Slide 1: Investor Presentation
PHOTRONICS Investor Presentation December 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement PHOTRONICS This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions
Slide 3: Corporate Overview
aie a i ax Corporate Overview
Slide 4: Photronics Overview (Nasdaq: PLAB)
Photronics Overview (Nasdaq: PLAB) PHOTRONICS A Global Merchant Market Leader of Photomasks used in Lithographic Imaging for Semiconductor and Flat Panel Display production $849M $208M $248M $1.46B ~1,900 ~675 1969 Operating Operating Market Cap Revenue Employees Customers Founded Income Cash Flow 1
Slide 5: Photomasks: Critical Enabler for IC and FPD Manufacturing
Photomasks: Critical Enabler for IC and FPD Manufacturing PHOTRONICS Photomasks are glass substrates used in lithographic systems to transfer the pattern of semiconductor and flat panel display designs Integrated Circuit (IC) photomasks Flat Panel Display (FPD) are used to transfer circuit patterns
Slide 6: Compelling Investment Thesis
Compelling Investment Thesis PHOTRONICS A global leader in the merchant photomasks industry critical for semiconductor manufacturing Favorable Industry Trends Operational Excellence FAB regionalization/ Captives increased Premier operational reshoring of the outsourcing to execution enables semicond
Slide 7: IC: New Chip Designs Drive Photomask Demand
IC: New Chip Designs Drive Photomask Demand PHOTRONICS ▪ Photomasks are the foundation of wafer manufacturing and critical to the semiconductor manufacturing process ▪ A global merchant leader of mask production ▪ Advances in semiconductor chip designs drive Photronics revenue Semiconductor Market (
Slide 8: Global Footprint Aligns with Regionalization Trends
Global Footprint Aligns with Regionalization Trends PHOTRONICS U.S. and Asia investments aligns with industry regionalization trends, and diversifies geographic footprint Bridgend, Wales Boise, Idaho Cheonan, South Korea Hefei, China Only high end capable Asia capacity and commercial mask maker in U
Slide 9: Node Migration Drives Mask Set Value
Node Migration Drives Mask Set Value PHOTRONICS Mask pattern complexity / Mask count per IC Design / Impact of Mask performance on IC yield Currently participating Planning to participate Mask Value 130nm 90nm 65nm 40/45nm 22/28nm 12/14nm 7/8nm 2/3nm Nodes 9 Drives higher individual mask ASP, more l
Slide 10: FPD: Advanced Displays are Driving Innovation
FPD: Advanced Displays are Driving Innovation PHOTRONICS ▪ Photronics leverages expertise gained from IC mask production into FPD mask production ▪ Consumer electronics with larger, high-performance displays increase the complexity of mask production ▪ Panel makers are developing AMOLED production p
Slide 11: Competitive Advantages
Competitive Advantages PHOTRONICS Operational Commercial Technology Global Excellence Excellence Leader Footprint ▪ Responsive delivery ▪ Customer first ▪ Process expertise ▪ Close to customer ▪ High yields ▪ Trusted partner ▪ Advanced Process- ▪ Aligned with end of-Record markets ▪ Cost control ▪ W
Slide 12: Capital Expenditures
Capital Expenditures PHOTRONICS Multi-Beam Mask Writer expands technical Capital Intensity Ratio and production capability through improved cycle time and extends complex patterning 32% opportunities MBMW Write Time Advantage 22% 20% 100 Est. Write Time (Hours) 17% 16% 80 15% 15% 14% 12% 60 40 20 0
Slide 13: Fiscal Q4 2025 Financial Results
Fiscal Q4 2025 Financial Results
Slide 14: FQ4 2025 Summary
FQ4 2025 Summary PHOTRONICS Operating Non-GAAP Revenue Gross Margin Diluted EPS FQ4 2025 Margin Diluted EPS1 $215.8M 35.0% $1.07 24.1% $0.60 FQ3 2025 $210.4M 33.7% 22.9% $0.39 $0.51 FQ4 2024 $222.6M 37.0% 25.1% $0.54 $0.59 ▪ Revenue reflects a record high end IC contribution benefitting from node mi
Slide 15: Revenue by Product Line
Revenue by Product Line PHOTRONICS IC FPD $M 4Q25 Q/Q Y/Y $M 4Q25 Q/Q Y/Y 16% 42% High-End* 65.8 23% 10% High-End* 48.7 (9%) 1% 58% 84% Mainstream 91.6 (3%) (12%) Mainstream 9.6 6% (9%) High-End* Mainstream High-End* Mainstream Total 157.4 7% (4%) Total 58.3 (7%) (1%) ▪ Record high end revenue and s
Slide 16: Balance Sheet and Cash Flow Metrics
Balance Sheet and Cash Flow Metrics PHOTRONICS $M 4Q25 3Q25 4Q24 ▪ Strong operating cash flow contribution across most major geographic regions Cash, cash equivalents and Short-term 588.2 575.8 640.7 ▪ FQ4 capex expanded IC facility and investments capacity in the U.S. & end-of-life tool replacement
Slide 17: FQ1 2026 Guidance
FQ1 2026 Guidance PHOTRONICS Revenue ($M) 217 – 225 Assumptions: ▪ Continued node migration towards higher end Operating Margin 23% - 25% ▪ Cautious demand environment and geopolitical factors continue to influence Mainstream Diluted non-GAAP EPS $0.51 - $0.59 ▪ Weighted average diluted shares refle
Slide 18: Appendix
"= ~—s — Appendix
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures PHOTRONICS Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders are non-GAAP financial measures as such term is defined by Regulation G of the Securities and Exchange Commis
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures PHOTRONICS PHOTRONICS, INC. Reconciliation of U.S. GAAP net income and diluted earnings per share attributable to Photronics, Inc. shareholders to non-GAAP net income and diluted earnings per share attributable to Photronics, Inc. shareholders (in thousands, except per sh