Cognex Corporation · NASDAQ:CGNX

Cognex — Investor Presentation (2026)

48 slides from Cognex's investor presentation, May 7, 2026

Slide 2: Forward-looking statements
Forward-looking statements Certain statements made in this presentation, as well as oral statements made by the Company from time to time, constitute 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
Slide 4: Cognex snapshot
Cognex snapshot (NASDAQ: CGNX) $994M 28% 1,350+ 45 2025 ADJ. EBITDA MARGIN YEARS OF MACHINE REVENUE1 PATENTS ISSUED & PENDING 10-YR HISTORICAL AVERAGE VISION LEADERSHIP Other Asia 18% Americas COGNEX GLOBAL HQ NATICK, MA, USA 2,700+ 41% Cognoids globally Geographic Greater 16% Revenue Mix China 2025
Slide 5: What is machine vision?
What is machine vision? Vision Software & Algorithms A camera captures images Optics which are sent to a processor A machine vision system where machine vision software operates much like your vision tools and algorithms interpret it. does: a sophisticated optical device. 5 © 2025 Cognex Corporation
Slide 6: Our Purpose and Culture
Our Purpose and Culture To preserve and enhance vision Work Hard! Play Hard! Move Fast! 6 © 2025 Cognex Corporation
Slide 8: Well positioned to capture expansive market opportunity
INVESTMENT THESIS Well positioned to capture expansive market opportunity TECHNOLOGY LEADER LARGE GROWTH MARKET Strong brand with deep domain expertise and $7B 1 market across diverse set of verticals continuous investment into AI. with ~10%-11% CAGR2 through-cycle. DIRECT SALES AS A COMPETITIVE EDG
Slide 9: New Senior Leadership Team (July 2025)
New Senior Leadership Team (July 2025) Matt Moschner Carl Gerst Dennis Fehr Sheila DiPalma Reto Wyss President and Executive Vice President Chief Financial Officer Executive Vice President Vice President Chief Executive Officer Global Sales & Products Employee Services Vision Engineering Chief Cultu
Slide 10: Five-Year Strategic Objectives
Five-Year Strategic Objectives #1 #1 2x AI technology for industrial In Customer Experience across the industry Customers served machine vision applications #1 or #2 Market Position in all major markets1 10 © 2025 Cognex Corporation 1) >10% market share in China
Slide 11: 2025 Progress on Strategic Objectives
2025 Progress on Strategic Objectives AI technology for in Customer #1 industrial machine vision applications #1 Experience across the industry 2x Customers served ▪ DataMan® 290: AI for auto- ▪ AI-powered assistants on ▪ Acquired ~9,000 new setup and advanced code website answer questions customers
Slide 12: Completed Strategic Portfolio Review and Transforming the Operating Model
Completed Strategic Portfolio Review and Transforming the Operating Model to Drive Opex Efficiency – Announced Q1 2026 Transforming the Portfolio Optimization Operating Model Reviewed entire product portfolio and Holistic review of cost structure identified began exiting no-growth, low-margin additi
Slide 13: Strategic Evolution of the Cognex Go-to-Market Model
Strategic Evolution of the Cognex Go-to-Market Model LEVERS FROM EMERGING CUSTOMER INITIATIVE TO SALESFORCE TRANSFORMATION Stand-alone organization Integrated global organization with 3 distinct selling styles More boots on the ground Optimizing salesforce efficiency through process & tools Comprehe
Slide 14: Increased Through-Cycle Adjusted EBITDA Margin Range
Increased Through-Cycle Adjusted EBITDA Margin Range UNCHANGED INCREASED UNCHANGED 13% - 14% 25% - 31% >100% Revenue CAGR Adjusted EBITDA Margin1 Free Cash Flow Conversion2 incl. 3% Inorganic Growth long-term VALUE CREATION 14 © 2026 Cognex Corporation 1)Prior Adjusted EBITDA Margin range was 20-30;
Slide 16: Secular trends drive machine vision penetration
Secular trends drive machine vision penetration Continuous cost and quality Ease-of-use drives penetration optimization Demographics drive Recalibration of global supply manufacturing labor shortage1 chain 16 © 2025 Cognex Corporation 1) Source: Deloitte Insights study: Creating pathways for tomorro
Slide 17: We serve a ~$7B machine vision market
We serve a ~$7B machine vision market with overall market share in the mid-teens S E RV E D M AR K E T B Y V E R T I C AL We sell into a Auto $0.5B $0.5B diverse set of $1.8B Logistics attractive verticals Electronics $1.2B $7B 1 expected to grow at MARKET Packaging2 IN 2024 a ~10%–11% market Semi C
Slide 18: Logistics
Logistics Growth Drivers ▪ Cognex’s largest vertical market – 26% of 2025 revenue1 ▪ Expect mid-teens through-cycle revenue CAGR driven by: ▪ Growth in automation AI-powered solutions for logistics High-speed, multi-sided ▪ Increase in machine vision penetration (~15% penetration) Our SLX products o
Slide 19: Packaging
Packaging Growth Drivers ▪ Cognex’s second-largest vertical market – 21% of 20251 revenue ▪ Expect HSD through-cycle revenue CAGR driven by: ▪ Increased market penetration Packaging & Label Inspection OCR for Traceability 3D inspection, label quality, skewed Date and lot codes, anti-counterfeiting,
Slide 20: Consumer Electronics
Consumer Electronics Growth Drivers ▪ Cognex’s third-largest vertical market – 19% of 2025 revenue1 ▪ Expect HSD through-cycle revenue CAGR driven by: ▪ Retrofit and refresh cycle PCB Assembly & Inspection Alignment & Measurement ▪ Investment driven by innovation and form factor changes PCB connect
Slide 21: Automotive
Automotive Growth Drivers ▪ 19% of 2025 revenue1 ▪ Expect HSD through-cycle revenue CAGR driven by: ▪ Increased market penetration Assembly Inspection Defect Detection & Classification ▪ More complex components and systems to inspect 3D tire assembly, transmission, oil cap, Airbag, brake pad, seat
Slide 22: Semiconductor
Semiconductor Growth Drivers ▪ 10% of 2025 revenue1 ▪ Expect low-teens through-cycle revenue CAGR driven by: ▪ AI-driven Supercycle Wafer Inspection & Alignment Surface & Defect Detection ▪ Supply chain recalibration / re-shoring of semiconductor Notch detection, die alignment, edge Die surface insp
Slide 24: Decades of continuous innovation in rules-based vision
Decades of continuous innovation in rules-based vision… 1997 2004 2012 2017 IDMax Pioneering Breakthrough in Lightning fast 1D Reveal finest details technology for code reading barcode reading at fast line speeds robust part location 24 © 2025 Cognex Corporation
Slide 25: Extending continuous innovation with AI
…extending continuous innovation with AI 2022 2024 2025 Transformer Models Edge Learning on 3D AI on Barcode Reading for Few Sample Smart Cameras Smart Cameras Powered by AI Classification Pioneered “learning on 3D edge learning for First transformer models AI for drastically the edge” from 5-10 pre
Slide 26: Technology portfolio
Technology portfolio Barcode Machine vision Vision Lenses and Industry readers and sensors and software lights solutions verifiers systems Power and flexibility High-performance Products and Industry-leading Improve quality to solve the most lenses, lighting, and services that solve 1D and 2D code c
Slide 27: Customers want both accuracy and ease-of-use from AI vision tools
Customers increasingly want both accuracy and ease-of-use from their AI vision tools A track record of AI innovation ACCURACY Desired 2018 AI vision software to inspect variable parts by customers Deep Learning 2020 The first embedded AI vision system 2022 Edge learning to improve AI ease of use 202
Slide 28: OneVision: A better way to create and manage advanced AI vision tools
OneVision: A better way to create and manage advanced AI vision tools OneVision ACCURACY Deep Learning Deep Learning OneVision performance, with Edge Learning ease- of-use Edge Learning EASE-OF-USE 28 © 2025 Cognex Corporation
Slide 29: OneVision complements and strengthens our ecosystem
OneVision complements and strengthens our ecosystem z BENEFITS IS2800: 2D Vision Sensor for IS3800: 2D Vision System for IS-L38: 3D Vision System for Best customer Cost (TCO) most common inspections most advanced inspections inspections & measurement experience optimization Complete Product Line-Up
Slide 31: Flywheel of customer acquisition and customer experience
Flywheel of customer acquisition and customer experience increases the number of customers served Salesforce transformation and expansion Increases reach and enables new customer acquisition opportunities 2x Direct sales channel Customers engages customers across the entire Support served Specify yo
Slide 32: Working directly with the end user at every step
Our focus is working directly with the end user at every step of the customer journey End User Direct OUR PARTNERS OUR PARTNERS engagement at every step Machine System System Machine Builders Integrators Integrators Builders Logistics Sales Team Factory Automation Sales Team Cognex Ecosystem is a ke
Slide 33: We structure our sales team on three themes
We structure our sales team on three themes MARKET CREATION AND EXPANSION MARKET PENETRATION HELPING PARTNERS MOVE FASTER Cognex Easy-to-use Grow share of Cognex Spec-in and Ecosystem + Find new logos products wallet Ecosystem share gain Solutions made Easy E XA MP L E C U S TO ME R E XA MP L E P R
Slide 35: Increased Through-Cycle Adjusted EBITDA Margin Range
Increased Through-Cycle Adjusted EBITDA Margin Range UNCHANGED INCREASED UNCHANGED 13% - 14% 25% - 31% >100% Revenue CAGR Adjusted EBITDA Margin1 Free Cash Flow Conversion2 incl. 3% Inorganic Growth long-term VALUE CREATION 35 © 2026 Cognex Corporation 1)Prior Adjusted EBITDA Margin range was 20-30;
Slide 36: 13%-14% revenue growth enabled by market growth and inorganic growth
13% - 14% revenue growth is enabled by attractive market growth in combination with inorganic growth COMPONENTS OF REVENUE GROWTH GROWTH CATEGORY % CONTRIBUTION TO CAGR 1 Underlying Industry Growth 4% MARKET CAGR Increasing Machine Vision 2 penetration 6 – 7% Machine Vision Market CAGR1 10 – 11% COG
Slide 37: Underlying industry growth compounded by machine vision penetration
Diverse set of verticals - underlying industry growth is compounded by increase of machine vision penetration VERTICAL MARKET GROWTH AND DRIVERS 1 2 THROUGH THE CYCLE UNDERLYING INCREASE OF MV TOTAL MARKET VERTICAL MARKET MARKET DRIVERS INDUSTRY GROWTH1 PENETRATION CAGR2 ▪ Investments into e-commerc
Slide 38: Targeted M&A with clear strategic and financial priorities
3 Targeted M&A with clear strategic and financial priorities STRATEG IC PRIORITIES FINANCIAL PRIORITIES ▪ Advances our strategic objectives: #1 in AI ▪ Supports revenue growth with clear path to technology and customer experience, expanding the Adj. EBITDA margin target range customer base, #1 or #2
Slide 39: Driving sustainable, profitable growth through the cycle
Driving sustainable, profitable growth through the cycle DEFINING THE CYCLE REVENUE MSD OUTSIZED FLAT to (HSD) GROWTH WE TARGET TO EXIT THE CYCLE AT HIGHER ADJ. EBITDA MARGIN 20261: 25.0% THAN ENTERED: >25% ADJ. EBITDA RUN-RATE 5 – 7 YEARS ADJ. EBITDA 20 - 25% 25 - 30%+ >25% 1) based on non-recessio
Slide 40: Adj. EBITDA margin increase from OPEX efficiency and COGS productivity
Focus on OPEX efficiency and operating leverage, combined with COGS productivity drive Adj. EBITDA margin increase ADJ. EBITDA MARGIN WALK FLEXES THROUGH THE CYCLE AT THE PEAK OF THE CYCLE 0 to >500bps >30% 500-600bps >25% <100bps WHEN EXITING 200-300bps 17.1% (<100bps) THE CYCLE REFER TO SLIDE 46 F
Slide 41: 2025 Adjusted EBITDA Margin Expansion Driven by Opex Efficiency
2025 Adjusted EBITDA Margin Expansion Driven by Opex Efficiency ADJ. EBITDA MARGIN WALK LONG-TERM TARGETS (<100bps) 200-300bps <100bps 500-600bps 0 to >500bps +290bps N/A 20.7%1 +70bps -10bps N/A 17.1% after (100bps) incentive comp and (40bps) FX headwind 2024A ORGANIC MIX COGS INORGANIC MIX OPEX EF
Slide 42: Path to Next Milestone: 25% Adjusted EBITDA Margin
Path to Next Milestone: 25% Adjusted EBITDA Margin OPEX COGS ORGANIC EFFICIENCY PRODUCTIVITY MIX AND SYNERGIES AND PRICING 2025 ▪ $33M gross cost reduction ▪ Favorable product and ▪ 2024 pricing headwinds, AC T U AL partially offset by: customer mix drove better especially in China, fully Achieved >
Slide 43: Capital light business model enables FCF conversion of >100%
Capital light business model enables FCF conversion of >100%; strong execution in the last quarters FCF CONVERSION 1 2020 - 2024 FCF CONVERSION 1 LAST FOUR QUARTERS 153% 156% 138% 140% 112% 105% 96% 95% 100% 100% 71% 2021A 2022A 2023A 2024A 2025A Q1-2025A Q2-2025A Q3-2025A Q4-2025A CAPITAL LIGHT BUS
Slide 44: Disciplined capital allocation accelerates growth and shareholder value
Disciplined capital allocation accelerates growth and shareholder value creation 1 2 3 MERGERS & ACQUISITION SHARE BUYBACK DIVIDEND Accelerating profitable growth Opportunistic to min. offset dilution. Annual growth at increments in core business or near adjacencies. (measured over a five-year perio
Slide 46: Components of Adj. EBITDA margin walk
Components of Adj. EBITDA margin walk ORGANIC COGS INORGANIC OPEX LEVERAGE & MIX PRODUCTIVITY MIX EFFICIENCY DE-LEVERAGE AND PRICING AT ACQUISITION AND SYNERGIES (<100bps) 200 - 300bps <100bps 500 - 600bps 0 to >500bps ▪ Logistics vertical ▪ Driving product cost ▪ Selective M&A within ▪ Focused acti
Slide 47: Investor Relations Upcoming Activity
Investor Relations Upcoming Activity Upcoming Conferences and Investor Events March JP Morgan 2026 Industrial Conference Washington D.C. April MODEX Atlanta, GA Greer Aviv April Annual Shareholders Meeting Natick, MA HEAD OF INVESTOR RELATIONS INVESTOR RELATIONS CONTACT: May Q1 Earnings Call Natick,

Cognex — Investor Presentation (2026) on 6ix

Cognex — Investor Presentation (2026)

Slide 1: Introduction to Cognex

Slide 2: Forward-looking statements

Slide 3: Cognex overview

Slide 4: Cognex snapshot

Slide 5: What is machine vision?

Slide 6: Our Purpose and Culture

Slide 7: Strategic overview

Slide 8: Well positioned to capture expansive market opportunity

Slide 9: New Senior Leadership Team (July 2025)

Slide 10: Five-Year Strategic Objectives

Slide 11: 2025 Progress on Strategic Objectives

Slide 12: Completed Strategic Portfolio Review and Transforming the Operating Model

Slide 13: Strategic Evolution of the Cognex Go-to-Market Model

Slide 14: Increased Through-Cycle Adjusted EBITDA Margin Range

Slide 15: Market overview

Slide 16: Secular trends drive machine vision penetration

Slide 17: We serve a ~$7B machine vision market

Slide 18: Logistics

Slide 19: Packaging

Slide 20: Consumer Electronics

Slide 21: Automotive

Slide 22: Semiconductor

Slide 23: Technology overview

Slide 24: Decades of continuous innovation in rules-based vision

Slide 25: Extending continuous innovation with AI

Slide 26: Technology portfolio

Slide 27: Customers want both accuracy and ease-of-use from AI vision tools

Slide 28: OneVision: A better way to create and manage advanced AI vision tools

Slide 29: OneVision complements and strengthens our ecosystem

Slide 30: Go-to-market overview

Slide 31: Flywheel of customer acquisition and customer experience

Slide 32: Working directly with the end user at every step

Slide 33: We structure our sales team on three themes

Slide 34: Financial overview

Slide 35: Increased Through-Cycle Adjusted EBITDA Margin Range

Slide 36: 13%-14% revenue growth enabled by market growth and inorganic growth

Slide 37: Underlying industry growth compounded by machine vision penetration

Slide 38: Targeted M&A with clear strategic and financial priorities

Slide 39: Driving sustainable, profitable growth through the cycle

Slide 40: Adj. EBITDA margin increase from OPEX efficiency and COGS productivity

Slide 41: 2025 Adjusted EBITDA Margin Expansion Driven by Opex Efficiency

Slide 42: Path to Next Milestone: 25% Adjusted EBITDA Margin

Slide 43: Capital light business model enables FCF conversion of >100%

Slide 44: Disciplined capital allocation accelerates growth and shareholder value

Slide 45: Appendix

Slide 46: Components of Adj. EBITDA margin walk

Slide 47: Investor Relations Upcoming Activity

Slide 48: Thank you