Q3 2025 EARNINGS PRESENTATION NOVEMBER 4, 2025 SAFE HARBOR STATEMENT This presentation contains, and the conference call will contain, forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause ...

Transaction Overview - Axcelis and Veeco are combining to create an industry-leading semiconductor equipment company[1,29,55] - The transaction is an all-stock deal where Veeco shareholders will receive 03575 Axcelis shares for each Veeco share[52] - The combined company will be headquartered in Beverly, Massachusetts and assume a new name and ticker symbol[52] - The transaction is expected to close in the second half of 2026, subject to shareholder and regulatory approvals[52] Financial Highlights - The combined company will have a pro forma cash position exceeding $900 million[24,28,30,52,56] - The combined company's 2024 revenue is approximately $17 billion[27,36] - The combined company's non-GAAP gross margin is 44%[27,30,56] - The combined company's adjusted EBITDA is approximately $387 million[28,30] - The combined company expects to realize $35 million in annual run-rate cost synergies within 24 months after closing[52,53] Strategic Rationale - The combination expands the addressable market opportunity to over $5 billion[30,56] - The merger creates a broader product portfolio and complementary end markets[22,23,25,30,35,36,41,42,44,45] - The combined company will have a robust R&D and innovation engine[23]

Transaction Overview - Axcelis and Veeco are combining to create an industry-leading semiconductor equipment company[1] - The transaction is an all-stock deal where Veeco shareholders will receive 03575 Axcelis shares for each Veeco share[52] - The combined company will have an estimated enterprise value of approximately $44 billion[52] - Pro forma ownership at closing is estimated to be approximately 58% Axcelis shareholders and 42% Veeco shareholders[52] - The transaction is expected to close in the second half of 2026[52] Financial Highlights - The combined company is expected to have over $900 million in cash[24, 27, 30, 52] - The combined company had approximately $17 billion in pro-forma 2024 revenue[27, 36] - The combined company had a 44% non-GAAP gross margin in FY24[27, 30, 53] - The combined company had approximately $230 million in combined R&D spend in FY24[27] - The combined company had approximately $387 million in adjusted EBITDA in FY24[27, 53]

Veeco's Overview - Veeco's 2024 revenue is projected to be approximately $710 million[6] - The company anticipates its Served Available Market (SAM) to reach approximately $43 billion[9] - Veeco projects a Compound Annual Growth Rate (CAGR) of approximately 15% for its SAM[10] Semiconductor Market - The semiconductor SAM is expected to grow to approximately $20 billion[9] - Laser Spike Annealing (LSA) SAM is projected to grow from approximately $600 million to approximately $750 million, with a projected CAGR of approximately 20%[12] - Nanosecond Annealing (NSA) SAM is projected to grow from $0 million to approximately $450 million[12] - Ion Beam Deposition (IBD) for EUV mask blanks is expected to grow from approximately $50 million to approximately $100 million[12] - IBD300 for Front End Semi is expected to grow from $0 million to approximately $350 million[12] Compound Semiconductor Market - The compound semiconductor SAM is expected to grow to approximately $18 billion[9] - SiC Power Electronics SAM is projected to grow from approximately $350 million to approximately $650 million[33] - GaN Power Electronics SAM is projected to grow from approximately $100 million to approximately $300 million[33] - MicroLED SAM is projected to grow from $0 million to approximately $200 million[33] Financial Performance - Semiconductor revenue is expected to increase from 37% of total revenue in 2020 to over 60% in 2024[40]