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Camtek Investor Presentation November 2025 • Rafi Amit, CEO • Moshe Eisenberg, CFO • Ramy Langer, COO
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Disclaimer Confidentiality This presentation is confidential and may not be reproduced or distributed to others at any time without our prior written consent. Safe Harbor This presentation contains statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek’s current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “may,” “expect,” “estimate,” “project,” “positioned,” “strategy,” and similar expressions that are intended to identify forward-looking statements, including statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to the effects of the evolving nature of the war situation in Israel, and the related evolving regional conflicts; the continued demand for HPC, HBM and Chiplet devices resulting from, among other things, the field of AI surging worldwide across companies, industries and nations; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; formal or informal imposition by countries of new or revised export and/or import and doing-business regulations or sanctions, including but not limited to changes in U.S. trade policies, changes or uncertainty related to the U.S. government entity list and changes in the ability to sell products incorporating U.S originated technology, which can be made without prior notice, and our ability to effectively address such global trade issues and changes; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China, Taiwan and Korea, some of which might be subject to the trade restrictions referred to above or involved in trade wars with countries which might impose such trade restrictions; changing industry and market trends; and those other factors discussed in our Annual Report on Form 20-F as published on March 21, 2024, as well as other documents that may be subsequently filed by Camtek from time to time with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law. While we believe that we have a reasonable basis for each forward-looking statement contained in this presentation, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward- looking statements represent Camtek’s views only as of the date of this presentation and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law. Use of Non-GAAP Financial Measures This presentation contains various non GAAP financial measures, including Net Income per Diluted Share, Operating Income, Operating Margin and Gross Margin. These non GAAP financial measures should be considered supplemental to, but not as a substitute for or superior to, financial measures prepared in accordance with United States GAAP. Our non GAAP measures include adjustments that reflect how management views our businesses, and may differ from similarly titled non-GAAP measures presented by other companies. Reconciliations of each non-GAAP measure to the closest comparable GAAP measure are available in the Appendix of this presentation. Statistical Data This presentation contains statistical and other industry and market data that we obtained from industry publications and reports generated by third parties. All of the market data used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that the publications and reports are reliable, we have not independently verified this statistical data. Some data are also based on Camtek’s good faith estimates, which are derived from its review of internal sources as well as the third party sources described above. Additional Information This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities or an invitation or inducement to engage in investment activity nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities law of any such jurisdiction. Before you invest, you should read the offering memorandum and other documents we have filed with the SEC that are incorporated by reference into the offering memorandum for more complete information about Camtek and this offering. You may obtain the documents incorporated by reference for free by visiting EDGAR on the SEC website at www.Sec.gov. Alternatively, copies of the offering memorandum may be obtained from Alternatively, copies of the offering memorandum may be obtained from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com and from Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Email: Barclaysprospectus@broadridge.com, Phone: +1(888) 603-5847. Copyright of Camtek Ltd© 2025. All rights reserved 2
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$93 $123 $134 $156 $270 $321 $315 $429 2017 2018 2019 2020 2021 2022 2023 2024 3 CAMTEK AT A GLANCE (Nasdaq & TASE: CAMT) $794 Cash As of 9/30/25 (1) >3,000 Installed Base (ASP: ~$1M) 700 Employees Inspection and metrology systems for the semiconductor market Copyright of Camtek Ltd© 2025. All rights reserved Secular trends support continued growth(1) Includes cash and cash equivalents, short-term and long-term deposits and marketable securities. (2) Financial statistics are presented on a non-GAAP basis. Please see the Appendix for a reconciliation of non-GAAP metrics to the nearest comparable GAAP metrics. REVENUE $10 $22 $25 $27 $77 $92 $83 $130 2017 2018 2019 2020 2021 2022 2023 2024 OPERATING INCOME
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Market leader in Metrology and Inspection for Advanced Packaging 5 Installed base of over 3000 tools Over 300 Customers Copyright of Camtek Ltd© 2025. All rights reserved
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Our Market & Competitive Landscape Our systems provide inspection & metrology of 100% of the dice on the wafer, ensuring Known-Good-Die Front-End Mid-End Back-End Other players End of Line Wafer Level Packages Dicing Assembly Camtek’s main market CMOS Image Sensors BEOL Front-end Compound Semi Power RF Our main segments Heterogenous Integration Copyright of Camtek Ltd© 2025. All rights reserved 6
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Double-Digit Target Markets Growth Copyright of Camtek Ltd© 2025. All rights reserved 7 Adaption of HBM & Chiplets Thru 2030 25-35% HPC and AI Sources: Yole, TechInsights, Tech Search, Technavio and others 7 Mobile >12% Advanced packaging CMOS RF Automotive SiC 22% Thru 2030 45% of our revenues
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What we do? Copyright of Camtek Ltd© 2025. All rights reserved 8 Inspection 3D Metrology Metrology Front side at Sub-micron defects Backside inspection Edge inspection Micro-Bumps coplanarity, and height Up-to 500M bumps per wafer RDL CD/Overlay TSV Topography TTV, Warp/Bow, Layer thickness Eagle Hawk MicroProf Hawk Eagle *FRT acquisition contribution
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New Products Release Copyright of Camtek Ltd© 2025. All rights reserved 9 September 2024 February 2025 Eagle G5 Hawk 5th generation of the Eagle platform 40% Faster TPT 25% Higher Detection Sensitivity Clear Sight technology for multi RDL (FO) inspection and CIS Designed for Cutting Edge Advanced Packaging: Chiplets, HBM and Hybrid Bonding Detecting 150 nanometer defects size Enabling inspection & metrology of 500M bumps at small pitch x2 higher TPT compared to Eagle G5 The Hawk will expand our TAM
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HPC Market & AI Impact 10 Majority of Camtek’s business supports HPC-related hardware AI adoption is driving exponential growth in HPC demand Growing need for powerful, dedicated hardware for AI in: Server farms (seeing double-digit growth YoY) Edge computing (Automotive, Robotics, PCs, Mobile Devices) Future AI penetration into edge devices presents a major opportunity Camtek has a strong position in this market Copyright of Camtek Ltd© 2025. All rights reserved
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CoWoS and similar technologies are key for High Performance Computing and AI 11 Most of the wafers used for HPC are measured and inspected on Camtek tools Copyright of Camtek Ltd© 2025. All rights reserved Source: Applied Materials, Inc. Known-good-die is key
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Strong Market Growth for CoWoS (and like) Packages Applications today AI inferencing and training Server High end PCs GPU for Gaming Telecom network switch Future applications Automotive Mobile General computing 12 Source: TechSearch, Aug. 2024 Projected 51% 2025-2029 CAGR CoWoS and CoWos like Copyright of Camtek Ltd© 2025. All rights reserved
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Well Positioned to Benefit from AI Technology Trends 13 OSATS (slowly moving in) Chiplet and HBM Manufacturers Inspection & Metrology Players AI > 25% Growth Edge technology with a few players Numerous inspection & Metrology Steps High resolution inspection & Metrology Copyright of Camtek Ltd© 2025. All rights reserved
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Financial Overview 14Copyright of Camtek Ltd© 2025. All rights reserved
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Track Record of Growth and Profitability $93 $123 $134 $156 $270 $321 $315 $429 2017 2018 2019 2020 2021 2022 2023 2024 $10 $22 $25 $27 $77 $92 $83 $130 2017 2018 2019 2020 2021 2022 2023 2024 11% 18% 19 % 17% ($ in millions) ($ in millions) ($ per share) Rapidly growing with significant operating leverage in the model 15 Revenue 28% Operating Income and Margin* Net Income per Diluted Share* *Financial statistics are presented on a non-GAAP basis. Please see the Appendix for a reconciliation of non-GAAP metrics to the nearest comparable GAAP metrics. Copyright of Camtek Ltd© 2025. All rights reserved $0.27 $0.57 $0.62 $0.64 $1.59 $1.88 $1.96 $2.83 2017 2018 2019 2020 2021 2022 2023 2024 26% 30%
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Expect continued Growth in Q4 to ~$127M Representing annual revenues of $495 million 16 Q3 2025 Highlights Gross Margin 51.5% Revenue $126M Operating Income $37.6M (29.9%) +10% (YoY)+12.2% (YoY) +14% (YoY)
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Strong Q3 2025 Results (NON-GAAP) Copyright of Camtek Ltd© 2025. All rights reserved 17 Q4/25 guidance ~$127M - Representing annual revenues of $495 milli 112.3 117.3 118.6 123.3 126.0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Revenue ($M) 50.8% 50.6% 52.1% 51.9% 51.5% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Gross Margin 30.4% 30.9% 31.5% 30.3% 29.9% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Operating Margin
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Progress to Target Model Copyright of Camtek Ltd© 2025. All rights reserved 18 (*) Disclaimer: All of the information presented in the graphs above under the labels "$ 400M" and "$500M" are goals and targets of the Company. These goals and targets are forward -looking, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the cont rol of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. Please consult the "Safe Harbor" disclaimer section of this presentation for further di scussion as to forward-looking statements. For discussion of some of the important factors that could cause these variations, please cons ult the "Risk Factors" section of the preliminary offering memorandum. Nothing in this presentation should be regarded as a representation by any person that these targets will be achieved and the Company un dertakes no duty to update its goals or targets. HPC accelerates the path to $500M 315 429 500 2023 2024 $500M Revenue ($millions) 48.4% 51% 51-53% 2023 2024 $500M Gross Margin 26.4% 30.40% 30-33% 2023 2024 $500M Operating Margin
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Selected Balance Sheet Data 19(1) Includes cash and cash equivalents, short-term and long-term deposits and marketable securities ($ in millions) 9/30/25 (Unaudited) 12/31/24 (Audited) Cash & Deposits (1) $794 $501 Trade Account Receivables, net 113 99 Inventory 143 123 Fixed Assets 52 54 Intangible Assets + Goodwill 85 88 Current Liabilities 119 124 Convertible Notes, Net 519 198 Total Balance Sheet 1,231 892
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Positioning 300 customers, 70% of our business is Tier1 Technology Supporting the most challenging applications in our market Market Leading provider for the HPC market - rapidly expanding our TAM Financials Leverage in our model with strong balance-sheet Key Takeaways Copyright of Camtek Ltd© 2025. All rights reserved 20 2025 expected be a growth year & key milestone in reaching our $500m target
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21 Thank You info@camtek.com www.camtek.com Copyright of Camtek Ltd© 2025. All rights reserved
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Appendix 22 Copyright of Camtek Ltd© 2025. All rights reserved
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Reconciliation from GAAP to Non-GAAP Copyright of Camtek Ltd© 2025. All rights reserved 23 (1) In October 2023, the Company completed the acquisition of FRT. In the fourth quarter the Company recorded acquisition related expenses including write-up of inventory to fair value, amortization of intangible assets, inventory write-off and acquisition expenses. (2) In February 2022, the Company reached a settlement with the Israeli Tax Authorities and recorded a one-time tax expense in respect of its historical exempt earnings. (3) In the second and third quarters of 2019, certain transaction expenses were incurred in relation to the technological cooperation agreement with Chroma. These were recorded under operating expenses. $ in millions (except per share data) FY2020 FY2021 FY2022 FY2023 FY2024 Revenue $155.90 $269.70 $320.9 $315.4 $429.2 Net income (GAAP) $21.8 $60.30 $79.9 $78.6 $118.5 % of revenue 14.00% 22.40% 24.90% 24.90% 27.60% Share based compensation 4.2 5.8 10.5 12.5 14.8 Acquisition of FRT related expenses (1) - - - 4.6 5.3 Tax settlement (2) - 5.3 - - - Chroma transaction expenses (3) - - - - - Attributable to discontinued operations - - - - - Net income (non-GAAP) $26.0 $71.4 $90.5 $95.7 $138.6 % of revenue 16.70% 26.50% 28.20% 30.30% 32.29% Net income per diluted share (non-GAAP) $0.64 $1.59 $1.88 $1.96 $2.83
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Reconciliation from GAAP to Non-GAAP (cont’d) Copyright of Camtek Ltd© 2025. All rights reserved 24 $ in millions (except per share data) FY2020 FY2021 FY2022 FY2023 FY2024 Gross profit (GAAP) $73.3 $137.3 $159.9 $147.6 $210.0 % of revenue 47.00% 50.90% 49.80% 46.80% 48.90% Share based compensation 0.4 0.6 1.2 1.6 2.2 Acquisition of FRT related expenses - - - 3.5 5.8 Gross profit (non-GAAP) $73.8 $138.0 $161.1 $152.7 $218.0 Gross margin (% of revenue) 47.30% 51.20% 50.20% 48.40% 50.80% Operating income (GAAP) $22.60 $70.90 $81.5 $65.4 $108.1 % of revenue 15.50% 26.30% 25.40% 20.70% 25.20% Share based compensation 4.2 5.8 10.5 12.5 14.8 Acquisition of FRT related expenses - - - 5.4 7.5 Chroma transaction expenses (2) - - - - 0 Operating income (non-GAAP) $26.8 $76.7 $92.0 $83.3 $130.3 Operating margin (% of revenue) 17.20% 28.44% 28.70% 26.40% 30.40%