Slide 1: Quarterly Earnings Presentation Q2'27
QUARTERLY EARNINGS PRESENTATION Q2’27 NASDAQ: SMTC 1 | QUARTERLY EARNINGS PRESENTATION | Q2’27
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains "forward-looking statements“ within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the Company's current expectations, estimates and projections about its operations, industry,
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the Company's consolidated financial statements prepared in accordance with GAAP, this presentation includes select non-GAAP financial measures. The Company's non-GAAP measures of adjusted gross margin, total semiconductor products gross margin, adjusted gro
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures In this presentation, the Company is providing a total semiconductor products gross margin metric, defined as the combined segment gross margin for the Signal Integrity and Analog Mixed Signal and Wireless reportable segments. For further information, please see the Segme
Slide 5: Q2'27 Results
Q2’27 RESULTS 5 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q2’27 Q2’27
Slide 6: Q2'27 Summary
Q2’27 Summary "The Semtech team executed exceptionally well, delivering record revenue across our key focus areas, earnings leverage that continued to outpace revenue growth and significant progress on portfolio optimization," said Hong Hou, president and CEO. "Accelerating bookings and record backl
Slide 7: Infrastructure End Market
Infrastructure End Market Data Center, PON/FTTH, Wireless, Infrastructure Circuit Protection • Record Q2'27 data center net sales of $100m, +39% Q/Q and +91% Y/Y; continued strength in 800G and early 1.6T ramp Q2’27 NET SALES • Strong demand for FiberEdge TIA and driver solutions; deepening engageme
Slide 8: High-End Consumer End Market
High-End Consumer End Market Circuit Protection, PerSe® and Force Sensing • TVS business grew sequentially in the quarter and remains resilient in light of memory constraints • TVS growth continues to benefit from strong share at premium-tier Q2’27 NET SALES handset manufacturers, where we are expan
Slide 9: Industrial End Market
Industrial End Market LoRa®, Modules, Routers and Gateways, Smart Connectivity, RF Industrial, Industrial Circuit Protection, Professional AV • Record LoRa®-enabled net sales of $58m, +31% Q/Q and +58% Y/Y driven by continued expansion across Smart Utilities, Smart Building, Q2’27 NET SALES Smart Ci
Slide 10: CEO Message
Q2’27 HIGHLIGHTS 1 Record growth across our key focus areas, record data center and record LoRa® net sales 2 Record order backlog, with accelerating bookings and visibility expected to extend well into FY’28 CEO 3 Progress on portfolio optimization, highlighted by the announced divestiture of the ce
Slide 11: Summary Financial Results
Summary Financial Results GAAP FINANCIAL RESULTS (in millions, except per share data) Q2’27 Q1’27 Q2’26 Net sales $ 341.9 $ 291.0 $ 257.6 Gross margin 53.8 % 52.0 % 52.1 % Operating expenses, net $ 128.0 $ 125.7 $ 150.3 Operating income (loss) $ 55.8 $ 25.8 $ (16.2) Operating margin 16.3 % 8.9 % (6.
Slide 12: Q3'27 Outlook
Q3’27 OUTLOOK 12 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q2’27 Q2’27
Slide 13: Q3'27 Outlook
Q3’27 Outlook $410m +54% 58.3% 63.9% $1.05 +119% Adj. Gross Margin* Adj. Gross Margin, excluding Net Sales (Midpoint) Adj. Diluted EPS* Y/Y (Midpoint) business held for sale* Y/Y +/- $5m (Midpoint) +/- $0.03 +/- 100bps (Midpoint) +/- 100bps End Market Gross Margin Mix & Structure Operating Leverage
Slide 14: Q&A
Q&A 14 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q2’27 Q2’27
Slide 15: Supplemental Information
SUPPLEMENTAL INFORMATION 15 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q2’27 Q2’27
Slide 16: Q3'27 Outlook
Q3’27 Outlook* (in millions, except per share data) Net sales $ 410.0 +/- $ 5.0 Non-GAAP Financial Measures Adjusted gross margin* 58.3 % +/- 100 bps Adjusted gross margin, excluding held-for-sale* 63.9 % +/- 100 bps Adjusted operating expenses, net* $ 112.0 +/- $ 3.0 Adjusted operating income* $ 12
Slide 17: Net Sales Schedules
Net Sales Schedules END MARKET Q2’27 Q1’27 Q4’26 Q3’26 Q2’26 Infrastructure $123.7 $98.8 $86.3 $77.9 $73.4 High-End Consumer 39.3 38.4 36.6 41.9 41.2 Industrial 178.9 153.9 151.4 147.2 143.0 Total $341.9 $291.0 $274.4 $267.0 $257.6 REPORTABLE SEGMENT Q2’27 Q1’27 Q4’26 Q3’26 Q2’26 Signal Integrity $1
Slide 18: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’27 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 126.2 $ 117.4 $ 243.5 $ 98.3 $ — $ 341.9 Segment cost of sales 43.8 46.8 90.6 64.9 2.6 158.1 Segment gross profi
Slide 19: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’27 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 102.0 $ 100.8 $ 202.8 $ 88.3 $ — $ 291.0 Segment cost of sales 38.0 41.6 79.6 56.7 3.3 139.6 Segment gross profi
Slide 20: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’26 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 76.8 $ 92.0 $ 168.8 $ 88.8 $ — $ 257.6 Segment cost of sales 28.9 37.5 66.4 53.7 3.4 123.5 Segment gross profit
Slide 21: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’27 Q1’27 Q2’26 Operating expenses, net (GAAP) $ 128.0 $ 125.7 $ 150.3 Share-based compensation (23.1) (25.3) (16.7) Intangible amortization (0.4) (0.3) (0.1) Transaction and integration related costs, net (0.7) (2.8) (1.2) Restructuring and other reserve
Slide 22: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’27 Q1’27 Q2’26 Operating income (loss) (GAAP) $ 55.8 $ 25.8 $ (16.2) Share-based compensation 23.8 26.4 17.3 Intangible amortization 2.3 2.1 2.4 Transaction and integration related costs, net 0.7 2.8 1.2 Restructuring and other reserves, net (0.3) 1.2 1.
Slide 23: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’27 Q1’27 Q2’26 Operating margin (GAAP) 16.3 % 8.9 % (6.3) % Share-based compensation 7.0 % 9.1 % 6.7 % Intangible amortization 0.7 % 0.7 % 0.9 % Transaction and integration related costs, net 0.2 % 0.9 % 0.5 % Restructuring and other reserves, net (0.1)
Slide 24: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’27 Q1’27 Q2’26 Net income (loss) (GAAP) $ 160.1 $ 26.6 $ (27.1) Adjustments to GAAP net income (loss): Share-based compensation 23.8 26.4 17.3 Intangible amortization 2.3 2.1 2.4 Transaction and integration related costs, net 0.7 2.8 1.2 Restructuring an
Slide 25: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’27 Q1’27 Q2’26 Operating margin (GAAP) 16.3 % 8.9 % (6.3) % Share-based compensation 7.0 % 9.1 % 6.7 % Depreciation and amortization 2.9 % 3.1 % 4.0 % Transaction and integration related costs, net 0.2 % 0.9 % 0.5 % Restructuring and other reserves, net
Slide 26: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results LTM FY’27 FY’26 FY’25 Q2’27 Q1’27 Q2’26 Q2’27 Q1’27 Q4’26 Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 Net income (loss) (GAAP) $ 154.0 $ (33.2) $ 23.8 $ 160.1 $ 26.6 $ (29.8) $ (2.9) $ (27.1) $ 19.3 $ 39.1 $ (7.6) Interest expense 32.6 35.9 50.1 2.0 1.9 1.8 27.0 5.2 6.6
Slide 27: Convertible Senior Notes Dilution Table
Convertible Senior Notes Dilution Table Estimated Incremental Dilutive Shares 2027 1.625% Notes 2030 0.000% notes Total Average GAAP Non-GAAP # of GAAP Non-GAAP Warrants GAAP Non-GAAP Stock # of Conversion # of Warrant Dilutive Dilutive # of Conversion Capped Capped Dilutive Dilutive # of + Capped D
Slide 28: Convertible Senior Notes Dilution Table
Convertible Senior Notes Dilution Table The incremental dilutive shares from the 1.625% Convertible Senior Notes due 2027 (the "2027 Notes") and the 0% Convertible Senior Notes due 2030 (the “2030 Notes") collectively (the "Notes") is calculated using the prices in the Average Stock Price column. Th
Slide 29: Thank You
THANK YOU Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its subsidiaries. Copyright © 2026 Semtech Corporation. All rights reserved. 29 | QUARTERLY EARNINGS PRESENTATION | Q2’27