#1ichor ichor Define. Create. Enable. Experts in critical systems engineering and manufacturing Investor Presentation QI 2022 Update Proprietary GF125 11#2Forward-Looking Statements, Non-GAAP Financials and COVID-19 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 Ichor Holdings, Ltd. and its subsidiaries ("Ichor" or the "Company"), its financial condition, its results of operations and the potential offering that reflect the Company's current views and information currently available. This information is, where applicable, based on estimates, assumptions and analysis that Ichor believes, as of the date hereof, provides a reasonable basis for the information contained herein. Forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "would", could", "expect", "intend", "plan", "aim", “estimate”, “target”, “anticipate", "believe", "continue", "objectives”, “outlook”, “guidance” or other similar words, and include statements regarding Ichor's plans, strategies, initiatives, objectives, targets and future operating or financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors (including those set forth under “Risk Factors” in Ichor's prospectus), many of which are outside the control of Ichor and its representatives. Actual results, performance or achievements may differ materially and potentially adversely from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the information contained in this Presentation is reflective of future performance to any degree, and readers are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. All information in this Presentation speaks only as of the date hereof unless otherwise specified. Ichor undertakes no duty to update or revise the information contained herein, publicly or otherwise, whether as a result of new information, future events or otherwise. Forecasts and estimates regarding the Ichor's industry and end-markets are based on sources we believe to be reliable; however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part. This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP”), including, but not limited to, adjusted net income from continuing operations and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing Ichor's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Ichor's presentation of these measures may not be comparable to similarly-titled measures used by other companies. Non-GAAP reconciliations are contained in Ichor's SEC filings. This Presentation also contains estimates and other statistical data made by independent parties relating to market size and growth and other industry data. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the future performance of the markets in which it competes are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results or outcomes to differ materially from those expressed in the estimates made by the independent parties. COVID-19 Pandemic and Market Conditions Update The COVID-19 pandemic and related economic repercussions have created, and are expected to continue to create, significant volatility, uncertainty, and turmoil in our industry. Government shutdowns and "social distancing" guidelines are, and will continue to, result in reduced factory capacity. In addition, an increase in direct costs within our factories associated with employee personal protective equipment ("PPE”), facility cleaning and layout changes, together with increases in logistics costs and employee labor costs, as well as other operating inefficiencies have resulted in, and may continue to result in, lower revenues and operating margins. The extent and duration of these impacts cannot be specifically quantified given the dynamic nature and breadth of the pandemic's impact on our operations and that of our customers and suppliers. ichor Proprietary#3Ichor Overview World's Leading Provider of Critical Fluid Delivery Subsystems and Components for Semiconductor Capital Equipment Gas and chemical delivery subsystems are key elements of process tools used in the manufacturing of semiconductor devices Over 20 years of operational history providing design, qualification, manufacturing and testing expertise to key OEMs throughout the product development cycle Global manufacturing footprint in the US, Malaysia, Singapore, Korea, Mexico and Scotland, with facilities strategically located in close proximity to key customers Headquartered in Fremont, California with approximately 2,400 full-time-equivalent employees globally 2021 Revenues of $1.IB and $3.37 EPS(1) Gas Delivery Subsystems GF125 Chemical Delivery Subsystems 0000 Weldments & Subassemblies Precision Machining (1) Non-GAAP earnings per share excludes amortization of intangible assets, share-based compensation, non-recurring expenses and discrete tax items. ichor Proprietary 3#4Investment Highlights Combining Revenue Outperformance and Increasing Profitability to Drive Earnings Leverage and Free Cash Flow Revenue growth outperforming the industry... 6-year revenue CAGR of 25% through 2021, outpacing industry, peers and customers... 7-year CAGR through 2022 expected to be 24%+ vs. annual WFE growth of 17% (¹)... Multiple drivers for continued revenue outperformance... Leveraged to largest growth segments within WFE... expanding product offerings and customer base; continued market share gains Expanding capabilities and SAM... Investments in R&D focused on driving increased IP content in proprietary products... strategic acquisitions add complementary products, expand regional presence, and contribute accretive margins to the operating model ■ Delivering strong earnings leverage... Increasing profitability through gross margin improvement and close control of opex to drive leverage to bottom line... Net income grew at over 2x the rate of YoY revenue growth in 2020, and over 3x in 2021(2) (I) CAGR calculated on 2015-2022 period; see slide 6 for data. (2) Non-GAAP net income excludes amortization of intangible assets, share-based compensation, non-recurring expenses and discrete tax items. ichor Proprietary 4#5New M&A Announced November 2021 - IMG Key M&A Strategies Expand Portfolio of Proprietary Product Offerings Expand Served Markets and Geographic Footprint Gain Market Share with Key OEM Customers Expand and Diversify Customer Base Accretive to Gross and Operating Margins; Target Returns > WACC Transaction Highlights • About img Primary Market = Semiconductor • Other Markets include Defense, • • Medical, Aerospace • Revenue Growth Outgrowing these Non-Semi End Markets Primary Product Offering = Precision Machining Second-Largest Business is E-Beam and Laser Welding • Also Provides Brazing, Surface • Treatment, Ceramic Metallization, Precious Metal Coatings Five CA Locations, HQ in Livermore Strategic Benefits • Brings Ichor Additional Value-Added Engineering and Manufacturing Capability Provides Additional Capacity for Growth • Expands Our Portfolio of Higher-Margin Product Offerings . • Expands Our Served Markets • . • Both Semi and Non-Semi Expands and Diversifies Our Customer Base • Brings Recurring Revenue to Our Model • Accretive to Earnings and Operating Model Financial Impact • $270M Purchase Price . • Funded by $140M cash & securities on hand and $130M in incremental borrowing (recently expanded credit facility) • Closed in Q4 2021 • • Annual Expected Contribution: . Revenues $70-80M • EBITDA $20-22M • Expected Impact on 2022 Profitability: . EPS $0.32-$0.38 . • 100+ bp GM Increase • 40+bp Op. Margin Increase Note: Acquisition contribution amounts based on current industry activity levels and financial expectations on an annual basis, as disclosed in 11/16/2021 press release. ichor Proprietary 5#6Revenue Growth Outperforming WFE and Primary Process Tool SAM WFE(1) $100 WFE in $B $100 $90 $80 $70 $60 $50 $54 $48 $40 $30 $32 $20 $10 $36 $50 17% CAGR $61 $85 $11 $12 Dry Etch & CVD(2) Ichor Revenue (pre-IMG) (3) Primary SAM in $B $33 $38 Ichor Revenues ($M) $914 $824 $22 $20 $19 $656 $17 $621 19% CAGR $291 $406 24% CAGR $1,097 $1,333 2015 2016 2017 2018 2019 2020 2021 2022E 2015 2016 2017 2018 2019 2020 2021 2022E 2015 2016 2017 2018 2019 2020 2021 2022E (I) Mean of analyst and industry OEM estimates that have been updated since January 2022. (2) Gartner estimates 2015-2016; Needham estimates for 2017-2022 as of January 2022. (3) 2022E represents Street analyst consensus as of 2/15/2022. ichor Proprietary 6#7Key Technology Transitions Driving Growth in Ichor SAM WFE Intensity Increasing(1) Etch and Deposition Intensity Increasing(2) EUV Ramping(3) WFE as % of Semi. Rev. 2.50 3D NAND SAM 17% DRAM SAM Foundry/Logic SAM EUV Est. Sales ($B) $12 16% 2.00 $10 15% 14% 1.50 $8 13% 12% 11% 70% Increase 1.00 0.50 100% Increase 45% Increase 100% Increase $6 $4 45% CAGR 10% $2 9% 2015 2016 2017 2018 2019 2020 2021 2022 2023E $- 64L 256L Ix node IB node 14/16nm 5nm 2017 2018 2019 2020 2021 2022E 2023E 64L 96L 128L 192L 256L NAND Foundry and Logic 14/16nm 10nm 7nm 5nm 3nm FinFET Gate-All-Around ■ Geometries becoming far more complex ☐ ◉ Impact of defects magnified Requiring faster etch rates, more control, higher development and production costs ■ Increased etch and deposition intensity at each node transition ■ More fluid delivery content per system ■ Increasing opportunity for EUV on key layers offers incremental gas delivery SAM (1) Semi. industry revenues: estimates from Gartner as of 1/13/2022; WFE is average of analyst estimates updated since 1/13/2022. (2) Lam Research Analyst Day Presentation (March 2020), normalized to 1.0 at starting node. (3) 2017 estimated EUV revenues: KeyBanc Research; 2018-2023E EUV market size: Evercore Research as of 2/5/2022. ichor Proprietary 7#8$5B SAM Expands to $7B+ with IMG Acquisition Established Position Opportunity U.S. Europe Customer Gas Delivery ($1.8B) 234 S. 5 Korea Japan 7 8 9 Others Share (est. 2020): Served Markets and Market Opportunity (Semi) Chemical Delivery Sub-Assembly (including LDM) ($0.8B) (Weldments) ($1.3B pre-IMG) Precision Machining Other Components ($0.8B pre-IMG) ($0.2B) ~33% <10% <25% <10% <5% IMG Acquisition Adds to Semi SAM: ichor +$0.2B E-Beam / Laser +$0.6B Medium-Format Welding Proprietary Precision Mach. IMG Acquisition Adds new SAM Verticals: >$IB SAM for Non-Semi Precision Machining $0.35B SAM for Brazing $0.23B SAM for LINACS 8#9Track Record of Successful M&A - Deals Prior to IMG Key M&A Strategies • • . Expand Portfolio of Proprietary Product Offerings Expand Served Markets and Geographic Footprint Gain Market Share with Key OEM Customers Expand and Diversify Customer Base Accretive to Gross and Operating Margins; Target Returns > WACC Acquisitions have expanded Ichor's SAM, Customer and Geographic Footprint and/or Product and IP Portfolio 2016 AJAX custom manufacturing Deal Value: $18 million Expansion of chemical delivery SAM Development of proprietary LDM product Annual revenue expectation at close: $30 million 2018 IAN Engineering Deal Value: $7 million • • . 2017 CALWELD Deal Value: $50 million Expansion of weldment SAM Expansion of weldment and sub-assembly capabilities • Annual revenue expectation at close: $65-$80 million 2019 Flow Control IP 2017 TALON INNOVATION WITH PRECISION Deal Value: $130 million • Expansion of precision machining, weldment and gas delivery SAMS • Expansion of gas delivery component IP portfolio Annual revenue expectation at close: $70-$90 million 2020 crm • Expansion of customer and geographic • footprint into South Korea Expansion of flow control product & IP portfolio via asset purchase • Expansion of gas delivery, weldment and liquid delivery opportunity • Valuable intellectual property for developing next-generation gas panel • Annual revenue expectation at close: $20 million (Mexico Division) Expansion of precision machining SAM Expansion of precision machining capabilities in a low-cost region • Year-to-date revenue: <$10 million Note: Acquisition revenue contribution amounts for Cal-Weld, Talon Innovations and IAN Engineering based on expected annual revenue contributions as disclosed in transaction announcement press releases. Ajax revenue annualized based on $20 million in revenue generated for the 8 months ended 12/31/16. CRM (Mexico Division) revenue based on year-to-date revenue as disclosed in transaction announcement press release. ichor Proprietary 9#10Growing Share of Semiconductor System Sales & WFE ~65% of WFE Requires Fluid Delivery Subsystems & Components 3.5% 3.0% 2.5% 2.7% Ichor's Expanding Share (1) 3.3% ~25% Increase 2.2% 2.0% 1.9% 1.5% 1.0% 0.9% 0.5% ~40% Increase 1.3% Multiple Drivers for Increasing Share of Industry Revenues ✓ Industry Trends ■ Increasing trend toward outsourcing ■Increasing importance of etch and deposition ☐ Advanced devices require more fluid delivery/content per tool ✓ Ichor Execution ■ Market share gains ■ Accretive and complementary acquisitions ■ Expanded product offerings ■ Levered to etch and deposition Key role in EUV ramp 0.0% 2015 2021E Top 2 customers combined Top 3 customers combined Total Sales % of WFE (1) Represents Ichor's sales to its top 2 and top 3 customers combined, respectively, divided by their combined new semiconductor system sales. (2) 2015 estimated WFE of $32.4B vs. 2021 estimated WFE of $85.3B. ichor Proprietary 10#11Key Financial Strategies ichor Outgrow the Industry Focus on semi: next-generation device nodes require more fluid delivery Drive Gross Margin Improvement Grow share in higher-margin components businesses e.g., Weldments and Precision Machining Levered to etch, deposition and EUV Increase content of proprietary IP Next-Gen Gas Panel, Liquid Delivery Module e.g., Market share gains; Continued trend toward outsourcing; Expand global footprint Drive incremental cost reduction programs Accretive and complementary M&A COVID-related costs to eventually resolve Combined with Tight Control of OpEx to Drive Significant Earnings Leverage Along with Capital-Efficient Business Model to Drive Significant Free Cash Flow Proprietary ||#12Quarterly Momentum at Top and Bottom Lines ■ YoY Revenue Growth of 20% in 2021 after 47% growth in 2020(2) (Revenue $M) $300 ■ Gross Margin +210bp (2) Operating Margin +240bp (2) ■ Net income growth of 65% (2) ■ Strong Earnings Leverage(2) $250 ■ EPS grew at 2x revenue growth in 2020 $200 ■ Net income grew >3x revenue growth in 2021 ■ EPS growth of 34% in 2021 reflects higher share $154 count $150 $138 $139 ■ Positive Outlook for QI and FY2022 (1) QI revenue of $280M - $320M ■ QI EPS of $0.80 - $1.04 $100 ■ Continued sequential growth exp. through 2022 ■ Strong Balance Sheet $0.30 $0.25 $0.23 $50 ■ $75M of Cash as of Dec. 31, 2021 ■ Total Debt of $295M as of Dec. 31, 2021; refinanced and expanded in October ■ Debt/EBITDA ~1.6x ■ Interest Expense ~$1.5M/qtr (I) Based on QI guidance and outlook provided as of 2/8/2022. $0 $189 (EPS) $300 $1.00 $287 $282 $265 $263 $0.90 $0.92 $0.90 $0.90 $245 $228 $0.80 $220 $222 $0.81 $0.81 $0.76 $0.70 $0.54 $0.52 $0.48 QI '19 Q2'19 Q3 '19 Q4'19 QI '20 Q2'20 Q3'20 $0.62 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Sales EPS (3) (2) Non-GAAP earnings exclude amortization of intangible assets, share-based compensation, non-recurring expenses and discrete tax items. ichor Proprietary Q1'22 Midpt.(2) 12 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00#13Target Model with Significant Operating Leverage ($ in millions) Annual Results Target Model 2016 2017 2018 2019 2020 2021 Gross Margin 16% 16% 17% 14% 15% 17% 19%-20% Operating Expenses 7% 6% 6% 8% 6% 6% 6% Operating Margin 9% 11% 11% 6% 8% 11% 13-14% EBITDA Margin 10% 11% 12% 8% 9% 12% 14%+ Net Margin 8% 10% 9% 5% 7% 9% 12%+ (1) Non-GAAP results and model reflect net income from continuing operations; excluding amortization of intangible assets, share-based compensation expense, tax adjustments related to those non- GAAP adjustments, tax benefits from acquisitions and non-recurring charges. Non-GAAP EBITDA is defined as Non-GAAP net income from continuing operations, excluding interest, non-GAAP income tax expense (benefit) and depreciation. ichor Proprietary 13#14Strong Free Cash Flow Generation Prudent & Efficient Capital Deployment Strategy since IPO $234 Total Sources of Capital $28 $25 $218 $54 $139 $92 $68 Total Uses of Capital $75 $465 ($ in millions) ■Beginning cash (1) ■ IPO proceeds ■Debt proceeds (2) ■Cash flow from operations (3) ■Proceeds from 2020 equity raise ■Employee option exercises (4) ■ M&A ■Stock buybacks ■ Capex ■Cash on hand (5) (1) Pre-IPO cash balance as of Sept. 23, 2016 (2) Total increase in debt between Sept. 23, 2016 and Dec. 31, 2021, less issuance & modification costs (3) Total cash flow from operations between Q4 2016 and Q4 2021 (4) Net of employees' taxes paid by the company upon vesting of RSUs (5) Cash as of Dec. 31, 2021 ichor Proprietary 14#15Conclusion Industry-Leading Execution of Strategic Objectives Financial Objectives ichor Business Objectives Expanding Share at Top Semi Cap Customers Revenue Growth Outpacing Industry Expanding Product Offerings and IP Content Strong Profitability Through Industry Cycles Expanding Customer Base Financial Model with Operating Leverage Accretive and Strategic M&A Proprietary Scalable and Capital-Efficient Business Model 15#16ichor ichor NASDAQ: ICHR Proprietary 16