• Materion is like a specialized DuPont or Dow, focusing on high-performance metals, alloys, and advanced engineered materials for critical industrial applications.
• Materion is like a Corning, but instead of glass, they provide highly engineered metals, alloys, and advanced materials vital for electronics, aerospace, and medical devices.
• Materion is like a more specialized 3M, developing and producing high-performance engineered materials and components that are essential for a wide range of advanced technologies.

• Beryllium Alloys and Composites: High-strength, high-performance alloys and composites based on beryllium, copper, and other metals, used in aerospace, defense, industrial, and medical applications.
• Advanced Materials: Sputtering targets, evaporation materials, specialty inorganic chemicals, and thin film coatings made from precious and non-precious metals and alloys for semiconductor, industrial coatings, and data storage industries.
• Precision Optics: Custom optical filters, coatings, and assemblies, including infrared and ultraviolet optics, used in defense, space, medical, and commercial applications.

Materion (MTRN) Major Customers

Materion (MTRN) primarily sells its high-performance materials and advanced engineered solutions to other companies (Business-to-Business or B2B) across various high-tech industries.

According to Materion's latest annual report (10-K filing), the company has a diverse customer base, and no single customer accounted for more than 10% of its consolidated net sales in 2023, 2022, or 2021. Therefore, Materion does not have individually named "major customers" that are publicly disclosed or represent a concentrated portion of their revenue.

Instead, Materion serves a broad range of customers within the following key industries, which represent the categories of companies that utilize their specialized materials:

• Semiconductor Industry: Companies involved in manufacturing integrated circuits, chips, and related electronic components for computing, communications, and other applications.
• Aerospace & Defense Industry: Manufacturers of aircraft, spacecraft, missiles, and defense systems that require high-strength, lightweight, and high-temperature resistant materials.
• Consumer Electronics Industry: Manufacturers of smartphones, tablets, laptops, wearables, and other electronic devices where advanced materials contribute to performance and miniaturization.
• Medical Industry: Producers of medical devices, instruments, and implants that demand biocompatible, high-purity, and durable materials.
• Automotive Industry: Manufacturers of electric vehicles (EVs), traditional vehicles, and automotive components requiring advanced materials for efficiency, safety, and performance.

Jugal K. Vijayvargiya, President and Chief Executive Officer

Mr. Vijayvargiya joined Materion as President and CEO in March 2017. Prior to Materion, he had an extensive 26-year international career with Delphi Automotive PLC, a leading global technology solutions provider to the automotive and transportation sectors. He led Delphi Automotive's Electronics & Safety segment, a $3 billion global business based in Germany, and served as an officer of Delphi and a member of its Executive Committee. He previously held progressively responsible positions in Europe and North America in product and manufacturing engineering, sales, product line management, acquisition integration, and general management. Mr. Vijayvargiya received both a bachelor's degree and a master's degree in electrical engineering from The Ohio State University. He serves on the board of directors of Sensata Technologies.

Shelly M. Chadwick, Vice President, Finance and Chief Financial Officer

Ms. Chadwick joined Materion in 2020. She is responsible for overseeing all financial aspects of the company, including financial planning and analysis, accounting and financial reporting, as well as the tax, internal audit, and treasury functions. Prior to joining Materion, she served as Vice President, Finance and Chief Accounting Officer for The Timken Company. Before Timken, she was Vice President of Finance and Chief Financial Officer with Eckart America, a subsidiary of Altana AG. She held various roles at Noveon Inc. Ms. Chadwick holds a Bachelor of Science in Business Management and Finance from Westfield State University and a Master of Business Administration in Finance from Anna Maria College.

Gregory R. Chemnitz, Vice President, General Counsel & Secretary

Mr. Chemnitz joined Materion in 2007. He is responsible for the company's legal affairs and compliance, litigation, contracts and negotiations, regulatory affairs, global trade compliance, corporate governance, and leads the company's Environmental, Social and Governance (ESG) program. Before Materion, he served as Assistant General Counsel, Americas for Avery Dennison Corporation's Worldwide Materials Group. He joined Avery Dennison in 1992 as Divisional Counsel and also served three years as Senior Counsel, Europe, based in The Netherlands. His prior experience includes corporate law assignments with Benesch, Friedlander Coplan & Aronoff LLP and Thompson Hine LLP, and he worked for the Progressive Corporation early in his career. Mr. Chemnitz earned a Juris Doctorate and master's degree from Georgetown University's Law Center and School of Foreign Service, and a bachelor's degree from the University of Richmond.

Clive Grannum, President, Performance Alloys & Composites

Mr. Grannum has nearly 30 years of experience in the global specialty chemicals industry. Before joining Materion in 2018, he was President of Olin's Global Chlorinated Organics business. Prior to Olin, he served as President, Global Chlorinated Organics at The Dow Chemical Company. He also held several roles of increasing responsibility at The BOC Group and The ICI Group, with his last role being Vice President of ICI and Senior Vice President, Uniqema Americas. Mr. Grannum earned a Bachelor of Science degree in aerospace engineering from Boston University and an MBA from Yale University.

Leo Linehan, President, Electronic Materials

Mr. Linehan leads Materion's Electronic Materials business segment. This segment is a supplier to the global semiconductor market and an industry leader in advanced chemicals, microelectronic packaging, precious and non-precious metals, and deposition, reclamation, and refining services. He joined Materion in 2019. Prior to Materion, he was Vice President and General Manager of Semiconductor Solutions with Element Solutions Inc., focusing on specialty process chemicals for the semiconductor and wafer-level packaging industries. Before Element Solutions, he served as Vice President and General Manager of Electronic Chemicals at OM Group. He joined Dow Chemical Company in 2009 as part of its acquisition of Rohm and Haas. Earlier in his career, he held several positions of increasing responsibility at IBM. Mr. Linehan holds a Bachelor of Science degree in chemistry from Rochester Institute of Technology.

1. Raw Material Volatility and Availability: Materion's financial results can be significantly impacted by the availability and price volatility of various raw materials, including precious and non-precious metals such as beryllium, tantalum, aluminum, cobalt, copper, gold, nickel, palladium, platinum, ruthenium, silver, and tin.
2. Market and Technology Risks and Demand Uncertainty: The company operates in markets characterized by rapidly changing technology and evolving customer specifications, which could lead to existing products becoming obsolete. Furthermore, Materion's customers often operate in cyclical industries sensitive to economic fluctuations, potentially reducing demand for its products. Specifically, demand uncertainty within the semiconductor market and procurement risks associated with Chinese customers could hinder margin expansion.
3. Cybersecurity Risks: Materion faces ongoing risks related to cybersecurity incidents, which could disrupt its operations, compromise sensitive information, and harm its reputation and financial condition. The company's 10-K reports detail governance and management efforts to oversee these cyber risks.

The continuous development and increasing adoption of high-performance alternative materials, such as advanced aluminum alloys, sophisticated polymer composites, and specialized copper alloys. These materials are progressively closing the performance gap with beryllium and beryllium alloys in certain demanding applications, driven by lower cost, easier processing, and the avoidance of beryllium's handling complexities and regulatory scrutiny. This trend poses a clear emerging threat by potentially eroding Materion's market share in its core beryllium product lines as customers increasingly find suitable non-beryllium substitutes for their applications.

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1. Semiconductor Market Recovery and AI/Global Connectivity: The company anticipates top-line improvement driven by a continued upturn in the semiconductor market. This recovery is expected to benefit from favorable macroeconomic trends, particularly those related to Artificial Intelligence (AI) and global connectivity, positively impacting the Electronic Materials segment.
2. New Business Wins in Aerospace and Defense: Materion's Precision Optics segment has shown significant growth due to new business acquisitions, primarily within the aerospace and defense sectors. The company also noted substantial opportunities, including approximately $150 million in defense Requests for Quotation (RFQs).
3. Expansion into the Fusion Energy Market: Materion has secured a supply agreement with Commonwealth Fusion Systems to provide materials for groundbreaking fusion energy technologies. Initial shipments under this agreement are slated to begin in the fourth quarter of 2025 and are projected to increase into 2026.
4. Continued Growth in Electronic Materials: The Electronic Materials segment, which accounts for the majority of Materion's revenue, achieved record EBITDA margins in Q3 2025. This performance was attributed to higher volumes, strong price/mix, and improved operational efficiency, indicating sustained growth potential for this segment.
5. Operational Improvements and Cost Management: Materion has demonstrated enhanced operational performance and effective cost management across its business segments, leading to improved profitability. The company achieved a 21% EBITDA margin, marking progress towards its midterm target of 23%, which is expected to contribute to overall revenue growth by enhancing the bottom line.

Share Repurchases

• Materion's Board of Directors authorized a new $50 million stock repurchase program in Q3 2025, replacing an earlier authorization.
• As of December 31, 2024, under the previous authorization, Materion had $8.3 million remaining for share repurchases and did not repurchase shares in 2023 or 2024.
• In Q2 2025, the company repurchased 100,000 shares at an average price of $78 per share.

Share Issuance

• As of January 31, 2024, Materion had 20,645,977 common shares outstanding.
• The weighted-average fair value of stock-settled restricted stock units granted to employees during the first quarter of 2025 was $87.79 per share.

Inbound Investments

• An Aerospace and Defense customer agreed to invest approximately $10 million in new capacity and capabilities at a Materion site to support growing demand, as noted in the 2024 annual report.
• Customer prepayments for capital equipment to be reimbursed under government contracts, recorded as unearned income, were $60.9 million as of December 31, 2024, and $84.7 million as of December 31, 2023.

Outbound Investments

• In July 2025, Materion acquired certain manufacturing assets for tantalum solutions from Konasol, Co., Ltd., a Korean manufacturer, for $19.5 million.
• In 2021, Materion utilized $300 million from a delayed draw term loan facility to partially fund the acquisition of the HCS-Electronic Materials business.

Capital Expenditures

• Materion's expected capital expenditures for the full year 2025 are approximately $70 million, primarily focused on new product development, equipment upgrades, infrastructure investments, and information technology initiatives.
• For 2024, expected capital expenditures were approximately $75 million, with a focus on projects such as the Precision Clad Strip Plant – Phase Two, HCS-Electronic Materials, and Mine Development.
• Capital expenditures for 2023 were approximately $100 million, supporting continued business growth, new product development, and equipment modernization.
• In 2022, capital expenditures were approximately $80 million, primarily to support accelerated organic growth.