Slides
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FALL2025 INVESTOR PRESENTATION
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This presentation contains, or may be deemed to contain, "forward- looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as "anticipates," “projection,” “outlook,” “forecast,” "believes," "plan," "expect," "future," "intends," "may," "will," "estimates," “see,” "predicts," “should” and similar expressions to identify these forward-looking statements. Forward looking statements included in this press release include our expectations about the semiconductor capital equipment market and outlook. All forward- looking statements address matters that involve risks and uncertainties. Accordingly, the Company’s actual results may differ materially from the results predicted or implied by these forward-looking statements. These risks, uncertainties and other factors also include, among others, those identified in "Risk Factors,” "Management's Discussion and Analysis of Financial Condition and Results of Operations'' and elsewhere in our annual report on Form 10-K as filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise unless required by law. Non-GAAP Management uses non-GAAP gross margin, non-GAAP operating margin and non-GAAP net income to evaluate the Company's operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing our core business and business trends and comparing performance to prior periods, along with enhancing investors' ability to view the Company's results from management's perspective. The presentation of this additional information should not be considered a substitute for results prepared in accordance with GAAP. Tables presenting reconciliations from GAAP results to non-GAAP results are included in the appendix. Safe Harbor 2
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Enabling Technology for 30 Years 3 SOLVING COMPLEX PROBLEMS THROUGH GENERATIONS OF INNOVATION
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Proven Growth Strategy 4 JULY•2015 Purchase Price $22.8M Revenue Growth: +325% GM Expansion: +7% FEBRUARY•2015 Purchase price $43.6M Revenue: +200% GM: +8% MARCH•2021 Purchase Price $351M Revenue: +50% GM: +5% AUGUST•2018 Purchase Price $342.0 Revenue: +40% GM: +8% APRIL•2019 Purchase Price $30.0M EV/EBITDA ~5.4 OCTOBER•2023 Purchase Price $50M EV/EBITDA ~8.3
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FAB CONSTRUCTION SUPPORT ChemTrace: Cleanrooms & Sub-fab Analysis Fab Infrastructure – Facilities Gas & Water, Effluent Abatement & Treatment Our Role in the Lifecycle of Chip Manufacturing EQUIPMENT BUILDOUT Wafer Fab Production Equipment New Part Cleaning WFE & Sub-Fab Support Equipment – Pumps, Gas & Chemical Cabinets PRODUCTION SERVICES Part Recycling & Refurb Part Cleanliness Analytics 5
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DEPOSITION ETCH LITHOGRAPHY IMPLANT CMP Supplying Critical Process Capabilities EPITAXY ANNEAL INSPECTION WAFER CLEAN 1,000+ STEPS PER DEVICE 100’S OF TOOLS PER FAB 6
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Diversified Path To Market Expansion 7
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Lam 39% Applied 20% Other OEM 24% Non - semi 4% Service * 13% Foundry & Logic WFE 56% Memory WFE 28% Non - semi 4% Service * 13% Industry and Customer Footprint (Q3’25) 8 * Includes low single digit OEM service revenue
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Strategic Global Footprint CALIFORNIA OREGON ARIZONA COLORADO TEXAS MAINE UK KOREA CHINA PHILIPPINES TAIWAN SINGAPORE MALAYSIA CZECH REPUBLIC PRODUCTS* * Primary operational site ISRAEL SERVICES 9
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Total Available Market 10
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• Increase share in manufactured components • Further penetration of current >10% customers • Expand presence at other major OEM’s – Goal to add additional >10% customers over the next several years • Grow engagement with smaller customers – Further diversify revenue; leverage new high growth device markets (AI, 5G, IoT, and automotive) – Support domestic China market • Opportunistic consolidation within fragmented supply chain 11 Product Division Opportunities
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• Reduce cost of ownership utilizing advanced technology – Longer part life and improved yield through specialty coating – Higher tool productivity by chemical and thermal pre-conditioning parts • Create integrated solutions across UCT’s core competencies • Improve efficiencies by leveraging part cleaning knowledge – Create value by efficiently managing customer spare parts – Utilize part lifecycle data to develop equipment uptime improvement • Introduce proven Atomically Clean Surfaces to new customers Service Division Opportunities 12
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End Market Update 13 Foundry INVESTMENT TO SUPPORT LONG-TERM DEMAND – Leading edge continues investments, including advanced packaging & GAA to support AI – Trailing edge spending pause to align segment demand Logic LOGIC SPENDING ACROSS WIDER BASE – Inventories are stabilizing as global supply chains realign – Cyclic recovery across end-markets continuing – Fab construction aligning to demand across nodes & wafer sizes 3D NAND NODE TRANSITIONS DRIVING SPEND – Some strength for high- capacity AI solid state drives driving QLC adoption – Leveraging technology upgrades to manage supply DRAM PROFITABILITY IMPOVING ON AI DEMAND – HBM continues to drive fab and packaging spending – Long term capacity drivers include DDR5 adoption and increasing content per device
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FINANCIAL UPDATE Fall2025
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PRODUCTS Revenue • $445.0M Gross Margin* • 15.1% Operating Margin* • 4.9% SERVICES Revenue • $65.0M Gross Margin* • 30.0% Operating Margin* • 11.1% Q3’25 Key Takeaways 15 *Non-GAAP results - Excluding intangible amortization expense, non- recurring costs and SBC TOTAL REVENUE $510.0M GROSS MARGIN* 17.0% OPERATING CASH FLOW $0.1M OPERATING MARGIN* 5.7% CASH BALANCE $314.1M EPS* $0.28
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Q4’25 Guidance 16 REVENUE $480M • $530M EPS $0.11 • $0.31
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Thank You
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$ IN MILLIONS FY’22 FY23 FY24 Q1’25 Q2’25 Q3’25 Net income (Loss) per GAAP basis 40.4 (31.1) 23.7 (5.0) (162.0) (10.9) Amortization of intangible assets (1) 30.1 24.1 30.4 7.3 7.0 6.9 Restructuring charges (2) 3.3 9.2 2.3 3.6 4.8 7.1 Stock-based compensation expense (3) 19.3 12.5 17.8 2.6 7.1 4.6 Legal-related costs (4) 2.2 (0.4) 2.7 0.7 0.3 0.2 Acquisition related costs* (5) 0.6 4.3 1.0 - - - Fair value related adjustments (6) - 4.0 (29.1) (0.1) - - Net loss (gain) on divestitures (7) 77.4 - - - - - Covid-19 related expenses (8) 2.9 - - - - - VAT settlement (9) 4.0 - - - - (0.2) Debt refinancing costs expensed (10) - - 4.0 - - 1.1 Impairment of goodwill (11) - - - - 151.1 - Income tax effect of non-GAAP adjustments (12) (22.2) (10.2) (6.1) (2.8) (34.1) (4.5) Income tax effect of valuation allowance (13) 23.9 12.8 18.5 6.4 37.9 8.6 Non-GAAP net income 181.9 25.2 65.2 12.7 12.1 12.9 Reconciliation: GAAP Net Income (loss) to Non-GAAP Net Income 18 * Refer to 10k
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Reconciliation: GAAP to Non-GAAP Earnings Per Diluted Share 19* Refer to 10k FY’22 FY23 FY24 Q1’25 Q2’25 Q3’25 Net income (Loss) per GAAP basis $0.88 $(0.70) $0.52 $(0.11) $(3.58) $(0.24) Amortization of intangible assets (1) $0.66 $0.54 $0.67 $0.16 $0.15 $0.15 Restructuring charges (2) $0.07 $0.20 $0.05 $0.08 $0.10 $0.16 Stock-based compensation expense (3) $0.42 $0.28 $0.39 $0.06 $0.16 $0.10 Legal-related costs (4) $0.05 $(0.01) $0.06 $0.01 $0.01 $0.00 Acquisition related costs* (5) $0.01 $0.10 $0.02 - - - Fair value related adjustments (6) - $0.09 $(0.64) $(0.00) - - Net loss (gain) on divestitures (7) $1.69 - - - - - Covid-19 related expenses (8) $0.06 - - - - - VAT settlement (9) $0.09 - - - - $0.00 Debt refinancing costs expensed (10) - - $0.09 - - $0.02 Impairment of goodwill (11) - - - - $3.34 - Income tax effect of non-GAAP adjustments (12) $(0.49) $(0.23) $(0.13) $(0.06) $(0.75) $(0.10) Income tax effect of valuation allowance (13) $0.52 $0.29 $0.41 $0.14 $0.84 $0.19 Non-GAAP net earnings $3.98 $0.56 $1.44 $0.28 $0.27 $0.28 Weighted Avg. number of diluted shares (in Millions) 45.7 45.1 45.3 45.4 45.3 45.6