Financial Data and Key Metrics Changes - Revenue increased 11% to a record $286 million in Q4 2025, driven by acquisitions and aftermarket parts business [7][13] - Adjusted EPS decreased to $9.26 in 2025 from $10.28 in 2024, reflecting ongoing economic challenges [8][17] - Operating cash flow reached $61 million in Q4 2025, contributing to a record free cash flow of $154 million for the year, up 15% [7][18] Business Line Data and Key Metrics Changes - Flow control segment revenue increased 5% to $100 million in Q4 2025, with aftermarket parts making up 73% of total revenue [9] - Industrial processing segment revenue rose 16% to $118 million, with aftermarket parts revenue growing 31% [10] - Material handling segment revenue increased 11% to $69 million, driven by strong growth in capital revenue [11] Market Data and Key Metrics Changes - Bookings increased 12% year-over-year, indicating solid demand across all operating segments [7] - The backlog at the end of Q4 2025 was $288 million, with 60% attributed to capital and 40% to parts [50] Company Strategy and Development Direction - The company aims to leverage ongoing modernization efforts in recycling, waste management, and data center construction to drive growth [12] - Focus on improving productivity and efficiency rather than adding new capacity, as customers adapt to economic conditions [44] Management's Comments on Operating Environment and Future Outlook - Management noted that while capital project activity remained soft in 2025, there is optimism for increased demand in 2026 as customers begin to invest again [12][28] - The company is cautious in its 2026 guidance due to uncertainties in capital orders but expects to raise guidance if significant orders are placed [66] Other Important Information - The company plans to adjust its EPS calculation to include recurring intangible amortization expense, which will provide a more consistent comparison of operating results [30][32] - Anticipated revenue guidance for 2026 is $1.16 billion to $1.185 billion, with adjusted EPS guidance of $10.40 to $10.75 [26] Q&A Session Summary Question: Current assets and liabilities at year-end - Current assets are $542 million, and current liabilities are $228 million [36] Question: Demand for consumable products and capital projects outlook - Customers are running equipment harder, leading to increased demand for consumables, which may positively impact capital projects in 2026 [41] Question: Backlog figure and organic assumptions for 2026 guidance - Current backlog is $288 million, with organic growth modeled at less than 1%-3% [50][51] Question: Uniqueness of proposal timelines for capital orders - Proposals have been outstanding longer than usual due to economic uncertainty, but projects are still in the pipeline [60] Question: Competition in aftermarket services - Competition primarily revolves around pricing, with the company maintaining strong customer relationships to defend market share [80]

It was billed as the answer to high-tech U.S. stealth fighters. Instead, an ambitious pan-European project has become a case study into some of what has gone wrong with the region’s defense push. https://t.co/OrXHXvstX9 ...

Anthropic has recently found itself in the Pentagon’s crosshairs—a conflict that could send shock waves through the U.S. defense complex. https://t.co/JAXMmV1lZw https://t.co/MyYwW4dKXh ...

It was billed as the answer to high-tech U.S. stealth fighters. Instead, an ambitious pan-European project has become a case study into some of what has gone wrong with the region’s defense push. https://t.co/7CmwDPnanB ...

We are hopeful that negotiation will lead to a sustainable and negotiated solution which can serve the interest of relevant parties and the broader region. At the same time, as demonstrated during the aggression of 13 June 2025, Iran remains fully prepared to defend itself against any threat or act of aggression. The consequences of any attack against Iran will not be confined to its borders. ...

We are hopeful that negotiation will lead to a sustainable and negotiated solution which can serve the interest of relevant parties and the broader region. At the same time, as demonstrated during the aggression of 13 June 2025, Iran remains fully prepared to defend itself against any threat or act of aggression. The consequences of any attack against Iran will not be confined to its borders. ...

Financial Data and Key Metrics Changes - Fourth quarter sales were impacted by a quality event with the largest customer, but excluding this event, the company delivered strong financial results with 7% year-on-year organic growth [4][6] - Adjusted EBITDA was $57 million, or 22.5% of Value-Added Sales, down 7% year-over-year but up 170 basis points from a margin perspective [16] - Adjusted earnings per share for the year was $5.44, up 2% compared to the prior year [20] Business Line Data and Key Metrics Changes - Electronic materials experienced a 20% increase in sales, driven by growth in the semiconductor market, marking the strongest sales quarter in nearly three years [6][16] - Precision optics delivered a 26% increase in sales, marking the third consecutive quarter of top-line improvement [8][18] - Performance materials saw a 32% decrease in Value-Added Sales, primarily due to lower Precision Clad Strip sales [16] Market Data and Key Metrics Changes - The semiconductor business saw order rates up 14% year-on-year, excluding China, indicating strong demand [9][54] - The new energy market sales more than doubled year-on-year, reflecting the company's focus on accelerating energy needs [10] - Defense sales surpassed $100 million for the second consecutive year, with a 10% yearly growth since 2020 [10] Company Strategy and Development Direction - The company aims for approximately 15% earnings growth in 2026, supported by new business wins and market recovery [11] - Focus on operational improvements and disciplined cost management to achieve a midterm EBITDA margin target of 23% [12] - Continued investment in capacity expansion, particularly in beryllium, to support long-term growth in defense and energy markets [11][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence entering 2026, citing strong order rates and market dynamics [4][12] - The quality event with the Precision Clad Strip customer was addressed with enhanced quality control measures, ensuring future production meets customer expectations [5][30] - The company anticipates a slower start to 2026 due to normal seasonality and ramping production, but expects sequential earnings growth throughout the year [22][52] Other Important Information - The company completed the acquisition of Conasol's semiconductor manufacturing footprint in Korea, enhancing its position in the semiconductor market [10] - New business bookings reached nearly $140 million, the highest ever, with a $200 million pipeline of new business RFQs [10] Q&A Session Summary Question: Details on the Precision Clad Strip quality issues and customer expectations - Management explained the quality event was due to a control failure in production, which was addressed with a revised quality system and additional resources [28][30] Question: Electronic materials business performance and margin expectations - Management noted that while sequential sales increased, margin performance was affected by mixed factors and one-time items, but overall improvement is expected in 2026 [33][36] Question: Beryllium capacity and strategic mineral reserves - Management confirmed a $65 million investment from a defense prime to expand beryllium capacity, with additional capacity expected by 2028 [41][42] Question: First quarter earnings expectations and China sales stability - Management indicated a slower start to Q1 due to seasonality and ramping production, but expects a 10% increase in earnings compared to last year [52][54] Question: Working capital needs and inventory management - Management acknowledged that growth has led to increased working capital needs, particularly in inventory, but emphasized ongoing initiatives to manage it efficiently [76][79]

Financial Data and Key Metrics Changes - The company achieved sales of $774.3 million in Q4 2025, a 19% year-on-year increase, exceeding the high end of the guided range [9][15] - Non-GAAP EPS reached $0.70 per diluted share, marking an all-time quarterly record high for the company [9][22] - Adjusted EBITDA margin was 16.3% in Q4 2025, up from 14.7% in the prior year, reflecting improved execution [9][22] - Cash flow from operations was $63 million, or 8.1% of sales, bringing total cash flow for fiscal 2025 to $292 million, or 10% of sales [9][15] Business Line Data and Key Metrics Changes - Aerospace and defense represented 41% of Q4 2025 sales, with a 5% year-on-year growth for the quarter and 13% for the full year [10][11] - Data center computing accounted for 20% of Q4 2025 sales, experiencing a 57% year-on-year growth [11][12] - The networking end market represented 8% of Q4 2025 sales, with a 23% year-on-year growth [11][12] - Medical, industrial, and instrumentation accounted for 14% of Q4 2025 sales, with a 28% year-on-year growth [12][13] Market Data and Key Metrics Changes - The overall book-to-bill ratio was 1.35 for Q4 2025, with the aerospace and defense segment at 1.46 [14] - The company expects sales from the aerospace and defense market to represent 42% of total sales in Q1 2026 [10][11] - The combined sales for data center and networking would have represented 36% of total sales in Q4 2025, expected to be 37% in Q1 2026 [11][12] Company Strategy and Development Direction - The company focuses on Advanced Interconnect technologies and aims to move up the value chain into complex modules and subsystems [4][5] - The strategy includes capital investment to support growth in artificial intelligence and defense markets, which account for approximately 80% of net sales [6][7] - The company aims to grow revenues by 15%-20% per year for the next three years and to double earnings from 2025 to 2027 [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet growth targets, citing strong demand in key markets [6][7] - The company is well-positioned to support growth across end markets and is investing in capacity expansion [7][8] - Management highlighted the importance of technological innovation and customer alignment in product development [5][6] Other Important Information - The company plans to participate in upcoming industry conferences, including the Citi Industrial Tech and Mobility Conference and the JPMorgan Leveraged Finance Conference [25] Q&A Session Summary Question: Capacity addition in China and Syracuse - Management confirmed good progress in extending capacity in both China and the U.S., with no issues anticipated in supply chain or equipment [28] - Syracuse facility is on track, with first revenues expected in the second half of the year [29] Question: Gross margin improvement and Penang headwinds - Management noted a headwind of about 180 basis points from Penang, with improvements expected throughout the year [31][32] Question: Eau Claire facility plans - Eau Claire is the largest PCB site in the U.S., with plans to tool up the facility over the next 18-24 months [36] Question: Book-to-bill ratio and order visibility - Management indicated that visibility for commercial business remains at six to nine months, while defense backlog is significant and spans multiple years [41] Question: CapEx and growth targets - The company plans additional capital expenditures of $200 million-$300 million for data center capacity in China over the next two to three years [46] Question: Impact of copper prices - Management does not expect significant impacts from copper price volatility, as pricing adjustments can be passed through to customers [58]

Financial Data and Key Metrics Changes - The company achieved sales of $774.3 million in Q4 2025, a 19% year-over-year increase from $651 million in Q4 2024, driven by strong demand in various end markets [9][15] - Non-GAAP EPS reached $0.70 per diluted share, marking an all-time quarterly record high for the company [9][22] - Adjusted EBITDA margin improved to 16.3% in Q4 2025 from 14.7% in the prior year, reflecting better operational execution [9][22] - Cash flow from operations was $63 million, or 8.1% of sales, bringing total cash flow for fiscal 2025 to $292 million, or 10% of sales [9][15] Business Line Data and Key Metrics Changes - The aerospace and defense end market represented 41% of Q4 2025 sales, growing 5% year-over-year [10] - Data center computing sales grew 57% year-over-year in Q4 2025, representing 20% of total sales [11] - The medical, industrial, and instrumentation end market saw a 28% year-over-year growth in Q4 2025, accounting for 14% of total sales [12] - Automotive sales represented 9% of Q4 2025 sales, with a focus on higher-value products expected to decrease to 8% in Q1 2026 [13][14] Market Data and Key Metrics Changes - The overall book-to-bill ratio was 1.35 for Q4 2025, with the aerospace and defense segment at 1.46 [14] - The company expects sales from the aerospace and defense market to represent 42% of total sales in Q1 2026 [10] - The combined sales for data center and networking markets would have represented 36% of total sales in Q4 2025, expected to rise to 37% in Q1 2026 [11][12] Company Strategy and Development Direction - The company focuses on Advanced Interconnect technologies and aims to move up the value chain into complex modules and subsystems [4][5] - The strategy includes investing in capacity expansion to support growth in AI and defense markets, with a revenue growth target of 15%-20% per year for the next three years [6][7] - The company is positioned to leverage its global footprint across 24 sites to meet increasing demand for complex technology solutions [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential driven by megatrends in AI and defense, with 80% of net sales related to these areas [6][7] - The company anticipates continued strong demand in data center computing and networking markets, particularly for AI applications [11][12] - Management highlighted the importance of technological innovation and capacity expansion to seize growth opportunities [6][7] Other Important Information - The company plans to participate in upcoming industry conferences, including the Citi Industrial Tech and Mobility Conference and the JPMorgan Leveraged Finance Conference [25] Q&A Session Summary Question: Capacity addition in China and Syracuse - Management confirmed good progress in extending capacity in both China and the U.S., with no issues in supply chain or equipment [28] - Syracuse facility is on track, with first revenues expected in the second half of the year [29] Question: Gross margin improvement and Penang headwinds - Management noted a headwind of about 180 basis points from Penang, with improvements expected throughout the year [31][32] Question: Eau Claire facility plans - Eau Claire is the largest PCB site in the U.S., with plans to tool up the facility over the next 18-24 months [36] Question: Book-to-bill ratio and order visibility - Management indicated that visibility for ongoing commercial business is about 6-9 months, with a significant backlog in defense [41] Question: CapEx and growth targets - The company plans additional capital expenditures of $200 million-$300 million for data center capacity in China over the next two to three years [46] Question: Impact of copper prices - Management does not expect significant impacts from copper price volatility, as they can pass costs through to customers [58]

Financial Data and Key Metrics Changes - TTM Technologies achieved sales of $774.3 million in Q4 2025, a 19% year-over-year increase from $651 million in Q4 2024, driven by strong demand in various end markets [14][8] - Non-GAAP EPS reached $0.70 per diluted share, marking an all-time quarterly record high for the company [20][8] - Adjusted EBITDA margin improved to 16.3% in Q4 2025 from 14.7% in the prior year, reflecting better operational execution [20][8] - For the full year 2025, net sales were $2.9 billion, up from $2.4 billion in 2024, also a 19% increase [14][15] Business Line Data and Key Metrics Changes - The aerospace and defense end market represented 41% of Q4 2025 sales, growing 5% year-over-year for the quarter and 13% for the full year [9][10] - Data center computing sales grew 57% year-over-year in Q4 2025, representing 20% of total sales, while networking sales increased 23% year-over-year, accounting for 8% of total sales [10][11] - The medical, industrial, and instrumentation end market saw a 28% year-over-year growth in Q4 2025, representing 14% of total sales [11][12] - Automotive sales represented 9% of Q4 2025 sales, with a focus on higher-value products expected to decrease to 8% in Q1 2026 [12][11] Market Data and Key Metrics Changes - The overall book-to-bill ratio was 1.35 for Q4 2025, with the aerospace and defense segment at 1.46, indicating strong demand and order visibility [12][10] - The 90-day backlog increased to $654.9 million at the end of 2025, up from $502.1 million a year ago [12][10] Company Strategy and Development Direction - The company is focused on Advanced Interconnect technologies and aims to move up the value chain into complex modules and subsystems [4][5] - TTM anticipates healthy growth driven by participation in key megatrends such as Artificial Intelligence and defense, with 80% of net sales related to these areas [5][6] - The company plans to grow revenues by 15%-20% annually over the next three years and aims to double earnings from 2025 to 2027 [6][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet growth targets, citing strong demand in data center computing and networking due to AI applications [6][5] - The company is well-positioned to support growth across end markets and is investing in capacity expansion [6][5] - Management noted that the operating environment remains favorable, with ongoing demand in aerospace and defense and increased automation in medical and industrial markets [7][5] Other Important Information - The company expects Q1 2026 net sales to be in the range of $770 million to $810 million, with non-GAAP earnings projected between $0.64 and $0.70 per diluted share [21][22] - Capital expenditures for 2026 are expected to be in the range of $240 million to $260 million, with additional investments planned for data center capacity in China [44][45] Q&A Session Summary Question: Capacity addition in China and Syracuse - Management confirmed good progress in extending capacity in both China and the U.S., with no issues anticipated in supply chain or equipment [25][26] Question: Gross margin headwinds from Penang - Management indicated a headwind of about 180 basis points from Penang in Q4, with expectations for improvement throughout the year [28][29] Question: Update on Eau Claire facility - Management stated that Eau Claire is the largest PCB site in the U.S. and will take 18-24 months to generate revenue as it is equipped [34][35] Question: Impact of volatile copper prices - Management does not expect significant impacts from copper price volatility, as pricing adjustments can be passed through to customers [56][56]