EX-99.5 6 brhc10025137_ex99-5.htm EXHIBIT 99.5

Exhibit 99.5
Q2 2021 Financial Results Conference CallMay 26, 2021 Photronics, Inc.

Safe Harbor Statement This presentation and some of our comments 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. Actual events or results may differ materially from those presented. These statements include words like “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “may”, “plan”, “project”, “in our view” or the negative thereto. 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. If you would like more information on the risks involved in forward-looking statements, please see the documents we file from time to time with the Securities and Exchange Commission. 5/26/2021 2

Q2 2021 Summary Revenue was a record $159.8M, up 5% Q/Q and 12% Y/YGrowth achieved in both IC and FPD on strong design-driven demandRevenue to China was up 16% Q/Q and 23% Y/YNet income attributable to Photronics, Inc. shareholders of $10.5M ($0.17/share)Cash balance $256M$32M generated from operating activity$56M invested in capex$10M returned to investors through share repurchasesNext phase of FPD capacity investment on track for tool delivery in 2021Investing to expand mainstream IC capacity 5/26/2021 3 Strategic investments driving long-term, profitable growth

Income Statement Summary $M (except EPS) Q221 Q121 Q/Q Q220 Y/Y Revenue $ 159.8 $ 152.1 5% $ 142.8 12% Gross Profit $ 39.2 $ 30.5 29% $ 30.4 29% Gross Margin 24.6% 20.1% 450 bps 21.3% 330 bps Operating Income $ 20.8 $ 11.8 77% $ 12.7 64% Operating Margin 13.0% 7.7% 530 bps 8.9% 410 bps Other income (expense) ($ 0.8) $ 0.7 ($ 1.5) ($ 1.0) $ 0.2 Income tax provision $ 3.7 $ 2.9 $ 0.8 $ 3.8 ($ 0.1) Minority interest $ 5.8 $ 1.5 $ 4.3 $ 1.7 $ 4.1 Net Income* $ 10.5 $ 8.0 31% $ 6.3 68% Diluted EPS* $ 0.17 $ 0.13 $ 0.04 $ 0.10 $ 0.07 Days in quarter 91 92 (1) 91 - Margin improved with higher revenue and better mainstream IC ASPIncremental margins >110% Q/QOther income / (expense) primarily due to FX gain / (loss); Q221 includes China interest expense subsidyMinority interest from IC JVs in Taiwan and China 5/26/2021 4 *Net income attributable to Photronics, Inc. shareholders

$M Q221 Q121 Q/Q Q220 Y/Y High-End* $ 41.3 $ 36.8 12% $ 38.3 8% Mainstream $ 70.7 $ 68.2 4% $ 58.6 21% Total $ 112.0 $ 105.0 7% $ 96.8 16% IC Photomask Revenue 5/26/2021 5 High-end growth driven by logic recovery, especially in Taiwan & ChinaMainstream grew on positive demand trends and higher ASPChina revenue +23% Q/Q and +53% Y/Y; represents 28% of IC revenueOutlookContinued strength from remote work and educationMainstream demand strong, with positive pricingContinued macro risk from trade policies and shelter-in-place mandates *28nm and smaller Total may differ due to rounding

FPD Photomask Revenue 5/26/2021 6 High-end improved on strong LTPS & AMOLED demand for mobile displaysMainstream down as capacity was sold out to meet high-end demandChina revenue +8% Q/Q and -1% Y/Y; represents 53% of FPD revenueOutlookDynamic market environmentMobile demand strength expected to continueCapacity expansions coming with new tool installationsTechnology development drives demand for higher-value masks *≥G10.5, AMOLED and LTPS $M Q221 Q121 Q/Q Q220 Y/Y High-End* $ 39.4 $ 34.6 14% $ 31.8 24% Mainstream $ 8.4 $ 12.5 (33%) $ 14.1 (41%) Total $ 47.8 $ 47.1 1% $ 45.9 4% Total may differ due to rounding

Select Financial Data $M Q121 Q121 Q220 Cash $ 256 $ 279 $ 238 Debt $ 114 $ 98 $ 53 Net Cash* $ 142 $ 180 $ 184 Operating Cash Flow $ 32 $ 26 $ 31 Capital Expenditures $ 56 $ 18 $ 16 Government Incentives for Capital Equipment $ 5 $ 0.4 $ 3 Share repurchase $ 10 $ 13 $ 6 Debt is US equipment lease and local China loansExpect 2021 capex to be ~$120MCompleting initial China IC investmentNext phase of FPD investmentMainstream IC capacity expansionTotal share repurchases of $41M under current $100M plan (Sep 2020)Balance sheet able to fund investments, share repurchases, and strategic M&A opportunities 5/26/2021 7 *Net cash defined as cash and cash equivalents less long-term borrowings (including current portion), as reported in accordance with GAAP

Q321 Guidance Revenue ($M) $162 - $172 Operating Margin 13% - 16% Taxes ($M) $4 - $6 EPS $0.19 - $0.25 Diluted Shares (M) ~62 Positive industry demand trendsRemote work and learningMade in China 2025Advanced display technologiesOutlook clouded by geopolitical uncertaintyShelter-in-place mandatesUS/China trade policiesWe remain focused on expanding margins and improving cash flows 5/26/2021 8

For Additional Information:R. Troy Dewar, CFAVice President, Investor Relations203.740.5610tdewar@photronics.com Thank you for your interest!

Appendix

Total Revenue 5/26/2021 11 IC FPD Total may differ due to rounding

IC Photomask Revenue 5/26/2021 12 Mainstream High-End High-End: 28nm and smaller; total may differ due to rounding

FPD Photomask Revenue 5/26/2021 13 Mainstream High-End High-End: ≥G10.5, AMOLED and LTPS; total may differ due to rounding