Rogers : 2021 Second Quarter Conference Call Slides

Q2 2021 Earnings Call

July 29, 2021

Forward-looking statements

Safe Harbor Statement

This presentation contains forward-looking statements, which concern our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from those indicated by the forward-looking statements. Risks and uncertainties that could cause such results to differ include: the duration and impacts of the novel coronavirus global pandemic and efforts to contain its transmission and distribute vaccines, including the effect of these factors on our business, suppliers, customers, end users and economic conditions generally; failure to capitalize on, volatility within, or other adverse changes with respect to the Company's growth drivers, including advanced mobility and advanced connectivity, such as delays in adoption or implementation of new technologies; uncertain business, economic and political conditions in the United States (U.S.) and abroad, particularly in China, South Korea, Germany, Hungary and Belgium, where we maintain significant manufacturing, sales or administrative operations; the trade policy dynamics between the U.S. and China reflected in trade agreement negotiations and the imposition of tariffs and other trade restrictions, including trade restrictions on Huawei Technologies Co., Ltd. (Huawei); fluctuations in foreign currency exchange rates; our ability to develop innovative products and the extent to which our products are incorporated into end-user products and systems and the extent to which end-user products and systems incorporating our products achieve commercial success; the ability and willingness of our sole or limited source suppliers to deliver certain key raw materials, including commodities, to us in a timely and cost- effective manner; intense global competition affecting both our existing products and products currently under development; business interruptions due to catastrophes or other similar events, such as natural disasters, war, terrorism or public health crises; failure to realize, or delays in the realization of anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or difficulty integrating acquired businesses; our ability to attract and retain management and skilled technical personnel; our ability to protect our proprietary technology from infringement by third parties and/or allegations that our technology infringes third party rights; changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate; failure to comply with financial and restrictive covenants in our credit agreement or restrictions on our operational and financial flexibility due to such covenants; the outcome of ongoing and future litigation, including our asbestos-related product liability litigation; changes in environmental laws and regulations applicable to our business; and disruptions in, or breaches of, our information technology systems. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10-Q. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.

Non-GAAP Information

This presentation includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"):

1. Adjusted net income, which the which the Company defines as operating margin excluding acquisition-related amortization of intangible assets and discrete items, such as acquisition and related integration costs, environmental accrual adjustments, gains or losses on the sale or disposal of property, plant and equipment, restructuring, severance, impairment and other related costs, UTIS fire charges, and the related income tax effect on these items (collectively, "discrete items");
2. Adjusted earnings per diluted share, which the Company defines as earnings per diluted share excluding amortization of acquisition intangible assets, and discrete items divided by adjusted weighted average shares outstanding - diluted;
3. Adjusted EBITDA, which the Company defines as net income excluding interest expense, net, income tax expense, depreciation and amortization, stock-based compensation expense and discrete items;
4. Adjusted EBITDA Margin, which the Company defines as the percentage that results from dividing Adjusted EBITDA by total net sales;
5. Adjusted operating expenses, which the Company defines as operating expenses excluding acquisition-related amortization of intangible assets and discrete items;
6. Adjusted operating income, which the Company defines as operating income excluding acquisition-related amortization of intangible assets and discrete items;
7. Adjusted operating margin, which the Company defines as operating margin excluding acquisition-related amortization of intangible assets and discrete items;
8. Free Cash Flow, which the Company defines as net cash provided by operating activities less non-acquisition capital expenditures.

Management believes that adjusted net income, adjusted earnings per diluted share, adjusted EBITDA, adjusted EBITDA margin, adjusted operating expenses, adjusted operating income and adjusted operating margin are useful to investors because they allow for comparison to the Company's performance in prior periods without the effect of items that, by their nature, tend to obscure the Company's core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company's business and evaluate the Company's performance relative to peer companies. Management also believes free cash flow is useful to investors as an additional way of viewing the Company's liquidity and provides a more complete understanding of factors and trends affecting the Company's cash flows. However, non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as alternatives to, financial measures prepared in accordance with GAAP. In addition, these non-GAAP financial measures may differ from, and should not be compared to, similarly named measures used by other companies. Reconciliations of the differences between these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth in the appendix.

2

Introductions

Bruce Hoechner	Ram Mayampurath	Bob Daigle
President &	Senior Vice President &	Senior Vice President &
Chief Executive Officer	Chief Financial Officer	Chief Technology Officer

3

Q2 2021 Overview

Highlights Results

Financials

•	Net sales: $235M, increased 2.5% QoQ
•	Gross margin: 38.2%, decreased 80 basis points QoQ
•	EPS: $1.52, decreased 8% QoQ
•	Adjusted EPS*: $1.72, decreased 10% QoQ
•	Continued acceleration in EV/HEV sales
•	Strong clean energy and defense sales
•	Growth in industrial and wireless infrastructure sales

Revenue by Market Segment - YTD

Advanced
Mobility		Wireless
28%	ADAS	Infrastructure
	9%	10%
		Portable
	e-Mobility	Electronics
	9%
	15%

A&D

Mass Transit11% 4%

• Sales growth tempered by supply constraints

Clean

Energy

10%

Industrial

Challenges

• Gross margin and EPS below expectations due to supply

constraints and raw material cost increases

Other19% 13%

Percentages may not add due to rounding

Executing on Market Strategy - EV/HEV Sales Continue To Grow Rapidly

Navigating Dynamic Supply Chain Environment

*See reconciliations to adjusted metrics in the appendix: earnings per diluted share to adjusted earnings per diluted share.	4

Advanced Mobility Outlook

EV Transition Occurring Faster Than Expected

• Europe: 1H'21 plug-in EV/HEV sales reach 15% of market1
• China: EV sales reached 12% of sales in Q2'212
• EY: EV sales to surpass other powertrains 5 years sooner3

EV/HEV Full EVs Are Leading The Transition

• IHS Markit: Full EV forecast increased by ~8 million vehiclesfrom 2021 to 2025.4
• OEM commitments continue. Ford (EU), Jaguar, Volvo, Mini, and Bentley all recently announced plans to become BEV-only brands.

Electric & Hybrid Electric Vehicles4

	HEV - Mild
	HEV - Full				13
	EV				10
			8	11
			6	10
		4	9
		7
2
6		14	16
	11
4	5	8
4

2020 2021 2022 2023 2024 2025

Auto Radar Sensors5

	Outlook for ADAS Remains Strong
	•	ADAS features becoming standard on more vehicles
ADAS	•	Safety regulations and OEM commitments driving
•	adoption
	Strong market positions with major Tier I suppliers

139

119

81

155

172

188

2020 2021 2022 2023 2024 2025

1	- insideevs.com July 2021	2 - Wall Street Journal July 2021			5
3	- As compared to prior forecast. Sales for US, China and Europe. See EY Press Release June 2021. "Electric vehicles to dominate sales five years sooner than expected
4	- IHS Markit Light Vehicle Production Forecast Jun 2021. Increase in full EVs compared to June 2019 Light Vehicle Production Forecast.	5 - IHS Markit June 2020 Auto Sensor forecast