Q3 2022 Financial Results Conference Call August 30, 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. 8/30/2022 2

Net income attributable to Photronics, Inc. shareholders of $31.2M ($0.51/share) Investing in mainstream IC capacity to capitalize on market growth trends IC: +11% Q/Q, +37% Y/Y FPD: Flat Q/Q, +11% Y/Y To China: +13% Q/Q; +63% Y/Y Committed to driving long-term, profitable growth through strategic investments $93M generated from operating activity $12M invested in capex $57M total long-term debt; reduced $54M YTD Cash balance $381M Revenue was a record $219.9M up 8%Q/Q up 29%Y/Y 8/30/2022 3 Q3 2022 Summary

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 Targeting partnerships that extend market leadership position 8/30/2022 4

Delivering on Updated Target Model $M (except EPS) 2020 2021 Q3 2022 LTM Illustrative 2-Year Target Model (Updated 5/25/2022) Revenue $610 $664 $796 $900 $950 $975 Gross Margin 22% 25% 33% 38-40% 40-42% 42-43% Operating Margin 10% 14% 23% 28-30% 30-32% 32-33% Operating Cash Flow $143 $151 $234 $350-375 $365-380 $375-400 Free Cash Flow* $77 $47 $172 $250-275 $235-280 $275-300 Diluted EPS $0.52 $0.89 $1.67 $2.35-2.45 $2.50-2.55 $2.60-2.65 8/30/2022 5 *Free Cash Flow is a non-GAAP term; see reconciliation included in this presentation

Income Statement Summary $M (except EPS) Q322 Q222 Q/Q Q321 Y/Y Revenue $ 219.9 $ 204.5 8% $ 170.6 29% Gross Profit $ 83.9 $ 70.2 19% $ 45.3 85% Gross Margin 38.1% 34.3% 380 bps 26.6% 1,150 bps Operating Income $ 63.7 $ 49.4 29% $ 28.5 124% Operating Margin 29.0% 24.2% 480 bps 16.7% 1,230 bps Non-operating income $ 3.6 $ 8.0 ($ 4.4) $ 3.7 ($ 0.1) Income tax provision $ 18.1 $ 14.4 $ 3.7 $ 7.8 $ 10.3 Minority interest $ 18.0 $ 15.6 $ 2.4 $ 7.3 $ 10.7 Net income* $ 31.2 $ 27.4 14% $ 17.1 83% Diluted EPS* $ 0.51 $ 0.45 $ 0.06 $ 0.28 $ 0.23 Days in quarter 91 91 - 91 - Margins improved on operating leverage, disciplined cost management, and IC price realization Non-operating income primarily consists of unrealized FX gain Minority interest from strong net income of IC JVs in Taiwan and China 8/30/2022 6 *Net income attributable to Photronics, Inc. shareholders

$M Q322 Q222 Q/Q Q321 Y/Y High-End* $ 52.7 $ 51.4 3% $ 42.4 24% Mainstream $ 108.6 $ 94.4 15% $ 75.4 44% Total $ 161.3 $ 145.8 11% $ 117.8 37% IC Photomask Revenue 8/30/2022 High-end growth driven by strong demand in Asia and US and better pricing Continued mainstream growth from chip proliferation in consumer products, IoT, 5G, and Crypto supporting higher ASPs Outlook Continued strength from remote work and education Regionalization driving investments for global chip capacity Expanding ASPs on positive supply/demand balance *28nm and smaller Total may differ due to rounding 7

FPD Photomask Revenue 8/30/2022 Strong high-end demand for mobile AMOLED displays and G10.5+ for ultra-large screen TVs Mainstream production lower as we prioritized higher-margin high-end demand Outlook Mobile demand strength should continue Technology development drives demand for higher-value masks *≥G10.5, AMOLED and LTPS $M Q322 Q222 Q/Q Q321 Y/Y High-End* $ 50.7 $ 46.6 9% $ 40.6 25% Mainstream $ 8.0 $ 12.1 (34%) $ 12.2 (34%) Total $ 58.7 $ 58.7 - $ 52.9 11% Total may differ due to rounding 8

Select Financial Data $M Q322 Q222 Q321 Cash $ 381 $ 329 $ 283 Debt $ 57 $ 83 $ 118 Net Cash* $ 324 $ 247 $ 165 Operating Cash Flow $ 93 $ 44 $ 55 Capital Expenditures $ 12 $ 16 $ 19 Share repurchase - - $ 13 Debt primarily comprised of US equipment leases and local China loans; reduced debt $54M YTD Capex 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 8/30/2022 *Net cash defined is a non-GAAP term; see reconciliation included in this presentation 9

Q4 2022 Guidance Revenue ($M) $205 - $215 Operating Margin 25% - 29% Taxes ($M) $12 - $15 Diluted EPS $0.44 - $0.52 Diluted Shares (M) ~61 Full-year Capex (M) ~$100 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 8/30/2022 10

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 8/30/2022 13 IC FPD Total may differ due to rounding

IC Photomask Revenue 8/30/2022 14 Mainstream High-End High-End: 28nm and smaller; total may differ due to rounding

FPD Photomask Revenue 8/30/2022 15 Mainstream High-End High-End: ≥G10.5, AMOLED and LTPS; total may differ due to rounding

Non-GAAP Financial Measures 8/30/2022 16

Non-GAAP Financial Measures 8/30/2022 17