August 2025 Investor Presentation

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

Corporate Overview

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%

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

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

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

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

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

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

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

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

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.

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

Fiscal Q3 2025 Financial Results

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.

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

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

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

Appendix

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

Non-GAAP Financial Measures 22

Non-GAAP Financial Measures 23

PHOTRONICS INC 8-K