UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ Form 10-K __________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Registrant's telephone number, including area code 216-486-4200 For the Fiscal Year Ended December 31, 2023 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 1-1 ...

Financial Data and Key Metrics - EBITDA excluding special items was $3.8 million, or 14.7% of value-added sales, with a year-over-year decline driven by volume decrease, partially offset by positive price mix and cost improvement initiatives [1] - Adjusted EBITDA for the year was $217.7 million, or 19.3% of value-added sales, up 11% from the prior year, with margin expansion of 170 basis points [140] - Adjusted earnings per share for the year were $5.64, up 7% compared to the prior year, despite a $0.40 interest expense headwind [98] - Net debt position at the end of the quarter was approximately $413 million, with $180 million of available capacity on the company's credit facility [35] Business Segment Performance - **Electronic Materials**: Value-added sales were $77.7 million, down 21% compared to the prior year due to significant weakness in the semiconductor market [21] - **Performance Materials**: Value-added sales were $186 million, up 5% compared to the prior year, driven by strength in aerospace and defense [146] - **Precision Optics**: Value-added sales were $26 million, down 6% compared to the prior year, mainly due to reduced PCR filter demand and softening in the consumer electronics market [139] Market Performance - **Semiconductor Market**: Experienced significant weakness, with three consecutive quarters of year-on-year declines, but order patterns are showing signs of stabilization [7][99] - **Aerospace and Defense**: Sales grew nearly 70% year-over-year, representing the 11th consecutive quarter of growth, driven by organic wins in space and defense [131] - **Industrial Market**: Remained challenged, with a significant inventory correction expected to carry through the year, particularly in non-residential construction [114][124] Strategic Initiatives and Industry Competition - The company is positioning itself as a trusted partner in high-growth markets, with new R&D partnerships driving innovation in key end markets [8] - Investments in atomic layer deposition (ALD) materials for advanced memory and AI applications are expected to support future growth [116][101] - The company secured a record $60 million in new defense orders in 2023, strengthening relationships with key partners [29] Management Commentary on Operating Environment and Future Outlook - Management expects semiconductor market weakness to persist through the first half of 2024, with a gradual recovery starting in the second half [99] - The company anticipates mid-single-digit growth for the full year, skewed towards the back half, driven by recovery in the semiconductor market and strength in aerospace and defense [23][148] - Management remains confident in achieving a 20% EBITDA margin on a more consistent basis in 2024 [24] Other Important Information - The company completed facility upgrades to support a $15 million customer-funded investment for critical materials in power generation, with shipments ahead of schedule [11] - A new $4 million award from a government agency was announced to fund additive manufacturing for advanced materials in aerospace, defense, and energy markets [27] Q&A Session Summary Question: Outlook for the semiconductor market and recovery timing - The semiconductor market is expected to bottom out in Q1 2024, with a slight recovery in Q2 and a more robust recovery in Q3 and Q4 [64][65] Question: Margin progression in the electronic materials business - Q4 margins were impacted by one-time items and unfavorable mix, but the company expects positive margin progression in 2024, with a return to Q2 and Q3 2023 levels [84] Question: Aerospace and defense market strength - The aerospace and defense market is expected to remain strong in 2024, with growth driven by commercial aerospace, defense, and the emerging space market [125] Question: Industrial market outlook - The industrial market is expected to remain challenged in 2024, with a significant inventory correction in non-residential construction impacting demand [124][195] Question: Share repurchase strategy - The company has an $8 million share repurchase authorization but is currently focused on organic growth investments rather than share buybacks [199] Question: Long-term growth opportunities in the semiconductor market - The company is well-positioned for long-term growth in the semiconductor market, with investments in ALD materials and advanced memory applications supporting future demand [101][143]

Financial Data and Key Metrics Changes - The company achieved record earnings of $1.51 per share in the third quarter, marking a 15% increase compared to the prior year [17][104] - Adjusted EBITDA was $55.4 million or 20.5% of value-added sales, up 14% from the prior year, with a margin expansion of 330 basis points [92] - Value-added sales were $270.5 million for the quarter, down 5% year-over-year but up sequentially [17][104] Business Line Data and Key Metrics Changes - Performance Materials business saw value-added sales of $168.9 million, up 13% year-over-year, driven by strong results in aerospace and telecom [110] - Electronic Materials reported value-added sales of $75.5 million, down 29% year-over-year due to a slowdown in the semiconductor market [111] - Precision Optics segment had value-added sales of $26.1 million, down 7% year-over-year, primarily due to reduced demand in consumer electronics [112] Market Data and Key Metrics Changes - The aerospace and defense markets showed strong demand, contributing significantly to the company's growth [17][87] - The semiconductor market continues to experience softness, with inventory corrections affecting order rates [7][34] - The telecom and data center markets have shown nine consecutive quarters of growth, indicating a positive trend [49] Company Strategy and Development Direction - The company is focusing on organic growth opportunities aligned with global mega trends, particularly in the emerging space market [8][87] - Significant investments are being made in additive manufacturing capabilities to enhance production and performance in defense and aerospace applications [90][108] - The company is committed to maintaining R&D investments despite market slowdowns, ensuring readiness for future demand increases [47][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute and deliver another year of record results, affirming guidance of $5.80 per share for the full year, a 10% increase from 2022 [21][106] - The expectation is for gradual improvement in semiconductor demand in the fourth quarter, with a broader recovery anticipated next year [105][94] - Management highlighted the importance of maintaining operational excellence and targeted cost improvements to navigate challenging market conditions [6][18] Other Important Information - The company secured a $13 million order for space propulsion systems, bringing total awards to $35 million for the past year [106] - A $5 million investment from the U.S. Air Force Research Laboratory will accelerate the development of additive manufacturing capabilities [15] - The company is prepared for an uptick in demand as it has ensured workforce and material readiness [35][79] Q&A Session Summary Question: How is the clad strip project performing relative to expectations? - The project is on track, with a ramp expected to start at the end of 2024 and full production in 2025 [22][23] Question: What is the outlook for the Electronic Materials business? - The inventory correction has taken longer than expected, but there is anticipation for a recovery in Q4 [34][35] Question: What factors are contributing to the success in new contract wins, particularly in aerospace and defense? - The company's strong performance is attributed to effective marketing, understanding customer needs, and providing valuable solutions [41][42] Question: What is the anticipated tax rate for Q4 and fiscal 2024? - The effective tax rate has decreased to approximately 15%, with an expectation of 15.5% for Q4 [29][30] Question: What are the expectations for net working capital in Q4? - Inventory is expected to hold steady, with accounts receivable anticipated to be a cash inflow [62] Question: What are the company's plans for investments in 2024 and beyond? - The company plans to continue investing in R&D and CapEx to support growth opportunities [70][77]

Review Q&A MATERION the Company does not undertake and spectifically declines any obligation to update or publicly release the results of any revisions to these forward-looking statenents that to reflect any future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For more information on Non-GAAP measures, please refer to the appendix. Record Earnings on Strong Operational Performance VA sales down 5% from prior year . Record adjus ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 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 001-15885 MATERION CORPORATION (Exact name of Registrant as specified in charter) (State or other jurisdiction of incorporation or or ...

Materion Corporation (NYSE:MTRN) Q2 2023 Earnings Conference Call August 2, 2023 9:00 AM ET Company Participants John Zaranec - Chief Accounting Officer Jugal Vijayvargiya - President and Chief Executive Officer Shelly Chadwick - Vice President and Chief Financial Officer Conference Call Participants Philip Gibbs - KeyBanc Capital Markets Michael Harrison - Seaport Research Partners Daniel Moore - CJS Securities David Silver - CL King David Storms - Stonegate Capital Markets Operator Greetings. Welcome to t ...

Materion Corporation (NYSE:MTRN) Q1 2023 Earnings Conference Call May 3, 2023 9:00 AM ET Company Participants John Zaranec - Chief Accounting Officer Jugal Vijayvargiya - President and Chief Executive Officer Shelly Chadwick - Vice President and Chief Financial Officer Conference Call Participants Philip Gibbs - KeyBanc Capital Markets Daniel Moore - CJS Securities David Silver - CL King David Storms - Stonegate Capital Markets Operator Greetings. Welcome to the Materion First Quarter 2023 Earnings Conferen ...

| --- | --- | --- | --- | --- | |-------|---------|----------------------------------|-------|----------------------------------------------| | 28.6 | % of VA | Other \n(Millions) \nEBITDA | ર | Three Months Ended \nMarch 31, 2023 \n (6.7) | | 0.1 | | Restructuring and cost reduction | | - | | 28.5 | | Merger and acquisition costs | | - | | | | Adjusted EBITDA | | (6.7) | | 2.2 | 7.7 % | | | | | 0.2 | 0.7 % | | | | | 2.4 | 8.4 % | | | | 22 We have adjusted the results for certain special ferns such as restr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to MATERION CORPORATION (Exact name of Registrant as specified in charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Ide ...

Financial Performance and Outlook - The backlog of unshipped orders as of December 31, 2022, was $576.2 million, an increase from $541.1 million in 2021 and $279.2 million in 2020, with expectations to fill substantially all orders over the next 18 months [28]. - The company’s ability to comply with financial covenants is critical, as a global economic downturn could adversely affect earnings and cash flow, limiting borrowing capacity [96]. Acquisitions and Growth Strategy - The company acquired HCS-Electronic Materials on November 1, 2021, for approximately $395.9 million in cash, enhancing its Performance Materials and Electronic Materials segments [29]. - The company is actively pursuing acquisitions to drive growth, but there are risks associated with successfully integrating acquired businesses and achieving expected synergies [99]. Workforce and Talent Development - As of December 31, 2022, the company employed approximately 3,723 people globally, with 2,661 in manufacturing, indicating a strong workforce to support operations [34]. - The company has implemented talent development programs, including apprenticeship initiatives, to enhance employee skills and support succession planning [39]. - The company tracks key talent metrics to promote diversity and inclusion, with four employee resource groups established as of December 31, 2022 [38]. Regulatory and Operational Risks - The company is subject to various regulatory matters, including new OSHA standards for beryllium exposure, which could impact operational costs and customer demand for beryllium-containing products [32]. - The company’s credit facilities are secured by substantially all assets, and a significant portion of its bank debt consists of variable-rate obligations, exposing it to interest rate fluctuations [95]. Health and Safety Initiatives - The company continues to invest in health and safety improvements, emphasizing the well-being of employees and compliance with environmental standards [36].