GlobeNewswire Inc | Mar 4, 2021 06:00AM EST

March 04, 2021

-- Reports fourth quarter revenue of $365 million, an increase of 18% over the fourth quarter of 2019, including organic chemistry revenue growth of 5% -- Delivers net income of $22 million, up significantly over the fourth quarter of 2019 -- Posts adjusted EBITDA of $106 million, a 5% increase over the fourth quarter of 2019 -- Reduces net leverage to 5.1x at year end 2020 (before IPO completion on February 8, 2021) -- Expects total full year 2021 organic revenue growth to be in the range of 10% to 12%, including full year organic chemistry revenue growth in the range of 8% to 9% -- Anticipates full year 2021 adjusted EBITDA1 to be in the range of $405 million to $425 million, an increase of approximately 14%, at the mid-point

BERLIN, March 04, 2021 (GLOBE NEWSWIRE) -- Atotech (NYSE: ATC), a leading specialty chemicals technology company and a market leader in advanced electroplating solutions, today reported its financial results for the fourth quarter and full year 2020 and provided guidance for full year 2021. Total organic chemistry revenue growth, a key performance indicator for the company, increased 5% over the fourth quarter of 2019. Organic chemistry revenue growth reflects chemistry revenue growth excluding the impact of foreign exchange translation (FX) and palladium pass-through (palladium).

Management Commentary

Geoff Wild, Atotechs Chief Executive Officer said, We are very pleased with our fourth quarter performance. We leveraged the continued strength of our Electronics end-markets, as well as the ongoing recovery in global automotive markets, to deliver strong organic growth. In particular, demand for our comprehensive solutions addressing the technical requirements related to the 5G smartphone replacement cycle, including next-generation semiconductor packaging, was robust. Other areas of strength include 5G infrastructure, automotive electrification, and growing demand for sustainable solutions in surface-finishing applications.

These secular trends not only provided a constructive backdrop in the fourth quarter, but also present a multi-year opportunity to grow our business, expand share, and deliver strong returns to our shareholders.

Throughout 2020, we continued to invest in our business and made decisions in the long-term best interests of our customers, while carefully managing costs.

We completed a new chemistry manufacturing facility in China, invested in multiple digitalization initiatives, including IoT solutions, and maintained our highly trained customer-facing workforce. As we enter this high-growth period in our industry, we believe these decisions have positioned Atotech to take advantage of the many market opportunities in front of us.

Fourth Quarter 2020 Results

Reported total revenue was $365 million for the fourth quarter, an increase of 18% over the prior year period. Organic revenue for both chemistry and equipment, which reflects total revenue excluding the impact of FX and palladium, increased 9%. FX was a 4% tailwind and palladium increased total revenue by 5% in the quarter. These strong quarterly results were driven by organic chemistry revenue growth of 5%, reflecting increases in both the Electronics (EL) and General Metal Finishing (GMF) segments.

Adjusted EBITDAwas $106 million for the fourth quarter, a 5% increase over the prior year period, reflecting strong organic chemistry volume growth, stable pricing, and the benefits of cost containment actions, partially offset by compensation accruals taken in the fourth quarter.

Adjusted EBITDA margin was 29.1% in the fourth quarter of 2020, which reflects the impact of palladium pass-through, the product mix of chemistry versus equipment, as well as the impact of compensation accruals. Excluding these items, adjusted EBITDA margin was largely in-line with the fourth quarter of 2019.

Strong cash flow generation enabled the company to repay $80 million of its outstanding Holdco notes in the fourth quarter of 2020 and thereby reduce its net leverage to 5.1x full year adjusted EBITDA at year end, and before the proceeds from the companys IPO, which closed in early February. Pro forma for the application of proceeds from the companys IPO, net leverage is 3.9x full year adjusted EBITDA at year end.

Fourth Quarter 2020 Segment Highlights

Electronics: Revenue for the fourth quarter in our Electronics segment of $232 million increased 25% over the prior year period. Total organic Electronics revenue increased 14%, consisting of 7% organic chemistry growth and a 56% increase in organic equipment revenue. Palladium and FX were each a 5% tailwind in the quarter.

The organic Electronics revenue increase was driven by strong demand for the companys leading IC substrates and advanced semiconductor packaging solutions. This demand is being driven by secular trends in 5G infrastructure and smartphone growth, as well as growth in leading-edge consumer electronics, including wearables. These trends are also driving strong demand for our equipment, as our customers actively upgrade to next-generation packaging standards and increase production capacity.

Adjusted EBITDA for our Electronics segment was $70 million in the fourth quarter, an increase of 9% over the prior year period, primarily reflecting strong chemistry volume growth.

General Metal Finishing: Revenue for the fourth quarter in our GMF segment of $133 million increased 7% over the prior year period. Total organic GMF revenue increased 2%, consisting of 3% organic chemistry revenue growth, partially offset by a decline in organic equipment revenue. Palladium and FX added 3% and 2% to revenue in the quarter, respectively.

Organic chemistry revenue growth was primarily driven by the continued global automotive market recovery and solid demand in other industrial end-markets.

Adjusted EBITDA for our GMF segment was $36 million, essentially flat with last year.

Initial Public Offering

Subsequent to year end 2020, the company closed its initial public offering of 29,268,000 shares of common stock at$17.00per share on February 8, 2021. The gross proceeds toAtotech from the offering were approximately$498 million, before deducting the underwriting discount and offering expenses, and were used to further repay indebtedness and to pay underwriting discounts and offering expenses.

Full Year 2021 Guidance

Regarding the companys 2021 outlook, Peter Frauenknecht, Atotechs Chief Financial Officer said, We expect full year 2021 total organic revenue growth to be in the range of 10% to 12%, including full year organic chemistry revenue growth in the range of 8% to 9%, which excludes the impact of FX and palladium pass-through. This strong outlook is driven by constructive end-markets in both our Electronics and GMF segments. We expect to leverage this organic growth and deliver full year 2021 adjusted EBITDA in the range of $405 million to $425 million, which represents an increase of 14% over 2020, at the mid-point.

Conference Call

The company will host a conference call today at 8:00 a.m. Eastern time to discuss these results. To participate on the conference call, please dial +1 833-714-3263 (United States) or +1 270-823-1866 (international), using conference ID 3943049. A link to the live audio webcast, and associated materials, will also be available on the company website at investors.atotech.com.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, intend, plan, believe, seek, see, will, would, target, and similar expressions and variations or negatives of these words.

These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies, and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, and such differences could be material. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

More information on potential factors that could affect Atotechs financial results is available in Forward-Looking Statements, the Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations within Atotechs most recent Annual Report on Form 20-F, and in other documents that we have filed with, or furnished to, the U.S. Securities and Exchange Commission, and such factors include, but are not limited to: the uncertainty of the magnitude, duration, geographic reach, impact on the global economy of the COVID 19 pandemic, as well as the current and potential travel restrictions, stay at home orders, and other economic restrictions implemented to address it; uncertainty, downturns, and changes in our target markets; foreign currency exchange rate fluctuations; reduced market acceptance and inability to keep pace with evolving technology and trends; loss of customers; increases in costs or reductions in the supplies of raw materials that may materially adversely affect our business, financial condition, and results of operations; our ability to provide products and services in light of changing environmental, health and safety, product liability, financial, and other legislation and regulation; our failure to compete successfully in product development; our ability to successfully execute our growth initiatives, business strategies, and operating plans; whether the secular trends we expect to drive growth in our business materialize to the degree we expect them to, or at all; material costs relating to environmental and health and safety requirements or liabilities; underfunded defined benefit pension plans; risk that the insurance we maintain may not fully cover all potential exposures; failure to comply with the anti-corruption laws of the United States and various international jurisdictions; tariffs, border adjustment taxes, or other adverse trade restrictions and impacts on our customers value chains; political, economic, and legal uncertainties in China, the Chinese governments control of currency conversion and expatriation of funds, and the Chinese governments policy on foreign investment in China; regulations around the production and use of chemical substances that affect our products; the United Kingdoms withdrawal from the European Union; weak intellectual property rights in jurisdictions outside the United States; intellectual property infringement and product liability claims; our substantial indebtedness; our ability to obtain additional capital on commercially reasonable terms may be limited; risks related to our derivative instruments; our ability to attract, motivate, and retain senior management and qualified employees; increased risks to our global operations including, but not limited to, political instability, acts of terrorism, taxation, and unexpected regulatory and economic sanctions changes, among other things; natural disasters that may materially adversely affect our business, financial condition, and results of operations; the inherently hazardous nature of chemical manufacturing that could result in accidents that disrupt our operations and expose us to losses or liabilities; damage to our brand reputation; Carlyles ability to control our common shares; any statements of belief and any statements of assumptions underlying any of the foregoing; and other factors beyond our control.

Non-IFRS Financial Measures

This communication contains certain non-IFRS financial measures designed to complement the financial information presented in accordance with IFRS because management believes such measures are useful to investors. However, our use of these non-IFRS financial measures may vary from that of others in our industry. Our non-IFRS metrics have limitations as analytical tools, and you should not consider them in isolation or as alternatives to consolidated net income (loss) or other performance measures derived in accordance with IFRS as measures of operating performance, operating cash flows or liquidity. The Company believes that these measures are important and supplement discussions and analysis of its results of operations and enhances an understanding of its operating performance. See the Appendix for a reconciliation of the non-IFRS financial measures.

About Atotech

Atotech is a leading specialty chemicals technology company and a market leader in advanced electroplating solutions. Atotech delivers chemistry, equipment, software, and services for innovative technology applications through an integrated systems-and-solutions approach. Atotech solutions are used in a wide variety of end-markets, including smartphones and other consumer electronics, communications infrastructure, and computing, as well as in numerous industrial and consumer applications such as automotive, heavy machinery, and household appliances.

Atotech, headquartered in Berlin, Germany, is a team of 4,000 experts in over 40 countries generating annual revenues of $1.2billion (2020). Atotech has manufacturing operations across Europe, the Americas, and Asia. With its well-established innovative strength and industry-leading global TechCenter network, Atotech delivers pioneering solutions combined with unparalleled on-site support for over 9,000 customers worldwide. For more information about Atotech, please visit us at atotech.com.

Financial Statement Tables

ATOTECH LIMITEDIncome Statement

Three months ended Year ended (unaudited) (audited)($ in millions), Dec. 31, Dec. Dec. Dec.except earnings 2020 31, 31, 31, per share 2019 2020 2019Revenue $ 365.4 $ 310.4 $ 1,234.3 $ 1,187.8 Cost of sales,excluding (173.8 ) (128.0 ) (558.0 ) (488.2 )depreciation andamortizationDepreciation and (45.4 ) (48.2 ) (450.3 ) (170.1 )amortizationSelling, generaland (72.1 ) (71.9 ) (270.2 ) (277.1 )administrativeexpensesResearch anddevelopment (17.6 ) (11.3 ) (54.4 ) (51.2 )expensesRestructuringbenefit (0.7 ) 0.4 (2.5 ) (13.4 )(expenses)Operating profit 55.8 51.3 (101.2 ) 187.8 (loss)Interest expense (36.4 ) (35.3 ) (144.5 ) (148.9 )Other income 23.4 (3.5 ) 20.6 23.5 (expense), netIncome (loss)before income 42.8 12.5 (225.1 ) 62.4 taxesIncome tax (20.4 ) (16.8 ) (64.3 ) (54.8 )expenseConsolidated net $ 22.4 $ (4.3 ) $ (289.4 ) $ 7.6 income (loss)Earnings per share (a)Basic earnings (0.12 ) (0.38 ) (4.64 ) (1.23 )(loss) per shareDiluted earnings (0.12 ) (0.38 ) (4.64 ) (1.23 )(loss) per share(a) Reflects interest accrued on preference shares. Please refer to Note 6 inour audited financial statements included in our Annual Report on Form 20-F.

Three months ended Year ended (unaudited) (audited) Dec. 31, Dec. Dec. Dec.($ in millions) 2020 31, 31, 31, 2019 2020 2019Consolidated net $ 22.4 $ (4.3 ) $ (289.4 ) $ 7.6 income (loss)Other comprehensive income (loss)Actuarial gains and 10.0 (7.7 ) (3.8 ) (23.0 )lossesTax effect (3.0 ) 2.2 1.1 6.8 Items not potentiallyreclassifiable to 7.0 (5.4 ) (2.8 ) (16.1 )statement of incomeCurrency translation 92.1 65.5 114.9 (20.6 )adjustmentHedge reserve (10.5 ) (9.8 ) (13.4 ) (2.7 )Other 1.5 (0.5 ) 1.5 (0.5 )Items potentiallyreclassifiable to 83.1 55.1 103.0 (23.9 )statement of income(loss), net of taxTotal othercomprehensive income $ 90.2 $ 49.7 $ 100.2 $ (40.0 )(loss), net amountComprehensive loss $ 112.5 $ 45.3 $ (189.2 ) $ (32.4 )

ATOTECH LIMITEDCondensed Consolidated Balance Sheets

As of (audited)($ in millions) Dec. 31, 2020 Dec. 31, 2019Assets Non-current assets Property, plant and equipment $ 359.4 $ 366.4Intangible assets 1,471.0 1,460.8Goodwill 804.1 1,046.4Right-of-use assets 104.1 99.2Other financial assets 70.3 42.0Other non-financial assets 2.7 4.0Total non-current assets 2,811.6 3,018.9Current assets Inventories 145.4 124.7Trade receivables* 262.0 245.6Other financial assets* 24.9 20.7Other non-financial assets* 24.1 19.0Tax assets 46.4 34.2Cash and cash equivalents 320.1 302.7Total current assets 822.9 747.0Total assets $ 3,634.5 $ 3,765.8Liabilities & shareholders? equity Shareholders? equity Common shares and preferred shares 102.1 102.1Paid-in surplus and retained earnings 261.6 550.7Currency translation adjustment and other 120.0 19.8reservesTotal shareholders? equity 483.7 672.5Non-current liabilities Borrowings $ 2,065.7 $ 2,115.0Deferred tax liabilities 340.8 340.1Employee benefits 176.2 156.1Provisions 13.2 22.2Lease liabilities 67.7 64.0Other financial liabilities 1.5 2.6Total non-current liabilities 2,665.1 2,700.1Current liabilities Borrowings 0.5 0.8Trade payables* 221.0 176.3Tax liabilities 99.2 77.7Lease liabilities 13.8 11.1Other financial liabilities* 38.5 31.5Other non-financial liabilities* 89.7 73.3Provisions 23.0 22.5Total current liabilities 485.8 393.2Total liabilities & shareholders? equity $ 3,634.5 $ 3,765.8

* For reasons of materiality, the new balance sheet items Other non-financial assets and Other non-financial liabilities were created, which also led to reclassifications of transactions from other financial positions. Please refer to Note 2.1.2 in our audited financial statements included in our Annual Report on Form 20-F.

ATOTECH LIMITEDConsolidated Statement of Cash Flows

Three months ended Year ended (unaudited) (audited) Dec. 31, Dec. Dec. Dec.($ in millions) 2020 31, 31, 31, 2019 2020 2019Operating activities Consolidated net income (loss) $ 22.4 $ (4.3 ) $ (289.4 ) $ 7.6 Adjustments to reconcile netincome (loss) to cash provided by operating activities:Depreciation and amortization 45.4 48.2 450.3 170.1 Income taxes and changes in 19.8 13.2 55.1 58.4 non-current provisions(Gains)/losses on disposals of 0.6 0.6 1.5 (5.2 )assetsNet (gain)/loss on financial (34.8 ) (10.4 ) (36.8 ) (35.9 )instruments at fair valueAccrued financial interest 33.6 31.8 128.9 132.7 costsAmortization of deferredfinancing cost, including 2.8 3.6 15.6 16.4 original issuance discountsInterest paid (31.5 ) (32.0 ) (126.9 ) (133.0 )Taxes paid (21.8 ) (21.2 ) (70.6 ) (84.8 )Other (0.0 ) (1.5 ) (0.1 ) (1.3 )(Increase)/decrease in 4.5 7.1 (10.8 ) (3.1 )inventories(Increase)/decrease in trade (9.8 ) (0.0 ) (9.1 ) (5.7 )receivablesIncrease/(decrease) in trade 55.3 42.1 40.7 48.9 payablesChanges in other assets and 10.8 (8.5 ) 12.5 (30.4 )liabilitiesCash flow provided by operating 97.2 68.7 160.6 134.8 activitiesInvesting activities Acquisition of subsidiaries, 0.0 0.0 (2.7 ) (4.5 )net of cash acquiredIntangible assets and property, (14.4 ) (27.5 ) (52.8 ) (75.7 )plant and equipment additionsIncrease in non-current loans (0.0 ) 0.0 (0.1 ) (0.1 )Proceeds from disposals ofintangible assets and property, 0.1 2.8 0.2 9.7 plant and equipmentRepayments of non-current loans (0.1 ) 0.1 0.3 0.3 Cash flow used in investing (14.4 ) (24.6 ) (55.0 ) (70.3 )activitiesFinancing activities Issuance of non-current debt 0.1 ? 175.1 ? Repayment of non-current debt (68.2 ) (4.0 ) (255.2 ) (115.8 )Increase (decrease) in current (15.8 ) 4.4 (17.4 ) (2.0 )borrowings and bank debtIncrease (decrease) in currentfinancial assets and 0.5 (1.0 ) 0.0 (1.1 )liabilitiesPayment of lease liabilities (4.0 ) (4.4 ) (15.3 ) (15.9 )Payment of deferred finance (0.0 ) 0.1 (9.2 ) (9.9 )costsCash flow used in financing (87.5 ) (5.0 ) (122.0 ) (144.6 )activitiesNet decrease in cash and cash (4.7 ) 39.1 (16.4 ) (80.1 )equivalentsEffect of exchange rates 24.3 16.5 33.7 (3.4 )Cash and cash equivalents at 300.4 247.2 302.7 386.2 the beginning of the periodCash and cash equivalents at $ 320.1 $ 302.7 $ 320.1 $ 302.7 the end of the period

* For reasons of materiality, the new balance sheet items Other non-financial assets and Other non-financial liabilities were created, which also led to reclassifications of transactions from other financial positions. Please refer to Note 2.1.2in our audited financial statements included in our Annual Report on Form 20-F.

ATOTECH LIMITEDRevenue Data

Three months ended Year ended (unaudited) (audited) Dec. 31, Dec. 31, Dec. 31,($ in millions) 2020 2019 Dec. 31, 2019 2020Type of goods or service Chemistry revenue $ 318.1 $ 278.9 $ 1,114.0 $ 1,065.5Equipment revenue 47.3 31.5 120.3 122.3Total revenue from 365.4 310.4 1,234.3 1,187.8contracts with customersGeographical market Asia 272.6 214.3 897.8 808.4Europe 63.8 65.0 232.2 254.2Americas 29.0 31.1 104.3 125.2Total revenue from $ 365.4 $ 310.4 $ 1,234.3 $ 1,187.8contracts with customers

ATOTECH LIMITEDSegment Data

Three months ended Year ended (unaudited) (audited) Dec. 31, 2020 Dec. 31, 2019 Dec. 31 2020 Dec. 31 2019($ in millions) EL GMF Total EL GMF Total EL GMF Total EL GMF TotalRevenue $ 232.4 $ 133.0 $ 365.4 $ 186.2 $ 124.2 $ 310.4 $ 797.7 $ 436.6 $ 1,234.3 $ 682.9 $ 504.9 $ 1,187.8thereofChemistry 188.8 129.3 318.1 159.2 119.6 278.9 690.0 424.0 1,114.0 596.2 469.3 1,065.5 revenuethereofEquipment 43.6 3.7 47.3 26.9 4.6 31.5 107.7 12.6 120.3 86.7 35.6 122.3 revenueSegmentAdjusted 70.3 36.0 106.3 64.4 36.4 100.8 259.0 104.9 363.9 241.6 138.5 380.1 EBITDA

ATOTECH LIMITEDReconciliation of Adjusted EBITDA to Consolidated Net Income (Loss)

Three months ended Year ended (unaudited) (audited)($ in millions) Dec.31, Dec.31, Dec.31, Dec.31, 2020 2019 2020 2019Consolidated net income (loss) $ 22.4 $ (4.3 ) $ (289.4 ) $ 7.6 Interest expense, net 36.4 35.0 142.0 148.1 Income taxes 20.4 16.9 64.3 54.8 Depreciation and amortization 43.3 42.3 166.4 165.4 (excluding impairment charges)EBITDA 122.5 89.8 83.3 375.9 Gain on disposal of fixed ? ? ? (6.1 )assets(a)Non-cash adjustments(b) (32.2 ) (3.4 ) 250.7 (10.2 )Foreign exchange loss(c) 11.6 12.0 14.8 (2.4 )Restructuring(d) 0.7 (0.3 ) 2.5 13.4 Transaction related costs(e) 2.8 2.2 7.6 7.1 Management fee(f) 0.4 0.5 2.7 2.4 COVID-19 adjustment(g) 0.4 ? 2.2 ? Adjusted EBITDA $ 106.3 $ 100.8 $ 363.9 $ 380.1 thereof EL Segment Adjusted $ 70.3 $ 64.4 $ 259.0 $ 241.6 EBITDAthereof GMF Segment Adjusted 36.0 36.4 104.9 138.5 EBITDA(a) Eliminates the cash impact of gains on the sale of fixed assets.

(b) Eliminates the non-cash impact of (1) share based compensation, (2) losseson the sale of fixed assets, (3) impairment charges including, for the yearended December 31, 2020, as a result of the negative impact that the COVID 19pandemic had on demand for products and services and the resulting impairmenttesting of GMF goodwill, which resulted in an impairment charge of $279.5million, and (4) mark to market adjustments related to our foreign currencyderivatives entered into in connection with certain redenomination transactionsnot linked to underlying individual transactions and bifurcated embeddedderivatives related to certain redemption features of the 6.250% Senior Notesdue 2025 and 8.75%/9.50% Senior PIK Toggle Notes. The dollar value of thesenon-cash adjustments for each period presented above is set forth below:

Three months ended Year ended (unaudited) (audited)($ in millions) Dec.31, Dec.31, Dec.31, Dec.31, 2020 2019 2020 2019Share based $ 0.1 $ 0.1 $ 0.3 $ 0.2 compensationLosses on the sale 0.6 0.6 1.5 0.9 of fixed assetsImpairment charges 2.0 5.8 283.9 4.7 Mark-to-market (34.8 ) (10.0 ) (35.0 ) (16.0 )adjustmentsNon-cash $ ) $ (3.4 ) $ 250.7 $ )adjustments (32.2 (10.2(c) Eliminates net foreign currency transactional gains and losses on balancesheet items.

(d) Eliminates charges resulting from restructuring activities principally fromthe Company?s cost reduction efforts.

(e) Reflects an adjustment to eliminate (1) fees associated with the foreigncurrency exchange derivatives entered into in conjunction with the Acquisition,(2) professional fees paid to third party advisors in connection with theimplementation of strategic initiatives and (3) IPO related costs, linked tothe existing equity.

(f) Reflects an adjustment to eliminate fees paid to Carlyle. The consultingagreement pursuant to which management fees are paid to Carlyle will terminateon the earlier of (i) the second anniversary of the initial public offering and(ii) the date upon which Carlyle ceases to own more than ten percent of theoutstanding voting securities of the Company. Management does not view thesefees as indicative of the Company?s operational performance and the removal ofthese fees from Adjusted EBITDA is consistent with the calculation of similarmeasures under our senior secured credit facilities.

(g) Eliminates charges in connection with COVID-19, including $1.7 million formasks, sanitizers, and other COVID-19 related expenses at certain plant andoffice locations and $0.5 million of expenses incurred during locally mandatedplant shutdowns in China, Malaysia, India, and Mexico.

ATOTECH LIMITEDOrganic Revenue Growth Reconciliation

Three months ended December 31, 2020 Year ended December 31, 2020 (unaudited) (audited) Reported Impactof Palladium Organic Reported Impact of Palladium Organic Revenue Currency Pass-Through Growth Revenue Currency Pass-Through Growth Growth Growth Electronics 25 % (5 %) (5 %) 14 % 17 % (1 %) (9 %) 7 %General Metal 7 % (2 %) (3 %) 2 % (14 )% 1 % (3 %) (16 )%FinishingTotal 18 % (4 %) (5 %) 9 % 4 % ? (6 %) (2 )%

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1 Adjusted EBITDA is a non-IFRS financial measure. Adjusted EBITDA should be considered in addition to, but not as a substitute for, the information provided in accordance with IFRS. A reconciliation for adjusted EBITDA to the most directly comparable IFRS financial measure is provided in the Reconciliation of Adjusted EBITDA to Consolidated Net Income (Loss) table. We are not able to forecast Consolidated net income (loss) on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect Consolidated net income (loss), including, but not limited to, Income taxes, Interest expense, net, and Foreign exchange income (loss).

Contacts:

Paul Goldberg+1 803 504 4731paul.goldberg@atotech.com

Susanne Richter+49 30 349 85 418press@atotech.com