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Q3 2026 EARNINGS PRESENTATION November 5, 2026
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2 2 This presentation contains, and the conference call will contain, forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management’s current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions, including with respect to the imposition of tariffs on our products or components of our products, could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission. SAFE HARBOR STATEMENT
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3 3 This presentation includes financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“Non-GAAP financial measures”). These Non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non- GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP other income, non-GAAP income tax provision, Adjusted EBITDA, non-GAAP net income, and non-GAAP diluted earnings per share, and reflect adjustments for the impact of share-based compensation expense, certain items related to restructuring and severance charges and any associated adjustments and transaction and integration costs associated with the merger agreement with Veeco Instruments announced on October 1, 2025. Reconciliations of these Non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this presentation. For further information regarding these Non-GAAP financial measures, please refer to the tables presenting reconciliations of our Non- GAAP results to our GAAP results at the end of this presentation. USE OF NON-GAAP MEASURES
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4 4 Q3 2026 HIGHLIGHTS Broadening recovery across Power, Memory and General Mature expected to support growth entering 2027 Strong Systems bookings and another quarterly record in CS&I revenue reinforce positive business momentum System book-to-bill of approximately 1.5x *A reconciliation of U.S. GAAP results to non-GAAP results can be found at the end of this presentation. REVENUE $238M NON-GAAP DILUTED EPS* $1.26 GAAP DILUTED EPS $1.21
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5 5 Q3 2026 SHIPPED SYSTEM REVENUE BY SEGMENT 18% OTHER POWER (IGBT, OTHER) 27% SILICON CARBIDE (SiC) POWER 33% GENERAL MATURE 20% MEMORY 1% ADVANCED LOGIC Note: Figures may not sum due to rounding.
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6 6 45% OF TOTAL SHIPPED SYSTEM REVENUE IN Q3 2026 • Silicon Carbide revenue improved notably on a sequential basis. • AI and data-center power requirements are emerging as additional Silicon Carbide demand drivers. • Multiple Tier 1 customers selected advanced channeling solutions for next-generation superjunction applications. • Growing interest in Proton Implant and PMIC solutions across broader power applications. 33% OF TOTAL SHIPPED SYSTEM REVENUE IN Q3 2026 • Strong growth in bookings on a sequential basis. • Improving utilization and renewed customer investment support a recovering demand environment. • North American activity strengthened, including AI- related capacity expansion. • Growing customer interest in our recently introduced Purion H6 High Current platform. MATURE PROCESS TECHNOLOGY POWER GENERAL MATURE 78% OF TOTAL SHIPPED SYSTEM REVENUE IN Q3 2026
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7 7 1% OF TOTAL SHIPPED SYSTEM REVENUE IN Q3 2026 • Continuing to work closely with leading customers on 2-nanometer and future-node technology roadmaps. • Expanded engagement with a leading European research institution through the placement of a medium-current system complementing an existing high-current system. 20% OF TOTAL SHIPPED SYSTEM REVENUE IN Q3 2026 • Memory demand remains robust, supported by accelerating investment in DRAM and HBM capacity for AI-related requirements. • Customer engagement is gaining momentum in Korea and in markets outside Korea. ADVANCED LOGIC & MEMORY TECHNOLOGY ADVANCED LOGIC MEMORY
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8 8 Pyeongtaek Factory Groundbreaking Korea Expansion Supports Growing Customer Engagement and Long-Term Demand • $35M investment in expanded global production capabilities • Approximately 200,000 square-foot facility to consolidate and expand Korean manufacturing operations • Enhanced ability to respond quickly and flexibly to customer requirements • Production expected to begin in the second half of 2028
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9 9 IMPROVING BUSINESS TRENDS POWER Recovery gaining momentum across SiC and broader power applications GENERAL MATURE Strong increase in bookings reflects improving utilization and customer engagement MEMORY Continued DRAM and HBM investment expected to support growth in 2027 CS&I Continued strength providing a growing foundation for revenue and profitability Broadening end-market recovery and strengthening customer investment expected to support growth in 2027
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10 Q3 2026 REVENUE DETAIL (In millions) Q3 2026 Q2 2026 Q3 2025 Systems Revenue $145.1 $132.4 $143.7 CS&I Revenue $92.6 $82.8 $69.9 Total Revenue $237.8 $215.2 $213.6 Systems Bookings $222.2 $130.9 $52.2 Systems Backlog $530.7 $451.6 $484.5 Q3 2026 Q2 2026 Q3 2025 Geographic Breakdown (% of Total Revenue) China 46% 46% 46% US 13% 6% 14% South Korea 18% 26% 10% Europe 12% 11% 11% Taiwan 2% 2% 7% Japan 1% 1% 7% Rest of World 8% 8% 5% Figures may not sum due to rounding
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11 Q3 2026 SELECT GAAP & NON-GAAP FINANCIAL MEASURES (In millions, except per-share amounts) Q3 2026 Q2 2026 Revenue 237.8 $215.2 Select GAAP Financial Measures Gross Margin 41.0% 42.4% Operating Expenses $70.1 $70.9 Operating Income $27.3 $20.3 Operating Margin 11.5% 9.4% Net Income $37.8 $23.3 Diluted Shares Outstanding 31.1 31.1 Diluted Earnings Per Share $1.21 $0.75 Select Non-GAAP Financial Measures* Non-GAAP Gross Margin 41.2% 42.7% Non-GAAP Operating Expenses $58.5 $60.4 Non-GAAP Operating Income $39.6 $31.5 Non-GAAP Operating Margin 16.6% 14.7% Non-GAAP Net Income $39.2 $33.0 Non-GAAP Diluted Earnings Per Share $1.26 $1.06 Adjusted EBITDA $44.0 $36.0 Adjusted EBITDA Margin 18.5% 16.7% *A reconciliation of U.S. GAAP results to non-GAAP results can be found at the end of this presentation.
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12 Q3 2026 SELECT CASH FLOW AND BALANCE SHEET RESULTS (In millions) Q3 2026 Q2 2026 Q3 2025 Cash, Cash Equivalents & Marketable Securities1 $615.3 $577.0 $592.8 Cash From Operations $40.2 $18.4 $45.3 Capital Expenditures $2.5 $3.6 $2.0 Free Cash Flow2 $37.7 $14.8 $43.3 Share Repurchase - - $32.3 1 Marketable securities includes both Short-Term Investments and Long-Term Investments. 2 Q3 2026 includes approximately $2M and Q2 2026 includes approximately $6M from cash transaction expenses associated with the pe nding Veeco merger.
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13 Q4 2026 OUTLOOK Q4 2026 Revenue $275M Non-GAAP Gross Margin* 42.5% Non-GAAP Operating Expenses* $65M Adjusted EBITDA* $56M Non-GAAP Diluted Earnings Per Share* $1.50 *A reconciliation of U.S. GAAP results to non-GAAP results can be found at the end of this presentation. ADDITIONAL COMMENTARY Q1 2027 Revenue expected to be relatively similar to anticipated Q4 2026 levels
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APPENDIX
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15 APPENDIX: GAAP TO NON-GAAP RECONCILIATION Q3’26 Q3’25 Revenue $ 237,781 $ 213,611 Gross Profit $ 97,424 $ 88,806 Restructuring1 - - Stock-based compensation 605 499 Non-GAAP Gross Profit $ 98,029 $ 89,305 Non-GAAP Gross Margin 41.2% 41.8% Operating Expense $ 70,081 $ 63,786 Transaction and Integration2 (4,967) (8,274) Bad debt expense - - Restructuring1 - (236) Other3 (781) - Stock-based compensation (5,862) (4,845) Non-GAAP Operating Expense $ 58,471 $ 50,431 Operating Income $ 27,343 $ 25,020 Transaction and Integration2 4,967 8,274 Bad debt expense - - Restructuring1 - 236 Other3 781 - Stock-based compensation 6,467 5,344 Non-GAAP Operating Income $ 39,558 $ 38,874 Non-GAAP Operating Margin 16.6% 18.2% Other Income $ 8,665 $ 5,130 Discrete tax related items4 (1,726) - Non-GAAP Other Income $ 6,939 $ 5,130 Income Tax Provision $ (1,751) $ 4,164 Discrete tax related items4 7,565 - Tax impact of non-GAAP adjustments5 1,468 1,940 Non-GAAP Income tax provision $ 7,282 $ 6,104 Net Income $ 37,759 $ 25,986 Transaction and Integration2 4,967 8,274 Bad debt expense - - Restructuring1 - 236 Other3 781 - Discrete tax related items4 (9,291) - Stock-based compensation 6,467 5,344 Tax impact of non-GAAP adjustments5 (1,468) (1,940) Non-GAAP Net Income $ 39,215 $ 37,900 Adjusted EBITDA Reconciliation Q3’26 Q3’25 Net income $ 37,759 $ 25,986 Other (income)/Expense (8,665) (5,130) Income tax provision (1,751) 4,164 Depreciation & amortization 4,489 4,328 Subtotal $ 31,832 $ 29,348 Transaction and Integration2 4,967 8,274 Bad debt expense - - Restructuring1 - 236 Other3 781 - Stock-based compensation 6,467 5,344 Adjusted EBITDA $ 44,047 $ 43,202 Adjusted EBITDA Margin 18.5% 20.2% Footnotes: 1Restructuring and other costs primarily related to early retirement programs and severance costs, due to global cost-saving initiatives. 2Transaction and Integration costs include expenses associated with the merger agreement with Veeco Instruments, announced on October 1, 2025. 3Other costs include miscellaneous tax related items. 4 Discrete items related to tax audits, including changes in uncertain tax positions and associated interest and penalties. 5 Impact of taxes from non-GAAP adjustments, uses adjusted tax rate of 14%. Note: Figures may not sum due to rounding. Q3’26 Q3’25 Diluted earnings per share $ 1.21 $ 0.83 Transaction and Integration2 0.16 0.26 Bad debt expense - - Restructuring1 - 0.01 Other3 .03 - Discrete Tax Related Items4 (.30) - Stock-based compensation 0.21 0.17 Tax impact of non-GAAP adjustments5 (0.05) (0.06) Non-GAAP diluted earnings per share $ 1.26 $ 1.21 Basic Share O/S 30,882 31,287 Diluted Shares O/S 31,105 31,450
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16 16 Footnotes: 1Transaction and Integration costs include expenses associated with the merger agreement with Veeco Instruments. 2Impact of taxes from Non-GAAP adjustments, uses adjusted tax rate of 14%. Note: Figures may not sum due to rounding; Dollar amounts in millions, except per share figures. Q4 2026 Outlook Revenue $275 GAAP Gross Margin 42.2% Restructuring - Stock-based compensation 0.3% Non-GAAP Gross Margin 42.5% GAAP Operating Expense $77 Transaction and Integration1 ($6) Restructuring - Stock Comp ($6) Non-GAAP Operating Expense $65 GAAP Diluted EPS $1.15 Transaction and Integration1 $0.19 Stock-based compensation $0.22 Income tax effect of non-GAAP adjustments2 ($0.06) Non-GAAP Diluted EPS $1.50 Adjusted EBITDA Reconciliation Q4 2026 Outlook Net Income $36 Other (Income)/Expense ($3) Income tax provision $6 Depreciation & Amortization $5 Subtotal $44 Transaction and Integration1 $6 Restructuring - Stock-based compensation $7 Adjusted EBITDA $56 Q4 2026 OUTLOOK: GAAP TO NON-GAAP RECONCILIATION