# EDGAR Filing Document

**Accession Number:** 0000810136
**File Stem:** 0001140361-25-032837
**Filing Date:** 2025-8
**Character Count:** 30928
**Document Hash:** 9b9da005fc913c8ed7292a32a4224e8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-032837.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001140361-25-032837

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250827

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PHOTRONICS INC
- **CENTRAL INDEX KEY:** 0000810136
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 060854886
- **STATE OF INCORPORATION:** CT
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39063
- **FILM NUMBER:** 251259679

**BUSINESS ADDRESS:**
- **STREET 1:** 15 SECOR ROAD
- **STREET 2:** PO BOX 5226
- **CITY:** BROOKFIELD
- **STATE:** CT
- **ZIP:** 06804
- **BUSINESS PHONE:** 2037759000

**MAIL ADDRESS:**
- **STREET 1:** 15 SECOR ROAD
- **STREET 2:** P O BOX 5226
- **CITY:** BROOKFIELD
- **STATE:** CT
- **ZIP:** 06804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOTRONIC LABS INC
- **DATE OF NAME CHANGE:** 19900514

?xml version='1.0' encoding='ASCII'?

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

### FORM 8-K

#### CURRENT REPORT
**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

---

| | |
|:---|:---|
| Date of report (Date of earliest event reported) | **August 27, 2025**<br>|

---

![graphic](image01.jpg)

## PHOTRONICS, INC.
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Connecticut**  | 0-15451 | 06-0854886 |
| (*State or Other Jurisdiction of Incorporation)* | *(Commission File Number)*  | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **15 Secor Road, Brookfield, CT** | 06804 |
| (Address of principal executive offices)  | (Zip Code) |

---

Registrant's Telephone Number, including area code (203) 775-9000

------

(Former name or former address, if changed since last report)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| COMMON STOCK, $0.01 par value per share<br>| PLAB<br>| NASDAQ Global Select Market<br>|

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **<u>Item 2.02.</u>** | **<u>Results of Operations and Financial Condition.</u>** |

---

On August 27, 2025, Photronics, Inc. (the "Company") issued a press release reporting third quarter fiscal 2025 results.

On August 27, 2025, the Company will conduct a conference call with respect to its financial results and other matters during which it will also disclose a slide presentation.

A copy of the press release is furnished as Exhibit 99.1 to this report and a copy of the slide presentation is furnished as Exhibit 99.2 to this report. The information contained in this Item 2.02 and the attached Exhibits 99.1 and 99.2 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

(d) Exhibits <br> [<u>99.1</u>](ef20054461_ex99-1.htm) Press Release dated August 27, 2025. <br> [<u>99.2</u>](ef20054461_ex99-2.htm) Photronics Q3 2025 Financial Results Conference Call August 27, 2025 slides.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **PHOTRONICS, INC.** | **PHOTRONICS, INC.** |
| **(Registrant)** | **(Registrant)** |
| By: | <u>/s/ Christopher J. Lutzo</u> |

---

---

| | | |
|:---|:---|:---|
|  | Name: | Christopher J. Lutzo |
|  | Title: | Vice President, |
|  |  | General Counsel and Secretary |
| Date: August 27, 2025 |  |  |

---

------

## Exhibit 99.1

------

**Exhibit 99.1**<br>

---

| | |
|:---|:---|
| ![](image02.jpg) | **For Further Information:**<br> Ted Moreau<br> VP, Investor Relations<br> 469.395.8175<br> **<u>tmoreau@photronics.com</u>**<br>|

---

#### <br>

#### Photronics Reports Third Quarter Fiscal 2025 Financial Results

BROOKFIELD, Conn. August 27, 2025 (GLOBE NEWSWIRE) — <u>Photronics, Inc.</u> (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its third quarter of fiscal year 2025 ended August 3, 2025. <br>

Commenting on the third-quarter performance, Chairman and CEO George Macricostas said, "Photronics delivered very good results in our fiscal third quarter with revenue, profitability and EPS ahead of expectations. Looking ahead, we remain focused on operational efficiency to maintain our excellent standard of maximizing customer cycle times. We will further accelerate internal investment efforts to enhance geographic revenue diversification and position the company for sustained revenue and earnings growth." <br>

#### Third Quarter Fiscal 2025 Results
• Revenue was $210.4 million, down 0.3% year-over-year and 0.3% sequentially.

• GAAP Net income attributable to Photronics, Inc. shareholders was $22.9 million, or $0.39 per diluted share, compared with $34.4 million, or $0.55 per diluted share, in the third quarter of 2024 and $8.9 million, or $0.15 per diluted share, in the second quarter of 2025.

• Non-GAAP Net income attributable to Photronics, Inc. shareholders was $29.4 million, or $0.51 per diluted share, compared with $31.9 million, or $0.51 per diluted share in the third quarter of 2024 and $24.3 million, or $0.40 per diluted share, in the second quarter of 2025.

• IC revenue was $147.8 million, down 5% year-over-year and 5% sequentially.

• FPD revenue was $62.6 million, up 14% from the same quarter last year and 14% sequentially.

• Cash, cash equivalents and short-term investments at the end of the quarter were $575.8 million, of which $396.8 million was associated with our Joint Ventures of which we own 50%. 

• Cash generated from operating activities was $50.1 million, cash invested in organic growth through capital expenditures was $24.8 million, and cash returned to shareholders through share repurchases was $20.7 million.

• The Board of Directors approved an increase of $25.0 million to the share repurchase authorization. 

#### Fourth Quarter Fiscal 2025 Guidance

For the fourth quarter of fiscal 2025, Photronics expects Revenue to be between $201 million and $209 million and non-GAAP Net income attributable to Photronics, Inc. shareholders to be between $0.42 and $0.48 per diluted share. <br>

#### Webcast

A webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on August 27, 2025. The call will be broadcast live and on-demand on the <u>Events and Presentations</u> link on the Photronics website. Analysts and investors who wish to participate in the Q&A portion of the call should <u>click</u> here. It is suggested that participants register fifteen minutes prior to the call's scheduled start time.

------

#### About Photronics

<u>Photronics</u> is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) <u>photomasks.</u> High precision quartz plates that contain microscopic images of electronic circuits, photomasks are a key element in the IC and FPD manufacturing process. Founded in 1969, Photronics has been a trusted photomask supplier for over 56 years. The company operates 11 strategically located <u>manufacturing facilities</u> in Asia, Europe, and North America. Additional information on the company can be accessed at <u>www.photronics.com.</u> <br>

#### Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially. Please refer to Item 1A "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subsequent filings with the Securities and Exchange Commission. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results. <br>

#### Non-GAAP Financial Measures

Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders, are "non-GAAP financial measures" as such term is defined by Regulation G of the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss), Net income (loss) per share, or any other measure of consolidated results under U.S. GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated statement of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations below.

------

#### PHOTRONICS, INC.
**<u>Condensed Consolidated Statements of Income</u>**<br>

(in thousands, except per share amounts)

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **August 3,**<br> **2025** | **May 4,**<br>**2025** | **July 28,**<br>**2024** | **August 3,**<br>**2025** | **July 28,**<br>**2024** |
|  Revenue | $210394 | $210992 | $210984 | $633524 | $644318 |
|  Cost of goods sold | 139539 | 133086 | 135846 | 409228 | 410674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Profit | 70855 | 77906 | 75138 | 224296 | 233644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Gross margin %* | 33.7<br>*%* | 36.9<br>*%* | 35.6<br>*%* | 35.4<br>*%* | 36.3<br>*%* |
|  Operating Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative | 18423 | 18099 | 19436 | 55624 | 56753 |
| &nbsp;&nbsp;&nbsp; Research and development | 4271 | 4090 | 3555 | 12618 | 11291 |
| &nbsp;&nbsp;&nbsp; Total Operating Expenses | 22694 | 22189 | 22991 | 68242 | 68044 |
|  Other operating gain | - | - | 1 | - | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating Income | 48161 | 55717 | 52148 | 156054 | 165690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Operating Margin* | 22.9<br>*%* | 26.4<br>*%* | 24.7<br>*%* | 24.6<br>*%* | 25.7<br>*%* |
|  Non-operating (loss) income, net | (9428) | (25786) | 10145 | (10232) | 26931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Before Income Tax Provision | 38733 | 29931 | 62293 | 145822 | 192621 |
|  Income tax provision | 9594 | 5714 | 14124 | 34209 | 48998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income | 29139 | 24217 | 48169 | 111613 | 143623 |
|  Net income attributable to noncontrolling interests | 6248 | 15356 | 13781 | 37009 | 46804 |
|  Net income attributable to Photronics, Inc. shareholders | $22891 | $8861 | $34388 | $74604 | $96819 |
|  Earnings per share attributed to Photronics, Inc. shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.40 | $0.15 | $0.56 | $1.24 | $1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.39 | $0.15 | $0.55 | $1.23 | $1.55 |
|  Weighted-average number of common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 57937 | 60793 | 61815 | 60274 | 61681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 58068 | 60974 | 62414 | 60567 | 62369 |

---

------

#### Condensed Consolidated Balance Sheets
(in thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **August 3,**<br> **2025** | **October 31,**<br>**2024** |
| **<u>Assets</u>** |  |  |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $479521 | $598485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 96277 | 42184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 190875 | 200830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 63490 | 56527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 42073 | 33036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 872236 | 931062 |
|  Property, plant and equipment, net | 838988 | 745257 |
|  Other assets | 41541 | 35740 |
|  Total assets | $1752765 | $1712059 |
|  **<u>Liabilities and Equity</u>** |  |  |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | $11 | $17972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 174914 | 165839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 174925 | 183811 |
|  Long-term debt | 16 | 25 |
|  Other liabilities | 39824 | 47464 |
|  Equity: |  |  |
| &nbsp;&nbsp;&nbsp; Photronics, Inc. shareholders' equity | 1125551 | 1120864 |
| &nbsp;&nbsp;&nbsp; Noncontrolling interests | 412449 | 359895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 1538000 | 1480759 |
|  Total liabilities and equity | $1752765 | $1712059 |

---

------

<u> </u>

<u>PHOTRONICS, INC.</u>

<u>Condensed Consolidated Statements of Cash Flows</u>

(in thousands)

(Unaudited) <br>

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **August 3,**<br> **2025** | **July 28,**<br>**2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Net income | $111613 | $143623 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 59234 | 61613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 10003 | 9841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets, liabilities and other | (20876) | (22003) |
| Net cash provided by operating activities | 159974 | 193074 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of property, plant and equipment | (120588) | (87733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of short-term investments | (96571) | (100558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from maturities of short-term investments | 42148 | 44696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government incentives | 1469 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (57) | (4) |
| Net cash used in investing activities | (173599) | (142058) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of debt | (17969) | (4500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock repurchases | (97422) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from share-based arrangements | 2120 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net settlements of restricted stock awards | (2013) | (3002) |
| Net cash used in financing activities | (115284) | (6428) |
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 10129 | (6454) |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (118780) | 38134 |
| Cash, cash equivalents, and restricted cash, beginning of period | 601243 | 501867 |
| Cash, cash equivalents, and restricted cash, end of period | $482463 | $540001 |

---

------

#### PHOTRONICS, INC.

#### <br>
**<u>Reconciliation of GAAP Net income and Earnings per Share attributable to Photronics, Inc. shareholders to Non-GAAP Net income and Earnings per Share attributable to Photronics, Inc. shareholders</u>**

(in thousands, except per share amounts)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months ended** | **Three Months ended** | **Three Months ended** |
|  | **August 3,** | **May 4,** | **July 28,** |
|  | **2025** | **2025** | **2024** |
| GAAP Net income attributable to Photronics, Inc. shareholders | $22891 | $8861 | $34388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FX (gain) loss | 14258 | 31111 | (4068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated tax effects of FX (gain) loss | (3663) | (8337) | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated noncontrolling interest effects of above | (4130) | (7376) | 681 |
| **Non-GAAP Net income attributable to Photronics, Inc. shareholders** | $**29356** | $**24259** | $**31915** |
| **Weighted-average number of common shares outstanding - Diluted** | **58068** | **60974** | **62414** |
| GAAP Diluted earnings per share attributable to Photronics, Inc. shareholders | $0.39 | $0.15 | $0.55 |
| &nbsp;&nbsp;&nbsp; Effects of non-GAAP adjustments above | 0.12 | 0.25 | (0.04) |
| **Non-GAAP Diluted earnings per share attributable to Photronics, Inc. shareholders** | $0.51 | $0.40 | $0.51 |

---

------

## Exhibit 99.2

------

**Exhibit 99.2**<br>

![](ef20054461_ex99-2slide24.jpg)

August 2025 Investor Presentation

------

![](ef20054461_ex99-2slide25.jpg)

Safe Harbor Statement This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain risks and uncertainties. We refer you to the risk factors in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subsequent filings with the Securities and Exchange Commission. These documents contain and identify important factors that could cause the actual results for the Company to differ materially from those contained in our projections or forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee the accuracy of any forecasts or estimates, and we are not obligated to update any forward-looking statements if our expectations change. 2

------

![](ef20054461_ex99-2slide28.jpg)

Corporate Overview

------

![](ef20054461_ex99-2slide29.jpg)

Europe 4% Taiwan 34% China 26% Korea 19% US 17% Photronics Overview (Nasdaq: PLAB) $856M Revenue $212M Operating Income $228M Operating Cash Flow $1.21B Market Cap 8/21/2025 ~1,900 Employees ~675 Customers 1969 Founded A Global Merchant Market Leader of Photomasks used in Lithographic Imaging for Semiconductor and Flat Panel Display production Revenue By Geographic Origin 33% 27% 18% 17% 5% Revenue By Product Group All data reflects Trailing Twelve Month figures unless otherwise noted Totals may differ due to rounding 27% 47% 22% 4% 4 Mainstream 50% High-End 50%

------

![](ef20054461_ex99-2slide30.jpg)

Strategic Global Footprint IC: Integrated Circuit \| FPD: Flat Panel Display 5 Allen, Texas Boise, Idaho Brookfield, Connecticut HQ Bridgend, Wales Cheonan, Korea Hsinchu, Taiwan Xiamen, China Dresden, Germany Hefei, China Taichung, Taiwan Largest commercial mask maker in Taiwan. Only high end capable commercial mask maker in US. IC FPD IC & FPD

------

![](ef20054461_ex99-2slide31.jpg)

Photomasks: Critical Enabler for IC and FPD Manufacturing Integrated Circuit (IC) photomasks are used to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated circuits. Photomasks are glass substrates used in lithographic systems to transfer the pattern of semiconductor and flat panel display designs Light Source Photomask Reduction Lens Wafer Stage 6 Flat Panel Display (FPD) photomasksare used in the fabrication of flat screen televisions, PC monitors, tablets, mobile devices and other flat panel displays. Exposure Process used to Create a TFT Circuit Pattern

------

![](ef20054461_ex99-2slide32.jpg)

Compelling Investment Thesis A global leader in the merchant photomasks industry critical for semiconductor manufacturing Favorable Industry Trends 7 FAB regionalization/ reshoring of the semiconductor industry Captives increased outsourcing to merchant suppliers Node migration drives ASP expansion and revenue growth Foldable displays and higher value masks drive FPD opportunity Premier operational execution enables preferred supplier status Consistent delivery of cash flow for strategic flexibility Operational Excellence

------

![](ef20054461_ex99-2slide33.jpg)

IC: New Chip Designs Drive Photomask Demand Photomasks are the foundation of wafer manufacturing and critical to the semiconductor manufacturing process A global leader of mask production Advances in semiconductor chip designs drive Photronics revenue Consumer Electronics Medical Devices 8 Automotive Industrial Networking Communications Aerospace & Defense

------

![](ef20054461_ex99-2slide34.jpg)

Global Presence and Supply Chain Regionalization Our IC manufacturing footprint aligns with customer global semiconductor production regionalization trends, supported by governments globally Photronics first mover advantage in China has delivered strong revenue growth and cash flow generation U.S. capacity and capability expansion supports the reshoring of chip production in the U.S. PLAB IC Locations Top 5 Semiconductor Countries:Taiwan, South Korea, Japan, China, U.S. 9

------

![](ef20054461_ex99-2slide35.jpg)

Node Migration Drives Mask Set Value Nodes Mask Value 10 Mask pattern complexity / Mask count per IC Design / Impact of Mask performance on IC yield Drives higher individual mask ASP, more layers per mask set, and higher barriers of entry for competitors Currently participating Planning to participate

------

![](ef20054461_ex99-2slide36.jpg)

FPD: Advanced Displays are Driving Innovation Photronics leverages expertise gained from IC mask production into FPD mask production Consumer electronics with larger, high-performance displays increase the complexity of mask production Panel makers are developing AMOLED production processes to increase substrate size to G8.6, requiring larger, high-quality advanced masks Customers rely on Photronics for its market leading AMOLED technology 11

------

![](ef20054461_ex99-2slide37.jpg)

Competitive Advantages Global Footprint Close to customer Aligned with end markets Flexible supply chain Technology Leader Process expertise Advanced Process-of-Record High barriers to entry Commercial Excellence Customer first Trusted partner Wafer yield enhancement Technology roadmap enabler Operational Excellence Responsive delivery High yields Cost control Supply chain optimization Teamwork and execution 12

------

![](ef20054461_ex99-2slide38.jpg)

Structural Improvement to Profitability CAGR: 10% (2017 – 2024) CAGR: 19% (2017 – 2024) Gross Profit ($ in millions) Annual Revenue ($ in millions) Operating Profit ($ in millions) CAGR: 32% (2017 – 2024) Free Cash Flow\* ($ in millions) CAGR: 59% (2017 – 2024) 13 \*Free Cash Flow is a non-GAAP financial measure. See reconciliation of Operating Cash Flow to Free Cash Flow in the Appendix.

------

![](ef20054461_ex99-2slide39.jpg)

Capital Expenditures The Capital Intensity Ratio is defined as Capex divided by Revenue \* 2025 reflects $200M capex guidance divided by consensus revenue estimates as of August 26, 2025. Multi-Beam Mask Writer expands technical and production capability through improved cycle time and extends complex patterning opportunities MBMW Write Time Advantage Technology Node 100 80 60 40 20 0 Est. Write Time (Hours) 65nm 45nm 32nm 22nm 14 nm 10nm 7nm 14

------

![](ef20054461_ex99-2slide40.jpg)

Fiscal Q3 2025 Financial Results

------

![](ef20054461_ex99-2slide41.jpg)

FQ3 2025 Summary FQ3 2025 $210.4M Revenue 33.7% Gross Margin 22.9% Operating Margin $0.39 Diluted EPS $0.51 Non-GAAP Diluted EPS1 FQ2 2025 $211.0M 36.9% 26.4% $0.15 $0.40 FQ3 2024 $211.0M 35.6% 24.7% $0.55 $0.51 1See reconciliation included in this presentation 16 Revenue recovered in the U.S. at the high-end and grew in Korea for both IC and FPD offset by geopolitical uncertainty; maintain long-term demand driven by regionalization, node migration, and overall semiconductor demand Gross margin of 33.7% resulted from better-than-expected revenue Operating margin also benefited as both revenue and gross margin were higher-than-expected; non-GAAP Diluted EPS of $0.51 reflects a greater profitability contribution from Photronics, Inc. compared with FQ2 2025 Repurchased 1.18 million shares for $20.7 million.

------

![](ef20054461_ex99-2slide42.jpg)

Revenue by Product Line $M 3Q25 Q/Q Y/Y High-End\* 53.6 (10%) 8% Mainstream 94.2 (3%) (12%) Total 147.8 (5%) (5%) Recognized a high-end recovery in the U.S. on strong order patterns Both High-End and Mainstream expected to continue experiencing node migration to smaller IC geometries Demand in Asia tempered because of geopolitical and tariff related concerns \*IC: 28nm and smaller; FPD: G10.5+, AMOLED and LTPS Totals may differ due to rounding Technological capabilities drives high-end market leadership Strong demand from customers in Korea and China continues Strength in higher end mobile applications and benefit from larger, more complex panel sizes using AMOLED display technology such as G10.5 and G8.6 $M 3Q25 Q/Q Y/Y High-End\* 53.5 23% 11% Mainstream 9.1 (21%) 36% Total 62.6 14% 14% IC FPD 17

------

![](ef20054461_ex99-2slide43.jpg)

Operating cash flow positive across all major geographic regions FQ3 capex expanded IC facility and capacity in the U.S. & end-of-life tool replacement globally Capital allocation: Organic growth investments: target capex of $200M in fiscal 2025 with a portion to expand U.S. operations as previously announced Business development initiatives: leverage and enhance core competencies Return cash to shareholders: Repurchased $97M Fiscal YTD; Increased authorization by $25M, $28M currently authorized Balance Sheet and Cash Flow Metrics $M 3Q25 2Q25 3Q24 Cash, cash equivalents and Short-term investments 575.8 558.4 606.4 Debt 0.03 0.03 20.1 Operating Cash Flow 50.1 31.5 75.1 Capital Expenditures 24.8 60.5 24.4 18

------

![](ef20054461_ex99-2slide44.jpg)

FQ4 2025 Guidance Assumptions: Cautious demand environment and tariff uncertainty continues Continued node migration towards higher end Weighted average diluted shares reflects opportunistic stock repurchases through FQ3 2025 Reiterated fiscal 2025 capex target of $200 million Revenue ($M) 201 – 209 Operating Margin 20% - 22% Diluted non-GAAP EPS $0.42 - $0.48 Diluted Shares (M) ~58 Full-year Capex ($M) ~200 19

------

![](ef20054461_ex99-2slide45.jpg)

Appendix

------

![](ef20054461_ex99-2slide46.jpg)

Non-GAAP Financial Measures Non-GAAP Net Income attributable to Photronics, Inc. shareholders, non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders and Free Cash Flow are "non-GAAP financial measures" as such term is defined by Regulation G of the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss), Net income (loss) per share, Net Cash provided by operating activities or any other measure of consolidated results under U.S. GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated statement of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations on the following page. 21

------

![](ef20054461_ex99-2slide47.jpg)

Non-GAAP Financial Measures 22

------

![](ef20054461_ex99-2slide48.jpg)

Non-GAAP Financial Measures 23

------

<br>