Avino Silver & Gold Mines Ltd. · TSX:ASM
Avino Silver & Gold Mines — Q2 2026 Earnings Presentation
40 slides from Avino Silver & Gold Mines's earnings presentation, Jul 29, 2026
Slide 1: ASM Q2 2026 results
ASM Q2 2026 results July 28, 2026
Slide 2: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements All matters discussed in this presentation, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-l
Slide 3: Contents
Contents 1 Investment highlights 2 Q2 2026 results 3 Business environment, strategy, and targets 4 Annex: detailed financials July 28, 2026 ASM proprietary information | 3
Slide 4: Investment highlights
Investment highlights July 28, 2026 ASM proprietary information | 4
Slide 5: Investment highlights
Investment highlights Strong long-term prospects • The semiconductor market is on an accelerated growth path, driven by multi-year expansion in AI. As process nodes shrink, semiconductor device complexity rises and new materials are required, increasing ALD and Epi layer intensity. • ASM is well pos
Slide 6: Q2 2026 results
Q2 2026 results July 28, 2026 ASM proprietary information | 6
Slide 7: Financial highlights Q2 2026
Financial highlights Q2 2026 €1,003m €521m 51.9% Revenue Gross profit Gross margin (+24% yoy at constant currency) (+24% yoy at constant currency) (51.8% in Q2 2025) €331m 33.0% €293m Adjusted operating profit1 Adjusted operating margin1 Adjusted net earnings1 (+27% yoy at constant currency) (31.5%
Slide 8: Financial highlights Q2 2026
Financial highlights Q2 2026 Revenue • Revenue was €1,003 million, exceeding the midpoint of the guidance range of €980 million +/-5% at constant currency, and was driven by strong demand and increasing market share in leading-edge logic/foundry, robust growth in HBM DRAM, and continued solid mature
Slide 9: Revenue and gross margin
Revenue and gross margin Revenue Gross profit Revenue (€m) (€m) • Total revenue increased 24% yoy at cc (20% as 700 60. 0% 53.3% 51.8% 51.9% reported), and 15% qoq at cc (16% as reported). 1,003 600 1,000 521 50. 0% • Equipment revenue increased 22% yoy and 16% qoq 500 460 at cc. Spares & Services r
Slide 10: Revenue breakdown H1 2026
Revenue breakdown H1 2026 Equipment revenue by Revenue by customer segment Total revenue customer segment • Logic/foundry sales in H1 included solid contributions from both the leading-edge and mature logic/foundry segments. 8% • Memory sales accounted for 15% of equipment 21% 15% revenue in H1 and
Slide 11: SG&A and R&D
SG&A and R&D Adjusted SG&A Adjusted R&D Adjusted SG&A (€m) (€m) • Adjusted SG&A increased by 12% yoy at cc (9% as 85 8.7% 8.8% 10. 0% 11.6% 11.4% 11.1% reported), and by 3% qoq at cc (4% as reported). The 160 7.9% 138 8.0 % SG&A expense as a percentage of revenue improved 10. 0% 140 128 80 79 6.0 %
Slide 12: Operating result
Operating result Adjusted operating result Adjusted operating result (€m) 33.1% • Adjusted operating result increased by 27% yoy at cc 380 33.0% (26% as reported) and increased by 14% qoq at cc 331 330 31.5% 32.0% (16% as reported). 286 • Adjusted operating margin reached 33.0%, remained 280 263 30.
Slide 13: Net earnings
Net earnings Adjusted net earnings Including: (€m) Foreign currency exchange • Adjusted net earnings included a currency translation 293 gain of €21.7 million, compared to a translation loss of €59.8 million in Q2 2025. 246 Share in income of investments in associates 173 • Share in income of invest
Slide 14: Cash position and FCF
Cash position and FCF Cash Free cash flow Free cash flow (FCF) (€m) (€m) • FCF was at a record high of €355 million in Q2 2026, due to strong profitability and a normalization in 1,180 working capital after the build-up in Q1 2026. 355 1,042 982 125 Q1 26 Q1 26 Q2 25 Q1 26 Q2 26 (48) Jun. 25 Mar. 26
Slide 15: Capex and working capital
Capex and working capital Capital expenditures Working capital Capital expenditures (capex) (€m) (€m) • Capex increased 66% qoq. For the full year, we 69 continue to expect capex to be above the guidance 750 63 661 range of €150-250 million, with the largest part 60 650 50 43 related to the accelera
Slide 16: Financial outlook
Financial outlook As included in the Q2 2026 press release published on July 28, 2026: For Q3 2026, at constant currency, ASM expects revenue of €1,100 million, plus or minus 5%. For the second half of 2026, revenue is expected to increase by over 20% compared with the first half of the year at cons
Slide 17: Business environment, strategy, and targets
Business environment, strategy, and targets July 28, 2026 ASM proprietary information | 17
Slide 18: Semiconductor and WFE market expectations
Semiconductor and WFE market expectations Semiconductor market WFE market forecast WFE by segment forecast (US$ billion) (US$ billion) (US$ billion) 2,500 250 250 2,000 200 200 1,500 150 150 1,000 100 100 500 50 50 0 0 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2022 2023 2024 2025 2026 2027 2028
Slide 19: Semiconductors: value chain & manufacturing process
Semiconductors: value chain & manufacturing process 119.2 834 2,823 32.4 28.7 31.5 16.5 10.1 Source: TechInsights (December 2025)
Slide 20: ALD continues to be a key growth market for ASM
ALD continues to be a key growth market for ASM Single-wafer ALD market outlook Single-wafer ALD market: (US$ billion) • SW ALD market ’24-’30 CAGR: 9-13% Growth drivers 6.1 • Increased number of layers in leading-edge logic/foundry and additional complexity 5.1 • Increased number of layers in leadi
Slide 21: Epi has become a second growth engine for ASM
Epi has become a second growth engine for ASM Epi market outlook Epi market (US$ billion) • Epi market ’24-’30 CAGR: 9%-13% Growth drivers • New Epi applications in next generations GAA and additional complexity 3.2 • Increased number of layers in leading-edge DRAM 2.5 transition from 6F2 to 4F2 and
Slide 22: Significant increase in ALD and Epi SAM with move to 1.4nm
Significant increase in ALD and Epi SAM with move to 1.4nm ASM ALD and Epi SAM expansion for 100k WSPM* Logic/foundry technology roadmap (US$ million) +450-500 +400 GAA 1st Gen GAA 2nd Gen GAA 3rd Gen CFET 2nm 1.4nm 1.0nm 0.7nm 2025 2027 2029 2031 FinFET 3nm to GAA 2nm GAA 2nm to 1.4nm Source: Inves
Slide 23: Increasing DRAM SAM with 4F2 transition
Increasing DRAM SAM with 4F2 transition ASM ALD and Epi SAM expansion for 100k WSPM* DRAM technology roadmap (US$ million) +400-450 6F2 with planar CMOS 4F2 with FinFET CMOS 3D-DRAM peri (D1d) peri (D0b) 6F2 4F2 Source: Investor Day 2025; ASM internal market data, figure not to scale Note: Wafer sta
Slide 24: Spares & Services: engine of growth and innovation
Spares & Services: engine of growth and innovation Spares & Services revenue (€million) Business growth drivers • Continued growth of our installed base - higher share of outcome-based services on new products CAGR >12% • >50% business coming from outcome-based services by 2030 • Outcome-based grew
Slide 25: Our sustainability framework covers 5 pillars
Our sustainability framework covers 5 pillars People Supply chain Workplace safety Human rights and safety • Recordable injury rate of 0.15 • ≥80% of ASM's most critical Innovation or lower Planet direct-material supplier sites are Governance verified as conformant with our Product sustainability* I
Slide 26: Capital allocation strategy unchanged
Capital allocation strategy unchanged Priority 1 Priority 2 Priority 3 Priority 4 Invest to support Maintain a strong Sustainable Return of future growth balance sheet dividend payments excess cash to shareholders • R&D • Cash position through share • Capex around €800 buybacks • M&A million July 28
Slide 27: Investor Day 2025: FY30 targets
Investor Day 2025: FY30 targets FY 2024 FY 2025 FY 2030 Revenue €2.9 billion €3.2 billion More than €5.7 billion by FY30¹ Revenue growth¹ 12% 12% At least 12% CAGR (FY24-FY30) Gross margin % 50.5% 51.8% 47-51% (FY26-FY30) SG&A % revenue 10.6% 9.2% Below 7% (by FY30) R&D (net) % revenue 12.1% 12.5% L
Slide 28: Strategic objectives
Strategic objectives Our purpose is to improve people’s lives by advancing technologies that unlock new potential Maintain leading share in ALD Grow applications in advanced for logic/foundry and grow packaging market share in DRAM/HBM memory Drive operational excellence, Grow high-value outcome-bas
Slide 29: Annex: detailed financials
Annex: detailed financials July 28, 2026 ASM proprietary information | 29
Slide 30: (Estimated) amortization, SBC and earn-out expenses
(Estimated) amortization, SBC and earn-out expenses Q2 2026 Q1 2026 Q2 2025 2026 2027 2028 2029 € million Actual Actual Actual Estimate³ Estimate³ Estimate³ Estimate³ Net research and development expenses (4.0) (4.0) (3.5) (16.1) (16.1) (16.1) (16.1) Selling, general and administrative expenses¹ (3.
Slide 31: Income statement (reported)
Income statement (reported) € million Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue 835.6 800.0 698.3 862.5 1,003.1 Cost of sales (402.4) (385.1) (350.6) (402.7) (482.0) Gross profit 433.2 414.9 347.7 459.9 521.1 Selling, general and administrative (73.9) (69.7) (75.5) (79.5) (82.6) Research and d
Slide 32: Adjusted and reported P&L reconciliation
Adjusted and reported P&L reconciliation € million Q1 2026 reported Δ Q1 2026 adjusted Q2 2026 reported Δ Q2 2026 adjusted Revenue 862.5 - 862.5 1,003.1 - 1,003.1 Gross profit 459.9 - 459.9 521.1 - 521.1 Gross margin 53.3% - 53.3% 51.9% - 51.9% SG&A (79.5) 3.7 (75.8) (82.6) 3.7 (78.9) SG&A as a % of
Slide 33: Operating performance: reported vs. constant currency (cc)
Operating performance: reported vs. constant currency (cc) € million Q2 2026 QoQ reported QoQ at cc YoY reported YoY at cc Revenue 1,003.1 16% 15% 20% 24% Equipment revenue 794.3 18% 16% 18% 22% Spares & Services revenue 208.7 12% 10% 29% 34% Gross profit 521.1 13% 12% 20% 24% Adjusted SG&A expenses
Slide 34: Balance sheet
Balance sheet € million Jun. 25 Sep. 25 Dec. 25 Mar.26 Jun. 26 PP&E (incl. RoU assets) 515.9 524.0 608.2 628.3 683.3 Evaluation tools at customers 109.8 109.5 106.1 100.8 92.3 Goodwill 319.2 319.1 340.5 340.9 341.2 Other intangible assets 871.0 898.0 995.9 1,020.3 1,043.7 Investments in associates 6
Slide 35: Cash flow statement
Cash flow statement € million Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net earnings from operations 202.4 384.1 166.1 238.5 285.4 Adjustments to reconcile net earnings to net cash from operating 51.8 (135.7) 6.8 104.1 74.7 activities (Increase) /decrease in working capital (16.4) 64.4 (9.2) (298.8) 1
Slide 36: Gross and net R&D expenses (reported)
Gross and net R&D expenses (reported) € million Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Gross R&D expenses 131.5 129.1 127.9 127.6 141.7 Capitalization of development expenses (53.6) (53.8) (54.7) (48.2) (49.3) Amortization of capitalized development expenses 22.9 23.5 22.4 22.7 23.4 Impairment capi
Slide 37: Working capital: historical development
Working capital: historical development 1,200 90 80 1,000 70 800 60 50 600 40 400 30 20 200 10 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2020 2021 2022 2023 2024 2025 2026 Working capital (lhs) Quarterly sales (lhs) Days of working capital (rh
Slide 38: Revenue and operating result: historical development
Revenue and operating result: historical development 3,500 1,200 3,000 1,000 2,500 800 2,000 600 1,500 400 1,000 200 500 - - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (lhs) Operating result (rhs) Note: Numbers in million € 2019 numbers exclude settlement gains of €159m 2022, 2023, 20
Slide 39: Cash returned to shareholders
Cash returned to shareholders Dividend per share Cumulative cash returned to market (€ paid over) (€m) 3,000 2,500 3.25 3.00 3.00 2,000 2.75 2.50 2.50 1,500 1.50 2.00 1,000 1.00 0.70 0.80 1.50 500 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*
Slide 40: For more information visit asm.com
For more information visit asm.com July 28, 2026 ASM proprietary information | 40
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