Slide 1: February 2026 Investor Presentation
February 2026 Investor Presentation
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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 and contain
Slide 3: Corporate Overview
di = = = E a Corporate Overview
Slide 4: Photronics Overview
Europe 4% Taiwan 33% South Korea 19% US 17% Photronics Overview (Nasdaq: PLAB) $862M Revenue $211M Operating Income $267M Operating Cash Flow $2.22B Market Cap 2/20/2026 ~1,900 Employees ~675 Customers 1969 Founded A Global Merchant Market Leader of Photomasks used in Lithographic Imaging for Semico
Slide 5: Photomasks: Critical Enabler for IC and FPD Manufacturing
Photomasks: Critical Enabler for IC and FPD Manufacturing Integrated Circuit (IC) photomasks are used to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated circuits. Photomasks are glass substrates used in lithographic systems to transfer the pattern of semicond
Slide 6: IC: New Chip Designs Drive Photomask Demand
IC: New Chip Designs Drive Photomask Demand 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 6 Source: Semi’s 2024 Photomask Charact
Slide 7: Global Footprint Aligns with Regionalization Trends
Global Footprint Aligns with Regionalization Trends IC: Integrated Circuit | FPD: Flat Panel Display 7 Allen, Texas Boise, Idaho Brookfield, Connecticut HQ Bridgend, Wales Cheonan, South Korea Hsinchu, Taiwan Xiamen, China Dresden, Germany Hefei, China Taichung, Taiwan Largest commercial mask maker
Slide 8: Node Migration Drives Mask Set Value
Node Migration Drives Mask Set Value Nodes Indicative Mask Value 8 Mask pattern complexity / Mask count per IC Design / Impact of Mask performance on IC yield Drives higher individual mask ASP, more layers per mask set, and higher barriers of entry for competitors Currently participating Planning to
Slide 9: FPD: Advanced Displays are Driving Innovation
FPD: Advanced Displays are Driving Innovation 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 processes to incre
Slide 10: Competitive Advantages
Competitive Advantages Global Footprint Close to customer Aligned with end markets Flexible supply chain Technology Leader Process expertise Advanced Process-of-Record High barriers to entry Commercial Excellence Customer first Trusted partner Wafer yield enhancement Technology roadmap enabler Opera
Slide 11: Capital Expenditures
Capital Expenditures The Capital Intensity Ratio is defined as Capex divided by Revenue Multi-Beam Mask Writer expands technical and production capability through improved cycle time and extends complex patterning opportunities MBMW Write Time Advantage Technology Node 100 80 60 40 20 0 Est. Write T
Slide 12: Compelling Investment Thesis
Compelling Investment Thesis A global leader in the merchant photomasks industry critical for semiconductor manufacturing Favorable Industry Trends 12 FAB regionalization/ reshoring of the semiconductor industry Captives increased outsourcing to merchant suppliers Node migration drives ASP expansion
Slide 13: Fiscal Q1 2026 Financial Results
Fiscal Q1 2026 Financial Results
Slide 14: FQ1 2026 Summary
FQ1 2026 Summary Revenue Gross Margin Operating Margin Diluted EPS Non-GAAP Diluted EPS1 FQ1 2026 $225.1M 35.0% 24.4% $0.74 $0.61 FQ4 2025 $215.8M 35.0% 24.1% $1.07 $0.60 FQ1 2025 $212.1M 35.6% 24.6% $0.68 $0.52 1See reconciliation included in this presentation Totals may differ due to rounding 14 R
Slide 15: Revenue by Product Line
Revenue by Product Line $M 1Q26 Q/Q Y/Y High-End* 71.3 8% 19% Mainstream 94.0 3% 0% Total 165.3 5% 7% Record High-End revenue associated with seasonal demand ahead of Chinese New Year Strategic emphasis on High-End to leverage competitive advantage Both High-End and Mainstream expected to continue e
Slide 16: Balance Sheet and Cash Flow Metrics
Strong operating cash flow contribution from our largest geographic regions FQ1 capex reflects FPD investments, outlays for our South Korea node extension down to 8nm and end-of-life tool upgrades Capital allocation: Organic growth investments: target capex of $330M in fiscal 2026 to expand U.S. and
Slide 17: FQ2 2026 Guidance
FQ2 2026 Guidance Assumptions: Higher end demand benefits from continued node migration Full influence of Chinese New Year reflected in FQ2 Fiscal 2026 capex reflects continued expansion in U.S., initial expansion in South Korea, and elevated end-of-life tool replacement Revenue ($M) 212 – 220 Opera
Slide 18: Appendix
Appendix
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures 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 Commission, and m
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures 20