ENTEGRIS INC

Previous wording

Recent and continuing developments in U.S. and foreign trade policy have heightened global trade tensions and sparked significant uncertainty in macroeconomic and geopolitical environments, particularly with respect to China. The nature of our global business exposes us to risks associated with trade conflicts between the U.S. and its trading partners. Additionally, our U.S. manufacturing operations rely on a global supply chain to manufacture our products, including, in some instances, raw materials from China. The recent tariffs and other similar trade policies have increased and, in the future, may increase our sourcing and manufacturing costs, have forced us to and, in the future, may force us to find alternative suppliers, or result in manufacturing and delivery delays. As a result, we may face a reduction in the demand for, and in the competitiveness of, our products, particularly from local or domestically sourced competition, harm to our relationships with our customers, and decreased profitability. These issues may be exacerbated by the overall macroeconomic uncertainty stemming from current trade tensions which may slow economic growth and negatively impact the demand for products containing semiconductors, thereby decreasing the demand for our products.

Current wording

Recent and continuing developments in U.S. and foreign trade policy have heightened global trade tensions and sparked significant uncertainty in macroeconomic and geopolitical environments, particularly with respect to China. The nature of our global business exposes us to risks associated with trade conflicts between the U.S. and its trading partners. Additionally, our manufacturing operations rely on a global supply chain to manufacture our products, including, in some instances, raw materials from China. The recent tariffs and other similar trade policies (i) have increased, and may continue to increase, our sourcing and manufacturing costs, (ii) have forced, and may continue to force, us to find alternative suppliers, and (iii) may result in manufacturing and delivery delays. As a result, we may face a reduction in the demand for, and in the competitiveness of, our products, particularly from local or domestically sourced competition, harm to our relationships with our customers, and decreased profitability. These issues may be exacerbated by the overall macroeconomic uncertainty stemming from current trade tensions which may slow economic growth and negatively impact the demand for products containing semiconductors, thereby decreasing the demand for our products.

Previous wording

however, we will continue to closely monitor this evolving situation, further leverage our global footprint and regional supply chain, and explore additional options to mitigate this volatility.

Current wording

however, we will continue to closely monitor this evolving situation, further leverage our global footprint and regional supply chain, and explore additional options to mitigate trade-related risks.

Previous wording

Three and Six Months Ended June 28, 2025 Compared to Three and Six Months Ended June 29, 2024

Current wording

Three and Nine Months Ended September 27, 2025 Compared to Three and Nine Months Ended September 28, 2024

Previous wording

The following table compares operating results for the three and six months ended June 28, 2025 and June 29, 2024, both in dollars and as a percentage of net sales, for each caption.

Current wording

The following table compares operating results for the three and nine months ended September 27, 2025 and September 28, 2024, both in dollars and as a percentage of net sales, for each caption.

Previous wording

Net sales For the three months ended June 28, 2025, net sales decreased by 2.5% to $792.4 million, compared to $812.7 million for the three months ended June 29, 2024. An analysis of the factors underlying the change in net sales is presented in the following table:

Current wording

Net sales For the three months ended September 27, 2025, net sales decreased by 0.1% to $807.1 million, compared to $807.7 million for the three months ended September 28, 2024. An analysis of the factors underlying the change in net sales is presented in the following table:

Previous wording

As described in the table above, the decrease in net sales was primarily attributable to a reduction of $25.6 million of sales primarily due to decreased semiconductor market demand, partially offset by an increase of $5.3 million of sales attributable to favorable foreign currency translations, primarily related to the strengthening of the Japanese yen and Taiwanese dollar relative to the U.S. dollar compared to the fiscal quarter ended June 29, 2024.

Current wording

As described in the table above, the decrease in net sales was primarily attributable to a reduction of $3.3 million of sales primarily due to decreased semiconductor market demand, partially offset by an increase of $2.7 million of sales attributable to favorable foreign currency translations, primarily related to the strengthening of the Taiwanese dollar relative to the U.S. dollar compared to the fiscal quarter ended September 28, 2024.

Previous wording

The decrease in sales to customers in North America primarily relates to decreased demand for our MS and APS products. The increase in sales to customers in Taiwan primarily relates to increased demand for our MS products. The decrease in sales to customers in China primarily relates to decreased demand for our APS products, partially offset by increased demand of our MS products. The increase in sales to customers in South Korea primarily relates to increased demand of our MS and APS products. The increase in sales to customers in Japan primarily relates to increased demand for our MS and APS products. The decrease in sales to customers in Europe primarily relates to decreased demand for our MS and APS products. The increase in sales to customers in Southeast Asia primarily relates to increased demand for our APS products.

Current wording

The decrease in sales to customers in North America primarily relates to decreased demand for our MS and APS products. The increase in sales to customers in Taiwan primarily relates to increased demand for our MS and APS products. The increase in sales to customers in China primarily relates to increased demand for our APS products, partially offset by decreased demand of our MS products. The increase in sales to customers in South Korea primarily relates to increased demand of our APS products, partially offset by decreased demand for our MS products. The increase in sales to customers in Japan primarily relates to increased demand for our MS products. The decrease in sales to customers in Europe primarily relates to decreased demand for our APS products. The sales to customers in Southeast Asia were flat.

Previous wording

Net sales for the six months ended June 28, 2025, were $1,565.6 million, compared to $1,583.7 million for the six months ended June 29, 2024. An analysis of the factors underlying the change in net sales is presented in the following table:

Current wording

Net sales for the nine months ended September 27, 2025 were $2,372.7 million, compared to $2,391.4 million for the nine months ended September 28, 2024. An analysis of the factors underlying the change in net sales is presented in the following table:

Previous wording

As described in the table above, the decrease in net sales was primarily attributable to (i) the absence of sales totaling $33.9 million resulting from the divestiture of the PIM business and (ii) a reduction of $0.1 million of sales attributable to unfavorable foreign currency translations, partially offset by (iii) a $15.9 million increase in sales primarily due to increased semiconductor market demand compared to the six months ended June 29, 2024

Current wording

As described in the table above, the decrease in net sales was primarily attributable to the absence of sales totaling $33.9 million resulting from the divestiture of the PIM business, partially offset by (i) an increase of $2.6 million of sales attributable to favorable foreign currency translations and (ii) a $12.6 million increase in sales primarily due to increased semiconductor market demand compared to the nine months ended September 28, 2024.

Previous wording

On a geographic basis, sales percentage by customers’ country or region for the six months ended June 28, 2025 and June 29, 2024 and the percentage increase (decrease) in sales for the six months ended June 28, 2025 compared to the sales for the six months ended June 29, 2024 were as follows:

Current wording

On a geographic basis, sales percentage by customers’ country or region for the nine months ended September 27, 2025 and September 28, 2024 and the percentage increase (decrease) in sales for the nine months ended September 27, 2025 compared to the sales for the nine months ended September 28, 2024 were as follows:

Previous wording

The decrease in sales to customers in North America primarily relates to the absence of sales resulting from the divestiture of the PIM business and from decreased demand for our MS and APS products. The increase in sales to customers in Taiwan primarily relates to increased demand for our MS and APS products. The sales to customers in China were flat driven by decreased demand for our APS products, offset by increased demand of our MS products. The increase in sales to customers in South Korea primarily relates to increased demand of our MS and APS products. The increase in sales to customers in Japan primarily relates to increased demand for our MS and APS products. The decrease in sales to customers in Europe primarily relates to decreased demand for our MS and APS products. The increase in sales to customers in Southeast Asia primarily relates to increased demand for our MS and APS products.

Current wording

The decrease in sales to customers in North America primarily relates to the absence of sales resulting from the divestiture of the PIM business and from decreased demand for our MS and APS products. The increase in sales to customers in Taiwan primarily relates to increased demand for our MS and APS products. The increase in sales to customers in China primarily relates to increased demand for our MS products, partially offset by decreased demand of our APS products. The increase in sales to customers in South Korea primarily relates to increased demand of our MS and APS products. The increase in sales to customers in Japan primarily relates to increased demand for our MS and APS products. The decrease in sales to customers in Europe primarily relates to decreased demand for our MS and APS products. The increase in sales to customers in Southeast Asia primarily relates to increased demand for our MS and APS products.

Previous wording

Gross margin decreased by 1.8 percentage points for the three months ended June 28, 2025, compared to the same period in the prior year. Gross margin decreased primarily due to lower plant performance.

Current wording

Gross margin decreased by 2.5 percentage points for the three months ended September 27, 2025, compared to the same period in the prior year. Gross margin decreased primarily due to lower plant performance.

Previous wording

Gross margin decreased by 0.7 percentage points for the six months ended June 28, 2025, compared to the same period in the prior year. Gross margin decreased primarily due to unfavorable product mix.

Current wording

Gross margin decreased by 1.4 percentage points for the nine months ended September 27, 2025, compared to the same period in the prior year. Gross margin decreased primarily due to lower plant performance and unfavorable product mix.

Previous wording

Selling, general and administrative expenses Selling, general and administrative (“SG&A”) expenses were $115.1 million in the three months ended June 28, 2025, compared to $116.3 million in the year-ago period. The factors underlying the change in SG&A expenses are presented in the following table:

Current wording

Selling, general and administrative expenses Selling, general and administrative (“SG&A”) expenses were $101.8 million in the three months ended September 27, 2025, compared to $108.5 million in the year-ago period. The factors underlying the change in SG&A expenses are presented in the following table:

Previous wording

SG&A expenses were $218.4 million in the six months ended June 28, 2025, compared to $228.5 million in the year-ago period. The factors underlying the change in SG&A expenses are presented in the following table:

Current wording

SG&A expenses were $320.2 million in the nine months ended September 27, 2025, compared to $337.0 million in the year-ago period. The factors underlying the change in SG&A expenses are presented in the following table:

Previous wording

Engineering, research and development expenses The Company’s engineering, research and development (“ER&D”) efforts focus on the support or extension of current product lines and the development of new products and manufacturing technologies. ER&D expenses were $84.3 million in the three months ended June 28, 2025 compared to $81.9 million in the year-ago period. The factors underlying ER&D expenses are presented in the following table:

Current wording

Engineering, research and development expenses The Company’s engineering, research and development (“ER&D”) efforts focus on the support or extension of current product lines and the development of new products and manufacturing technologies. ER&D expenses were $80.9 million in the three months ended September 27, 2025 compared to $80.9 million in the year-ago period. The factors underlying ER&D expenses are presented in the following table:

Previous wording

ER&D expenses were $169.1 million in the six months ended June 28, 2025 compared to $153.7 million in the year-ago period. The factors underlying ER&D expenses are presented in the following table:

Current wording

ER&D expenses were $250.0 million in the nine months ended September 27, 2025 compared to $234.6 million in the year-ago period. The factors underlying ER&D expenses are presented in the following table:

Previous wording

Amortization of intangible assets Amortization of intangible assets was $46.0 million in the three months ended June 28, 2025, compared to $47.5 million for the three months ended June 29, 2024. The decrease primarily reflects the absence of amortization for certain identifiable intangible assets acquired in previous acquisitions that became fully amortized.

Current wording

Amortization of intangible assets Amortization of intangible assets was $46.0 million in the three months ended September 27, 2025, compared to $46.2 million for the three months ended September 28, 2024. The decrease primarily reflects the absence of amortization for certain identifiable intangible assets acquired in previous acquisitions that became fully amortized.

Previous wording

Amortization of intangible assets was $92.1 million in the six months ended June 28, 2025, compared to $97.7 million for the six months ended June 29, 2024. The decrease primarily reflects the absence of amortization for certain identifiable intangible assets acquired in previous acquisitions that became fully amortized.

Current wording

Amortization of intangible assets was $138.1 million in the nine months ended September 27, 2025, compared to $143.9 million for the nine months ended September 28, 2024. The decrease primarily reflects the absence of amortization for certain identifiable intangible assets acquired in previous acquisitions that became fully amortized.

Previous wording

Interest expense Interest expense includes interest associated with debt outstanding and the amortization of debt issuance costs and original issuance discounts associated with such borrowings. Interest expense was $52.4 million in the three months ended June 28, 2025, compared to $53.7 million in the three months ended June 29, 2024. The decrease primarily reflects lower interest expense related to lower average debt balances for the period due to repayments on the Company’s outstanding debt.

Current wording

Interest expense Interest expense includes interest associated with debt outstanding and the amortization of debt issuance costs and original issuance discounts associated with such borrowings. Interest expense was $47.9 million in the three months ended September 27, 2025, compared to $51.6 million in the three months ended September 28, 2024. The decrease primarily reflects lower interest expense related to lower average debt balances for the period due to repayments on the Company’s outstanding debt.

Previous wording

Interest expense was $103.4 million in the six months ended June 28, 2025, compared to $111.1 million in the six months ended June 29, 2024. The decrease primarily reflects lower interest expense related to lower average debt balances for the period due to repayments on the Company’s outstanding debt.

Current wording

Interest expense was $151.3 million in the nine months ended September 27, 2025, compared to $162.7 million in the nine months ended September 28, 2024. The decrease primarily reflects lower interest expense related to lower average debt balances for the period due to repayments on the Company’s outstanding debt.

Previous wording

Other (income) expense, net Other income, net was $0.2 million in the three months ended June 28, 2025 and consisted mainly of foreign currency transaction gains of $0.1 million. Other expense, net was $3.0 million in the three months ended June 29, 2024 and consisted mainly of a loss of extinguishment of debt of $0.8 million associated with the repayments on the Term Loan Facility and foreign currency transaction losses of $2.7 million.

Current wording

Other expense (income), net Other expense, net was $4.2 million in the three months ended September 27, 2025 and consisted mainly of foreign currency transaction losses of $2.5 million and a loss of extinguishment of debt of $1.7 million. Other income, net was $0.2 million in the three months ended September 28, 2024 and consisted mainly of foreign currency transaction gains of $2.1 million, partially offset by other expenses of $1.9 million.

Previous wording

Other expense, net was $1.1 million in the six months ended June 28, 2025 and consisted mainly of foreign currency transaction losses of $2.0 million, partially offset by other expenses of $0.9 million. Other expense, net was $17.3 million in the six months ended June 29, 2024 and consisted mainly of a loss of extinguishment of debt of $12.4 million associated with the repayments on the Term Loan Facility and foreign currency transaction losses of $4.3 million.

Current wording

Other expense, net was $5.3 million in the nine months ended September 27, 2025 and consisted mainly of foreign currency transaction losses of $4.5 million and a loss of extinguishment of debt of $1.7 million, partially offset by other income of $1.0 million. Other expense, net was $17.1 million in the nine months ended September 28, 2024 and consisted mainly of a loss of extinguishment of debt of $12.3 million associated with the repayments on the Term Loan Facility and foreign currency transaction losses of $2.2 million and other expenses of $2.5 million.

Previous wording

Income tax expense Income tax expense was $2.8 million in the three months ended June 28, 2025, compared to income tax expense of $6.7 million in the three months ended June 29, 2024. The Company’s effective income tax rate was 5.0% for the three months ended June 28, 2025, compared to 9.0% for the three months ended June 29, 2024. The effective tax rate for the fiscal quarter ended June 28, 2025 was lower due to the release of unrecognized tax benefits following the resolution of a tax audit and a change in income mix. This benefit was partially offset by an increase in discrete expense of $2.0 million recorded in connection with share-based compensation.

Current wording

Income tax expense was $12.5 million in the nine months ended September 27, 2025, compared to income tax expense of $18.3 million in the nine months ended September 28, 2024. The Company’s effective income tax rate was 6.3% for the nine months ended September 27, 2025, compared to 8.7% for the nine months ended September 28, 2024. The effective tax rate for the nine months ended September 27, 2025 was lower due to the release of unrecognized tax benefits resulting from the expiration of applicable statutes of limitations and a change in income mix. This benefit was partially offset by an increase in discrete tax expense recorded associated with share-based compensation and the enactment of the Act.

Previous wording

Net income Due to the factors noted above, the Company recorded net income of $52.8 million, or $0.35 per diluted share, in the three months ended June 28, 2025, compared to net income of $67.7 million, or $0.45 per diluted share, in the three months ended June 29, 2024.

Current wording

Net income Due to the factors noted above, the Company recorded net income of $70.5 million, or $0.46 per diluted share, in the three months ended September 27, 2025, compared to net income of $77.5 million, or $0.51 per diluted share, in the three months ended September 28, 2024.

Previous wording

In the six months ended June 28, 2025, the Company recorded net income of $115.7 million, or $0.76 per diluted share, compared to net income of $113.0 million, or $0.74 per diluted share, in the six months ended June 29, 2024.

Current wording

In the nine months ended September 27, 2025, the Company recorded net income of $186.2 million, or $1.22 per diluted share, compared to net income of $190.5 million, or $1.25 per diluted share, in the nine months ended September 28, 2024.

Previous wording

The following table compares non-GAAP financial measures for the three and six months ended June 28, 2025 and June 29, 2024, both in dollars and as a percentage of net sales, for each caption.

Current wording

The following table compares non-GAAP financial measures for the three and nine months ended September 27, 2025 and September 28, 2024, both in dollars and as a percentage of net sales, for each caption.

Previous wording

The decrease in Adjusted Operating Income and Adjusted EBITDA for the three months ended June 28, 2025 compared to the year-ago period is generally attributable to lower sales, partially offset by lower SG&A expense. The decrease in Non-GAAP EPS for the three months ended June 28, 2025 compared to the year-ago period is primarily attributable to lower sales, partially offset by lower SG&A expense.

Current wording

The decrease in Adjusted Operating Income and Adjusted EBITDA for the three months ended September 27, 2025 compared to the year-ago period is generally attributable to lower gross profit. The decrease in Non-GAAP EPS for the three months ended September 27, 2025 compared to the year-ago period is primarily attributable to lower gross profit, partially offset by lower operating expenses.

Previous wording

The decrease in Adjusted Operating Income and Adjusted EBITDA for the six months ended June 28, 2025 compared to the year-ago period is generally attributable to lower sales and higher ER&D expenses, partially offset by lower SG&A expenses. The decrease in Non-GAAP EPS for the six months ended June 28, 2025 compared to the year-ago period is primarily attributable to lower sales and higher ER&D expense, partially offset by lower SG&A expenses and interest expense.

Current wording

The decrease in Adjusted Operating Income and Adjusted EBITDA for the nine months ended September 27, 2025 compared to the year-ago period is generally attributable to lower gross profit. The decrease in Non-GAAP EPS for the nine months ended September 27, 2025 compared to the year-ago period is primarily attributable to lower gross profit, partially offset by lower interest expense.

Previous wording

The following table presents selected net sales and segment profit data for the Company’s two reportable segments, along with unallocated general and administrative expenses, for the three and six months ended June 28, 2025 and June 29, 2024.

Current wording

The following table presents selected net sales and segment profit data for the Company’s two reportable segments, along with unallocated general and administrative expenses, for the three and nine months ended September 27, 2025 and September 28, 2024.

Previous wording

For the second fiscal quarter of 2025, MS net sales increased to $354.9 million, up 4% compared to $342.3 million in the comparable period last year. The sales increase was driven primarily by increased sales from CMP slurries and pads, selective etch and deposition materials. MS reported a segment profit of $72.5 million in the second fiscal quarter of 2025, up 3% from a $70.3 million segment profit in the year-ago period. The segment profit increase was primarily associated with an increase in sales, partially offset by higher restructuring costs of $3.0 million in the current period.

Current wording

For thethird fiscal quarter of 2025, MS net sales increased to $348.6 million, up 1% compared to $346.7 million in the comparable period last year. The sales increase was driven primarily by increased sales from CMP consumables and cleaning chemistries. MS reported a segment profit of $65.2 million in thethird fiscal quarter of 2025, down 9% from a $71.7 million segment profit in the year-ago period. The segment profit decrease was primarily due to a decrease in gross profit from lower plant performance, partially offset by lower operating expenses.

Previous wording

For the six months ended June 28, 2025, MS net sales increased to $696.3 million, up 1% compared to $692.3 million in the comparable period last year. The sales increase was driven primarily by increased sales from CMP slurries and pads, selective etch and deposition materials, partially offset by the absence of $33.9 million included in prior-year sales resulting from the divestiture of the PIM business. MS reported a segment profit of $147.5 million in the six months ended June 28, 2025, up 7% from a $137.4 million segment profit in the year-ago period. The segment profit increase was primarily associated with the absence of the long-lived asset impairment charge of $13.0 million in the year-ago period (see Note 3 to our condensed consolidated financial statements for further discussion) and an increase in sales volume, partially offset by the absence of a $4.3 million gain associated with the sale of the PIM business in the year-ago period (see Note 4 to our condensed consolidated financial statements for further discussion), the absence of segment profit associated with the divestiture of the PIM business and the increase of $3.1 million of restructuring costs in the current period.

Current wording

For the nine months ended September 27, 2025, MS net sales increased to $1,044.9 million, up 1% compared to $1,039.0 million in the comparable period last year. The sales increase was driven primarily by increased sales from CMP consumables, selective etch and deposition materials, partially offset by the absence of $33.9 million included in prior-year sales resulting from the divestiture of the PIM business. MS reported a segment profit of $212.7 million in the nine months ended September 27, 2025, up 2% from a $209.1 million segment profit in the year-ago period. The segment profit increase was primarily associated with the absence of the long-lived asset impairment charge of $13.0 million in the year-ago period (see Note 3 to our condensed consolidated financial statements for further discussion) and an increase in sales volume, partially offset by the absence of a $4.3 million gain associated with the sale of the PIM business in the year-ago period (see Note 4 to our condensed consolidated financial statements for further discussion), the absence of segment profit associated with the divestiture of the PIM business and the increase of $3.8 million of restructuring costs in the current period.

Previous wording

For the second fiscal quarter of 2025, APS net sales decreased to $439.9 million, down 7% compared to $472.6 million in the comparable period last year. The sales decrease was mainly due to decreased sales from a decline in facilities-based capital expenditure investments, including fluid handling products and FOUPs. APS reported a segment profit of $95.9 million in the second fiscal quarter of 2025, down 22% from $122.6 million in the year-ago period. The segment profit decrease was primarily due to lower sales and higher restructuring costs of $9.9 million in the current period.

Current wording

For thethird fiscal quarter of 2025, APS net sales decreased to $460.8 million, down less than 1% compared to $463.1 million in the comparable period last year. The sales decrease was mainly due to decreased sales from a decline in facilities-based capital expenditure investments, including fluid handling products and FOUPs. APS reported a segment profit of $118.2 million in thethird fiscal quarter of 2025, down 7% from $127.4 million in the year-ago period. The segment profit decrease was primarily due to a decrease in gross profit from lower plant performance.

Previous wording

For the six months ended June 28, 2025, APS net sales decreased to $873.8 million, down 2% compared to $895.9 million in the comparable period last year. The sales decrease was mainly due to decreased sales from a decline in facilities-based capital expenditure investments, including fluid handling products and FOUPs, partially offset by an increase in sales from gas microcontamination products. APS reported a segment profit of $204.0 million in the six months ended June 28, 2025, down 13% from $233.8 million in the year-ago period. The segment profit decrease was primarily due to lower sales, unfavorable product mix and higher restructuring costs of $12.2 million in the current period.

Current wording

For the nine months ended September 27, 2025, APS net sales decreased to $1,334.6 million, down 2% compared to $1,359.0 million in the comparable period last year. The sales decrease was mainly due to decreased sales from a decline in facilities-based capital expenditure investments, including fluid handling products and FOUPs, partially offset by an increase in sales from gas microcontamination products. APS reported a segment profit of $322.2 million in the nine months ended

Previous wording

Unallocated general and administrative expenses totaled $31.0 million in the six months ended June 28, 2025, up 20% compared to $25.8 million in the comparable period last year. The $5.2 million increase is primarily due to a $2.8 million increase in employee costs and a $2.0 million increase in professional services.

Current wording

Unallocated general and administrative expenses totaled $45.8 million in the nine months ended September 27, 2025, up 8% compared to $42.5 million in the comparable period last year. The $3.3 million increase is primarily due to a $5.0 million increase in employee costs, partially offset by a $3.0 million decrease in non-income tax expense.

Previous wording

Operating activities Cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. Cash provided by operating activities totaled $253.9 million in the six months ended June 28, 2025, compared to $258.4 million in the six months ended June 29, 2024. This decrease was driven by a $21.9 million decrease of net income adjusted for non-cash reconciling items, partially offset by a $17.4 million increase in operating assets and liabilities.

Current wording

Operating activities Cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. Cash provided by operating activities totaled $503.4 million in the nine months ended September 27, 2025, compared to $455.6 million in the nine months ended September 28, 2024. This increase was driven by a $62.8 million increase in operating assets and liabilities, partially offset by a $15.0 million decrease of net income adjusted for non-cash reconciling items.

Previous wording

Changes in operating assets and liabilities for the six months ended June 28, 2025 were driven by changes in inventories and accounts payable and accrued liabilities. The change in inventories was mainly due to a decrease in business activity. The change in accounts payable and accrued liabilities was primarily driven by timing of payments to vendors.

Current wording

Changes in operating assets and liabilities for the nine months ended September 27, 2025 were driven by changes in trade accounts and notes receivables, inventories, accounts payable and accrued liabilities, and income tax payable and refundable income taxes. The change in trade accounts and notes receivable is primarily due to timing of payments received. The change in inventories was mainly due to a decrease in business activity. The change in accounts payable and accrued liabilities was primarily driven by timing of payments to vendors. The change in income tax payable and refundable income taxes is primarily due to higher income tax payment.

Previous wording

Investing activities Cash flows used in investing activities totaled $174.9 million in the six months ended June 28, 2025, compared to cash flows provided by investing activities of $121.8 million in the six months ended June 29, 2024. The decrease resulted primarily from a decrease in proceeds from divestiture of $249.6 million, partially offset by an increase in cash paid for acquisition of property, plant and equipment of $48.6 million.

Current wording

Investing activities Cash flows used in investing activities totaled $234.5 million in the nine months ended September 27, 2025, compared to cash flows provided by investing activities of $40.8 million in the nine months ended September 28, 2024. The decrease resulted primarily from a decrease in proceeds from divestiture of $250.8 million, partially offset by an increase in cash paid for acquisition of property, plant and equipment of $33.1 million.

Previous wording

Financing activities Cash used in financing activities totaled $40.2 million during the six months ended June 28, 2025, compared to cash used in financing activities of $509.9 million during the six months ended June 29, 2024. The decrease was primarily due to decreased net debt activity of $473.8 million compared to the prior period.

Current wording

Financing activities Cash used in financing activities totaled $204.1 million during the nine months ended September 27, 2025, compared to cash used in financing activities of $523.6 million during the nine months ended September 28, 2024. The decrease was primarily due to decreased net debt activity of $323.8 million compared to the prior period.

Previous wording

Our total dividend payments were $30.6 million in the six months ended June 28, 2025 compared to $30.4 million in the six months ended June 29, 2024. We have paid a cash dividend in each fiscal quarter since the fourth fiscal quarter of 2017. On July 16, 2025, the Company’s board of directors declared a quarterly cash dividend of $0.10 per share to be paid on August 20, 2025 to shareholders of record on the close of business on July 30, 2025.

Current wording

Our total dividend payments were $45.7 million in the nine months ended September 27, 2025 compared to $45.5 million in the nine months ended September 28, 2024. We have paid a cash dividend in each fiscal quarter since the fourth fiscal quarter of 2017. On October 15, 2025, the Company’s board of directors declared a quarterly cash dividend of $0.10 per share to be paid on November 19, 2025 to shareholders of record on the close of business on October 29, 2025.