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Q3 2026 Financial Results October 28, 2026 1
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Safe Harbor This presentation contains forward-looking statements including statements regarding Teradyne’s future business prospects, financial performance or position and results of operations. You can identify forward-looking statements by their use of forward-looking words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “goal” or other comparable terms. Forward-looking statements in this presentation address various matters, including statements regarding Teradyne’s financial guidance, future business prospects, results of operations, market size and conditions, earnings per share, mid-term earnings model, sales mix, customer product development, customer demand and sales expectations,the payment of a quarterly dividend, and the repurchase of T eradyne common stock pursuant to a share repurchase program. Investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements due to known and unknown risks, uncertainties, assumptions, and other factors. Such factors include, but are not limited to, macroeconomic factors and slowdowns or downturns in economic conditions generally and in the markets in which T eradyne operates; decreased or delayed product demand from one or more significant customers; a slowdown or inability in the development, delivery and acceptance of new products; the ability to grow the Robotics business; the impact of increased research and development spending; the impact of epidemics or pandemics; the impact of a supply shortage on our supply chain and contract manufacturers; the consummation and success of any mergers or acquisitions; unexpected cash needs; the business judgment of the board of directors that a declaration of a dividend or the repurchase of common stock is not in Teradyne’s best interests; changes to U.S. or global tax regulations or guidance; the impact of any tariffs or export controls imposed by the U.S. or other countries; the impact of U.S. Department of Commerce or other government agency regulations relating to Huawei, HiSilicon and other customers or potential customers; the impact of U.S. Department of Commerce export control regulations for certain U.S. products and technology sold to military end users or for military end-use in China; the impact of current or future geopolitical conflicts; the impact of regulations published by the U.S. Department of Commerce relating to semiconductors and semiconductor manufacturing equipment destined for certain end uses in China; and the impact of trade regulations and restrictions that impact our ability to deliver certain products to and support certain customers. The risks included above are not exhaustive. For a more detailed description of the risk factors associated with Teradyne, please refer to Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Many of these factors are macroeconomic in nature and are, therefore, beyond Teradyne’s control. We caution readers not to place undue reliance on any forward-looking statements included in this presentation which speak only as of the date of this presentation. T eradyne specifically disclaims any obligation to update any forward-looking information contained in this presentation or with respect to the announcements described herein. 2
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Business Update and Outlook Greg Smith, President and CEO 3
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Delivered Strong Q3’26 Results AI-Driven RevenueRevenue Non-GAAP EPS • 70% YoY growth • Above high guidance • Semi Test up 77% YoY, Product Test up 56% YoY, Robotics up 28% YoY • 169% YoY growth • Above high guidance 4 $0.0B $0.4B $0.8B $1.2B $1.6B Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Non- AI Revenue AI Revenue Third consecutive quarter with total company sales at the high watermark of $1.3B
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The ATE TAM Is Outpacing the Overall Semiconductor Capex 5 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ATE portion Capex ($B) Total Semiconductor Capex ($B) ATE portion (right axis) ATE portion - 2026 YTD 8% YTD Source: SEMI, Product Buy Rate Data 2016-Aug 2026 (Product BuyRate tab: SEMS ATE product billings / SEMS total IC equipment). 2026 row is a Jan-Aug year-to-date ratio, not a full-year forecast.
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Dual Vendor Lifecycle Key factor for share gain in compute across the mid -term 1 Phase 1 Opportunity to compete 2 Phase 2 Working solution 3 Phase 3 Correlated solution 4 Phase 4 Production ramp 5 Phase 5 Fast follower Phase 6 Mature vendor 6 Gradual share gain to 30% Expected share range 30% to 70% Initial qualification 6
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Collaborations Across the AI Ecosystem Teradyne and Technoprobe Announce Strategic Agreements to Drive Semiconductor Test Interface Innovation NVIDIA and Semiconductor Leaders Advance AI Across Chip Design and Manufacturing for AI -Defined Fabs Teradyne Announces Production System for Double -Sided Wafer Probe Test for Silicon Photonics Teradyne Introduces Integrated Test Solution for AI and Data Center Devices in Collaboration with Tokyo Electron FormFactor and Teradyne Announce Strategic Collaboration to Accelerate Next-Generation Semiconductor Testing Teradyne and Bright Machines Partner to Advance AI Infrastructure Manufacturing 7
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Product Launches New launches in the last 60 days across the wafer to AI data center value chain UltraFLEXplus instruments for AI and data center computing devices UltraPin5000-EM | UltraVS64-HP | UltraPort-PCIe6 Iris 100 test system for MicroLED devices Magnum E2 for next-generation memory test demands Titan HP platform with burn-in capabilities for advanced AI data center devices UltraFLEXplus S for advanced digital test, sized for the environment UR Gen 7 platform for industrial automation and physical AI deployment 8
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Teradyne’s Wafer to AI Data Center Strategy 9 Wafer Die Substrate Package PCB Tray Rack AI Data Center Integrated System Test (SLT, HDD) Optical Test High Speed Interconnect Test Robot Assisted Test Robot Assisted Assembly Robot Asst Ops Production Board Test ATE Test (SoC, Memory) Semiconductor Test Group Product Test Group Robotics Group Enabling the global deployment of AI
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Third Quarter 2026 Financial Results and Fourth Quarter 2026 Guidance Michelle Turner, Vice President and Chief Financial Officer 10
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Q3’26 Non-GAAP Results 11 $ in millions, except EPS Q3’25 Actual(1) Q2’26 Actual(1) Q3’26 Actual(1) Sales 100% $769M 100% $1,329M 100% $1,306M Semiconductor Test 79% $606M 84% $1,122M 82% $1,072M Product Test 11% $88M 8% $107M 11% $138M Robotics 10% $75M 8% $100M 7% $96M Gross Margin 58.5% $450M 59.8% $795M 59.1% $771M R&D 16.2% $125M 11.8% $156M 12.5% $163M SG&A 21.8% $168M 14.3% $190M 15.0% $195M OPEX 38.1% $293M 26.1% $346M 27.4% $358M Operating Profit 20.4% $157M 33.7% $448M 31.6% $413M Income Taxes (& effective tax rate) 16.0% $26M 15.5% $70M 14.7% $60M EPS $0.85 $2.47 $2.29 Diluted Shares 159M 158M 158M (1) See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com
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Balance Sheet & Capital Allocation 12 $ in millions Q3’25 Actual Q2’26 Actual Q3’26 Actual Cash and Marketable Securities $427M $517M $625M Inventory $367M $403M $575M DSO(1) 69 days 63 days 62 days Capital Additions $47M $91M $86M Depreciation and Amortization(2) $46M $54M $59M Free Cash Flow(3) $2M $378M $227M Capital Return Buybacks(4) $246M $69M $99M Dividends $19M $20M $20M (1) DSO calculated as the average of net accounts receivable at the end of the current quarter and the beginning of the same quarter in the prior year, divided by TTM sales, multiplied by 365 days (2) Includes depreciation, stock-based compensation, amortization of acquired intangible assets (3) Teradyne calculates free cash flow as: GAAP Cash flow from operations, excluding discontinued operations, less property, plant and equipment additions; See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com (4) Inclusive of excise taxes, as applicable
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Q4’26 Non-GAAP Guidance 13 $ in millions, except EPS Q3’26 Actual(1) Q4’26 Guidance(1) Sales $1,306M $1,250M - $1,350M Gross Margin 59.1% 57.5% - 58.5% OPEX 27.4% 29.5% - 28.5% Operating Profit 31.6% 28.0% - 30.0% Income Taxes (& effective tax rate) 14.7% 15.3% EPS $2.29 $1.95 - $2.25 Diluted Shares 158M 158M (1) See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com
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Q4’26 Outlook(1,2) The Big Picture: Positive Momentum Continues 14 FY’26 Outlook(1,2)Q3’26(1) • $1.3B revenue at mid guidance • 4th consecutive revenue quarter above $1.25B • $2.10 Non-GAAP EPS at mid guidance • 70% YoY revenue growth • 169% YoY Non-GAAP EPS growth • Record Memory & IST revenue • Robotics: highest ever Q3 revenue • $5.2B revenue at mid guidance; greater than 60% year-over-year growth • $9.41 Non-GAAP EPS at mid guidance; 138% year-over-year growth (1) See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com (2) At mid guidance
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Supplemental Information 16
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History of Capital Allocation Since 2015, 87M shares repurchased at an average price of ~$56 per share 17 $ in millions 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD’26 Cumulative Buybacks(1) $300 $146 $200 $823 $500 $88 $600 $752 $401 $199 $709 $174 $4,891 Dividends $51 $49 $55 $67 $61 $66 $66 $70 $68 $76 $76 $61 $768 Acquisitions/ Investments (2) $283 $15 $1 $194 $115 $9 $12 - - $442 $170 $187 $1,428 Total $633 $210 $257 $1,085 $676 $163 $678 $822 $468 $717 $955 $421 $7,087 Free Cash Flow(3) $323 $370 $521 $370 $444 $684 $966 $415 $426 $474 $450 $806 $6,250 % of FCF Returned(4) 109% 53% 49% 240% 126% 23% 69% 198% 110% 58% 174% 29% 91% 20% 11% 69% Acquisitions/Investments Dividends Buybacks (1) Inclusive of excise taxes, as applicable (2) Net acquisitions includes acquisitions, minority investments and divestitures (3) Teradyne calculates free cash flow as: GAAP Cash flow from operations, excluding discontinued operations, less property, plant and equipment additions net of gov’t subsidies; See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com (4) Teradyne calculates % of FCF returned as Buybacks plus Dividends divided by Free Cash Flow Cumulative Capital Allocation Breakdown 2015 – Q3’2026
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Teradyne Non-GAAP Target Earnings Model Target Earnings Model(1) 2025 Target Model ATE TAM ~$9.0B $12-14B TER Revenue $3.2B ~$6.0B Gross Margin % 58.3% ~59% - 61% OPEX % 36.0% ~29% - 27% Operating Profit 22.3% ~30% - 34% Non-GAAP EPS $3.96 ~$9.50 - $11.00 Growth Drivers SemiT est: AI – Compute and Memory growth, recovery in Mobility and Auto/Ind markets, IST growth tied to System Level T est and Hard Disk Drive Product T est: Compute, Optical Transceiver and Photonics market growth with demand pull from high-speed internet and data centers Robotics: Physical AI expanding addressable market and reducing implementation complexity. Realign to Ecommerce, Logistics, Semi and Electronics verticals. 1 Target Earnings Model Updated as of 2/3/2026 (1) See GAAP to non-GAAP reconciliations contained on Teradyne’s website at https://investors.Teradyne.com 2025 Target Model SemiTest Product Test Robotics Segment Revenue $3.2B ~$6.0B~15-25% CAGR off FY25 Market Dynamics SemiT est: AI advancements lead to more test complexity and longer test times, and new power architectures for data centers Product T est: rapid growth of AI accelerated computing including photonics and high-performance interconnect Robotics: Higher growth driven by skilled labor shortages, reshoring and rapid build-out of data center equipment 18
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Product vs Service Revenue Detail 19 $ in millions Q3’25 Actual Q2’26 Actual Q3’26 Actual Total Company Sales $769M $1,329M $1,306M Product Revenue $632M $1,191M $1,164M Service Revenue $137M $138M $142M SemiTest Sales $606M $1,122M $1,072M Product Revenue $505M $1,019M $967M Service Revenue $101M $103M $105M
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GAAP to Non-GAAP Reconciliation In addition to disclosing results that are determined in accordance with GAAP , T eradyne also discloses in this presentation and on the earnings call non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP . These non-GAAP performance measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with the Company’s business plan, historical operating results and the operating results of the Company’s competitors. Management believes each of these non-GAAP performance measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of the Company’s financial and operational performance, as well as facilitating meaningful comparisons of the Company’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this presentation is contained on the Teradyne website at www.teradyne.com by clicking on "Investors" and then selecting the "GAAP to Non-GAAP Reconciliation" link. The non-GAAP performance measures discussed in this presentation may not be comparable to similarly titled measures used by other companies. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP . 20