Slide 1: Fourth Quarter and Full Year 2025 Financial Results
Fourth Quarter and Full Year MKS Inc. February 18, 2026 2025 Financial Results
Slide 2: Safe Harbor for Forward-Looking Statements
Safe Harbor for Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the future financi
Slide 3: Notes on Presentation
Notes on Presentation Use of Non-GAAP Financial Measures This presentation includes financial measures that are not in accordance with U.S. generally accepted accounting principles (“Non-GAAP financial measures”). These Non- GAAP financial measures should be viewed in addition to, and not as a subst
Slide 4: 2025 Results: A Year of Impressive Execution
2025 Results: A Year of Impressive Execution FY 2025 FY 2025 FY 2025 $3.9B $497M $7.88 NON-GAAP REVENUE Free Cash Flow NET EARNINGS PER DILUTED SHARE +10% vs 2024 +21% vs 2024 +20% vs 2024 ● Improving demand environment driving growth in Semiconductor and Electronics & Packaging markets ● Delivering
Slide 5: Q4 2025: Strong Performance with Growth Across End Markets
Q4 2025: Strong Performance with Growth Across End Markets Q4 2025 Q4 2025 Q4 2025 Q4 2025 $1B 46.4% $249M $2.47 NON-GAAP REVENUE NON-GAAP ADJUSTED NET EARNINGS PER GROSS MARGIN EBITDA DILUTED SHARE 5
Slide 6: Semiconductor
Semiconductor Q4 Highlights Business Trends Guidance Q4 2025 Q/Q CHANGE +5% Q1 2026 $435M Y/Y CHANGE +9% $450M+/- $15M REVENUE Y/Y CHANGE1 +8% REVENUE Excluding FX ● Revenue growth year over year led by ● Q1’26 revenue guidance up sequentially and subsystems serving deposition and etch consistent wi
Slide 7: Electronics & Packaging
Electronics & Packaging Q4 Highlights Business Trends Q/Q CHANGE +5% Guidance Q4 2025 Q1 2026 $303M Y/Y CHANGE +19% $305M +/- $15M REVENUE Y/Y CHANGE1 +15% REVENUE Excluding FX & Palladium ● Revenue driven by higher flexible PCB ● Q1 guidance implies low 20% range increase drilling for smartphone/P
Slide 8: Specialty Industrial
Specialty Industrial Q4 Highlights Business Trends Q/Q CHANGE +4% Guidance Q4 2025 Q1 2026 $295M Y/Y CHANGE +5% $285M+/- $10M REVENUE Y/Y CHANGE1 +3% REVENUE Excluding FX & Palladium ● Revenue reflects sequential improvement led by ● Expect modest year-over-year growth led by Research & Defense and
Slide 9: MKS is Well-Positioned as End Market Demand Improves
MKS is Well-Positioned as End Market Demand Improves ● Critical enabler at the intersection of advanced device manufacturing ‒ Semiconductor: Supporting leading-edge Logic/Foundry and HBM investment; poised to benefit from NAND upgrades ‒ Electronics & Packaging: Delivering proprietary chemistry and
Slide 10: Q4'25 Revenue & Select Financial Measures
Q4’25 Revenue & Select Financial Measures Q4’25 SUMMARY Q4'25 Change Q4'25 Q3'25 Q4'24 Excl. FX and Pd(1) ● Revenue exceeded the high end of initial guidance Semiconductor $435M $415M $400M 8% driven by strong demand in Semiconductor and Electronics & Packaging $303M $289M $254M 15% Electronics & Pa
Slide 11: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow Q4’25 SUMMARY Q4'25 Q4'24 ● Strong free cash flow of $91 million Cash and Cash Equivalents $675M $714M Trade Accounts Receivable, Net $651M $615M ● Ended 2025 with liquidity of approximately $1.4 Inventories $921M $893M billion, consisting of $675 million of cash and cash e
Slide 12: 2025 Revenue & Select Financial Measures
2025 Revenue & Select Financial Measures 2025 SUMMARY Y/Y Change Excl. ● Semiconductor revenue higher, driven by Plasma and Reactive 2025 2024 Y/Y Change FX and Pd (1) Gases, Vacuum products and service business Semiconductor $1,696M $1,498M 13% 13% Electronics & Packaging $1,111M $922M 20% 19% ● El
Slide 13: Outlook
Outlook Outlook Q1'26 Q4'25 Actual ● Revenue outlook by end-market: Revenue $1,040M +/- $40M $1,033M ‒ Semiconductor – $450M +/- $15M Non-GAAP Financial Measures ‒ Electronics & Packaging – $305M +/- $15M Gross Margin 46.0% +/- 100 bps 46.4% ‒ Specialty Industrial – $285M +/- $10M Operating Expenses
Slide 14: Q&A
Q&A
Slide 15: Q4'25 Revenue
Q4’25 Revenue Q4’25 Specialty Industrial 29% Semi 42% Electronics & Packaging 29% Consumables & Service 41% Q4'25 vs Q4'24(1) Change Total Excluding Q4'25 Q3'25 Q4'24 Change FX Pd FX & Pd Semiconductor $ 435 $ 415 $ 400 9% 1% - 8% Electronics & Packaging 303 289 254 19% 2% 2% 15% Specialty Industria
Slide 16: 2025 Revenue
2025 Revenue 2025 Specialty Industrial Semi 29% 43% Electronics & Packaging 28% Consumables & Service 41% 2025 vs 2024(1) Change Total Excluding 2025 2024 Change FX Pd FX & Pd Semiconductor $ 1,696 $ 1,498 13% 0% - 13% Electronics & Packaging 1,111 922 20% 1% 0% 19% Specialty Industrial 1,124 1,166
Slide 17: Appendix – GAAP to Non-GAAP Reconciliations
Appendix – GAAP to Non-GAAP Reconciliations Q4'25 Q3'25 Q4'24 2025 2024 Net income $ 108 $ 74 $ 90 $ 295 $ 190 Acquisition and integration costs — — 3 $ - 9 Restructuring and other 11 4 1 37 6 Amortization of intangible assets 62 63 61 247 245 Loss on extinguishment of debt 2 2 4 10 57 Amortization
Slide 18: Appendix – GAAP to Non-GAAP Reconciliations
Appendix – GAAP to Non-GAAP Reconciliations Q4'25 Q3'25 Q4'24 2025 2024 Operating expenses $ 336 $ 323 $ 306 $ 1,309 $ 1,210 Acquisition and integration costs — — 3 - 9 Restructuring and other 11 4 1 37 6 Amortization of intangible assets 62 63 61 247 245 Fees and expenses related to amendments to t
Slide 19: Appendix – GAAP to Non-GAAP Reconciliations
Appendix – GAAP to Non-GAAP Reconciliations Q4'25 Q3'25 Q4'24 2025 2024 Net income $ 108 $ 74 $ 90 $ 295 $ 190 Interest expense, net 47 50 49 198 263 Other (income) expense, net 6 2 3 16 (2) Provision (benefit) for income taxes (19) 10 (11) 9 (10) Depreciation 24 23 26 97 103 Amortization of intangi
Slide 20: Appendix – GAAP to Non-GAAP Reconciliations
Appendix – GAAP to Non-GAAP Reconciliations Q4'25 Q3'25 Q4'24 2025 2024 Net cash provided by operating activities $ 142 $ 197 $ 176 $ 645 $ 528 Purchases of property, plant and equipment (51) (50) (51) (148) (118) Free cash flow $ 91 $ 147 $ 125 $ 497 $ 410 Q4'25 Q3'25 Q4'24 2025 2024 Free cash flow
Slide 21: Appendix – GAAP to Non-GAAP Reconciliations
Appendix – GAAP to Non-GAAP Reconciliations Q4'25 Q3'25 (Benefit) Income Before Provision for Effective Tax Income Before Provision for Effective Tax Income Tax Income Taxes Rate Income Tax Income Taxes Rate GAAP $ 89 $ (19) -20.8% $ 84 $ 10 12.3% Restructuring and other 11 — 4 — Amortization of int
Slide 22: Appendix – GAAP to Non-GAAP Reconciliations
Appendix – GAAP to Non-GAAP Reconciliations 2025 2024 (Benefit) Income Before Provision for Effective Tax Income Before Provision for Effective Tax Income Tax Income Taxes Rate Income Tax Income Taxes Rate GAAP $ 304 $ 9 2.9% $ 180 $ (10) -5.7% Acquisition and integration costs — — 9 — Restructuring
Slide 23: Appendix – GAAP to Non-GAAP Reconciliations
Appendix – GAAP to Non-GAAP Reconciliations Non-GAAP financial measures adjust GAAP financial measures for the items listed below. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, MKS’ reported GAAP results, and may be different from Non-GAAP financial