Slide 1: Investor Presentation
PHOTRONICS Investor Presentation August 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement PHOTRONICS 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
Slide 3: Corporate Overview
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Slide 4: Photronics Overview (Nasdaq: PLAB)
Photronics Overview (Nasdaq: PLAB) PHOTRONICS A Global Merchant Market Leader of Photomasks used in Lithographic Imaging for Semiconductor and Flat Panel Display production $856M $212M $228M $1.21B ~1,900 ~675 1969 Operating Operating Market Cap Revenue Employees Customers Founded Income Cash Flow 8
Slide 5: Strategic Global Footprint
Strategic Global Footprint PHOTRONICS Only high end capable Bridgend, Wales commercial mask maker in US. Hefei, China Cheonan, Korea Boise, Idaho Dresden, Germany Xiamen, China Brookfield, Connecticut Allen, Texas HQ Hsinchu, Taiwan Taichung, Taiwan IC Largest commercial mask FPD maker in Taiwan. IC
Slide 6: Photomasks: Critical Enabler for IC and FPD Manufacturing
Photomasks: Critical Enabler for IC and FPD Manufacturing PHOTRONICS Photomasks are glass substrates used in lithographic systems to transfer the pattern of semiconductor and flat panel display designs Integrated Circuit (IC) photomasks Flat Panel Display (FPD) are used to transfer circuit patterns
Slide 7: Compelling Investment Thesis
Compelling Investment Thesis PHOTRONICS A global leader in the merchant photomasks industry critical for semiconductor manufacturing Favorable Industry Trends Operational Excellence FAB regionalization/ Captives increased Premier operational reshoring of the outsourcing to execution enables semicond
Slide 8: IC: New Chip Designs Drive Photomask Demand
IC: New Chip Designs Drive Photomask Demand PHOTRONICS ▪ Photomasks are the foundation of wafer manufacturing and critical to the semiconductor manufacturing process ▪ A global leader of mask production ▪ Advances in semiconductor chip designs drive Photronics revenue Consumer Electronics Automotive
Slide 9: Global Presence and Supply Chain Regionalization
Global Presence and Supply Chain Regionalization PHOTRONICS Our IC manufacturing footprint aligns with customer global Photronics first mover advantage in China semiconductor production regionalization trends, supported has delivered strong revenue growth and by governments globally cash flow genera
Slide 10: Node Migration Drives Mask Set Value
Node Migration Drives Mask Set Value PHOTRONICS Mask pattern complexity / Mask count per IC Design / Impact of Mask performance on IC yield Currently participating Planning to participate Mask Value 130nm 90nm 65nm 40/45nm 22/28nm 12/14nm 7/8nm 2/3nm Nodes 10 Drives higher individual mask ASP, more
Slide 11: FPD: Advanced Displays are Driving Innovation
FPD: Advanced Displays are Driving Innovation PHOTRONICS ▪ 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 p
Slide 12: Competitive Advantages
Competitive Advantages PHOTRONICS Operational Commercial Technology Global Excellence Excellence Leader Footprint ▪ Responsive delivery ▪ Customer first ▪ Process expertise ▪ Close to customer ▪ High yields ▪ Trusted partner ▪ Advanced Process- ▪ Aligned with end of-Record markets ▪ Cost control ▪ W
Slide 13: Structural Improvement to Profitability
Structural Improvement to Profitability PHOTRONICS Annual Revenue Gross Profit ($ in millions) ($ in millions) $892 $867 $336 $825 $316 $294 $664 $610 $535 $551 $451 $167 $132 $135 $121 $91 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 Free Cash Flow* Operating Prof
Slide 14: Capital Expenditures
Capital Expenditures PHOTRONICS Multi-Beam Mask Writer expands technical Capital Intensity Ratio and production capability through improved cycle time and extends complex patterning 32% opportunities 24% MBMW Write Time Advantage 20% 100 Est. Write Time (Hours) 17% 16% 80 15% 15% 14% 12% 60 40 20 0
Slide 15: Fiscal Q3 2025 Financial Results
Fiscal Q3 2025 Financial Results
Slide 16: FQ3 2025 Summary
FQ3 2025 Summary PHOTRONICS $210.4M 33.7% 22.9% $0.39 $0.51 FQ3 2025 Revenue Gross Margin Operating Diluted EPS Non-GAAP Margin Diluted EPS1 FQ2 2025 $211.0M 36.9% 26.4% $0.15 $0.40 FQ3 2024 $211.0M 35.6% 24.7% $0.55 $0.51 ▪ Revenue recovered in the U.S. at the high-end and grew in Korea for both IC
Slide 17: Revenue by Product Line
Revenue by Product Line PHOTRONICS IC FPD $M 3Q25 Q/Q Y/Y $M 3Q25 Q/Q Y/Y 15% 36% High-End* 53.6 (10%) 8% High-End* 53.5 23% 11% 64% 85% Mainstream 94.2 (3%) (12%) Mainstream 9.1 (21%) 36% High-End* Mainstream High-End* Mainstream Total 147.8 (5%) (5%) Total 62.6 14% 14% ▪ Recognized a high-end reco
Slide 18: Balance Sheet and Cash Flow Metrics
Balance Sheet and Cash Flow Metrics PHOTRONICS $M 3Q25 2Q25 3Q24 ▪ Operating cash flow positive across all major geographic regions Cash, cash equivalents and Short-term 575.8 558.4 606.4 ▪ FQ3 capex expanded IC facility and investments capacity in the U.S. & end-of-life tool replacement globally De
Slide 19: FQ4 2025 Guidance
FQ4 2025 Guidance PHOTRONICS Revenue ($M) 201 – 209 Assumptions: ▪ Cautious demand environment and tariff uncertainty continues Operating Margin 20% - 22% ▪ Continued node migration towards higher end Diluted non-GAAP EPS $0.42 - $0.48 ▪ Weighted average diluted shares reflects opportunistic stock r
Slide 20: Appendix
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Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures PHOTRONICS Non-GAAP Net Income attributable to Photronics, Inc. shareholders, non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders and Free Cash Flow are "non-GAAP financial measures" as such term is defined by Regulation G of the Securities a
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures PHOTRONICS PHOTRONICS, INC. Reconciliation of GAAP Net income and Earnings per Share attributable to Photronics, Inc. shareholders to Non-GAAP Net income and Earnings per Share attributable to Photronics, Inc. shareholders (in thousands, except per share amounts) (Unaudit
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures PHOTRONICS PHOTRONICS, INC. Reconciliation of GAAP to Non-GAAP Financial Information (Cash flow) (in thousands) (Unaudited) Reconciliation of Operating Cash flow to Free Cash flow: Twelve Months ended October 2017 October 2018 October 2019 October 2020 October 2021 Octobe