Slide 1: Cognex Q4 2025 Earnings
Cognex Q4 2025 Earnings February 11, 2026 1 © 2026 Cognex Corporation
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements made in this presentation, as well as oral statements made by the Company from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Readers c
Slide 3: Strategy Update
Strategy Update 3 © 2026 Cognex Corporation
Slide 4: Focused Execution on Strategic Objectives
Focused Execution on Strategic Objectives AI technology for in Customer #1 industrial machine vision applications #1 Experience across the industry 2x Customers served ▪ DataMan® 290: AI for auto- ▪ AI-powered assistants on ▪ Acquired ~9,000 new setup and advanced code website answer questions custo
Slide 5: Completed Strategic Portfolio Review and Transforming the Operating Model to Drive Opex Efficiency
Completed Strategic Portfolio Review and Transforming the Operating Model to Drive Opex Efficiency Transforming the Portfolio Optimization Operating Model Reviewed entire product portfolio and Holistic review of cost structure identified began exiting no-growth, low-margin additional efficiency oppo
Slide 6: Strategic Evolution of the Cognex Go-to-Market Model
Strategic Evolution of the Cognex Go-to-Market Model LEVERS FROM EMERGING CUSTOMER INITIATIVE TO SALESFORCE TRANSFORMATION Stand-alone organization Integrated global organization with 3 distinct selling styles More boots on the ground Optimizing salesforce efficiency through process & tools Comprehe
Slide 7: Opex Efficiency Driving Adjusted EBITDA Margin Expansion
Opex Efficiency Driving Adjusted EBITDA Margin Expansion ADJ. EBITDA MARGIN WALK LONG-TERM TARGETS (<100bps) 200-300bps <100bps 500-600bps 0 to >500bps +290bps N/A 20.7%1 +70bps -10bps N/A 17.1% after (100bps) incentive comp and (40bps) FX headwind 2024A ORGANIC MIX COGS INORGANIC MIX OPEX EFFICIENC
Slide 8: Path to Next Milestone: 25% Adjusted EBITDA Margin
Path to Next Milestone: 25% Adjusted EBITDA Margin OPEX COGS ORGANIC EFFICIENCY PRODUCTIVITY MIX AND SYNERGIES AND PRICING 2025 ▪ $33M gross cost reduction ▪ Favorable product and ▪ 2024 pricing headwinds, AC T U AL partially offset by: customer mix drove better especially in China, fully Achieved >
Slide 9: Increasing Through-Cycle Adjusted EBITDA Margin Range
Increasing Through-Cycle Adjusted EBITDA Margin Range UNCHANGED INCREASED UNCHANGED 13% - 14% 25% - 31% >100% Revenue CAGR Adjusted EBITDA Margin Free Cash Flow Conversion1 incl. 3% Inorganic Growth long-term VALUE CREATION 9 © 2026 Cognex Corporation 1) Defined as Free Cash Flow divided by Adjusted
Slide 10: Operational Update
Operational Update 10 © 2026 Cognex Corporation
Slide 11: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Adj. EBITDA Margin Adj. Diluted EPS Free Cash Flow Conversion1 22.7% $0.27 138% +420bps Y/Y +35% Y/Y Trailing twelve-month rate Sixth consecutive quarter Sixth consecutive quarter Fifth consecutive quarter of Y/Y expansion of double-digit Y/Y growth >100% 11 © 2026 Cogne
Slide 12: Q4 2025 Financials
Q4 2025 Financials Q4 Q4 Y/Y Revenue increased 10% as reported and 9% on All figures in $ million, except per share amounts 2025 2024 Change 1. a constant currency basis driven by year-end spending. Revenue $252 $230 +10% Adjusted Gross Profit 181 159 +13% Adjusted Gross Margin expanded 220 basis 2.
Slide 13: 2025 Financials
2025 Financials As reported Y/Y All figures in $ million, except per share amounts 2025 2024 Change 1. Revenue increased 9% as reported and 8% on a constant currency basis. Revenue $994 $915 +9% Adjusted Gross Margin contracted 40 basis Adjusted Gross Profit 685 634 +8% 2. points, as expected, due t
Slide 14: 2025 Financials (Excluding Commercial Partnership)
2025 Financials Excluding Commercial Partnership in 2025 Y/Y All figures in $ million, except per share amounts 2025 2024 Change 1. Revenue increased 7%, marking the first year with substantial organic growth since 2021. Revenue $982 $915 +7% Adjusted gross margin contracted 50 basis Adjusted Gross
Slide 15: 2025 End Market Results and Initial 2026 View
2025 End Market Results and Initial 2026 View % OF REVENUE 2025 FULL-YEAR INITIAL END MARKET Full-year 20252 REVENUE GROWTH2 2026 VIEW Logistics 26% DD MSD to HSD Packaging1 21% HSD MSD to HSD Consumer Electronics 19% DD HSD to DD Automotive 19% (HSD) FLAT to LSD Semiconductor 10% MSD MSD to DD OTHE
Slide 16: Q1 2026 Outlook
Q1 2026 Outlook 1 st QUARTER EXPECTATIONS Q1 2026 Q1 2025 Y/Y Revenue growth reflects contribution from All figures in $ million, unless specified Guidance Results Change* 1. broader Factory Automation businesses and Logistics. Revenue $235 – $255 $216 +13% 2. Adjusted EBITDA margin expansion driven
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including adjusted gross profit and Cognex may also disclose results on a constant- margin, adjusted operating expense, adjusted operating income and margin, adjusted EBITDA and margin, currency basis as one
Slide 18: GAAP to Non-GAAP Tables
GAAP to Non-GAAP Tables USD $ in 000s unless noted as per share Three-months Ended Twelve-months Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Gross profit (GAAP) $ 165,904 $ 157,859 $ 665,393 $ 625,794 Acquisition and integration costs 212 213 878 2,295 Amortization
Slide 19: GAAP to Non-GAAP Tables
GAAP to Non-GAAP Tables USD $ in 000s unless noted as per share Three-months Ended Twelve-months Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Net income (GAAP) $ 32,664 $ 28,346 $ 114,442 $ 106,171 Acquisition and integration costs 423 974 2,066 6,524 Amortization of
Slide 20: Description of Certain Adjustments
Description of Certain Adjustments 1. Depreciation The company incurs expense related to its normal use of property, 5. Gain on sale of property The Company excludes gains and losses on the sale of property from non-GAAP net plant and equipment. income measure. These amounts are not reflective of ou
Slide 21: Investor Relations Upcoming Activity
Investor Relations Upcoming Activity Upcoming Conferences and Investor Events February Barclays 43rd Annual Industrial Select Conference Miami Beach, FL February Citi's 2026 Global Industrial Tech & Mobility Conference Miami Beach, FL March Raymond James Institutional Investors Conference Orlando, F