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© 2026 Cognex Corporation1 Cognex Q3 2026 Earnings November 4, 2026
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© 2026 Cognex Corporation2 Forward-Looking Statements Certain statements made in this presentation, as well as oral statements made by Cognex Corporation ("Cognex", "we", "us", "our", or the "Company") from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Readers can identify these forward-looking statements by our use of the words "expects," "anticipates," "estimates," "potential," "believes," "projects," "intends," "plans," "aims," "will," "may," "shall," "could," "should," "opportunity," "goal," "objective," "target," "milestone" and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance, financial targets, milestones and related timing expectations, the closing, timing, integration, and expected results from acquired businesses, including RealSense, Inc. ("RealSense"), the impact of tariffs, customer demand and order rates and timing of related revenue, future product or revenue mix, research and development activities, sales and marketing activities including our salesforce transformation, new product offerings, innovation and product development activities, customer acceptance of our products, commercial partnerships, capital expenditures, cost management activities including expected annualized operating expense reductions, investments, liquidity, dividends and stock repurchases, strategic and growth plans and opportunities, financial and operating models, and estimated tax benefits and expenses, changes in tax legislation, and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the technological obsolescence of current products, the inability to develop new products, and the inability to achieve growth through expanding and adjacent markets; (2) the impact of competitive pressures; (3) the inability to attract and retain skilled employees and effectively plan for succession, while maintaining our unique corporate culture; (4) the failure to properly manage the timely manufacturing and distribution of high-quality products and services; (5) economic, political, and other risks associated with international sales and operations, including the impact of trade disputes, the imposition of tariffs, the economic climate in China, and the wars and conflicts involving Iran, Ukraine, and Israel and those that may arise in the future in the geographies where we conduct business; (6) challenges in closing, integrating, and achieving expected results from acquired businesses, including RealSense, as well as exposure to potential liabilities and increased costs from acquired businesses; (7) uncertainty surrounding our future capital needs; (8) the inability to effectively scale our operations and salesforce to support a significantly expanded and diverse customer base in an increasing number of geographies; (9) information security breaches and other cybersecurity threats, including through the emergence of agentic AI; (10) the failure to comply with laws or regulations relating to data privacy, data protection, artificial intelligence, or other automated technologies; (11) the inability to protect our proprietary technology and data, as well as our intellectual property; (12) the inability to manage direct and indirect disruptions to our supply chain, which could cause delays in obtaining components for our products at reasonable prices, including memory chips; (13) the loss of, or curtailment of purchases by, large customers in the logistics, consumer electronics, or automotive end markets; (14) challenges in accurately forecasting our financial results due to seasonal and cyclical variations in customer purchasing patterns and economic and market volatility; (15) potential impairment charges with respect to our investments or acquired intangible assets; (16) exposure to additional tax liabilities, increases and fluctuations in our effective tax rate, and other tax matters; (17) fluctuations in foreign currency exchange rates and the use of derivative instruments; (18) unfavorable global economic conditions, including, without limitation, increases in interest rates, elevated inflation rates, and recession risks; (19) business disruptions from natural or man-made disasters, public health crises, or other events outside our control; (20) stock price volatility; (21) our involvement in time-consuming and costly litigation or activist shareholder activities; and (22) the failure to effectively transform our operating model, manage our expenses, and achieve expected cost reductions. The foregoing list should not be construed as exhaustive and we encourage readers to refer to the detailed discussion of risk factors included in Part I - Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "Annual Report"), as updated by Part II - Item 1A of our Quarterly Reports on Form 10-Q as filed with the SEC. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation to subsequently revise forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such statements are made.
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© 2026 Cognex Corporation3 Q3 2026 Revenue $313 Million Please see the appendix of this presentation for a description of certain Non-GAAP measures and a full GAAP to Non-GAAP reconciliation Q3 2026 Highlights Progress on strategic objectives: ▪ Pending RealSense acquisition to expand Cognex vision capabilities into fast growing robotic perception market ▪ Advancing AI technology leadership with the launch of In-Sight® 1750, the semi industry’s highest performing wafer & panel ID reader Record revenue up 13% Y/Y ▪ 9th consecutive quarter of Y/Y revenue growth ▪ 11th consecutive quarter of double-digit Y/Y Logistics growth ▪ Broad-based FA growth led by Semi, Packaging and Electronics +13% Y/Y Commitment to bottom-line profitability: ▪ Adjusted EBITDA margin of 35.5%, up 1,060 bps Y/Y , marking the 9th consecutive quarter of expansion ▪ Record Adjusted diluted EPS of $0.53 increased 61% Y/Y Q3 2026 Adj. EBITDA Margin 35.5% +1,060bps Y/Y Q3 2026 Free Cash Flow $104 Million +21% Y/Y
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High-Performance Wafer ID Reading, Powered by AI 4 In-Sight® 1750 Edge AI OCR Reads faint, degraded, or low- contrast marks that traditional algorithms miss AI Autotune Automatically adapts to changing mark conditions, cutting setup time and no- reads Multi-mode RGB illumination 2MP sensor and 38mm FOV handles Si, GaN, SiC, sapphire, and glass substrates Drop-in upgrade backward compatible with the In-Sight 1740 series, no line redesign required © 2026 Cognex Corporation
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© 2026 Cognex Corporation5 Q3 2026 End Market Results and Updated 2026 View 1) End Market revenue mix excludes the medical lab automation Commercial Partnership and includes the Japan -focused trading business in 2025; 2) Q3 2026 revenue growth excludes FX and the impact from the divestiture of the Japan-focused trading business. END MARKET % OF REVENUE Full-year 20251 Q3 2026 REVENUE GROWTH2 UPDATED 2026 VIEW Logistics 26% DD DD from HSD Packaging 21% DD DD Consumer Electronics 19% DD DD Automotive 19% MSD FLAT to LSD Semiconductor 10% DD DD OTHER 5% LSD = low-single digit; MSD = mid-single digit; HSD = high-single digit; DD = double digit.
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© 2026 Cognex Corporation6 Adj. EBITDA Margin Free Cash Flow Conversion1 Please see the appendix of this presentation for a description of certain Non-GAAP measures and a full GAAP to Non-GAAP reconciliation Record Adj. Diluted EPS +89% Y/Y Ninth consecutive quarter of Y/Y growth +1,340 bps Y/Y Ninth consecutive quarter of Y/Y expansion Trailing twelve-month rate Eighth consecutive quarter >100% 1) Defined as Free Cash Flow divided by Adjusted Net Income. excluding Commercial Partnership in Q3 2025 35.5% $0.53 106% Q3 2026 Financial Highlights
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© 2026 Cognex Corporation7 Q3 2026 Financial Highlights All figures in $ million, except per share amounts Q3 2026 Q3 2025 Q3 2025 ex CP Y/Y Change Y/Y Change ex CP Revenue $313 $277 $264 +13% +19% Adjusted Gross Profit 224 189 179 +19% +25% Adjusted Gross Margin 71.3% 68.4% 67.7% +290 bps +360 bps Adjusted Operating Expenses 116 125 125 -7% -7% Adjusted EBITDA 111 69 58 +61% +91% Adjusted EBITDA Margin 35.5% 24.9% 22.1% +1,060 bps +1,340 bps Adjusted Net Income 90 56 48 +61% +88% Adjusted Diluted EPS $0.53 $0.33 $0.28 +61% +89% Free Cash Flow1 104 86 86 +21% +21% 1) Free cash flow not adjusted for the Commercial Partnership (immaterial cash flow impact) in Q3 2025. Please see the appendix of this presentation for a description of certain Non-GAAP measures and a full GAAP to Non-GAAP reconciliation 1. Record revenue increased 19% driven by broad- based strength across most major end markets. 2. Adjusted Gross Margin expanded 360 basis points, driven by favorable mix, volume and faster-than-expected pricing execution, more than offsetting the expected memory cost headwinds in the quarter. 3. Adjusted EBITDA Margin expanded 1,340 basis points driven by revenue growth, strong Adj. Gross Margin and disciplined cost management. 4. Record Adjusted diluted EPS increased by $0.25, or 89%, driven by operating leverage. 5. Continued strong cash generation with $104 million of Free Cash Flow, an increase of 21% year over year.
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© 2026 Cognex Corporation8 Q4 2026 Outlook All figures in $ million, unless specified Q4 2026 Guidance Q4 2025 Results Y/Y Change* Revenue $270 – $290 $252 +11% Adj. EBITDA Margin1 29% – 32% 22.7% +780bps Adj. Diluted EPS1 $0.37 – $0.41 $0.27 +44% 4th QUARTER EXPECTATIONS 1. Year-over-year revenue growth reflects contribution from broader Factory Automation end markets and Logistics. 2. Adjusted EBITDA margin expansion driven by revenue growth and cost reduction resulting in ~100% revenue flow through at the midpoint. 3. Adjusted EPS growth driven by revenue growth and margin expansion. 1Cognex has provided the forward-looking non-GAAP measures of adjusted EBITDA margin and adjusted earnings per share (diluted), but cannot, without unreasonable effort, forecast such items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as reorganization charges, acquisition and integration charges, and amortization of acquisition-related intangible assets, all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of Cognex’s control. Additionally, these items are outside of Cognex’s normal business operations and not used by management to assess Cognex’s operating results. Cognex believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, Cognex believes that the probable significance of such information is low. Information with respect to special items for certain historical periods is included in the section entitled “Reconciliation of Selected Items From GAAP to Non-GAAP”. In Q4 2025, the GAAP operating margin was 14.0% and GAAP earnings per share (diluted) were $0.19. * At the midpoint of guidance. excluding RealSense
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© 2026 Cognex Corporation9 Full-Year 2026 Outlook All figures in $ million, unless specified New 2026 Guidance Prior 2026 Guidance 2025 Results 2025 Results ex CP* Y/Y Change** Y/Y Change** ex CP* Revenue $1,143 – $1,163 $1,130 – $1,150 $994 $982 +16% +17% Adj. EBITDA Margin1 31% – 32% 29% – 31% 21.5% 20.7% +1,000bps +1,080bps Adj. Diluted EPS1 $1.68 – $1.72 $1.64 – $1.68 $1.02 $0.97 +67% +75% UPDATED 2026 EXPECTATIONS 1Cognex has provided the forward-looking non-GAAP measures of adjusted EBITDA margin and adjusted earnings per share (diluted), but cannot, without unreasonable effort, forecast such items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as reorganization charges, acquisition and integration charges, and amortization of acquisition-related intangible assets, all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of Cognex’s control. Additionally, these items are outside of Cognex’s normal business operations and not used by management to assess Cognex’s operating results. Cognex believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, Cognex believes that the probable significance of such information is low. Information with respect to special items for certain historical periods is included in the section entitled “Reconciliation of Selected Items From GAAP to Non-GAAP”. In 2025, the GAAP operating margin was 16.3% and GAAP earnings per share (diluted) were $0.68. 1. Higher 2026 revenue driven by stronger growth in Logistics compared to previous expectations. 2. Increased Adjusted EBITDA margin due to ability to deliver higher revenue growth while remaining on track to achieve ~$35 million of annualized net cost reductions. 3. Higher Adjusted EPS driven by higher revenue and higher margins, partially offset by lower investment income. * Excluding the one-time benefit from the commercial partnership with a medical lab automation channel partner (the “CP”). ** At the midpoint of guidance. excluding RealSense
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© 2026 Cognex Corporation10 Baselining Revenue for Comparability TOPIC All figures in $ million Q4 Full Year 2025 GAAP Revenue as reported $252 $994 Completed portfolio optimization actions Y/Y headwind (5) (17) One-time commercial partnership benefit (Q3 2025) Y/Y headwind -- (13) Revenue Baseline (for growth comparison) 247 964 2026 GAAP Revenue guidance range $270 – 290 $1,143 – 1,163 Implied Y/Y growth at the mid-point 13% 20%
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© 2026 Cognex Corporation11 Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including adjusted gross profit and margin, adjusted operating expense, adjusted operating income and margin, adjusted EBITDA and margin, adjusted net income, adjusted earnings per share of common stock, diluted, adjusted effective tax rate, and free cash flow and free cash flow conversion rate. Cognex defines its non-GAAP metrics as follows: • Adjusted gross profit and margin: Gross margin adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. • Adjusted operating expense: Operating expense adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. • Adjusted operating income and margin: Operating income adjusted for amortization of acquisition- related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. • Adjusted EBITDA and margin: Operating income adjusted for amortization of acquisition-related intangible assets and depreciation, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. • Adjusted net income: Net income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs, discrete tax items, and one-time discrete events (such as loss on sale of business). • Adjusted earnings per share of common stock, diluted: Adjusted net income divided by diluted weighted average common and common-equivalent shares. • Adjusted effective tax rate: Effective tax rate adjusted for discrete tax items and the net impact of the other non-GAAP adjustments. • Free cash flow: Cash provided by operating activities less cash for capital expenditures. • Free cash flow conversion rate: Free cash flow divided by net income or adjusted net income, as applicable. Cognex may also disclose results on a constant- currency basis as one measure to evaluate its performance and compare results between periods as if the exchange rates had remained constant period-over- period. Cognex believes these non-GAAP financial measures are helpful because they allow investors to more accurately compare results over multiple periods using the same methodology that management employs in its budgeting process, in its review of operating results, and for forecasting and planning for future periods. Cognex’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain non-recurring expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
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© 2026 Cognex Corporation12 GAAP to Non-GAAP Tables USD $ in 000s unless noted as per share October 4, 2026 September 28, 2025 October 4, 2026 September 28, 2025 Gross profit (GAAP) $ 221,743 $ 187,290 $ 618,455 $ 499,489 Acquisition and integration costs $ 219 $ 213 653 666 Amortization of acquisition-related intangible assets $ 1,317 $ 1,379 3,977 4,099 Reorganization charges $ 274 $ 400 1,569 486 Adjusted gross profit $ 223,553 $ 189,282 $ 624,654 $ 504,740 GAAP gross margin 70.8 % 67.6 % 70.8 % 67.3 % Adjusted gross margin 71.3 % 68.4 % 71.5 % 68.0 % Operating expense (GAAP) $ 120,921 $ 129,525 $ 372,243 $ 372,199 Acquisition and integration costs (2,553) (180) (2,583) (977) Amortization of acquisition-related intangible assets (954) (1,260) (3,121) (3,846) Reorganization charges (951) (2,966) (6,041) (4,588) Adjusted operating expense $ 116,463 $ 125,119 $ 360,498 $ 362,788 Operating income (GAAP) $ 100,822 $ 57,765 $ 246,212 $ 127,290 Acquisition and integration costs 2,772 393 3,236 1,643 Amortization of acquisition-related intangible assets 2,271 2,639 7,098 7,945 Reorganization charges 1,225 3,366 7,610 5,074 Adjusted operating income $ 107,090 $ 64,163 $ 264,156 $ 141,952 GAAP operating margin 32.2 % 20.9 % 28.2 % 17.2 % Adjusted operating margin 34.2 % 23.2 % 30.3 % 19.1 % Depreciation (adjusted for amounts included in Acquisition and integration costs) 4,309 4,666 13,139 14,844 Adjusted EBITDA $ 111,399 $ 68,829 $ 277,295 $ 156,796 Adjusted EBITDA margin 35.5 % 24.9 % 31.8 % 21.1 % Three-months Ended Nine-months Ended
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© 2026 Cognex Corporation13 GAAP to Non-GAAP Tables USD $ in 000s unless noted as per share October 4, 2026 September 28, 2025 October 4, 2026 September 28, 2025 Net income (GAAP) $ 84,820 $ 17,664 $ 209,280 $ 81,778 Acquisition and integration costs 2,772 393 3,236 1,643 Amortization of acquisition-related intangible assets 2,271 2,639 7,098 7,945 Reorganization charges 1,225 3,366 7,610 5,074 Loss on sale of business — — 1,539 — Losses on sale of investments used to fund acquisition 2,407 — 2,407 — Discrete tax (benefit) expense (1,454) 33,650 (2,183) 33,132 Tax impact of reconciling items (2,242) (1,615) (5,982) (3,871) Adjusted net income $ 89,799 $ 56,097 $ 223,005 $ 125,701 Earnings per share of common stock, diluted (GAAP) $ 0.50 $ 0.10 $ 1.23 $ 0.48 Acquisition and integration costs 0.02 — 0.02 0.01 Amortization of acquisition-related intangible assets 0.01 0.02 0.04 0.05 Reorganization charges 0.01 0.02 0.04 0.03 Loss on sale of business — — 0.01 — Losses on sale of investments used to fund acquisition 0.01 — 0.01 — Discrete tax (benefit) expense (0.01) 0.20 (0.01) 0.20 Tax impact of reconciling items (0.01) (0.01) (0.04) (0.02) Adjusted earnings per share of common stock, diluted $ 0.53 $ 0.33 $ 1.31 $ 0.74 Effective tax rate (GAAP) 17.9 % 71.9 % 17.7 % 41.0 % Discrete tax benefit (expense) 1.4 % (53.5)% 0.9 % (23.9)% Net impact of other reconciling items 0.5 % 0.6 % 0.7 % 0.9 % Adjusted effective tax rate 19.8 % 19.0 % 19.3 % 18.0 % Cash provided by operating activities (GAAP) $ 106,415 $ 87,485 $ 220,661 $ 170,612 Capital expenditures (2,639) (1,452) (6,928) (6,147) Free cash flow $ 103,776 $ 86,033 $ 213,733 $ 164,465 Three-months Ended Nine-months Ended
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© 2026 Cognex Corporation14 Description of Certain Adjustments 1. Depreciation The company incurs expense related to its normal use of property, plant and equipment 2. Acquisition and integration costs The Company has incurred charges related to the purchase and integration of acquired businesses. During the periods presented, these costs were primarily related to the ongoing integration of Moritex Corporation, which the Company acquired in the fourth quarter of 2023. 3. Amortization of acquisition-related intangible assets The Company excludes the amortization of acquired intangible assets from non-GAAP expense and income measures. These items are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions, and include the amortization of customer relationships, completed technologies, and trademarks that originated from prior acquisitions. The largest driver of intangible asset amortization was the acquisition of Moritex Corporation. 4. Reorganization charges The Company has incurred charges related to the reorganization of its employees. During the three-month period ended October 4, 2026, these costs consisted primarily of severance and consulting fees. 5. Loss on sale of business The Company has recognized a pre-tax loss related to the divestiture of its Japan-focused trading business, which includes direct costs associated with the divestiture incurred during the nine-month period ended October 4, 2026. 6. Losses on sale of investments to fund acquisition The Company has recognized a pre-tax loss related to the sale of investments, primarily corporate bonds, during the three-month period ended October 4, 2026. The proceeds from these sales, along with existing cash balances, are intended to fund the acquisition of RealSense that is expected to close in the fourth quarter of 2026. 7. Discrete tax (benefit) expense and tax impact of reconciling items Items unrelated to current period ordinary income or (loss) that generally relate to changes in tax laws, adjustments to prior period’s actual liability determined upon filing tax returns, adjustments to previously recorded reserves for uncertain tax positions, establishments and adjustments of valuation allowances, stock-based compensation, and adjustments to deferred tax positions. We estimate the tax effect of items identified in the reconciliation by applying the statutory tax rate to the pre-tax amount.
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© 2026 Cognex Corporation15 Investor Relations Upcoming Activity INVESTOR RELATIONS CONTACT: ir@cognex.com Greer Aviv HEAD OF INVESTOR RELATIONS Upcoming Conferences and Investor Events November Baird 2026 Global Industrial Conference Chicago, IL November Stephens Annual Investment Conference Nashville, TN November UBS Global Technology & AI Conference Scottsdale, AZ December JP Morgan Non-Deal Roadshow Baltimore, MD December Goldman Sachs Industrials and Materials Conference 2026 New York, NY December 55th Nasdaq London Investor Conference London December KeyBanc Capital Markets HQ Visit Natick, MA January Asia-Pacific Non-Deal Roadshow Seoul, Tokyo, Hong Kong, Singapore, Sydney, Melbourne June 2027 Cognex Investor Day Natick, MA