Slide 1: Quarterly Earnings Presentation Q2'26
QUARTERLY EARNINGS PRESENTATION Q2’26 NASDAQ: SMTC 1 | QUARTERLY EARNINGS PRESENTATION | Q2’26
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 (loss) income plus interest expense, interest income, provision for income taxes, depreciation a
Slide 5: Q2'26 Results
Q2’26 RESULTS 5 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q2’26 Q2’26
Slide 6: CEO Message: Reflection on Priorities
Reflection On Priorities 1 2 3 Strengthening balance Rationalizing the portfolio Revitalizing our winning sheet and increasing investments culture in the core assets Updates CEO Message 1 2 3 • Reduced debt by • Net sales momentum • Provided clarity in the $879 million since driven by our company’s
Slide 7: Q2'26 Net Sales
Q2’26 Net Sales "Our second quarter results reflect strong year-over-year financial performance, driven by deep customer engagement, operational discipline, and a culture of excellence," said Hong Hou, president and chief executive officer. "We believe we are well positioned to capture the high- gro
Slide 8: Infrastructure End Market
Infrastructure End Market Data Center, PON/FTTH, Wireless, Infrastructure Circuit Protection • Record data center net sales of $52.2m, +1% Q/Q and Q2’26 NET SALES +92% Y/Y • We expect strong opportunities for FiberEdge® demand for the remainder of calendar year 2025 and beyond, supported by direct e
Slide 9: High-End Consumer End Market
High-End Consumer End Market Consumer Circuit Protection, PerSe® Smart Sensing • Consumer TVS net sales of $29.9m, +22% Q/Q and +15% Y/Y, Q2’26 NET SALES • Consumer TVS net sales exceeded overall growth in handset volumes, consistent with our belief that Semtech is gaining content and market share •
Slide 10: Industrial End Market
Industrial End Market LoRa®, Modules, Routers and Gateways, Smart Connectivity, RF Industrial, Industrial Circuit Protection, Professional AV • LoRa-enabled solutions net sales of $36.9m, -5% Q/Q and +29% Y/Y Q2’26 NET SALES • LoRa continued expansion across several end markets and in multiple appli
Slide 11: Summary Financial Results
Summary Financial Results GAAP FINANCIAL RESULTS (in millions, except per share data) Q2’26 Q1’26 Q2’25 Net sales $ 257.6 $ 251.1 $ 215.4 Gross margin 52.1 % 52.3 % 49.0 % Operating expenses, net $ 150.3 $ 95.3 $ 97.7 Operating (loss) income $ (16.2) $ 36.0 $ 7.8 Operating margin (6.3) % 14.3 % 3.6
Slide 12: Q3'26 Outlook
Q3’26 OUTLOOK 12 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q2’26 Q2’26
Slide 13: Q3'26 Outlook
Q3’26 Outlook* (in millions, except per share data) Net sales $ 266.0 +/- $ 5.0 Net Sales Outlook Non-GAAP Financial Measures • Infrastructure end market expected to increase Adjusted gross margin* 53.0 % +/- 50 bps sequentially, including growth Adjusted operating expenses, net* $ 88.8 +/- $ 1.0 in
Slide 14: Q&A
Q&A 14 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q2’26 Q2’26
Slide 15: Supplemental Information: Net Sales Schedules
SUPPLEMENTAL INFORMATION: NET SALES SCHEDULES 15 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q2’26 Q2’26
Slide 16: Net Sales Schedules
Net Sales Schedules END MARKET Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Infrastructure $73.4 $72.8 $69.1 $65.8 $52.9 High-End Consumer 41.2 35.4 35.4 40.0 37.1 Industrial 143.0 142.8 146.6 131.0 125.3 Total $257.6 $251.1 $251.0 $236.8 $215.4 REPORTABLE SEGMENT Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Signal Integrity $76
Slide 17: 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 slides 3-4 above. 17 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q2’26 Q2’26
Slide 18: Reconciliation of GAAP to Non-GAAP Results (Q2'26)
Reconciliation of GAAP to Non-GAAP Results Q2’26 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 76.8 $ 92.0 $ 168.8 $ 88.8 $ — $ 257.6 Segment cost of sales 28.9 37.5 66.4 53.7 3.4 123.5 Segment gross profit
Slide 19: Reconciliation of GAAP to Non-GAAP Results (Q1'26)
Reconciliation of GAAP to Non-GAAP Results Q1’26 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 73.5 $ 90.6 $ 164.1 $ 86.9 $ — $ 251.1 Segment cost of sales 25.4 34.2 59.5 57.0 3.2 119.8 Segment gross profit
Slide 20: Reconciliation of GAAP to Non-GAAP Results (Q2'25)
Reconciliation of GAAP to Non-GAAP Results Q2’25 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 59.4 $ 79.3 $ 138.7 $ 76.6 $ — $ 215.4 Segment cost of sales 22.7 33.9 56.6 49.5 3.8 109.9 Segment gross profit
Slide 21: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’26 Q1’26 Q2’25 Operating expenses, net (GAAP) $ 150.3 $ 95.3 $ 97.7 Share-based compensation (16.7) (6.1) (16.4) Intangible amortization (0.1) (0.1) (0.3) Transaction and integration related costs, net (1.2) (1.1) (1.5) Restructuring and other reserves,
Slide 22: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’26 Q1’26 Q2’25 Operating (loss) income (GAAP) $ (16.2) $ 36.0 $ 7.8 Share-based compensation 17.3 6.8 17.1 Intangible amortization 2.4 2.4 2.6 Transaction and integration related costs, net 1.2 1.1 1.5 Restructuring and other reserves, net 1.5 1.2 2.5 Li
Slide 23: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’26 Q1’26 Q2’25 Operating margin (GAAP) (6.3) % 14.3 % 3.6 % Share-based compensation 6.7 % 2.7 % 8.0 % Intangible amortization 0.9 % 1.0 % 1.2 % Transaction and integration related costs, net 0.5 % 0.4 % 0.7 % Restructuring and other reserves, net 0.6 %
Slide 24: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’26 Q1’26 Q2’25 Net (loss) income (GAAP) $ (27.1) $ 19.3 $ (170.3) Adjustments to GAAP net (loss) income: Share-based compensation 17.3 6.8 17.1 Intangible amortization 2.4 2.4 2.6 Transaction and integration related costs, net 1.2 1.1 2.0 Restructuring a
Slide 25: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’26 Q1’26 Q2’25 Net (loss) income (GAAP) $ (27.1) $ 19.3 $ (170.3) Interest expense 5.2 6.6 28.6 Interest income (0.5) (0.4) (0.4) Loss on extinguishment of debt — — 144.7 Non-operating expense, net 1.3 2.8 1.0 Provision for income taxes 4.8 8.7 4.2 Equit
Slide 26: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q2’26 Q1’26 Q2’25 Operating margin (GAAP) (6.3) % 14.3 % 3.6 % Share-based compensation 6.7 % 2.7 % 8.0 % Depreciation and amortization 4.0 % 4.1 % 5.8 % Transaction and integration related costs, net 0.5 % 0.4 % 0.7 % Restructuring and other reserves, net
Slide 27: 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. 27 | QUARTERLY EARNINGS PRESENTATION | Q2’26