#1Hey Siri make a new calendar event for ma OK, V, just tel me when Onto Innovation Investor Presentation MAY 2022 innovationTM onto#2Safe Harbor • The information presented herein contains forward-looking statements that relate to anticipated future operating results and performance. These statements are only predictions based on management's current expectations and assumptions, including market size and forecasted growth, Total Available Market (or “TAM”), Served Available Market (or “SAM") and revenue estimates, and necessarily involve risks and uncertainties. We do not assume any obligation to update the information provided. Actual events or results may differ materially from those projected, including as a result of changing industry and market trends, reduced demand for our products, the timely development of our new products and their adoption by the market, increased competition in the industry, price reductions and other subsequent developments and business conditions. Additional information and considerations regarding the risks faced by Onto Innovation are available in our Form 10-K reports for the year ended January 1, 2022, and other filings with the Securities and Exchange Commission. • This presentation includes non-GAAP financial measures which are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore believes it is important to make these non-GAAP measures available to the financial community. Reconciliations of non-GAAP measures to the most relevant GAAP amounts are included in the Company press releases. As the forward-looking statements are based on Onto Innovation's current expectations, the company cannot guarantee any related future results, levels of activity, performance or achievements. Onto Innovation does not assume any obligation to update the forward-looking information contained in this presentation. 2 innovationTM onto#33 Onto Innovation Snapshot High tech capital equipment company specializing in optical process solutions for semiconductor and related markets Top WFE Strategic Supplier Tier1 Annual Revenue Growth ('21-'22) $789M to $989M³ NOVEMBER 2019: RTEC-NANO MERGER Q1 2020 Gross Margin² Q1 2021 Gross Margin² 52% 54% $ $241 Million Q1'22 REVENUE 9,000 Systems ACTIVE METROLOGY & INSPECTION TOOLS INSTALLED Q1 2020 Operating Margin² 16% Q1 2021 Operating Margin² 31% 75 Fabs FAB-WIDE YIELD/DEFECT SOFTWARE INSTALLED Note 1: 90% of WFE awarded to companies in this tier Note 2: Q1-2020 (ONTO's first full quarter) and Q1-2022 non-GAAP results Note 3: Analyst consensus estimate for FY 2022 Q1 2020 FCF2 6% Q1 2021 FCF2 18%#4Revenue Distribution Across the Value Chain SOFTWARE AND SERVICE CUSTOMERS ADVANCED NODES CUSTOMERS SPECIALTY & ADVANCED PACKAGING CUSTOMERS tsme Wafer Fabrication SAMSUNG Bare Wafer Manufacturing Specialty Devices & Advanced Packaging SAMSUNG Balanced Q1 2022 Revenue Distribution across the Semiconductor Value Chain 17% Shin Etsu tsme ASE GROUP UMC BAL UNDRIES S MCO (siltronic perfect silicon solutions. 42% RF360 A Qualcomm TDK Joint Venture Powertech PTI Technology Inc. SK hynix KIOXIA Micron (intel) SK siltron SEMICONDUCTORS GJCET Infineon Amkor Technology Wwin BOSCH NX- 41% Advanced Nodes ■Advanced Packaging & Specialty Software & Service BROADCOM® Y GWJ Global Wafers Japan nees SK hynix (intel) The above logos are representative trademarks or registered ® trademarks of their respective holders-not listed by rank order of revenue. Use of these logos does not imply any affiliation with or endorsement by them. 4 innovationTM onto#55 New SAM Contributes to Market Outperformance New products open new growth markets for Onto Innovation 2020 $650M² SAM Expansion Panel Packaging Common Films Specialty1 >$100M REVENUE PROJECTED FROM NEW SAM IN 2022 2022 Note 1: Specialty includes CMOS Image Sensors + overlay for compound semiconductor Note 2: Company estimate for total additional SAM in 2022 innovationTM onto#660 WFE $ (Billions) $- Semiconductor Market Transitioning From Cyclical to Growth Broadening Demand DRIVEN BY MULTIPLE SECULAR GROWTH DRIVERS $100 Improving Manufacturing Efficiency Transition 300MM, $80 I Industry consolidation, Rise of foundry $60 $40 $20 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Historic WFE: Jeffries Semiconductor Report, January 2022 and 2021-2025 Estimated WFE: Needham, January 2022 I 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Est. 2022 Est. 2023 Est. 2024 Est. 2025 Est. 5G Virtual Reality ==== ΑΙ Cloud Computing ALL GROWING >25% CAGR Electric Vehicles Source: IDC, Yole Development T innovationTM onto#7Onto Innovation Across the Value Chain for Semiconductors More complex devices generate more data, monetized in the cloud, creating demand for more devices.... New Compute & Memory Image Sensors, Power, 5G Innovation Packaging 2.5D 3D Semiconductor Value Chain Markets Data Center Data Monetization Data Generation More Complex Devices COCO 7 New Applications innovationTM onto#8Onto Growth Driver: High Performance Logic Devices GROWING DEMAND INCREASE IN PROCESS CONTROL Advanced Logic Wafer Starts Optical Metrology Sampling Rates FinFET 2X 2021-2025 30- 50% 10% CAGR GAA ~50% Source: ASML Investor Day, Estimated Advanced Logic Wafer Starts, September 2021 8 N-1 FinFET N ONTO QUALIFIED OR COLLABORATING AT ALL GAA CUSTOMERS Measuring additional features requires more unique signals ONTO PATENTED SE TECHNOLOGY N+1 GAA Source: ONTO Company Estimates OTHER SE TECHNOLOGY LIMIT No. of unique signals FinFET GAA NO. OF PARAMETERS TO MEASURE innovationTM onto#9Onto Growth Driver: Panel / Substrate Packaging High performance compute, intelligent edge, Al, mobility PANEL MARKET GROWTH STEPFAST PROPRIETARY SOLUTION FOR PANELS THOUSANDS OF SQUARE METERS 18,000 15,000 12,000 9,000 11% 6,000 CAGR 2021-2025 3,000 0 2021 2022 2023 2024 2025 Source: TechSearch International, December 2021 onco FIREFLYⓇ INSPECTION PANEL Typical Migration Emorin F DISCOVER® SOFTWARE Improves Productivity And Yield JETSTEPⓇ X500 LITHOGRAPHY PANEL PROCESSING SURGING DEMAND FOR ONTO SOLUTIONS $M $100 $50 $0 2021 Revenue 2022-2023 Backlog innovationTM onto#1010 GROSS MARGIN % New JetStep X500 Adds Process Tool to Onto Portfolio Tool Margin with Connected Solution and Support Contracts Result: Above Corporate Average GM% TOOL & PANEL SOLUTION GROSS MARGIN IMPROVEMENTS Support¹ CORPORATE AVERAGE GM% IN LTOM LITHOGRAPHY GM% TARGET IN LTOM Engineering Builds First Beta- Site Tools Manufacturing Efficiencies Supply Chain Cost Improvements System Cost Improvements Next 3-8 System Shipments 10+ System Shipments Firefly Inspection + Software onto JetStep X500 JETSTEP X500 REVENUE Above Corporate GM% + Firefly Inspection Revenue + Software Revenue + Support Contract Revenue¹ Note 1: Support Contract begins after JetStep warranty period ends innovationTM onto#11Onto Growth Driver: Advanced Packaging (Wafer Drivers) High Performance Compute, Intelligent Edge, AI, Mobility INTERCONNECTS SHRINK IN SIZE AND INCREASE IN DENSITY >200M BUMPS PER WAFER Hybrid Bonding Cu μPillar Cu μPillar 50 μm 400 1/0 30 μη 1,000 1/0 Cu μPillar 20 μη 2,500 1/0 Cu μPillar 10 μm 10,000 1/0 250 200 Bump I/O Count (Millions) 100 100 150 SCALING DRIVEN BY TOP 5 IDMS AP Technology Scaling 20 20 18 16 14 12 10 8 Redistribution Metal Layers IDM ADVANCED PACKAGING INSPECTION MARKET SHARE ONTO Market Share: Top5 IDMs1 TOP 5 IDM'S Others HBM LSI Source: TSMC COWOS-L Heterogeneous Integration Cross-Section Package Example, June 2021 11 50 2 0 0 2018 2020 2022 Bump Count (M) Redistribution Layers Note 1: Onto Management Estimates Source: TechSearch International, December 2021 innovationTM onto#1212 Onto Growth Driver: Memory DRAM Evolution Roadmap UNIQUE HYBRID METROLOGY SUITE HYBRID METROLOGY COMPLEX GEOMETRIES MEASURED WITH HIGHER ACCURACY HORIZONTAL TRANSISTOR IMPULSE Device VERTICAL TRANSISTOR 3D STACKING test Integrated Metrology TRANSISTORS NAND Evolution Roadmap ZH SINGLE 3D STACK DUAL 3D STACK 3 STACKS >500 PAIRS Lab PREDICTIVE YIELD Atlas Metrology TEM Al-Diffract Software Iris Planar Films Metrology Aspect Metrology SEM Element FTIR Metrology FLEET PRODUCTIVITY Process Residual films accuracy >5X Baseline Orbit Hybrid Metrology ENABLING ACTIONABLE DATA WITH FASTER TIME-TO-RESULTS >2X Industry benchmark Proprietary Onto Orbit Solution innovationTM onto#13Onto Growth Driver: Compound Semiconductor 13 GROWING DEMAND 8 5G Security 2021-2026 19% CAGR Robotics Healthcare Electric Vehicles 080 100 090 Energy Infrastructure Source: Yole Developpement, Quarterly Market Monitors- Compound Semiconductors, December 2021 ONTO REVENUE GROWTH IN COMPOUND SEMICONDUCTORS COMPREHENSIVE SOLUTION TO HIGHER YIELD, FASTER RAMP $100M INCREASE ONTO REVENUE 2019 2020 2021 PACKAGING INSPECTION SUBSTRATE QUALITY DISCOVERⓇ YIELD MANAGEMENT FAB PROCESS CONROL DRAGONFLYⓇ INSPECTION, IVISION™ CD OVERLAY METAPULSEⓇ METAL FILM METROLOGY, NSXⓇ 330 2D/3D INSPECTION innovationTM onto#1414 $ MILLIONS $240 $220 $200 $180 $160 $140 $120 $100 Q1-20 Q2-20 Q3-20 Q4-20 Revenue Growth History and Expectation 9 Quarters of History as Onto Innovation with Strong 2022 Outlook Source: Company Financials and May 2022 FactSet Revenue Consensus for Q2-22 Q1-21 QUARTERLY REVENUE + 1H2022 CONSENSUS Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 73% QUARTERLY GROWTH First 10 Quarters of ONTO P&L (From $139.9M to $241.4M) 33% 1H22 OVER 1H21 EXPECTED 1H22 Analyst Revenue Outlook (From $362.7M (A) to $483.4M (E) innovationTM onto#152022: Expected to Grow (Revenue 25% and EPS 34%) 2022 Analyst Expectations: Revenue Tailwinds with Material Costs Limiting Gross & Op. Margins 15 2021 Actual 2022 Estimate Ranges & Consensus Low Consensus High Revenue $789 Million $969 M $989 M $1,012 M Gross Margin 55% 52% 54% 55% Operating Margin 28% 24% 27% 29% EPS $3.86 $5.15 $5.17 $5.35 Source: FactSet Broker Estimates. May 2022 innovationTM onto#16Organic Growth Resulting from Share Gains & Potential to Enter New Addressable Markets Annual Revenue $1B Model $1.2B Model $1.4B Model Gross Margin Operating Profit 56% - 57% 57% -58% 58% -59% 31% -32% - 33% 34% 35% - 36% Earnings per Share $5.20 - $5.35 $6.08 - $7.00 $8.10 $8.35 New Long-term Operating Model* Reduce Comprehensive Carbon Footprint 30% by 2025 16 Reduce Freshwater Usage 30% by 2025 Increase Renewable Energy Usage 30% by 2025 Reduce Landfill Hazardous Waste 30% by 2025 *Non-GAAP Long Term Financial Model: excludes amortization and merger costs; includes stock-based compensation innovationTM onto#17Why Invest in Onto Innovation? 17 TEAM 228 Culture of innovation and collaboration TECHNOLOGY FINANCIAL PERFORMANCE BALANCE SHEET میرا Outperforming in multiple high growth segments Long term financial model with >$8 per share earnings power >$510 M cash, no debt, provides fuel for strategic M&A innovation.TM onto#18Thank You Onto Higher Yields Onto Higher Margins Onto Higher Productivity Onto Innovation [email protected] www.ontoinnovation.com innovationTM onto#19丘 元 Hey Siri make a new calendar event for ma OK, V. Just tell me when. Appendix innovationTM onto#20Onto Innovation's Major Products AtlasⓇ V Standalone thin film and OCD metrology 20 20 onta onco AspectⓇ OCD metrology for 3D NAND and high aspect ratio structures IMPULSEⓇ V Integrated thin film and OCD metrology Element™ FTIR metrology JetStep® Litho for Advanced Packaging and FPD AWX™ FSI Unpatterned frontside inspection NovusEdge® Automated all-surface defect inspection for unpatterned wafers MetaPULSE® G Acoustic film metrology DragonflyⓇ G3 2D/3D inspection and metrology Iris TM Thin film and common OCD metrology IVS WS Overlay and CD metrology FireflyⓇ Sub-micron panel inspection DiscoverⓇ Software Inline yield and defect management Control Software Fabwide control software Al-Diffract™ Software Al-guided OCD modeling and analysis software NSXⓇ and F30Ⓡ METROLOGY INSPECTION 2D inspection, CD, RDL/TSV, 2D bump, 2D/3D metrology, all-surface ready LITHOGRAPHY SOFTWARE innovationTM onto