Slide 1: Quarterly Earnings Presentation Q4'25
QUARTERLY EARNINGS PRESENTATION Q4’25 NASDAQ: SMTC 1 | QUARTERLY EARNINGS PRESENTATION | Q4’25
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) attributable to common stockholders plus interest expense, interest income, (benef
Slide 5: CEO Message
FISCAL YEAR 2025 SUMMARY 1 Positive inflection, with sequential quarterly and annual year-over-year growth in net sales, gross margin, operating margin and earnings per share 2 Executed on balance sheet improvement, substantially reducing leverage and cash interest burden, allowing us to increase fo
Slide 6: Q4'25 Results
Q4’25 RESULTS 6 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q4’25 Q4’25
Slide 7: Q4'25 Net Sales
Q4’25 Net Sales “Fiscal year 2025 represented a year of positive inflection on many fronts, with sequential improvement for each quarter reported in net sales, gross margin, operating margin and earnings per share," said Hong Hou, Semtech's president and chief executive officer. "In the new fiscal y
Slide 8: Infrastructure End Market
Infrastructure End Market Data Center, PON/FTTH, Wireless, Infrastructure Circuit Protection • Record data center net sales of $50.0m, +16% Q/Q and +183% Y/Y • We believe CopperEdge® deployment will encompass broad Q4’25 NET SALES applications, including our ICs embedded in board designs and connect
Slide 9: High-End Consumer End Market
High-End Consumer End Market Consumer Circuit Protection, PerSe® Smart Sensing Q4’25 NET SALES • Consumer TVS net sales of $24.1m, +16% Y/Y and FY25 net sales of $103.3m, +33% Y/Y • Consumer TVS net sales increases reflective of steady contributions from design wins and market share expansion at the
Slide 10: Industrial End Market
Industrial End Market LoRa®, Modules, Routers, Smart Connectivity, RF Industrial, Industrial Circuit Protection, Professional AV • LoRa-enabled solutions net sales of $37.1m, +28% Q/Q and +205% Y/Y, with second and third generation LoRa Q4’25 NET SALES delivering strong revenues and contribution mar
Slide 11: Summary Financial Results
Summary Financial Results GAAP FINANCIAL RESULTS (in millions, except per share data) Q4’25 Q3’25 Q4’24 FY’25 FY’24 Net sales $ 251.0 $ 236.8 $ 192.9 $ 909.3 $ 868.8 Gross margin 52.0 % 51.1 % (0.2) % 50.2 % 34.1 % Operating expenses, net $ 109.3 $ 103.2 $ 619.6 $ 406.6 $ 1,240.6 Operating income (l
Slide 12: Q1'26 Outlook
Q1’26 OUTLOOK 12 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q4’25 Q4’25
Slide 13: Q1'26 Outlook
Q1’26 Outlook* (in millions, except per share data) Net sales $ 250.0 +/- $ 5.0 Net Sales Outlook • Infrastructure end market Non-GAAP Financial Measures expected to be up, with data Adjusted gross margin* 53.0 % +/- 50 bps center leading the growth Adjusted operating expenses, net* $ 87.0 +/- $ 1.0
Slide 14: Q&A
Q&A 14 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q4’25 Q4’25
Slide 15: Appendix: Net Sales Schedules
APPENDIX NET SALES SCHEDULES 15 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q4’25 Q4’25
Slide 16: Net Sales Schedules
Net Sales Schedules END MARKET Q4’25 Q3’25 Q2’25 Q1’25 Q4’24 Infrastructure $69.1 $65.8 $52.9 $56.0 $39.4 High-End Consumer 35.4 40.0 37.1 34.5 32.1 Industrial 146.6 131.0 125.3 115.6 121.5 Total $251.0 $236.8 $215.4 $206.1 $192.9 REPORTABLE SEGMENT Q4’25 Q3’25 Q2’25 Q1’25 Q4’24 Signal Integrity $72
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 | | Q4’25 Q4’25
Slide 18: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’25 Q3’25 Q4’24 FY’25 FY’24 Gross margin (GAAP) 52.0 % 51.1 % (0.2) % 50.2 % 34.1 % Share-based compensation 0.3 % 0.3 % 0.3 % 0.3 % 0.2 % Amortization of acquired technology 0.9 % 1.0 % 1.2 % 1.0 % 3.9 % Transaction and integration related costs, net — %
Slide 19: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’25 Q3’25 Q4’24 FY’25 FY’24 Operating expenses, net (GAAP) $ 109.3 $ 103.2 $ 619.6 $ 406.6 $ 1,240.6 Share-based compensation (16.5) (17.6) (11.2) (65.1) (38.2) Intangible amortization (0.1) (0.1) (0.3) (0.9) (14.9) Transaction and integration related cos
Slide 20: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’25 Q3’25 Q4’24 FY’25 FY’24 Operating income (loss) (GAAP) $ 21.2 $ 17.8 $ (620.0) $ 49.9 $ (944.3) Share-based compensation 17.3 18.4 11.8 68.0 40.2 Intangible amortization 2.4 2.4 2.6 10.0 48.6 Transaction and integration related costs, net 0.9 3.2 8.9
Slide 21: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’25 Q3’25 Q4’24 FY’25 FY’24 Operating margin (GAAP) 8.5 % 7.5 % (321.3) % 5.5 % (108.7) % Share-based compensation 6.9 % 7.8 % 6.1 % 7.5 % 4.6 % Intangible amortization 0.9 % 1.0 % 1.3 % 1.1 % 5.6 % Transaction and integration related costs, net 0.3 % 1.4
Slide 22: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’25 Q3’25 Q4’24 FY’25 FY’24 Interest expense, net (GAAP) $ 16.7 $ 20.3 $ 22.1 $ 87.8 $ 92.8 Amortization of deferred financing costs (1.5) (2.1) (2.4) (8.3) (7.3) Write-off of deferred financing costs (7.7) — — (13.2) (4.4) Interest rate swap termination
Slide 23: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’25 Q3’25 Q4’24 FY’25 FY’24 GAAP net income (loss) attributable to common stockholders $ 39.1 $ (7.6) $ (642.4) $ (161.9) $ (1,092.0) Adjustments to GAAP net income (loss) attributable to common stockholders: Share-based compensation 17.3 18.4 11.8 68.0 4
Slide 24: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’25 Q3’25 Q4’24 FY’25 FY’24 GAAP net income (loss) attributable to common stockholders $ 39.1 $ (7.6) $ (642.4) $ (161.9) $ (1,092.0) Interest expense 17.5 20.8 22.8 90.1 95.8 Interest income (0.8) (0.5) (0.7) (2.3) (3.1) Loss on extinguishment of debt —
Slide 25: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’25 Q3’25 Q4’24 FY’25 FY’24 Operating margin (GAAP) 8.5 % 7.5 % (321.3) % 5.5 % (108.7) % Share-based compensation 6.9 % 7.8 % 6.1 % 7.5 % 4.6 % Depreciation and amortization 4.0 % 4.3 % 4.6 % 4.8 % 8.9 % Transaction and integration related costs, net 0.3
Slide 26: 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. 26 | QUARTERLY EARNINGS PRESENTATION | Q4’25