Entegris (ENTG) Q4 2025 Earnings Call Transcript

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Tuesday, Feb. 10, 2026 astatine 8 a.m. ET

• Chief Executive Officer — David Reeder

• Chief Financial Officer — Linda LaGorga

• Head of Investor Relations — Jeff Schnell

Jeff Schnell: Earlier today, we announced the fiscal results for 2025. Before we begin, I would similar to punctual listeners that our comments contiguous volition see immoderate forward-looking statements. These statements impact a fig of risks and uncertainties and existent results could disagree materially from those projected successful the forward-looking statements. Additional accusation regarding these risks and uncertainties is contained successful our astir caller yearly study and consequent quarterly reports that we person filed with the SEC. Please notation to the accusation connected the disclaimer descent successful the presentation. On this call, we volition besides notation to non-GAAP fiscal measures, arsenic defined by the SEC successful Regulation G.

You tin find reconciliation tables successful today's quality merchandise arsenic good arsenic successful the IR leafage of our website astatine entegris.com. On the telephone contiguous are David Reeder, our CEO, and Linda LaGorga, our CFO. With that, I'll manus the telephone implicit to David. Thank you, and bully morning. Before we dive into results, I privation to instrumentality a infinitesimal to invited Jeff to our team.

David Reeder: We're excited to person him connected committee starring our IR efforts arsenic our caller caput of capitalist relations. Our coagulated 4th fourth results show disciplined execution and a accordant absorption connected delivering connected our commitments. Fourth 4th revenue, gross margin, adjusted EBITDA margin, and non-GAAP EPS were each astatine the precocious extremity oregon supra our guidance range. For the afloat year, full gross was astir level compared to 2024 excluding divestitures. Our unit-driven gross grew astir 2% successful 2025, successful enactment with wafer starts for the marketplace and was led by CMP consumables, liquid filtration, and selective etch. Our CapEx-driven gross declined 7% successful 2025, accordant with the diminution successful manufacture fab operation CapEx. We are astir highly correlated.

The fab CapEx slowdown was astir evident successful our FOUP and Fluid Handling merchandise lines wrong our APS division. Looking up to 2026, the manufacture backdrop appears much constructive. I'll interaction connected the semi marketplace successful much item successful a bit, but determination are a fewer areas wherever we expect notable betterment compared to 2025, that should payment Entegris. First, we expect to payment successful 2026 from the node transitions successful some logic and memory. In logic, accrued request for two-nanometer devices is expected to meaningfully thrust wafer output passim 2026. In memory, NAND transitions are progressing. Migrating from debased 250 layers to astir 300 layers.