Slide 1: Quarterly Earnings Presentation Q3'26
QUARTERLY EARNINGS PRESENTATION Q3’26 NASDAQ: SMTC 1 | QUARTERLY EARNINGS PRESENTATION | Q3’26
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, total semiconductor products gross ma
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures In the financial results provided in this presentation, the Company is providing a total semiconductor products gross margin metric, defined as the combined segment gross margin for the Signal Integrity and Analog Mixed Signal and Wireless reportable segments. For further
Slide 5: Q3'26 Results
Q3’26 RESULTS 5 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q3’26 Q3’26
Slide 6: CEO Message: Q3'26 Highlights
Q3’26 Highlights 1 2 3 Drove solid revenue and Further aligned our Data Continued strengthening earnings growth Center roadmap to capture our financial profile growth and design win opportunities CEO Message Near-term priorities 1 2 3 Capture growth Focus on the divestiture Strengthen our winning op
Slide 7: Q3'26 Net Sales
Q3’26 Net Sales "Our strong results this quarter reflect returns on our disciplined R&D investments and the deep and expanding partnerships we have established with our customers," said Hong Hou, president and chief executive officer. "As power constraints intensify for our customers, we believe we
Slide 8: Infrastructure End Market
Infrastructure End Market Data Center, PON/FTTH, Wireless, Infrastructure Circuit Protection • Record data center net sales of $56.2m, +8% Q/Q and +30% Y/Y • Signal Integrity gross margin of 65.1%, +270 bps Q/Q Q3’26 NET SALES and +200 bps Y/Y • Seeing broad-based demand for our 800G TIAs; we expect
Slide 9: High-End Consumer End Market
High-End Consumer End Market Consumer Circuit Protection, PerSe® and Force Sensing • High-End Consumer end market sales YTD net sales of $118.5, +6% Y/Y, outpacing growth metrics Q3’26 NET SALES • Our PerSe® sensing technology continues to be designed into a growing range of applications, including
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 $40.0m, +10% Q/Q and +40% Y/Y Q3’26 NET SALES • Strong revenue growth supported by continued expansion across several e
Slide 11: Summary Financial Results
Summary Financial Results GAAP FINANCIAL RESULTS (in millions, except per share data) Q3’26 Q2’26 Q3’25 Net sales $ 267.0 $ 257.6 $ 236.8 Gross margin 51.9 % 52.1 % 51.1 % Operating expenses, net $ 107.4 $ 150.3 $ 103.2 Operating income (loss) $ 31.1 $ (16.2) $ 17.8 Operating margin 11.6 % (6.3) % 7
Slide 12: Convertible Note & Capped Call Summary of Terms
Convertible Note & Capped Call Summary of Terms (dollar amounts in millions, except stock price) Base Offering Size $ 350.0 Use of Proceeds Net proceeds from the 2030 Note, along with the issuance of 5.3 million Greenshoe Option Size $ 52.5 shares and $3.5 million of cash on hand were used to: Aggre
Slide 13: Q4'26 Outlook
Q4’26 OUTLOOK 13 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q3’26 Q3’26
Slide 14: Q4'26 Outlook
Q4’26 Outlook* (in millions, except per share data) Net sales $ 273.0 +/- $ 5.0 Net Sales Outlook • Infrastructure end market Non-GAAP Financial Measures expected to increase sequentially, Adjusted gross margin* 51.2 % +/- 50 bps supported by projected sequential Total semiconductor products gross m
Slide 15: Q&A
Q&A 15 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q3’26 Q3’26
Slide 16: Supplemental Information: Net Sales Schedules
SUPPLEMENTAL INFORMATION: NET SALES SCHEDULES 16 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q3’26 Q3’26
Slide 17: Net Sales Schedules
Net Sales Schedules END MARKET Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 Infrastructure $77.9 $73.4 $72.8 $69.1 $65.8 High-End Consumer 41.9 41.2 35.4 35.4 40.0 Industrial 147.2 143.0 142.8 146.6 131.0 Total $267.0 $257.6 $251.1 $251.0 $236.8 REPORTABLE SEGMENT Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 Signal Integrity $81
Slide 18: 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. 18 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q3’26 Q3’26
Slide 19: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q3’26 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 81.6 $ 97.0 $ 178.7 $ 88.3 $ — $ 267.0 Segment cost of sales 28.5 40.8 69.2 56.0 3.3 128.5 Segment gross profit
Slide 20: Reconciliation of GAAP to Non-GAAP Results
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 21: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q3’25 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 71.5 $ 82.8 $ 154.3 $ 82.5 $ — $ 236.8 Segment cost of sales 26.4 35.5 61.9 48.7 5.3 115.9 Segment gross profit
Slide 22: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q3’26 Q2’26 Q3’25 Operating expenses, net (GAAP) $ 107.4 $ 150.3 $ 103.2 Share-based compensation (16.4) (16.7) (17.6) Intangible amortization (0.1) (0.1) (0.1) Transaction and integration related costs, net (1.1) (1.2) (3.2) Restructuring and other reserve
Slide 23: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q3’26 Q2’26 Q3’25 Operating income (loss) (GAAP) $ 31.1 $ (16.2) $ 17.8 Share-based compensation 17.1 17.3 18.4 Intangible amortization 2.4 2.4 2.4 Transaction and integration related costs, net 1.1 1.2 3.2 Restructuring and other reserves, net 2.0 1.5 0.7
Slide 24: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q3’26 Q2’26 Q3’25 Operating margin (GAAP) 11.6 % (6.3) % 7.5 % Share-based compensation 6.5 % 6.7 % 7.8 % Intangible amortization 0.9 % 0.9 % 1.0 % Transaction and integration related costs, net 0.4 % 0.5 % 1.4 % Restructuring and other reserves, net 0.7 %
Slide 25: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q3’26 Q2’26 Q3’25 Net loss (GAAP) $ (2.9) $ (27.1) $ (7.6) Adjustments to GAAP net loss: Share-based compensation 17.1 17.3 18.4 Intangible amortization 2.4 2.4 2.4 Transaction and integration related costs, net 1.1 1.2 3.2 Restructuring and other reserves,
Slide 26: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q3’26 Q2’26 Q3’25 Operating margin (GAAP) 11.6 % (6.3) % 7.5 % Share-based compensation 6.5 % 6.7 % 7.8 % Depreciation and amortization 3.8 % 4.0 % 4.3 % Transaction and integration related costs, net 0.4 % 0.5 % 1.4 % Restructuring and other reserves, net
Slide 27: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results LTM FY26 FY25 FY24 Q3’26 Q2’26 Q3’25 Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Q1’25 Q4’24 Net income (loss) (GAAP) $ 28.5 $ 23.8 $ (843.4) $ (2.9) $ (27.1) $ 19.3 $ 39.1 $ (7.6) $ (170.3) $ (23.2) $ (642.4) Interest expense 56.3 50.1 95.4 27.0 5.2 6.6 17.5 20.8
Slide 28: Convertible Senior Notes Dilution Table
SUPPLEMENTAL INFORMATION: CONVERTIBLE SENIOR NOTES DILUTION TABLE 28 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q3’26 Q3’26
Slide 29: Convertible Senior Notes Dilution Table
Convertible Senior Notes Dilution Table Shares in million 29 | QUARTERLY EARNINGS PRESENTATION | Q3’26
Slide 30: Convertible Senior Notes Dilution Table
Convertible Senior Notes Dilution Table The incremental dilutive shares from the 1.625% Convertible Senior Notes due 2027 (the "2027 Notes") and the 0% Convertible Senior Notes due 2030 (the “2030 Notes") collectively (the "Notes") is calculated using the prices in the Average Stock Price column bas
Slide 31: 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. 31 | QUARTERLY EARNINGS PRESENTATION | Q3’26