Slides
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Data Center Analyst Day October 15, 2026
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MITCH HAWS SVP, Investor Relations Welcome & Introduction SEMTECH DATA CENTER ANALYST DAY 2026
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SEMTECH DATA CENTER ANALYST DAY 2026 BREAK10:45 AM IMRAN SHERAZI | SVP & GM, Signal Integrity Products DATA CENTER TECH DEEP DIVE: “THE MARKET IS MOVING TOWARDS US” 11:00 AM NETWORKING LUNCH & PRODUCT DEMO STATIONS11:30 AM DR. HONG HOU | President & CEO CLOSING REMARKS MARK LIN | EVP & CFO FINANCIAL OVERVIEW & TARGETS1:00 PM Q&A SESSION1:30 PM 9:00 AM MITCH HAWS | SVP, Investor Relations WELCOME & INTRODUCTION DR. HONG HOU | President & CEO SEMTECH RISING, TRANSFORMING, AND EXCELLING Moderated by MARK EDELSTONE of Morgan Stanley INDUSTRY PANEL: THE AI CONNECTIVITY IMPERATIVE 333 Agenda 2:00 PM
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This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the Company's current expectations, estimates and projections about its operations, industry, financial condition, performance, results of operations, and liquidity. Forward-looking statements are statements other than historical information or statements of current condition and relate to matters such as future financial performance including the third quarter of fiscal year 2027 outlook and a financial framework for fiscal year 2030; future operational performance; the anticipated impact of specific items on future earnings; the Company's expectations regarding near term growth trends and market position; and the Company's plans, objectives and expectations. Statements containing words such as "may," "believes," "see," "anticipates," "expects," "intends," "positions," "plans," "projects,“ “targets,” "objectives," "estimates," "develops," "should," "could," "will," "designed to," "projections," or "outlook," or other similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results and events to differ materially from those projected. Potential factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the volatility of our financial results or impact of the cyclical nature of our industry, including due to growing concentration of demand in artificial intelligence-related semiconductors, during industry downturns or due to periodic economic uncertainty; the historical rapid decrease of the average selling prices of certain products; disruptions in U.S. or foreign government operations, funding or incentives; changes in export restrictions and laws affecting the Company's trade and investments, including tariffs or retaliatory tariffs; interruption or loss of supplies or services from the limited number of suppliers and subcontractors we rely upon; our suppliers' manufacturing capacity constraints or other supply chain disruptions; failure to successfully develop and sell new products, meet new industry standards or requirements or anticipate changes in projected or end market users; failure to adequately protect our intellectual property rights; failure to make the substantial investments in research and development that are required to remain competitive in our business or to properly anticipate competitive changes in the marketplace; the likelihood of our products being found defective or risk of liability claims asserted against us; business interruptions, such as natural disasters, acts of violence and the outbreak of contagious diseases; adverse changes to general economic conditions in China; the loss of any one of our small number of customers or failure to collect a receivable from them; competition from new or established IoT, cloud services and wireless service companies or from those with greater resources; the difficulties associated with integrating ours and Sierra Wireless, Inc.'s businesses and operations successfully as well as difficulties executing other acquisitions or divestitures, including the pending divestiture of our cellular module business and attendant risks; discovery of additional material weaknesses in our internal control over financial reporting in the future or otherwise failing to achieve and maintain effective disclosure controls, procedures and internal control over financial reporting; changes in our effective tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, or material differences between our forecasted annual effective tax rates and actual tax rates; the Company's ability to comply with, or pursue business strategies due to, our level of indebtedness or the covenants under the agreements governing our indebtedness; and adverse developments affecting the financial services industry. Additionally, forward-looking statements should be considered in conjunction with the cautionary statements contained in the risk factors disclosed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended January 25, 2026, filed with the SEC on March 23, 2026 as such risk factors may be amended, supplemented or superseded from time to time by other reports the Company files with the SEC. In light of the significant risks and uncertainties inherent in the forward-looking information included herein that may cause actual performance and results to differ materially from those predicted, any such forward-looking information should not be regarded as representations or guarantees by the Company of future performance or results, or that its objectives or plans will be achieved or that any of its operating expectations or financial forecasts will be realized. Reported results should not be considered an indication of future performance. Investors are cautioned not to place undue reliance on any forward-looking information contained herein, which reflect management's analysis only as of the date hereof. These forward-looking statements speak only as of the date hereof. Except as required by law, the Company assumes no obligation to publicly release the results of any update or revision to any forward- looking statement that may be made to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated or future events, or otherwise. Financial Framework FY30 The FY30 financial framework consists of targets and goals, not guidance or forecasts, and is not a guarantee of future performance. It is forward-looking, is based on management’s current assumptions and expectations as of October 15, 2026, and is subject to significant risks and uncertainties, as discussed above, in particular with respect to the growth of the data center market and the Company’s ability to capture it. Actual results may differ materially. See “Safe Harbor Statement” and “Non-GAAP Financial Measures” for additional information. SEMTECH DATA CENTER ANALYST DAY 20264 Safe Harbor Statement
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SEMTECH DATA CENTER ANALYST DAY 2026 Non-GAAP Financial Measures To supplement the Company’s consolidated financial statements prepared in accordance with GAAP, this presentation includes select non-GAAP financial measures. The Company’s non- GAAP measures of adjusted gross margin, adjusted gross margin, excluding business held for sale, adjusted product development and engineering expense, adjusted selling, general and administrative expense, adjusted operating expenses, net, adjusted operating margin, adjusted diluted earnings per share, non-GAAP tax rate, adjusted EBITDA, net leverage ratio, net debt, free cash flow, net cash interest, and adjusted net income exclude the following items, if any and as applicable, as set forth in the reconciliations included in the Appendix to this presentation under “Supplemental Information: Reconciliation of GAAP to Non-GAAP Results.” • Share-based compensation • Intangible amortization • Transaction and integration related costs or recoveries • Restructuring and other reserves, including cumulative other reserves associated with historical activity including environmental, pension, deferred compensation and right-of-use asset impairments • Litigation costs or dispute settlement charges or recoveries • Equity method income or loss • Investment gains, losses, reserves and impairments, including interest income from debt investments • Write-off and amortization of deferred financing costs • Interest rate swap termination • Induced conversion expense • Loss on extinguishment of debt • Debt commitment fee • Goodwill and intangible impairment • Amortization of inventory step-up The Company is unable to include a reconciliation of forward-looking non-GAAP results to the corresponding GAAP measures as they are not available without unreasonable efforts due to the high variability and low visibility with respect to the impact of transaction, integration and restructuring expenses, share-based awards, amortization of acquisition-related intangible assets and other items that are excluded from these non-GAAP measures. The Company expects the variability of the above charges to have a potentially significant impact on its GAAP financial results. 5
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SEMTECH DATA CENTER ANALYST DAY 20266 [Placeholder Sizzle Reel]
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DR. HONG HOU President & CEO Semtech Rising, Transforming, and Excelling SEMTECH DATA CENTER ANALYST DAY 20267
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SEMTECH DATA CENTER ANALYST DAY 20268 An Inflection Point to Accelerating Growth Early proof of a predictable, high-growth, highly profitable company ”Two years and four months into my tenure as CEO, Semtech is a fundamentally different company” Greater Visibility • The multi-year financial model is clearer and more predictable • Operating leverage has improved substantially Sharper Portfolio • Pending divestiture of cellular module business is expected to remove margin disparity • Sharpened focus on Data Center & LoRa® Stronger Growth Momentum • Massive opportunities from data center build-outs and our broader portfolio - the inflection is just starting • Beginning to see accelerated revenue and earnings growth
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Combining technical depth, operating experience, and industry leadership RIGHT TIME, RIGHT PLACE, RIGHT SKILLSET Technical Foundation • Ph.D. in Electrical Engineering • Compound semiconductor and photonics research at three national labs • Telecom component research at AT&T Bell Labs • Emcore: Director of Technology to CEO (GaAs/InP equipment, materials, devices) • AXT: COO (GaAs, Ge and InP substrates) • Fabrinet: CTO and GM (fast NPI, large-scale manufacturing) • Intel: CVP and GM, Data Center Networking • Brooks Automation: President (semiconductor foundry and OSAT automation) • Semtech: Independent Board Member Experience Across Semiconductor/Photonics/Networking Industries SEMTECH DATA CENTER ANALYST DAY 20269 Privileged to Lead the Next Phase of Semtech’s Growth Experience across the data center ecosystem
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SEMTECH DATA CENTER ANALYST DAY 202610 Semtech: Long History with Renewed Vision Be the leading connectivity company of the AI era, focused on moving more data with less energy from the heart of the data center to the edge of the physical world. Founding and defense roots 1960s –1990s Pivot to analog / mixed-signal Mid 1990s – 2000s Gennum and Cycleo acquisitions 2012 Sierra Wireless / IoT systems detour 2023 Refocus and AI-era transformation A fundamentally different company 2024-Present RENEWED STRATEGY AND VISION
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SEMTECH DATA CENTER ANALYST DAY 202611 Our Journey: Three Arcs and One Story to Transform Semtech Be the leading connectivity company of the AI era, focused on moving more data with less energy from the heart of the data center to the edge of the physical world The Destination Emerging as an industry leader Jun 2024 – Jan 2026 Fixed the fundamentals Feb 2026 – Present Building more growth engines
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SEMTECH DATA CENTER ANALYST DAY 202612 Semtech Rising: Fixed the Fundamentals Fixed the Balance Sheet Increased R&D investment overall Reduced net leverage ratio from 10.5x to 1.1x1 Diligently balanced capital allocation priorities of R&D investment GOING ON OFFENSE Sharpened Positioning Prioritized R&D projects that align with customer needs Delineated non-core businesses & started divestiture Concerted R&D investment in the highest growth areas FOCUSED ON DATA CENTER & LoRa® We turned a highly leveraged company into a focused and aggressive data center pursuit Revamped the customer engagement process & created a customer obsession culture Reestablished trust & transparency & aligned the organization Rebuilt Culture REVITALIZING CUSTOMER & EMPLOYEE ENGAGEMENT Employee engagement score increased from 57% to 78% 1. Q4 FY24 TTM to Q2 FY27 TTM. See Non-GAAP Financial Measures above and Supplemental Information.
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SEMTECH DATA CENTER ANALYST DAY 202613 Foundational Culture Change: Deeper Customer Engagement Engagement accelerating roadmap alignment and design wins 01 Understand pain points of definitional customers 02 Offer differentiated solutions: simulation to purpose-built Silicon 03 Achieve multi-generational roadmap alignment 04 ENGAGEMENT MODELEnd Customers (Hyperscalers, XPU Makers) Module Customers 1 Module Customers 2 Module Customers 3 Evolving from a component supplier to a technology partner THE RESULT A trusted technology partner Execution enhancing trust across ecosystem Expand content at all module makers Laser focused on the most relevant opportunities
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Intensify R&D Develop Future Growth Drivers Increased R&D in data center, LoRa®, & photonics Expand product portfolio to elevate as a solution provider Fully capture new opportunities to align with customers' roadmaps Strategic Imperatives to Win Strengthen the Winning Culture Growth oriented Customer intimacy Innovation w/differentiated solutions Execution excellence: Be the best at whatever we do Employee engagement: Unleash the broad base for our common resolves SEMTECH DATA CENTER ANALYST DAY 202614 Semtech Transforming: Building More Growth Engines We are well under way on our transformation journey Fill key capability gaps through disciplined M&A Divest non-core assets to sharpen focus Take it as an ongoing journey to continue the optimization Optimize Portfolio Be the Best in What We Offer
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$0.26 $0.48 $1.14 Q3'25 Q3'26 Q3'27E 10.5x 2.3x 1.3x FY24 FY25 FY26 Q3'27E <1.0x 1. See Non-GAAP Financial Measures above and Supplemental Information. 2. Midpoint of outlook as of October 15, 2026 , adjusted gross margin outlook excludes cellular module business; 3. Net Debt-to-TTM Adj. EBITDA SEMTECH DATA CENTER ANALYST DAY 202615 Positioned at an Inflection Point for Accelerated Growth Q3’FY27 outlook reflects an inflection to a more predictable, high-growth, high-margin business trajectory $237 $267 $418 Q3'25 Q3'26 Q3'27E 52.4% 53.0% 64.0% Q3'25 Q3'26 Q3'27E REVENUE ($m) ADJUSTED GROSS MARGIN1 NET LEVERAGE RATIO1,3 ADJUSTED DILUTED EPS1 2 2 2 2
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SEMTECH DATA CENTER ANALYST DAY 202616 A Data Center Centric Company Driving Massive Growth 7% 40% 65% FY24 Q3'27E* Longer-term target DATA CENTER REVENUE % of total company revenue Inflection Is Just Starting Early innings of a multi-year growth cycle ➜ Portfolio Optimization Underway Expanding our portfolio to address the Power Wall, Connectivity Wall, and beyond ➜ Our Strategy Become the leader in data center connectivity solutions, focusing on high bandwidth, low power, low latency copper and fiber interconnects across all reaches ➜ *Excluding Cellular Module business
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SEMTECH DATA CENTER ANALYST DAY 202617 Generational AI Data Center Growth Opportunity Global Data Center Capex Spend is Growing Rapidly ($b) (1) THE OPPORTUNITY Annual Capex to Exceed $2.2 Trillion (1) Based on Bank of America Equity Research (September 2026), other than Latest Consensus for 2026 (2) Management estimates based on market research reports (October 2026) KEY GROWTH DRIVERS Expanding AI Workloads Agentic AI, inference, and enterprise adoption are materially increasing compute and connectivity requirements Improving Demand Visibility Multi-year cloud commitments and growing backlog provide greater confidence in sustained infrastructure spend Persistent Capacity Constraints Limited compute, power, and data center capacity continue to support incremental investment $505 $839 $1,327 $1,815 $2,231 2025 2026 2027 2028 2029 October Consensus $1+ Trillion(2)
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SEMTECH DATA CENTER ANALYST DAY 202618 Various Connectivity Solutions Across Data Center Network High speed connectivity solutions to deliver high bandwidth, low power consumption, high bandwidth density, and low latency SCALE UP (2-10m) 200x volume Cu Optical ACC/AEC Redriver/Retimer on board NPO CPO Optical Interposer SCALE ACROSS (>2km) 1x volume Metro Txsponder (>80km) Coherent Lite (2/10km) ZR/ZR+ (20/40km) SCALE OUT (5m-2km) 20x volume FRO LRO (TRO) LPO XPO AOC 800G 1.6T 3.2T SCALE IN (<1m) 2,000x volume Chiplets/Optical Interposers
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SEMTECH DATA CENTER ANALYST DAY 202619 An Additional Growth Engine – Semtech Photonics Portfolio March 2026 ADDITION OF LASER PRODUCTS • 46-year heritage in photonic chip design & manufacturing (gain chips, SOAs, DFBs, PDs) • Vertically integrated (MOCVD EPI, Wafer Fab, Bar/Chip Fab, CoC) • Pure-play U.S. laser chip supplier based in Los Angeles area ADDITION OF PHOTODIODE CAPABILITY June 2026 • World-class design talents of high-speed photodiodes • Instant access to 7,000 ft2 cleanroom for laser capacity expansion • Close proximity to the HieFo photonics fab • Plan to demonstrate 200G and 300G PDs at OFC’27
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SEMTECH DATA CENTER ANALYST DAY 202620 Photonics Business Expansion Strategy SCALE ACROSS Coherent Gain Chips STRENGTHEN CORE Scale Across Coherent LITE Laser EXPAND INTO ADJACENT MARKETS Scale Out IMDD VHP CW Laser PhotoDiode PENETRATE SELECTIVELY Scale Up OCI-CPO UHP Laser / SOA DEVELOP FOR FUTURE
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TIATIA FRO Driver LPO TIA FRO TIA Driver LPO1 TIA Driver NPO / XPO1 Driver (~15% attach) EXISTING CONTENT TIA and in many cases driver across 800G and 1.6T NEW SOCKETS / NEXT -GENERATION ARCHITECTURES Laser content emerges at NPO / XPO, & broader photonics at 3.2T ~ $8 content per module ASPs increase with technological complexity CW Laser 800G 1.6T TIA Driver Modulator PD CW Laser Greater than $100 content opportunity projected per module 3.2T SEMTECH DATA CENTER ANALYST DAY 202621 Architecture Shifts Increase Semtech’s Content Opportunity Most of the architecture shift in the future trend increases the content and overall value Source: Semtech data center background material and Q2 FY2027 earnings call, August 25, 2026.; 1. Splits illustrate composition and are not disclosed values. >10X NPO / XPO1
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SEMTECH DATA CENTER ANALYST DAY 202622 Addressing a ~$15b Market by FY2030 We have multiple ways to win across optical receive, optical transmit, and copper SEMTECH GROWTH DRIVERS Market trend due to massive AI infrastructure investment Content increase due to expanded portfolio through internal R&D, and strategic M&As Market share gain in areas we play SAM by Segment ($b) 50%+ CAGR Source: 650 Group (October 2026) , adjusted to Semtech’s existing portfolio $0 $2 $4 $6 $8 $10 $12 $14 $16 FY2026 FY2027 FY2028 FY2029 FY2030 Thousands PMDs (TIA + Driver) Lasers, GC, SOA Active Copper
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T H R E E P I L L A R S C A R R Y T H E V I S I O N Semtech’s Right to Win 01 Technology Leadership • Recognized analog and mixed-signal leader • Decades long track record of differentiated products and solutions • Market is moving toward analog solutions 02 Customer Intimacy • Knows what customers need, now and in the future • Engagement with multiple levels of the value chain • Easy to do business with 03 Operational Excellence • Monthly co-planning with key customers • Proactively secure capacity and execute to scale • Proven record of operational excellence 23 SEMTECH DATA CENTER ANALYST DAY 2026
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SEMTECH DATA CENTER ANALYST DAY 202624 LoRa® and the Broader Portfolio: A Second Growth Vector Focused roadmap and execution has unlocked multiple new application verticals to accelerate business growth E X P A N D I N G Lo R a C A P A B I L I T I E S ( F O C U S O N I C D E V & S O F T W A R E E N A B L E M E N T ) B U S I N E S S G R O W T H W I T H E X P A N D I N G A P P L I C A T I O N V E R T I C A L S T H A N K S T O IM P R O V E D Lo R a C A P A B I L I T I E S More Bandwidth Higher BW w/ LoRaWAN® More Capabilities LoRa Plus innovation More Networks Amazon Sidewalk Robust Connectivity High-end Medical Devices Smart Metering Asset Tracking Hearing Aids Drone Control Smart Building Security Control Edge AI Connects Amazon Sidewalk Industrial Automation
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FY30E REVENUE $3.2b with Data Center as the primary growth driver Consolidated Revenue Framework SEMTECH DATA CENTER ANALYST DAY 202625 Financial Framework FY30E1 Faster Growth in FY27 & FY28 due to better visibility backed by booking momentum and backlog Revenue CAGR FY26 to FY30E Data Center +75% Consolidated2 +38% LoRa® +30% 1. See disclosure regarding Financial Framework FY30. 2. Consolidated FY26-FY30E revenue CAGR excludes $166m in FY26 Cellular Module revenue
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SEMTECH DATA CENTER ANALYST DAY 202626 Our Journey to Our Destination Is Accelerating • Repositioned for AI connectivity • Transformed balance sheet leverage1: 10.5x → 1.3x • Customer engagement overhaul • Employee engagement: 57% → 78% Jun 2024 – Jan 2026 Fixed the fundamentals • Winning Culture to focus on growth, customer intimacy, innovation, execution excellence, and employee engagement • Intensify R&D to strengthen tech leadership • Portfolio optimization through M&A Feb 2026 – Present Building more growth engines • >50% growth above the market • >50% higher profit than market • Customers' partner of choice • Employees energized, focused & motivated • Shareholders handsomely rewarded The Destination Emerging as an industry leader 1. See Non-GAAP Financial Measures above and Supplemental Information
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10x content expansion opportunity leveraging our expanded photonics portfolio Strategic transformation positions us at an inflection point for accelerating growth Intentional shift to a technology partner providing tailored solutions enabling next-gen AI infrastructure Multiple growth drivers beyond the Data Center opportunity Positioned with higher growth, higher margins, improved operating leverage, accelerating shareholders’ return SEMTECH DATA CENTER ANALYST DAY 2026 Semtech is a Fundamentally Different Company 27
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Industry Panel: The AI Connectivity Imperative ALAN WECKEL 650 Group DAVID RAMKU OCP Board Chair; Meta DR. ALEXIS BLACK BJÖRLIN General Catalyst; Micron Board DR. HONG HOU Semtech SEMTECH DATA CENTER ANALYST DAY 2026 MARK EDELSTONE Morgan Stanley Moderator
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Break SEMTECH DATA CENTER ANALYST DAY 2026
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IMRAN SHERAZI SVP & GM, Signal Integrity Products Data Center Deep Dive: “The Market Is Moving Towards Us” SEMTECH DATA CENTER ANALYST DAY 2026
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SEMTECH DATA CENTER ANALYST DAY 202631 Our Rich Legacy in Signal Integrity Signal Integrity gets harder with every generation. Our rising experience curve enables that evolution. Telecom Ethernet PON / 4G Mobile Backhaul Cloud Hyperscale Data Center AI Data Center 50M 2.5G 10G 100G 400G 1.6T 3.2T 1990s 2000s 2010s 2020s EXPERIENCE 1 2 3 4 5 6 7 81 #1 2.5G TIA 4 De facto GPON Chip — 1.5b+ Shipped 2 #1 10G TIA 3 1st Receiver-on-Chip 5 Leading 4x25G LD+TIA+Retimer 6 #1 100G TIA 7 #1 200G Linear Redriver and a leading 200G TIA supplier 8 #1 300G Redriver 1 2 3 4 5 6 8 7 800G
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Signal Integrity Is About Impairments GAIN SEMTECH DATA CENTER ANALYST DAY 202632 AUTOMATIC GAIN CONTROL, PRE-COMPENSATION ATTENUATION The signal shrinks – there is less power at the output of the channel than there was at the input. 0 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 NONLINEARITY A nonlinear element is one where the attenuation (or gain) is different as your signal swings through its range – making it much harder to predict and compensate for at the far end. A larger signal will experience more nonlinearity, negating the benefit of having more margin. 0 0 1 0 1 1 0 1 0 0 0 0 1 0 1 1 0 1 0 0 BANDWIDTH LIMITATION Limits how fast the edges of your signal can transition from high to low, causing each pulse to spread into the adjacent ones. 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 LINEAR EQUALIZATION NOISE Literally every component, active or passive, adds noise to the signal. Unlike the other impairments above, in-band noise cannot be removed once it is part of the signal. 0 0 1 0 1 1 0 1 0 0 0 0 1 0 1 1 0 1 0 0 LOW NOISE DESIGN & FILTERING
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z Signal Integrity: Output Restored SEMTECH DATA CENTER ANALYST DAY 202633 Transmitted Signal Noise Added Low noise, high-gain Linear equalization, gain, boost Bandwidth Limitations Output Restored GPU ASIC SWITCH ASIC Attenuation High linearity, automatic gain control
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RETIMER Next-Generation Data Centers Are Increasingly Using Linear Signal Integrity Solutions “Linear when you can and retimed when you must” SEMTECH ANALOG ICs Fraction of the power Effectively zero latency Smaller footprint Cost advantage transmitted signal channel ISI added output restored crosstalk added ✓ ✓ ✓ ✓ SEMTECH DATA CENTER ANALYST DAY 202634 RETIMED transmitted signal channel ISI added excess margin Excess margin Longer reach Better interoperability Digital diagnostics ✓ ✓ ✓ transmitted signal ASIC Tx ASIC Tx ASIC Rx ASIC Rx
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Every link forces trade-offs among bandwidth, power, latency and reach. Our application knowledge and design depth allow us to optimize them all for high-performance signal integrity, at the lowest power. Signal Integrity by Function Signal integrity is the discipline. The architecture that applies it to each function is the product. Low Noise Sensitivity Channel Compensation LinearityGain Bandwidth Linear Redriver Low Noise Sensitivity Channel Compensation LinearityGain Bandwidth TIA Low Noise Sensitivity Channel Compensation LinearityGain Bandwidth Optical Driver SEMTECH DATA CENTER ANALYST DAY 202635
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Semtech monetizes every reach and speed — and the mix shifts toward optics and photonics as data centers move to 800G and beyond Reach and lane-speed decide the medium. “Use Copper When You Can, Use Optics When You Need To” Faster lanes 200 Gb/s 400 Gb/s 800 Gb/s Scale In Scale Up Scale Out Scale Out Scale Across CopperEdge Redrivers on board CopperEdge Active copper cables Redrivers on board FiberEdge® + Photonics CopperEdge Active copper cables Redrivers on board FiberEdge® + Photonics FiberEdge® + Photonics FiberEdge® + Photonics FiberEdge® + Photonics FiberEdge® + Photonics CopperEdge COPPER Scale-up within the rack. Lowest cost and power where distance allows. FiberEdge® OPTICAL Scale-across and scale-out between racks. Wins every cell above ~1 m at 800G. Photonics PHOTONICS LAYERED ON OPTICAL Rides on every FiberEdge® link, adding content per module and co-optimization. SEMTECH DATA CENTER ANALYST DAY 202636
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Why We Win: CopperEdge CopperEdge benefits more links as line rates increase Partnered with definitional customer to introduce redrivers to the industry SEMTECH DATA CENTER ANALYST DAY 202637 336Gb/s Only device currently performing in Hyperscaler application today ✓ 224Gb/s industry-leading today, shipping now ✓ 1/10th the power of a retimer/DSP solution ✓ ➜ Adding 20dB to ASIC link budgets - @224 and 336Gb/s ➜ Extending the reach of copper in scale-up @224 and 336Gb/s ➜ Form-factor breadth: active cable, PCB trace, and backplane applications ➜ <1/10th the power of retimed at 336Gb/s
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100G + 200G capacity to deliver both nodes at volume ✓ Form Factor Agnostic Every module type — we don't bet on one form factor ✓ Proven Performance Leading100G/lane TIA in the industry — FRO and LPO From 18% to >50% market share ✓ ➜ Low-noise, high-bandwidth architecture delivering the highest linearity/THD in the industry ➜ 200G TIA + PD attach, built on an architecture we patented in 2002 ➜ Proven optics interoperability across the ecosystem ➜ Production capacity in place, and form-factor agnostic — LPO, XPO, NPO, and emerging highly integrated architectures Why We Win: FiberEdge World's #1 100G/lane TIA, extending to 200G and beyond for all form factors in the volumes that the industry needs Decades of TIA leadership, from 2.5G to 200G and beyond SEMTECH DATA CENTER ANALYST DAY 202638
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Why We Win: Photonics Aligned to Semtech’s power efficient data center portfolio Power Efficiency Higher laser efficiency plus lower coupling loss 40–50mW savings per 800G module 25–30mW from power conversion; 15–20mW from coupling efficiency ~44% PCE vs. typical ~30% at 25°C; <0.8 dB coupling loss vs. typical ≥1.2–1.5 dB Signal Quality Low noise and narrow linewidth, ready for coherent-lite Better than −145dB/Hz relative intensity noise (RIN) Linewidth <500 kHz, coherent-lite ready US Supplier Vertically integrated, US supplier provides geographic resilience 40+ year history in photonic chips: gain chips, SOAs, high- power DFBs, and PDs, added to Semtech portfolio through disciplined M&A MOCVD epi through chip-on-submount Lower power, cleaner signal, US-built, across scale-up, scale-out and scale-across 39 SEMTECH DATA CENTER ANALYST DAY 2026
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Track Record of Delivering Performance & Quality at Scale Tenured, definitional relationships T E C H N O L O G Y A N D I N N O V A T I O N S P A N S S U P P L I E R S & C U S T O M E R S Strategic Supplier – Tower Semiconductor • SiGe BiCMOS • Partner since 2002 • 7 generations of process technology • Increasing bandwidth from 2.5G to 400G • Reducing power from 20pJ/bit to <1 pJ/bit Definitional Customers Across the Ecosystem OPTICAL MODULE DESIGNER Agility to ramp NPI volume HYPERSCALER Leverage knowledge base to solve signal integrity challenge COMPUTE Pushed the signal integrity envelope with Semtech as partner of choice C R I T I C A L D E P L O Y M E N T S O V E R T H E L A S T 2 0 Y E A R S PON FTTH 2 billion devices Fiber-to-the-Home 4G Wireless Backhaul Primary supplier on 4G national build out Cloud Datacenter 4x25G #1 supplier to Hyperscaler build out 100G/lane Industry leading TIA SEMTECH DATA CENTER ANALYST DAY 202640
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Content Opportunity in Every Form Factor Growth drivers across copper, optics and photonics – form factor agnostic ACTIVE COPPER CABLE SEMTECH DATA CENTER ANALYST DAY 202641 OPTICAL MODULE NPO XPO ACTIVE BACKPLANE
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Two Form Factors in a Data Center Application ACTIVE COPPER CABLE Receive End Linear Equalizer CW LaserDriverTIA SEMTECH DATA CENTER ANALYST DAY 202642 OPTICAL MODULE A single module becomes a large deployment opportunity as systems scale…
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Our Components Repeat Across the Data Center AI Data Center buildout is creating a generational opportunity Illustrative Example | 200k-GPU Data Center | One Optical Module per Link End SEMTECH DATA CENTER ANALYST DAY 202643 TIA & Driver in an Optical Module ~20 modules per compute tray ~8 trays per rack ~64 racks per cluster ~49 clusters per data center per data center 500K MODULES TIAs 800K DRIVERS 800K
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Expanding SAM + Expanding Content + Expanding Market Share Data center aspirations supported by multiple growth vectors, technology leadership and supply assurance $0.2 >2X >2X FY26 FY27E FY28E $0.2 $2.1 FY 26 FY 30E 1. 650 Group (October 2026) , adjusted to Semtech’s existing portfolio 2. See disclosure regarding Financial Framework FY30. 75% CAGR DATA CENTER Near-Term Revenue Forecast ($b) DATA CENTER Long-Term Revenue Target2 ($b) $3 $15 FY 26 FY 30E DATA CENTER SAM1 ($b) 50% CAGR SEMTECH DATA CENTER ANALYST DAY 202644
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SEMTECH DATA CENTER ANALYST DAY 202645 Key Takeaways The whole point of the data center is to move data. Signal integrity enables that movement of data at ever-increasing speeds 24 years of focus on signal integrity alone is exactly what the market needs now — enabling copper and optical alike as linear solutions deliver critical power efficiency Semtech is built to win across the whole landscape, not just one corner of it, 100G, 200G, form factor agnostic — we deliver at scale across the board Generational opportunity, with data center revenue expected to more than double this year and next year, with line of sight to $2.1b in FY30
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Networking Lunch & Product Demo Stations SEMTECH DATA CENTER ANALYST DAY 2026
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MARK LIN EVP & CFO Financial Overview & Targets SEMTECH DATA CENTER ANALYST DAY 2026
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SEMTECH DATA CENTER ANALYST DAY 2026 Key Messages Step change in margin profile supported by accretive Data Center and LoRa growth Financial transformation paved path for accelerating growth Consistent and predictable execution in meeting financial targets Robust FCF generation and disciplined capital allocation enable organic and strategic investment to strengthen portfolio value Differentiated portfolio, strong margins, and balance sheet stability compound into revenue, earnings, and cash flow growth, resulting in increased shareholder value 48 48
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-$123 $50 $171 $193 -$150.0 -$100.0 -$50.0 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 FY24 FY25 FY26 TTM Q2 FY27 10.5x 2.3x 1.3x 1.1x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x Q4'24 Q4'25 Q4'26 Q2'27 SEMTECH DATA CENTER ANALYST DAY 202649 Financial Transformation Over ~2 Years NET LEVERAGE RATIO1 FREE CASH FLOW1 ($m) $82m → $0 Net Cash Interest1 FY24 to Q2’27 $1.3b → $299m Net Debt1 Q4’24 to Q2’27 Amplify the Signal, Reduce the Noise + Accelerate Investment + Contribute to Growing EPS + Assurance to Suppliers and Customers 1. See Non-GAAP Financial Measures above and Supplemental Information.
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Q1’25-Q2’27 SEMTECH DATA CENTER ANALYST DAY 202650 Consistent & Predictable Execution $206 $215 $237 $251 $251 $258 $267 $274 $291 $342 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $- $100 $200 $300 $400 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Revenue ($m) Adj. Diluted EPS* 10 Quarters of Consecutive Revenue Growth Met or Exceeded Midpoint Revenue and Adj. Diluted EPS* Outlook +66% Revenue +1,083% Adj. Diluted EPS* +470 bps Adj. Gross Margin* +1,220 bps Adj. Operating Margin* *See Non-GAAP Financial Measures above and Supplemental Information.
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SEMTECH DATA CENTER ANALYST DAY 202651 Accelerating Growth: Q3’27 Outlook Update *See Non-GAAP Financial Measures above and Supplemental Information. $417.5m Revenue (Midpoint) +/- $2.5m $1.14 Adj. Diluted EPS* (Midpoint) +/- $0.02 59.0% Adj. Gross Margin* (Midpoint) +/- 40bps 64.0% Adj. Gross Margin, ex. business held for sale* (Midpoint) +/- 40bps +56% Y/Y (at Midpoint) +138% Y/Y (at Midpoint) 33.0% Adj. Operating Margin* (Midpoint) +/- 10bps Prior: 31.0% +/- 60bps Prior: $410.0m +/- $5.0m Prior: 58.3% +/- 100bps Prior: 63.9% +/- 100bps Prior: $1.05 +/- $0.03
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SEMTECH DATA CENTER ANALYST DAY 202652 Portfolio Optimization | A Higher Margin Mix REVENUE MIX BY END MARKET The portfolio has shifted toward businesses with strong secular growth, differentiated value, and attractive margin profiles FY24 Mix Infrastructure ex Data Center High-End Consumer Industrial ex LoRa LoRa® 7% Data Center 7% Q3’27E Mix1 Infrastructure ex Data Center High-End Consumer Industrial ex LoRa LoRa® 19% Data Center 40% 1. Q3’27E midpoint mix excluding Cellular Module revenue. Chart is not to scale Cellular Module divestiture structurally boosts margin profile Data center remains the highest growth engine, while LoRa is a differentiated, high-margin strategic asset • Long-term growth in remaining portfolio contributes meaningful cash flow & operating scale
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1. See Non-GAAP Financial Measures above and Supplemental Information. 2. Reflects mid-point outlook of adjusted gross margin, excluding the held-for-sale Cellular Module business, as of October 15, 2026 3. Reflects mid-point outlook as of October 15, 2026 SEMTECH DATA CENTER ANALYST DAY 202653 Execution Driven Margin and Earnings Expansion 50.4% 54.5% 64.0% Q2'25 Q2'27 Q3'27E ADJ. GROSS MARGIN1 ADJ. OPERATING MARGIN1 14.2% 24.4% 33.0% Q2'25 Q2'27 Q3'27E ADJ. DILUTED EPS1 $0.11 $0.71 $1.14 Q2'25 Q2'27 Q3'27E Improved mix and portfolio actions Adjusted gross margin expansion and operating leverage Stronger profitability translating into earnings growth +410 bps +950bps +1,020 bps +860bps At +9.3x Revenue Growth At +2.7x Revenue Growth 2 3 3
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$163 $172 $176 FY25 FY26 TTM Q2 27 1. See Non-GAAP Financial Measures above and Supplemental Information. 2. R&D and SG&A ratios use non-GAAP R&D and SG&A divided by revenue. SEMTECH DATA CENTER ANALYST DAY 202654 Operating Discipline Funds Growth & Creates Operating Leverage 1 Focus Investment in R&D – Allocate resources on high-return projects where we have customer alignment 2 Disciplined SG&A – Focused control to contribute to overall operating leverage 3 Generate operating leverage • Adj. SG&A1 growth 30% of Adj. R&D1 growth • Q3’27E adj. operating expense1 % of revenue: 26.0% at midpoint $157 $181 $200 FY25 FY26 TTM Q2 27 % of total revenue2 ADJ. R&D1 SPEND ($m) % of total revenue2 ADJ. SG&A1 SPEND ($m) 17% 17% 17% 18% 16% 15% +27% +8%
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SEMTECH DATA CENTER ANALYST DAY 202655 Balance Sheet Enables Strategic Capital Deployment Low leverage and growing liquidity provide flexibility to drive long-term shareholder value DEBT MATURITY SCHEDULE $101 $403 $- $50.000 $100.000 $150.000 $200.000 $250.000 $300.000 $350.000 $400.000 $450.000 FY28 FY29 FY30 FY31 NET LEVERAGE1 TRANSFORMATION 10.5x 2.3x 1.3x 1.1x 0 2 4 6 8 10 12 Q4'24 Q4'25 Q4'26 Q2'27 Q3'27E NET LEVERAGE1 TARGET Committed to maintaining a strong balance sheet while investing for long-term growth <0.0x NET DEBT / ADJUSTED EBITDA1 TOTAL DEBT $503m CASH & CASH EQUIVALENTS $204m NET DEBT1 $299m AVAILABLE CREDIT $357m TOTAL AVAILABLE LIQUIDITY $561m Debt , cash & cash equivalents, available credit and liquidity as of Q2’27 1. See Non-GAAP Financial Measures above and Supplemental Information. <1.0x
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SEMTECH DATA CENTER ANALYST DAY 202656 Disciplined Capital Allocation Strategy Driving Value Creation Go-Forward Priorities PORTFOLIO OPTIMIZATION Apply framework for opportunistic, capability- driven M&A • Prioritize strategic fit & strongest returns • Balance sheet discipline - mindful of our history 2 BALANCE SHEET STRENGTH Facilitate operational flexibility & strategic opportunity 3 ORGANIC INVESTMENT Prioritize customer-aligned R&D • Focus on highest return opportunities • Invest where visibility is high 1
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SEMTECH DATA CENTER ANALYST DAY 202657 Clear & Disciplined Portfolio Optimization Framework Opportunistic & capability-driven, not scale-driven Key focus areas include Core Analog / Mixed Signal, AI-Connectivity, & LoRa ecosystem CASE STUDY: SPP (Acquired March 2026) Strategic fit Expands our AI connectivity portfolio and strengthens position in high-speed optical interconnect New capability Opportunity to infuse critical upstream components for the optical module supply chain, with U.S. InP manufacturing footprint Attractive economics Expected to generate data center gross margin, R&D and go-to-market synergies Balance sheet discipline Right-sized transaction preserving balance sheet strength, expansion funded within our liquidity framework We pursue opportunistic, capability-driven acquisitions CAPABILITY & RETURNS Accelerate capabilities with clear margin upside BALANCE SHEET DISCIPLINE Preserve flexibility while maintaining target leverage STRATEGIC FIT Strengthen and extend leadership across core franchises
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SEMTECH DATA CENTER ANALYST DAY 202658 Financial Framework FY30E1 $3.2b REVENUE 38% CONSOLIDATED FY26-FY30E REVENUE CAGR2 75% DATA CENTER FY26-FY30E REVENUE CAGR >2X & >2X DATA CENTER ANNUAL REVENUE GROWTH IN FY27 AND FY28 30% $2.1b DATA CENTER REVENUE LORA FY26-FY30E REVENUE CAGR 1. See disclosure regarding Financial Framework FY30. 2. Consolidated FY26-FY30E revenue CAGR excludes $166m in FY26 Cellular Module revenue.
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SEMTECH DATA CENTER ANALYST DAY 202659 Financial Framework FY30E1 70% ADJ. GROSS MARGIN2 48%-50% ADJ. OPERATING MARGIN2 35% FREE CASH FLOW % OF REVENUE2 1. See disclosure regarding Financial Framework FY30. 2. See Non-GAAP Financial Measures above and Supplemental Information. 3. Assumes 20% Non-GAAP tax rate and 104 million weighted average Non-GAAP diluted shares outstanding. $12.40-$13.00 64%-66% ADJ. DILUTED EPS2,3 AND FY26-FY30E CAGR
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SEMTECH DATA CENTER ANALYST DAY 202660 Our Model to Compound Shareholder Value Value creation model combines quality topline growth, margin expansion, cash generation, & disciplined reinvestment 1 2 3 4 5 Converting Earnings into Sustainable FCF Aligning Investment to Customer Needs Building a More Valuable, Differentiated Portfolio Turning Growth into Stronger Earnings Deploying Capital to Maximize Returns WIN IN HIGH GROWTH MARKETS INCREASE PORTFOLIO VALUE EXPAND EARNINGS POWER GENERATE DURABLE CASH FLOW REINVEST WITH DISCIPLINE
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SEMTECH DATA CENTER ANALYST DAY 202661 Q&A Session MITCH HAWS SVP, Investor Relations IMRAN SHERAZI SVP & GM, Signal Integrity Products Group JASON GREEN EVP & CCO ASAF SILBERSTEIN EVP & COO DR. HONG HOU President & CEO MARK LIN EVP & CFO
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DR. HONG HOU President & CEO Closing Remarks SEMTECH DATA CENTER ANALYST DAY 202662
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Q1’25 Q2’25 Q2’26 Q2’27 Gross margin (GAAP) 48.3% 49.0% 52.1% 53.8% Share-based compensation 0.4% 0.3% 0.2% 0.2% Amortization of acquired technology 1.1% 1.1% 0.9% 0.5% Adjusted gross margin (Non-GAAP) 49.8% 50.4% 53.2% 54.5% Reconciliation of GAAP to Non-GAAP Results SEMTECH DATA CENTER ANALYST DAY 202663 FY’24 Q2’27 Interest expense, net (GAAP) $92.8 1.0 Amortization of deferred financing costs (7.3) (1.1) Write-off of deferred financing costs (4.5) (0.2) Investment income 0.8 - Adjusted interest expense (income), net (Non-GAAP) $81.8 ($0.2) Amounts in millions and may not add precisely due to rounding
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Reconciliation of GAAP to Non-GAAP Results Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Net (loss) income (GAAP) ($23.2) ($170.3) ($7.6) $39.1 $19.3 ($27.1) ($2.9) ($29.8) $26.6 $160.1 Share-based compensation 15.2 17.1 18.4 17.3 6.8 17.3 17.1 16.5 26.4 23.8 Intangible amortization 2.6 2.6 2.4 2.4 2.4 2.4 2.4 2.7 2.1 2.3 Transaction and integration related, net 1.8 2.0 3.2 0.9 1.1 1.2 1.1 2.6 2.8 0.7 Restructuring and other reserves, net 2.3 1.5 0.7 0.4 1.2 1.5 2.0 0.7 1.2 (0.3) Litigation costs, net 0.1 0.1 0.9 0.1 0.2 0.4 1.3 1.1 1.1 1.3 Investment gains, losses, reserves and impairments 0.7 (0.2) (0.2) (0.2) - - - 10.4 (0.1) - Amortization of deferred financing costs 2.4 2.4 2.1 1.5 1.3 1.3 1.6 1.1 1.1 1.1 Write-off of deferred financing costs - 5.5 - 7.7 0.2 0.4 1.4 - - 0.2 Interest rate swap termination - - - (3.6) (0.2) (1.0) (0.6) - - - Loss on extinguishment of debt - 144.7 - - - - - - - - Induced conversion expense - - - - - - 21.2 - - - Intangible impairments - - - - - - - 1.8 - - Goodwill impairment - - - 7.5 - 42.0 - 42.8 - - Total Non-GAAP adjustments before taxes 25.1 175.6 27.5 34.0 12.9 65.3 47.5 79.8 34.5 29.0 Associated tax effect 2.2 2.8 0.4 (39.3) 2.7 (1.7) (0.5) (8.3) (10.0) (115.6) Equity method net (income) loss (0.1) - - 0.6 (1.0) 0.1 - 0.4 (1.6) (4.1) Total of supplemental information, net of taxes 27.3 178.4 27.9 (4.7) 14.5 63.7 47.0 71.8 22.9 (90.6) Adjusted net income (Non-GAAP) $4.1 $8.1 $20.3 $34.5 $33.9 $36.7 $44.1 $42.0 $49.4 $69.5 Diluted (loss) earnings per share (GAAP) ($0.36) ($2.61) ($0.10) $0.43 $0.22 ($0.31) ($0.03) ($0.32) $0.27 $1.59 Adjustments per above $0.42 $2.72 $0.36 ($0.03) $0.16 $0.72 $0.51 $0.76 $0.24 ($0.88) Diluted earnings per share (Non-GAAP) $0.06 $0.11 $0.26 $0.40 $0.38 $0.41 $0.48 $0.44 $0.51 $0.71 Weighted-average number of shares used in computing diluted (loss) earnings per share: GAAP 64.5 65.3 75.3 90.3 89.6 86.7 87.7 92.6 98.0 100.8 Non-GAAP 67.6 71.8 78.6 87.1 89.3 90.0 92.8 95.7 96.5 97.7 Amounts in millions and may not add precisely due to rounding SEMTECH DATA CENTER ANALYST DAY 202664
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Q1’25 Q2’25 Q2’27 Operating margin (GAAP) 1.5% 3.6% 16.3% Share-based compensation 7.4% 8.0% 7.0% Intangible amortization 1.3% 1.2% 0.7% Transaction and integration related costs, net 0.9% 0.7% 0.2% Restructuring and other reserves, net 1.1% 0.7% (0.1%) Litigation cost, net -% -% 0.3% Adjusted operating margin (Non-GAAP) 12.2% 14.2% 24.4% Reconciliation of GAAP to Non-GAAP Results SEMTECH DATA CENTER ANALYST DAY 202665
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FY’25 FY’26 TTM Q2’27 Selling, general and administrative (GAAP) $222.4 $221.9 $250.9 Share-based compensation (51.1) (39.9) (61.8) Transaction and integration related costs, net (7.4) (6.0) (7.2) Environmental reserve - (1.2) (1.2) Litigation costs, net (1.2) (3.0) (4.7) Adjusted selling, general and administrative (Non-GAAP) $162.6 $171.7 $175.9 Reconciliation of GAAP to Non-GAAP Results SEMTECH DATA CENTER ANALYST DAY 202666 Amounts in millions and may not add precisely due to rounding FY’25 FY’26 TTM Q2’27 Product development and engineering (GAAP) $170.9 $196.3 $218.8 Share-based compensation (14.0) (15.1) (18.8) Adjusted product development and engineering (Non-GAAP) $156.9 $181.3 $200.0
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FY’24 FY’25 FY’26 Q2’27 Debt principal outstanding $1,407.1 $562.7 $503.0 $503.0 Cash and cash equivalents at end of period 128.6 151.7 195.2 204.1 Net debt $1,278.5 $410.9 $307.8 $298.9 TTM Adjusted EBITDA $122.0 $182.5 $232.0 $277.5 Net leverage ratio 10.5x 2.3x 1.3x 1.1x FY’24 FY’25 FY’26 TTM Q2’27 Net cash (used in) provided by operating activities ($93.9) $58.0 $181.2 $214.0 Net capital expenditures (29.2) (7.9) (9.8) (20.9) Free cash flow ($123.1) $50.1 $171.4 $193.1 Supplemental Information SEMTECH DATA CENTER ANALYST DAY 202667 Amounts in millions and may not add precisely due to rounding FY’26 Net sales $1,050.0 Cellular Module net sales (165.5) Net sales, excluding Cellular Module $884.5
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FY’24 FY’25 FY’26 TTM Q2’27 Net income (loss) (GAAP) ($1,092.0) ($161.9) ($40.4) $154.0 Interest expense 95.8 90.1 40.6 32.6 Interest income (3.1) (2.3) (2.5) (3.4) Loss on extinguishment of debt - 144.7 - - Non-operating income (expense), net 0.5 (0.3) 5.3 1.0 Investment impairments and credit loss reserves, net 3.9 1.1 10.4 10.4 Provision (benefit) for income taxes 50.5 (22.0) 19.8 (94.9) Equity method loss (income) - 0.5 (0.6) (5.4) Share-based compensation 40.2 68.0 57.7 83.9 Depreciation and amortization 78.0 43.5 40.8 39.2 Transaction and integration related costs, net 33.0 7.4 6.0 7.2 Restructuring and other reserves, net 24.6 4.9 5.4 3.6 Litigation costs, net 0.2 1.2 3.0 4.7 Intangible impairments 131.4 - 1.8 1.8 Goodwill impairment 755.6 7.5 84.8 42.8 Amortization of inventory step-up 3.3 - - - Adjusted EBITDA $122.0 $182.5 $232.0 $277.5 8 Reconciliation of GAAP to Non-GAAP Results SEMTECH DATA CENTER ANALYST DAY 202668 Amounts in millions and may not add precisely due to rounding