#11 PHOTRONICS, INC. PHOTRONICS Q4 2023 Financial Results Conference Call December 13, 2023#22 PHOTRONICS, INC. Safe Harbor Statement This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain risks and uncertainties. We refer you to the documents the Company files from time to time with the Securities and Exchange Commission. These documents contain and identify important factors that could cause the actual results for the Company to differ materially from those contained in our projections or forward-looking statements. These certain factors can be found at www.photronics.com/riskfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee the accuracy of any forecasts or estimates, and we are not obligated to update any forward-looking statements if our expectations change.#33 PHOTRONICS, INC. 2023 Summary $892.1M Revenue $125.5M Net Income¹ $2.03 EPS1 $2.04 Adjusted² EPS1 $302.2M OCF $499.3M Cash +8% Y/Y +6% Y/Y +5% Y/Y +23% Y/Y +10% Y/Y +56% Y/Y 6th consecutive year of record revenue Photomask industry flat in 2023 amidst general slowdown in semiconductor and display sector Margins improved on operating leverage, favorable pricing, and cost control As largest merchant photomask provider with expansive geographic footprint, Photronics uniquely positioned to benefit from expected long-term growth in photomask demand Capital allocation strategy and prudent balance sheet management support growth initiatives while increasing ROIC and resilience Committed to driving long-term, profitable growth through strategic investments ¹Net income attributable to Photronics, Inc. shareholders. 2Adjusted EPS is a non-GAAP measure. See reconciliation included in this presentation.#44 PHOTRONICS, INC. Q4 2023 Summary $227.5M Revenue $44.6M Net Income¹ $0.72 EPS1 $0.60 Adjusted² EPS1 $106.6M OCF $499.3M Cash +8% Y/Y +1% Q/Q +20% Y/Y +65% Q/Q +20% Y/Y +64% Q/Q +18% Y/Y +35% Y/Y +18% Q/Q +24% Q/Q +56% Y/Y +11% Q/Q Revenue grew on strong demand across both IC and FPD as customers released new designs and ramped new fabs Adjusted EPS increased as lower operating profit was more than offset by below-the-line items Balance sheet fortified due to strong free cash flow generation, debt reduction, and effective management of working capital Investing in IC capacity to capitalize on market growth trends Committed to driving long-term, profitable growth through strategic investments ¹Net income attributable to Photronics, Inc. shareholders. 2Adjusted EPS is a non-GAAP measure. See reconciliation included in this presentation.#55 PHOTRONICS, INC. Long-Term Trends Driving Photomask Demand Semiconductor: growing capacity and design activity 1. More extensive use of semiconductors across multiple applications 2. Supply chain regionalization driving investments in semiconductor fabs that creates redundant production capacity and drives photomask demand 3. Differentiation by design becoming factor in mainstream (ASIC) and leading-edge applications 4. Expanding EUV adoption drives semi manufacturer outsourcing of legacy technology nodes, increasing TAM for merchant suppliers Display: advanced displays driving innovation 1. Global panel makers innovating to win AMOLED market share 2. Growing competition drives innovation and greater mask value 3. AMOLED manufacturing moving to larger form factor, requiring high-quality, advanced photomask Design and Manufacturing Complexity is Good for Photomask Demand#66 PHOTRONICS, INC. Strategic Investment Strategy Sustains Profitable Growth STRATEGIC APPROACH TO CAPITAL INVESTMENTS Organic growth through high-return targeted capacity expansion Enter LTPAs to mitigate investment risk and quickly ramp revenues GROW REVENUE IN EXCESS OF MARKET Win market share in growing IC and FPD markets Leverage global footprint to benefit from IC regionalization trends Capitalize on FPD technology leadership to continue improving mix Enter long-term purchase agreements and obtain process of record MARGIN EXPANSION IMPROVES PROFITS Improved pricing environment in high-end and mainstream IC Dynamically align asset tool set to match end-market demand Increasing benefit from operating leverage WINNING THROUGH COMPETITIVE ADVANTAGES Operational Excellence Commercial Excellence Technology Leader Global Footprint Proven Approach to Profitably Grow Revenue, Capture Market Share, and Improve ROIC#77 PHOTRONICS, INC. Income Statement Summary GAAP Non-GAAP1 $M (except EPS) Q423 Q/Q Y/Y Q423 Q/Q Y/Y Revenue 227.5 +1% +8% Gross Profit 84.9 -2% +6% Gross Margin 37.3% -140 bps -90 bps Operating Income 64.8 -1% +7% Operating Margin 28.5% -60 bps -30 bps Non-operating income 18.7 +19.6 +7.9 5.4 +1.8 +5.0 Income tax provision 20.3 +26% +26% 16.9 -3% +24% Minority interest 18.5 -13% +2% 16.1 -19% -1% Net income² 44.6 +65% +20% 37.2 +18% +19% Diluted EPS² 0.72 +0.28 +0.12 0.60 +0.09 +0.09 Days in quarter 93 +2 +1 ¹See reconciliation included in this presentation. 2Net income attributable to Photronics, Inc. shareholders. Margins declined due to lower premiums for expedited delivery Opex decreased as percent of sales as we effectively managed costs GAAP Non-operating income primarily consists of unrealized FX gain/loss Non-GAAP removes effect of FX gain/loss Minority interest reflects net income of IC JVs in Taiwan and China#88 PHOTRONICS, INC. IC Product Line SM Q423 Q/Q Y/Y High-End* 57.7 27% 30% Mainstream 106.8 (9%) (5%) Total 164.5 1% 5% *28nm and smaller Totals may differ due to rounding Q423 Revenue by Technology ■High-End* 35% ■Mainstream 65% High-end increased as stronger design activity drove demand across regions Mainstream softness Q/Q offset by better high-end demand Outlook • • • New designs by customers to gain market share and support technology roadmap Regionalization driving investments for global chip capacity Able to maintain pricing in favorable supply/demand dynamic#99 PHOTRONICS, INC. FPD Product Line SM Q423 Q/Q Y/Y High-End* 53.3 7% 23% Mainstream 9.7 (13%) (9%) Total 63.0 3% 17% Q423 Revenue by Technology ■High-End* 85% High-end grew on strong mobile display led by AMOLED demand Mainstream output lowered as more production dedicated to meet strong high-end demand Outlook • Technology development drives demand for higher-value masks • Mobile demand is expected to remain strong with rollout of new designs and emerging panel makers winning market share *G10.5, AMOLED and LTPS Totals may differ due to rounding ■Mainstream 15%#1010 PHOTRONICS, INC. Balance Sheet and Cash Flow Metrics $M Q423 Y/Y Q/Q Cash 499.3 +56% +11% Short-term Investments 12.9 -67% -53% Debt 24.6 -42% -8% Net Cash* 474.7 +71% +13% Operating Cash Flow 106.6 +35% +24% Capital Expenditures 52.5 -20% +149% Continued strong operating cash flow from income generation and working capital management Debt comprised of US equipment leases Capex targets growth in IC capacity & facility expansion Strong balance sheet able to fund investments, share repurchases, and strategic opportunities and remain resilient to effects of industry downturns Balance Sheet Provides Resilience, Enables Growth Strategy and Shareholder Value Creation *Net cash is a non-GAAP term. See reconciliation included in this presentation.#11PHOTRONICS, INC. Q1 2024 Guidance Revenue ($M) 217-225 Operating Margin 27%-29% Taxes ($M) Diluted non-GAAP EPS 11-15 $0.45-$0.53 Diluted Shares (M) ~62 Incorporation of chips in loT, 5G, Crypto and consumer products • New designs to capture market share • Advanced display technologies Outlook clouded by geopolitical uncertainty and macro-economic headwinds Driving margin expansion and cash flows to deliver long-term shareholder value Full-year Capex (M) ~140 11#1212 PHOTRONICS, INC. Appendix 田田田田#13PHOTRONICS, INC. 13 Revenue by Product Group ($M) Total Revenue IC Revenue FPD Revenue 892.1 651.3 824.5 593.0 27% 240.8 30% 240.8 663.8 28% 231.5 194.9 231.5 33% 460.2 195.3 203.6 31% 203.6 35% 163.0 76% 81% 187.0 83% 200.8 72% 593.0 73% 651.3 155.7 70% 69% 67% 397.7 456.3 460.2 65% 297.2 2021 2022 2023 2021 ■ IC FPD Total may differ due to rounding 2022 ■Mainstream High-End High-End: 28nm and smaller 24% 19% 17% 47.9 44.5 40.0 2023 2021 2022 2023 Mainstream High-End High-End: ≥G10.5, AMOLED and LTPS#1414 PHOTRONICS, INC. Non-GAAP Financial Measures Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP earnings per share, Free Cash Flow, and Net Cash are "non-GAAP financial measures" as such term is defined by the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our future on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not intended to represent funds available for our discretionary use and are not intended to represent, or be used as a substitute for, gross profit, operating income, net income, cash and cash equivalents, or cash flows from operations, as measured under GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated balance sheets and statement of cash flows and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non- GAAP reconciliations on the following pages.#15Non-GAAP Financial Measures PHOTRONICS, INC. Reconciliation of GAAP to Non-GAAP Financial Information (in thousands) (Unaudited) Three Months ended Year ended October 31, July 30, 2023 2023 October 31, 2022 October 31, 2023 October 31, 2022 Reconciliation of GAAP to Non-GAAP Non-operating (loss) Income: GAAP Non-operating (loss) income, net FX (gain) loss Non-GAAP Non-operating (loss) income, net $ 18,660 (13,234) $ (911) $ 10,797 $ 16,896 $ 27,167 4,543 (10,369) (2,466) (27,344) $ 5,426 $ 3,632 $ 428 $ 14,430 $ (177) Reconciliation of GAAP to Non-GAAP Income tax provision: GAAP Income tax provision Estimated tax effects of FX (gain) loss Non-GAAP Income tax provision 20,288 3,437 16,851 $ $ 16,098 (1,193) 17,291 $ $ 16,074 2,522 13,552 $ 70,312 $ 59,791 317 5,933 $ 69,995 $ 53,858 Reconciliation of GAAP to Non-GAAP Noncontrolling interests: GAAP Noncontrolling interests $ Estimated noncontrolling interest effects of above PHOTRONICS, INC. Non-GAAP Noncontrolling interests $ 18,545 $ 2,431 16,114 $ 21,296 $ 1,328 19,968 18,204 $ 1,990 74,149 $ 2,676 60,456 4,275 $ 16,214 $ 71,473 $ 56,181 Reconciliation of GAAP to Non-GAAP Net Income: GAAP Net Income $ FX (gain) loss 44,611 $ (13,234) 26,959 $ 37,060 $ 4,543 (10,369) Estimated tax effects of above Estimated noncontrolling interest effects of above Non-GAAP Net Income 3,437 (1,193) 2,522 125,485 (2,466) 317 $ 118,786 (27,344) 5,933 2,431 1,328 1,990 2,676 4,275 $ 37,245 $ 31,637 $ 31,203 $ 126,012 $ 101,650 Weighted-average number of common shares outstanding - Diluted 62,067 61,974 61,374 61,755 61,189 Reconciliation of GAAP to Non-GAAP EPS: GAAP diluted earnings per share 15 Effects of the above adjustments Non-GAAP diluted earnings per share 0.72 $ 0.44 $ 0.60 $ 2.03 $ 1.94 $ (0.12) $ 0.07 $ (0.10) $ 0.01 $ (0.28) 0.60 $ 0.51 $ 0.51 $ 2.04 $ 1.66#16PHOTRONICS, INC. 16 Non-GAAP Financial Measures PHOTRONICS, INC. Reconciliation of GAAP to Non-GAAP Financial Information (cont.) (in thousands) (Unaudited) Reconciliation of Net cash provided by operating activities to Free Cash Flow Year ended October 31, 2023 GAAP Net cash provided by operating activities Purchases of property, plant and equipment Free Cash Flow Reconciliation of Cash and cash equivalents to Net Cash: Cash and cash equivalents Current portion of Long-term debt Long-term Debt Net Cash $ 302,176 (131,295) $ 170,881 As of October 31, 2023 October 31, 2022 $ 499,292 $ 319,680 (6,621) (10,024) (17,998) (32,310) $ 474,673 $ 277,346