SNDK Investor Day 2025 Presentation

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Disclaimers This presentation contains forward-looking statements within the meaning of federal securities laws, including statements regarding expectations for: our business outlook, financial condition and financial and operational performance; demand trends and growth drivers, market conditions and market opportunities; capital expenditures and capital allocation priorities; and the availability, performance and potential of our future products and technologies. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Key risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include: operational, financial and legal challenges and difficulties inherent in implementing the Spin-Off; the future operating results of the stand-alone business; value creation associated with the separation and stand-alone business; the anticipated qualification of the Spin-Off as a tax-free transaction for U.S. federal income tax purposes; the expected relationship of the two businesses post-separation; whether the Spin-Off will be completed on the expected terms and on the anticipated timeline or at all, including the possibility that the conditions to the Spin-Off may not be satisfied, including that a governmental entity may prohibit, delay or refuse to grant a necessary approval; the expected benefits and costs of the Spin-Off, including that the expected benefits will not be realized within the expected time frame, in full or at all; potential adverse reactions or changes to the Company’s business relationships with their respective customers, suppliers or other partners resulting from the announcement and completion of the Spin-Off; competitive responses to the announcement or completion of the Spin-Off; potential adverse effects on the Company’s stock prices resulting from the announcement or completion of the Spin-Off; unexpected costs, liabilities, charges or expenses resulting from the Spin-Off; litigation relating to the Spin-Off; the inability to retain key personnel of the Company as a result of the Spin-Off, disruption of management time from ongoing business operations due to the Spin-Off; business impact of geopolitical conflicts; and any changes in general economic and/or industry-specific conditions; other economic, competitive, legal, governmental, technological and other factors that may affect the Spin-Off and the Company’s plans, results or stock price and which are set forth in the final information statement attached as Exhibit 99.1 to the Company’s Form 10 Registration Statement filed with the SEC on January 27, 2025, which is available on the SEC’s website at www.sec.gov. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update or revise these forward- looking statements to reflect new information or events, except as required by law. NON-GAAP MEASURES This presentation includes references to Non- GAAP financial measures. Reconciliations of the differences between the Non-GAAP measures provided in this presentation to the comparable GAAP financial measures are included in the appendix and at investor.sandisk.com. We have not reconciled our Non-GAAP financial measure guidance and target measures to the most directly comparable GAAP measures because material items that impact these measures are not in our control and/or cannot be reasonably predicted. Accordingly, a reconciliation of these forward-looking non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort. Historical financials included in this presentation are presented on a carve-out basis, as reported in our Registration Statement on Form 10 filed with the SEC. This unaudited pro forma financial information is presented for illustrative and informational purposes only and is not necessarily indicative of the operating results or financial position that will occur if the Flash business is separated on schedule, nor is it indicative of future operating results. The unaudited pro forma financial information is based upon available information and assumptions that we believe are reasonable and supportable. The unaudited pro forma financial information may not necessarily reflect what would have been had we been a standalone public company during the periods presented or what they may be in the future. In addition, the unaudited pro forma financial information has been derived from our historical combined financial statements, which have been prepared from our historical accounting records. All the allocations and estimates in our historical combined financial statements are based on assumptions that management believes are reasonable. FORWARD-LOOKING STATEMENTS FINANCIAL INFORMATION

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INVESTOR DAY (→) 02.11.25 PHASE 01 /// DAVID GOECKELER /// CEO

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED (→) (→) (→) (→) (→) (→) THE WORLD IS MORE (→) TECHNOLOGY ENABLED AND (→) TECHNOLOGY DEPENDENT THE WORLD’S TECHNOLOGY PLATFORM Powerful Cloud Connected to Intelligent Devices by High-Speed Networks FROM THIS COMES WAVES OF OPPORTUNITY (→) (→) (→) OUR MARKETS (→ ) STRONG AND GROWING

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 2010 2020 OUR MARKETS (→ ) STRONG AND GROWING DEVICE ENABLEMENT CLOUD BUILD-OUT DEVICES TAM 2024 FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 2000 • PCs grow to 270M units, transition to cSSD • Smartphones grow to 1.5B units • Elasticity continues to drive content growth Cloud growth (→) emerging use cases (→) eSSD demand 645EB CLOUD TAM 2024 224EB

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Edge Inference OUR MARKETS (→ ) STRONG AND GROWING AI (→) ACCELERATING GROWTH ACROSS CLOUD AND DEVICES FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED • We are seeing a return to Smartphone unit growth • We are going to see a return to PC unit growth • On top of that, we are going to see an increased growth of content • 2024 eSSD grew over 100% YoY • Demand for high- performance and high- capacity eSSDs AI Inference AI Infrastructure Run Rate: PC / MobilE / Consumer / Core DC

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FOUNDATIONAL NAND IP OVER 11,000 TOTAL PATENT ASSETS WORLDWIDE DECADES OF FLASH INNOVATION EXTENSIVE SYSTEMS EXPERTISE DEEP MEMORY & STORAGE SEMICONDUCTOR EXPERTISE INNOVATION 2.0 FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED

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BiCS INNOVATIONS • Multi-Dimensional Scaling • Capital Efficiency • Capacity/Performance/Power MANUFACTURING • Yokkaichi and Kitakami Japan Megasites • Sandisk Jointly Develops and Owns All Process IP • 1,000+ Sandisk Employees in Japan JV 2000 (→) TODAY (→) 2034 + SCALE 2.0 FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED

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BROAD PORTFOLIO TO INCREASE OPTIONALITY CAPTIVE BACKEND TO DYNAMICALLY MIX BITS FOR OPTIMAL OUTCOME CAPABILITIES TO MOVE AT THE SPEED OF THE MARKET AGILITY 2.0 FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED

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MULTIBILLION DOLLAR BRANDED CONSUMER PORTFOLIO IP LICENSING REVENUE LINE OF SIGHT TO CASH POSITIVE BALANCE SHEET RESILIENCE 2.0 FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Kimberly Alexy A Board Built For This Industry Matthew Massengill Rick CassidyNecip Sayiner Thomas Caulfield Ellyn Shook David Goeckeler Miyuki Suzuki Devinder Kumar

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED David Goeckeler Chief Executive Officer A Management Team Built For Our Opportunity Don Angspatt Operations Luis Visoso Finance Alper Ilkbahar Memory Technology Christine Bastian People Solutions Khurram Ismail Engineering and Product Management Jerry Kagele Revenue Lynne Cox Global Corporate Marketing Bernard Shek Legal Janet Allgaier Consumer Products

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED FUTURE FWD (→) INVESTOR DAY AGENDA Structurally Improving Industry IVAN DONALDSON NAND Flash Technology Leadership ALPER ILKBAHAR Product Leadership KHURRAM ISMAIL Consumer Business JANET ALLGAIER Value Creation Opportunity LUIS VISOSO Next Wave of Technology Innovation ALPER ILKBAHAR Q&A

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INVESTOR DAY (→) 02.11.25 PHASE 01 /// Ivan Donaldson /// Vp, Investor Relations STRUCTURALLY IMPROVING (→) INDUSTRY

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Maximizing return on investment 1 32 Healthy Demand – Headed Towards $100B TAM • Diverse and stable demand drivers • Maturing growth outlook moving beyond previous market shocks • AI-driven demand extending from Enterprise to Edge Focus on Slower and More Efficient Node Migrations • Investment focused on profitability • Elongated tail on demand for trailing edge production Lower Rate of Capital Investment • Strategy shifting away from “build it and they will come” • Higher cost of capital • Competition for capital from DRAM/HBM Focused on Generating Higher Returns

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 20152016201720182019202020212022202320242025202620272028 NAND DEMAND BY END MARKET Enterprise SSDClient SSDMobileOther Diverse and Improving Demand Forecast +13% CAGR (→) Forecast(←)Historical +35% CAGR Growth DriversAutonomy / RoboticsIoT / Industry 5.0AR / VRAI SmartphonesInferencing at the Edge Gen AILLM Training AI PCsGaming 20%12% 14%29%All End Markets Excluding Enterprise SSDSOURCE: TECH INSIGHTS NAND MARKET REPORT Q4 2024. 17% Forecast CAGR High Teens EB

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 24% 26% 26% 34% 40% 48% 49% 57% 44% 45% 53% 46% 26% 26% 28% 0% 10% 20% 30% 40% 50% 60% $- $5 $10 $15 $20 $25 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E 2025E 2026E Capital Intensity2 WFE CapEx1 INDUSTRY NAND WFE CAPEX & CAPITAL INTENSITY, CY12-CY26E $B Healthy WFE CapEx Outlook (→) 3D era economics required higher average WFE spend to maintain similar volume growth targets (→) This created an unsustainable capital intensity > 50% through peak (→) CapEx has been reduced, and utilization is now being adjusted to dynamically align supply with demand (→) The layers race has ended and we are focused on investing in innovative solutions for customers and generating returns aligned with the critical nature of the technology SOURCE: 1UBS WFE REPORTS (NOV’2024, FEB’2022). 2TECH INSIGHTS 2024 Q4 REPORT (2015-2023 REV AND CAPEX), FORWARD INSIGHTS (2012-2014 REV).

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Slowing Cost/Bit Reductions Best Suited for Margin Improvement Memory Cost Reduction Per Bit* CAGR of Four 2D NAND Generations 24% CAGR of Four 3D NAND Generations Bit Growth Rate 27% 39% 11% Technology Evolution and Bit Cost Reduction *COST REDUCTION FOR MOTHER DIE TO MOTHER DIE, LOOKS AT WAFER COST ONLY. AVERAGE ANNUAL COST REDUCTION PER BIT MIGHT BE HIGHER . SOURCE: SANDISK ESTIMATES, MAY 2024.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Short-Term Headwinds, Slowing Supply Growth, Forecasted Undersupply 2H’25 SOURCES: TECH INSIGHTS Q4 2024 REPORT, FORWARD INSIGHTS Q4 2024 REPORT, AND SANDISK INTERNAL ESTIMATES. Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 EB Calendar Quarter Demand Suppliers Consumed Excess Inventory Future Demand Exceeds Industry Supply Supply Correction Aligned with Demand Supply

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INVESTOR DAY (→) 02.11.25 PHASE 01 /// Alper Ilkbahar /// SVP, Memory Technology (→) NAND FLASH TECHNOLOGY LEADERSHIP

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 17 Generations of NAND Flash >1,000x Cost reduction (2001~2023) NOTE: IMAGES ARE NOT TO SCALE. 1Gb X2-160nm 128Gb X3-1Znm 128Gb X3-1Ynm 2Gb X2-130nm 4Gb X2-90nm 8Gb X2-70nm 16Gb X3-56nm 32Gb X3-43nm 64Gb X3-24nm 64Gb X3-32nm 128Gb X3-19nm 256Gb X3-BiCS2 48L 256Gb X3-BiCS3 64L 256Gb X3-BiCS4 96L 2001 2003 2005 2007 2009 2011 2013 2015 2017 COST (LOG SCALE) 512Gb X3-BiCS5 112L 2019 2021 2023 1Tb X3-BiCS6 162L 1Tb X3-BiCS8 218L 2D NAND Flash (→) 3D NAND Flash (→) 1 Gb (→) 10 Gb (→) 100 Gb (→) 1 Tb (→) LEGACY OF INNOVATION * World’s first MLC * World’s first TLC * World’s first QLC 2025

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Improvements Over Previous Generation BiCS8 218-Layer NANDWith CMOS Bonded Array (CBA) Technology ARRAY WAFER CMOS WAFER BONDING INTERFACE Engineered Around Performance, Power Efficiency, and Density SOURCE: SANDISK TESTING. >50%Memory Density+12%Layer Density +35%Program Bandwidth+26%Read Bandwidth >80%Transfer Speed

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Four Vectors of 3D NAND Scaling ~0.24Vertical Scaling Multi-Tiered Memory Hole Thin and Low Resistive Memory Layers Lateral Scaling Memory Hole Density Overhead Overhead Staggering and Overhead Reduction ~1 Logical Scaling ààà MLC QLC ER 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 PLC ER 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 TLC ER 1 2 3 4 5 6 7ER 1 2 3ER 1 SLC à Cost Reduction % / Bit Growth %1 Higher is Better Architecture Scaling CNA2 CUA2 CBA2 Multi-Bonding ~0.76 Variable 1. NUMBERS SHOWN ARE SANDISK ESTIMATES TO BE USED FOR ILLUSTRATION PURPOSES ONLY. 2. CNA: CMOS NEXT TO ARRAY; CUA: CMOS UNDER ARRAY; CBA: CMOS BONDED ARRAY. (→) Sandisk Leads in Lateral, Logical and Architecture Scaling

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 50 100 150 200 250 300 350 400 30 40 50 NUMBER OF LAYERS BIT DENSITY PER LAYER [Bits/um2] GB/CM2 Balancing Vertical and Lateral Scaling SOURCE: SANDISK ESTIMATES. Competition

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Compute Technology Design Guiding Principles Edge & DCAI What Features Matter? Node Generations Designed to Support Various Features Across Different Market Applications PerformanceCapacity Power Capital Intensity Nodal Design

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Nodes Designed to Optimize Sandisk Capital Intensity 7 FLASH CAPEX / % PETABYTE OUTPUT INCREASE* Rolling 3 Year Average from 2018 - 2024 SOURCE: TRENDFORCE REPORT. *NORMALIZED FOR SCALE. CAPEX/% OUTPUT INCREASE [au] INDUSTRY / ( SANDISK + KIOXIA) 1.44 1.38 1.55 1.72 1.68 1.83 2.41 0.00 0.50 1.00 1.50 2.00 2.50 3.00 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 2018 2019 2020 2021 2022 2023 2024 INDUSTRY INDUSTRY / ( ) + +

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Designed to Meet Data Center / AI Storage Needs WORLD’S HIGHEST (→) CAPACITY MEMORY DIE IN PRODUCTION BiCS8 2Tb QLC With CBA Technology

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED BiCS8 Is Performance and Power Leader READ LATENCY [US] WRITE POWER EFFICIENCY [J/GB] Low Efficiency IO SPEED [Gb/S] Competition Gen8* Low Latency High Latency 34% Competition Gen8* 30% Competition Gen8* 67% HIGH SPEED LOW SPEED High Efficiency *GEN8 REFERS TO LOW 200 LAYERS GENERATION NAND, GEN9 REFERS TO HIGH 200 TO LOW 300 LAYERS GENERATION NAND. SOURCE: SANDISK ESTIMATES. SANDISK QLC PERFORMANCE AND POWER EFFICIENCY VS. COMPETITION Competition Gen9* 11% Competition Gen9* 27% Competition Gen9* 28%

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED (→) CBACHIP X SHRINKCell Array Staircase StaircaseCell Array Staircase Staircase Cell Array Staircase StaircaseCell Array Staircase Staircase Cell Array Staircase StaircaseCell Array Staircase Staircase Cell Array Staircase StaircaseCell Array Staircase Staircase New Advanced Scaling Techniques

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED (→) CBACHIP Y SHRINK 20 Data + 4 Dummy MH-rows BiCS6 BiCS8 20 Data + 0 Dummy MH-rows 16 Str1 Str0 Str2 Str3 Str4 Dummy Row Dummy Row Dummy Row Dummy Row 20191817 151413 1211109 8765 4321 Str0 Str1 Str2 Str3 Str42019181716151413121110987654321 New Advanced Scaling Techniques

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED (→) CBA CBA-Enabled Roadmap Flexibility CBA-ENABLEDINNOVATION FLEXIBILITY BiCS6BiCS8 Next Gen BiCSBiCS9 PERFORMANCE/POWER EFFICIENCY LAYERS/BITS/CAPEX Traditional Technology Roadmap

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Test Technology as a Competitive Advantage(→) AI Assisted Manufacturing(→) Maximize Bit Consumption(→) Internal Test Platforms Wafer Level Gross Die Per Wafer, Die Capacity, Yield Interface Speed (WHS) Component Level Packaged Die Capacity, IF Speed System Level Drive Capacity, Host Interface 201520172019202120232025 WITH Test Innovations WITHOUTTest Innovations TEST COST/PRODUCT COST% +320% -30% SOURCE: SANDISK TESTING.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED SNEAK (→) PREVIEW Next Gen BiCS 3xx-Layer 1Tb TLC CBA Technology Improvements Over Previous GeneratioN SOURCE: SANDISK TESTING. >59% Memory Density >30% Transfer Speed +18% Program Bandwidth +10% Read Bandwidth Debuting at ISSCC 2025

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INVESTOR DAY (→) 02.11.25 PHASE 01 /// KHURRAM ISMAIL /// SVP, Flash ENGINEERING & Product MGMT PRODUCT (→) LEADERSHIP

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 0 0.2 1 2 4 6 11 18 30 42 61 86 88 126 168 232 314 403 543 627 696 869 1027 1237 1508 1844 2236 0 500 1000 1500 2000 2500 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 30 Years of Flash Innovation Evergreen & Resilient Flash Industry : Bit Shipments (EB) By Calendar Year Boom! PRE - 2005 2005- 2022 2025+ AI Boom! From Learning to Inference. Themes / Drivers: Mobile Phone & Tablet, Consumer Technologies. Emergence of Cloud and Hyperscale. Themes / Drivers Internet & Web Consumer Apps. First QLC eSSD String-Stacked 3D NAND First iPad First ‘eSSD’ First iPhone MSFT Tablet SD Card Thumb Drive Palm Pilot Llama LLM SOURCE: SANDISK ANALYSIS; TECH INSIGHTS DATA.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED SANDISK PATENT HOLDINGS WW Granted Patents: 8,207 WW Current Patent Applications: 3,009 WW Total Patent Assets: 11,216 Talented Global Systems Team Engineering & Product Israel India Scotland China Korea Taiwan USA Milpitas Irvine Longmont Chandler Rochester DECADES OF FLASH INNOVATION 3D NAND R&D 540K Wafers per Month 7 Fabs in JV With Kioxia

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Scalable Enterprise Architecture Faster TTM BiCS8 NAND TCO Tuning Enable BiCS Generations Data Center Platform Customized Controller Technology eSSDcSSD AI Compute Leverage Decades of Innovation (→) (→) (→) (→) (→) (→) (→) (→) (→) AI Storage

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Product Segment Strategy Client, 277 Consumer, 59 Mobile, 372 Data Center, 298 Auto+, 19 1+ZB Sustained Leadership Consumer & Client Aggressive Growth Data Center Selective Focus Mobile2025 EB Demand Forecast by Segment SOURCE: SANDISK ANALYSIS; TECH INSIGHTS DATA.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Client SSD Market Leading Portfolio Handheld PC PlayStation 5 Xbox Series X|S PC PERFORMANCEPC MAINSTREAMPC VALUE Black +25%Leading Supplier Client Global Market Share Green Blue SOURCE: SOURCE: SANDISK ANALYSIS; NPD; GFK.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Client SSD PC Technology Transitions 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2025 2026 2027 2028 QLC CLIENT RAMP TLC QLC 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2025 2026 2027 2028 GEN 5 PCIe CLIENT RAMP Gen 4> Gen 5 PCIe Gen 5 Performance Drivers • On-Device SLM • Productivity • Gaming QLC Capacity Drivers • 8K Content Creation • Media Upscaling • Generative AI Tools SOURCE: SANDISK ESTIMATES.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 2025 Client Product Introductions QLC Platform TLC Platform VALUE PCIe® Gen 4 From BiCS6 to BiCS8 Performance Increase Over Previous Generation 2TB QLC SSD* 512GB / 1TB / 2TB Shipping 2025 +44% Random Write Speed +53% Random Read Speed PERFORMANCE PCIe® Gen 5 From BiCS6 to BiCS8 Target Performance Specifications for 2TB Capacity 512GB / 1TB / 2TB / 4TB SHIPPING 2025 14,500MB/s Sequential Read 14,000MB/s Sequential Write 7Watts Power Consumption ONE TERABYTE IS EQUAL TO ONE TRILLION BYTES. ACTUAL USER CAPACITY MAY BE LESS DUE TO OPERATING ENVIRONMENT. SOURCE: SANDISK TESTING. *COMPARISON BASED ON WESTERN DIGITAL PC SN5100S VS. PC SN5000S 2TB

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Selective Focus in Mobile & IoT 2025 MOBILE & IoT TAM EB MIX MCP 49% Multi Chip Package Value Devices Focus On Discrete Solutions Utilizing Our Full iNAND Portfolio Discrete 51% Stand Alone Storage Premium Devices SOURCE: SANDISK ANALYSIS

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED High-Growth Segment of Automotive +35% 2025 to 2028 Automotive EB Shipment CAGR (→) Autonomous Driving (→) Advanced Driver Assist Systems (→) eCockpit e.MMC 5.1 UFS 3.1(→) NVMe™ PCIe® Gen 4 (→) UFS 4.1(→) First to Market UFS 4.1 Full portfolio, covering every Automotive technology storage opportunity. SOURCE: SANDISK ANALYSIS; TECH INSIGHTS.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED AI Storage Product Needs Will Grow Across All 6 Stages of the AI Data Cycle STAGE 1 STAGE 4STAGE 2 STAGE 6STAGE 3 STAGE 5 Interface & Prompting Raw Data Archives, Content Storage Data Preparation & Ingestion AI Model Training AI Inference Engine New Content Generation High-Performance Compute eSSDs for LLM Training High-Capacity Storage eSSDs for Fast Data Lakes

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED PB/SECOND THROUGHPUT BILLIONS OF IOPS 16 GPUs × 252 RACKS = 4,032 GPUs/RACK GROUP × 8 RACK GROUPS = 32,256 GPU CLUSTERS Real World AI Cluster Example ... RACK GROUP 01 ... 01 01 01 8 × 8 × 02 8 × 8 × 252 18 01 8 × 8 × 02 8 × 8 × ... 01 RACK GROUP 08 ... 01 01 01 8 × 8 × 02 8 × 8 × 252 18 01 8 × 8 × 02 8 × 8 × ... 18 ... DATA LAKE – NVMe eSSD N +... 100PB+ Storage eSSD Network-Attached On Premises or Cloud 4,032 Compute eSSD Direct-Attached Performance Cache AI Data Lake Storage Needs Massive High-Performance Data Set Used for Training and Inference FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Data Center Compute Performance eSSD Cutting-Edge PCIe® Gen5 Enterprise-Class Speeds SPECIFICATIONS PCIe Gen 5.0 NVMe,™ OCP 2.0, FDP CAPACITIES 2TB, 4TB, 8TB & 16TB FORM-FACTORS E1.S, U.2, E3.S PCIe® Gen5 DC SN861 E1.S SSDs Certified to Support the NVIDIA® GB200 NVL72 Rack-Scale System MLPerf™ Storage Benchmark Suite AU – 1 GPU 99.3% AU – 2 GPUs 98% Maximizing GPU Utilization SOURCE: SANDISK TESTING. ONE TERABYTE IS EQUAL TO ONE TRILLION BYTES. ACTUAL USER CAPACITY MAY BE LESS DUE TO OPERATING ENVIR ONMENT.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED PB/SECOND THROUGHPUT BILLIONS OF IOPS RACK GROUP 01 ... 01 01 8 × 8 × 02 8 × 8 × 252 01 8 × 8 × 02 8 × 8 × ... RACK GROUP 08 ... 01 01 8 × 8 × 02 8 × 8 × 252 01 8 × 8 × 02 8 × 8 × ... ... AI Data Lake Storage Needs Massive High-Performance Data Set Used for Training and Inference Extract Transform Load (ETL) Checkpointing Retrieval Augmented Generation (RAG) STORAGE REQUIREMENTS High Capacity Density Total Cost of Ownership (TCO) High Performance Consistent IOPS/TB Read Intensive Power Efficiency Low Idle Power Power State Controls TLCQLC FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED New Technology (→) (→) (→) UltraQLC™ (→) (→) (→) Density, Performance, and Power Efficiency. No Compromise.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED UltraQLC™ Density, Performance, and Power Efficiency. No Compromise. Customized Controller Specialized Hardware Accelerators Advanced System Design Sandisk Flash System Optimizations BiCS8 NAND Ideal for AI Workloads, With Fast Transfer Rates and Accelerated Data Processing NEW NEW

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED UltraQLC™ Customized Controller Specialized Hardware Accelerators Achieving Peak Performance Power Scaling Per Workload Demand (→) (→) (→) (→) (→) (→) (→) (→) (→) (→) (→) (→) Scalable to 64 Die/Channel Integrated Advanced Toggle Mode Bus Mux Control

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED UltraQLC™ Advanced System Design Flash System Optimizations that Enable the High-Performance QLC, Leveraging Our Leading NAND Nodes and Controllers Many More Features Tuned for Specific Applications Projected DR Recycles* (→) (→) (→) Optimization Example 33% Machine Learning Voltage Sensing & Data Retention (DR) Recycling SOURCE: SANDISK TESTING.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Data Center Storage New Product Launch UltraQLC™ DC SN670 NVMe™ (→) PCIe® Gen 5 QLC SSD (→) BiCS8 NAND Technology +7% Sequential Read Speed +68% Random Read Speed +27% Sequential Write Speed +55% Random Write Speed Projected Performance Increase Compared to Leading Gen 5 128TB QLC SSD* *COMPARISON BASED ON SANDISK DC SN670 COMPARED TO EXISTING BEST-IN-CLASS QLC METRICS ONE TERABYTE IS EQUAL TO ONE TRILLION BYTES. ACTUAL USER CAPACITY MAY BE LESS DUE TO OPERATING ENVIRONMENT. SOURCE: SANDISK TESTING AND ANALYSIS OF PUBLICLY AVAILABLE SPECIFICATIONS

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Data Center Storage New Product Launch UltraQLC™ DC SN670 NVMe™ (→) PCIe® Gen 5 QLC SSD (→) BiCS8 NAND Technology Shipping Q3 2025 64TB 61.44TB Usable Capacity 128TB 122.88TB Usable Capacity ONE TERABYTE IS EQUAL TO ONE TRILLION BYTES. ACTUAL USER CAPACITY MAY BE LESS DUE TO OPERATING ENVIRONMENT.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 1 Petabyte eSSD Drive Platform Meeting the High-Capacity Demand of AI 1PB CY25 CY26 CY27 256TB 128TB 512TB

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 64TB 61.44TB Usable Capacity 128TB 122.88TB Usable Capacity Data Center Complete Portfolio Compute and Storage STORAGE DC SN670 High-Capacity PCIe® Gen 5 UltraQLC ™ ONE TERABYTE IS EQUAL TO ONE TRILLION BYTES. ACTUAL USER CAPACITY MAY BE LESS DUE TO OPERATING ENVIRONMENT. SOURCE: SANDISK TESTING. *COMPARISON BASED ON WESTERN DIGITAL PC SN5100S VS. PC SN5000S 2TB Compute DC SN861 High-Performance PCIe® Gen5 TLC 2TB 8TB 4TB 16TB

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INVESTOR DAY (→) 02.11.25 PHASE 01 /// Janet Allgaier /// SVP, Consumer Products (→) CONSUMER BUSINESS

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FUTURE FWD (→)INVESTOR DAY PHASE 01 /// ©2025 SANDISK OR ITS AFFILIATES ALL RIGHTS RESERVED (→) JANET ALLGAIER 25 Years of Experience Brand Management & Marketing Procter & Gamble SVP, Consumer Products Pampers Always Olay Gillette Safeguard Old Spice Iconic Global Brands

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FUTURE FWD (→)INVESTOR DAY PHASE 01 /// ©2025 SANDISK OR ITS AFFILIATES ALL RIGHTS RESERVED ~73% Aided Brand Awareness Sandisk has Strong Brand Recognition ~45% Global Revenue Share Sandisk has Market & Category Leadership Brand Equity (→) Sandisk is a Powerful Brand Industry Pioneer with a Leadership Presence SOURCE: SANDISK INTERNAL COMPANY ANALYSIS ( 2024 BRAND PERCEPTION STUDY & 2024 REVENUE SHARE IN AGGREGATED SELECT REGIONS). Consumers Trust Our Brand (→) Willing to Pay a Premium

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FUTURE FWD (→)INVESTOR DAY PHASE 01 /// ©2025 SANDISK OR ITS AFFILIATES ALL RIGHTS RESERVED Best in Class Innovation with (→) Delightful Design Cues & Partnerships SOURCE: SANDISK INTERNAL COMPANY ANALYSIS (2024 MARKET SHARE IN SELECT REGIONS). #1 Portable SSDs Cards SSD #1 uSD, SD Cards USB #1 USBs

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FUTURE FWD (→)INVESTOR DAY PHASE 01 /// ©2025 SANDISK OR ITS AFFILIATES ALL RIGHTS RESERVED Sandisk is Especially Loved by a Few Key Targets Gamers 3.4B Camera Enthusiasts Creators 300M SOURCE: NEWZOO, ADOBE.

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INVESTOR DAY (→) 02.11.25 PHASE 01 /// LUIS VISOSO /// EVP & CFO STRICTLY CONFIDENTIAL VALUE CREATION (→) OPPORTUNITY

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Winning with Customers and Shareholders Creating Customer Value Innovation Agility Brand Scale Where It Matters Creating Shareholder Value Revenue Growth Margin Expansion Asset Efficiency

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Our Drivers of Shareholder Value Creation Revenue Growth (→) Secular Growth in Data Creation and Storage (→) Accelerators: AI, Video, and Autonomous Driving Margin Expansion (→) Reevaluating Costs to be More Nimble and Agile (→) Scale Where it Matters Asset Efficiency (→) Optimize CapEx and Inventories through Proactive Supply Management (→) Longer Lived Nodes

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Sandisk Focused Strategies to Win Client (→) Lead With TLC in Performance and Mainstream (→) Innovate with QLC in Value Consumer (→) Strengthen Our Strengths: Brand, Product Superiority, Portfolio, GTM Reach (→) Capture Latent Demand Through Premium Products Cloud (→) Disrupt Storage With BiCS8 UltraQLC ™ (→) Expand Compute Coverage With Gen5 and Gen6

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Flash JV with Kioxia: Operating at Scale Supply Fab capacity: 80% JV, 20% Kioxia JV capacity split 50/50 Best-in-class cost per bit and CapEx Efficient Node conversions Innovation Leading IP and design at scale Memory Development Center integrated within mega fab complex Global talent pool Sandisk has 1K+ employees in Japan SK Hynix Micron Samsung Others LTM CQ3'24 NAND MARKET PRODUCTION EB* Nearly 1/3 of All Bits Produced SOURCE: *TECHINSIGHTS: NAND MARKET REPORT Q4 2024. Strategic Benefits of Joint Venture Deep, Longstanding Partnership + +

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED A Deeper Dive: Financial Statements Pro Forma P&L (1) Select Disclosure Pro Forma Balance Sheet Select Disclosure Adjusted Free Cash Flows (1) JV Financial Impact: • Cost of JV transactions flow through COGS, and OpEx (R&D) JV Financial Impact: • Notes and investments in Flash Ventures represents our net investment in the JV. • Other non-current assets include building depreciation pre- payments to Kioxia that credit our future wafer purchases. FQ1 Notes: • Operating cash includes the settlement of ~$100M of accrued intercompany interest on notes to Parent and other related to the separation. JV Funding Mechanism: • CapEx mainly funded through depreciation, tool leases, gov. subsidies and Parent loans. The balance flows through Activity related to Flash Ventures. $M 9/27/24 Balance Sheet: Cash and cash equivalents 1,339 Notes and Investments in Flash Ventures 1,066 Other non-current assets 982 Total assets 15,171 Long term liabilities 2,484 Total liabilities 3,727 $M FQ1'25 Cash Flows: Operating cash flows (131) Purchases of PPE, net (67) Free Cash Flow (198) Activity related to Flash Ventures, net 48 Adjusted Free Cash Flow (150) $M FQ1'25 Pro Forma Income Statement: Revenue, net 1,883 Gross Margin % 39% Operating income (GAAP) 283 OP Margin% 15% Net income (loss) (GAAP) 172 Adjusted EBITDA (non -GAAP) 400 Adjusted EBITDA (non -GAAP) (incl. JV tool depreciation) 519 (1) Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow are Non-GAAP Measures. See Appendix for GAAP to Non-GAAP reconciliations.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED A Deeper Dive: Activities Related to Flash Ventures • Gross CapEx spending fluctuates based on node transition and supply/demand balance. • We fund Gross CapEx through external and internal sources. • External sources mainly include government subsidies, JV leasing activity and payment terms to vendors. • The balance is covered from internal sources. This includes the JV tool depreciation that is charged to us in COGS as part of the wafer purchases. • The Net results in Notes to or from the JV. Gross and Cash CapEx ($M) $M FY22 FY23 FY24 Sandisk share of JV Gross CapEx $ 1,571 $ 1,407 $ 533 % of revenue, net 16% 23% 8% Funding mechanisms: External funding 551 700 243 Sandisk wafer purchases (tool depreciation) 929 721 529 CapEx funding $ 1,480 $ 1,421 $ 772 Activity related to Flash Ventures, net $ (91) $ 14 $ 239

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Historical Financial Performance Revenue (GAAP) $M 33% 7% 16% 36% Gross Margin (GAAP) Net Income (GAAP) $M 11% 9%(13%)(35%) Pro Forma net income for FY24 and FQ1'25 assume the spin off and related transactions occurred at the beginning of FY24, and include adjustments such as interest expense on new debt financing and business separation costs (see Form 10). NI Margin (GAAP) Adjusted Free Cash Flow $M 7% (1%) (8%)(15%) Adjusted free cash flow includes cash flows from operations less purchases of PP&E and net activity from Flash Ventures. Adjusted Free Cash Flow is a Non-GAAP Measure. See Appendix for GAAP to Non-GAAP reconciliations. Adjusted FCF Margin 1H’FY25 represents Flash segment revenue and gross margin as reported in WDC’s 10-Q for the quarterly period ended December 27, 2024. Flash segment gross margin does not give effect to certain unallocated corporate items, which are reported in WDC’s 10-Q. 1,064 (2,143) (856) 172 FY22 FY23 FY24 Pro Forma FQ1'25 Pro Forma 650 (918) (99) (150) FY22 FY23 FY24 FQ1'25 9,754 6,086 6,663 3,760 FY22 FY23 FY24 1H'FY25

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Capitalization at Separation Capital Allocation Priorities • First, achieve a net cash position. We believe we have line of sight to get there over the next four quarters based on our assumptions. • Then, balance between continuing to invest in the business, paying down our debt, and returning excess cash to shareholders. $M 9/27/24 Cash and Cash Equivalents $1,339 Debt(1) $1,943 Net Debt $604 Undrawn Revolver $1,500 (1) Reflects approximately $2,000 million of borrowings expected to be incurred in connection with the spin-off pursuant to the debt financing transactions, offset by anticipated term loan original issue discount of $30 million and debt issuance costs of $27 million.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED -100% -50% 0% 50% 100% 150% 1H'232H'231H'242H"241H'252H'251H'262H'26 DC depressed post-Covid (-).Positive Consumer Sentiment (+).Mobile & PC recovery post-Covid dip (+). DC surge driven by AI Data Cycle (+). Poor Consumer Sentiment (-).PC, Mobile, due to AI adoption and O/S refresh (-). Continued spend in DC with tougher Y/Y compares (+). Consumer sentiment improves (+). PC/Mobile driven by O/S refresh and new form factors improving demand (+). Normalizing growth for all markets. Mid Teens % Y/Y Growth CloudConsumerClient Calendar Periods (→)-100% -50% 0% 50% 100% 150% 1H'232H'231H'242H"241H'252H'251H'262H'26 DC depressed post-Covid (-).Positive Consumer Sentiment (+).Mobile & PC recovery post-Covid dip (+). DC surge driven by AI Data Cycle (+). Poor Consumer Sentiment (-).PC, Mobile, due to AI adoption and O/S refresh (-). Continued spend in DC with tougher Y/Y compares (+). Consumer sentiment improves (+). PC/Mobile driven by O/S refresh and new form factors improving demand (+). Normalizing growth for all markets. Mid-to-High Teens % Y/Y Growth CloudConsumerClient Calendar Periods (→) Expected Trendsof Major Market Segments Y/Y % Growth (EB) SOURCE: TECH INSIGHTS NAND MARKET REPORT Q4 2024 & INTERNAL ESTIMATES.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Through-Cycle Model Metric Through-Cycle Performance Market Assumptions Bit Growth/Year In Line With Market Mid-to-High Teens Cost Reduction/Bit/Year Low-teens Gross Margin % (non-GAAP) ~35% Operating Margin % (non-GAAP) ~20% Gross CapEx % of Revenue Mid-teens FCF as % of Revenue Low-teens Note: Forward-looking Non-GAAP measures exclude certain charges for which the timing and amount cannot be quantified with certainty. Accordingly, full reconciliations to the most directly comparable GAAP financial measures are not available without unreasonable effort. These target financial metrics are based on a variety of estimates and assumptions, are subject to risks and uncertainties and should not be relied upon as necessarily indicative of future results.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Earnings / Free Cash Flow Generation Power Free Cash Flow Power • At $10B in revenue, we expect to be capable of delivering 20% non-GAAP operating margin and ~$1.2B in free cash flow. • At that time, we expect to be in a net cash position and to have reduced our gross debt below $1B. Metric Revenue ~$10B Operating Margin % (Non-GAAP) ~20% Free Cash Flow Generation ~$1.2B+ Gross Debt <$1B, Net Positive Cash Note: Forward-looking Non-GAAP measures exclude certain charges for which the timing and amount cannot be quantified with certainty. Accordingly, full reconciliations to the most directly comparable GAAP financial measures are not available without unreasonable effort. These target financial metrics are based on a variety of estimates and assumptions, are subject to risks and uncertainties and should not be relied upon as necessarily indicative of future results.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED FQ3’25 is Expected to be a Transition Quarter Note: Non-GAAP gross margin, Non-GAAP OpEx, Non-GAAP tax rate and Non-GAAP EPS are Non-GAAP measures that are calculated excluding certain charges for which the timing and amount cannot be quantified with certainty. Accordingly, full reconciliations of Non-GAAP gross margin, Non-GAAP OpEx, Non-GAAP tax rate and Non-GAAP EPS to the most directly comparable GAAP financial measures are not available without unreasonable effort. (1) Non-GAAP tax rate is determined based on a percentage of Non-GAAP pre-tax income or loss. Our estimated Non-GAAP tax rate may differ from our GAAP tax rate (i) due to differences in the tax treatment of items excluded from our Non-GAAP net income or loss; (ii) the fact that our GAAP income tax expense or benefit recorded in any interim period is based on an estimated forecasted GAAP tax rate for the full year, excluding loss jurisdictions; and (iii) because our GAAP taxes recorded in any interim period are dependent on the timing and determination of certain GAAP operating expenses. • Expect bit growth sequentially down mid-single digits, with stronger demand in Cloud and Client. Expect blended ASP down sequentially. • Gross Margin expectations include $20-30M of under-utilization charges as we manage our supply chain to match demand, start-up costs, and normal quarterly cost fluctuation. • OpEx includes dis-synergies. • Interest and other expense, net primarily includes our financing costs (TLB), customary costs for undrawn revolver. Metric FQ3’25 Guidance Revenue ($M) $1,550 - $1,650 Gross Margin % (Non-GAAP) 21.5% - 23.0% OpEx (Non-GAAP) ($M) $395 - $405 Interest and Other Expense, net ($M) ~$25 - $30 Tax Rate (Non-GAAP)(1) 21% - 23% EPS (Non-GAAP) -$0.30 to -$0.45

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Expectations for the Balance of 2025 Code: + Up mid-single digits ++ Up high-single digits +++ Up high-single / low double digits - Down mid-single digits ~ Flat Sequential Change Jan-Mar Apr-Jun Jul- Dec GB - + + + ASP/GB - ~ / + + + + Cost/GB + ~ - • Bits growth: Expect bit growth to improve sequentially with key acceleration in Client. • ASP: Expect improving pricing as of next quarter as the supply interventions materialize. • Costs/GB: Expect costs to be relatively flat next quarter behind under-utilization charges and then to decline in line with our model. • CapEx: For the full CY25, we expect Gross CapEx mid-to high teens as we transition to BiCS8. • BiCS8 Transition: BiCS8 is expected to represent 10% of bits sold to customers by the end of FY25, 40-50% by the end of FY26 and be the prominent node as of late FY26, early 2027.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Winning with Customers and Shareholders Creating Customer Value Innovation Agility Branding Scale Where It Matters Creating Shareholder Value Revenue Growth Margin Expansion Asset Efficiency

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Reconciliation: Adjusted Free Cash Flow $M FY22 FY23 FY24 FQ1'25 Cash Flows: Cash Flows provided by (used in) operating activities 1,151 (713) (309) (131) Purchases of property, plant and equipment, net (410) (219) (29) (67) Free Cash Flow 741 (932) (338) (198) Activity related to Flash Ventures, net (91) 14 239 48 Adjusted Free Cash Flow 650 (918) (99) (150)

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Reconciliation: Pro Forma Net Income to Adjusted EBITDA Note: FYE is June $M FY24 Pro Forma FQ1'25 Pro Forma Net income (loss) (GAAP) (856) 172 Income tax expense 124 47 Interest and other income (expense), net 170 64 Depreciation and amortization 224 54 Stock-based compensation expense (1) 149 41 Recoveries of contamination related charges (2) (36) Employee termination, asset impairment and other (3) (40) 2 Strategic review (4) 20 Business separation costs (5) 111 20 Adjusted EBITDA (non -GAAP) (134) 400 Flash Ventures equipment depreciation expenses 529 119 Adjusted EBITDA (non -GAAP) (incl. JV tool depreciation) 395 519 Commentary • Detailed explanation of line items through Adjusted EBITDA (non-GAAP) can be found on the next slide. • Flash Ventures equipment depreciation represents Sandisk’s portion of depreciation related to equipment within the fabs. • We believe the incremental add-back totaling Adjusted EBITDA (non-GAAP) including JV depreciation allows for greater comparability to other companies.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED FOOTNOTES: This presentation contains the following financial measures that are not in accordance with U.S. generally accepted accounting principles (“GAAP”): Non-GAAP gross margin; Non- GAAP operating expenses; Non-GAAP loss per common share; Adjusted EBITDA; Adjusted EBITDA (incl. JV tool depreciation); Free cash flow and Adjusted free cash flow (“Non-GAAP measures”). These Non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with GAAP and may be different from Non-GAAP measures used by other companies. The company believes these Non-GAAP measures provide useful information to both management and investors as they exclude certain expenses, gains and losses that the company believes are not indicative of its core operating results or because they are consistent with the financial models and estimates published or expected to be published by analysts who follow the company and its peers. As discussed further below, these Non- GAAP measures exclude, as applicable, stock-based compensation expense; business separation costs; employee termination, asset impairment and other; expenses related to our strategic review; and recovery from contamination incident. The company believes these measures along with the related reconciliations to the GAAP measures provide additional detail and comparability for assessing the company's results. The company excludes the following items from its Non-GAAP measures: (1) Stock-based compensation expense. Because of the variety of equity awards used by companies, the varying methodologies for determining stock-based compensation expense, the subjective assumptions involved in those determinations and the volatility in valuations that can be driven by market conditions outside the company’s control, the company believes excluding stock-based compensation expense enhances the ability of management and investors to understand and assess the underlying performance of its business over time and compare it against the company’s peers, a majority of whom also exclude stock-based compensation expense from their non-GAAP results. (2) Recovery of contamination related charges . Represents recoveries received for the losses which primarily consisted of scrapped inventory and rework costs, decontamination and other costs needed to restore the facilities to normal capacity and under absorption of overhead costs due to contamination incident in 2022. (3) Employee termination, asset impairment and other. Represents employee terminations and/or restructuring of operations in order to realign the company’s operations with anticipated market demand or to achieve cost synergies from the integration of acquisitions, and charges from the impairment of intangible assets and other long-lived assets. In addition, the company records credits related to gains upon sale of property due to restructuring or reversals of charges recorded in prior periods and has taken actions to reduce the amount of capital invested in facilities, including the sale leaseback of facilities. For additional breakdown of these amounts, see Note 13, “Employee Termination, Asset Impairment and Other,” in the Notes to audited Combined Financial Statements for the annual periods and Note 13, “Employee Termination, Asset Impairment and Other,” in the Notes to unaudited Condensed Combined Financial Statements for the interim periods in the company’s Registration Statement filed on Form 10. These charges or credits are inconsistent in amount and frequency, and the company believes they are not indicative of the underlying performance of its business. (4) Strategic review. Represents third-party spending for consulting, accounting, tax and legal advisor expenses associated with the company’s review of potential strategic alternatives aimed at further optimizing the long-term value for stockholders. The company believes these charges do not reflect its operating results and that they are not indicative of the underlying performance of its business. (5) Business separation costs. Represents tax stamp duties and third-party spending for consulting, accounting, tax and legal advisor expenses associated with the operational separation of the company from Western Digital Corporation to create an independent public company including legal entity restructuring and administrative fees to establish the new legal structure of the company. The company believes these charges do not reflect its operating results and that they are not indicative of the underlying performance of the business. GAAP to Non-GAAP Reconciliations

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INVESTOR DAY (→) 02.11.25 PHASE 01 /// Alper Ilkbahar /// SVP, Memory Technology NEXT WAVE OF (→) TECHNOLOGY INNOVATION

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED End of Moore’s Law for DRAM Compute-Memory Gap Widening COMPUTE LIMITED ERAMEMORY CAPACITY/BANDWIDTH LIMITED ERA 2024201420182020 10B 10T 20162022 GPT-4 Baidu-RecSys-10T Baidu-RecSys-2T PaLMGPT-3 Turing-NGLMegatron-LM GPT-2 BERT CPT-1ResNext-101ResNet-50Inception P100 (12GB)TPU V2 (16GB) V100 (32GB)A100 (40GB)TPU V3 (32GB)TPU V4 (32GB) A100 (80GB)H100 (80GB) Inferentia-2 (32GB) HB00 (288GB) Memory Wall 10M SOURCE: AYARLABS.COM/GLOSSARY/MEMORY-WALL; AI AND MEMORY WALL, AMIR GHOLAMI ETAL, IEEE MICRO JOURNAL, MAR 2024. GPU CARD HBM COST TREND 0% 100% 52%32% 48%68% Non-HBM Cost% HBM Cost % 20202025 Memory Cost Dominating BOMsSOURCE: TECH INSIGHTS; Q1 2025 2024197319902007$1 $1K $1M $1B <5% Scaling Yearly DRAM COST PER GIGABYTE Scaling Has FlattenedSOURCE: “THE MEMORY WALL: PAST, PRESENT AND, FUTURE OF DRAM”, DYLAN PATEL ETAL. SEP 2024.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Solving (→) The Memory Wall Problem 3 Explore 3D DRAM Brute Force With Dollars New Scalable Memory Technologies

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Scaling with Sandisk 3D Matrix Memory Media Media Media Media Media Media Media Media Media Media Media Media Media Media Media Media Media Media Media Media CXL Controller Compatible with Open Industry Standards (→) Existing Standards for Memory Attach Points (e.g. CXL) (→) Sandisk Expertise in System Media Management Core Technology Differentiation (→) Novel Memory Cell (→) Dense Array Architecture SOURCE: SANDISK ESTIMATES Cost Advantage Growing Over Time -10% 10% 30% 50% 70% 90% 110% YR1 YR2 YR3 YR4 YR5 YR6 Lower $/GB Higher DRAM 3D Matrix Bit Cost Improvements SANDISK 3D MATRIX MEMORY VS. DRAM COST SCALING Innovative, Scalable 3D Architecture (→) DRAM-Like Performance (→) 4X Capacity at 50% Bit Cost vs. DRAM

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Sandisk 3D Matrix Memory Development Roadmap (→) Isolated Devices Gen1 Media Samples Gen1 Qual/LVM System Level Validation CMOS Dev Vehicle 10-100kbit CMOS Dev Vehicle for IMEC 4-8Gbit Gen1 Media 32-64Gbit Passive Arrays 100b-1kbit 2018 2021 2017 150mm WD Research Fab (→) 300mm IMEC Facility 2024

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED SRH Capacity 4Gbit vs. 256Mbit Currently Available 16X advantage US DoD Awarded ANGSTRM Contract to WD Pool of 10 Applications Based on Sandisk 3D Matrix Memory Architecture & Materials SOLE AWARDEE SRH Capacity 4Gbit vs. 256Mbit Currently Available 16X advantage Sandisk 3D Matrix Memory to the Stars Air Force Research Laboratory (AFRL) Next Generation Strategic Radiation Hardened (SRH) Memory

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Solving (→) The Memory Wall Problem 9 Explore 3D DRAM Brute Force With Dollars New Scalable Memory Technologies (→) Reimagining NAND

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED High Bandwidth Flash (HBF™ ) Augmenting HBM Memory with NAND Flash for AI Inference Workloads (→) Match HBM Bandwidth Deliver 8-16X Capacity at Similar Cost (→) Enabled by BiCS Technology With CBA Wafer Bonding (→) Proprietary Stacking Technology Ultra-Low Die Warpage for 16H Stacking (→) Architecture Developed Over the Past Year With Inputs From Major AI Players HBF STACK Package Substrate Interposer Logic Die PHY PHY GPU/CPU/TPU/SoC Die HBF Core Die ... HBF Core Die Micro Bump HBF Core Die HBF Core Die TSV 16 Die Stack

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 192GB Total Memory HBM vs. HBF™ HBM 5 HBM 6 HBM 1 HBM 2 HBM 7 HBM 8 HBM 3 HBM 4 GPU With HBM HBF 1 GPU With HBF 3,120GB Total Memory HBF 2 HBF 3 HBF 4 HBF 5 HBF 6 HBM 2 HBM 1

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 192GB Total Memory HBM vs. HBF™ HBF 1 GPU With HBF 4,096GB Total Memory HBF 2 HBF 3 HBF 4 HBF 5 HBF 6 HBF 7 HBF 8 HBM 5 HBM 6 HBM 1 HBM 2 HBM 7 HBM 8 HBM 3 HBM 4 GPU With HBM

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Running Frontier LLMs with HBF™ HBF 1 GPU With HBF 4,096GB Total Memory HBF 2 HBF 3 HBF 4 HBF 5 HBF 6 HBF 7 HBF 8 Running Frontier LLM (→) ~1.8T Parameters (→) 16-bit Weights (→) 3,600GB Memory Capacity Needed

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED HBF™ with MoE AI at the Edge LLM on Smartphone (→) 64B Parameter (→) 8-bit Weights (→) 64GB Memory Capacity > AI, what can you tell me about Sandisk? > Sandisk is the most innovative memory 1 HBF Die Contains Entire 64B-Model Expert model 2 Expert model 1 Expert model 3 Expert model 4 Expert model 5 Expert model 6 Expert model 7 Expert model 8 Expert model 1 Expert model 2 Expert model 3 Expert model 4 Expert model 5 Expert model 6 Expert model 7 Expert model 8 company.

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED HBF™ Roadmap (→) CAPACITY 1x ENERGY EFFICIENCY GEN 1 GEN 2 GEN 3 1.5x 2x READ BANDWIDTH 1x 1.45x 2x 1x 0.8x 0.64x

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FUTURE FWD (→) PHASE 01 ///INVESTOR DAY ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED (→) HBF Not Drop-in Compatible With HBM Same Electrical Interface With Minor Protocol Changes (→) Sandisk to Drive Open Standard Ecosystem To Enable Seamless System Integration (→) Sandisk Forming Technical Advisory Board Consisting Of Industry Luminaries And Partners (→) Sandisk Spirit of Innovation Strikes Back! Driving Next Wave Of Technology Advancements HBF™ Ecosystem (→) (→) (→) (→) (→) (→) (→) (→)

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INVESTOR DAY 02.11.25 (→) (→) SANDISK, THE SANDISK LOGO, HBF, ULTRAQLC, QUADBOOST, AND SANDISK 3D MATRIX MEMORY ARE REGISTERED TRADEMARKS OR TRADEMARKS OF SANDISK CORPORATION OR ITS AFFILIATES IN THE US AND/OR OTHER COUNTRIES. THE NVME WORD MARK IS A TRADEMARK OF NVM EXPRESS, INC. PCIE IS A REGISTERED TRADEMARK AND/OR SERVICE MARK OF PCI-SIG IN THE UNITED STATES AND/OR OTHER COUNTRIES. ALL OTHER MARKS ARE THE PROPERTY OF THEIR RESPECTIVE OWNERS. PRODUCT SPECIFICATIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE. PICTURES SHOWN MAY VARY FROM ACTUAL PRODUCTS. NOT ALL PRODUCTS WILL BE AVAILABLE IN ALL REGIONS OF THE WORLD.

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