Advanced Energy Industries, Inc. · NASDAQ:AEIS
Advanced Energy Industries — Investor Presentation (September 2026)
34 slides from Advanced Energy Industries's investor presentation, September 2026
Slide 1: Advanced Energy (AEIS) Investor Presentation
Advanced Energy (AEIS) Investor Presentation SEPTEMBER 2026
Slide 2: Safe Harbor
Safe Harbor Forward-Looking Statements: Advanced Energy Industries, Inc.’s guidance and other statements herein contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Ex
Slide 3: Leader in Precision Power
Leader in Precision Power do, Advanced Energy (NASDAQ: AEIS) 2025 REVENUE 1981 >70% 1,500+ 1,000+ $1.8B Technical Team $1.8B $284M (1) Detailed explanations of non-GAAP financials and reconciliations of GAAP to non-GAAP financials can be found at the end of this presentation
Slide 4: Lead the Future of Precision Power
Lead the Future of Precision Power 01 02 Precision power leader enabling Expanding set of high-end next generation processes and opportunities across diverse end technologies markets 03 04 Solid revenue growth driven by Superior earnings power with new products, share gain, and well-defined path to
Slide 5: Advanced Energy Business Strategy
Advanced Advanced Energy Energy Business Business Strategy Strategy KEY CORPORATE STRATEGIES BENEFITS Focus on demanding applications and sole-sourced proprietary Highly differentiated, sole-sourced designs designs for the precision power market contribute to >40% gross margin Diversify across multi
Slide 6: Technology Leadership and Market Leading Positions
Technology Leadership and Market Leading Positions Industrial Power Large portfolio of high- value and configurable solutions Powering wide-range of industrial applications Medical Power Semi Process Power #2 in Medical power(2) Data Center Power Enabling therapeutic, #1 in plasma power(1) diagnosti
Slide 7: Multiple Macro Drivers
Multiple Macro Drivers Artificial Intelligence Semi Market Projected at Driving increased power consumption > $1.3 Trillion(1) in data center and demand for leading- Growing demand on AI infrastructure edge silicon buildout and increasing use of semiconductors across many industries Energy Efficienc
Slide 8: Outgrow WFE on Increased Intensity and Share Gains
Outgrow WFE on Increased Intensity and Share Gains Higher Etch/Deposition and Share gains from new plasma Win new designs in Semi adjacent power intensity power products power applications 3rd Party ’25-’30 CAGR Forecast(1): Increased Etch/Dep Intensity System Power Thermal & Sensing eVoS eVerest Na
Slide 9: Accelerate Growth in Industrial and Medical
Accelerate Growth in Industrial and Medical 01 Large underpenetrated and 02 Accelerating launch of new fragmented market I&M platforms High-end, long-life cycle applications 2X # of custom solutions NeoPower Evergreen Medical NCF AE’s scale and dedicated technical Leverage common platforms to teams
Slide 10: Data Center Computing Leverages AI Technology Roadmap
Data Center Computing Leverages AI Technology Roadmap AI driving need for higher … while compressing Pipeline of proprietary solutions rack power … time to market enables faster than market growth NVIDIA AI GPU Power Rating(1) 3,000 2,000 New 1,000 0 Increasing importance of power Key technology ena
Slide 11: Accelerated Launch of New Platforms
Accelerated Launch of New Platforms Accelerated Launch of New Platforms Growing Pipeline of Design Wins # of I&M Design Opportunities ~50% 2022 2025 Technology-leading product platforms High design win conversion rate (>33%) Delivering > 2X number of custom products Strong momentum in Industrial and
Slide 12: Improved Digital Capability Expanding Reach
Improved Digital Capability Expanding Reach WEB PERFORMANCE(1) DRIVING BUSINESS IMPROVEMENTS: RESULTS(2): 3X >900 >600 3X >350 2X >150 (1) Performance metrics represent changes 1 year after new website was launched in Aug ‘23 (2) From Aug ‘23 through Nov ’24, then updated to Dec ’25; New Customers A
Slide 13: Targeting Healthy Growth Above Our Markets
Targeting Healthy Growth Above Our Markets LT Market Growth Outlook AE LT Organic Growth Outlook ~8% CAGR based on a $1T Semi >30% growth above WFE on etch/dep market & increased capital intensity intensity, new products and share gains $4.5 ~4% CAGR after market normalizes with 2X market growth on
Slide 14: Inorganic Strategy Focus on Growing Scope and Leveraging Scale
Inorganic Strategy Focus on Growing Scope and Leveraging Scale ACQUISITION CRITERIA SELECTED ACQUISITIONS A solid track record in acquiring and growing profitable businesses SL Power Focus on large accretive targets in I&M market and technology tuck-ins HiTek Power UltraVolt Financial discipline wit
Slide 15: Higher Through-Cycle Financial Performance
Higher Through-Cycle Financial Performance Revenue Non-GAAP EPS(1) Peak to Peak Trough to Trough Peak to Peak Trough to Trough ($ in millions) ($ in millions) ($ per Share) ($ per Share) $2,000 $2,000 $8.00 $8.00 $7.00 $7.00 +36% $1,500 $1,500 $6.00 $6.00 $5.00 $5.00 $1,000 $1,000 $4.00 $4.00 +52% $
Slide 16: Operational Excellence Enables Superior Financial Performance
Operational Excellence Enables Superior Financial Performance 01 02 Consolidating into five large Cost-effective infrastructure manufacturing sites in for high-mix, low-volume Southeast Asia and Mexico manufacturing 03 04 Internal manufacturing to Continuous improvement in better support long-life c
Slide 17: Structurally Expand Gross Margin
Structurally Expand Gross Margin 01 Manufacturing and Cost 02 Improve Product Mix 03 Volume Leverage Improvements Manufacturing overhead Focus on growing margin Margin uplift from costs after consolidation accretive markets Next-gen products Gross Margin Expansion > 20% Sole-sourced from 2023 Exit 2
Slide 18: Financial Framework to 2030 Long-term Target Model
Financial Framework to 2030 Long-term Target Model 2030 Acquisition 2030 ($ in millions, except per share data) 2024 Organic Organic Model Assumptions (Post Long-term Model Synergies) Model > 9% CAGR on market recovery + Revenue $1,482 $2,500 AE growth strategies $500 $3,000 Structural GM improvemen
Slide 19: Capital Allocation Focused on Growth
Capital Allocation Focused on Growth Allocation of Free Cash Flow Capital Allocation Track Record ▪ Targeting deal returns > Cost of Capital 10-year Cumulative (2016 to 2025) ▪ Non-GAAP(1) EPS accretive in Year 1 ▪ Post-deal net debt leverage(2) at < 3.0x ▪ Post-deal Debt/Equity(3) at < 1.5x Total A
Slide 20: Ample Funding to Execute the M&A Strategy
Ample Funding to Execute the M&A Strategy Current Capital Structure (at the end of Q2’26) M&A Financial Discipline $600M $1,647M Acquisition Financial Targets: Undrawn Revolver Maximum funds ▪ Deal returns > Cost of Capital available for M&A ▪ Gross margin at >40% $137M Remaining of the $1,397M ▪ Ea
Slide 21: 2025 Financial Highlights
2025 Financial Highlights REVENUE NON-GAAP GROSS MARGIN(1) OPERATING CASH FLOW(2) $1.80 billion 38.7% $235 million NON-GAAP EPS NON-GAAP OP MARGIN(1) TOTAL CASH $6.41 15.8% $791 million (1) Detailed explanations of non-GAAP financials and reconciliations of GAAP to non-GAAP financials can be found a
Slide 22: Q2 2026 Summary – Record Results
Q2 2026 Summary – Record Results Q2 2026 revenue and non-GAAP EPS(1) above the high end of guidance on solid execution ▪ Record results with revenue of $574 million, up 30% YoY, and non-GAAP EPS(1) of $2.74, up 83% YoY ▪ Non-GAAP (1) operating margin increased 730 bps YoY to 21.9%; record operating
Slide 23: Q2 2026 Revenue Detail by Market
Q2 2026 Revenue Detail by Market Down 1% QoQ & Up 35% YoY Up 27% QoQ & 33% YoY ▪ Demand progressively improved in the quarter as customers resolved downstream constraints ▪ Executing well to meet increased demand ($ in millions) ▪ Continue to win new programs at hyperscalers in leading-edge logic an
Slide 24: Lead the Future of Precision Power
Lead the Future of Precision Power 01 02 Precision power leader enabling Expanding set of high-end next generation processes and opportunities across diverse end technologies markets 03 04 Solid revenue growth driven by Superior earnings power with new products, share gain, and well-defined path to
Slide 25: Thank You
Thank You
Slide 26: 2030 Target Model with Scenarios
2030 Target Model with Scenarios Acquisition 2030 ($ in millions, except 2030 (Post Long-term per share data) 2024 $1.75B $2.00B $2.25B Organic Model Synergies) Model Revenue $1,482 $1,750 $2,000 $2,250 $2,500 $500 $3,000 Gross Margin(1) 36.3% 39.8% 41.3% 42.4% 43.5% 42.0% 43.3% OPEX as % of Sales(1
Slide 27: Environment, Social and Governance Highlights
Environment, Social and Governance Highlights Environment Social Governance 98% ~44% 90% Peak conversion efficiency for energy- Women as % of global workforce Board members are Independent, non- intensive data center computing applications executive directors 93% 0.17 30% Total Waste Diversion Rate
Slide 28: Q3 2026 Guidance
Q3 2026 Guidance Revenue $640 million ± $20 million GAAP EPS from continuing operations $2.38 ± $0.25 Non-GAAP(1) EPS $3.00 ± $0.25 (1) Detailed explanations of non-GAAP financials and reconciliations of GAAP to non-GAAP financials can be found at the end of this presentation
Slide 29: Quarterly Non-GAAP Financials
Quarterly Non-GAAP Financials(1) Quarterly Trend (figures in $ millions, except percentage and EPS) All figures from Continuing Operations 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Revenue 425.0 415.5 410.0 405.3 327.5 364.9 374.2
Slide 30: Non-GAAP Measures
Non-GAAP Measures Detailed reconciliations of GAAP to non-GAAP financials can be found on the subsequent slides. These slides include measures, such as non-GAAP net income, non-GAAP gross profit, non-GAAP operating income, non-GAAP earnings per share ("EPS"), non-GAAP gross margin, non-GAAP operatin
Slide 31: Non-GAAP Reconciliation
Non-GAAP Reconciliation ($ in millions, except percentage and $ per share) Reconciliation of Non-GAAP measure - operating expenses and operating income, excluding certain items Year Ended December 31, 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gross profit from continuing operations, as reported $
Slide 32: Non-GAAP Reconciliation
Non-GAAP Reconciliation ($ in millions, except percentage and $ per share) Reconciliation of Non-GAAP measure - income excluding certain items Year Ended December 31, 2017 2018 2019 2020 2021 2022 2023 2024 2025 Income from continuing operations, less non-controlling interest, net of income taxes $
Slide 33: Non-GAAP Reconciliation
Non-GAAP Reconciliation ($ in millions, except percentage and $ per share)
Slide 34: Q3 2026 Reconciliation of GAAP to Non-GAAP Guidance
Q3 2026 Reconciliation of GAAP to Non-GAAP Guidance
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