Q4 2022 Financial Results Conference Call December 13, 2022 Photronics, Inc.

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 documents the Company files from time to time 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. These certain factors can be found at www.photronics.com/riskfactors. 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. 12/13/2022 2

Fifth consecutive year of record revenue, as customers continue to trust us for their photomask needs Gross and operating margins in target model range during second half of 2022 Net income attributable to Photronics, Inc. shareholders of $118.8M ($1.94/share) IC: +29% FPD: +14% To China: +55% 5th consecutive year of record revenue, demonstrating effectiveness of investment strategy $275M generated from operating activity $112M invested in capex $166M in free cash flow* Cash balance $320M Revenue was a record $824.5M +24% 12/13/2022 3 2022 Summary *Free Cash Flow is a non-GAAP term; see reconciliation included in this presentation $ 39M S-T Investments

Net income attributable to Photronics, Inc. shareholders of $37.1M ($0.60/share) Investing in mainstream IC capacity to capitalize on market growth trends IC: -3% Q/Q, +25% Y/Y FPD: -8% Q/Q, -3% Y/Y To China: +8% Q/Q; +39% Y/Y Committed to driving long-term, profitable growth through strategic investments $79M generated from operating activity $66M invested in capex $42M total long-term debt; reduced debt $69M Y/Y Cash balance $320M Revenue was $210.3M -4%Q/Q +16%Y/Y 12/13/2022 4 Q4 2022 Summary $ 39M S-T Investments

Investment Strategy Revenue Growth Win lion’s share of the impressive growth in TAM for China IC and FPD Supplement capacity with point tool investments and targeted expansions Capitalize on technology leadership in AMOLED to continue improving mix Leverage global footprint to exploit growth in “legacy foundry” business Margin Expansion Sustainable pricing strength in high-end and mainstream IC Optimize asset tool set to match end-market demand Increasing benefit from operating leverage Explore Strategic Partnerships 12/13/2022 5

Delivering on Updated Target Model $M (except EPS) 2020 2021 2022 Illustrative FY 24 Target Model Revenue $610 $664 $825 $900 $950 $975 Gross Margin 22% 25% 36% 38-40% 40-42% 42-43% Operating Margin 10% 14% 26% 28-30% 30-32% 32-33% Operating Cash Flow $143 $151 $275 $350-375 $365-380 $375-400 Free Cash Flow* $77 $47 $166 $250-275 $235-280 $275-300 Diluted EPS $0.52 $0.89 $1.94 $2.35-2.45 $2.50-2.55 $2.60-2.65 12/13/2022 6 *Free Cash Flow is a non-GAAP term; see reconciliation included in this presentation

Income Statement Summary $M (except EPS) Q422 Q322 Q/Q Q421 Y/Y Revenue $ 210.3 $ 219.9 (4%) $ 181.3 16% Gross Profit $ 80.3 $ 83.9 (4%) $ 51.9 55% Gross Margin 38.2% 38.1% 10 bps 28.7% 950 bps Operating Income $ 60.5 $ 63.7 (5%) $ 33.5 81% Operating Margin 28.8% 29.0% (20 bps) 18.5% 1,030 bps Non-operating income $ 10.8 $ 3.6 $ 7.2 $ 3.8 $ 7.0 Income tax provision $ 16.1 $ 18.1 ($ 2.0) $ 8.7 $ 7.4 Minority interest $ 18.2 $ 18.0 $ 0.2 $ 8.8 $ 9.4 Net income* $ 37.1 $ 31.2 19% $ 19.8 87% Diluted EPS* $ 0.60 $ 0.51 $ 0.09 $ 0.33 $ 0.27 Days in quarter 92 91 1 91 1 Margins essentially flat Q/Q as cost management and IC price realization offset impact of lower revenue Non-operating income primarily consists of unrealized FX gain Minority interest from strong net income of IC JVs in Taiwan and China 12/13/2022 7 *Net income attributable to Photronics, Inc. shareholders

$M Q422 Q322 Q/Q Q421 Y/Y High-End* $ 44.3 $ 52.7 (16%) $ 42.6 4% Mainstream $ 111.9 $ 108.6 3% $ 82.9 35% Total $ 156.2 $ 161.3 (3%) $ 125.4 25% IC Photomask Revenue 12/13/2022 High-end declined Q/Q on lower foundry/logic demand in Asia Continued mainstream growth from chip proliferation in consumer products, IoT, 5G, and Crypto supporting higher ASPs Outlook New designs by customers to gain market share and support technology roadmap Regionalization driving investments for global chip capacity Expanding ASPs on positive supply/demand balance *28nm and smaller Total may differ due to rounding 8

FPD Photomask Revenue 12/13/2022 Lower Q/Q high-end demand for mobile displays and G10.5+ for ultra-large screen TVs Mainstream increased sequentially as we filled capacity from high-end decline Outlook Mobile demand should recover with rollout of new designs Technology development drives demand for higher-value masks *≥G10.5, AMOLED and LTPS $M Q422 Q322 Q/Q Q421 Y/Y High-End* $ 43.4 $ 50.7 (14%) $ 41.0 6% Mainstream $ 10.6 $ 8.0 33% $ 14.9 (28%) Total $ 54.1 $ 58.7 (8%) $ 55.8 (3%) Total may differ due to rounding 9

Select Financial Data $M Q422 Q322 Q421 Cash $ 359 $ 381 $ 277 Debt $ 42 $ 57 $ 112 Net Cash* $ 316 $ 324 $ 165 Operating Cash Flow $ 79 $ 93 $ 38 Capital Expenditures $ 66 $ 12 $ 17 Share repurchase - - $ 13 Cash includes cash equivalents and short-term investments. Debt primarily comprised of US equipment leases and local China loans; reduced debt $69M in 2022 Full-year capex was $109M (net of gov’t subsidies), mostly mainstream IC capacity & facility expansion Balance sheet able to fund investments, share repurchases, and strategic M&A opportunities Total share repurchases of $68M under current (Sep 2020) $100M authorization 12/13/2022 *Net cash defined is a non-GAAP term; see reconciliation included in this presentation 10

Q1 2023 Guidance Revenue ($M) $203 - $213 Operating Margin 25% - 29% Taxes ($M) $12 - $15 Diluted EPS $0.40 - $0.48 Diluted Shares (M) ~61 Full-year Capex (M) ~$130 Incorporation of chips in IoT, 5G, Crypto and consumer products Remote work and learning Advanced display technologies Growing nationalism spurs regional investments in capacity Outlook clouded by geopolitical uncertainty, rising inflation and supply chain challenges Driving margin expansion and cash flows to achieve long-term target model 12/13/2022 11

For Additional Information: Please contact John P. Jordan Executive Vice President & CFO 203.740.5671 jjordan@photronics.com Thank you for your interest!

Appendix

Total Revenue 12/13/2022 14 IC FPD Total may differ due to rounding

IC Photomask Revenue 12/13/2022 15 Mainstream High-End High-End: 28nm and smaller; total may differ due to rounding

FPD Photomask Revenue 12/13/2022 16 Mainstream High-End High-End: ≥G10.5, AMOLED and LTPS; total may differ due to rounding

Non-GAAP Financial Measures 12/13/2022 17

Non-GAAP Financial Measures 12/13/2022 18