Ichor Holdings · NASDAQ:ICHR
Ichor — Q1 2026 Earnings Presentation
22 slides from Ichor's earnings presentation, March 2026
Slide 1: Q1 2026 Investor Presentation
Q1 2026 Investor Presentation March 2026 Ichor Proprietary 1
Slide 2: Forward-Looking Statements and Non-GAAP Financials
Forward-Looking Statements and Non-GAAP Financials This Presentation and the accompanying oral presentation include “forward‐looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding
Slide 3: Who Is Ichor?
Who Is Ichor? A Foundation of the Semiconductor Industry 25 Years of Driving Innovation and Enabling Semiconductor Industry Growth Ichor Proprietary 3
Slide 4: A Stronger, More Competitive Ichor
A Stronger, More Competitive Ichor Sources: TechInsights Yole Group Competitive Cost. High-Growth Markets. Expanding Margins. Cost Transformation Strong Secular Tailwinds Strategic Differentiation Driving a more competitive cost Well-positioned in Etch and Becoming a differentiated, high- structure
Slide 5: Cost Transformation
Cost Transformation Operational Excellence for a More Agile Ichor Global Footprint Cost Faster Ramps Realignment Management 35%+ 15%+ 45% Higher revenue per Material and build Shorter cycle time and square foot. cost reduction. faster product ramps. Efficient operations, competitive cost structure,
Slide 6: Technology Inflections
Technology Inflections Sources: TechInsights Yole Group Trends Driving Increased Need for Ichor Products Vertical Scaling Advanced Packaging AI, Power, Compute and Memory Density, Drivers Angstrom-level Precision Backside power and reduced memory latency Applications 3D-NAND, Gate-All Around, 3-D DR
Slide 7: Turning the Ocean Blue
Turning the Ocean Blue Moving Up the Value Curve, Focus on Innovation Value Active Process Control Integration + Passive Integration + Passive Components Integration Components + Flow Control Time Suppliers 5 4 2 0 Position Ichor to drive active process control to be THE leader in gas control segmen
Slide 8: Ichor Product Strategy
Ichor Product Strategy Gas Panel Vertical Integration Strategy Specialty Valves UHP Valves Flow Controllers TAM: $70M TAM: $340M TAM: $1.1B Fittings Weldments Seals TAM: $1.6B (OEM) TAM: $105M TAM: $500M $2B (IDM) Substrates Filters = Released = In Development TAM: $500M TAM: $200M Moving from ~10%
Slide 9: 10x SAM Expansion
10x SAM Expansion Sources: TechInsights Yole Group Management Estimates 2015-2025 2015 SAM 2025 SAM $25.6B $2.8B $3.8B $2.5B $1.6B $.5B $4.4B $2.0B $13.0B Gas/ Chem Delivery Weldments Gas/ Chem Delivery Weldments Components Non-SEMI Machining Grew SAM ~10x by expanding capabilities, new products and
Slide 10: Revenue and Margin Expansion
Revenue and Margin Expansion Driving Design Wins to Outgrow the Market Non-Semi Sub-Assemblies Critical Machining SAM: $1.6B+ Share: <15% SAM: $2.8B+ Share: <5% Machining SAM: $13B+ Share: <5% Components Gas/Chem Delivery SAM: $4.4B+ Share: <5% SAM: $3.8B+ Share: 30% Leverage expanded SAM and new ma
Slide 11: Strategic Focus
Strategic Focus Levers to Revenue and Margin Expansion Design Wins on Expanded SAM 10x SAM Expansion Strategic Product Differentiation, 75% Vertical Integration Target Vertical Capabilities Capitalize On Market 14-16% Tailwinds CAGR from 2024-2030* Product Cost 15% Management Material and Manufactur
Slide 12: Key Financial Strategies
Key Financial Strategies: Outgrow WFE and Drive Strong GM Flow-Through Outgrow the Industry Drive Gross Margin Improvement Key technology inflections Grow share in higher-margin driving increased gas/fluid delivery SAM components businesses Levered to high-growth segments including Increase content
Slide 13: Short Term Outlook
Short Term Outlook Q1’26 NON-GAAP GUIDANCE Q4’25 Q1’26 Actual Guidance (2) Revenue $223.6M $250M +/- $10M First Quarter Gross Margin (1) 11.7% 12.5% +/- 0.5% Guidance Operating Expenses (1) $23.4M ~$24M Non-GAAP EPS (1) $0.01 $0.12 +/- $0.04 EBITDA(1) 3.5% ~5% (1) Non-GAAP, see Appendix for Q4’25 GA
Slide 14: Near-Term Path to Gross Margin of 15%
Near-Term Path to Gross Margin of 15% Assuming Revenue Run Rate $250M+ and Progress Achieved by 2H 2026 0.7% 15.0% 0.8% 0.9% 1.6% 11.0% $220M / 11% Volume Leverage Ichor Content >30% Machining Mix Cost Reductions $250M / 15% Near Term Target (by 2H 2026) Ichor Proprietary 14
Slide 15: Target Model with Significant Operating Leverage
Target Model with Significant Operating Leverage Significant Increases in Profitability Driven by Gross Margin Expansion Strategies Annual Results (Non-GAAP) (1) Target Model 2022 2023 2024 2025 Gross Margin 17% 13% 13% 12% 20%+ Operating Expenses 7% 11% 10% 10% ~7% Operating Margin 10% 3% 2% 2% 13%
Slide 16: Path to Gross Margin of 20%
Path to Gross Margin of 20% Long Range Plan 1% 20% 1% 1% 2% 15% Market Share Gains Vertical Integration $400M / 20% $250 M /15% Increased Non-Semi Mix Flow Controller Long Term Target Ichor Proprietary 16
Slide 17: Why Ichor – Value Creation
Investment Summary Why Ichor – Value Creation Differentiated Strategy Investment Highlights • Strong balance sheet and financial discipline • Positioned to capture the Value semiconductor WFE ramp • Building a differentiated IP and product- Active Process based business model Control Integration + I
Slide 18: Appendix
Appendix Ichor Proprietary 18
Slide 19: GAAP to Non-GAAP Reconciliations
chow Holdings, Ltd. Fiscal Year 2023 2024 2025, ICAAP to Non-GAAP Reconciliations Pcie pr sre ened EE = TS net sses $ 10617 $ 129069 § si1z0 § sagoao § _saresz]¢ 225,870 $ 195008 § 196761 § 2038i|$ 200,888 § 208227 $ n1ns9 § 253201 2eqass $ r40285 § 239206 § 223,606 |GAAP gross profit $ 177,480 $ 21
Slide 20: GAAP to Non-GAAP Reconciliations
chor Holdings, Ltd. aes se 2 ee |GAAP to Non-GAAP Reconciliations bn howard except per hare aeons) FT EE a] _@ [3 [a a @ [ae a se et sates $1096517 $ 1250069 § s11a20 $ s49ou0 $ _9475652)§ 225970 $ 95008 § 196,761 $ 203,81|$ 201365 § 203227 $ 211139 § 233251 ]$ 2an455 § 240.285 § 238206 $ 223,506 |G
Slide 21: GAAP to Non-GAAP Reconciliations
lear: Hokies, bed, Fiscal Year 2023 2028 2025 |GAAP to Non-GAAP Reconciliations in thousands excent per-share acts) F777 a] a [a ae a [a a ss et sates $1006.97 § 1.2n0068 § a1120 § sas,on0 $§ —97,852|§ 225470 $ sAsp0n $ 195,761 $ 205,81] 20L385 § 203227 $ m14,189 § 235291 1$ 2anass $ 240,285 $ 23820
Slide 22: Thank you
Thank you NASDAQ: ICHR Ichor Proprietary 22