May 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.

Corporate Overview

Photronics Overview (Nasdaq: PLAB) All data reflects TTM figures unless otherwise noted | IC: Integrated Circuit | FPD: Flat Panel Display Revenue By Product Group Revenue By Region Unmatched Global Footprint 11 STRATEGICALLY LOCATED MANUFACTURING FACILITIES IC FPD IC & FPD $857M $216M $253M $1.24B ~1,900 ~675 1969 Revenue Operating Income Operating Cash Flow Market Cap 5/20/2025 Employees Customers Founded

Photomasks: Critical Enabler for IC and FPD Manufacturing Photomasks carry design information into an exposure system where light transfers the pattern to the wafer Integrated Circuit (IC) photomasks are used to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated circuits. Flat Panel Display (FPD) photomasks are used in the fabrication of flat screen televisions, PC monitors, tablets, mobile devices and other flat panel displays.

Historical Phases of Photronics Revenue Growth Phase I: 1969 – 1986 Technology Startup Organic Growth U.S. Concentration Pre-IPO Phase II: 1986 – 2002 M&A Growth Merchant Consolidation Global Expansion Phase IV: 2018 and Beyond Leverage China 1st Mover Advantage Long-Term Purchase Agreements Extend Technology Leadership Increase Market Share Strategic Capital Allocation Phase III: 2003 – 2017 Enter High-End Market Form Strategic Partnerships Invest in High-End Capability Establish FPD Presence Improve Balance Sheet A B C D A G7.5 Display Substrate B High-End IC Memory C High-End IC Logic D G10.5+ Display Substrate AMOLED Mobile “Made In China 2025” Technology inflections catalyze Future Demand:

Profitability Improvement CAGR: 7% (2014 – 2024) CAGR: 12% (2014 – 2024) Gross Profit ($ in millions) Annual Revenue ($ in millions) Operating Profit ($ in millions) CAGR: 23% (2014 – 2024)

Compelling Investment Thesis Industry expansion driving design activity across all nodes Broad technology suite and geographicpresence has led to trusted supplier status Deliver operational excellence through premier quality and rapid response times Delivers sustainable cash flow for capital allocation flexibility Close proximity supports response time advantages Competitive advantage in an industry with high barriers to entry GLOBAL LEADER in the merchant photomask industry OPERATONAL EXECUTIONdriven by a culture ofsustainable performance GEOGRAPHIC FOOTPRINTsupports customer regionalization expansion Merchant market leader for higher end designs that require additional layers Advanced displays leverage IC capabilities and leading mask technologies NODE MIGRATIONenabled by technological advantages

Core Competencies Serve as 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

Semiconductor: design activity is leading driver of mask demand Continued semiconductor industry growth and differentiation of semiconductor designs Reshoring to the U.S. and regional diversification of semiconductor production throughout the world Captives outsourcing trailing edge nodes as they focus on leading edge semiconductor innovation such as EUV Display: advanced displays driving innovation Global panel makers innovating to win market share Growing panel competition drives innovation and greater mask value Larger AMOLED G8.6 form factor substrates has entered manufacturing, requiring high-quality, advanced photomasks Long-Term Trends Driving Photomask Demand

Supply Chain Regionalization Driving Global Semiconductor Investments Concerns around national security and supply chain reliability are driving regional investments in semiconductor manufacturing Semiconductor fabs are capitalizing on government incentives to build capacity in US, Europe, and Asia Regionalization creates additional semiconductor production, increasing global demand for photomasks Photronics has operations in 4 of the top 5 countries for semiconductor manufacturing and is expanding capacity in the United States Our IC Manufacturing Footprint Aligns with Global Semiconductor Production PLAB IC Locations Top 5 Semiconductor Countries: Taiwan, South Korea, Japan, China, US Photronics Broad Geographic Presence Well Positioned for Regionalization Trend

Advanced Displays are Driving Innovation Photronics Technological Leadership Enables Customers Innovation and Design Complexity AMOLED displays increasingly being utilized in mobile displays, including smartphones, tablets, and PCs Emerging panel makers releasing new AMOLED displays to gain market share against established incumbents Panel makers incorporating additional functionality into displays (e.g., biometric sensors), increasing value and complexity of mask set New form factors (e.g., flexible or rollable displays) requiring introduction of AMOLED technology Panel makers are developing AMOLED production process to increase substrate size to G8.6, requiring larger, high-quality advanced masks

Strategic Investment Strategy Sustains Profitable Growth 13 Proven Approach to Profitably Grow Revenue, Capture Market Share, and Improve ROIC Win market share in growing IC and FPD markets Leverage global footprint to benefit from IC regionalization trends Capitalize on FPD technology leadership to continue improving mix Enter long-term purchase agreements and earn process-of-record Improved pricing environment in high-end and mainstream IC Dynamically align asset tool set to match end-market demand Increasing benefit from operating leverage GROW REVENUE IN EXCESS OF MARKET OPERATIONAL LEVERAGE IMPROVES PROFITABILITY Operational Excellence Commercial Excellence Technology Leader Global Footprint WINNING THROUGH COMPETITIVE ADVANTAGES Organic growth through high-return targeted capacity expansionEnter LTPAs to mitigate investment risk and quickly ramp revenues STRATEGIC APPROACH TO CAPITAL INVESTMENTS

Fiscal Q2 2025 Financial Results May 28, 2025

FQ2 2025 Summary Opportunistically accelerated cash returned to shareholders through stock repurchases in FQ2 $211.0M Revenue 26.4% Operating Margin $0.15 Diluted EPS $0.40 Non-GAAP Diluted EPS1 $31M Operating Cash Flow $558.4M Cash2 and Short-term investments (3%) Y/Y (1%) Q/Q 60 bps Y/Y 180 bps Q/Q (74%) Y/Y (78%) Q/Q (13%) Y/Y (23%) Q/Q (59%) Y/Y (60%) Q/Q 0% Y/Y (13%) Q/Q Revenue from China and Taiwan JVs outperformed benefiting from node migration trends; maintain long-term demand driven by regionalization, node migration, and overall semiconductor demand Operating margin benefited as gross margin strengthened on favorable project mix; opex declined Q/Q and Y/Y; non-GAAP Diluted EPS was $0.40 reflecting JV contribution to earnings; Photronics has negligible exposure to tariffs Balance sheet supports flexible capital allocation strategy, including planned expansion of U.S. IC manufacturing capacity and the opportunistic repurchase of $72 million of PLAB stock Capital allocation strategy based upon investing in growth, returning cash to shareholders, or potential business development initiatives, all focused on increasing shareholder value 1See reconciliation included in this presentation; 2Includes cash equivalents

Revenue by Product Line $M 2Q25 Q/Q Y/Y High-End* 59.3 (1%) 2% Mainstream 96.6 3% (6%) Total 155.9 1% (3%) Recognized continued high-end node migration to 22nm and 28nm in Asia associated with JVs Mainstream also experiencing node migration to smaller IC geometries Logic strength in mobile communications offset by continued softness in larger geometries associated with Auto and Industrial end markets and by timing of memory projects *IC: 28nm and smaller; FPD: G10.5+, AMOLED and LTPS Totals may differ due to rounding Technological capabilities drives high-end market leadership Seasonal demand uplift mid-quarter from customers in Korea and China Strength in higher end mobile applications and recognized products going into production featuring larger G8.6 panel sizes using AMOLED display technology $M 2Q25 Q/Q Y/Y High-End* 43.6 (12%) (9%) Mainstream 11.5 35% 42% Total 55.1 (5%) (2%) IC FPD

Balance Sheet and Cash Flow Metrics $M 2Q25 2Q24 1Q25 Cash, cash equivalents and Short-term investments 558.4 559.9 642.2 Debt 0.03 21.8 2.7 Operating Cash Flow 31.5 76.5 78.5 Capital Expenditures 60.5 20.0 35.2 FQ2 operating cash flow reflects income generation led by China & Taiwan JVs FQ2 capex expands facility and IC capacity in the U.S., & end-of-life tool replacement Capital allocation: Growth investments: target $200M in fiscal 2025 Business development initiatives: TBD Return cash to shareholders: $72M in FQ2

FQ3 2025 Guidance Revenue ($M) 200 – 208 Operating Margin 20% - 22% Diluted non-GAAP EPS $0.35 - $0.41 Diluted Shares (M) ~59 Full-year Capex ($M) ~200 Assumptions: Cautious demand environment and tariff uncertainty Continued node migration towards higher end Weighted average diluted shares reflects recent opportunistic stock repurchases Reiterate fiscal 2025 capex target of $200 million

Appendix

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 on the following page.

Non-GAAP Financial Measures