Slide 1: Q4 2025 Earnings Presentation
Q4 2025 EARNINGS PRESENTATION FEBRUARY 17, 2026
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation contains, and the conference call will contain, forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financia
Slide 3: Use of Non-GAAP Measures
USE OF NON-GAAP MEASURES This presentation includes financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“Non-GAAP financial measures”). These Non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non- GAAP operating
Slide 4: Q4 2025 Highlights
Q4 2025 HIGHLIGHTS REVENUE GAAP DILUTED EPS NON-GAAP DILUTED EPS* $238M $1.10 $1.49 Stronger than expected CS&I revenue – another record quarter Robust Gross Margins due to favorable mix Bookings improved significantly on a sequential basis 4 *A reconciliation of U.S. GAAP results to non-GAAP result
Slide 5: Shipped Systems Revenue by Segment: Q4 & Full Year 2025
SHIPPED SYSTEMS REVENUE BY SEGMENT: Q4 & FULL YEAR 2025 Q4 2025 Q4’25 SEGMENT 2025 2025 SILICON matu 41% 43% ma re n CARBIDE (SiC) tur od en es er od er w po pow es OTHER 12% POWER2 12% GENERAL 35% MATURE1 37% 9% MEMORY 7% ADVANCED 3% LOGIC 2% 1 Starting with Q1 2025 results, shipped system revenue
Slide 6: Mature Process Technology
MATURE PROCESS TECHNOLOGY 88% OF TOTAL SHIPPED SYSTEM REVENUE IN Q4 2025 POWER GENERAL MATURE1 53% OF TOTAL SHIPPED SYSTEM REVENUE IN Q4 2025 35% OF TOTAL SHIPPED SYSTEM REVENUE IN Q4 2025 • Customers taking disciplined approach to • Sequential improvement in revenue, led by demand capacity investme
Slide 7: Advanced Logic & Memory Technology
ADVANCED LOGIC & MEMORY TECHNOLOGY ADVANCED LOGIC MEMORY 3% OF TOTAL SHIPPED SYSTEM REVENUE IN Q4 2025 9% OF TOTAL SHIPPED SYSTEM REVENUE IN Q4 2025 • Generated revenue from a follow-on order from an • Growing implant demand for DRAM and HBM existing customer. applications in Q4 - momentum expected
Slide 8: 2025 Highlights
2025 HIGHLIGHTS REVENUE • Cyclical Digestion in Power and General Mature, Recovery $839M In Memory • Focused Aggressively on Product Development and GAAP DILUTED EPS Customer Engagement $3.80 • Record CS&I Revenue (+14% Y/Y), Led By Growing Installed Base and Focus On Upgrades and Services NON-GAAP
Slide 9: Initial Perspectives on 2026
INITIAL PERSPECTIVES ON 2026 MEMORY POWER & GENERAL MATURE ADVANCED LOGIC Anticipated Y/Y Growth in Slight Y/Y decline in Power and Revenue expected to be relatively Memory driven by DRAM/HBM General Mature revenue anticipated similar to 2025 levels. Engaging investments expected to meet as customer
Slide 10: Q4 2025 & Full Year Revenue Detail
Q4 2025 & FULL YEAR REVENUE DETAIL (in millions) Q4 2025 Q3 2025 Q4 2024 2025 2024 Systems Revenue $156.5 $143.7 $187.4 $571.0 $782.6 CS&I Revenue $81.9 $69.9 $65.0 $268.0 $235.3 Total Revenue $238.3 $213.6 $252.4 $839.0 $1,017.9 Systems Bookings $127.6 $52.2 $84.5 $385.9 $381.1 Systems Backlog $45
Slide 11: Q4 2025 & Full Year Select GAAP & Non-GAAP Financial Measures
Q4 2025 & FULL YEAR SELECT GAAP & NON-GAAP FINANCIAL MEASURES In million, expect per share amounts Q4 2025 Q4 2024 2025 2024 Revenue $238.3 $252.4 $839.0 $1,017.9 Select GAAP Financial Measures Gross Margin 47.0% 46.0% 44.9% 44.7% Operating Expenses $75.8 $61.7 $257.5 $243.9 Operating Income $36.2 $
Slide 12: Q4 2025 & Full Year Select Cash Flow and Balance Sheet Results
Q4 2025 & FULL YEAR SELECT CASH FLOW AND BALANCE SHEET RESULTS Q4 2025 Q3 2025 Q4 2024 2025 2024 In millions Cash, Cash Equivalents & Marketable Securities1 $556.6 $592.8 $571.3 $556.6 $571.3 Cash From Operations ($6.6) $45.3 $12.8 $118.3 $140.8 Capital Expenditures $2.3 $2.0 $4.7 $11.3 $12.2 Free C
Slide 13: Outlook
OUTLOOK Q1 2026 FULL YEAR COMMENTARY • 2026 Revenue expected to be relatively flat compared to 2025 levels, Revenue ~$195M weighted to 2H 2026. • 2026 Non-GAAP Gross Margin expected to be in the low to mid 40s% Non-GAAP Gross Margin* ~41.0% range. • Y/Y decline is primarily due to higher mix of Memo
Slide 14: Appendix
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Slide 15: Appendix: GAAP to Non-GAAP Reconciliation
APPENDIX: GAAP TO NON-GAAP RECONCILIATION Q4'25 Q4'24 FY25 FY24 Adjusted EBITDA Reconciliation Q4'25 Q4’24 FY25 FY24 Revenue $ 238,330 $ 252,417 $ 839,048 $ 1,017,865 Net income $ 34,297 $ 49,956 $ 120,238 $ 200,992 Other (income)/expense (3,846) (4,114) (18,934) (19,480) Gross Profit $ 111,932 116,
Slide 16: Appendix: Q1 2026 Outlook GAAP to Non-GAAP Reconciliation
APPENDIX: Q1 2026 OUTLOOK GAAP TO NON-GAAP RECONCILIATION Q1 2026 Q1 2026 Outlook Adjusted EBITDA Reconciliation Outlook Revenue $195 Net Income $12 Other (Income)/Expense ($4) GAAP Gross Margin 41.1% Income tax provision $2 Restructuring - Depreciation & Amortization $5 Stock-based compensation 0.2