Ichor Holdings · NASDAQ:ICHR

Ichor — B. Riley Securities 25th Annual Investor Conference (May 2025)

20 slides from Ichor's conference presentation, May 21, 2025

  1. Slide 1: Q2 Investor Presentation

    Q2 Investor Presentation B. Riley Securities 25th Annual Investor Conference May 21, 2025 Craig-Hallum 22nd Annual Institutional Investor Conference May 28, 2025 TD Cowen 53rd Annual Technology, Media & Telecom Conference May 29, 2025 Proprietary 1

  2. Slide 2: Forward-Looking Statements and Non-GAAP Financials

    Forward-Looking Statements and Non-GAAP Financials This Presentation and the accompanying oral presentation include “forward‐looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding

  3. Slide 3: Ichor Overview

    Ichor Overview A Leading Provider of Critical Fluid Delivery Subsystems for Semiconductor Capital Equipment ▪ Gas and chemical delivery Subsystems, Flow Gas Delivery Subsystems Chemical Delivery Controllers, Subassemblies and Components are key and Flow Controller Subsystems elements of process tool

  4. Slide 4: Investment Highlights

    Investment Highlights ▪ Strong Track Record of Revenue Growth Outperforming the Overall Industry: We delivered annual revenue growth of 24% (CAGR) from 2015 to 2022, outperforming annual WFE (wafer fab equipment) growth of 17% over the same period; multiple strategies in place to continue delivering

  5. Slide 5: Multiple Strategies to Outgrow the Industry

    Multiple Strategies to Outgrow the Industry Historical Track Record of Outperformance of Roughly ~5% above WFE Growth Ichor Revenues ($M) Multiple Drivers for Industry Outperformance $1,280 ✓ Industry Trends ▪ Increasing share of spend driven by etch, $1,097 deposition, and EUV $1,014 ▪ Technology i

  6. Slide 6: Technology Transitions Driving Growth in Ichor SAM

    Technology Transitions Driving Growth in Ichor SAM Accelerating Investment in Increased Investment in WFE Intensity Increasing(1) Increased EUV Adoption(2) Advanced Nodes Trailing Nodes and Non-Semi WFE as % of Semi. Rev. EUV Est. Sales ($B) 18% $14 17% $12 16% $10 15% $8 14% 13% $6 12% $4 11% $2 10

  7. Slide 7: Technology Inflections Requiring More Etch, Dep, EUV

    Technology Inflections Requiring More Etch, Dep, EUV Increasing Use of Applications with Significant Fluid Delivery Requirements Gate-All-Around 3D DRAM HBM / Advanced Mature Nodes Packaging Reduced leakage current, higher transistor density require: Smoother Patterns Vertical Structures Improved Fi

  8. Slide 8: Ichor Product Strategy

    Ichor Product Strategy Gas Delivery: Vertical Integration of Proprietary Components Used in Gas Panels Flow Controllers Specialty Valves UHP Valves TAM: $1.1B TAM: $70M TAM: $340M Seals Fittings Weldments TAM: $105M TAM: $1.1B (OEM) TAM: $500M $2B (IDM) Substrates = Released = In Development TAM: $2

  9. Slide 9: Traction To Date: Proprietary Branded Product Strategy

    Traction To Date: Proprietary Branded Product Strategy Proprietary Branded Components (and TAM) Fittings Valves Substrates Seals Flow Control ($0.5B) ($0.3B) ($0.2B) ($0.1B) ($1.1B) Customer 1 2 Customer 3 Confidential Qualified on 4 4 Applications Others Qualification Complete Qualification Imminen

  10. Slide 10: Ichor's Served Market Totals ~10% of WFE

    Ichor’s Served Market Totals ~10% of WFE ~$9B SAM and Estimated Share for Average Market Opportunity: 2022 & 2023 Gas Delivery Weldments & Subassemblies Medium-Format Machining Chem.Del. Prec.Mach. Other Components ~$2.5B ~$1.6B ~$1.8B (IMG) ~$1.3B ~$1.0B ~$1.0B Current Market Share Est. ~30% <15% <

  11. Slide 11: Track Record of Successful M&A

    Track Record of Successful M&A Key M&A Strategies ✓ Expand Portfolio of Proprietary Product Offerings ✓ Expand Served Markets and Geographic Footprint ✓ Expand and Diversify Customer Base ✓ Gain Market Share with Key OEM Customers ✓ Accretive to Gross and Operating Margins; Target Returns > WACC Acq

  12. Slide 12: Strategic Worldwide Manufacturing Footprint

    Strategic Worldwide Manufacturing Footprint Proprietary 12

  13. Slide 13: Key Financial Strategies: Outgrow WFE and Drive Strong GM Flow-Through

    Key Financial Strategies: Outgrow WFE and Drive Strong GM Flow-Through Outgrow the Industry Drive Gross Margin Improvement Key technology inflections Grow share in higher-margin driving increased gas/fluid delivery SAM components businesses Levered to high-growth segments including Increase content

  14. Slide 14: Expect Revenue Growth in 2025 to Outperform Overall WFE Growth

    Expect Revenue Growth in 2025 to Outperform Overall WFE Growth $300 16.0% 15.0% ▪ NAND Technology Investments Returning after 14.9% 14.0% >2 Years of Underinvestment 14.6% $250 13.0% 13.0% 13.6% 13.3% ▪ Continued Strength in Leading-Edge Foundry / 12.0% 12.2% 12.0% 12.4% 11.0% Logic and High-Bandwid

  15. Slide 15: Target Model with Significant Operating Leverage

    Target Model with Significant Operating Leverage Significant Increases in Profitability Driven by Gross Margin Expansion Strategies Annual Results (Non-GAAP) (1) Target Model 2022 2023 2024 Gross Margin 17% 13% 13% 20%+ Operating Expenses 7% 11% 10% ~7% Operating Margin 10% 3% 2% 13%+ EBITDA Margin

  16. Slide 16: Appendix

    Appendix chor Proprietary

  17. Slide 17: GAAP to Non-GAAP Reconciliations

    Ichor Holdings, Ltd. Fiscal Years 2024 Fiscal Quarters 2025 GAAP to Non-GAAP Reconciliations (in thousands, except per-share amounts) 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Net sales $ 1,280,069 $ 811,120 $ 849,040 $ 201,383 $ 203,227 $ 211,139 $ 233,291 $ 244,465 GAAP gross profit $ 211,864 $ 103,396 $ 103,

  18. Slide 18: GAAP to Non-GAAP Reconciliations

    Ichor Holdings, Ltd. Fiscal Years 2024 Fiscal Quarters 2025 GAAP to Non-GAAP Reconciliations (in thousands, except per-share amounts) 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Net sales $ 1,280,069 $ 811,120 $ 849,040 $ 201,383 $ 203,227 $ 211,139 $ 233,291 $ 244,465 GAAP operating income (loss) $ 85,823 $ (10,

  19. Slide 19: GAAP to Non-GAAP Reconciliations

    Ichor Holdings, Ltd. Fiscal Years 2024 Fiscal Quarters 2025 GAAP to Non-GAAP Reconciliations (in thousands, except per-share amounts) 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Net sales $ 1,280,069 $ 811,120 $ 849,040 $ 201,383 $ 203,227 $ 211,139 $ 233,291 $ 244,465 GAAP net income (loss) $ 72,804 $ (42,985) $

  20. Slide 20: Thank you

    Thank you NASDAQ: ICHR Proprietary 20

Ichor Holdings — B. Riley Securities 25th Annual Investor Conference (May 2025) on 6ix