Rogers Targets $1.5B Sales by 2030 on AI Data Center, Battery Growth

Key Points

• Rogers targets more than $1.5 billion in annual sales by 2030, driven by roughly 5% growth in core markets and more than $450 million in revenue from data centers, battery systems and EMI shielding.
• AI data centers are the largest growth opportunity, with Rogers developing low-loss circuit materials and microchannel cooling products to address high-speed signal integrity and heat-management needs; initial design-award revenue is expected in the second half of 2027.
• The company expects major profitability gains, targeting a 26% adjusted EBITDA margin and $14 adjusted EPS by 2030, up from 14.2% and $2.39, respectively, in 2025, supported by manufacturing improvements and disciplined capital allocation.

Rogers NYSE: ROG outlined a plan to grow annual sales to more than $1.5 billion by 2030, supported by expansion in its core markets and targeted opportunities in AI data centers, battery systems and electromagnetic interference, or EMI, shielding.

At the company’s 2026 Analyst and Investor Day, President and CEO Ali El-Haj said the materials technology company is seeking to become “a leaner, faster, and higher growth company” after a period in which it did not consistently meet its potential.

“Our plan is to grow Rogers sales to over $1.5 billion by 2030,” El-Haj said. “Our focus today will be on how we can achieve this organic growth and unlock Rogers’ potential.”

The company said its growth strategy relies on established technologies, manufacturing platforms and customer relationships rather than unproven capabilities. Rogers supplies engineered materials used in connectivity, thermal management, power electronics, sealing, vibration management and protection applications across industrial, automotive, consumer electronics, aerospace and defense markets.

Core Markets and New Growth Platforms

Rogers expects its core markets to grow at an annual rate of about 5% through 2030. Aerospace and defense is expected to lead core-market growth at a high-single-digit rate, while automotive and industrial are forecast to grow at mid-single-digit rates. Electronics and communications are expected to grow at a low-single-digit pace, as gains in premium smartphones and other consumer electronics are partly offset by flat or lower wireless-infrastructure demand.

Beyond its core operations, Rogers identified data centers, battery systems and EMI shielding as adjacencies expected to contribute more than $450 million in annual revenue by 2030.

Data centers represent the largest of those opportunities, according to El-Haj. The company is pursuing demand for high-speed digital materials that can reduce signal loss in increasingly complex server architectures, as well as cooling products designed for higher-power AI chips.

Rogers said major industry participants are testing its low-loss circuit materials, with design awards expected to begin producing revenue in the second half of 2027. The company is also prototyping microchannel cooling products with multiple customers.

Nate Breeze, senior director of marketing for the Advanced Electronics Solutions, or AES, segment, said the company’s data-center products address two central challenges: maintaining signal integrity at higher transmission speeds and removing heat from increasingly power-intensive chips.

“AI infrastructure creates two increasingly difficult problems that map directly onto Rogers’ capabilities,” Breeze said. “The first, moving enormous amounts of data without losing signal integrity, and two, removing enormous amounts of heat from these increasingly powerful chips.”

Breeze said Rogers has developed a material that exceeds M9 performance requirements and has a path toward M10 and beyond. He also said the company has manufactured microchannel coolers for high-performance CPUs for 10 years and has shipped more than 10 million units across applications with no known field failures.

Battery Safety and EMI Shielding

Within its Elastomeric Material Solutions, or EMS, segment, Rogers is targeting thermal runaway protection for electric-vehicle and stationary energy-storage batteries. The company already supplies pressure-management materials that accommodate battery-cell expansion and contraction, and it plans to combine those capabilities with materials designed to limit thermal-event propagation.

Brian Minnis, vice president of the Silicones Business within EMS, said the company has supplied pressure-management materials to major EV manufacturers and Tier 1 battery producers for more than 15 years. Over the last five years, Rogers has manufactured and sold more than 100 million square feet of material used in EV pressure-management pads, he said.

EMS is also pursuing EMI-shielding opportunities through electrically conductive elastomers that can both seal sensitive systems and protect them from electromagnetic interference. Minnis said potential applications span EVs, battery energy-storage systems, aerospace and defense equipment, and satellite systems.

Margin, Earnings and Capital Priorities

El-Haj said the company expects its revenue growth and operating improvements to drive significant earnings expansion. He cited 2030 targets of 13% annual revenue growth, 26% adjusted EBITDA margin and $14 in adjusted earnings per share, describing the plan as an organic-growth strategy that excludes potential acquisitions.

For 2026, Rogers expects sales of about $870 million, compared with $811 million in 2025. El-Haj said the company expects EBITDA margin to improve by about 300 basis points and adjusted EPS to rise to $3.80 from $2.39 in 2025.

Chief Financial Officer Laura Russell said Rogers has already taken actions to consolidate portions of its manufacturing and research footprint, improve supplier strategies, raise manufacturing yields and implement more rigorous performance measures. She said these efforts have improved adjusted gross margin and EBITDA margin while lowering adjusted operating expense as a percentage of sales.

Russell said the company expects adjusted EBITDA margin to rise from 14.2% in 2025 to about 21% by 2028 and ultimately reach 26% by 2030. She added that Rogers intends to prioritize organic investment, selectively consider acquisitions that add capabilities or strengthen market positions, maintain financial flexibility and return excess capital to shareholders when appropriate.

Rogers said it had no debt, approximately $450 million available on its revolving credit facility, and had increased cash and short-term investments by roughly $80 million in recent years while investing in the business and repurchasing about $75 million of shares.

“These targets represent a significant transformation of Rogers,” Russell said. “However, they are not aspirations. Rather, they are our objectives that are supported by capabilities that we possess today, opportunities that are already in development, and operating improvements that are already underway.”

About Rogers (NYSE:ROG)

Rogers Corporation NYSE: ROG is a global manufacturer of engineered materials and components used in demanding applications across electronics, transportation, aerospace and defense, healthcare, and industrial markets. The company develops materials designed to provide electrical insulation, thermal management, vibration control, sealing, and protection in high-performance systems.

Its products include high-frequency circuit laminates and printed circuit board materials, thermal interface materials, power electronics substrates, elastomeric components, high-performance foams, and specialty composite materials.

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