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Entegris is like a highly specialized Linde or Air Products, focused on providing the ultra-pure chemicals, gases, and purification systems critical for semiconductor manufacturing.

Alternatively, think of them as the Pall Corporation for the semiconductor industry, delivering advanced filtration and contamination control solutions essential for chip production.

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• Process Chemistries, Gases, and Materials: High-performance and high-purity substances crucial for semiconductor and other advanced manufacturing processes.
• Delivery Systems: Systems engineered to safely and efficiently deliver process chemistries, gases, and materials to manufacturing points.
• Microcontamination Filters and Purifiers: Solutions for filtering and purifying critical liquid chemistries and gases used in high-technology industries.
• Materials Handling Solutions: Systems for monitoring, protecting, transporting, and delivering critical liquid chemistries, wafers, and other substrates.

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Entegris (symbol: ENTG) sells primarily to other companies. Its major customers include:

• Logic and memory semiconductor device manufacturers
• Semiconductor equipment makers
• Gas and chemical manufacturing companies
• Wafer grower companies
• Flat panel display equipment makers
• Panel manufacturers
• Manufacturers of hard disk drive components and devices, and their related ecosystems
• Manufacturers and suppliers in the solar industries
• Electrical discharge machining customers
• Glass and glass container manufacturers
• Aerospace manufacturers
• Manufacturers of biomedical implantation devices

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David Reeder President and Chief Executive Officer

David Reeder became President and CEO of Entegris in August 2025, after serving as a member of the company's board of directors since March 2024. He brings over 20 years of executive leadership experience, including in the semiconductor industry. Prior to Entegris, Reeder served as Chief Financial Officer at Chewy, Inc. From 2020 to 2024, he was Chief Financial Officer of GlobalFoundries Inc. (GFS), where he led their financial strategy, including overseeing the company's initial public offering in 2021. He also served as Chief Executive Officer of Tower Hill Insurance Group from 2017 to 2020 and as President and Chief Executive Officer of Lexmark International Inc. from 2015 to 2017. Earlier in his career, he held executive roles at Cisco, Broadcom, and Texas Instruments Incorporated, and was CFO at Electronics for Imaging, Inc.

Linda LaGorga Senior Vice President, Chief Financial Officer

Linda LaGorga was appointed Chief Financial Officer of Entegris in May 2023. She has extensive experience in operational finance, financial planning and analysis, treasury, debt financing, capital markets, and M&A. Before joining Entegris, Ms. LaGorga held senior finance leadership roles at Honeywell International Inc., where she served as vice president and CFO of Honeywell's UOP business unit and as vice president and CFO of the Honeywell aerospace mechanical systems & components business. From 2018 to 2021, she led Honeywell's corporate financial planning and analysis organization. Prior to Honeywell, she was global treasurer and head of business development for Bausch Health Companies Inc. Earlier in her career, she was a managing director in the investment banking division at Goldman Sachs, and she began her career as an officer in the U.S. Navy.

Michael Besnard Senior Vice President and Chief Commercial Officer

Michael Besnard joined Entegris in 2014 as vice president of global strategic accounts and was promoted to his current role as Senior Vice President and Chief Commercial Officer in 2016. In this position, he leads global sales operations, marketing, and communications. With 22 years of experience in the semiconductor industry, Mr. Besnard previously served as vice president of global strategic accounts at ATMI. At ATMI, he also held director roles for the Surface Prep and Integration and Advanced Deposition Materials business units. Before ATMI, he was director of business development for Copper Plating at MacDermid Enthone (previously Enthone).

Olivier Blachier Senior Vice President, Chief Strategy and Innovation Officer

Olivier Blachier joined Entegris in 2021 and is responsible for the company's strategic planning, merger and acquisition activities, and the commercialization of new businesses. He also oversees Entegris' advanced Innovation and Technology function, including Entegris Ventures, its digital innovation strategy, and partnerships within the semiconductor industry. From 2007 to 2021, Mr. Blachier held various senior leadership positions at Air Liquide Group, including president of Air Liquide Far Eastern (ALFE) and vice president of electronics in Greater China. He also supervised the implementation of capital projects in Asia and led acquisitions and joint ventures for Edwards, Ltd., a subsidiary of BOC Group.

Daniel Woodland Senior Vice President and President, Materials Solutions

Daniel Woodland joined Entegris in 2022 as part of the acquisition of CMC Materials. In September 2023, he became President of the company's Materials Solutions (MS) division, which was formed by combining the Specialty Chemicals and Engineered Materials (SCEM) division and Advanced Planarization Solutions (APS). Before this role, he was senior vice president and president of Entegris' APS division. At CMC Materials, he served as vice president and president, Electronic Materials, from November 2018. Earlier roles at Cabot Microelectronics (now CMC Materials) included vice president and chief marketing and operations officer, and vice president of marketing. He also held management positions at OMNOVA Solutions.

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The key risks to Entegris's business include its significant debt burden, geopolitical tensions and intensifying competition in China, and the cyclical nature of the semiconductor industry.

The most significant risk is the **high debt burden** incurred from its acquisition of CMC Materials. Entegris's long-term debt has been reported between approximately $3.7 billion and $4.17 billion. This substantial leverage restricts the company's financial flexibility, limits its ability to distribute dividends and initiate share buybacks, and increases financial risk, particularly during industry downturns.

Another major risk stems from **geopolitical tensions and increasing competition in China**. Approximately 75% of Entegris's revenue is generated in the Asia-Pacific region, with a significant portion from China. The trend of "local-for-local" sourcing by Chinese foundries, driven by geopolitical uncertainty and trade barriers, poses a threat of market share loss to domestic Chinese competitors and could negatively impact Entegris's China-based revenue.

Finally, Entegris is susceptible to the **cyclical nature of the semiconductor industry**. Despite a recurring revenue model, the company's financial performance is closely tied to demand cycles within the semiconductor sector. Downturns in the industry, such as current memory shortages and broader global economic uncertainty, can lead to reduced wafer starts and significantly impact Entegris's financial results.

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Entegris (NASDAQ: ENTG) anticipates several key drivers for its revenue growth over the next two to three years, primarily stemming from advancements and increased activity within the semiconductor industry:

1. Advanced Semiconductor Node Transitions: Entegris expects to benefit from ongoing transitions to more complex device architectures in both logic and memory. This includes increased demand for 2-nanometer devices in logic and the migration of NAND to approximately 300 layers in memory. These shifts necessitate advanced materials and purity solutions, which are core to Entegris's offerings.
2. Growth in Artificial Intelligence (AI) Applications: The rapid growth of AI is driving the adoption of advanced semiconductor nodes and complex device architectures. Entegris's portfolio is well-aligned with the critical applications required for manufacturing AI chips, including strategic investments in advanced packaging, positioning the company to capitalize on this increasing demand.
3. Increased Content per Wafer: As semiconductor manufacturing processes become more intricate and advanced, the amount of Entegris's materials and solutions required per wafer is expected to increase. This "accretive content-per-wafer" opportunity is driven by the rising process complexity and the introduction of next-generation DRAM and HBM products.
4. Market Outperformance: Entegris projects that it will continue to outperform the overall semiconductor market. This outperformance is anticipated due to the strategic alignment of its materials science and purity expertise with the most critical and advanced manufacturing challenges faced by its customers.
5. Recovery in Fab Construction Spending: After a decline in 2025, the company expects industry fab construction spending to grow in 2026. This recovery is a significant driver, as increased investment in new semiconductor manufacturing facilities directly translates to higher demand for Entegris's essential materials and process solutions.

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Share Repurchases

• Entegris did not report significant share repurchases in the six months leading up to September 2025, with a 6-month share buyback ratio of -0.18%.
• The company's capacity to initiate share buybacks is constrained by debt incurred from the CMC Materials acquisition.

Share Issuance

• As part of the $5.7 billion acquisition of CMC Materials in July 2022, Entegris issued 12.9 million shares.
• Entegris's share count increased by 11.8% over the last five years.
• Additional paid-in capital increased to $2.472 billion in 2025, up 3.63% from $2.385 billion in 2024, and up 3.47% from $2.305 billion in 2023.

Inbound Investments

• Entegris received $9 million in milestone funding in Q2 2025 under the U.S. CHIPS and Science Act to support its Colorado Springs expansion.

Outbound Investments

• In July 2022, Entegris completed the acquisition of CMC Materials for approximately $5.7 billion, which included $3.8 billion in cash and the issuance of Entegris shares.
• In October 2021, Entegris acquired Chemetall Precision Microchemicals for $90 million.
• Earlier acquisitions included Global Measurement Technologies for $36 million in July 2020 and Sinmat for $75 million in January 2020.

Capital Expenditures

• Capital expenditures for the full year 2025 were $299 million, decreasing to $58.0 million in Q4 2025 from $107.5 million in Q4 2024.
• Entegris expects capital expenditures to decline to $250 million in 2026, following the completion of a multiyear manufacturing investment cycle.
• The focus of capital expenditures in 2026 is expected to be on node transitions in logic and memory and growth in industry fab construction spending, including the ramping of new facilities in Taiwan and Colorado.