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February 2026 Nova Investor Presentation
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2 © Nova confidential & proprietary information Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia – Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events; inability to protect our intellectual property; open source technology exposure, including risks related to artificial intelligence; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; risks related to conditions in Israel, including Israel’s conflicts with Hamas and other parties in the region; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this presentation also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this presentation. Use of Non-GAAP Adjusted Financial Measures This presentation provides financial measures that exclude amortization of acquired intangible assets, acquisition-related expenses, inventory step-up and contingent consideration revaluation, stock-based compensation expenses, revaluation of operating lease liabilities and remeasurement of intercompany loans, amortization of debt discount and issuance costs and tax effect of non-GAAP adjustment, as applicable, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova's performance because they reflect our operational results and enhance management's and investors' ability to evaluate Nova's performance before charges or benefits considered by management to be outside Nova's ongoing operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allow greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this presentation is contained in the accompanying financial tables. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. . Cautionary Statements
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3 © Nova confidential & proprietary information Nova Snapshot Source: 5Y CAGR 2020-2025, Nova product revenue WFE: Gartner, 2025 Metrology and Process Control Unique Solutions for Semiconductor Manufacturing WFE Nova Outperforming WFE by Nova Products vs. WFE, 2020-2025 CAGR Nova Ltd. Nasdaq (NVMI) Novami.com Resilient business model Differentiated Portfolio Diverse Revenue Streams Global Footprint $881M $8.62 +31% YoY 2025 Revenue +29% YoY 2025 EPS $1.6B $218M Cash Reserves as of Dec. 31, 2025 Free Cash Flow >7300 >400 Active Systems Customer Sites Source: Company Non-GAAP Financials data FY 2025, EPS per diluted share
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4 © Nova confidential & proprietary information 814 1050 1164 1113 1230 1309 Sources: Gartner, Tech Insights, Yole Research, IDC, McKinsey 2025; Si Photonics CAGR 2024-2030 A Market Poised for Accelerated Growth 2023 2025 2026 2027 2028 14% CAGR 2029 2030 Data Center & Networking Automotive Consumer Industrial End MarketsSemiconductor Industry Revenue, B$ $1T 30% 10% 11% 13% Advanced Logic GAA HBM Silicon Photonics Advanced Packaging 2.5D/3D DRAM 52% 50% 35% 21% 18% Market Segments Nova Benefits from AI Demand in Multiple Segments 2024-2029 CAGR*2025-2030 CAGR Source: Gartner, Tech Insights, averaged forecast December 2025,
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5 © Nova confidential & proprietary information Manufacturing Challenges Rise in Every Segment Main CoWoS (2.5D) FinFET Bonding interface 3D NAND Memory AI Data center DRAM HBM Logic (GPU/CPU) Local MemoryStorage AI Processor Advanced packaging Wordline steps Source: Gartner, Tech Insights, Yole, public manufacturer reports 2020-2025 Silicon Photonics 43XL <10µm 3D-SOC NAND Advanced Packaging X4 Layers X30 I/O Pitch Advanced Logic (AI-Enabled) Increasing Complexity 2020 vs. 2025 16L X2.5 Stacked chips HBM DRAM X2 Memory Cells X9 Transistors227B CPU 16GB
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6 © Nova confidential & proprietary information Market Demand Drives Multiple Technology Inflection Points Logic GAA + BPD CFET DRAM 4F2 DRAM 3D DRAM 3D NAND Advanced Packaging 2.5D Interposer 3D Multi Deck (HB)Multi Stack Growing Complexity Controller Processor Silicon Interposer • Complex, scaled 3D structures • Packaging complexity • New materials and chemistries • New connectivity: Silicon Photonics • More process steps • Tighter process windows • Wafer edge criticality Higher Process Control Intensity AI needs Better Performance Power Efficiency Density Cost
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7 © Nova confidential & proprietary information Nova Process Insight: Revealing the Invisible Measure with precision, manufacture with confidence Memory Physical modeling & Algorithms AI-Powered Software Suite Packaging & Other Logic Chemical Chemical Analysis X-RayOptical Materials Dimensional =<2nm Node 300, 200, 150 mm Wafers FinFET GAA BPSD 2.5D Interposer 3D HBM Silicon Photonics 3D NAND Advanced DRAM 3D DRAM
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8 © Nova confidential & proprietary information Metrology Portfolio Targeted at Key Challenges • Nanosheets individual thickness • HAR TSVs • MOL structure complexity • Wafer edge metrology • Si, SiGe stress and strain • Multi-work function layers • New material characterization • Increasing vias volume & aspect ratio • More plating steps, tighter process control • HAR profiles & CD’s • Hybrid bonding, Cu recess control • Warpage • 3D DRAM profiling • Si, SiGe stress and strain • Composition & thickness • Doping & contamination • Increasing vias volume & aspect ratio • Tighter contamination control • TSV & RDL • Panel-level & frame handling • Warpage & thinner dies • Topography • Pre & Post- hybrid bonding • More Plating steps • Bonding & connection materials • Contaminants & photoresist leach detection PackagingMemoryLogic Dimensional Chemical Materials • uBump metal oxidation control • Hybrid bonding surface characterization
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9 © Nova confidential & proprietary information Leveraging Technology Differentiation Adv. Logic Adv. Memory Specialty Devices Adv. Packaging AncoScene® Front-End Chemical DMR® Direct Metal Replenishment Ancolyzer® Wafer level packaging VeraFlex® (XPS+SRF) Materials Metrion® (Inline SIMS) Elipson® (Inline Raman) Integrated Dimensional Optical CD PrismVeloCD/ Stand- alone WMC Already measuring related applications in fabs150. 200, 300mm wafers Advanced packaging includes hybrid bonding and HBM processes; Specialty Devices - sensors, power, analog Measuring Critical Applications Across the Industry
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10 © Nova confidential & proprietary information Intelligent software layer, delivering continuous insights and optimization, increasing Nova systems asset value Holistic AI-Powered Software Solutions Modeling • Manage large fleets, boosting efficiency, and high scale metrology control • Physics, AI & advanced algorithms applied to model the most advanced structures • Predictive and Preventive Maintenance, trouble shooting and utilization improvements Productivity • Machine learning leveraged to reduce time to solution and increase throughput
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11 © Nova confidential & proprietary information Product strategy Materials Leadership ;; ;; ;; Elements of Product Strategy Maintain Tech Leadership New Growth Engines Path Finding and Incubation Early Access Lab to Fab Technology Adjacent Process Control Markets Organic & of Annual Revenue invested in R&D Company non-GAAP financial data, gross investment
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12 © Nova confidential & proprietary information Quarterly Performance: Q4 2025 $195M $223M Q4 2024 Q42025 $1.94 $2.14 Company Guidance Revenue EPS Q1 2026 $222 -$232M $1.90- $2.02 (GAAP) $2.13-$2.25 (non-GAAP) Nova IM portfolio selected by leading global foundry to support CMP applications across FEOL and BEOL GAA processes Successfully launched a new ERP system for greater efficiency and scalability Building new production capacity in Asia, enhancing cost efficiency, closer to key customers and supply chain partners Q4 25 Highlights Non-GAAP Financials, Q4 2025 +14% YoY YoY +10% EPS Revenue
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13 © Nova confidential & proprietary information Financial Target Model Gross Margin Revenue +$1B 57%-60% SG&A R&D Investment 12%-14% 15%-17% Tax 15% Share Count 32M Operating Margin 28%-33% ~10$ Earnings 2019 2024 Target M&A $600M $400M $1000M $800M
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14 © Nova confidential & proprietary information Legend: R&D and Production Field site: Sales & Service Source: Company data,: office, lab, warehouse and cleanroom California 4 sites 4 sites USA Germany 2 sites 3 Sites Europe Global Strength, Ready for Secular Growth 4 R&D and Production Centers, 31 sites Rehovot; Ness Ziona Corporate sites Israel 4 Sites Korea 2 Sites Japan 5 Sites Taiwan 2 Sites China 1 Site Singapore
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15 © Nova confidential & proprietary information Governance Integrity & Transparency Social People First Always Environment Scope 1+2 Foundation Established Read the 2025 Sustainability Impact Review Sustainability To become an active influencer in creating a more sustainable and equitable future
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16 © Nova confidential & proprietary information Key Takeaways Positioned for Continuous Growth End market demand and process complexity drive growth Increasing need for advanced metrology and process control solutions Unique, disruptive technology portfolio Strong market position across key segments, Broad portfolio addressing critical applications, Significant investment in R&D Solid operational model Supports clear strategy for long-term growth
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Thank You investors@novami.com