Slide 1: Quarterly Earnings Presentation Q4'26
QUARTERLY EARNINGS PRESENTATION Q4’26 NASDAQ: SMTC 1 | QUARTERLY EARNINGS PRESENTATION | Q4’26
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 select non-GAAP financial measures. The Company's non-GAAP measures of adjusted gross margin, total semiconductor products gross margin, adjusted pro
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures 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 information, please see the Segme
Slide 5: Q4'26 & FY'26 Results
Q4’26 & FY’26 RESULTS 5 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q4’26 Q4’26
Slide 6: Q4'26 Net Sales
Q4’26 Net Sales "Fiscal year 2026 was a landmark year for Semtech, marked by strong revenue and earnings growth that reflect both the power of our portfolio and disciplined execution," said Hong Hou, president and chief executive officer. "We believe we are uniquely positioned as data center build o
Slide 7: InP Optoelectronics
InP Optoelectronics • Acquired HieFo Corporation in March 2026, a Gain Chips, CW Laser Chips California-based manufacturer of high-efficiency indium phosphide-based optoelectronic devices, including gain chips and CW laser chips - critical components in the optical transceivers powering today's data
Slide 8: Infrastructure End Market
Infrastructure End Market Data Center, PON/FTTH, Wireless, Infrastructure Circuit Protection • Infrastructure end market FY’26 net sales of $310m, +27% Y/Y • Record Q4’26 data center net sales of $63m, +12% Q/Q and +26% Y/Y. Record FY’26 data center net sales of $223m, +58% Y/Y • Demand for our 800G
Slide 9: High-End Consumer End Market
High-End Consumer End Market Circuit Protection, PerSe® and Force Sensing • High-end consumer end market FY’26 net sales of $155m, +5% Y/Y, driven by TVS and PerSe® portfolios Q4’26 NET SALES • Consumer TVS revenue continues to ramp up ahead of handset volumes and we expect another year of revenue a
Slide 10: Industrial End Market
Industrial End Market LoRa®, Modules, Routers and Gateways, Smart Connectivity, RF Industrial, Industrial Circuit Protection, Professional AV • Industrial end market FY’26 net sales of $584m, +13% Y/Y • Q4’26 LoRa®-enabled net sales of $39.6m, flat Q/Q and +7% Y/Y. Q4’26 NET SALES FY’26 net sales of
Slide 11: CEO Message
FISCAL YEAR 2026 SUMMARY 1 We delivered strong revenue and earnings growth through disciplined execution, a differentiated portfolio and relentless focus on the customers and markets where Semtech can win 2 We believe our continued investment in our leading data center portfolio helps ensure we are
Slide 12: Summary Financial Results
Summary Financial Results GAAP FINANCIAL RESULTS (in millions, except per share data) Q4’26 Q3’26 Q4’25 FY’26 FY’25 Net sales $ 274.4 $ 267.0 $ 251.0 $ 1,050.0 $ 909.3 Gross margin 50.4 % 51.9 % 52.0 % 51.6 % 50.2 % Operating expenses, net $ 156.5 $ 107.4 $ 109.3 $ 509.6 $ 406.6 Operating (loss) inc
Slide 13: Q1'27 Outlook
Q1’27 OUTLOOK 13 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q4’26 Q4’26
Slide 14: Q1'27 Outlook
Q1’27 Outlook* (in millions, except per share data) Net sales $ 283.0 +/- $ 5.0 Net Sales Outlook • Infrastructure end market Non-GAAP Financial Measures expected to increase sequentially, Adjusted gross margin* 52.8 % +/- 50 bps supported by projected sequential Total semiconductor products gross m
Slide 15: Q&A
Q&A 15 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q4’26 Q4’26
Slide 16: Supplemental Information: Net Sales Schedules
SUPPLEMENTAL INFORMATION: NET SALES SCHEDULES 16 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q4’26 Q4’26
Slide 17: Net Sales Schedules
Net Sales Schedules END MARKET Q4’26 Q3’26 Q2’26 Q1’26 Q4’25 Infrastructure $86.3 $77.9 $73.4 $72.8 $69.1 High-End Consumer 36.6 41.9 41.2 35.4 35.4 Industrial 151.4 147.2 143.0 142.8 146.6 Total $274.4 $267.0 $257.6 $251.1 $251.0 REPORTABLE SEGMENT Q4’26 Q3’26 Q2’26 Q1’26 Q4’25 Signal Integrity $90
Slide 18: Supplemental Information: 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 | | Q4’26 Q4’26
Slide 19: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’26 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 90.7 $ 93.7 $ 184.5 $ 89.9 $ — $ 274.4 Segment cost of sales 29.5 41.0 70.6 61.5 4.0 136.1 Segment gross profit
Slide 20: 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 21: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’25 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 72.5 $ 85.4 $ 157.9 $ 93.1 $ — $ 251.0 Segment cost of sales 26.5 39.5 66.0 53.6 0.9 120.5 Segment gross profit
Slide 22: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results FY’26 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 322.6 $ 373.4 $ 696.1 $ 353.9 $ — $ 1,050.0 Segment cost of sales 112.3 153.5 265.7 228.2 13.9 507.8 Segment gro
Slide 23: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results FY’25 Analog Mixed Total IoT Systems and Signal Integrity Signal and Semiconductor Unallocated1 Total Connectivity Wireless Products Net sales $ 261.7 $ 322.9 $ 584.6 $ 324.6 $ — $ 909.3 Segment cost of sales 99.1 143.5 242.6 197.1 13.1 452.8 Segment gross
Slide 24: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’26 Q3’26 Q4’25 FY’26 FY’25 Operating expenses, net (GAAP) $ 156.5 $ 107.4 $ 109.3 $ 509.6 $ 406.6 Share-based compensation (15.8) (16.4) (16.5) (55.0) (65.1) Intangible amortization (0.2) (0.1) (0.1) (0.6) (0.9) Transaction and integration related costs,
Slide 25: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’26 Q3’26 Q4’25 FY’26 FY’25 Operating (loss) income (GAAP) $ (18.3) $ 31.1 $ 21.2 $ 32.6 $ 49.9 Share-based compensation 16.5 17.1 17.3 57.7 68.0 Intangible amortization 2.7 2.4 2.4 9.8 10.0 Transaction and integration related costs, net 2.6 1.1 0.9 6.0 7
Slide 26: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’26 Q3’26 Q4’25 FY’26 FY’25 Operating margin (GAAP) (6.7) % 11.6 % 8.5 % 3.1 % 5.5 % Share-based compensation 6.0 % 6.5 % 6.9 % 5.5 % 7.5 % Intangible amortization 1.0 % 0.9 % 0.9 % 0.8 % 1.1 % Transaction and integration related costs, net 1.0 % 0.4 % 0.
Slide 27: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’26 Q3’26 Q4’25 FY’26 FY’25 Net (loss) income (GAAP) $ (29.8) $ (2.9) $ 39.1 $ (40.4) $ (161.9) Adjustments to GAAP net (loss) income: Share-based compensation 16.5 17.1 17.3 57.7 68.0 Intangible amortization 2.7 2.4 2.4 9.8 10.0 Transaction and integrati
Slide 28: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Q4’26 Q3’26 Q4’25 FY’26 FY’25 Operating margin (GAAP) (6.7) % 11.6 % 8.5 % 3.1 % 5.5 % Share-based compensation 6.0 % 6.5 % 6.9 % 5.5 % 7.5 % Depreciation and amortization 3.7 % 3.8 % 4.0 % 3.8 % 4.8 % Transaction and integration related costs, net 1.0 % 0.
Slide 29: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results LTM FY’26 FY’25 Q4’26 Q3’26 Q4’25 Q4’26 Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Q1’25 Net (loss) income (GAAP) $ (40.4) $ 28.6 $ (161.9) $ (29.8) $ (2.9) $ (27.1) $ 19.3 $ 39.1 $ (7.6) $ (170.3) $ (23.2) Interest expense 40.6 56.2 90.1 1.8 27.0 5.2 6.6 17.5 20.
Slide 30: Supplemental Information: Convertible Senior Notes Dilution Table
SUPPLEMENTAL INFORMATION: CONVERTIBLE SENIOR NOTES DILUTION TABLE 30 || QUARTERLY QUARTERLYEARNINGS EARNINGSPRESENTATION PRESENTATION | | Q4’26 Q4’26
Slide 31: Convertible Senior Notes Dilution Table
Convertible Senior Notes Dilution Table Estimated Incremental Dilutive Shares 2027 1.625% Notes 2030 0.000% notes Total Average GAAP Non-GAAP # of GAAP Non-GAAP Warrants GAAP Non-GAAP Stock # of Conversion # of Warrant Dilutive Dilutive # of Conversion Capped Capped Dilutive Dilutive # of + Capped D
Slide 32: 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. Th
Slide 33: Thank You
THANK YOU Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its subsidiaries. Copyright © 2026 Semtech Corporation. All rights reserved. 33 | QUARTERLY EARNINGS PRESENTATION | Q4’26