On Semiconductor Corporation · NASDAQ:ON

On Semiconductor — onsemi — Investor Day (May 2023)

116 slides from On Semiconductor's investor day presentation, May 16, 2023

1. Slide 1: Accelerating the Journey Towards a Sustainable Ecosystem

   Accelerating the Journey Towards a Sustainable Ecosystem May 16, 2023 1 Public Information Public Information © onsemi © onsemi 2023 2023

2. Slide 2: Safe Harbor

   Safe Harbor This presentation contains “forward-looking statements,” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included or incorporat

3. Slide 3: Accelerating the Journey Towards a Sustainable Ecosystem

   Accelerating the Journey Towards a Sustainable Ecosystem TOPIC PRESENTER Welcome to the New World Hassane El-Khoury President & CEO​​ Simon Keeton​​ Powder to Power Executive Vice President & General Manager Power Solutions Group Sudhir Gopalswamy​​ Accelerating the Flywheel Senior Vice President &

4. Slide 4: Winning Formula (from Analyst Day 2021)

   FROM ONSEMI ANALYST DAY 2021 Play to Win  Focus on high-growth megatrends in Automotive and Industrial and win with onsemi intelligent power and sensing  Double down and don’t dabble  Invest in disruptive innovation to drive higher margin growth Implement Structural Changes  Optimize organizatio

5. Slide 5: Public Information © onsemi 2023

   6 Public Information © onsemi 2023

6. Slide 6: What you are used to seeing…

   What you are used to seeing… …is a different cut of a market growing at 4% Source: Maximize Market Research PVT. LTD.; 7 Deloitte and Mordor Intelligence; KBV Research; Yole Public Information © onsemi 2023

7. Slide 7: Welcome to the New World

   Welcome to the New World Energy Infrastructure Electric Vehicles Sustainable Charging Ecosystem Advanced 5G Cloud Safety Factory Power Automation 8 Public Information © onsemi 2023

8. Slide 8: Sustainable ecosystem market sizes and CAGRs

   Energy Infrastructure $7.8B $15.5B 16% CAGR 25% CAGR Electric Vehicles $1.1B 26% CAGR Sustainable Charging Ecosystem $5.6B $9.1B 15% CAGR 8% CAGR Advanced 5G Cloud Safety Factory Power Automation $3.7B 8.8% CAGR 9 Based on current market projections, ’22 – ‘27 Public Information © onsemi 2023

9. Slide 9: Accelerating onsemi Content

   Accelerating onsemi Content Energy Infrastructure > $600 per inverter $350 - $1800 Electric $2,000-$4,000 Vehicles per charger Sustainable Charging Ecosystem $224 - $960 $5,000-$10,000 L2+ per factory Advanced 5G Cloud Safety Factory Power Automation > $150 per server 10 Based on current market proj

10. Slide 10: Sustainable Ecosystem

    onsemi and VW Group Cement Strategic onsemi Silicon Carbide Power Module for Collaboration on Silicon Carbide Traction Inverters Selected for Hyundai Technology for Next-Generation Motor Group’s High-Performance Electric Vehicles with Strategic Electric Vehicles / Jan 04, 2022 Agreement / Jan 25, 20

11. Slide 11: Markets that Matter

    Markets that Matter Intelligent Power Sustainable Semiconductor & Sensing Ecosystem TAM $553B $91B $43B Industry 6% 16% CAGR 4% Revenue CAGR 2022 - 2027 10-12% 14% 21% Electrification, creating a multi-decade opportunity for onsemi SiC growth >2x market at ~70%* Machine Vision for the future of auto

12. Slide 12: Winning Formula

    Play to Win …Implement Structural Change… Winning Formula …Capture Value… …and Execute… 14 Public Information ©©onsemi onsemi2022 2023

13. Slide 13: Play to Win

    Winning Formula Play to Win • Win the high-growth megatrends of Automotive and Industrial with onsemi’s intelligent power and sensing • Invest in vertical integration and capabilities across all power technologies • Deliver disruptive innovation across the BOM and drive higher margin growth • Expand

14. Slide 14: …Implement Structural Change…

    Winning Formula …Implement Structural Change… • Expand and scale Go-To-Market to widen reach and accelerate segment penetration • Lead with Digital First to increase efficiency across all corporate domains • Invest in new generation of Power ICs to deliver more value with a TAM expansion strategy •

15. Slide 15: …Capture Value…

    Winning Formula …Capture Value… • Design in highly differentiated and optimized solutions focused on customer needs • Go broad with technology and programs for high gross margin market share gain: Elite Power Simulator, DevWare SDK • Phase-in 200mm SiC substrates for the next wave of EV ramps • Expa

16. Slide 16: …and Execute…

    Winning Formula …and Execute… • Drive accountability throughout the organization with strategic alignment but decision autonomy • And reward employees for delivering on our strategy and commitments • Deliver on >$17B of customer LTSAs across all markets • Maintain stable and predictable financial pe

17. Slide 17: The Undisputed Leader of the New World

    Play to Win …Implement Structural Change… Winning Formula …Capture Value… …and Execute… = The Undisputed Leader of the New World 19 Public Information ©©onsemi onsemi2022 2023

18. Slide 18: EliteSiC Advantage

    EliteSiC Advantage SUPPLY SCALE  History of vertical integration  A multi-decade history in Auto and  Volume SiC boule growth, wafering, Industrial markets substrate, epitaxy, device fabrication  High-quality high-volume  Best-in-class integrated modules, manufacturing discrete package solution

19. Slide 19: Superior Technology

    EliteSiC Advantage SUPPLY Superior Technology SCALE  History of vertical integration  A multi-decade history in Auto and  Volume SiC boule growth, wafering, Industrial markets substrate, epitaxy, device fabrication  High-quality high-volume  Best-in-class integrated modules, manufacturing discr

20. Slide 20: Superior Technology

    Superior Technology Internal New Substrate / Fab Package Product onsemi Hudson Capacity Releases The Path to the First $1B High Yields 1.7x  # New Products Substrate Die Output Package 3x  Output 12x  Output 10x  4x  Since GTAT Acquisition Public Information © onsemi 2023 23

21. Slide 21: Lead with Die Performance…

    Lead with Die Performance… onsemi Delivers  Range – Efficiency Customer  Innovative Cell  Size – Fast Switching Needs M5 Structure  Reliability – Ruggedness  Channel engineering M4 Traction System Figure of Merit 30% M3 M1 M2 Comp onsemi *1/𝑅𝑅𝑆𝑆𝑆𝑆 Chip @ 175°𝐶𝐶 24 Public Information ©…

22. Slide 22: Differentiate with Package Innovation

    Lead with Die Performance… Differentiate with Package Innovation  Range – Heat Extraction Customer Full Bridge  Flexibility – Scalability with Cooling Embedded Needs Channel  Reliability – Ruggedness Half Bridge Module Dual Side Cool Transfer Molded Next Gen Switch onsemi Delivers Single Switch D

23. Slide 23: Optimized Solutions are our DNA

    Optimized Solutions are our DNA Concurrent development of die and package leads to optimized solutions 1 Public Information © onsemi 2023

24. Slide 24: Solutions for Sustainable Ecosystems

    g GENERATION STORAGE Solutions for Sustainable Ecosystems g ELECTRIFICATION CHARGING

25. Slide 25: Solutions for Sustainable Ecosystems

    g GENERATION STORAGE Solutions for Sustainable Ecosystems g ELECTRIFICATION CHARGING

26. Slide 26: OEM Platforms – Optimized onsemi Solutions that Scale

    OEM Platforms – Optimized onsemi Ultra Solutions that Scale High Performance High Performance Mid Range Entry Level 29 Public Information © onsemi 2023

27. Slide 27: Powering Every Architecture

    Powering Every Architecture 30 Public Information ©©onsemi onsemi2022 2023

28. Slide 28: Powering Every Architecture – Ultra high performance

    Powering Every Architecture Customer Ultra high Needs performance ✔ Customer Wins & LTSAs onsemi Delivers Quad SiC traction SiC 31 Public Information © onsemi 2023

29. Slide 29: Powering Every Architecture – High performance

    Powering Every Architecture Customer High performance with Needs good range & acceleration ✔ Customer Wins & LTSAs onsemi Delivers Dual SiC traction SiC 32 Public Information © onsemi 2023

30. Slide 30: Powering Every Architecture – Mid range

    Powering Every Architecture Customer Good mid range performance with on Needs demand acceleration ✔ Customer Wins & LTSAs onsemi Delivers SiC and IGBT solution, optimized for system cost and performance IGBT SiC 33 Public Information © onsemi 2023

31. Slide 31: Powering Every Architecture – Entry level

    Powering Every Architecture Customer EV entry level vehicle Needs with extended range ✔ Customer Wins & LTSAs onsemi Delivers Single SiC traction device SiC 34 Public Information © onsemi 2023

32. Slide 32: Powering Every Architecture – Entry point

    Powering Every Architecture Customer EV entry point vehicle Needs ✔ Customer Wins & LTSAs onsemi Delivers Cost effective IGBT-based system with upgrade path IGBT 35 Public Information © onsemi 2023

33. Slide 33: Powering Every Architecture – Blended solution

    Powering Every Architecture Customer Meet evolving market demand for increased Needs performance at entry level ✔ Customer Wins & LTSAs onsemi Delivers Blended technology solution combining best of IGBT and SiC SiC & IGBT 36 Public Information © onsemi 2023

34. Slide 34: Enabling a Greener Choice Exciter Module

    Enabling a Greener Choice ✔ Customer Wins & LTSAs Exciter Module onsemi delivers an exciter module SiC 37 Public Information © onsemi 2023

35. Slide 35: Enabling a Greener Choice

    Enabling a Greener Choice ✔ Customer Wins & LTSAs Problem: Rare Earth Metals  Regional dependency  Industrial Waste (neodymium)  Government mandate SiC 38 Public Information © onsemi 2023

36. Slide 36: Enabling a Greener Choice

    Enabling a Greener Choice ✔ Customer Wins & LTSAs Problem: Rare Earth Metals  Regional dependency  Industrial Waste (neodymium)  Government mandate SiC 39 Public Information © onsemi 2023

37. Slide 37: Enabling a Greener Choice

    Enabling a Greener Choice ✔ Customer Wins & LTSAs Problem: Rare Earth Metals  Regional dependency  Industrial Waste (neodymium)  Government mandate SiC 40 Public Information © onsemi 2023

38. Slide 38: Enabling a Greener Choice

    Enabling a Greener Choice ✔ Customer Wins & LTSAs Problem: Rare Earth Metals  Regional dependency  Industrial Waste (neodymium)  Government mandate SiC 41 Public Information © onsemi 2023

39. Slide 39: Enabling a Greener Choice

    Enabling a Greener Choice ✔ Customer Wins & LTSAs Problem: Solution Rare Earth Metals  Regional Enabling dependency Separately Excited Synchronous  Industrial Motor Waste (neodymium) Eliminates Magnets  Government mandate SiC 42 Public Information © onsemi 2023

40. Slide 40: Enabling a Greener Choice

    Enabling a Greener Choice ✔ Customer Wins & LTSAs Problem: Rare Earth Metals Solution  Regional dependency  Enabling Separately Excited  Industrial Waste (neodymium) Synchronous Motor  Government mandate  Eliminates Magnets SiC 43 Public Information © onsemi 2023

41. Slide 41: Enabling a Greener Choice

    Enabling a Greener Choice ✔ Customer Wins & LTSAs Problem: Rare Earth Metals Solution  Regional dependency  Enabling Separately Excited  Industrial Waste (neodymium) Synchronous Motor  Government mandate  Eliminates Magnets SiC 44 Public Information © onsemi 2023

42. Slide 42: Enabling a Greener Choice

    Enabling a Greener Choice ✔ Customer Wins & LTSAs Problem: Rare Earth Metals Solution onsemi delivers  Regional dependency  Enabling Separately Excited  Exciter Module → completes the  Industrial Waste (neodymium) Synchronous Motor onsemi traction solution  Government mandate  Eliminates Magne

43. Slide 43: Enabling a Greener Choice

    Enabling a Greener Choice ✔ Customer Wins & LTSAs Problem: Rare Earth Metals Solution onsemi delivers  Regional dependency  Enabling Separately Excited  Exciter Module → completes the  Industrial Waste (neodymium) Synchronous Motor onsemi traction solution  Government mandate  Eliminates Magne

44. Slide 44: Power of the Portfolio

    Power of the Portfolio ✔ Customer Wins & LTSAs Broadest Portfolio to Capture the EV Market E-compressor OBC Exciter Module Electronic Power Steering PTC Heater Single Axle Traction Inverter SiC/IGBT 48V LV DC-DC DC-DC Converter Converter 160% annual growth in each of the last two years 2021 and 2022

45. Slide 45: Solutions for Sustainable Ecosystems

    g GENERATION STORAGE Solutions for Sustainable Ecosystems g ELECTRIFICATION CHARGING

46. Slide 46: Public Information © © onsemi onsemi 2023

    49 Public Information ©©onsemi onsemi2023 2023

47. Slide 47: Lead with Scalability…

    Lead with Scalability… High Power PIM IGBT & 320kW Utility EliteSiC PIMs PIM Hybrid 150kW Commercial EliteSiC PIM Discrete Discrete Residential IGBT & EliteSiC 6kW 50 Public Information ©©onsemi onsemi2023 2023

48. Slide 48: Lead with Scalability… Differentiate with Optimization

    Lead with Scalability… ✔ Customer Wins & LTSAs Differentiate with Optimization Case Study: Customer Needs: IGBT 320kW, 1500V Performance ✔ System Cost ✔ SiC Utility Scale Weight ✔ Go-to-Market speed ✔ Si Diodes Solar Inverter Size ✔ Supply assurance ✔ onsemi Delivers Time to Market Elite Power Simul

49. Slide 49: Powering Every Architecture Energy Storage

    Powering Every Architecture Energy Ultra Fast Storage EV Charger Energy Power Generation AC-DC DC-DC System inverter converter DC-AC DC-AC SiC/ Inverter Inverter SiC IGBT SiC IGBT LTSAs with 8 of top 10 Solar Inverter Customers 70% annual growth in each of the last 2 years 52 2021 and 2022, expected

50. Slide 50: Lifetime LTSA $9B

    g GENERATION STORAGE Lifetime Solutions for Sustainable LTSA Ecosystems $9B g ELECTRIFICATION CHARGING

51. Slide 51: onsemi Flywheel

    onsemi Flywheel Energy Infrastructure Electric Vehicles Sustainable Charging Ecosystem Advanced Factory Safety Automation 5G Cloud Power 55 Public Information © onsemi 2023

52. Slide 52: Winning at the Core

    Winning at the Core Energy Infrastructure Electric Vehicles SiC & Si Sustainable Image Power Charging Ecosystem Sensor Advanced Factory Safety Automation 5G Cloud Power 56 Public Information © onsemi 2023

53. Slide 53: #2 Global Position in SiC & Si Power

    # 2 Global Position SiC & Si Power 9% Market Share (‘22) 38% Rev Growth CAGR (’22 - ’27) 57 Based on current market projections and onsemi internal estimates Public Information © onsemi 2023

54. Slide 54: The Profound Impact of 1%

    The Profound Impact of 1% Industrial Electric Vehicles Data Centers Automation EV Miles Driven Power Consumption Industrial Motor 4.7x 205 TWh 50% of the = ~19M homes World’s Electricity 2022 2030 1% Efficiency >3.2B/year >$390M/year >$25B/year Improvement more EV miles driven WW electricity cost sa

55. Slide 55: Expanding from the Core

    Expanding from the Core Intelligently manage power flow Feedback: Voltage, Current, Temp Gate onsemi delivers Controller Driver  Efficiency (1-2%) Maximize performance  Reliability while protecting  Ease of Design Primary SiC & Si reliability source  System Cost of system Power value 59 Public I

56. Slide 56: Expanding from the Core

    Expanding from the Core Build from Leadership Position Gate Controller Driver SiC & Si Power Migrate to Digital Control Leader Analog Control Extend to Market Leader Wide Bandgap Extend Market Leader to GaN Si FET IGBT SiC GaN 60 Public Information © onsemi 2023

57. Slide 57: Expanding from the Core

    Expanding from the Core Proliferate Power IC Portfolio Gate Controller Driver Sustainable Ecosystem TAM ($B) SiC & Si Lowest Cost Auto Ind Cloud Power Highest Flexibility Controller Ease-of-Design AC-DC Gate Driver Digital 70% GM SiC & Si Power PoL Controller PMIC Portfolio Multi-Phase Analog Switch

58. Slide 58: Expanding from The Core

    Expanding from The Core Controller Gate Driver SiC & Si Power Non- Power Delivers Complete Power Tree Sensor Sensor PMIC M-ph Controller 12V/48V Battery Pre Reg SPS SOC Protection PMIC Dig Dig HV Iso Iso HV Iso Sync PFC LLC Driver DC/DC Driver Rec POL/ PMIC Memory Automotive Power Tree Power Switche

59. Slide 59: SiC & Si Power / Image Sensor

    SiC & Si Image Power Sensor 63 Public Information © onsemi 2023

60. Slide 60: #1 Global Position in Image Sensors

    # 1 Global Position in auto & industrial 46% Auto Market Image Share (‘22) Sensor 68% ADAS Market Share (’22) 64 Based on current market and onsemi estimates Public Information © onsemi 2023

61. Slide 61: onsemi Advantage

    onsemi Advantage  Global Shutter Superior Auto & Industrial  Installed base of  Rolling Shutter Technology Focus >450M automotive  Image Signal sensors Processing onsemi’s Image Sensor  Devware  45+ years of  Ref Designs Solution Decades sustained  Ecosystem Enablement of Innovation innovati

62. Slide 62: onsemi Advantage

    onsemi Advantage  Global Shutter Superior Auto & Industrial  Installed base of  Rolling Shutter Technology Focus >450M automotive  Image Signal sensors Processing onsemi’s Image Sensor  Devware  45+ years of  Ref Designs Solution Decades sustained  Ecosystem Enablement of Innovation innovati

63. Slide 63: Superior Technology

    Superior Technology High Dynamic Range 67 Public Information © onsemi 2023

64. Slide 64: Superior Technology

    Superior Technology High Dynamic Range Low Light Performance 68 Public Information © onsemi 2023

65. Slide 65: Superior Technology

    Superior Technology High Dynamic Range Low Light Performance Low Power Latest generation is 30-70% more power efficient 69 Public Information © onsemi 2023

66. Slide 66: Superior Technology

    Superior Technology High Dynamic Range Low Light Performance Low Power Cybersecurity System Functions Functional Safety 70 Public Information © onsemi 2023

67. Slide 67: onsemi Advantage

    onsemi Advantage  Global Shutter Superior Auto & Industrial  Installed base of  Rolling Shutter Technology Focus >450M automotive  Image Signal sensors Processing onsemi’s Image Sensor  Devware  45+ years of  Ref Designs Solution Decades sustained  Ecosystem Enablement of Innovation innovati

68. Slide 68: Image Sensor Leadership

    Image Sensor Leadership Only Provider to Enable Complete Solutions Partner Ecosystem Automotive Industrial Reference Design Module Design DevWare SDK Image Sensor 72 Public Information © onsemi 2023

69. Slide 69: DevWare SDK

    DevWare SDK Scale Business to 1000s of Customers 73 Public Information © onsemi 2023

70. Slide 70: Image Sensor Leadership

    Image Sensor Leadership Only Provider to Enable Complete Solutions Partner Ecosystem Automotive Industrial Reference Design Module Design DevWare SDK Image Sensor 74 Public Information © onsemi 2023

71. Slide 71: Automotive Reference Design / Industrial Module Design

    Automotive Industrial Reference Design Module Design 2 Public Public Information Information © © onsemi onsemi 2023 2023

72. Slide 72: Image Sensor Leadership

    Image Sensor Leadership Only Provider to Enable Complete Solutions Partner Ecosystem Automotive Industrial Reference Design Module Design DevWare SDK Image Sensor 76 Public Information © onsemi 2023

73. Slide 73: Partner Ecosystem

    Partner Ecosystem Partner Ecosystem 77 Public Information © onsemi 2023

74. Slide 74: Partner Ecosystem

    Partner Ecosystem Optics Discrete ISP SerDes / IF SoC/FPGA ISVs onsemi Automotive Partner Ecosystem > 50 End-to-End Image Solution Partners 78 Public Information © onsemi 2023

75. Slide 75: onsemi Advantage

    onsemi Advantage  Global Shutter Superior Auto & Industrial  Installed base of  Rolling Shutter Technology Focus >450M automotive  Image Signal sensors Processing onsemi’s Image Sensor  Devware  45+ years of  Ref Designs Solution Decades sustained  Ecosystem Enablement of Innovation innovati

76. Slide 76: Image Sensor Leadership: 45+ Years of Sustained Innovation

    Image Sensor Leadership 45+ Years of Sustained Innovation 1st 150 dB 1st proto HDR+LFM digital camera Sensor 1975 2023 Bayer 1st Megapixel 1st Camera 1st Auto 1st HDR+LFM Smart iToF Pattern CCD on Chip CMOS Sensor Auto Sensor Depth Sensor 1975 1986 1995 2005 2017 2022 1st CMOS 1st Global Shutter 1st

77. Slide 77: Image Sensor Leadership

    Image Sensor Leadership Only Provider to Enable Complete Solutions Partner Ecosystem Automotive Industrial Reference Design Module Design DevWare SDK Image Sensor 81 Public Information © onsemi 2023

78. Slide 78: Expanding from the Core

    Expanding from the Core Sustainable Ecosystem TAM ($B) Extend Sensor Interfaces Market Leader Leadership Depth Depth Sensor Sensor Image Sensor Image Extend Portfolio Sensor Sensor Interfaces Market Leader Extend Automotive Industrial 2022 2027 $5.3B TAM Opportunity by 2027 82 Based on current marke

79. Slide 79: Sensor Interfaces

    eePROM Comms Interfaces SiC & Si Sensor Power Interfaces Gate Logic Amplifier / Driver Comparators Image Sensors Depth Controller Sensor Signaling Isolators 83 Public Public Information Information © © onsemi onsemi 2023 2023

80. Slide 80: Silicon Carbide, Sensor Interfaces, Image Sensors, Power ICs

    Silicon Carbide Sensor Interfaces Silicon Power Image Sensors Power ICs 3 Public Public Information Information © © onsemi onsemi 2023 2023

81. Slide 81: Portfolio expansion increases opportunity up to $5M per data center

    $14 $60 $14 $25 Artificial High Power AC/DC Intelligence Accelerator • AC/DC Totem Pole • Multiphase Controllers PFC • Smart Power Stages • LLC Controller • 48V MCM • HV Isolated Drivers • POL Regulators • Isolated DC/DC • e-fuse Protection Devices Converter • WBG FETs $2 $17 Networking Unit $7 $50

82. Slide 82: Power of the Portfolio

    Power of the Portfolio ✔ Customer Wins & LTSAs EV Power Broadest Portfolio to Capture the EV Market Applications E-compressor OBC Exciter Module Electronic Power Steering PTC Heater Single Axle Traction Inverter SiC/IGBT 48V LV DC-DC DC-DC Converter Converter 86 Public Information © onsemi 2023

83. Slide 83: onsemi. Everywhere. Today.

    onsemi. Everywhere. Today. Silicon Carbide EV Power Applications Silicon Power E-compressor OBC Exciter Module Electronic Power Steering PTC Heater Single Axle Traction Inverter SiC/IGBT 48V LV DC-DC DC-DC Converter Converter 87 Dots represent onsemi devices designed in BMW’s electric i7 Series vehi

84. Slide 84: onsemi. Everywhere. Today.

    onsemi. Everywhere. Today. Silicon Carbide Silicon Power Power ICs Sensor Interfaces Image Sensors Other 88 Dots represent onsemi devices designed in BMW’s electric i7 vehicles Public Information © onsemi 2023

85. Slide 85: SiC/Si Power leadership enables us to win complete power trees

    SiC/Si Power leadership enables us Energy eePROM to win complete power trees, Infrastructure unlocking $14B TAM @ up to 70% GM Silicon Carbide Comms Sensor Interfaces Interfaces Electric Vehicles Logic We are expanding intelligent sensing Sustainable Amplifier / leadership though focused Silicon Com

86. Slide 86: onsemi's Transformation has Driven Outperformance

    onsemi’s Transformation has Driven Outperformance Outperforms SOX by 147% December 2020 May 2023 ON SOX 91 Public Information © onsemi 2023

87. Slide 87: Structural Changes Set the Foundation for Growth

    Structural Changes Set the Foundation for Growth Revenue Gross Margin & Free Cash Flow Operating Margin 49% $8.3B $1.6B 36% 35% $1.3B $6.7B $5.5B $5.2B 14% $0.5B Gross Margin $0.16B Operating Margin 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022  Revenue at 26% CAGR 2020-2022  Gross M

88. Slide 88: Structural Changes Set the Foundation for Growth

    Structural Changes Set the Foundation for Growth Revenue Gross Margin & Free Cash Flow Operating Margin 49% $8.3B $1.6B 36% 35% $1.3B $6.7B $5.5B $5.2B 14% $0.5B Gross Margin $0.16B Operating Margin 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 Industry-Leading Results Accelerating Sha

89. Slide 89: Premium Businesses

    Premium Businesses Energy Infrastructure Electric Vehicles Sustainable Charging Ecosystem Advanced 5G Cloud Safety Factory Power Automation 4 Public Information © onsemi 2023

90. Slide 90: Premium Businesses

    Premium Businesses Intelligent Power Intelligent Sensing Silicon Carbide  #1 position in Auto and Industrial  Revenue growing >2x market at 70%  Growing in machine vision  Vertically integrated manufacturing at scale  68% market share in ADAS, 27% market share in industrial  Industry-leading e

91. Slide 91: Premium Businesses Driving Premium Results

    Premium Businesses Driving Premium Results Revenue Expanding Growth Gross Margin ~3x Market Silicon Carbide Shareholder Sustainable Silicon Power Ecosystem Value Power ICs Image Sensors Shareholder Accelerating Capital Return Free Cash Flow 96 Public Information © onsemi 2023

92. Slide 92: Revenue Growth ~3x Market

    Revenue Expanding Growth Gross Margin ~3x Market Shareholder Value Shareholder Accelerating Capital Return Free Cash Flow 98 Public Information © onsemi 2023

93. Slide 93: Markets that Matter

    Markets that Matter Intelligent Power Sustainable Semiconductor & Sensing Ecosystem TAM $553B $91B $43B Industry 6% 16% CAGR 4% Revenue CAGR 2022 - 2027 10-12% 14% 21% Electrification, creating a multi-decade opportunity for onsemi SiC growth >2x market at ~70% Machine Vision for the future of autom

94. Slide 94: Sustainable Ecosystem to Drive ~3x the Market Growth

    Sustainable Ecosystem to Drive ~3x the Market Growth Automotive CAGR  Electrification – SiC & IGBT 2022 – 2027  Increasing ADAS Adoption  Power Management for LED and Advanced Safety Industrial  Energy Infrastructure 19%  Factory Automation Auto  EV Charging Industrial 10% Other  5G & Cloud P

95. Slide 95: Sustainable Ecosystem to Drive ~3x the Market Growth

    Sustainable Ecosystem to Drive ~3x the Market Growth CAGR Intelligent Power 2022 – 2027  SiC growth 2x the industry at 70%; 35-40% market share  Si Power – IGBT, FET share gain in Auto & Industrial  Accelerate Power IC growth with controllers and gate drivers 16% Intelligent Sensing Intelligent 

96. Slide 96: Highly Diversified Customer Base

    Highly Diversified Customer Base Customer Needs: onsemi Delivers: Top 20 customers  Best-in-Class Performance  Industry-leading products represent ~35% of revenue  Reliable suppliers at scale  Vertically integrated supply chain  Tighter supplier base  Broad portfolio of products Top 20 custome

97. Slide 97: Revenue Growth ~3x Market

    Revenue Expanding Growth Gross Margin ~3x Market Shareholder Value Shareholder Accelerating Capital Return Free Cash Flow 103 Public Information © onsemi 2023

98. Slide 98: Executed Fab Liter Manufacturing Strategy

    Executed Fab Liter Manufacturing Strategy Fab Liter Flexible, Low Fixed-Cost Footprint Capacity  Reduced legacy capacity to minimize fab footprint – Fab Filler strategy is dead  Captive capacity for differentiated technologies. Leverage external manufacturing for non-proprietary technologies  Inv

99. Slide 99: The Next Strategy: Fab Right

    200000 The Next Strategy: Fab Right 200000 180000 180000 160000 160000 Fab Right 140000 Optimize asset footprint for 140000 efficiencies and best-in-class ROIC 120000  Optimize mix across the network for best cost 120000 structure  Ramping 300mm Fab for scale and capacity Capacity 100000 100000 

100. Slide 100: Fab Right: onsemi's Path to Net Zero by 2040

     Fab Right: onsemi’s Path to Net Zero by 2040 Greenhouse Water Gas Emissions 42% water Near-term targets to be published in 2024 recycled in 2022 21% YoY Scope 2 emissions 19% YoY water withdrawal reduction in 2022 reduction in 2022 SBTi Letter signed December Waste 2022 Energy Saving 70% waste diver

101. Slide 101: The Next Milestone: Expand Gross Margin to 53%

     The Next Milestone: Expand Gross Margin to 53% Mix / New Products 53%  Continued mix shift to Auto & Industrial  Ramp new and differentiated products at margins above target 49.2% Silicon Carbide (SiC)  Accretive margins at scale  Absorption of startup costs  SiC growing 2x market1 Fab Right 

102. Slide 102: Revenue Growth ~3x Market

     Revenue Expanding Growth Gross Margin ~3x Market Shareholder Value Shareholder Accelerating Capital Return Free Cash Flow 108 Public Information © onsemi 2023

103. Slide 103: Accelerating Free Cash Flow

     Accelerating Free Cash Flow Expanding Free Cash Flow Margin to 25-30%  Grow revenue ~3x semiconductor industry  Expand Gross Margin $1.6B  Targeted Operating Expense deployment  High ROIC investments  Working Capital & Inventory management 2019 2020 2021 2022 2027 Target $3.5 - 4.0 billion in F

104. Slide 104: Market Success Driving Investments

     Market Success Driving Investments Fab Right: Silicon Carbide Capital Efficiency Expanding Capacity Expansion  Capital Intensity to be  Expand capacity for  Invest $2B in next 15-20% through 2024 and strategic growth to phase of end-to-end decline to 11% by 2027 capture market SiC capacity  Mini

105. Slide 105: Delivering Best-in-Class ROIC

     Delivering Best-in-Class ROIC onsemi ROIC 38.6% Brownfield Efficiency 24.6%  40% less CapEx compared to 12.8% Greenfield investment 8.5%  Accelerates time to market by 2019 2020 2021 2022 2 years 2022 Capital Intensity onsemi 12% onsemi capital intensity CapEx savings is nearly half the peer of ~4

106. Slide 106: Revenue Growth ~3x Market

     Revenue Expanding Growth Gross Margin ~3x Market Shareholder Value Shareholder Accelerating Capital Return Free Cash Flow 112 Public Information © onsemi 2023

107. Slide 107: Investments and Capital Allocation

     Investments and Capital Allocation R&D Balance Shareholder M&A and CapEx Sheet Returns  Invest in organic  Strategic M&A  Maintain flexibility  Return 50% of initiatives to adjacent and to pursue organic Free Cash Flow extend competitive complimentary and inorganic through share advantage growth

108. Slide 108: Accelerating the Financial Model

     Accelerating the Financial Model 2022 2027 Actual Target Revenue $8.3B 10-12% CAGR • Grow at ~3x the semiconductor industry • Mix shift, new products & SiC ramp at accretive margins Gross Margin 49.2% 53% • Optimize cost through Fab Right Operating • Invest in R&D for long-term growth 14.6% 13% • Di

109. Slide 109: Premium Businesses Driving Premium Results

     Premium Businesses Driving Premium Results Revenue Accelerating Growth Free Cash Flow ~3x Market Premium Markets Silicon Carbide Premium SiliconBusinesses Power Shareholder Sustainable Ecosystem Premium PowerProducts ICs Value Premium Results Image Sensors Shareholder Expanding Capital Return Gross

110. Slide 110: Appendix

     Appendix 119 Public Public Information Information © © onsemi onsemi 2023 2023

111. Slide 111: Appendix – GAAP to Non GAAP Reconciliation

     Appendix – GAAP to Non GAAP Reconciliation $ in Millions FY 2019 FY 2020 FY 2021 FY 2022 Reconciliation of GAAP to Non-GAAP Gross Margin: GAAP Gross Margin 35.8% 32.7% 40.3% 49.0% a) Impact of business wind down 0.0% 0.0% 0.0% 0.2% b) Amortization of acquisition-related intangible assets 0.0% 0.0% 0

112. Slide 112: Notes and Sources – Welcome to the New World

     Notes and Sources – Welcome to the New World What you are used to seeing (images) • Maximize Market Research Pvt. Ltd • Deloitte and Mordor Intelligence • KBV Research • Yole Sustainable Ecosystem ‘22-’27 TAM CAGRs • onsemi estimates • LMC Automotive: Global Hybrid & Electric Vehicle Forecast - Quar

113. Slide 113: Notes and Sources – Powder to Power

     Notes and Sources – Powder to Power Die Performance • Internal benchmarking Optimized Package Thermals 15% reduction in Rth • Based on internal estimates Lifetime LTSA Value • Based on signed customer agreements 122 Public Information © onsemi 2023

114. Slide 114: Notes and Sources - Accelerating The Flywheel

     Notes and Sources - Accelerating The Flywheel Winning at the Core – SiC and Si Power Expanding from the Core - Sensing • ‘22 – ’27 CAGR, Global position and market share based on onsemi estimates • onsemi estimates • Sensor Interfaces Source: Research & Markets 2020 report The Profound Impact of 1%

115. Slide 115: Notes and Sources – Foundation Set: Ready to Accelerate

     Notes and Sources – Foundation Set: Ready to Accelerate Stock Chart The Next Milestone: Expand Gross Margin to 53% • Stock Chart represents period from: December 7, 2020 to May 5, 2023; Source: FactSet • 2027 Target based on onsemi internal estimates Structural Changes Set the Foundation for Growth

116. Slide 116: Follow Us @onsemi www.onsemi.com

     Follow Us @onsemi www.onsemi.com

onsemi — Investor Day (May 2023) on 6ix