Exhibit D

MTS SYSTEMS CORPORATION

Reconciliation of EBITDA and Adjusted EBITDA to Net Income

(unaudited - in thousands)

Three Months Ended

Six Months Ended

March 30, 2019

March 31, 2018

March 30, 2019

March 31, 2018

Net income

$

14,160

$

8,438

$

24,661

$

41,589

Net income margin

6.1

%

4.4

%

5.7

%

10.8

%

Income tax provision (benefit)

2,916

1,738

3,612

(21,943)

Interest expense, net

7,368

6,708

14,186

13,512

Depreciation and amortization

9,508

8,612

18,468

17,348

EBITDA ¹

33,952

25,496

60,927

50,506

Stock-based compensation

2,895

1,668

4,689

3,290

Restructuring expenses

—

362

130

608

Acquisition-related expenses ²

168

—

926

—

Acquisition inventory fair value adjustment

539

—

984

—

Adjusted EBITDA ¹

$

37,554

$

27,526

$

67,656

$

54,404

Adjusted EBITDA margin ^1,3

16.1

%

14.4

%

15.5

%

14.1

%

¹   Denotes non-GAAP financial measure.

²  Acquisition-related expenses were adjusted to exclude stock-based compensation that is otherwise included in the stock-based compensation line.

³  Adjusted EBITDA was divided by revenue when calculating the Adjusted EBITDA margin.