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Third Quarter 2026 Financial Results MKS Inc. November 5, 2026
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2 Safe Harbor for Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the future financial performance, business prospects and growth of MKS Inc. (“MKS,” the “Company,” “our,” or “we”). These statements are only predictions based on current assumptions and expectations. Any statements that are not st atements of historical fact (including statements containing the words “will,” “projects,” “intends,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” “forecasts,” “continues” and similar expressions) should be considered forward-looking statements. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements that we make are the level and terms of our substantial indebtedness and our ability to service such debt; risks related to pursuing, completing, and/or failing to realize the benefits of acquisitions and other strategic transactions, including the pending sale of our Ophir Optics® business; risks related to cybersecurity, data privacy and intellectual property; manufacturing and sourcing risks, including supply chain disruptions, component shortages and price increases, the use of limited, sole source and international suppliers, the relocation of manufacturing operations, and product defects; risks associated with doing business internationally, including geopolitical conflicts, trade compliance, trade protection measures, such as import tariffs by the United States and/or retaliatory actions taken by other countries, regulatory restrictions on our products, components or markets, particularly the semiconductor market, and unfavorable currency exchange and tax rate fluctuations; conditions affecting the markets in which we operate, including intense competition, rapid technological and market changes, dependence on new product development, the ability to anticipate and meet customer demand, fluctuations in capital spending in the semiconductor, electronics manufacturing and automotive industries, and fluctuations in sales to our major customers; disruptions or delays from third-party service providers upon which our operations may rely; risks associated with the attraction and retention of key personnel; potential fluctuations in quarterly results; volatility of stock price; risks associated with chemical manufacturing and environmental regulation compliance; risks associated with artificial intelligence (“AI”); financial and legal risk management; and the other important factors described under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission and any subsequent Quarterly Reports on Form 10-Q. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, even if subsequent events cause our views to change, after the date of this presentation. Amounts reported in this presentation are preliminary and subject to finalization prior to the filing of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
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Notes on Presentation 3 Use of Non-GAAP Financial Measures This presentation includes financial measures that are not in accordance with U.S. generally accepted accounting principles (“Non-GAAP financial measures”). These Non- GAAP financial measures should be viewed in addition to, and not as a substitute for, MKS' reported results under U.S. generally accepted accounting principles (“GAAP”), and may be different from Non-GAAP financial measures used by other companies. In addition, these Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. MKS management believes the presentation of these Non-GAAP financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. For further information regarding non-GAAP financial measures, please refer to the appendix at the end of this presentation. For a detailed breakout of net revenues by end-market and division, please visit the Net Revenues by End Market & Division presentation available under Events & Presentations on the Investor Relations section of MKS' website at investor.mks.com. Totals presented may not sum and percentages may not recalculate using figures presented due to rounding.
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Q3 2026: Delivering in a Strengthening Demand Environment ● Revenue and key profitability metrics came in at the high end or above our guidance ranges ● Results reflect unprecedented demand across MKS key end markets ● Performance demonstrates MKS’ foundational role as an enabler of advanced electronics 4 $4.18 NON-GAAP NET EARNINGS PER DILUTED SHARE $434M ADJUSTED EBITDA $1.4B REVENUE 47.7% GROSS MARGIN
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1 For further information regarding estimated impact of FX, refer to appendix at the end of this presentation. Semiconductor ● Strong broad-based growth across vacuum and photonics solutions, including power, pressure, microwave, plasma and reactive gas products ● Strengthening demand in DRAM and Logic, alongside healthy NAND upgrades and design win activity 5 $638M REVENUE Q3 2026 Q3 Highlights Business Trends $700M REVENUE GuidanceQ/Q CHANGE +15% Excluding FX Y/Y CHANGE +54% Y/Y CHANGE1 +55% ● Q4 revenue growth expected to accelerate year-over-year, with strength across product portfolio ● Expect to outgrow WFE during this period of elevated investment due to strong order activity and expanding manufacturing capacity Q4 2026 +/- $15M
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1 For further information regarding estimated impact of FX and Ransomware, refer to appendix at the end of this presentation. Electronics & Packaging ● Accelerating revenue growth year-over-year driven by strong AI-related demand for advanced PCBs and flexible PCB drilling equipment ● Chemistry equipment sales increased more than 75% year-over-year in Q3, reflecting continued demand for AI-related applications 6 $415M REVENUE Q3 2026 Q3 Highlights Business Trends $430M REVENUE Q4 2026 Q/Q CHANGE +9% Excluding FX & Palladium Y/Y CHANGE +43% Y/Y CHANGE1 +39% ● Q4 revenue expected to grow sequentially and over 40% year-over-year from strong chemistry equipment, AI-related chemistry and rigid PCB laser drilling systems ● E&P is in a strong position with its broad portfolio as package sizes grow, layer counts increase, and package architectures become more complex 1 For further information regarding estimated impact of FX and Palladium, refer to appendix at the end of this presentation. Guidance +/- $15M
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Specialty Industrial ● Sequential growth reflects strong momentum in datacom and improvement in general industrial ● Accelerating year-over-year growth driven by datacom and general industrial 7 $360M REVENUE Q3 2026 Q3 Highlights Business Trends $360M REVENUE GuidanceQ/Q CHANGE +15% Excluding FX & Palladium Y/Y CHANGE +27% Y/Y CHANGE1 +27% ● Expect Q4 revenue to remain flat sequentially, following significant growth ● Specialty Industrial market leverages proprietary technologies to deliver attractive margins and incremental cash flows 1 For further information regarding estimated impact of FX and Palladium, refer to appendix at the end of this presentation. Q4 2026 +/- $10M
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Q3’26 Revenue & Select Financial Measures ● Revenue above the high end of guidance, driven by strength across all end markets ● Gross margin above mid-point of guidance due to higher volumes and 30 bps of tariff recoveries ● Non-GAAP operating margin well above guidance demonstrating robust operating leverage ● Adjusted EBITDA and Non-GAAP net earnings per diluted share above high end of guidance reflecting strong revenue, gross margin flow through and operating leverage Q3’26 SUMMARY 8 1 For further information regarding estimated impact of FX and Palladium, refer to appendix at the end of this presentation. Q3'26 Q2'26 Q3'25 Y/Y Change Excl. FX and Pd(1) Semiconductor $638M $554M $415M 55% Electronics & Packaging $415M $381M $289M 39% Specialty Industrial $360M $313M $284M 27% Revenue $1,413M $1,248M $988M 42% Non-GAAP Financial Measures Gross Margin 47.7% 47.6% 46.6% Operating Margin 27.8% 25.6% 20.8% Interest Expense, Net $33M $33M $45M Income Tax Rate 19.1% 19.6% 17.9% Net Earnings $292M $232M $130M Net Earnings per Diluted Share $4.18 $3.30 $1.93 Adjusted EBITDA $434M $358M $240M Adjusted EBITDA Margin 30.7% 28.6% 24.3% GAAP Financial Measures Gross Margin 47.7% 47.6% 46.6% Operating Margin 23.1% 20.1% 14.0% Interest Expense, Net $36M $36M $50M Income Tax Rate 17.6% 17.8% 12.3% Net Income $236M $175M $74M Net Income per Diluted Share $3.26 $2.41 $1.10
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Balance Sheet & Cash Flow ● Liquidity of over $1.6 billion, consisting of $676 million of cash and cash equivalents and an undrawn revolving credit facility of $1.0 billion ● Strong free cash flow representing 17% of revenue, includes growth investments in the business ● Net leverage ratio of 2.4x due to continued de- leveraging and trailing twelve months Adjusted EBITDA of $1.3 billion ● Voluntary principal prepayments of EUR 50 million in September and USD 100 million this month, bringing year-to-date prepayments to over USD 450 million Q3’26 SUMMARY 9 Q3'26 Q2'26 Cash and Cash Equivalents $676M $611M Trade Accounts Receivable, Net $902M $830M Inventories $1,162M $1,033M Total Current Assets $3,058M $2,774M Total Assets $9,232M $8,941M Debt Principal $3,848M $4,023M Total Liabilities $5,946M $5,953M Stockholders' Equity $3,286M $2,988M Operating Cash Flow $292M $243M Capex $49M $55M Free Cash Flow $243M $188M Unlevered Free Cash Flow $279M $211M
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Outlook ● Revenue outlook by end-market: ‒ Semiconductor – $700M +/- $15M ‒ Electronics & Packaging – $430M +/- $15M ‒ Specialty Industrial – $360M +/- $10M ● Gross margin reflects benefits from higher volumes and scale partially offset by higher mix of chemistry equipment and investments in new capacity ● Non-GAAP operating income, adjusted EBITDA and Non-GAAP net earnings per diluted share up sequentially reflecting strong revenue and operating leverage ● Non-GAAP tax rate of approximately 9% in the fourth quarter and just over 16% for the year Outlook 10 Q3'26 Actual Revenue $1,490M +/- $40M $1,413M Non-GAAP Financial Measures Gross Margin 47.5% +/- 100 bps 47.7% Operating Expenses $288M +/- $5M $281M Operating Income $420M +/- $29M $393M Operating Margin 28.2% 27.8% Interest Expense, Net $32M $33M Income Tax Rate 9% 19.1% Net Earnings $352M +/- $27M $292M Net Earnings per Diluted Share $5.00 +/- $0.38 $4.18 Adjusted EBITDA $461M +/- $29M $434M Diluted Share Count 70.5M 69.9M Q4'26
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Building Momentum in 2H 2026 ● Robust order volumes, improving visibility support healthy revenue outlook as AI - related investments accelerate ● Business model demonstrating strong operating leverage ● Poised to deliver >85% annual Non - GAAP EPS growth in 2026 at mid - point of Q4 guidance ● Winning new opportunities across our Semiconductor and Electronics & Packaging businesses ● Strong balance sheet and cash generation support growth investments and capital allocation flexibility 11
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Q&A
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Electronics & Packaging 29% Semi 45% Specialty Industrial 25% Q3’26 Revenue Q3’26 Consumables & Service 36% 13 1 "Total Change” represents the percentage change in net revenues. “FX” and “Pd” reflect the estimated impact of foreign exchange rates and palladium prices on net revenues, respectively. “Change Excluding FX & Pd” is the difference between (i) “Total Change” and (ii) “FX” and “Pd.” in millions except percentages Q1 Q2 Q3 Q4 FY'25 Q1 Q2 Q3 Total Change FX Pd Change Excluding FX & Pd Semiconductor 413$ 432$ 415$ 435$ 1,696$ 466$ 554$ 638$ 54% -1% 0% 55% Electronics & Packaging 253 266 289 303 1,111 321 381 415 43% 1% 4% 39% Specialty Industrial 270 275 284 295 1,124 291 313 360 27% -1% 0% 27% 936$ 973$ 988$ 1,033$ 3,931$ 1,078$ 1,248$ 1,413$ 43% 0% 1% 42% Q3'26 vs Q3'25(1)2025 2026
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Appendix – GAAP to Non-GAAP Reconciliations in millions, other than per diluted share amounts and percentages 14 Q4'26E Q3'26 Q2'26 Q3'25 Net income 294$ 236$ 175$ 74$ Restructuring and other 6 5 6 4 Amortization of intangible assets 61 62 62 63 Loss on extinguishment of debt 8 5 4 2 Amortization of debt issuance costs 3 3 3 5 Tax effect of Non-GAAP adjustments (20) (19) (18) (18) Non-GAAP net earnings 352$ 292$ 232$ 130$ Non-GAAP net earnings per diluted share 5.00$ 4.18$ 3.30$ 1.93$ Net income per share 4.04$ 3.26$ 2.41$ 1.10$ Weighted average diluted shares outstanding 72.9 72.5 72.7 67.6 Convertible debt capped calls (2.4) (2.6) (2.4) — Non-GAAP weighted average diluted shares outstanding 70.5 69.9 70.3 67.6 Gross profit 708$ 674$ 595$ 461$ Gross margin 47.5% 47.7% 47.6% 46.6%
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Appendix – GAAP to Non-GAAP Reconciliations in millions, except percentages 15 Q4'26E Q3'26 Q2'26 Q3'25 Operating expenses 355$ 348$ 344$ 323$ Restructuring and other 6 5 6 4 Amortization of intangible assets 61 62 62 63 Non-GAAP operating expenses 288$ 281$ 275$ 256$ Income from operations 353$ 326$ 251$ 138$ Operating margin 23.7% 23.1% 20.1% 14.0% Restructuring and other 6 5 6 4 Amortization of intangible assets 61 62 62 63 Non-GAAP income from operations 420$ 393$ 320$ 205$ Non-GAAP operating margin 28.2% 27.8% 25.6% 20.8% Interest expense, net 35$ 36$ 36$ 50$ Amortization of debt issuance costs 3 3 3 5 Non-GAAP interest expense, net 32$ 33$ 33$ 45$
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Appendix – GAAP to Non-GAAP Reconciliations in millions, except percentages and net leverage ratio 16 Q4'26E Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Net income 294$ 236$ 175$ 84$ 108$ 74$ Interest expense, net 35 36 36 43 47 50 Other expense (income), net (0) (2) (2) (1) 6 2 Provision (benefit) for income taxes 16 51 38 18 (19) 10 Depreciation 26 26 23 22 24 23 Amortization of intangible assets 61 62 62 63 62 63 Stock-based compensation 15 15 15 19 8 12 Restructuring and other 6 5 6 3 11 4 Legal Settlement — — — 3 — — Loss on extinguishment of debt 8 5 4 5 2 2 Fees and expenses related to debt activities — — — 18 — — Adjusted EBITDA 461$ 434$ 358$ 277$ 249$ 240$ Adjusted EBITDA margin 30.9% 30.7% 28.6% 25.7% 24.1% 24.3% Debt principal outstanding as of September 30, 2026 3,848$ Cash and cash equivalents as of September 30, 2026 676 Net debt as of September 30, 2026 3,172$ Adjusted EBITDA for the trailing twelve months ended September 30, 2026 1,318$ Net leverage ratio at September 30, 2026 2.4x
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Appendix – GAAP to Non-GAAP Reconciliations in millions 17 1Tax effect of cash paid for interest was calculated at the US Federal Statutory rate of 21% Q3'26 Q2'26 Net cash provided by operating activities 292$ 243$ Purchases of property, plant and equipment (49) (55) Free cash flow 243$ 188$ Q3'26 Q2'26 Free cash flow 243$ 188$ Cash paid for interest 45 29 Tax effect on cash paid for interest 1 (9) (6) Unlevered free cash flow 279$ 211$
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Appendix – GAAP to Non-GAAP Reconciliations in millions, except percentages 18 Income Before In come Tax Provision for Income Taxes Effective Tax Rate Income Before In come Tax Provision for Income Taxes Effective Tax Rate GAAP 287$ 51$ 17.6% 213$ 38$ 17.8% Restructuring and other 5 — 6 — Amortization of intangible assets 62 — 62 — Loss on extinguishment of debt 5 — 4 — Amortization of debt issuance costs 3 — 3 — Tax effect of Non-GAAP adjustments — 19 — 18 Non-GAAP 362$ 70$ 19.1% 288$ 56$ 19.6% Income Before In come Tax Provision for Income Taxes Effective Tax Rate Income Before In come Tax Provision for Income Taxes Effective Tax Rate GAAP 84$ 10$ 12.3% 310$ 16$ 5.1% Restructuring and other 4 — 6 -$ Amortization of intangible assets 63 — 61 -$ Loss on extinguishment of debt 2 — 8 -$ Amortization of debt issuance costs 5 — 3 -$ Tax effect of Non-GAAP adjustments — 18 — 20$ Non-GAAP 158$ 28$ 17.9% 388$ 36$ 9.2% Q3'26 Q2'26 Q3'25 Q4'26E
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Appendix – GAAP to Non-GAAP Reconciliations in millions, except percentages 19 Income Before In come Tax Provision for Income Taxes Effective Tax Rate GAAP 911$ 122$ 13.4% Acquisition and integration costs — — Restructuring and other 19 — Legal Settlement 3 — Amortization of intangible assets 248 — Loss on extinguishment of debt 22 — Amortization of debt issuance costs 12 — Fees and expenses related to debt activities 18 — Loss from de-designation of interest rate hedges 2 — Tax effect of Non-GAAP adjustments — 80 Non-GAAP 1,235$ 202$ 16.4% 2026E
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Appendix – GAAP to Non-GAAP Reconciliations Non-GAAP financial measures adjust GAAP financial measures for the items listed below. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, MKS’ reported GAAP results, and may be different from Non-GAAP financial measures used by other companies. In addition, these Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. MKS management believes the presentation of these Non-GAAP financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. Totals presented may not sum and percentages may not recalculate using figures presented due to rounding. 20 Restructuring and other includes incremental expenses incurred in connection with restructuring programs and other strategic initiatives, primarily related to changes in business and/or cost structure. Such costs may include third-party services, one-time termination benefits, facility-related costs, contract termination fees and other items that have no direct correlation to our future business operations. Legal settlement includes charges related to the resolution of legal matters. Amortization of intangible assets includes non-cash amortization expense associated with intangible assets acquired in acquisitions. Loss on extinguishment of debt includes the non-cash write-off of unamortized debt issuance costs and original issue discount costs incurred from voluntary prepayments, refinancings and/or repricings of our term loan facility. Amortization of debt issuance costs includes non-cash additional interest expense related to the amortization of debt issuance costs associated with our debt. Loss from de-designation of interest rate hedges includes a cash loss from the de-designation of certain interest rate hedges in connection with the voluntary prepayment of the USD term loan B. Fees and expenses related to debt activities includes direct third-party costs related to repricings or refinancings of our term loan facility and the issuance of our €1.0 billion of senior notes due 2034 in February 2026. Convertible debt capped calls includes the antidilutive impact of the capped call transactions entered into in connection with the issuance of $1.4 billion of convertible senior notes in May 2024. The capped calls are designed to reduce potential dilution to the Company’s common stock and/or offset cash payments in excess of the principal upon conversion of the notes, subject to a cap. Because the capped calls are excluded from GAAP diluted share calculations, GAAP and Non-GAAP diluted share counts will differ. Tax effect of Non-GAAP adjustments includes the impact of Non-GAAP adjustments that are tax effected at applicable statutory rates resulting in a difference between the GAAP and Non-GAAP tax rates.