Slides
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1 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Confidential | © onsemi 2026 | Public Information Quarterly Investor Presentation Fourth Quarter 2025
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2 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | This presentation includes “forward - looking statements,” as that term is defined in Section 27A of the Securities Act of 1933, a s amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of histori cal facts, included or incorporated in this presentation could be deemed forward - looking statements, particularly statements about t he future financial performance of onsemi, including financial guidance for the first quarter of 2026. Forward - looking statements a re often characterized by the use of words such as “believes,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “an ticipates,” “should” or similar expressions or by discussions of strategy, plans or intentions. All forward - looking statements in this docum ent are made based on our current expectations, forecasts, estimates and assumptions and involve risks, uncertainties and other facto rs that could cause results or events to differ materially from those expressed in the forward - looking statements. Certain factors that could affect our future results or events are described under Part I, Item 1A “Risk Factors” in the 2025 Annual Report on Form 10 - K fi led with the Securities and Exchange Commission (“SEC”) on February 9, 2026 (the “2025 Form 10 - K”) and from time to time in our other SEC reports. You are cautioned not to place undue reliance on forward - looking statements. We assume no obligation to update such information, which speaks only as of the date made, except as may be required by law. Investing in our securities involves a hig h degree of risk and uncertainty, and you should carefully consider the trends, risks and uncertainties described in this docum ent , our 2025 Form 10 - K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties actually occurs or continues, our business, financial condition or op erating results could be materially adversely affected, the trading prices of our securities could decline, and you could lose all or pa rt of your investment. All forward - looking statements attributable to us or persons acting on our behalf are expressly qualified in their e ntirety by this cautionary statement. Our earnings release and this presentation include certain non - GAAP financial measures. Reconciliations of these non - GAAP financ ial measures to the most directly comparable measures under GAAP are included in our earnings release, which is posted separately on our website in the "Investor Relations" section. See Appendix for GAAP to Non - GAAP Reconciliation. Safe Harbor Statement and Non - GAAP and Forecast Information
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3 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | 3 © onsemi 2026 | Public Information Fourth Quarter 2025 Financial & Business Update
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4 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Q4’25 and 2025 Highlights Sequential revenue growth in Auto, Industrial and AI Data Center in Q4 Treo Platform - doubled number of products in 2025 and design - win funnel exceeds $1B Delivered $1.53B in revenue with expanding gross and operating margins in Q4 AI Data Center revenue exceeded $250m in 2025 Returned $1.4B to shareholders through repurchases in 2025 Achieved free cash flow margin of ~24% in 2025
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5 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Q4’25 Non - GAAP Financial Performance Revenue Gross Margin Operating Margin LTM FCF Margin $1.53B - 1% Q/Q 38.2% +25 bps Q/Q 19.8% +60 bps Q/Q $0.64 +$0.01 Q/Q 23.7% +650 bps Y/Y Diluted EPS Our earnings release and this presentation include certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable measures under GAAP are included in our earnings release, which is posted separately on our website in the "Investor Relations" section. See Appendix for GAAP to Non-GAAP Reconciliation. $289m Revenue Other 14% Q/Q $442m Revenue Industrial 4% Q/Q $798m Revenue Automotive 1% Q/Q
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6 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Strategic Announcements onsemi Unveils Innovative Vertical GaN Technology onsemi Announces Collaborations with Innoscience and GlobalFoundries on Lateral GaN Products onsemi Announces $6 Billion Share Repurchase Authorization View all press announcements at: onsemi.com/company/news - media/press - announcements
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7 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Q1’26 Guidance Highlights Revenue GAAP: $1,435 to $1,535m Non - GAAP: $1,435 to $1,535m EPS GAAP: $0.28 to $0.38 Non - GAAP: $0.56 to $0.66 GM GAAP: 37.4% to 39.4% Non - GAAP: 37.5% to 39.5% OPEX GAAP: $407 to $422m Non - GAAP: $285 to $300m Our earnings release and this presentation include certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable measures under GAAP are included in our earnings release, which is posted separately on our website in the "Investor Relations" section. See Appendix for GAAP to Non-GAAP Reconciliation.
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8 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | 8 © onsemi 2026 | Public Information About onsemi
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9 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | onsemi at a glance We push innovation to create intelligent power and sensing technologies that solve the most challenging customer problems Our employees are inspired to go above and beyond to increase stakeholder value through high quality and high value products and services Our Mission $6.0B 2025 Revenue 8.6x Increase in Free Cash Flow2 ~23K Employees Worldwide3 18 Manufacturing Sites in 9 Countries 1.4x Operating Income Growth1 24% Free Cash Flow Margin 25K+ Portfolio SKUs 1. 2019 to 2025 2. Certain reclassifications within the statements of cash flows have been made to 2019 free cash flow to conform to current period presentation 3. As of year-end 2025 >9K Customers across end- markets
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10 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | ▪ High efficiency and longer - range – Superior EliteSiC device technology ▪ High power density and less weight for the most efficient interconnect and direct cooling – Package technology ▪ Lower cost to deliver same power – Drive switch and SmartFET technologies Wide Bandgap – SiC , GaN, VGaN Intelligent Power Solutions ▪ Leading FET and IGBT supplier with growing market share ▪ Expanding BOM coverage with new products ▪ Attaching AI data center power in tray, rack and UPS Silicon Power – IGBT, FET ▪ Double down on $ 36 B 1 TAM with >70% gross margin ▪ Deliver system - level value with gate drivers and controllers ▪ Expand leadership to full Power Tree solutions Anal og and Mixed - Signal ICs Supply Best - in - class integrated modules, discrete package solutions and known good die 1 2 Superior Technology Die + Package = THE most optimal solution on the planet 3 Scale High - quality, high - volume manufacturing 4 Scope Suite of sustainable solutions from energy generation to consumption onsemi Advantage 1. IHS-Omdia See slide 26 for notes
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11 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Intelligent Sensing Solutions The onsemi Advantage Superior Technology • Devware • Ref Designs • Ecosystem Automotive & Industrial Focus Market leader in high - performance image sensors Decades of Innovation Installed base of >600m automotive sensors # 1 Industrial Image Sensors # 1 Ultrasonic and Inductive Sensing for Automotive & Industrial Solution Enablement • High Dynamic Range • Industry - leading 8 megapixel See slide 26 for notes
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12 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | ADAS and Autonomous Driving Solutions • Front Sensing Systems • Surround Sensing Systems • Autonomous Parking Assist • Autonomous Driving Viewing Solutions • Surround View Systems (SVS) • Camera Monitoring Systems (CMS, e - mirror) Vehicle Electrification xEV HEV / PHEV / BEV • Bi - Directional On - Board Charger • Traction Inverter • HV - LV DC - DC Converter 48V Transition • 48V Starter Generator • 48V - to - LV DC - DC Converter • 48V Zonal Modules Body Electronics & LED Lighting, Safety and Security • HVAC • Body / Zonal Control Module • Electric Power Steering • Electronic Braking • Advanced Lighting Systems • Tire Pressure Monitoring (TPMS) • In - Vehicle Networking/Software - Defined Vehicle (10BASE - T1S) > 500 devices at $1,600+ per vehicle In - Cabin Solutions • Driver Monitoring Systems (DMS) • Occupancy Monitoring Systems (OMS) Automotive Solutions
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13 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Driving Innovation and Growth in Industrial Aerospace, Defense, Security Satellites, space exploration, weapon systems, commercial aviation Factory Automation Robotics, industrial and warehouse automation, humanoids Traditional Industrial Power tools, HVAC, building automation, motor control Medical Continuous g lucose monitors, hearing health, imaging equipm ent , diagnostic Energy Infrastructure Power generation, energy storage systems, EV charging stations
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14 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | AI Data Center: Power Delivery from the Grid to the Core • onsemi’s addressable content increases as power density of AI data center racks increases • onsemi has the most comprehensive technology portfolio to address increasing power density – Si, SiC FET, SiC JFET, GaN, & vGaN, addressing the complete power tree from 0.8V to 800V • onsemi’s unique ability to address both high and low voltages accelerates long-term growth as the AI data center power tree compresses with increasing power density Compute Rack HV DC VCore 12 / 6 V DC 0.8V DC Hot Swap AI Compute Tray Multiple Blade Trays per Rack DC Hot Swap DC → DC HV DC DC → DC VCore PDU HV DC Bus Bar Utility Grid Site Power SST AC → DC Power Rack HV BBU PDU DC 800V DC 800V DC 35KV AC 800V DC 800V DC 800V DC BESS Data Center Rack Intermediate Bus Converters VCore 12V DC 0.8V DC Hot Swap AI Compute Tray 54V DC Multiple Blade Trays per Rack C Hot Swap Smart Power Stage Multiphase Controllers Point of Load DC DC → DC IBC DC → DC VCore Site Power Power Supply PDU 54V DC Bus Bar Uninterruptible Power Supply Utility Grid UPS AC→ DC→ AC CBU BBU HV PSU AC → DC 230V AC 480V AC 480V AC 54V DC 20kV AC 120kW onsemi opportunity ~$9.5K per rack Today 600kW - 1MW onsemi opportunity ~$105K per rack 2030 ESS DC-DC 2030: Next generation is 800V high voltage DC, opening opportunities for WBG content, incl. SiC MOSFET, SiC JFET and GaN Today: Currently at Low Voltage 54V Low Voltage DC Bus GPU GPU 54V DC HV CBU Source: onsemi estimates based on current market projection
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15 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Transforming Analog & Mixed - Signal Leadership into Sustainable Growth Industry - Leading Technology • 65nm BCD process with 1 - 90V operating range • High - performance analog , integrated power management • Unmatched system integration across subsystems Accelerated Time - to - Market • Spec → Silicon in 6 - 9 months • Centralized, reusable IP library • Rapid expansion of next - gen product families $36B 1 Addressable Market Across High - Growth Segments • Automotive (EV, ADAS, zonal architecture) • Industrial automation • AI data center power delivery • Advanced sensing (CGM, positioning, connectivity) • Aerospace, Defense, and Security Proven Momentum & Expansion Roadmap • Multiple Treo - based products already sampling • Broad roadmap across power, sensing, communications • Scalable platform enabling margin - accretive portfolio growth 1. IHS-Omdia
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16 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Vertical GaN: Investable Edge in High Power Density Smaller 800V power converters → higher rack compute density & lower conversion loss AI Data Centers Compact, rugged, reliable power systems for mission - critical platforms Aerospace, Defense & Security Faster charging & smaller, more efficient inverters → range & weight benefits Electric Vehicles Higher - efficiency solar and wind power conversion → better yield per installed watt Renewable Energy GaN - on - GaN vertical current flow delivers higher current density, higher voltage handling and faster switching than silicon and SiC → translating to materially higher power density at high frequency. Breakthrough Built on onsemi proprietary GaN processes in a 66K sq ft facility in Syracuse, NY with 20K sq ft cleanroom – leads to reduced defects and increased reliability. Manufacturing Excellence onsemi is first to scale vertical GaN ; 700V/1,200V devices already sampling to early - access customers with volume production targeted for late 2026. Leading in Scale
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17 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | $ 64 B TAM by 2029 Power of the Portfolio Driving onsemi Growth Electric Vehicles 2 $26.3B 13% CAGR AI Data Center 1 $12.2B 40% CAGR Advanced Safety 2 $3.7B 11% CAGR Notes: 1. AI data center based on onsemi projections, 2025-2029 2. Based on market projections, 2024-2029 See slide 26 for notes Factory Automation 2 $ 11.3 B 7 % CAGR Energy Infrastructure 2 $ 9 .6B 1 9 % CAGR EV Charging 2 $0.7B 14% CAGR
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18 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Levered to accelerating demand for power and sensing Revenue Growth Aligned to secular trends in Automotive, Industrial and AI Data Center Gross Margin Significant gross margin expansion to 53% Fab Right: optimize manufacturing network for cost efficiencies. Maximize utilization with flex to external capacity Ramping new and differentiated products However, evolving realities reveal this model as increasingly suboptimal: Free Cash Flow Free Cash Flow margin expansion to 25-30% Capital efficiency through high-ROIC investments and working capital management However, evolving realities reveal this model as increasingly suboptimal: Shareholder Capital Returns Shareholder-friendly capital allocation policy Return 100% of Free Cash Flow through share repurchase $6.0B share repurchase authorization Accelerating Shareholder Value
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19 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Accelerating the Financial Model 2025 Actuals Long - Term Target Revenue $6.0B 10 - 12% CAGR • Grow at ~3x the semiconductor industry Gross Margin 38.4% 53% • Mix shift, new products & Treo platform ramp at accretive margins • Optimize cost through Fab Right Operating Expenses 19.8% 13% • Invest in R&D for long - term growth • Digital First - embrace new technologies & data analytics Operating Margin 18.6% 40% • Grow Operating Income faster than Revenue CapEx 5.7% Mid - single digit range • Market success drives investments • High - ROIC brownfield investments Free Cash Flow 23.7% 25 - 30% • Return 100% of Free Cash Flow through share repurchases
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20 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | 20 © onsemi 2026 | Public Information Appendix
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21 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Q1’25 Actual Q2’25 Actual Q3’25 Actual Q4’25 Actual 2025 Actual Q1’26 Guide Long - Term Target Revenue ($ millions) 1,445.7 1,468.7 1,550.9 1,530.1 5,995.4 1,435 to 1,535 10 - 12% CAGR • Q4’25 revenue at the midpoint of guidance Gross Margin 40.0% 37.6% 38.0% 38.2% 38.4% 37.5% to 39.5% 53% • Gross margin expanding with Fab Right initiatives Operating Expenses ($ millions) 314.5 297.7 291.2 282.0 1,185.4 285 to 300 13% • Tight cost control with investments in differentiated products Operating Margin 18.3% 17.3% 19.2% 19.8% 18.6% --- 40% • Expanding operating margins reflect structural cost improvements CapEx ($ millions) 147.6 78.2 46.3 69.1 341.2 35 to 45 Mid - single digit range • Achieved significant reduction in capital intensity in 2025 • Remain committed to mid - single digit percentage range LTM Free Cash Flow 21.0% 20.1% 21.9% 23.7% 23.7% --- 25 - 30% • Record FCF of $1.4B in 2025 • Share repurchase target of 100% of FCF Earnings per Share $0.55 $0.53 $0.63 $0.64 $2.35 $0.56 to $0.66 --- • Strong Operating leverage driving earnings growth Our earnings release and this presentation include certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable measures under GAAP are included in our earnings release, which is posted separately on our website in the "Investor Relations" section. See Appendix for GAAP to Non-GAAP Reconciliation. Non - GAAP Financial Performance
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22 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | GAAP Special Items** Non - GAAP*** Revenue $1,435 to $1,535 million - $1,435 to $1,535 million Gross Margin 37.4% to 39.4% 0.1% 37.5% to 39.5% Operating Expenses $407 to $422 million $122 million $285 to $300 million Other Income and Expense (including interest), net ($7 million) - ($7 million) Diluted Earnings Per Share $0.28 to $0.38 $0.28 $0.56 to $0.66 Diluted Shares Outstanding * 398 million 1 million 397 million Q1’26 Guidance
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23 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Notes to Q1’26 Guidance * Diluted shares outstanding can vary as a result of , among other things, the vesting of restricted stock units, the incremental dilutive shares from the Company's convertible notes, and the repurchase or the issuance of stock or convertible notes or the sale of treasury shares. In period s w hen the quarterly average stock price per share exceeds $52.97 for the 0% Notes, and $103.87 for the 0.50% Notes, the non - GAAP diluted share count and non - GAAP net income per share include the anti - dilutive impact of the Company’s hedge transactions entered concurrently with the 0% Notes and the 0.50% Notes, respectively. At an average stock price per share between $52.97 and $74.34 for the 0% Notes and $103.87 and $156.78 for the 0.50% Notes, the hedging activity offsets the pote nti ally dilutive effect of the 0% Notes and 0.50% Notes, respectively. In periods when the quarterly average stock price exceeds $74.34 for the 0% Notes, and $156.78 fo r the 0.50% Notes, the dilutive impact of the warrants issued concurrently with such notes are included in the diluted shares outstanding. GAAP and non - GAAP diluted sh are counts are based on either the previous quarter's average stock price or the stock price as of the last day of the previous quarter, whichever is higher. ** Special items may include: amortization of intangibles; expensing of appraised inventory fair market value step - up; purchased in - process research and development expenses; restructuring, asset impairments and other, net; goodwill and intangible asset impairment charges; gain s a nd losses on debt prepayment; non - cash interest expense; actuarial (gains) losses on pension plans and other pension benefits; and certain other special items, as necessary. These special items are out of our control and could change significantly from period to period. As a result, we are not able to reasonably estimate and separately present the individual impact or probable significance of these special items, and we are similarly unable to provide a reconciliation of the non - GAAP measures. The reconciliation that is unavailable would include a forward - looking income statement, balance sheet and statement of cash flows in accordance with GAAP. For this re ason, we use a projected range of the aggregate amount of special items in order to calculate our projected non - GAAP operating expense outlook . *** We believe these non - GAAP measures provide important supplemental information to investors. We use these measures, together with GAAP measures, for internal managerial purposes and as a means to evaluate period - to - period comparisons. However, we do not, and you should not, rely on non - GAAP financial measures alone as measures of our performance. We believe that non - GAAP financial measures reflect an additional way of viewing aspects o f our operations that, when taken together with GAAP results and the reconciliations to corresponding GAAP financial measures that we also provide in our relea ses , provide a more complete understanding of factors and trends affecting our business. Because non - GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non - GAAP financial measures, even if they have similar names .
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24 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | GAAP to Non - GAAP Reconciliation ( $ in Millions) FY2024 Q1’25 Q2’25 Q3’25 Q4’25 FY 2025 Reconciliation of GAAP to Non - GAAP Gross Margin: GAAP Gross Margin 45.4% 20.3% 37.6% 37.9% 36.0% 33.1% a) Amortization of intangible assets 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% b) Restructuring - related inventory and other charges - 19.6% - 0.1% 0.0% 2.1% 5.2% Non - GAAP Gross Margin 45.5% 40.0% 37.6% 38.0% 38.2% 38.4% Reconciliation of GAAP to Non - GAAP Operating Expenses: GAAP Operating Expenses $ 1,448.4 $ 867.5 $ 358.5 $ 322.8 $ 350.9 $ 1,899.7 a) Amortization of intangible assets (52.0) (11.4) (11.0) (11.2) (10.8) (44.4) b) Restructuring, asset impairments and other, net (133.9) (539.3) (49.2) (19.6) (58.8) (666.9) c) Third party acquisition and divestiture - related costs (14.0) (2.3) (0.6) (0.8) (0.6) (4.3) d) Adjustments to contingent consideration - - - - 1.3 1.3 Non - GAAP Operating Expenses $ 1,248.5 $ 314.5 $ 297.7 $ 291.2 $ 282.0 $ 1,185.4 Reconciliation of GAAP to Non - GAAP Operating Income: GAAP Operating Income $ 1,767.7 $ (573.7) $ 193.4 $ 264.4 $ 200.1 $ 84.2 a) Amortization of intangible assets 58.3 12.7 12.3 12.4 12.0 49.4 b) Restructuring, asset impairments and other, net 133.9 539.3 49.2 19.6 58.8 666.9 c) Third party acquisition and divestiture - related costs 14.0 2.3 0.6 0.8 0.6 4.3 d) Restructuring - related inventory and other charges - 283.4 (1.9) - 32.1 313.6 e) Amortization of fair market value step - up of inventory - - 1.2 0.6 0.6 2.4 f) Adjustments to contingent consideration - - - - (1.3) (1.3) Non - GAAP Operating Income $ 1,973.9 $ 264.0 $ 254.8 $ 297.8 $ 302.9 $ 1,119.5 Reconciliation of GAAP to Non - GAAP Operating Margin: GAAP Operating Margin 25.0% - 39.7% 13.2% 17.0% 13.1% 1.4% a) Amortization of intangible assets 0.8% 0.9% 0.8% 0.8% 0.8% 0.8% b) Restructuring, asset impairments and other, net 1.9% 37.3% 3.3% 1.3% 3.8% 11.1% c) Third party acquisition and divestiture - related costs 0.2% 0.2% - 0.1% 0.0% 0.1% d) Restructuring - related inventory and other charges - 19.6% - 0.1% - 2.1% 5.2% e) Amortization of fair market value step - up of inventory - - 0.1% - - - f) Adjustments to contingent consideration - - - - - - Non - GAAP Operating Margin 27.9% 18.3% 17.3% 19.2% 19.8% 18.6% Free Cash Flow: LTM Free Cash Flow $ 1,212.4 $ 1,402.3 $ 1,287.3 $ 1,355.6 $ 1,418.6 $ 1,418.6 LTM Revenue 7,082.3 6,665.3 6,398.8 6,187.8 5,995.4 5,995.4 LTM Cash Flow Margin 17.1% 21.0% 20.1% 21.9% 23.7% 23.7%
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25 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | GAAP to Non-GAAP Reconciliation ($ in Millions, except share count and EPS) FY2024 Q1’25 Q2’25 Q3’25 Q4’25 FY 2025 Reconciliation of GAAP to Non-GAAP Net Income Attributable to ON Semiconductor Corporation: GAAP Net Income Attributable to ON Semiconductor Corporation $1,572.8 $(486.1) $170.3 $255.0 $181.8 $121.0 a) Amortization of intangible assets 58.3 12.7 12.3 12.4 12.0 49.4 b) Restructuring, asset impairments and other, net 133.9 539.3 49.2 19.6 58.8 666.9 c) Third party acquisition and divestiture-related costs 14.0 2.3 0.6 0.8 (0.6) 4.3 d) Actuarial gains (losses) on pension plans and other pension benefits (12.2) - - - (12.9) (12.9) e) Adjustment of income taxes (62.2) (120.0) (10.4) (32.1) (14.5) (177.0) f) Restructuring-related inventory and other charges - (1.9) - 32.1 313.6 g) Amortization of fair market value step-up of inventory - 283.4 1.2 0.6 0.6 2.4 h) Adjustments to contingent consideration - - - - (1.3) (1.3) Non-GAAP Net Income Attributable to ON Semiconductor Corporation $ 1,704.6 $ 231.6 $ 221.3 $ 256.3 $ 257.2 $ 966.4 Reconciliation of GAAP to Non-GAAP Diluted Shares Outstanding: GAAP Diluted Shares Outstanding 432.7 421.3 414.9 408.0 402.3 411.8 Less: dilutive shares attributable to convertible notes (4.0) - - - - - Add: dilutive shares attributable to convertible notes - 0.4 - - - - Non-GAAP Diluted Shares Outstanding 428.7 421.7 414.9 408.0 402.3 411.8 Non-GAAP Diluted Earnings Per Share: Non-GAAP net income for diluted earnings per share $ 1,704.6 $ 231.6 $ 221.3 $ 256.3 $ 257.2 $ 966.4 Non-GAAP diluted shares outstanding 428.7 421.7 414.9 408.0 402.3 411.8 Non-GAAP Diluted Earnings Per Share $ 3.98 $ 0.55 $ 0.53 $ 0.63 $ 0.64 $ 2.35
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26 Content to the Right of this line Content to the Left of this line Content to the Right of this line Content to the Left of this line Content Below this line Content Above this line Content Below this line Content Above this line Color Swatches © onsemi 2026 | Public Information | Notes & Sources Intelligent Power Solutions (Slide 10) • onsemi estimates based on current market projections. • IHS-Omdia Intelligent Sensing Solutions (Slide 11) • onsemi estimates based on current market projections. Power of the Portfolio Driving onsemi Growth (Slide 17) • onsemi estimates based on current market projections. • onsemi AI data center power TAM estimate includes power infrastructure, power supply unit, battery backup unit, hot swap, int ermediate bus converter, vCore and other products. • Energy infrastructure TAM includes energy conversion, storage, distribution and generation. • Factory automation TAM includes human-machine interface, motor drives and other manufacturing & process. • Omdia: Power Semiconductors in Automotive Report – 2025 Analysis • Yole: Automotive Imaging 2025 Report • Omdia: Industrial Semiconductor Market Tracker – 2Q25 Analysis
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