Slide 1: Quarterly Earnings Presentation Q3'25
QUARTERLY EARNINGS PRESENTATION Q3’25 NASDAQ: SMTC 1 | QUARTERLY EARNINGS PRESENTATION | Q3’25
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 release includes a presentation of select non-GAAP financial measures. The Company's non- GAAP measures of gross margin, product development and engineering expense, SG&A
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures In the financial results provided in this presentation, the Company also presents adjusted EBITDA, adjusted EBITDA margin and free cash flow. Adjusted EBITDA is defined as net (loss) income attributable to common stockholders plus interest expense, interest income, provis
Slide 5: CEO Message: Near-Term Priorities
Near-Term Priorities 1 2 3 Focus our strategy, Accelerate revenue growth Energize our people and rationalize our portfolio and and drive margin expansion elevate our winning culture improve the balance sheet through disciplined investment, innovation and efficiency CEO Message Updates 1 2 3 • Comple
Slide 6: Q3'25 Results
Q3’25 RESULTS 6 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q3’25 Q3’25
Slide 7: Q3'25 Net Sales
"We are very pleased to report broad-based growth across each of our end markets, and particularly in data center, where we project AI-driven product demand to be a long-term and transformational growth engine for Semtech. Our results validate that our customers and target markets are moving toward
Slide 8: Infrastructure End Market
Infrastructure End Market Data Center, PON/FTTH, Wireless, Infrastructure Circuit Protection • Record data center net sales of $43.1m, up 58% Q/Q • Shipments commenced on CopperEdge used in 1.6T Q3’25 NET SALES active copper cable • Expect incrementally higher CopperEdge contribution in Q4’25, follo
Slide 9: High-End Consumer End Market
High-End Consumer End Market Consumer Circuit Protection, PerSe® Smart Sensing • Consumer TVS net sales of $28.3, up 9% Q/Q and 7% Q3’25 NET SALES Y/Y, sequential growth each quarter of FY25 • Market share growth at key consumer TVS customers expected to continue based on design-in activities for fu
Slide 10: Industrial End Market
Industrial End Market LoRa®, Modules, Routers, Smart Connectivity, RF Industrial, Industrial Circuit Protection, Professional AV • LoRa-enabled solutions net sales of $29.0 million, up Q3’25 NET SALES 104% Y/Y • Increasing consumption of recent generation LoRa products signals market adoption of enh
Slide 11: Summary Financial Results
Summary Financial Results GAAP FINANCIAL RESULTS QUARTER ENDED (in millions, except per share data) Q3’25 Q2’25 Q3’24 Net sales $ 236.8 $ 215.4 $ 200.9 Gross margin 51.1 % 49.0 % 46.3 % Operating expenses, net $ 103.2 $ 97.7 $ 105.3 Operating income (loss) $ 17.8 $ 7.8 $ (12.4) Operating margin 7.5
Slide 12: Q4'25 Outlook
Q4’25 OUTLOOK 12 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q3’25 Q3’25
Slide 13: Q4'25 Outlook
Q4’25 Outlook* (in millions, except per share data) Net sales $ 250.0 +/- $ 5.0 Net Sales Outlook • Infrastructure market is expected Non-GAAP Financial Measures to be up, with data center leading the growth Gross margin 52.8 % +/- 50 bps • High-end consumer is expected Operating expenses, net $ 82.
Slide 14: Q&A
Q&A 14 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q3’25 Q3’25
Slide 15: Appendix: Net Sales Schedules
APPENDIX NET SALES SCHEDULES 15 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q3’25 Q3’25
Slide 16: Net Sales Schedules
Net Sales Schedules END MARKET Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Infrastructure $65.8 $52.9 $56.0 $39.4 $43.2 High-End Consumer 40.0 37.1 34.5 32.1 37.6 Industrial 131.0 125.3 115.6 121.5 120.2 Total $236.8 $215.4 $206.1 $192.9 $200.9 REPORTABLE SEGMENT Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Signal Integrity $71
Slide 17: Reconciliation of GAAP to Non-GAAP Results
Supplemental Information: RECONCILATION OF GAAP TO NON-GAAP RESULTS For additional information on our Non-GAAP Presentation, see Non-GAAP Financial Measures on pages 3-4 above. 17 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q3’25 Q3’25
Slide 18: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED October 27, 2024 July 28, 2024 October 29, 2023 Q3’25 Q2’25 Q3’24 Gross margin (GAAP) 51.1 % 49.0 % 46.3 % Share-based compensation 0.3 % 0.3 % 0.3 % Amortization of acquired technology 1.0 % 1.1 % 5.0 % Transaction and integration related cos
Slide 19: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED October 27, 2024 July 28, 2024 October 29, 2023 Q3’25 Q2’25 Q3’24 Operating expenses, net (GAAP) $ 103.2 $ 97.7 $ 105.3 Share-based compensation (17.6) (16.4) (6.0) Intangible amortization (0.1) (0.3) (4.9) Transaction and integration related
Slide 20: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED October 27, 2024 July 28, 2024 October 29, 2023 Q3’25 Q2’25 Q3’24 Operating income (loss) (GAAP) $ 17.8 $ 7.8 $ (12.4) Share-based compensation 18.4 17.1 6.5 Intangible amortization 2.4 2.6 14.9 Transaction and integration related costs, net 3
Slide 21: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED October 27, 2024 July 28, 2024 October 29, 2023 Q3’25 Q2’25 Q3’24 Operating margin (GAAP) 7.5 % 3.6 % (6.2) % Share-based compensation 7.8 % 8.0 % 3.3 % Intangible amortization 1.0 % 1.2 % 7.4 % Transaction and integration related costs, net 1
Slide 22: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED October 27, 2024 July 28, 2024 October 29, 2023 Q3’25 Q2’25 Q3’24 Interest expense, net (GAAP) $ 20.3 $ 28.1 $ 27.7 Amortization of deferred financing costs (2.1) (2.4) (1.8) Write-off of deferred financing costs — (5.5) (3.7) Investment incom
Slide 23: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED October 27, 2024 July 28, 2024 October 29, 2023 Q3’25 Q2’25 Q3’24 GAAP net loss attributable to common stockholders $ (7.6) $ (170.3) $ (38.3) Adjustments to GAAP net loss attributable to common stockholders: Share-based compensation 18.4 17.1
Slide 24: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results QUARTER ENDED October 27, 2024 July 28, 2024 October 29, 2023 Q3’25 Q2’25 Q3’24 GAAP net loss attributable to common stockholders $ (7.6) $ (170.3) $ (38.3) Interest expense 20.8 28.6 28.3 Interest income (0.5) (0.4) (0.6) Loss on extinguishment of debt — 1
Slide 25: Thank You
THANK YOU Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its subsidiaries. Copyright © 2024 Semtech Corporation. All rights reserved. 25 | QUARTERLY EARNINGS PRESENTATION | Q3’25