Slide 1: Quarterly Earnings Presentation Q1'26
QUARTERLY EARNINGS PRESENTATION Q1’26 NASDAQ: SMTC 1 | QUARTERLY EARNINGS PRESENTATION | Q1’26
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 presentation includes a presentation of select non-GAAP financial measures. The Company's non-GAAP measures of adjusted gross margin, adjusted product development and engi
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 income (loss) plus interest expense, interest income, provision (benefit) for income taxes, depr
Slide 5: Q1'26 Results
Q1’26 RESULTS 5 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1’26 Q1’26
Slide 6: Q1'26 Net Sales
Q1’26 Net Sales "I am pleased with our solid first quarter results, that reflected improving demand trends, strong business fundamentals and disciplined execution in a dynamic environment," said Hong Hou, president and chief executive officer. "At the same time, we continue investing strategically i
Slide 7: Infrastructure End Market
Infrastructure End Market Data Center, PON/FTTH, Wireless, Infrastructure Circuit Protection • Record data center net sales of $51.6m, +3% Q/Q and +143% Y/Y • We believe data center to be a sustainable growth driver, Q1’26 NET SALES given recent indications of hyperscaler capital expenditures and in
Slide 8: High-End Consumer End Market
High-End Consumer End Market Consumer Circuit Protection, PerSe® Smart Sensing Q1’26 NET SALES • Consumer TVS net sales of $24.5m, +2% Q/Q • Expanded design-in activity of SurgeSwitch, a system level protection device, across a number of device manufacturers and platforms • PerSe proximity sensing p
Slide 9: Industrial End Market
Industrial End Market LoRa®, Modules, Routers, Smart Connectivity, RF Industrial, Industrial Circuit Protection, Professional AV • LoRa-enabled solutions net sales of $38.9m, +5% Q/Q and +81% Y/Y Q1’26 NET SALES • LoRa technology highlights Semtech’s deep expertise in ultra-low power RF devices • Ro
Slide 10: CEO Message
1 Significant strides in strengthening Semtech’s financial foundation – delivering significantly improved profitability while investing in the innovation and capabilities that position us for long-term success 2 Results reflect disciplined execution CEO We fully recognize that there is still much wo
Slide 11: Summary Financial Results
Summary Financial Results GAAP FINANCIAL RESULTS (in millions, except per share data) Q1’26 Q4’25 Q1’25 Net sales $ 251.1 $ 251.0 $ 206.1 Gross margin 52.3 % 52.0 % 48.3 % Operating expenses, net $ 95.3 $ 109.3 $ 96.4 Operating income $ 36.0 $ 21.2 $ 3.1 Operating margin 14.3 % 8.5 % 1.5 % Interest
Slide 12: Q2'26 Outlook
Q2’26 OUTLOOK 12 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1’26 Q1’26
Slide 13: Q2'26 Outlook
Q2’26 Outlook* (in millions, except per share data) Net sales $ 256.0 +/- $ 5.0 Net Sales Outlook Non-GAAP Financial Measures • Infrastructure end market expected to increase Adjusted gross margin* 53.0 % +/- 50 bps sequentially, including growth Adjusted operating expenses, net* $ 87.5 +/- $ 1.0 in
Slide 14: Q&A
Q&A 14 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1’26 Q1’26
Slide 15: Appendix: Net Sales Schedules
APPENDIX NET SALES SCHEDULES 15 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q1’26 Q1’26
Slide 16: Net Sales Schedules
Net Sales Schedules END MARKET Q1’26 Q4’25 Q3’25 Q2’25 Q1’25 Infrastructure $72.8 $69.1 $65.8 $52.9 $56.0 High-End Consumer 35.4 35.4 40.0 37.1 34.5 Industrial 142.8 146.6 131.0 125.3 115.6 Total $251.1 $251.0 $236.8 $215.4 $206.1 REPORTABLE SEGMENT Q1’26 Q4’25 Q3’25 Q2’25 Q1’25 Signal Integrity $73
Slide 17: Supplemental Information: 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 | | Q1’26 Q1’26
Slide 18: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’26 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 73.5 $ 90.6 $ 164.1 $ 86.9 $ — $ 251.1 Segment cost of sales 25.4 34.2 59.5 57.0 3.2 119.8 Segment gross profit
Slide 19: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’25 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 72.5 $ 85.4 $ 157.9 $ 93.1 $ — $ 251.0 Segment cost of sales 26.5 39.5 66.0 53.6 0.9 120.5 Segment gross profit
Slide 20: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’25 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 58.3 $ 75.3 $ 133.6 $ 72.5 $ — $ 206.1 Segment cost of sales 23.5 34.6 58.2 45.4 3.0 106.5 Segment gross profit
Slide 21: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’26 Q4’25 Q1’25 Operating expenses, net (GAAP) $ 95.3 $ 109.3 $ 96.4 Share-based compensation (6.1) (16.5) (14.6) Intangible amortization (0.1) (0.1) (0.3) Transaction and integration related costs, net (1.1) (0.9) (1.8) Restructuring and other reserves,
Slide 22: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’26 Q4’25 Q1’25 Operating income (GAAP) $ 36.0 $ 21.2 $ 3.1 Share-based compensation 6.8 17.3 15.2 Intangible amortization 2.4 2.4 2.6 Transaction and integration related costs, net 1.1 0.9 1.8 Restructuring and other reserves, net 1.2 0.4 2.3 Litigation
Slide 23: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’26 Q4’25 Q1’25 Operating margin (GAAP) 14.3 % 8.5 % 1.5 % Share-based compensation 2.7 % 6.9 % 7.4 % Intangible amortization 1.0 % 0.9 % 1.3 % Transaction and integration related costs, net 0.4 % 0.3 % 0.9 % Restructuring and other reserves, net 0.5 % 0.
Slide 24: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’26 Q4’25 Q1’25 Interest expense, net (GAAP) $ 6.2 $ 16.7 $ 22.7 Amortization of deferred financing costs (1.3) (1.5) (2.4) Write-off of deferred financing costs (0.2) (7.7) — Interest rate swap termination 0.2 3.6 — Investment income — 0.2 0.2 Adjusted i
Slide 25: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’26 Q4’25 Q1’25 GAAP net income (loss) $ 19.3 $ 39.1 $ (23.2) Adjustments to GAAP net income (loss): Share-based compensation 6.8 17.3 15.2 Intangible amortization 2.4 2.4 2.6 Transaction and integration related costs, net 1.1 0.9 1.8 Restructuring and ot
Slide 26: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’26 Q4’25 Q1’25 GAAP net income (loss) $ 19.3 $ 39.1 $ (23.2) Interest expense 6.6 17.5 23.2 Interest income (0.4) (0.8) (0.5) Non-operating expense (income), net 2.8 (2.0) (0.4) Investment impairments and credit loss reserves, net — — 1.1 Provision (bene
Slide 27: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q1’26 Q4’25 Q1’25 Operating margin (GAAP) 14.3 % 8.5 % 1.5 % Share-based compensation 2.7 % 6.9 % 7.4 % Depreciation and amortization 4.1 % 4.0 % 5.2 % Transaction and integration related costs, net 0.4 % 0.3 % 0.9 % Restructuring and other reserves, net 0.
Slide 28: Thank You
THANK YOU Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its subsidiaries. Copyright © 2025 Semtech Corporation. All rights reserved. 28 | QUARTERLY EARNINGS PRESENTATION | Q1’26