Axcelis Technologies, Inc. · NASDAQ:ACLS
Axcelis Technologies — Merger or Acquisition (October 2025)
22 slides from Axcelis Technologies's merger presentation, Oct 1, 2025
Slide 1: Combining to Create an Industry Leading Semiconductor Equipment Company
Combining to Create an Industry Leading Semiconductor Equipment Company Oct 1, 2025
Slide 2: Disclaimer
Disclaimer This presentation is for informational purposes only and may not be used for any other purposes. This Presentation shall not constitute an Except where otherwise indicated herein, this presentation speaks as of the date hereof. Under no circumstances should the delivery of offer to sell,
Slide 3: Disclaimer
Disclaimer No Offer or Solicitation Use of Projections This document is not intended to and shall not constitute an offer to purchase or the solicitation of an offer to buy or sell any securities, or This presentation contains projected financial and operational information with respect to Axcelis,
Slide 4: Today's Speakers
Today’s Speakers Russell Low, PhD James Coogan Bill Miller, PhD John Kiernan President & CEO EVP & CFO President & CEO SVP & CFO 4
Slide 5: Compelling Combination with Significant Value Creation Potential
Compelling Combination with Significant Value Creation Potential EXPANDED COMPLEMENTARY ROBUST R&D AND STRONG FINANCIAL PRODUCT PORTFOLIO END MARKETS INNOVATION ENGINE PROFILE Broader range of Addressable market Greater R&D scale in Combined cash semiconductor capital expansion and complementary pos
Slide 6: Combining Capabilities to Create a Compelling Investment Opportunity
Provides fundamental steps in Plays an integral role in the fabrication and Combining Capabilities semiconductor device production packaging of advanced semiconductor devices to Create a Compelling Develops enabling process applications Offers laser annealing, ion beam, metal Investment Opportunity
Slide 7: Creating an Industry Leading Semiconductor Equipment Company
SIZEABLE AND GROWING ADDRESSABLE OPPORTUNITY Expands addressable market opportunity to $5 billion+ in growing end markets benefitting from secular tailwinds HIGHLY COMPLEMENTARY BUSINESSES Complementary and diversified product portfolio, market segments, geographic presence, customer footprint and o
Slide 8: Expansion of Served Addressable Markets Across Technologies
Expansion of Served Addressable Markets Across Technologies $0.5 $0.5 $0.3 $0.7 $0.4 ~$2.9 billion1 $0.3 ~$2.4 billion1 ~$5.3 billion1 2024 2024 $0.6 2024 $2.9 $0.4 $0.7 $0.6 Ion Implantation Wet Processing Annealing MOCVD Ion Beam Other2 Well positioned within end markets that are expected to exper
Slide 9: Diversifies Technology Portfolio to Advance Customer Roadmaps
Diversifies Technology Portfolio to Advance Customer Roadmaps 2% 5% 11% 3% 23% 8% 37% ~$1.0 billion1 20% ~$0.7 billion1 15% ~$1.7 billion1 45% 2024 2024 Pro-forma 2024 revenue revenue revenue 4% 77% 8% 22% 20% 2 Ion Implantation Services Annealing Ion Beam Wet Processing MOCVD Other Ability to lever
Slide 10: Diversifies Regional Exposure Leveraging Respective Strengths
Diversifies Regional Exposure Leveraging Respective Strengths 10% 9% 9% 14% 36% 17% 23% ~$1.0 billion1 ~$0.7 billion1 ~$1.7 billion1 45% 2024 52% 2024 Pro-forma 2024 revenue revenue revenue 25% 28% 33% China APAC excl. China US EMEA & ROW 1 Numbers may not tie due to rounding 10
Slide 11: Product portfolio: Semiconductor Customers
Broad and Complementary Portfolio of Capital Equipment Solutions for Semiconductor Customers Axcelis products Veeco products Front end Back end Ion Deposition Annealing Lithography Wet Processing Implantation Product portfolio IBD 300 IBD300 IBD EUV Purion, GSD LSA NSA AP300 WaferStorm Low Resistivi
Slide 12: Product portfolio: Compound Semiconductor Customers
Broad and Complementary Portfolio of Capital Equipment Solutions for Compound Semiconductor Customers Axcelis products Veeco products Silicon Carbide (SiC) Gallium Nitride (GaN) Ion Ion Deposition Deposition Implantation Implantation Product portfolio IBD 300 EpiStride Purion Propel 300 Purion SiC D
Slide 13: Global Expansion and Enhanced Customer Proximity
Global Expansion and Enhanced Customer Proximity ASIA COMBINED LOCATIONS Sales and Service 39 sites Manufacturing EUROPE COMBINED LOCATIONS 3 sites U.S. COMBINED Material Warehouse Sales and Service LOCATIONS 6 sites 7 sites Sales and Service 15 sites Manufacturing and R&D 8 sites Material Warehouse
Slide 14: Combination to Drive Synergies Across Technologies and Markets
Combination to Drive Synergies Across Technologies and Markets CORE COMPETENCIES CORE COMPETENCIES Value Creation Opportunities Potential for Technology Optimization TECHNOLOGIES Ion Implant Laser Annealing Cross Sell Opportunity Combined Ion Source and Component Ion Implant Ion Beam Deposition Expe
Slide 15: Creating New Opportunities for All Stakeholders
Creating New Opportunities for All Stakeholders Stronger combined company positioned to grow through the cycles Customers Scope and scale for end-to-end support Accelerate R&D investments to drive customer roadmaps Employees Exciting opportunities for employees across a set of broader technologies,
Slide 16: Transaction Summary
Transaction Summary • All stock transaction, Veeco shareholders will receive 0.3575 Axcelis shares for each share of Veeco they own at close Transaction and • Represents enterprise value of ~$4.4 billion based on closing share prices on Sept. 30, 2025, and outstanding debt on Jun. 30, 2025 purchase
Slide 17: Creating One of the Best In-class Operating Profiles
Creating One of the Best In-class Operating Profiles Expected to realize $35 million in annual run-rate cost synergies within 24 months following close ($mm, FY24A) Revenue $1,018 $717 $1,735 Non-GAAP Gross profit1 $457 $310 $7682 % margin 45% 43% 44% Adjusted EBITDA $253 $134 $3872 % margin 25% 19%
Slide 18: Transaction Structure Enables Value-creative Capital Allocation
Transaction Structure Enables Value-creative Capital Allocation CAPITAL ALLOCATION PRIORITIES: Axcelis and Veeco anticipate Organic Capital that, following the closing of the transaction, the Growth Return combined company would execute a share repurchase program Inorganic Growth / M&A 18
Slide 19: Creating an Industry Leading Semiconductor Equipment Company
SIZEABLE AND GROWING ADDRESSABLE OPPORTUNITY Expands addressable market opportunity to $5 billion+ in growing end markets benefitting from secular tailwinds HIGHLY COMPLEMENTARY BUSINESSES Complementary and diversified product portfolio, market segments, geographic presence, customer footprint and o
Slide 20: Appendix
Appendix 20
Slide 21: Axcelis Schedule Reconciling Selected Non-GAAP Financial Measures – FY2024
Axcelis Technologies Inc. Schedule Reconciling Selected Non-GAAP Financial Measures – Fiscal Year 2024 (in thousands, except per share amounts) Q1'24 Q2'24 Q3'24 Q4'24 FY 2024 Adjusted EBITDA Reconciliation Q1'24 Q2'24 Q3'24 Q4'24 FY 2024 Revenue $ 252,372 $ 256,512 $ 256,564 $ 252,417 $ 1,017,865 N
Slide 22: Veeco Supplemental Information—GAAP to Non-GAAP Reconciliation – FY2024
Veeco Instruments Inc. Supplemental Information—GAAP to Non-GAAP Reconciliation – Fiscal Year 2024 $ millions Q1 24 Q2 24 Q3 24 Q4 24 FY 24 $ millions, except per share amounts Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Net sales $174.5 $175.9 $184.8 $182.1 $717.3 GAAP Basic weighted average shares 56.0 56.3 56.
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