8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): February 1, 2018

KEMET Corporation

(Exact name of registrant as specified in its charter)

Delaware	001-15491	57-0923789
(State of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2835 KEMET Way, Simpsonville, SC	29681
(Address of principal executive offices)	(Zip Code)

(864) 963-6300

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

-------------------------------------------------------------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition

On February 1, 2018, KEMET Corporation (the “Company”) issued a News Release announcing preliminary consolidated results for the third fiscal quarter ended December 31, 2017.

A copy of this News Release is furnished as Exhibit 99.1 to this Form 8-K.

Item 7.01 Regulation FD Disclosure

On February 1, 2018, the Company will host a conference call to discuss financial results for its third fiscal quarter ended December 31, 2017.  The slide package prepared for use by executive management for this presentation is attached hereto as Exhibit 99.2.  All of the information in the presentation is presented as of February 1, 2018, and the Company does not assume any obligation to update such information in the future.

The information included in this Form 8-K, as well as Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 8.01 Other Events

On February 1, 2018, (1) the Company issued a News Release that provided information regarding a Chinese Manufacturing Joint Venture, which is filed as Exhibit 99.3, and (2) the Company issued a News Release that provided information regarding its investment in Novasentis, which is filed as Exhibit 99.4.

Item 9.01 Financial Statements and Exhibits

(a) Not Applicable

(b) Not Applicable

(c) Not Applicable

(d) Exhibits

Exhibit No.	Description of Exhibit
99.1	News Release for December 2017 Quarter Earnings Release, dated February 1, 2018 issued by the Company.
99.2	Slide Package prepared for use in connection with the Company’s earnings conference call to be held on February 1, 2018.
99.3	News Release for Chinese Manufacturing Joint Venture, dated February 1, 2018 issued by the Company
99.4	News Release for Investment in Novasentis, dated February 1, 2018 issued by the Company

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	February 1, 2018	KEMET Corporation
	By:	/s/ WILLIAM M. LOWE, JR.
		William M. Lowe, Jr.
		Executive Vice President and
		Chief Financial Officer

EX-99.1

News Release

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:	William M. Lowe, Jr.	Richard J. Vatinelle
	Executive Vice President and	Vice President and
	Chief Financial Officer	Treasurer
	williamlowe@kemet.com	richardvatinelle@kemet.com
	864-963-6484	954-766-2838

KEMET REPORTS PRELIMINARY FISCAL 2018THIRD QUARTER RESULTS

• Quarterly sales for the Company of $306.4 million

• GAAP Gross margin of 30.2% up 490 basis points versus same quarter last year

• GAAP EPS of $0.32 per diluted share and Non-GAAP Adjusted EPS of $0.52 per diluted share

Greenville, South Carolina (February 1, 2018) - KEMET Corporation ("KEMET" or the “Company”) (NYSE: KEM), a leading global supplier of passive electronic components, today reported preliminary results for our third fiscal quarter ended December 31, 2017.

Net sales of $306.4 million for the quarter ended December 31, 2017increased$4.9 million, or 1.6%, from net sales of $301.5 million for the prior quarter ended September 30, 2017. Net sales increased $43.1 million, or 16.4%, up from proforma net sales (including the TOKIN acquisition) of $263.3 million at December 31, 2016.

U.S. GAAP net income was $18.6 million or $0.32 per diluted share for the quarter ended December 31, 2017, compared to U.S. GAAP net income of $12.8 million or $0.22 per diluted share for the quarter ended September 30, 2017. For the quarter ended December 31, 2016, the Company reported a U.S. GAAP net income of $12.3 million or $0.22 per diluted share. The company completed its acquisition of TOKIN on April 19, 2017, and as such, TOKIN’s results are included in our results for the quarters ended December 31, 2017 and September 30, 2017. However, for the quarter ended December 31, 2016 our results only included our 34% equity investment in TOKIN.

Non-U.S. GAAP adjusted net income was $30.6 million or $0.52 per diluted share for the quarter ended December 31, 2017, compared to non-U.S. GAAP adjusted net income of $26.5 million or $0.45 per diluted share for the quarter ended September 30, 2017. For the quarter ended December 31, 2016, the Company reported non-U.S. GAAP adjusted net income of $5.8 million or $0.11 per diluted share.

“What a difference a year makes.  The December quarter ended much stronger than we had predicted as customers continued to request product after the Christmas holiday.  Sales compared to one year ago on a proforma basis were up 16.4% in a market that continues to be vibrant,” stated Per Loof, the Company’s Chief Executive Officer.  "We believe we have a digital platform in place that will help us manage the growth in the market and we are employing additional capital as quickly as possible to provide needed additional capacity beginning later this summer which will generate further revenue in the back half of our next fiscal year,” continued Loof.

GAAP net income for the quarter ended June 30, 2017 included TOKIN acquisition gains totaling $135.6 million and equity method investment income of $75.4 million, primarily related to KEMET's thirty-four percent interest in TOKIN's gain on the sale of its electro-mechanical devices (“EMD”) business. In the quarter ended September 30, 2017, the Company increased the gain on acquisition by $1.3 million. In the quarter ended December 31, 2017, the Company

2835 KEMET Way, Simpsonville, SC 29681 USA

864.963.6300 www.kemet.com

increased the gain on acquisition by $0.3 million. The Company continues to evaluate the calculation of acquisition related gains and, as such, these preliminary numbers may change in the future.

Net income (loss) for the quarters ended December 31, 2017, September 30, 2017 and December 31, 2016 include various items affecting comparability as denoted in the U.S. GAAP to Non-U.S. GAAP reconciliation table included hereafter.

About KEMET

The Company’s common stock is listed on the NYSE under the ticker symbol “KEM” (NYSE: KEM).  At the Investor Relations section of our web site at http://www.kemet.com/IR, users may subscribe to KEMET news releases and find additional information about our Company.  KEMET offers our customers the broadest selection of capacitor technologies in the industry, along with an expanding range of electromechanical devices, electromagnetic compatibility solutions and supercapacitors. Our vision is to be the preferred supplier of electronic component solutions demanding the highest standards of quality, delivery and service. Additional information about KEMET can be found at http://www.kemet.com.

Quiet Period

Beginning April 1, 2018, we will observe a quiet period during which the information provided in this news release and quarterly report on Form 10-Q will no longer constitute our current expectations. During the quiet period, this information should be considered to be historical, applying prior to the quiet period only and not subject to update by management. The quiet period will extend until the day when our next quarterly earnings release is published.

Cautionary Statement on Forward-Looking Statements

Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about the Company’s financial condition and results of operations that are based on management’s current expectations, estimates and projections about the markets, in which the Company operates, as well as management’s beliefs and assumptions. Words such as “expects,” “anticipates,” “believes,” “estimates,” variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.

Factors that may cause actual outcomes and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to the following: (i) adverse economic conditions could impact our ability to realize operating plans if the demand for our products declines, and such conditions could adversely affect our liquidity and ability to continue to operate and cause a write down of long-lived assets or goodwill; (ii) an increase in the cost or a decrease in the availability of our principal or single-sourced purchased raw materials; (iii) changes in the competitive environment; (iv) uncertainty of the timing of customer product qualifications in heavily regulated industries; (v) economic, political, or regulatory changes in the countries in which we operate; (vi) difficulties, delays or unexpected costs in completing the restructuring plans; (vii) acquisitions and other strategic transactions expose us to a variety of risks; (viii) acquisition of TOKIN may not achieve all of the anticipated results; (ix) our business could be negatively impacted by increased regulatory scrutiny and litigation; (x) difficulties associated with retaining, attracting and training effective employees and management; (xi) the need to develop innovative products to maintain customer relationships and offset potential

price erosion in older products; (xii) exposure to claims alleging product defects; (xiii) the impact of laws and regulations that apply to our business, including those relating to environmental matters and cyber security; (xiv) the impact of international laws relating to trade, export controls and foreign corrupt practices; (xv) changes impacting international trade and corporate tax provisions related to the global manufacturing and sales of our products may have an adverse effect on our financial condition and results of operations; (xvi) volatility of financial and credit markets affecting our access to capital; (xvii) the need to reduce the total costs of our products to remain competitive; (xviii) potential limitation on the use of net operating losses to offset possible future taxable income; (xix) restrictions in our debt agreements that could limit our flexibility in operating our business; (xx) disruption to our information technology systems to function properly or control unauthorized access to our systems may cause business disruptions; (xxi) fluctuation in distributor sales could adversely affect our results of operations; and (xxii) earthquakes and other natural disasters could disrupt our operations and have a material adverse effect on our financial condition and results of operations.

Our acquisition accounting, including the acquisition gains, are preliminary as management continues to evaluate the fair value of the net assets acquired and consideration transferred. In addition, the allocation of the purchase price is based on estimates and assumption that are subject to change with the measurement period.

3

KEMET CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Amounts in thousands, except per share data)

(Unaudited)

	Quarters Ended December 31,
	2017			2016
Net sales	$	306,408		$	188,029
Operating costs and expenses:
Cost of sales (1)	213,947			140,551
Selling, general and administrative expenses (1)	47,751			26,520
Research and development (1)	10,005			7,013
Restructuring charges (credits)	3,530			(369		)
(Gain) loss on write down and disposal of long-lived assets	(902		)	132
Total operating costs and expenses	274,331			173,847
Operating income (loss)	32,077			14,182
Non-operating (income) expense:
Interest income	(252		)	(5		)
Interest expense	7,407			9,918
Acquisition gains	(310		)	—
Change in value of TOKIN option	—			(6,900		)
Other (income) expense, net (1)	4,769			(3,052		)
Income (loss) before income taxes and equity income (loss)	20,463			14,221
Income tax expense (benefit)	2,060			1,810
Income (loss) before equity income (loss)	18,403			12,411
Equity income (loss) from equity method investments	238			(133		)
Net income (loss)	$	18,641		$	12,278
Net income (loss) per basic share	$	0.33		$	0.26
Net income (loss) per diluted share	$	0.32		$	0.22
Weighted-average shares outstanding:
Basic	56,778			46,606
Diluted	58,937			55,296

_________________

⁽¹⁾ Quarter ended December 31, 2016 adjusted due to the adoption of ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

4

KEMET CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Amounts in thousands, except per share data)

(Unaudited)

	December 31, 2017			March 31, 2017
ASSETS
Current assets:
Cash and cash equivalents	$	284,166		$	109,774
Accounts receivable, net	140,239			92,526
Inventories, net	201,091			147,955
Prepaid expenses and other (1)	38,551			28,782
Total current assets	664,047			379,037
Property, plant and equipment, net of accumulated depreciation of $853,623 and $821,276 as of December 31, 2017 and March 31, 2017, respectively	374,719			209,311
Goodwill	40,294			40,294
Intangible assets, net	61,068			29,781
Equity method investments	8,750			63,416
Deferred income taxes (1)	11,922			8,367
Other assets	10,987			4,119
Total assets	$	1,171,787		$	734,325
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	20,359		$	2,000
Accounts payable	133,314			69,674
Accrued expenses	108,360			57,752
Income taxes payable	4,541			715
Total current liabilities	266,574			130,141
Long-term debt, less current portion	307,803			386,211
Other non-current obligations	152,718			60,131
Deferred income taxes	6,694			3,370
Stockholders’ equity:
Preferred stock, par value $0.01, authorized 10,000 shares, none issued	—			—
Common stock, par value $0.01, authorized 175,000 shares, issued 56,595 and 46,689 shares at December 31, 2017 and March 31, 2017, respectively	566			467
Additional paid-in capital	460,087			447,671
Retained earnings (deficit) (1)	242			(251,854		)
Accumulated other comprehensive income	(22,897		)	(41,812		)
Total stockholders’ equity	437,998			154,472
Total liabilities and stockholders’ equity	$	1,171,787		$	734,325

_________________

⁽¹⁾ March 31, 2017 adjusted due to the adoption of Accounting Standards Update ("ASU") No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory

5

KEMET CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	Nine-Month Periods Ended December 31,
	2017			2016
Net income (loss)	$	252,096		$	(4,925	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	36,694			27,971
Equity (income) loss from equity-method investments	(75,879		)	(271		)
Acquisition gains	(137,183		)	—
Non-cash debt and financing costs	1,820			561
(Gain) loss on early extinguishment of debt	486			—
Stock-based compensation expense	4,837			3,471
Receivable write down	162			64
Change in value of TOKIN option	—			3,500
(Gain) loss on write down and disposal of long-lived assets	(922		)	6,500
Pension and other post-retirement benefits	3,897			2,096
Change in deferred income taxes	(3,792		)	819
Change in operating assets	26,296			21,459
Change in operating liabilities	(26,316		)	(18,918		)
Other	499			(183		)
Net cash provided by (used in) operating activities	82,695			42,144
Investing activities:
Capital expenditures	(30,925		)	(15,011		)
Acquisitions, net of cash received	167,129			—
Proceeds from sale of assets	1,227			—
Proceeds from dividend	2,731			—
Net cash provided by (used in) investing activities	140,162			(15,011		)
Financing activities:
Payments on revolving line of credit	(33,881		)	—
Payments on long-term obligations	(361,625		)	(2,428		)
Proceeds from issuance of debt	334,978			—
Debt issuance costs	(5,002		)	—
Purchase of treasury stock	—			(1,052		)
Proceeds from exercise of stock warrants	8,838			—
Proceeds from exercise of stock options	5,122			69
Net cash provided by (used in) financing activities	(51,570		)	(3,411		)
Net increase (decrease) in cash and cash equivalents	171,287			23,722
Effect of foreign currency fluctuations on cash	3,105			(1,370		)
Cash and cash equivalents at beginning of fiscal period	109,774			65,004
Cash and cash equivalents at end of fiscal period	$	284,166		$	87,356

6

Non-U.S. GAAP Financial Measures

The Company utilizes certain Non-U.S. GAAP financial measures, including "Adjusted gross margin", "Adjusted operating income (loss)", “Adjusted net income (loss)”, “Adjusted net income (loss) per share” and “Adjusted EBITDA”.  Management believes that investors may find it useful to review the Company’s financial results as adjusted to exclude items as determined by management as further described below.

Adjusted Gross Margin

Adjusted gross margin represents net sales less cost of sales excluding adjustments which are outlined in the quantitative reconciliation provided below.  Management uses adjusted gross margin to facilitate our analysis and understanding of our business operations by excluding the items outlined in the quantitative reconciliation provided below which might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. The Company believes that adjusted gross margin is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company.  Adjusted gross margin should not be considered as an alternative to gross margin or any other performance measure derived in accordance with U.S. GAAP.

The following table provides reconciliation from U.S. GAAP Gross margin to Non-U.S. GAAP adjusted gross margin (amounts in thousands, except percentages):

	Quarters Ended
	(Unaudited)
	December 31, 2017			September 30, 2017			December 31, 2016 (1)
Net sales	$	306,408		$	301,471		$	188,029
Cost of sales	213,947			216,395			140,551
Gross margin (U.S. GAAP)	92,461			85,076			47,478
Gross margin as a % of net sales	30.2		%	28.2		%	25.3		%
Non-U.S. GAAP adjustments:
Stock-based compensation expense	402			342			308
Adjusted gross margin (non-GAAP)	$	92,863		$	85,418		$	47,786
Adjusted gross margin as a % of net sales (non-GAAP)	30.3		%	28.3		%	25.4		%

_________________

⁽¹⁾ Quarter ended December 31, 2016 adjusted due to the adoption of ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

7

Adjusted Operating Income (Loss)

Adjusted operating income (loss) represents operating income (loss), excluding adjustments which are outlined in the quantitative reconciliation provided below. Management uses adjusted operating income (loss) to facilitate our analysis and understanding of our business operations by excluding the items outlined in the quantitative reconciliation provided earlier in this presentation which might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. The Company believes that adjusted operating income (loss) is useful to investors to provide a supplemental way to understand our underlying operating performance and allows investors to monitor and understand changes in our ability to generate income from ongoing business operations. Adjusted operating income (loss) should not be considered as an alternative to operating income (loss) or any other performance measure derived in accordance with U.S. GAAP.

Adjusted operating income (loss) is calculated as follows (amounts in thousands):

	Quarters Ended
	(Unaudited)
	December 31, 2017			September 30, 2017			December 31, 2016 (1)
Operating income (loss) (U.S. GAAP)	$	32,077		$	31,643		$	14,182
Adjustments:
ERP integration/IT transition costs	—			—			1,734
Stock-based compensation expense	2,206			1,530			1,139
Restructuring charges	3,530			1,393			(369		)
Legal expenses/fines related to antitrust class actions	1,482			2,375			293
TOKIN investment-related expenses	—			—			204
(Gain) loss on write down and disposal of long-lived assets	(902		)	(39		)	132
Adjusted operating income (loss) (non-GAAP)	$	38,393		$	36,902		$	17,315

_________________

⁽¹⁾ Quarter ended December 31, 2016 adjusted due to the adoption of ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share

“Adjusted net income (loss)” and “Adjusted net income (loss) per basic and diluted share” represent net income (loss) and net income (loss) per basic and diluted share excluding adjustments which are outlined in the quantitative reconciliation provided below.  The Company believes that these Non-U.S. GAAP financial measures are useful to investors because they provide a supplemental way to understand the underlying operating performance of the Company and allows investors to monitor and understand changes in our ability to generate income from ongoing business operations.  Management uses these Non-U.S. GAAP financial measures to evaluate operating performance by excluding the items outlined in the quantitative reconciliation provided earlier in this presentation which might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. Non-U.S. GAAP financial measures should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with U.S. GAAP.

8

The following table provides reconciliation from U.S. GAAP net income (loss) to Non-U.S. GAAP Adjusted net income (loss) (amounts in thousands, except per share data):

	Quarters Ended
	(Unaudited)
	December 31, 2017			September 30, 2017			December 31, 2016
U.S. GAAP
Net sales	$	306,408		$	301,471		$	188,029
Net income (loss)	$	18,641		$	12,849		$	12,278
Net income (loss) per basic share	$	0.33		$	0.26		$	0.26
Net income (loss) per diluted share	$	0.32		$	0.22		$	0.22
Non-U.S. GAAP
Net income (loss)	$	18,641		$	12,849		$	12,278
Adjustments:
Net foreign exchange (gain) loss	2,239			1,891			(2,621		)
ERP integration/IT transition costs	—			—			1,734
Stock-based compensation expense	2,206			1,530			1,139
Restructuring charges	3,530			1,393			(369		)
Legal expenses/fines related to antitrust class actions	4,073			10,327			293
TOKIN investment-related expenses	—			—			204
Amortization included in interest expense	696			664			183
Acquisition gains	(310		)	(1,285		)	—
Equity (income) loss from equity method investments	(238		)	(224		)	133
(Gain) loss on write down and disposal of long-lived assets	(902		)	(39		)	132
Change in value of TOKIN option	—			—			(6,900		)
Income tax effect of non-U.S. GAAP adjustments (1)	667			(631		)	(396		)
Adjusted net income (loss) (non-GAAP)	$	30,602		$	26,475		$	5,810
Adjusted net income (loss) per basic share (non-GAAP)	$	0.54		$	0.53		$	0.12
Adjusted net income (loss) per diluted share (non-GAAP)	$	0.52		$	0.45		$	0.11
Weighted average shares outstanding:
Weighted average shares-basic	56,778			49,819			46,606
Weighted average shares-diluted	58,937			58,409			55,296

_________________

⁽¹⁾ The income tax effect of the excluded items is calculated by applying the applicable jurisdictional income tax rate, considering the deferred tax valuation for each applicable jurisdiction.

9

Adjusted EBITDA

Adjusted EBITDA represents net income (loss) before net interest expense, income tax expense (benefit), and depreciation and amortization expense, adjusted to exclude certain items which are outlined in the quantitative reconciliation provided herein.  We use adjusted EBITDA to monitor and evaluate our operating performance and to facilitate internal and external comparisons of the historical operating performance of our business.  We present adjusted EBITDA as a supplemental measure of our performance and ability to service debt.  We also present adjusted EBITDA because we believe such measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

We believe adjusted EBITDA is an appropriate supplemental measure of debt service capacity, because cash expenditures on interest are, by definition, available to pay interest, and tax expense is inversely correlated to interest expense because tax expense goes down as deductible interest expense goes up; depreciation and amortization are non-cash charges. The other adjustments to arrive at adjusted EBITDA are excluded in order to better reflect our continuing operations.

In evaluating adjusted EBITDA, you should be aware that in the future we may incur expenses similar to the adjustments noted below.  Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these types of adjustments.  Adjusted EBITDA is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with U.S. GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.

Our adjusted EBITDA measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP.  Some of these limitations are:

• it does not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments;

• it does not reflect changes in, or cash requirements for, our working capital needs;

• it does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;

• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and our adjusted EBITDA measure does not reflect any cash requirements for such replacements;

• it is not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;

• it does not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations;

• it does not reflect limitations on or costs related to transferring earnings from our subsidiaries to us; and

• other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations.  You should compensate for these limitations by relying primarily on our U.S. GAAP results and using adjusted EBITDA as supplementary information.

10

The following table provides a reconciliation from U.S. GAAP net income (loss) to Adjusted EBITDA (amounts in thousands):

	Quarters Ended
	(Unaudited)
	December 31, 2017			September 30, 2017			December 31, 2016
Net income (loss) (U.S. GAAP)	$	18,641		$	12,849		$	12,278
Interest expense, net	7,155			7,270			9,913
Income tax expense (benefit)	2,060			2,880			1,810
Depreciation and amortization	11,125			13,326			9,095
EBITDA (non-GAAP)	38,981			36,325			33,096
Excluding the following items:
Change in value of TOKIN option	—			—			(6,900		)
Net foreign exchange (gain) loss	2,239			1,891			(2,621		)
Stock-based compensation expense	2,206			1,530			1,139
ERP integration/IT transition costs	—			—			1,734
Restructuring charges	3,530			1,393			(369		)
Legal expenses/fines related to antitrust class actions	4,073			10,327			293
TOKIN investment-related expenses	—			—			204
Acquisition gains	(310		)	(1,285		)	—
Equity (income) loss from NEC TOKIN	(238		)	(224		)	133
(Gain) loss on write down and disposal of long-lived assets	(902		)	(39		)	132
Adjusted EBITDA (non-GAAP)	$	49,579		$	49,918		$	26,841

11

EX-99.2

Third Quarter Earnings Conference Call February 1, 2018 Quarter Ended December 31, 2017

Cautionary Statement Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about KEMET Corporation's (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which the Company operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise. Factors that may cause actual outcomes and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to the following: (i) adverse economic conditions could impact our ability to realize operating plans if the demand for our products declines, and such conditions could adversely affect our liquidity and ability to continue to operate and cause a write down of long-lived assets or goodwill; (ii) an increase in the cost or a decrease in the availability of our principal or single-sourced purchased raw materials; (iii) changes in the competitive environment; (iv) uncertainty of the timing of customer product qualifications in heavily regulated industries; (v) economic, political, or regulatory changes in the countries in which we operate; (vi) difficulties, delays or unexpected costs in completing the restructuring plans; (vii) acquisitions and other strategic transactions expose us to a variety of risks; (viii) acquisition of TOKIN may not achieve all of the anticipated results; (ix) our business could be negatively impacted by increased regulatory scrutiny and litigation; (x) difficulties associated with retaining, attracting and training effective employees and management; (xi) the need to develop innovative products to maintain customer relationships and offset potential price erosion in older products; (xii) exposure to claims alleging product defects; (xiii) the impact of laws and regulations that apply to our business, including those relating to environmental matters and cyber security; (xiv) the impact of international laws relating to trade, export controls and foreign corrupt practices; (xv) changes impacting international trade and corporate tax provisions related to the global manufacturing and sales of our products may have an adverse effect on our financial condition and results of operations; (xvi) volatility of financial and credit markets affecting our access to capital; (xvii) the need to reduce the total costs of our products to remain competitive; (xviii) potential limitation on the use of net operating losses to offset possible future taxable income; (xix) restrictions in our debt agreements that could limit our flexibility in operating our business; (xx) disruption to our information technology systems to function properly or control unauthorized access to our systems may cause business disruptions; (xxi) fluctuation in distributor sales could adversely affect our results of operations; and (xxii) earthquakes and other natural disasters could disrupt our operations and have a material adverse effect on our financial condition and results of operations. Our acquisition accounting, including the acquisition gains, are preliminary as management continues to evaluate the fair value of the net assets acquired and consideration transferred. In addition, the allocation of the purchase price is based on estimates and assumption that are subject to change with the measurement period. 2

Income Statement Highlights U.S. GAAP (Unaudited) 3 For the Quarters Ended (Amounts in thousands, except percentages and per share data) Dec 2017 Sep 2017 Dec 2016 Net sales $ 306,408 $ 301,471 $ 188,029 Gross margin (1) $ 92,461 $ 85,076 $ 47,478 Gross margin as a percentage of net sales 30.2% 28.2% 25.3% Selling, general and administrative (1) $ 47,751 $ 42,417 $ 26,520 SG&A as a percentage of net sales 15.6% 14.1% 14.1% Operating income (loss) (1) $ 32,077 $ 31,643 $ 14,182 Net income (loss) $ 18,641 $ 12,849 $ 12,278 Per basic and diluted share data: Net income (loss) per basic share $ 0.33 $ 0.26 $ 0.26 Net income (loss) per diluted share 0.32 0.22 0.22 Weighted avg. shares - basic 56,778 49,819 46,606 Weighted avg. shares - diluted 58,937 58,409 55,296 (1) Quarter ended December 31, 2016 adjusted due to the adoption of Accounting Standards Update ("ASU") No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Note: The Company completed its acquisition of TOKIN on April 19, 2017, and as such TOKIN’s results are included in our results for the quarters ended December 31, 2017 and September 30, 2017. However, for the quarter ended December 31, 2016 our results only included our 34% equity investment in TOKIN.

Income Statement Highlights Non-GAAP (Unaudited) 4 For the Quarters Ended (Amounts in thousands, except percentages and per share data) Dec 2017 Sep 2017 Dec 2016 Net sales $ 306,408 $ 301,471 $ 188,029 Adjusted gross margin (1) $ 92,863 $ 85,418 $ 47,786 Adjusted gross margin as a percentage of net sales 30.3% 28.3% 25.4% Adjusted selling, general and administrative (1) $ 44,517 $ 38,900 $ 23,504 Adjusted SG&A as a percentage of net sales 14.5% 12.9% 12.5% Adjusted operating income (loss) (1) $ 38,393 $ 36,902 $ 17,315 Adjusted net income (loss) $ 30,602 $ 26,475 $ 5,810 Adjusted EBITDA $ 49,579 $ 49,918 $ 26,841 Adjusted EBITDA margin as a percentage of net sales 16.2% 16.6% 14.3% Per share data: Adjusted net income (loss) - basic $ 0.54 $ 0.53 $ 0.12 Adjusted net income (loss) - diluted $ 0.52 $ 0.45 $ 0.11 Weighted avg. shares - basic 56,778 49,819 46,606 Weighted avg. shares - diluted 58,937 58,409 55,296 (1) Quarter ended December 31, 2016 adjusted due to the adoption of Accounting Standards Update ("ASU") No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.

Financial Highlights (Unaudited) (1) Calculated as accounts receivable, net, plus inventories, net, less accounts payable. (2) Current quarter's accounts receivable divided by annualized current quarter’s Net sales multiplied by 365. (3) Current quarter's accounts payable divided by annualized current quarter's cost of goods sold multiplied by 365. (Amounts in millions, except DSO and DPO) Dec 2017 Sep 2017 FX Impact Cash, cash equivalents $ 284.2 $ 253.7 $ 1.4 Capital expenditures $ 13.1 $ 10.5 Short-term debt $ 20.4 $ 20.4 Long-term debt 322.1 326.4 Debt (discount)/premium and issuance costs (14.3) (15.0) Total debt $ 328.2 $ 331.8 $ — Equity $ 438.0 $ 416.1 $ 7.5 Net working capital (1) $ 208.0 $ 200.8 $ 3.8 Days in receivables (DSO) (2) 42 42 Days in payables (DPO) (3) 57 58 5

Financial Trends Quarterly Sales Summary U.S. GAAP (Unaudited) 6 KEMET Net Sales 310 290 270 250 230 210 190 170 150 130 110 90 70 50 $ (M illi on s) Dec 2016 Mar 2017 Jun 2017 (1) Sep 2017 Dec 2017 $188 $198 $274 $301 $306 (1) Includes TOKIN revenues beginning April 19, 2017.

Financial Trends Quarterly Sales Summary U.S. GAAP (Unaudited) 7 KEMET Net Sales 300 250 200 $ (M illi on s) Dec 2016 (1) Mar 2017 (1) Jun 2017 (2) Sep 2017 Dec 2017 $263 $277 $291 $301 $306 (1) The December 2016 and March 2017 quarters are shown on a proforma basis including TOKIN sales of $75 million and $79 million, respectively. (2) The June 2017 quarter is shown on a proforma basis including TOKIN as if owned for the entire quarter (acquisition occurred April 19, 2017).

LTM Adjusted EBITDA Margins Non-GAAP (Unaudited) 8 16.5% 16.0% 15.5% 15.0% 14.5% 14.0% 13.5% 13.0% Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 13.6% 13.9% 14.7% 15.3% 15.8%

LTM Operating Income Margins U.S. GAAP (Unaudited) 9 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 4.8% 4.7% 6.4% 8.6% 9.3% Note: LTM ended Dec 2016, Mar 2017, Jun 2017 and Sep 2017 adjusted due to the adoption of Accounting Standards Update ("ASU") No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.

Financial Trends Quarterly Cash and Cash Equivalents U.S. GAAP (Unaudited) 10 KEMET TOKIN (1) $300 $270 $240 $210 $180 $150 $120 $90 $60 $30 $0 $ (M illi on s) Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 $43 $65 $53 $75 $87 $110 $226 $254 $284 $92 $92 $97 $100 $107 $107 (1) TOKIN results exclude the EMD business which was sold on April 14, 2017.

Debt Trend - Q3 FY2018 (Unaudited) LT Debt ST Debt Total Debt $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 $ (M ill io ns ) Mar 2017 Jun 2017 Sep 2017 Dec 2017 $386 $315 $311 $308 $2 $388 $20 $335 $20 $331 $20 $328 Cash interest ~ $2.1M per month. Principal ~ $4.3M per quarter. Revolver Facility $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 $ (M ill io ns ) Fac ility am oun t Bo rro win g B ase Dra wn $75 $65 $0 Debt Trend - Q3 FY2018 (Unaudited) 11

Leverage Non-GAAP (Unaudited) Leverage (Debt/Adjusted EBITDA) FY15 FY16 FY17 6/30/17 TTM 9/30/17 TTM 12/31/17 TTM 4.2 4.3 3.7 2.7 2.3 1.9 12

Net Debt (Unaudited) Net Debt (Debt less Cash on hand) $ (M ill io ns ) FY15 FY16 FY17 6/30/17 TTM 9/30/17 TTM 12/31/17 TTM $331 $323 $278 $110 $78 $44 13

Capacity Summary • 10% increase in overall capacity • Anticipated CapEx spend of $20M in FY19 resulting in potential $100M run rate revenue – Tantalum – 23% (Polymer) – Ceramics – 14% (High CV) – Film – 15% (Automotive) – Al Electrolytics – 25% (Axial Automotive) – MSA– 12% (Sensors, Actuator & Materials) 14

Sales Summary - Q3 FY2018 (Unaudited) 15 INDUSTRY Telecom: 13% Computer: 20% Consumer: 15%Ind/Light: 27% Automotive: 16% Def: 4% Med: 5% CHANNEL Distributors: 39% EMS: 13% OEM: 48% PRODUCT LINE TA: 41% CE: 22% F&E: 17% MSA: 20% REGION Americas: 21% EMEA: 22% JPKO: 16% APAC: 41%

Adjusted Gross Margin - GAAP Reconciliation Solid Capacitors (Unaudited) 16 For the Quarters Ended (Amounts in thousands, except percentages) Dec 2017 Sep 2017 Dec 2016 Net sales $ 195,049 $ 191,267 $ 141,555 Gross margin (U.S. GAAP) (1) 71,241 66,408 43,207 Gross margin as a percentage of net sales 36.5 % 34.7 % 30.5 % Adjustments: Stock-based compensation expense 256 233 211 Adjusted gross margin (non-GAAP) $ 71,497 $ 66,641 $ 43,418 Adjusted gross margin as a percentage of net sales 36.7 % 34.8 % 30.7 % (1) Quarter ended December 31, 2016 adjusted due to the adoption of Accounting Standards Update ("ASU") No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.

Adjusted Gross Margin - GAAP Reconciliation Film & Electrolytics (Unaudited) 17 For the Quarters Ended (Amounts in thousands, except percentages) Dec 2017 Sep 2017 Dec 2016 Net sales (1) $ 51,300 $ 47,901 $ 46,474 Gross margin (U.S. GAAP) (1) 4,278 3,695 4,271 Gross margin as a percentage of net sales 8.3% 7.7% 9.2% Adjustments: Stock-based compensation expense 146 109 97 Adjusted gross margin (non-GAAP) $ 4,424 $ 3,804 $ 4,368 Adjusted gross margin as a percentage of net sales 8.6% 7.9% 9.4% (1) Quarter ended December 31, 2016 adjusted due to the adoption of Accounting Standards Update ("ASU") No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.

Gross Margin - U.S. GAAP Electro-magnetic, Sensors & Actuators(1) (Unaudited) 18 For the Quarters Ended (Amounts in thousands, except percentages) Dec 2017 Sep 2017 Dec 2016 Net sales $ 60,059 $ 62,303 $ — Gross margin 16,942 14,973 — Gross margin as a percentage of net sales 28.2% 24.0% —% (1) Electro-magnetic, Sensors & Actuators ("MSA") is a new segment which is comprised of TOKIN's electro-magnetically compatible materials and components, piezo materials and actuators and various types of sensors acquired in connection with the TOKIN acquisition on April 19, 2017.

Appendix

Adjusted Gross Margin Non-GAAP (Unaudited) 20 For the Quarters Ended (Amounts in thousands, except percentages) Dec 2017 Sep 2017 Dec 2016 Net Sales $ 306,408 $ 301,471 $ 188,029 Gross Margin (U.S. GAAP) (1) $ 92,461 $ 85,076 $ 47,478 Gross margin as a percentage of net sales 30.2% 28.2% 25.3% Adjustments: Stock-based compensation expense 402 342 308 Adjusted gross margin (non-GAAP) $ 92,863 $ 85,418 $ 47,786 Adjusted gross margin as a percentage of net sales 30.3% 28.3% 25.4% (1) Quarter ended December 31, 2016 adjusted due to the adoption of Accounting Standards Update ("ASU") No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.

Adjusted Selling, General & Administrative Expenses Non-GAAP (Unaudited) 21 For the Quarters Ended (Amounts in thousands, except percentages) Dec 2017 Sep 2017 Dec 2016 Net sales $ 306,408 $ 301,471 $ 188,029 Selling, general and administrative expenses (U.S. GAAP) (1) $ 47,751 $ 42,417 $ 26,520 Selling, general, and administrative as a percentage of net sales 15.6% 14.1% 14.1% Less adjustments: ERP integration/IT transition costs — — 1,734 Stock-based compensation expense 1,752 1,142 785 Legal expenses/fines related to antitrust class actions 1,482 2,375 293 TOKIN investment-related expenses — — 204 Adjusted selling, general and administrative expenses (non- GAAP) $ 44,517 $ 38,900 $ 23,504 Adjusted selling, general, and administrative as a percentage of net sales 14.5% 12.9% 12.5% (1) Quarter ended December 31, 2016 adjusted due to the adoption of Accounting Standards Update ("ASU") No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.

Adjusted Operating Income (Loss) Non-GAAP (Unaudited) 22 For the Quarters Ended (Amounts in thousands) Dec 2017 Sep 2017 Dec 2016 Operating income (loss) (U.S. GAAP) (1) $ 32,077 $ 31,643 $ 14,182 Adjustments: Restructuring charges 3,530 1,393 (369) Legal expenses related to antitrust class actions 1,482 2,375 293 Stock-based compensation expense 2,206 1,530 1,139 (Gain) loss on write-down and disposal of long-lived assets (902) (39) 132 ERP integration/IT transition costs — — 1,734 TOKIN investment-related expenses — — 204 Adjusted operating income (loss) (non-GAAP) $ 38,393 $ 36,902 $ 17,315 (1) Quarter ended December 31, 2016 adjusted due to the adoption of Accounting Standards Update ("ASU") No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.

Adjusted Net Income (Loss) Non-GAAP (Unaudited) For the Quarters Ended (Amounts in thousands, except per share data) Dec 2017 Sep 2017 Dec 2016 Net income (loss) (U.S. GAAP) $ 18,641 $ 12,849 $ 12,278 Adjustments: Equity (income) loss from equity method investments (238) (224) 133 Acquisition Gains (310) (1,285) — Net foreign exchange (gain) loss 2,239 1,891 (2,621) Restructuring charges 3,530 1,393 (369) Legal expenses related to antitrust class actions 4,073 10,327 293 Stock-based compensation expense 2,206 1,530 1,139 Amortization included in interest expense 696 664 183 Income tax effect of non-U.S. GAAP adjustments (1) 667 (631) (396) (Gain) loss on write-down and disposal of long-lived assets (902) (39) 132 Change in value of TOKIN option — — (6,900) ERP integration/IT transition costs — — 1,734 TOKIN investment-related expenses — — 204 Adjusted net income (loss) (non-GAAP) $ 30,602 $ 26,475 $ 5,810 Adjusted net income (loss) per share - basic $ 0.54 $ 0.53 $ 0.13 Adjusted net income (loss) per share - diluted $ 0.52 $ 0.45 $ 0.11 Adjusted EBITDA (non-GAAP) $ 49,579 $ 49,918 $ 26,841 Weighted avg. shares - basic 56,778 49,819 46,606 Weighted avg. shares - diluted 58,937 58,409 55,296 23 (1) The income tax effect of the excluded items is calculated by applying the applicable jurisdictional income tax rate, considering the deferred tax valuation for each applicable jurisdiction.

Adjusted EBITDA Reconciliation Non-GAAP (Unaudited) 24 For the Quarters Ended (Amounts in thousands) Dec 2017 Sep 2017 Dec 2016 Net income (loss) (U.S. GAAP) $ 18,641 $ 12,849 $ 12,278 Interest expense (income), net 7,155 7,270 9,913 Income tax expense (benefit) 2,060 2,880 1,810 Depreciation and amortization 11,125 13,326 9,095 EBITDA (non-GAAP) 38,981 36,325 33,096 Excluding the following items: Equity (income) loss from equity method investments (238) (224) 133 Acquisition Gain (310) (1,285) — Net foreign exchange (gain) loss 2,239 1,891 (2,621) Restructuring charges 3,530 1,393 (369) Legal expenses related to antitrust class actions 4,073 10,327 293 Stock-based compensation expense 2,206 1,530 1,139 (Gain) loss on write-down and disposal of long-lived assets (902) (39) 132 Change in value of TOKIN option — — (6,900) TOKIN investment-related expenses — — 204 ERP integration/IT transition costs — — 1,734 Adjusted EBITDA (non-GAAP) $ 49,579 $ 49,918 $ 26,841

Quarters Ended LTM (Amounts in thousands, except percentages) Mar 2016 Jun 2016 Sep 2016 Dec 2016 Dec 2016 Net Sales $ 183,926 $ 184,935 $ 187,308 $ 188,029 $ 744,198 Net income (loss) (15,173) (12,205) (4,998) 12,278 (20,098) Income tax expense (benefit) 2,056 1,800 830 1,810 6,496 Interest expense, net 9,925 9,920 9,904 9,913 39,662 Depreciation and amortization 10,160 9,436 9,440 9,095 38,131 EBITDA 6,968 8,951 15,176 33,096 64,191 Excluding the following items (Non-GAAP): Change in value of TOKIN options — 12,000 (1,600) (6,900) 3,500 Equity (income) loss from equity method investments 11,648 (223) (181) 133 11,377 Restructuring charges 617 688 3,998 (369) 4,934 ERP integration costs / IT transition costs 859 1,768 1,783 1,734 6,144 Stock-based compensation expense 1,013 1,228 1,104 1,139 4,484 Legal expenses related to antitrust class actions 482 1,175 766 293 2,716 Net foreign exchange (gain) loss 122 (1,920) (724) (2,621) (5,143) TOKIN investment-related expenses 265 206 194 204 869 Plant start-up costs 319 308 119 — 746 Plant shut-down costs 141 — — — 141 (Gain) loss on write-down and disposal of long-lived assets 608 91 6,277 132 7,108 Adjusted EBITDA (non-GAAP) $ 23,042 $ 24,272 $ 26,912 $ 26,841 $ 101,067 Adjusted EBITDA Margin (non-GAAP) 12.5% 13.1% 14.4% 14.3% 13.6% Adjusted EBITDA Reconciliation Non-GAAP (Unaudited) 25

Adjusted EBITDA Reconciliation Non-GAAP (Unaudited) 26 (Amounts in thousands, except percentages) 2015 2016 2017 Net Sales $ 823,192 $ 734,823 $ 757,791 Net income (loss) (14,143) (53,629) 47,989 Income tax expense (benefit) 5,227 6,006 4,290 Interest expense, net 40,686 39,591 39,731 Depreciation and amortization 40,768 39,016 37,338 EBITDA 72,538 30,984 129,348 Excluding the following items (Non-GAAP): Change in value of TOKIN options (2,100) 26,300 (10,700) Equity (income) loss from equity method investments 2,169 16,406 (41,643) Restructuring charges 13,017 4,178 5,404 ERP integration costs / IT transition costs 3,248 5,677 7,045 Stock-based compensation expense 4,512 4,774 4,720 Legal expenses related to antitrust class actions 844 3,041 2,640 Net foreign exchange (gain) loss (4,249) (3,036) (3,758) TOKIN investment-related expenses 1,778 900 1,101 Plant start-up costs 4,556 861 427 (Gain) loss on write-down and disposal of long-lived assets (221) 375 10,671 Plant shut-down costs 889 372 — Pension plan adjustment — 312 — (Income) loss from discontinued operations (5,379) — — (Gain) loss on early extinguishment of debt (1,003) — — Professional fees related to financing activities 1,142 — — Adjusted EBITDA (non-GAAP) $ 91,741 $ 91,144 $ 105,255 Adjusted EBITDA Margin (non-GAAP) 11.1% 12.4% 13.9% Total Debt as of March 31, $ 387,282 $ 387,833 $ 388,211 Leverage ratio (Debt/Adjusted EBITDA) 4.2 4.3 3.7

Quarters Ended LTM (Amounts in thousands, except percentages) Sep 2016 Dec 2016 Mar 2017 Jun 2017 Jun 2017 Net Sales $ 187,308 $ 188,029 $ 197,519 $ 274,000 $ 846,856 Net income (loss) (4,998) 12,278 52,914 220,606 280,800 Income tax expense (benefit) 830 1,810 (150) 1,150 3,640 Interest expense, net 9,904 9,913 9,994 10,894 40,705 Depreciation and amortization 9,440 9,095 9,367 12,243 40,145 EBITDA 15,176 33,096 72,125 244,893 365,290 Excluding the following items (Non-GAAP): Change in value of TOKIN options (1,600) (6,900) (14,200) — (22,700) Equity (income) loss from equity method investments (181) 133 (41,372) (75,417) (116,837) Acquisition Gain — — — (135,588) (135,588) Restructuring charges 3,998 (369) 1,087 1,613 6,329 ERP integration costs / IT transition costs 1,783 1,734 1,760 — 5,277 Stock-based compensation expense 1,104 1,139 1,249 1,101 4,593 Legal expenses related to antitrust class actions 766 293 406 1,141 2,606 Net foreign exchange (gain) loss (724) (2,621) 1,507 5,043 3,205 TOKIN investment-related expenses 194 204 497 — 895 Plant start-up costs 119 — — — 119 (Gain) loss on write-down and disposal of long-lived assets 6,277 132 4,171 19 10,599 (Gain) loss on early extinguishment of debt — — — 486 486 Adjusted EBITDA (non-GAAP) $ 26,912 $ 26,841 $ 27,230 $ 43,291 $ 124,274 Adjusted EBITDA Margin (non-GAAP) 14.4% 14.3% 13.8% 15.8% 14.7% Total Debt balance as of June 30, 2017 335,145 Leverage ratio (Debt/Adjusted EBITDA) 2.7 Adjusted EBITDA Reconciliation Non-GAAP (Unaudited) 27

Quarters Ended LTM (Amounts in thousands, except percentages) Dec 2016 Mar 2017 Jun 2017 Sep 2017 Sep 2017 Net Sales $ 188,029 $ 197,519 $ 274,000 $ 301,471 $ 961,019 Net income (loss) 12,278 52,914 220,606 12,849 298,647 Income tax expense (benefit) 1,810 (150) 1,150 7,270 10,080 Interest expense, net 9,913 9,994 10,894 2,880 33,681 Depreciation and amortization 9,095 9,367 12,243 13,326 44,031 EBITDA 33,096 72,125 244,893 36,325 386,439 Excluding the following items (Non-GAAP): Change in value of TOKIN options (6,900) (14,200) — — (21,100) Equity (income) loss from equity method investments 133 (41,372) (75,417) (224) (116,880) Acquisition Gain — — (135,588) (1,285) (136,873) Restructuring charges (369) 1,087 1,613 1,393 3,724 ERP integration costs / IT transition costs 1,734 1,760 — — 3,494 Stock-based compensation expense 1,139 1,249 1,101 1,530 5,019 Legal expenses related to antitrust class actions 293 406 1,141 10,327 12,167 Net foreign exchange (gain) loss (2,621) 1,507 5,043 1,891 5,820 TOKIN investment-related expenses 204 497 — — 701 (Gain) loss on write-down and disposal of long-lived assets 132 4,171 19 (39) 4,283 (Gain) loss on early extinguishment of debt — — 486 — 486 Adjusted EBITDA (non-GAAP) $ 26,841 $ 27,230 $ 43,291 $ 49,918 $ 147,280 Adjusted EBITDA Margin (non-GAAP) 14.3% 13.8% 15.8% 16.6% 15.3% Total Debt balance as of September 30, 2017 331,787 Leverage ratio (Debt/Adjusted EBITDA) 2.3 Adjusted EBITDA Reconciliation Non-GAAP (Unaudited) 28

Quarters Ended LTM (Amounts in thousands, except percentages) Mar 2017 Jun 2017 Sep 2017 Dec 2017 Dec 2017 Net Sales $ 197,519 $ 274,000 $ 301,471 $ 306,408 $ 1,079,398 Net income (loss) 52,914 220,606 12,849 18,641 305,010 Income tax expense (benefit) (150) 1,150 7,270 2,060 10,330 Interest expense, net 9,994 10,894 2,880 7,155 30,923 Depreciation and amortization 9,367 12,243 13,326 11,125 46,061 EBITDA 72,125 244,893 36,325 38,981 392,324 Excluding the following items (Non-GAAP): Change in value of TOKIN options (14,200) — — — (14,200) Equity (income) loss from equity method investments (41,372) (75,417) (224) (238) (117,251) Acquisition Gain — (135,588) (1,285) (310) (137,183) Restructuring charges 1,087 1,613 1,393 3,530 7,623 ERP integration costs / IT transition costs 1,760 — — — 1,760 Stock-based compensation expense 1,249 1,101 1,530 2,206 6,086 Legal expenses related to antitrust class actions 406 1,141 10,327 4,073 15,947 Net foreign exchange (gain) loss 1,507 5,043 1,891 2,239 10,680 TOKIN investment-related expenses 497 — — — 497 (Gain) loss on write-down and disposal of long-lived assets 4,171 19 (39) (902) 3,249 (Gain) loss on early extinguishment of debt — 486 — — 486 Adjusted EBITDA (non-GAAP) $ 27,230 $ 43,291 $ 49,918 $ 49,579 $ 170,018 Adjusted EBITDA Margin (non-GAAP) 13.8% 15.8% 16.6% 16.2% 15.8% Total Debt balance as of December 31, 2017 328,162 Leverage ratio (Debt/Adjusted EBITDA) 1.9 Adjusted EBITDA Reconciliation Non-GAAP (Unaudited) 29

Non-GAAP Financial Measures Non-GAAP Financial Measures Included in this presentation are certain non-GAAP financial measures designed to complement the financial information presented in accordance with generally accepted accounting principles in the United States of America because management believes such measures are useful to investors for the reasons described below. Adjusted gross margin Adjusted gross margin represents net sales less cost of sales excluding adjustments which are outlined in the quantitative reconciliation provided earlier in this presentation. Management uses Adjusted gross margin to facilitate our analysis and understanding of our business operations by excluding the items outlined in the quantitative reconciliation provided earlier in this presentation which might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. The Company believes that Adjusted gross margin is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company. Adjusted gross margin should not be considered as an alternative to gross margin or any other performance measure derived in accordance with GAAP. Adjusted selling, general and administrative expenses Adjusted selling, general and administrative expenses represents selling, general and administrative expenses excluding adjustments which are outlined in the quantitative reconciliation provided earlier in this presentation. Management uses Adjusted selling, general and administrative expenses to facilitate our analysis and understanding of our business operations by excluding the items outlined in the quantitative reconciliation provided earlier in this presentation which might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. The Company believes that Adjusted selling, general and administrative expenses is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company. Adjusted selling, general and administrative expenses should not be considered as an alternative to selling, general and administrative expenses or any other performance measure derived in accordance with GAAP. Adjusted operating income (loss) Adjusted operating income (loss) represents operating income (loss), excluding adjustments which are outlined in the quantitative reconciliation provided earlier in this presentation. Management uses Adjusted operating income to facilitate our analysis and understanding of our business operations by excluding the items outlined in the quantitative reconciliation provided earlier in this presentation which might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. The Company believes that Adjusted operating income is useful to investors to provide a supplemental way to understand the underlying operating performance of the Company and monitor and understand changes in our ability to generate income from ongoing business operations. Adjusted operating income should not be considered as an alternative to operating loss or any other performance measure derived in accordance with GAAP.30

Non-GAAP Financial Measures Continued Adjusted net income (loss) and Adjusted EPS Adjusted net income (loss) and Adjusted EPS represent net income (loss) and EPS, excluding adjustments which are more specifically outlined in the quantitative reconciliation provided earlier in this presentation. Management uses Adjusted net income (loss) and Adjusted EPS to evaluate the Company's operating performance by excluding the items outlined in the quantitative reconciliation provided earlier in this presentation which might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. The Company believes that Adjusted net income (loss) and Adjusted EPS are useful to investors because they provide a supplemental way to understand the underlying operating performance of the Company and allows investors to monitor and understand changes in our ability to generate income from ongoing business operations. Adjusted net income (loss) and Adjusted EPS should not be considered as alternatives to net income, operating income or any other performance measures derived in accordance with GAAP. Adjusted EBITDA Adjusted EBITDA represents net loss before income tax expense (benefit), interest expense, net, and depreciation and amortization expense, excluding adjustments which are more specifically outlined in the quantitative reconciliation provided earlier in this presentation. We present Adjusted EBITDA as a supplemental measure of our performance and ability to service debt. We also present Adjusted EBITDA because we believe such measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.   We believe Adjusted EBITDA is an appropriate supplemental measure of debt service capacity, because cash expenditures on interest are, by definition, available to pay interest, and tax expense is inversely correlated to interest expense because tax expense goes down as deductible interest expense goes up; depreciation and amortization are non-cash charges. The other items excluded from Adjusted EBITDA are excluded in order to better reflect our continuing operations.   In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses similar to the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these types of adjustments. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity. 31

Non-GAAP Financial Measures Continued Our Adjusted EBITDA measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are: • it does not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments; • it does not reflect changes in, or cash requirements for, our working capital needs; • it does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt; • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and our Adjusted EBITDA measure does not reflect any cash requirements for such replacements; • it is not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows; • it does not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; • it does not reflect limitations on or costs related to transferring earnings from our subsidiaries to us; and • other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure. Because of these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only supplementally. 32

EX-99.3

News Release

Exhibit 99.3

FOR IMMEDIATE RELEASE

Contact:	William M. Lowe, Jr.
	Executive Vice President and Chief Financial Officer
	williamlowe@KEMET.com
	864-963-6484

KEMET ANNOUNCES CHINESE MANUFACTURING JOINT VENTURE

Greenville, South Carolina (February 1, 2018) - KEMET Corporation (the “Company” or “KEMET”) (NYSE: KEM), a leading global supplier of passive electronic components, today announced the formation of a joint venture for the manufacture of certain film and electrolytic capacitors in China.

KEMET Electronics Corporation (“KEC”), a wholly-owned subsidiary of the Company, and Jianghai (Nantong) Film Capacitor Co., Ltd. (“Jianghai Film”), a subsidiary of Nantong Jianghai Capacitor Co., Ltd. (“Jianghai”), have entered into a Joint Venture Agreement for the formation of KEMET Jianghai Electronic Components Co. Ltd., a limited liability company located in Nantong, China. KEMET Jianghai Electronic Components will manufacture axial electrolytic capacitors and (H)EV Film DC brick capacitors, for distribution through the KEMET and Jianghai sales channels. KEC and Jianghai Film will each provide initial capital contributions of $5 million through a combination of cash and manufacturing equipment, and will be equally represented on the joint venture’s board of directors.

Andreas Meier, KEMET’s Senior Vice President, Film & Electrolytics Business Group, stated, “Our new joint venture with Jianghai Film combines KEMET’s technological expertise in film and electrolytic capacitors with Jianghai’s manufacturing proficiencies, which we expect will provide best-in-class, cost-competitive film and electrolytic capacitor solutions for automotive, industrial and other customers in Asia and throughout the world.”

“Our joint venture with Jianghai reflects our ongoing commitment to establish our manufacturing operations in locations that best support our customers’ supply chains, while continuing to meet the highest standards in product quality and fulfillment,” stated Per Loof, the Company’s Chief Executive Officer.

KEMET will continue to support its customers in Europe and the Americas through its Italy and Macedonia locations for (H)EV Film DC brick capacitors and its customers worldwide through its manufacturing operations located in Portugal and Sweden for axial electrolytic capacitors.

About KEMET

The Company’s common stock is listed on the NYSE under the ticker symbol “KEM” (NYSE: KEM).  At the Investor Relations section of our web site at http://www.kemet.com/IR, users may subscribe to KEMET news releases and find additional information about our Company.  KEMET offers our customers the broadest selection of capacitor technologies in the industry, along with an expanding range of electromechanical devices, electromagnetic compatibility solutions and supercapacitors. Our vision is to be the preferred supplier of electronic component solutions demanding the highest standards of quality, delivery and service.Additional information about KEMET can be found at http://www.kemet.com.

2835 KEMET Way, Simpsonville, SC 29681 USA

864.963.6300 www.kemet.com

KEMET Announces Chinese Manufacturing Joint Venture

February 1, 2018

Page 2

CAUTIONARYSTATEMENT ON FORWARD-LOOKING STATEMENTS

Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about KEMET Corporation’s (the “Company”) financial condition and results of operations that are based on management’s current expectations, estimates and projections about the markets, in which the Company operates, as well as management’s beliefs and assumptions. Words such as “expects,” “anticipates,” “believes,” “estimates,” variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.

Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to the following: (i) adverse economic conditions could impact our ability to realize operating plans if the demand for our products declines, and such conditions could adversely affect our liquidity and ability to continue to operate and cause a write down of long-lived assets or goodwill; (ii) an increase in the cost or a decrease in the availability of our principal or single-sourced purchased raw materials; (iii) changes in the competitive environment; (iv) uncertainty of the timing of customer product qualifications in heavily regulated industries; (v) economic, political, or regulatory changes in the countries in which we operate; (vi) difficulties, delays or unexpected costs in completing the restructuring plans; (vii) acquisitions and other strategic transactions expose us to a variety of risks; (viii) acquisition of TOKIN may not achieve all of the anticipated results; (ix) our business could be negatively impacted by increased regulatory scrutiny and litigation; (x) difficulties associated with retaining, attracting and training effective employees and management; (xi) the need to develop innovative products to maintain customer relationships and offset potential price erosion in older products; (xii) exposure to claims alleging product defects; (xiii) the impact of laws and regulations that apply to our business, including those relating to environmental matters and cyber security; (xiv) the impact of laws relating to trade, export controls and foreign corrupt practices; (xv) changes impacting international trade and corporate tax provisions related to the global manufacturing and sales of our products may have an adverse effect on our financial condition and results of operations; (xvi) volatility of financial and credit markets affecting our access to capital; (xvii) the need to reduce the total costs of our products to remain competitive; (xviii) potential limitation on the use of net operating losses to offset possible future taxable income; (xix) restrictions in our debt agreements that could limit our flexibility in operating our business; (xx) any failure of our information technology systems to function properly or control unauthorized access to our systems may cause business disruptions; (xxi) any economic and demographic experience for our pension plans and other post-retirement benefit plans that is less favorable than our assumptions; (xxii) fluctuation in distributor sales could adversely affect our results of operations, and (xxiii) earthquakes and other natural disasters could disrupt our operations and have a material adverse effect on our financial condition and results of operations.

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EX-99.4

News Release

Exhibit 99.4

FOR IMMEDIATE RELEASE

Contact:	KEMET:	William M. Lowe, Jr.
		Executive Vice President and Chief Financial Officer
		williamlowe@KEMET.com
		864-963-6484
	Novasentis:	Sri Peruvemba
		Vice President of Marketing
		Sri@novasentis.com
		925-487-7259

KEMET ANNOUNCES INVESTMENT IN NOVASENTIS

Film Based Haptic Technology Being Designed Into VR & Wearable Applications

Greenville, South Carolina (February 1, 2018) - KEMET Corporation (the “Company” or “KEMET”) (NYSE: KEM), a leading global supplier of passive electronic components, and Novasentis, a leading developer of film based haptic actuators, today announced that KEMET Electronics Corporation (“KEC”), a wholly-owned subsidiary of KEMET, has invested in Novasentis’s Series-D round of funding. Novasentis makes the world’s thinnest, electro mechanical polymer based actuators that provide rich haptic feedback for a variety of applications including AR/VR and Wearables. Novasentis supplies its “smart” film and KEMET applies its expertise in manufacturing film capacitors, to the development and commercial production of the actuators.

Dr. Philip Lessner, KEMET’s Senior Vice President and Chief Technology Officer, commented, “The Novasentis technology allows for unprecedented functionality in haptic actuators, both due to its ultra-thin profile and small size, which allows it to be incorporated into the widest variety of wearables and virtual reality applications, and its ability to provide a variety of tactile sensations.” KEC will now be represented on Novasentis’ board of directors.

“We have been working with KEMET since 2015, to commercialize our haptic technology and they have been delivering high quality pilot scale volume since last year.” Says Francois Jeanneau, President and CEO of Novasentis. “KEMET’s investment in our company is a testament to the value being created by our unique technology.”

“Our Novasentis investment illustrates how we can utilize our strong balance sheet to create new opportunities for increasing shareholder value,” stated Per Loof, the Company’s Chief Executive Officer. “Novasentis provides us with the opportunity to participate in the commercialization of a groundbreaking new actuator technology, which will benefit from our expertise in manufacturing film capacitors and further service and support our customers around the globe.”

About KEMET

The Company’s common stock is listed on the NYSE under the ticker symbol “KEM” (NYSE: KEM).  At the Investor Relations section of our web site at http://www.kemet.com/IR, users may subscribe to KEMET news releases and find additional information about our Company.  KEMET offers our customers the broadest selection of capacitor technologies in the industry, along with an expanding range of electromechanical devices, electromagnetic compatibility solutions and supercapacitors. Our vision is to be the preferred supplier

2835 KEMET Way, Simpsonville, SC 29681 USA

864.963.6300 www.kemet.com

KEMET & Novasentis Announces Investments in Film Capacitor and Haptic Actuator Ventures

February 1, 2018

Page 2

of electronic component solutions demanding the highest standards of quality, delivery and service. Additional information about KEMET can be found at http://www.kemet.com.

About Novasentis

Novasentis is the supplier of the world’s thinnest and most flexible polymer-based haptic actuators.  The patented electro-mechanical polymer (EMP) technology and products are ideal for creating rich haptic feedback and a completely new user experience for applications including smart watches, AR/VR, gaming controllers and many others.  Founded in 2006, Novasentis is privately held with corporate offices in Berkeley, California and research facilities in State College, Penn.  More information on Novasentis is available at www.novasentis.com. 

CAUTIONARYSTATEMENT ON FORWARD-LOOKING STATEMENTS

Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about KEMET Corporation’s (the “Company”) financial condition and results of operations that are based on management’s current expectations, estimates and projections about the markets, in which the Company operates, as well as management’s beliefs and assumptions. Words such as “expects,” “anticipates,” “believes,” “estimates,” variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.

Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to the following: (i) adverse economic conditions could impact our ability to realize operating plans if the demand for our products declines, and such conditions could adversely affect our liquidity and ability to continue to operate and cause a write down of long-lived assets or goodwill; (ii) an increase in the cost or a decrease in the availability of our principal or single-sourced purchased raw materials; (iii) changes in the competitive environment; (iv) uncertainty of the timing of customer product qualifications in heavily regulated industries; (v) economic, political, or regulatory changes in the countries in which we operate; (vi) difficulties, delays or unexpected costs in completing the restructuring plans; (vii) acquisitions and other strategic transactions expose us to a variety of risks; (viii) acquisition of TOKIN may not achieve all of the anticipated results; (ix) our business could be negatively impacted by increased regulatory scrutiny and litigation; (x) difficulties associated with retaining, attracting and training effective employees and management; (xi) the need to develop innovative products to maintain customer relationships and offset potential price erosion in older products; (xii) exposure to claims alleging product defects; (xiii) the impact of laws and regulations that apply to our business, including those relating to environmental matters and cyber security; (xiv) the impact of laws relating to trade, export controls and foreign corrupt practices; (xv) changes impacting international trade and corporate tax provisions related to the global manufacturing and sales of our products may have an adverse effect on our financial condition and results of operations; (xvi) volatility of financial and credit markets affecting our access to capital; (xvii) the need to reduce the total costs of our products to remain competitive; (xviii) potential limitation on the use of net operating losses to offset possible future taxable income; (xix) restrictions in our debt agreements that could limit our flexibility in operating our business; (xx) any failure of our information technology systems to function properly or control unauthorized access to our systems may cause business disruptions; (xxi) any economic and demographic experience for our pension plans and other post-retirement benefit plans that is less favorable than our assumptions; (xxii) fluctuation in distributor sales could adversely affect our results

KEMET & Novasentis Announces Investments in Film Capacitor and Haptic Actuator Ventures

February 1, 2018

Page 3

of operations, and (xxiii) earthquakes and other natural disasters could disrupt our operations and have a material adverse effect on our financial condition and results of operations.

# # #