selected operations data expressed as a percentage of net sales:

			Three Months Ended												Nine Months Ended
			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Net sales			100.0		%				100.0		%				100.0		%				100.0		%
Gross margin			33.5		%				35.2		%				31.7		%				33.8		%
Selling, general and administrative expenses			19.3		%				21.4		%				22.2		%				22.5		%
Research and development expenses			3.4		%				3.9		%				3.5		%				4.2		%
Restructuring and impairment charges			3.3		%				3.0		%				14.6		%				1.2		%
Other operating (income) expense, net			0.2		%				—		%				—		%				—		%
Operating income (loss)			7.3		%				6.9		%				(8.6)		%				5.9		%
Equity income in unconsolidated joint ventures			—		%				0.2		%				—		%				0.2		%
Other income (expense), net			0.1		%				(0.7)		%				(0.5)		%				(0.1)		%
Interest income (expense), net			0.1		%				—		%				0.1		%				(0.2)		%
Income (loss) before income taxes			7.5		%				6.4		%				(9.0)		%				5.8		%
Income tax (benefit) expense			3.5		%				1.3		%				1.9		%				1.6		%
Net income (loss)			4.0		%				5.1		%				(10.9)		%				4.2		%

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Net Sales and Gross Margin
			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Net sales			$	216.0					$	210.3					$	609.3					$	637.9
Gross margin			$	72.3					$	74.1					$	193.3					$	215.4
Percentage of net sales			33.5		%				35.2		%				31.7		%				33.8		%

Net sales increased by 2.7% in the third quarter of 2025 compared to the third quarter of 2024. Our AES and EMS operating segments had net sales increases of 2.2% and 3.2%, respectively. The increase in net sales was primarily due to higher net sales in the aerospace and defense, industrial and ADAS markets, partially offset by lower net sales in the wireless infrastructure and EV/HEV markets. We experienced lower EV/HEV net sales as customers continued to manage inventory levels and adjusted to changing regional demands. We experienced lower wireless infrastructure net sales as a program for a key customer was launched and completed in 2024.

Net sales decreased by 4.5% in the first nine months of 2025 compared to the first nine months of 2024. Our AES and EMS operating segments had net sales decreases of 6.3% and 2.0%, respectively. The decrease in net sales was primarily due to lower net sales in the wireless infrastructure and EV/HEV markets, partially offset by higher net sales in the aerospace and defense and ADAS markets. We experienced lower EV/HEV net sales as customers continued to manage inventory levels and adjusted to changing regional demands. We experienced lower wireless infrastructure net sales as a program for a key customer was launched and completed in 2024.

Gross margin as a percentage of net sales decreased approximately 170 basis points to 33.5% in the third quarter of 2025 compared to 35.2% in the third quarter of 2024. Gross margin in the third quarter of 2025 declined due to unfavorable mix, higher freight, duty and tariff costs and unfavorable yield performance, partially offset by higher volumes and commercial actions taken to mitigate tariff costs.

Gross margin as a percentage of net sales decreased approximately 210 basis points to 31.7% in the first nine months of 2025 compared to 33.8% in the first nine months of 2024. Gross margin in the first nine months of 2025 declined due to lower volumes and related utilization headwinds, unfavorable mix, higher freight, duty and tariff costs and unfavorable yield performance, partially offset by commercial actions taken to mitigate tariff costs.

Selling, General and Administrative Expenses
			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Selling, general and administrative expenses			$	41.6					$	45.1					$	134.6					$	143.5
Percentage of net sales			19.3		%				21.4		%				22.2		%				22.5		%

SG&A expenses decreased 7.8% in the third quarter of 2025 from the third quarter of 2024, primarily due to a $1.8 million decrease in compensation and benefits expense and a $1.8 million decrease in professional services expenses, partially offset by a $0.8 million increase in fixed asset depreciation and software cost amortization expense.

SG&A expenses decreased 6.2% in the first nine months of 2025 compared to the first nine months of 2024, primarily due to a $7.9 million decrease in compensation and benefits expense and a $4.7 million decrease in professional services expenses, partially offset by a $3.6 million increase in fixed asset depreciation and software cost amortization expense.

Research and Development Expenses
			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Research and development expenses			$	7.4					$	8.1					$	21.5					$	26.5
Percentage of net sales			3.4		%				3.9		%				3.5		%				4.2		%

R&D expenses decreased 8.6% in the third quarter of 2025 from the third quarter of 2024, primarily due to a $0.7 million decrease in compensation and benefits expense. R&D expenses decreased 18.9% in the first nine months of 2025 compared to the first nine months of 2024, primarily due to a $2.5 million decrease in compensation and benefits expense and a $1.5 million decrease in R&D trials. The decrease in compensation and benefits expense was largely driven by the cost savings related to our exit from our Burlington, Massachusetts Innovation Center facility.

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Restructuring and Impairment Charges
			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Restructuring and impairment charges			$	7.1					$	6.3					$	89.1					$	7.8
Other operating (income) expense, net			$	0.5					$	—					$	0.2					$	—

We incurred impairment charges of $71.8 million in the nine months ended September 30, 2025 related to our curamik® reporting unit within our AES operating segment. For additional information, refer to “Note 6 – Goodwill and Other Intangible Assets” to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q.

We incurred restructuring charges of $7.1 million and $17.3 million in the three and nine months ended September 30, 2025, respectively, due to our wind down of manufacturing operations for our AES operating segment in our Evergem, Belgium facility, the executive leadership transition and our global reduction in workforce. We incurred restructuring charges of $6.3 million and $7.6 million in the three and nine months ended September 30, 2024, respectively, primarily related to our wind down of manufacturing operations for our AES operating segment in our Evergem, Belgium facility and our exit from our Burlington, Massachusetts Innovation Center facility. For additional information, refer to “Note 13 – Supplemental Financial Information” to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q.

Equity Income in Unconsolidated Joint Ventures
			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Equity income in unconsolidated joint ventures			$	—					$	0.4					$	—					$	1.2

Prior to November 5, 2024, we had two unconsolidated JVs, each 50% owned: RIC and RIS, at which point, our JV relationships were discontinued resulting in the year-over-year decrease in equity income in those unconsolidated JVs. For additional information, refer to “Note 15 - Mergers and Acquisitions” to the condensed consolidated financial statements in Part I, Item I of this Form 10-Q.

Other Income (Expense), Net
			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Other income (expense), net			$	0.4					$	(1.5)					$	(3.4)					$	(0.8)

Other income (expense), net was income of $0.4 million in the third quarter of 2025 compared to expense of $1.5 million in the third quarter of 2024. The increase was due to $0.9 million of favorable year-over-year changes in impacts from our foreign currency transactions.

Other income (expense), net was to expense of $3.4 million in the first nine months of 2025 compared to expense of $0.8 million in the first nine months of 2024. The decrease was due to $3.1 million of unfavorable year-over-year changes in impacts from our foreign currency transactions.

Interest Income (Expense), Net
			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Interest income (expense), net			$	0.2					$	—					$	0.9					$	(1.0)

Interest income (expense), net, was $0.2 million of income in the third quarter of 2025. The year-over-year change was due to higher income on interest-bearing cash accounts.

Interest income (expense), net, was $0.9 million of income in the first nine months of 2025 compared to $1.0 million of expense in the first nine months of 2024. The year-over-year change was due to higher income on interest-bearing cash accounts and a lower weighted-average outstanding balance for our borrowings under our revolving credit facility.

Income Taxes
			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Income tax (benefit) expense			$	7.7					$	2.8					$	11.8					$	10.4
Effective tax rate			47.2		%				20.7		%				(21.6)		%				28.1		%

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The below discussion of the effective tax rate for the periods presented in the condensed consolidated statements of operations is in comparison to the 21% U.S. statutory federal income tax rate.

We had a tax rate of 47.2% in the third quarter of 2025. During the quarter, our effective tax rate was unfavorably impacted by (i) an increase in the valuation allowance attributable to loss jurisdictions in which no tax benefit is anticipated to be realized and (ii) an increase in reserves for uncertain tax positions.

During the third quarter of 2024, our effective tax rate was 20.7%. During the third quarter of 2024, our effective tax rate was favorably impacted by a decrease of reserves for uncertain tax positions, partially offset by the mix of income in higher tax rate jurisdictions.

We had a negative tax rate of 21.6% for the nine months ended September 30, 2025 due to tax expense on a pre-tax book loss. Our income tax expense for the nine months ended September 30, 2025 was unfavorably impacted by the $67.3 million goodwill impairment in curamik® for which no tax benefit is available, an increase in the valuation allowance attributable to loss jurisdictions in which no tax benefit is anticipated to be realized, and an increase in reserves for uncertain tax positions.

For the first nine months of 2024, the Company’s effective tax rate on its income before income taxes was 28.1%. The effective rate for the first nine months of 2024 was unfavorably impacted primarily by the write-off of deferred tax assets related to stock compensation and the mix of income in higher tax rate jurisdictions, partially offset by a decrease of reserves for uncertain tax positions.

Operating Segment Net Sales and Gross Margin

Advanced Electronics Solutions

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Net sales			$	114.7					$	112.2					$	327.9					$	349.8
Gross margin			$	36.1					$	34.1					$	96.1					$	104.8
Percentage of net sales			31.5		%				30.4		%				29.3		%				30.0		%

AES net sales increased by 2.2% in the third quarter of 2025 compared to the third quarter of 2024. The increase in net sales over the third quarter of 2024 was primarily driven by higher net sales in the ADAS and EV/HEV markets, partially offset by lower net sales in the wireless infrastructure market. We experienced lower wireless infrastructure net sales as a program for a key customer was launched and completed in 2024.

AES net sales decreased by 6.3% in the first nine months of 2025 compared to the first nine months of 2024. The decrease in net sales over the first nine months of 2024 was primarily driven by lower net sales in the wireless infrastructure and EV/HEV markets, partially offset by higher net sales in the aerospace and defense and ADAS markets. We experienced lower EV/HEV net sales as customers continued to manage inventory levels and adjusted to changing regional demands. We experienced lower wireless infrastructure net sales as a program for a key customer was launched and completed in 2024.

Our AES operating segment gross margin in the third quarter of 2025 improved primarily due to higher volumes, favorable utilization and favorable yield performance, partially offset by unfavorable mix and higher freight, duty and tariff costs net of commercial mitigation actions. As a percentage of net sales, gross margin in the third quarter of 2025 was 31.5% as compared to 30.4% in the third quarter of 2024.

Our AES operating segment gross margin in the first nine months of 2025 declined primarily due to lower volumes and unfavorable mix, higher freight, duty and tariff costs and higher scrap costs, partially offset by commercial actions taken to mitigate tariff costs. As a percentage of net sales, gross margin in the first nine months of 2025 was 29.3% as compared to 30.0% in the first nine months of 2024.

Elastomeric Material Solutions

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Net sales			$	97.2					$	94.2					$	269.2					$	274.6
Gross margin			$	34.7					$	38.8					$	92.9					$	105.8
Percentage of net sales			35.7		%				41.2		%				34.5		%				38.5		%

EMS net sales increased by 3.2% in the third quarter of 2025 compared to the third quarter of 2024. The increase in net sales over the third quarter of 2024 was primarily driven by higher net sales in the aerospace and defense and industrial markets, partially offset by lower net sales in the EV/HEV market.

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EMS net sales decreased by 2.0% in the first nine months of 2025 compared to the first nine months of 2024. The decrease in net sales over the first nine months of 2024 was primarily driven by lower net sales in the EV/HEV market, partially offset by higher net sales in the industrial market. We experienced lower EV/HEV net sales due to customer inventory management in response to end market demands.

Our EMS operating segment gross margin in the third quarter of 2025 declined due to utilization headwinds from the startup of new production lines, unfavorable mix and higher freight, duty and tariff costs, partially offset by higher volumes, favorable mix and commercial actions taken to mitigate tariff costs. As a percentage of net sales, gross margin in the third quarter of 2025 was 35.7% as compared to 41.2% in the third quarter of 2024.

Our EMS operating segment gross margin in the first nine months of 2025 declined due to lower volumes and related utilization headwinds, unfavorable mix, unfavorable yield performance and tariff costs, partially offset by commercial actions taken to mitigate tariff costs. As a percentage of net sales, gross margin in the first nine months of 2025 was 34.5% as compared to 38.5% in the first nine months of 2024.

Other

			Three Months Ended												Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Net sales			$	4.1					$	3.9					$	12.2					$	13.5
Gross margin			$	1.5					$	1.2					$	4.3					$	4.8
Percentage of net sales			36.6		%				30.8		%				35.2		%				35.6		%

Net sales in this segment increased by 5.1% in the third quarter of 2025 from the third quarter of 2024. Our Other operating segment gross margin in the third quarter of 2025 increased due to higher volumes and favorable mix. As a percentage of net sales, gross margin in the third quarter of 2025 was 36.6%, an approximately 580 basis point increase as compared to 30.8% in the third quarter of 2024.

Net sales in this segment decreased by 9.6% in the first nine months of 2025 from the first nine months of 2024. Our Other operating segment gross margin in the nine months of 2025 declined due to lower volumes and unfavorable mix. As a percentage of net sales, gross margin in the first nine months of 2025 was 35.2%, an approximately 40 basis point decrease as compared to 35.6% in the third quarter of 2024.

Liquidity, Capital Resources and Financial Position

We believe that our existing sources of liquidity and cash flows that we expect to generate from our operations, together with our available credit facilities, will be sufficient to fund our operations, currently planned capital expenditures and R&D efforts, for at least the next 12 months. We regularly review and evaluate the adequacy of our cash flows, borrowing facilities and banking relationships in an effort to ensure that we have the appropriate access to cash to fund both our near-term operating needs and our long-term strategic initiatives.

The following table illustrates the location of our cash and cash equivalents by our three major geographic areas:

(Dollars in millions)			September 30, 2025						December 31, 2024
U.S.			$	67.7					$	84.7
Europe			43.0						37.4
Asia			57.1						37.7
Total cash and cash equivalents			$	167.8					$	159.8

Approximately $100.1 million of our cash and cash equivalents were held by non-U.S. subsidiaries as of September 30, 2025. We did not make any changes in the nine months ended September 30, 2025 to our position on the permanent reinvestment of our earnings from foreign operations. With the exception of certain of our Chinese subsidiaries, where a substantial portion of our Asia cash and cash equivalents are held, we continue to assert that historical foreign earnings are indefinitely reinvested.

(Dollars in millions)			September 30, 2025						December 31, 2024
Key Financial Position Accounts:
Cash and cash equivalents			$	167.8					$	159.8
Accounts receivable, net			$	145.5					$	135.3
Inventories, net			$	142.9					$	142.3

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Changes in key financial position accounts and other significant changes in our statements of financial position from December 31, 2024 to September 30, 2025 were as follows:

•Cash and cash equivalents were $167.8 million as compared to $159.8 million as of December 31, 2024, an increase of $8.0 million, or 5.0%. This increase was primarily due to our cash flows provided by operations and $13.4 million of proceeds from the sale of our Price Road facility, partially offset by $38.1 million of share repurchases, $25.4 million in capital expenditures, and $1.4 million in tax payments related to net share settlement of equity awards.

•Accounts receivable, net increased 7.5% to $145.5 million as of September 30, 2025 from $135.3 million as of December 31, 2024. The increase from year-end was primarily due to higher net sales at the end of the third quarter of 2025 compared to at the end of 2024, partially offset by a lower days sales outstanding at the end of September 30, 2025 compared to December 31, 2024.

•Inventories, net were largely flat at $142.9 million as of September 30, 2025, from $142.3 million as of December 31, 2024. Although inventory was flat, our finished goods inventory decreased which was offset by increases in both raw materials and work in progress inventory.

			Nine Months Ended
(Dollars in millions)			September 30, 2025						September 30, 2024
Key Cash Flow Measures:
Net cash provided by operating activities			$	54.3					$	93.4
Net cash used in investing activities			$	(11.2)					$	(40.7)
Net cash used in financing activities			$	(40.0)					$	(38.6)

In 2025, we expect capital spending to be in the range of approximately $30.0 million to $40.0 million. We plan to fund our capital spending in 2025 with cash from operations and cash on-hand.

Restrictions on Payment of Dividends

The Fifth Amended Credit Agreement generally permits us to pay cash dividends to our shareholders, provided that (i) no default or event of default has occurred and is continuing or would result from the dividend payment and (ii) our total net leverage ratio does not exceed 2.75 to 1.00. If our total net leverage ratio exceeds 2.75 to 1.00, we may nonetheless make up to $20.0 million in restricted payments, including cash dividends, during the fiscal year, provided that no default or event of default has occurred and is continuing or would result from the payments. Our total net leverage ratio did not exceed 2.75 to 1.00 as of September 30, 2025.

Contingencies

During the third quarter of 2025, we did not become aware of any material developments related to environmental matters disclosed in our Annual Report, our asbestos litigation or other material contingencies previously disclosed or incur any material costs or capital expenditures related to such matters. Refer to “Note 9 – Commitments and Contingencies” to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q for further discussion of these contingencies.

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Critical Accounting Policies

Goodwill and Indefinite-Lived Other Intangible Assets

Goodwill and indefinite-lived other intangible assets are evaluated for impairment annually, and between annual impairment assessments if events or changes in circumstances indicate the carrying value may be impaired, by first performing a qualitative assessment to determine whether a quantitative goodwill impairment assessment is necessary. If it is determined, based on qualitative factors, that the fair value of the reporting unit may be more likely than not less than its carrying value or if significant changes to macro-economic factors related to the reporting unit have occurred that could materially impact fair value, a quantitative goodwill impairment assessment would be required. We can elect to forgo the qualitative assessment and perform a quantitative assessment. The quantitative assessment compares the fair value of a reporting unit with its carrying value. The application of the quantitative assessment requires significant judgment, including the assignment of assets and liabilities to reporting units and determination of the fair value of each reporting unit.

In recent years, management's annual goodwill impairment assessments have been qualitative assessments for all reporting units. During the second quarter of 2025, changing market competition and supply dynamics impacted our curamik® reporting unit, which resulted in reduced demand forecasts for short and mid-term net sales and gross margin for the reporting unit, creating a triggering event that required an interim quantitative impairment assessment. The interim quantitative assessment resulted in the recognition of non-cash impairment charges to our curamik® reporting unit’s goodwill and indefinite-lived other intangible asset of $67.3 million and $4.5 million, respectively, which represent full impairments of each.

The application of the quantitative assessment requires significant judgment, including the assignment of assets and liabilities to reporting units and determination of the fair value of each reporting unit for which a quantitative assessment is performed. The quantitative goodwill and indefinite-lived other intangible asset impairment assessment performed over the curamik® reporting unit consisted of a fair value calculation which combined an income approach and a market approach, weighted at 50% each, which was then compared with the reporting unit’s carrying value. The income approach uses the discounted cash flow method, which is based on the present value of future cash flows through a multi-year discounted cash flow analysis. The market approach uses the guideline public company method, which is based on market data using comparable publicly traded company multiples of EBITDA for a group of benchmark companies. From a market participant perspective, considerable weight would be placed on the income approach value because it relies directly on our reporting unit’s forecasted operating results and market-derived rates of return. Similarly, considerable weight would be placed on the market approach because it reflects current market pricing and earnings. Therefore, equal weight was given to the income approach and market approach, since both methods are reasonable methods to use for valuing our reporting units and neither method is more reliable than the other for these circumstances.

Determination of fair value is subjective and requires the use of significant estimates and assumptions, including financial projections for net sales, gross margin and operating margin, discount rates, terminal growth rates, future market conditions, and market multiples, among others. Changes in factors and assumptions used in assessing potential impairments can have a significant impact on the existence and magnitude of impairments, as well as the time at which such impairments are recognized. We assessed the assumptions used in the quantitative impairment assessment to be reasonable and consistent with assumptions that would have been used by other market participants. For additional information, refer to “Note 6 – Goodwill and Other Intangible Assets.”

Item 3.    Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in our exposure to market risk during the third quarter of 2025. For discussion of our exposure to market risk, refer to “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” contained in our Annual Report.

Item 4.    Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

We conducted, with the participation of our Principal Executive Officer and our Chief Financial Officer, an evaluation of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d- 15(e) under the Exchange Act, as of September 30, 2025. Our disclosure controls and procedures are designed (i) to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our Principal Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding

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required disclosure. Based on their evaluation, our Principal Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

We are in the process of a multi-year implementation of a new global ERP system, which will replace our existing operating and financial systems. The implementation is expected to occur in phases over the next several years. During the first quarter of 2025, we completed the implementation of our new ERP system for one of our manufacturing sites. The portion of the transition to the new ERP system that we have completed to date did not result in significant changes in our internal control over financial reporting. However, as the next phases of the updated processes are rolled out in connection with the ERP implementation, we will give appropriate consideration to whether these process changes necessitate changes in the design of and the testing for effectiveness of internal controls over financial reporting.

There were no changes in the Company’s internal control over financial reporting during the third quarter of fiscal year ending December 31, 2025, that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting, as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act.

Part II - Other Information

Item 1.    Legal Proceedings

Refer to the discussion of certain environmental, asbestos and other litigation matters in “Note 9 – Commitments and Contingencies” to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q.

Item 1A. Risk Factors

In addition to the other information set forth in this Form 10-Q, you should carefully consider factors discussed in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024, Part II, Item1A “Risk Factors” of our Form 10-Q for the quarterly period ended March 31, 2025 and the Company’s other filings with the SEC, which are available at www.sec.gov and on the Company’s website at www.rogerscorp.com.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Items 2 (a) and (b) are not applicable.

(c) Stock Repurchases

(Dollars in millions, except shares and per share amounts)
Period						Total Number of Shares Purchased						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs
July 1, 2025 to July 31, 2025						—						$	—					—						$	76.1
August 1, 2025 to August 31, 2025						137,879						$	72.50					137,879						$	66.1
September 1, 2025 to September 30, 2025						—						$	—					—						$	66.1

For the three months ended September 30, 2025, we repurchased shares for a total value of $10.0 million under a $200.0 million share repurchase program approved by our Board of Directors. The share repurchase program has no expiration date and may be suspended or discontinued at any time without notice. As of September 30, 2025, $66.1 million remained for repurchase under the share repurchase program. All repurchases were made using cash from operations. Our stock repurchases may occur from time to time through open market purchases, privately negotiated transactions or plans designed to comply with Rule 10b5-1 promulgated under the Exchange Act.

Item 5. Other Information

During the three months ended September 30, 2025, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement”, as each term is defined in Item 408 of Regulation S-K.

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Item 6.    Exhibits

List of Exhibits:
10.1			Letter Agreement between the Company and Ali El-Haj, incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on July 14, 2025.
10.2			Annual Incentive Compensation Plan (as amended, effective as of August 6, 2025), filed herewith.
31.1			Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2			Certification of Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32			Certification of Principal Executive Officer and Senior Vice President and Chief Financial Officer and Treasurer (Principal Financial Officer) pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
101			The following materials from Rogers Corporation’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025 formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and September 30, 2024, (ii) Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and September 30, 2024, (iii) Condensed Consolidated Statements of Financial Position as of September 30, 2025 and December 31, 2024, (iv) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and September 30, 2024, (v) Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2025 and September 30, 2024, (vi) Notes to Condensed Consolidated Financial Statements and (vii) Cover Page.
104			The cover page from Rogers Corporation’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025, formatted in iXBRL and contained in Exhibit 101.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ROGERS CORPORATION
(Registrant)

By: /s/ Laura Russell

Laura Russell

Senior Vice President, Chief Financial Officer and Treasurer

Principal Financial Officer

Dated: October 29, 2025

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FAQ

What were Rogers (ROG) Q3 2025 revenue and EPS?

Net sales were $216.0 million and diluted EPS was $0.48.

How did nine-month 2025 results compare for ROG?

Revenue was $609.3 million versus $637.9 million last year, with a net loss of $66.4 million.

What impairments did Rogers record year-to-date?

Total $71.8 million non-cash impairments: $67.3 million goodwill and $4.5 million indefinite-lived intangible related to the curamik unit.

What was Rogers’ cash position and debt usage?

Cash and cash equivalents were $167.8 million, with no outstanding borrowings under the revolving credit facility.

How much stock did ROG repurchase in 2025 year-to-date?

Rogers repurchased $38.1 million of shares.

What were operating cash flow and capex year-to-date?

Operating cash flow was $54.3 million and capital expenditures were $25.4 million.

How many shares of ROG were outstanding recently?

There were 17,984,499 shares outstanding as of October 24, 2025.