Slide 1: Investor Presentation
PHOTRONICS Investor Presentation May 2026
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
aie a i ax Corporate Overview
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 $861M $197M $283M $3.04B ~1,900 ~675 1969 Operating Operating Market Cap Revenue Employees Customers Founded Income Cash Flow 5
Slide 5: 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 6: 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 merchant leader in mask production ▪ Advances in semiconductor chip designs drive Photronics revenue Semiconductor Market (
Slide 7: Global Footprint Aligns with Regionalization Trends
Global Footprint Aligns with Regionalization Trends PHOTRONICS U.S. and Asia investments align with industry regionalization trends, and diversify geographic footprint Bridgend, Wales Boise, Idaho Cheonan, South Korea Hefei, China Only high-end capable Asia capacity and commercial mask maker in US.
Slide 8: 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 Indicative Mask Value Planning to participate 130nm 90nm 65nm 40/45nm 22/28nm 12/14nm 7/8nm 2/3nm Nodes 8 Drives higher individual mask
Slide 9: 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 10: Competitive Advantages
Competitive Advantages PHOTRONICS Operational Commercial Technology Global Excellence Excellence Leader Footprint ▪ Responsive delivery ▪ Customer first ▪ Process expertise ▪ Customer relationships ▪ High yields ▪ Trusted partner ▪ Advanced Process- of-Record ▪ Aligned with end ▪ Cost control ▪ Wafe
Slide 11: Capital Expenditures
Capital Expenditures PHOTRONICS Capital Intensity Ratio 32% $330M 2026 Capex Includes: ▪ Allen, TX facility to begin delivering 22% 20% qualification masks in FQ3 17% 16% ▪ Korea orders and clean room 15% 15% 14% preparation for the capability 12% extension to 8nm and beyond ▪ End-of-Life tool upgra
Slide 12: Compelling Investment Thesis
Compelling Investment Thesis PHOTRONICS A global leader in the merchant photomasks industry critical for semiconductor manufacturing Favorable Industry Trends Operational Excellence Regionalization/ Captives increasing Premier operational reshoring of the outsourcing to execution enables semiconduct
Slide 13: Fiscal Q2 2026 Financial Results
Fiscal Q2 2026 Financial Results
Slide 14: FQ2 2026 Summary
FQ2 2026 Summary PHOTRONICS Operating Non-GAAP Revenue Gross Margin Diluted EPS Margin Diluted EPS1 FQ2 2026 $209.9M 31.3% 20.1% $0.54 $0.42 FQ1 2026 $225.1M 35.0% 24.4% $0.74 $0.61 FQ2 2025 $211.0M 36.9% 26.4% $0.15 $0.40 ▪ Revenue reflects temporary delays of semiconductor design releases due to h
Slide 15: Revenue by Product Line
Revenue by Product Line PHOTRONICS IC FPD $M 2Q26 Q/Q Y/Y $M 2Q26 Q/Q Y/Y 15% 38% High-End* 56.7 (21%) (4%) High-End* 52.8 13% 21% 62% 85% Mainstream 90.9 (3%) (6%) Mainstream 9.6 (25%) (16%) High-End* Mainstream High-End* Mainstream Total 147.5 (11%) (5%) Total 62.4 4% 13% ▪ Temporarily delayed des
Slide 16: Balance Sheet and Cash Flow Metrics
Balance Sheet and Cash Flow Metrics PHOTRONICS $M 2Q26 1Q26 2Q25 ▪ Operating cash flow represented 22% of revenue with contribution from our largest Cash, cash equivalents geographic regions and Short-term 637.7 636.9 558.4 investments ▪ FQ2 capex primarily reflects outlays for our Korea node extens
Slide 17: FQ3 2026 Guidance
FQ3 2026 Guidance PHOTRONICS Revenue ($M) 207 – 215 Assumptions: ▪ Delayed design starts because of Operating Margin 18% - 20% tight memory conditions, prolonged profitability maximization of existing designs, and macroeconomic factors Diluted non-GAAP EPS $0.39 - $0.45 ▪ Allen, TX facility to begin
Slide 18: Appendix
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Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures PHOTRONICS Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders are non-GAAP financial measures as such term is defined by Regulation G of the Securities and Exchange Commis
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures PHOTRONICS PHOTRONICS, INC. Reconciliation of U.S. GAAP to non-GAAP: Net income and diluted earnings per share attributable to Photronics, Inc. shareholders (in thousands, except per share amounts) (Unaudited) Three Months ended May 3, February 1, May 4, 2026 2026 2025 U.