Slides
Page 1
Copyright of Camtek Ltd 2026. All rights reserved1 Copyright of Camtek Ltd 2026. All rights reserved1 Camtek at a glanceHigh-end inspection and metrology systems provider for the semiconductor manufacturing market Camtek is a key enablerofAI-driven semiconductor innovation ~ %Revenue CAGR, 2019–2025 >$ MCash, Deposits and Cash Equivalent ~ $ M 2026E revenues +Employees > Customers, incl. all top 20 semi manufacturers with 4000 installed base WELCOME TO CAMTEK'S ANALYST & INVESTOR PRESENTATION – OCTOBER 14, 2026
Page 2
Copyright of Camtek Ltd 2026. All rights reserved2 DisclaimerConfidentialityThis presentation is confidential and may not be reproduced or distributed to others at any time withoutour prior written consent.Forward-Looking StatementsThis presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “goals,” “guidance,” “intends,” “plans,” “projects,” “targets,” "can," "could," "may," "should," "will," "would," and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements, including statements regarding our financial model and the goals/targets reflected therein. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond Camtek’s control and could materially affect actual results, performance, or achievements which could differ materially from those set forth in the forward-looking statements and may be affected by a variety of risks. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to our ability to achieve the goals/targets reflected in our financial model, which are based on assumptions that may prove incorrect; 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; the effects of the evolving regional conflicts in the Middle East; changing industry and market trends; our ability to identify, complete and successfully integrate acquisitions, as well as the risks of unanticipated costs, liabilities or disruptions to our business arising from such acquisitions; and those other factors discussed in our Annual Report on Form 20-F as published on March 19, 2026, 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 presentation unless required by law. Financial ModelThe financial model included in this presentation does not constitute projections; it reflects goals/targets that are forward-looking, subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Camtek and its management, and are based upon assumptions with respect to future decisions, which are subject to change. The financial model should not be viewed as a guarantee of future performance or as guidance. Actual results will vary and those variations may be material. Nothing in this presentation should be regarded as a representation by any person that these goals/targets will be achieved, and Camtek undertakes no duty to update its goals/targets.Use of Non-GAAP Financial MeasuresThis presentation contains various non-GAAP financial measures, including Operating Margin andGross Margin. These non-GAAP financial measures should be considered supplemental to, but not as asubstitute for or superior to, financial measures prepared in accordance with United States GAAP. Ournon-GAAP measures include adjustments that reflect how management views our businesses and maydiffer from similarly titled non-GAAP measures presented by other companies. Reconciliations of eachnon-GAAP measure to the closest comparable GAAP measure are available in the Appendix of thispresentation.Statistical DataThis 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.
Page 3
Copyright of Camtek Ltd 2026. All rights reserved3 Grand Hyatt San Francisco, Union Square | October 14, 2026 Executive Chairman Chief Executive Officer Chief Financial Officer President and COO Marketing Director Today’s Presenters
Page 4
Copyright of Camtek Ltd 2026. All rights reserved4 Copyright of Camtek Ltd 2026. All rights reserved4 Breaking News – Record Revenue LevelsQ3 preannouncement, Q4 guidance and a first look at 20270 1Q3 2026Preannouncing Q3 revenues +27% YoY 0 2Q4 2026Q4 guidance +40% YoYBringing FY 2026 to ~$595M 0 3FY 20272027 initial revenue outlook > +35% over FY 2026E Copyright of Camtek Ltd 2026. All rights reserved4
Page 5
Copyright of Camtek Ltd 2026. All rights reserved5 Semiconductors Market Forecast The Momentum Continues Source: TechInsights 2026 forecast $0,65T$1.7T$2.3T$3T $0,0T$0,5T$1,0T$1,5T$2,0T$2,5T$3,0T$3,5T2024 2026F 2028F 2030F
Page 6
Copyright of Camtek Ltd 2026. All rights reserved6 Copyright of Camtek Ltd 2026. All rights reserved6 2026E 2027E Target in ~3 years Our Path to Double Our RevenuesOrganic growth targets $1.2B in annual revenue in ~3 years 6 GROWTH ENGINES AI data centers & accelerated computingCompute for AI training and inferencePhysical & edge AIRobotics, autonomous vehicles, drones, smart vision, industrial automation, and AI-powered wearables. Camtek’sprimary market
Page 7
Copyright of Camtek Ltd 2026. All rights reserved7 Copyright of Camtek Ltd 2026. All rights reserved7 Advanced Packaging: Our Main MarketMore Volume, More Complexity Copyright of Camtek Ltd 2026. All rights reserved7 Advanced packaging is scaling 01 HBM•More capacity• More memory layers• Higher complexity 022.5D / 3D Integration•2.5D continues to expand• More devices & interfaces• Increasing architectural complexityCoWoS, Foveros and other advanced interposers 03Photonics•Critical to Al infrastructure• Moving into 2.5D integration
Page 8
Copyright of Camtek Ltd 2026. All rights reserved8 Copyright of Camtek Ltd 2026. All rights reserved8 Why Camtek Is Built to WinWe Are Positioned at the Heart of the AI Advanced Packaging Transition Copyright of Camtek Ltd 2026. All rights reserved8 •Leading capabilities in 2D Inspection, 3D bump Metrology and Metrology•Strong position in the most demanding Advanced Packaging applications•Breakthrough innovations in optics and AI-based defect detection & metrology •Strong relationships with the world’s leading Foundries, IDMs, OSATs and Memory manufacturers•Early involvement in customers’ next-generation process development•Close alignment of our roadmap with customers’ future technology requirements•A large global installed base creating opportunities for: Upgrades, New Applications Software, Additional Capacity •Manufacturing capacity and supply-chain infrastructure are being expanded to support the next level of growth•The foundation for growth is already in place. Winning is in our DNA. We’ve proven it before, and we’re ready to do it again. Winning is in our DNA. We’ve proven it before, and we’re ready to do it again.
Page 9
Copyright of Camtek Ltd 2026. All rights reserved9 Camtek OrganicGrowth Strategy
Page 10
Copyright of Camtek Ltd 2026. All rights reserved10 Copyright of Camtek Ltd 2026. All rights reserved10 Advanced Packaging is an Enabler for AIAI demands drive new packaging technologies, and with them more complexity Copyright of Camtek Ltd 2026. All rights reserved10 WHAT AI DEMANDS ComputeBest-in-class computation MemoryVery high memory capacity PowerHigh power dissipation BandwidthHigh data transfer HOW PACKAGING RESPONDS 2.5D Platforms Finer pitch Hybrid bonding PhotonicsHigh-end advanced packagingTechnologies AI data centers requireGPU's, CPUs & Memory on one interposerFoveros + EMIB, CoWoS and variantsOver 100M smaller bumps per waferBumpless interconnectFaster data transfer, lower power Edge and physical AIRobots, vehicles, PCs, phones and wearables DRAM / HBMSmaller-stack DRAM and HBM HBF / HBCNew high-bandwidth memory Fan-out + 2.5DFan-out and 2.5D variationsData-center building blocks, scaled for the edge
Page 11
Copyright of Camtek Ltd 2026. All rights reserved11 Advanced Packaging grows twice as fastMillion 300 mm-equivalent wafers processed, 2025–2031F 0501001502002025 2026F 2027F 2028F 2029F 2030F 2031F Advanced packaging wafers +13% CAGR Total production wafers +7% CAGR AP is our main business Source: Techinsights 2026
Page 12
Copyright of Camtek Ltd 2026. All rights reserved12 High-end AP grows twice as fast as the AP marketAdvanced packaging wafer volume, million 300 mm-equivalent wafers processed, 2025–2031F 035701051402025 2026F 2027F 2028F 2029F 2030F 2031F High-end AP (2.5D, 3D, etc) +24% CAGR Fan-in WLP + flip chip | Total AP +13% CAGR source: Techinsights 2026 60%-70% of Camtek Business is in High-End AP
Page 13
Copyright of Camtek Ltd 2026. All rights reserved13 Copyright of Camtek Ltd 2026. All rights reserved13 Edge AI Will Demand We are only at the beginning of the revolution 13 WHAT INDUSTRY LEADERS SAYUNITS PER YEAR TODAY AI data-centerGPU Modules 10MBY 2030 GPU Modules Humanoid robots &autonomous cars 10s of MGPU/NPU Modules for AI PCs 100s of MGenAI smartphones 1B Every edge device will become autonomous. Every edge device will have agentic systems.Jensen Huang, CEO, NVIDIA Memory content in Level 4 and higher autonomous vehicles… each more than an order of magnitude greater than in today’s… vehicles. Humanoid robots are expected to have comparable memory and storage requirements to autonomous vehicles.Sanjay Mehrotra, Chairman and CEO, Micron The AI race will be won at the edge, where devices, data, and users converge.Cristiano Amon, CEO, QualcommEdge AI silicon volume: Copyright of Camtek Ltd 2026. All rights reserved
Page 14
Copyright of Camtek Ltd 2026. All rights reserved14 Silicon Photonics Forecast – new AI growth engineSi PIC die shipments, million units, 2023–2030F 3.6M23M03060902023 2024 2025 2026F 2027F 2028F 2029F 2030F 2023–2030 Silicon photonics shipments grow by 2030 Source: Yole 2025 83.9M
Page 15
Copyright of Camtek Ltd 2026. All rights reserved15 Copyright of Camtek Ltd 2026. All rights reserved15 AI accelerators & memory SiPh at the Why the platform moved from promise to production 15 NOW NEXT GEN Foundry-level maturity TSMC, Tower, GlobalFoundries and others run SiPh in mass production Datacenter& AI bandwidth Fast link between racks In Rack Fast linkFor example, COUPE on CoWoS by TSMC
Page 16
Copyright of Camtek Ltd 2026. All rights reserved16 Silicon Photonics Potential for CamtekIntegrating photonics with advanced packaging adds new process steps and more silicon Sources: TrendForce (Apr 2026) COUPE roadmap and SoIC-X stacking. What it adds for Camtek:›New process steps›Advanced packaging›More silicon Integration with advanced packagingSilicon photonics will be integrated with high end advanced packaging (CPO, SoIC, and CoWoS) which is Camtek’s home ground DFB productionnew process steps on InP wafers for DFB lasersPIC fabricationemerging market, new process steps in mature nodes, within our capabilities
Page 17
Copyright of Camtek Ltd 2026. All rights reserved17 Micro-Bump Interconnect Still GrowingInnovation to maintain market dominanceMICRO-BUMP SCALING6µmMost advanced today5µmNext PossibleCAMTEK BUMP METROLOGY8th gen.Market dominance in advanced packagingFan-in and fan-out applications at leading OSATs worldwide8th + 9th gen.Reference for bump-height metrologyCoWoS and CoWoS-like interposersHBM4 and HBM4e Expected to continue usingmicro-bump interconnect 10TH GENERATION SENSOR, EXPECTED LAUNCH IN 2027Designed to measure bumps below 5 µm in height
Page 18
Copyright of Camtek Ltd 2026. All rights reserved18 Hybrid Bonding Penetration for HBM and 2.5DHybrid bonding interconnects as a share of total 2.5D and 3D interconnects, 2026–2030 0%3%6%9%12%2026 2027 2028 2029 2030 Hybrid bonding share of 2.5D + 3D interconnects ~3×by 2030 Source: Yole 2024 and Camtek analysis HB growth provides new opportunities for Camtek
Page 19
Copyright of Camtek Ltd 2026. All rights reserved19 Copyright of Camtek Ltd 2026. All rights reserved19 Advanced Packaging is an Enabler for AIAI demands drive new packaging technologies, and with them more complexity Copyright of Camtek Ltd 2026. All rights reserved19 THE RESULT Trends leading to WHAT AI DEMANDS ComputeBest-in-class computation MemoryVery high memory capacity PowerHigh power dissipation BandwidthHigh data transfer HOW PACKAGING RESPONDS 2.5D Platforms Finer pitch Hybrid bonding PhotonicsHigh-end advanced packagingTechnologies AI data centers requireGPU's, CPUs & Memory on one interposerFoveros + EMIB, CoWoS and variantsOver 100M smaller bumps per waferBumpless interconnectFaster data transfer, lower power Edge and physical AIRobots, vehicles, PCs, phones and wearables DRAM / HBMSmaller-stack DRAM and HBM HBF / HBCNew high-bandwidth memory Fan-out + 2.5DFan-out and 2.5D variationsData-center building blocks, scaled for the edge
Page 20
Copyright of Camtek Ltd 2026. All rights reserved20 Why Complexity Accelerates Camtek’s Growth01MORE STEPS3 →9RDL layers per packageHigh-density fan-out triples the redistribution layers. Every added layer is its own inspection and metrology step.SemiEngineering, Jul 2026 02WARPAGE FOR WAFER AND DI E1 mm →0.1 mmWafer limit →package budgetWarpage shifts at mold, cure, debond and bond. Fan-out, 2.5D and 3DIC need shape metrology at every handoff, wafer and die.Frontiers in Electronics, Feb 2025 03HYBRID BONDING< 150 nmParticle detection sensitivityA sub-150 nm particle creates a void several times its size. Hybrid bonding pulls front-end-class metrology into the packaging line.SemiEngineering, Mar 2026 04BUMP HEIGHT METROLOGY<5 µmBump height, 100M to 200MMeasuring 100M-200M interconnects at 5micron height or lower demands fundamental shift in metrology technologyCamtek analysisTHE RESULT FOR CAMTEKMore inspection & metrology steps×inspection demands beyond the installed tool base= Higher inspection and metrology Intensity
Page 21
Copyright of Camtek Ltd 2026. All rights reserved21 Copyright of Camtek Ltd 2026. All rights reserved21 Camtek Portfolio Copyright of Camtek Ltd 2026. All rights reserved21 Metrologyfamily NanoProf®Elevating Nanoscale MetrologyA D V A N C E D P A C K A G I N G–Die and Wafer warp | RDL | TSVH Y B R I D B O N D I N G–Pre-bonding metrologyW A F E R F A B R I C A T I O N–Post CMP metrology ADD-ON MODULE FOR EAGLE AND HAWK360°SCANHigh-resolution add-on module for Eagle and HawkRevolutionizing backside and perimeter inspection & metrology HawkfamilyChiplets, HBM and hybrid bonding HawkCutting edge solutions for Chiplets, HBM and Hybrid Bonding–Defects down to 150nm–AI-powered detection and classification–Bump height metrology reference for HBM4 and HBM4e–Best in class cost of ownership EaglefamilyInspection and Metrology for Advanced Packaging Eagle G5Best in class inspection & metrology for Advanced Packaging–Clear Sight Illumination technology for RDL defects–Fluorescence for PI residue–Bump height and coplanarity industry standard–Add-on module: 360°Scan for backside and edge inspection–AI-powered detection and classification–Best in class cost of ownership
Page 22
Copyright of Camtek Ltd 2026. All rights reserved22 Copyright of Camtek Ltd 2026. All rights reserved22 2027–28 Technology Roadmap: Inspection technology vectors to support the target of ~$1.2B Copyright of Camtek Ltd 2026. All rights reserved22 Addressing higher performance inspection and HB challenges Addressing higher performance inspection and HB challenges WHERE WE WILL GROWMarkets High-end advanced packagingHybrid bonding, supporting sensitivity down to 150nmSpecialty marketsPhotonics, CMOS, RF, MEMS, power, low-end logic, discrete WHAT WE WILL DETECTDetection capabilities Sub 150nm defectsNew technologies for superior nanometer sensitivityVoid detectionPost hybrid bonding void detectionAI-based inspectionFor superior detection HOW WE WILL RUNPlatform and productivity Next generation platformHigher accuracy and better COO through higher throughput
Page 23
Copyright of Camtek Ltd 2026. All rights reserved23 Copyright of Camtek Ltd 2026. All rights reserved23 VIA TSV Micron-level TSV diameter, front end and advanced packaging P OST-CMP Topology Post-CMP roughness wafer metrology, crucial for Hybrid Bonding P OST-CMP Dishing Pre-Hybrid Bonding, post CMP copper dishing metrology P RE-BOND Warpage Pre-bond, high-throughput wafer and die warpageINTER CONNECT Small bumps Micro bumps for future HBM5 and other high end applications ACROSS EVERY STEPPlatform and softwareImproved platformHigher accuracy, and better COO through higher throughputAI-based metrologyAI models for better metrology performance 2027–28 Technology Roadmap: Copyright of Camtek Ltd 2026. All rights reserved23 Addressing hybrid bonding challenges and increasing market share
Page 24
Copyright of Camtek Ltd 2026. All rights reserved24 Copyright of Camtek Ltd 2026. All rights reserved24 Our Organic Growth SAM 24 $500M$1.1B$1.5B$3.9B$800M 2026 2030E$2.2B $5.8BMetrology Inspection in advanced packaging Inspection in wafer manufacturing SAM growth Copyright of Camtek Ltd 2026. All rights reserved $200M
Page 25
Copyright of Camtek Ltd 2026. All rights reserved25 2026 Tools Split by Inspection and Bump Metrology Inspection2D inspection systemsInspection + 3D sensorInspection tools with 3D bump metrology sensorBump metrologyDedicated 3D bumpmetrology systems
Page 26
Copyright of Camtek Ltd 2026. All rights reserved26 How We Reach ~$1.2BSTR ENGTHENInspectionContinue to strengthen our position–2.5D interposers, HBM and Hybrid Bonding–Expand our position in specialty wafer fabrication–Become a major player in the Si-Photonics market EXP ANDExpand our market in metrologyPenetrate new applications and process stepsA DV ANCED P A CKA GINGH YBR ID BO NDINGF RO NT END ENTERNew applications currently unserved R ECURRING L AYERService & software revenues to 12%Acquired AI company Visual Layerto develop software productsPlan to start selling software products in 2027
Page 27
Copyright of Camtek Ltd 2026. All rights reserved27 How We Reach ~$1.2B (cont.)OU R COR E3D bump metrologyMaintain our leadership and technology superiorityCO MPETECompete with larger players–Our technology is competitive–Built for customer customization–Dominant position in OSATs–A proven portfolio with dedicated capabilities for APBUMP METR OLOGYF LU ORESCENCEF LEXIBLE V AR IETY OF H A NDLING SOLU TIONS R EAD YOperational infrastructure is in place AP is our home ground
Page 28
Copyright of Camtek Ltd 2026. All rights reserved Doubling Revenuein ~3 YearsKey drivers and the path to ~$1.2bn in revenue with improved financial metrics28
Page 29
Copyright of Camtek Ltd 2026. All rights reserved29 Copyright of Camtek Ltd 2026. All rights reserved29 0 1Q3 2026Preannouncing Q3 revenues +27% YoY 0 2Q4 2026Q4 guidance +40% YoYBringing FY 2026 to ~$595M 0 3FY 20272027 initial revenue outlook > +35% over FY 2026E Copyright of Camtek Ltd 2026. All rights reserved29
Page 30
Copyright of Camtek Ltd 2026. All rights reserved30 BY APPLICATION ~80%Advanced PackagingAdvanced PackagingSpecialty, Photonics and other BY CUSTOMER TYPE >50%OSATsOSATsFoundries, IDMs and memory makers Over $800M of Orders Received in 2026
Page 31
Copyright of Camtek Ltd 2026. All rights reserved31 Long Track Record of Growth and ProfitabilityRevenue has doubled in 4 -5 years, with gross and operating margins expanding at the same time 315429496595 2023 2024 2025 2026F Revenue ($ millions)24%Revenue CAGR2023–2026F~2x revenue2021 to 2026+3.2pts gross margin2023 →2025+3.6pts operating margin2023 →2025Drivers: scale, richer mix, operating leverage31
Page 32
Copyright of Camtek Ltd 2026. All rights reserved32 Copyright of Camtek Ltd 2026. All rights reserved32 Outperforming the Industry 01002003004005006007002017 2018 2019 2020 2021 2022 2023 2024 2025 2026ECamtek revenueWafer fab equipmentSemiconductor sales Cumulative growth, indexed to 2017 = 100 Camtek revenuecumulative growth, 2017 →2026E+540% Wafer fab equipmentcumulative growth, 2017 →2026E+205% Semiconductor salescumulative growth, 2017 →2026E+286%
Page 33
Copyright of Camtek Ltd 2026. All rights reserved33 Copyright of Camtek Ltd 2026. All rights reserved33 Driving Shareholder Value 01002003004005006007008002022 2023 2024 2025 2026*CamtekSOX semiconductorNasdaq CompositeS&P 500 Indexed, 31 December 2022 = 100 Camteksince 31 Dec 2022+654% SOX semiconductorsince 31 Dec 2022+423% Nasdaq Compositesince 31 Dec 2022+160% S&P 500since 31 Dec 2022+101% Price return, indexed to 31 December 2022; 2026 through 2 October 2026. SOX is the PHLX Semiconductor Sector index. Past performance is not indicative of future results. OUT-PERFORMING THE SEMICONDUCTOR INDEXAND THE BROAD MARKET
Page 34
Copyright of Camtek Ltd 2026. All rights reserved34 Doubling Revenue to ~$1.2B in ~3 years ~$600M+$380M+$120M+$110M~$1.2BN 2026F Inspection & bumpmetrology systemsMetrology Service & software $1.2B Model Based on organic growth from three engines of growth Products growth led by Camtek’s next-generation tools 34
Page 35
Copyright of Camtek Ltd 2026. All rights reserved35 Increased Recurring Revenue Base $20M$28M ~$140M 2024 2025 @ $1.2B A growing installed base drives service and software revenue — both accretive to marginService and software revenue ($ millions) 5%6%12% ~4,000Installed Base→$140MService and software together, grow to 12% of revenue
Page 36
Copyright of Camtek Ltd 2026. All rights reserved36 Continued Focus on R&D: $33M$43M$58M$120M 2024 2025 2026F @ $1.2B Maintaining Technology LeadershipR&D expense ($ millions, non-GAAP) % of sales7.8% 8.7% ~9.5% ~10% +~80%growth in R&D spend, 2024 →2026F, 2x sales growth~10%of sales at $1.2BWhat it funds•Continued development in next generation of Hawk and Eagle•FRT metrology roadmap•Software/AI
Page 37
Copyright of Camtek Ltd 2026. All rights reserved37 Operating Leverage 30.0%~ +3.4%~ +2.4%~ -1.3%34–36% 2025 operating margin Gross margin, richer mix SG&A leverage R&D investment At $1.2B operating margin Non-GAAP operating margin bridge (% of revenue) 37
Page 38
Copyright of Camtek Ltd 2026. All rights reserved38 Copyright of Camtek Ltd 2026. All rights reserved38 Updated Financial Target ModelReplacing the previous $750m model REVENUE($ millions) $315m2023 ~$600m2026F Target ModelPrior Model$750m GROSS MARGIN(%) 48%2023 51-52% Current* @$1.2B OPERATING MARGIN(%) 26%2023 27-28% Current* @$1.2B Gross margin and Operating margins are all Non-GAAP *Based on Q2’2026 results
Page 39
Copyright of Camtek Ltd 2026. All rights reserved39 Copyright of Camtek Ltd 2026. All rights reserved39 Key Takeaways ~$1.2B revenue organically in ~3 years>$800m expected in 2027 Continue the shift to Camtek’snew products & higher recurring revenue Improved margins andstrong leverage Strong balance sheet to support M&A
Page 40
Copyright of Camtek Ltd 2026. All rights reserved M&A strategy 40
Page 41
Copyright of Camtek Ltd 2026. All rights reserved41 Copyright of Camtek Ltd 2026. All rights reserved41 CAPABILITIES FOR OUR EXISTING CORE BUSINESS BUSINESS UNITS OUTSIDE CAMTEK'S COREM&A StrategyFour deal types; platform and transformational deals must also meet four criteria01Capability acquisitionsWHAT IS ACQUIR E DTechnology, engineering team, know-howC A P I T AL R A N G ESmall to mediumP I P E L I N EOngoing 02Strategic investments / JVWHAT IS ACQUIR E DMinority exposure to technologyC A P I T AL R A N G ESmallP I P E L I N EOngoing 03Platform acquisitionsWHAT IS ACQUIR E DAn operating businessC A P I T AL R A N G EMediumP I P E L I N EOngoing, repeatable 04TransformationalWHAT IS ACQUIR E DScale and market positionC A P I T AL R A N G ELargeP I P E L I N EOpportunisticGUIDING CRITERIAStrong managementLeadership we can build onGrowth ProfileProfitabilityAt Camtek levels, ora path to achieve itSignificant synergiesWith our customers, technology or channels
Page 42
Copyright of Camtek Ltd 2026. All rights reserved42 Copyright of Camtek Ltd 2026. All rights reserved42 Strategic Partnerships EXTENDS THE COREIntegrate partner’s technology inside our systems or Camtek's technology inside partner'sOPENS NEW MARKETSOur reach and manufacturing scale carry partner technology beyond our core or same for our technology by the partnerWHAT CAMTEK BRI NGS Manufacturing at scaleComplex systems, built in volumeGlobal sales and serviceEight subsidiaries, inside every major fab and OSATCustomer accessTrusted by leading IDMs, OSATs and foundriesAI capabilityAcross detection, metrology and classification and more WHY PARTNER Technology without owning itNot every collaboration justifies an acquisition Faster than building itAccess to technology sooner than developing it Doors to larger playersPartners that are not acquisition targets Each side does what it does bestThe partner keeps its strengths, and so do we
Page 43
Copyright of Camtek Ltd 2026. All rights reserved43 Copyright of Camtek Ltd 2026. All rights reserved43 Visual Layer: AI performance beyond the opticsNow part of CamtekAcquired April 2026Technology & team fully integratedCamtek AI hub, Tel AvivWHY THIS T EAMStrong leadershipEstablished organizational foundationResearch depthCultural andoperational fitOver a year of joint R&DAlready knew our team, products and industry ACCELERATE CORE LEADERSHIPStronger systemsSoftware improves performance and data processing on existing systemsHigherthroughputImproveddetection sensitivityEnhancedmeasurement accuracyFewerfalse alarmsLower COOthrough automationMore applicationson the same machinesAI algorithms + softwareDetection, metrology and classification and more BUILD A NEW REVENUE CATEGORYA new software revenue streamAn AI software product lineRecurringwith higher marginsA wider customer baseBeyond our equipment customers
Page 44
Copyright of Camtek Ltd 2026. All rights reserved44 Camtek Is Built to ScaleThe opportunity is in front of us. The technology is ready. The customers are engaged.A Powerful MarketAI and Accelerated Computingare driving sustained growth in Advanced Packaging, HBM, 2.5D/3D integration and PhotonicsIncreasing Inspection and Metrology IntensityMore complex architectures, more process steps and higher inspection coverage are increasing the need for advanced Inspection & MetrologyStrong Competitive PositionCamtek combinesTechnology LeadershipDeep Customer EngagementBroad Product PortfolioAI CapabilitiesReady to ScaleOur installed base, operational infrastructure and expanding manufacturing capacity provide the foundation to support the next level of growth OUR GOAL ~$1.2Billion+in Annual Organic RevenueBUILDING THE NEXT CHAPTER OF CAMTEK’S GROWTH
Page 45
Copyright of Camtek Ltd 2026. All rights reserved45 Thank you
Page 46
Copyright of Camtek Ltd 2026. All rights reserved46 Reconciliation from GAAP to Non-GAAPFY2025FY2024FY2023FY2022FY2021FY2020$ in millions (except per share data) $496.1$429.2$315.4$320.9$269.70$155.90Revenue$50.7$118.5$78.6$79.9$60.30$21.8Net income (GAAP)10.2%27.60%24.90%24.90%22.40%14.00%% of revenue16.814.812.510.55.84.2Share based compensation2.85.34.6---Acquisition of FRT related expenses(1) ----5.3-Tax settlement(2) 88.7-----Loss from extinguishment of Capital Notes(3) $159.0$138.6$95.7$90.5$71.4$26.0Net income (non-GAAP)32.05%32.29%30.30%28.20%26.50%16.70%% of revenue$3.26$2.83$1.96$1.88$1.59$0.64Net income per diluted share (non-GAAP) (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)During the third quarter of 2025 the Company recorded a loss of $88.7 million from the extinguishment of Capital Notes.
Page 47
Copyright of Camtek Ltd 2026. All rights reserved47 Reconciliation from GAAP to Non-GAAP (cont’d)FY2025FY2024FY2023FY2022FY2021FY2020$ in millions (except per share data)$250.0$210.0$147.6$159.9$137.3$73.3Gross profit (GAAP)50.4%48.90%46.80%49.80%50.90%47.00%% of revenue2.82.21.61.20.60.4Share based compensation2.95.83.5---Acquisition of FRT related expenses$256.0$218.0$152.7$161.1$138.0$73.8Gross profit (non-GAAP)51.6%50.80%48.40%50.20%51.20%47.30%Gross margin (% of revenue)$128.3$108.1$65.4$81.5$70.90$22.60Operating income (GAAP)25.90%25.20%20.70%25.40%26.30%14.50%% of revenue16.814.812.510.55.84.2Share based compensation47.55.4---Acquisition of FRT related expenses$149.1$130.3$83.3$92.0$76.7$26.8Operating income (non-GAAP)30.1%30.40%26.40%28.70%28.44%17.20%Operating margin (% of revenue)