Q3 2023 Financial Results Conference Call September 6, 2023 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. 9/6/2023 2

Committed to driving long-term, profitable growth through strategic investments 9/6/2023 3 Q3 2023 Summary Maintaining margins and strong cash flow as demand softens Q/Q; favorable long-term demand drivers remain GAAP Net income* was $27.0M, or $0.44/share; non-GAAP was $31.6M, or $0.51/share Investing in IC capacity to capitalize on market growth trends IC: -2% Q/Q, +1% Y/Y FPD: -2% Q/Q, +4% Y/Y -2%Q/Q +2%Y/Y $85.9M generated from operating activity $21.1M invested in capex $26.7M total debt Cash balance $448.5M $27.3M Short-term investments *Net income attributable to Photronics, Inc. shareholders Revenue $224.2M

Favorable Long-term Photomask Demand Drivers On pace for record year in 2023 with continued growth in 2024 Drivers in place for continued growth in photomask demand IC industry forecast to reach $1T by 2030 New IC designs across high-end and mainstream for secular forces such as AI, data centers, IoT, automotive, industrial, and ML Display innovation in mobile applications with integrated technologies (e.g., biometric identification) and foldable screens On-shoring trends support additional investments in global semiconductor manufacturing capacity Ongoing resurgence in legacy IC demand and limited growth in reticle supply supports price and investment in point tools As largest merchant photomask provider with expansive geographic footprint, Photronics uniquely positioned to benefit from these trends Capital allocation strategy and prudent balance sheet management support growth initiatives while increasing ROIC and resilience 9/6/2023 4

Clear Strategy for Sustainable, Long-Term Profitable Growth 9/6/2023 5 Revenue Growth Win lion’s share of the growth in TAM for IC and FPD Continue targeted expansion of IC capacity, including mainstream point tool investments Leverage global footprint to exploit expansion of IC foundry business Capitalize on FPD technology leadership in AMOLED to continue improving mix Margin Expansion Improved pricing environment in high-end and mainstream IC Optimize asset tool set to match end-market demand Increasing benefit from operating leverage Explore Strategic Partnerships Long-term Purchase Agreements

Income Statement Summary GAAP Non-GAAP1 $M (except EPS) Q323 Q223 Q322 Q323 Q223 Q322 Revenue 224.2 229.3 219.9 Gross Profit 86.8 88.4 83.9 Gross Margin 38.7% 38.6% 38.1% Operating Income 65.3 67.0 63.7 Operating Margin 29.1% 29.2% 29.0% Non-operating income (loss) (0.9) 13.6 3.6 3.6 2.9 (0.2) Income tax provision 16.1 21.3 18.1 17.3 18.5 17.2 Minority interest 21.3 19.3 18.0 20.0 18.4 17.5 Net income2 27.0 39.9 31.2 31.6 32.9 28.9 Diluted EPS2 0.44 0.65 0.51 0.51 0.54 0.47 Days in quarter 91 91 91 9/6/2023 6 1See reconciliation included in this presentation 2Net income attributable to Photronics, Inc. shareholders Maintained margins Q/Q while demand softened across IC and FPD GAAP Non-operating income primarily consists of unrealized FX gain/loss; Non-GAAP removes effect of FX gain/loss Minority interest reflects net income of IC JVs in Taiwan and China

$M Q323 Q223 Q/Q Q322 Y/Y High-End* 45.3 43.9 3% 52.7 (14%) Mainstream 117.8 123.1 (4%) 108.6 9% Total 163.1 167.1 (2%) 161.3 1% IC Photomask Revenue 9/6/2023 High-end increased Q/Q on stronger foundry/logic demand in Asia Mainstream softness Q/Q more than offset better high-end demand Outlook New designs by customers to gain market share and support technology roadmap Regionalization driving investments for global chip capacity ASPs continue to expand, reflecting the demand/supply dynamic *28nm and smaller Note: Totals may differ due to rounding 7

FPD Photomask Revenue 9/6/2023 *≥G10.5, AMOLED and LTPS Note: Totals may differ due to rounding. 8 $M Q323 Q223 Q/Q Q322 Y/Y High-End* 50.0 51.9 (4%) 50.7 (1%) Mainstream 11.1 10.4 7% 8.0 39% Total 61.1 62.3 (2%) 58.7 4% High-end down Q/Q as strong AMOLED sales offset by lower G10.5+ and LTPS demand Mainstream production expanded to maintain high utilization rate Outlook Technology development drives demand for higher-value masks Mobile demand is expected to improve with rollout of new designs and emerging competitors winning market share

Select Financial Data $M Q323 Q223 Q322 Cash 448.4 367.5 380.8 Short-term Investments 27.3 45.4 - Debt 26.7 28.3 57.3 Net Cash* 421.8 339.1 323.5 Operating Cash Flow 85.9 82.0 92.6 Capital Expenditures 21.1 26.6 11.5 Continued strong operating cash flow from income generation and working capital management Debt comprised of US equipment leases Capex targets growth in IC capacity & facility expansion Strong balance sheet able to fund investments, share repurchases, and strategic opportunities and resilient to effects of industry downturns 9/6/2023 9 *Net cash defined is a non-GAAP term; see reconciliation included in this presentation

Q4 2023 Guidance Revenue ($M) 222 – 232 Operating Margin 29% - 31% Taxes ($M) 15 – 17 Diluted non-GAAP EPS $0.51 - $0.59 Diluted Shares (M) ~62 Full-year Capex (M) ~130 Incorporation of chips in IoT, 5G, Crypto and consumer products New designs to capture market share Advanced display technologies Outlook clouded by geopolitical uncertainty and macro-economic headwinds Driving margin expansion and cash flows to achieve long-term target model 9/6/2023 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 ($M) 9/6/2023 13 IC FPD Total may differ due to rounding

IC Photomask Revenue ($M) 9/6/2023 14 Mainstream High-End High-End: 28nm and smaller; Total may differ due to rounding

FPD Photomask Revenue ($M) 9/6/2023 15 Mainstream High-End High-End: ≥G10.5, AMOLED and LTPS; Total may differ due to rounding

Non-GAAP Financial Measures Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP earnings per share, Free Cash Flow and Net Cash are "non-GAAP financial measures" as such term is defined by 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 future on-going performance, because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not intended to represent funds available for our discretionary use and are not intended to represent or be used as a substitute for gross profit, operating income, net income, cash and cash equivalents, or cash flows from operations, as measured under 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 balance sheets and statement of cash flows and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations on the following pages. 9/6/2023 16

Non-GAAP Financial Measures 9/6/2023 17

Non-GAAP Financial Measures 9/6/2023 18