Financial Analysis

NOTE 2. ACQUISITION On June 20, 2024, we acquired 100% of the issued and outstanding shares of capital stock of Airity Technologies, Inc. (Airity). We accounted for this transaction as a business combination. This acquisition added high voltage power conversion technologies and products, broadening our range of targeted applications within the Semiconductor Equipment and Industrial and Medical markets. The following table summarizes the consideration paid: Consideration (in millions) Cash paid at closing $ 14.3 Advanced Energy common stock 4.5 Settlement of payables (0.7) Indemnity holdback payable on the one-year anniversary 1.5 Total fair value of purchase consideration $ 19.6 We allocated the purchase price consideration to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess allocated to goodwill. The following represents the final purchase price allocation. Fair Value (in millions) Cash $ 0.5 Current assets and liabilities, net 0.5 Deferred tax liability (1.7) Intangible assets 4.2 Goodwill (not deductible for tax purposes) 16.1 Total fair value of net assets acquired $ 19.6 We included Airitys results of operations in our consolidated financial statements from the date of acquisition, which were not material. In connection with the acquisition, we entered into agreements with certain former Airity employees. On the closing date, these individuals received a total of 0.1 million shares of Advanced En …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 15. COMMITMENTS AND CONTINGENCIES We are involved in disputes and legal actions arising in the normal course of our business. While we currently believe that the amount of any ultimate loss would not be material to our financial position, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate loss could have a material adverse effect on our financial position or reported results of operations. An unfavorable decision in intellectual property litigation also could require material changes in production processes and products or result in our inability to ship products or components found to have violated third party intellectual property rights. We accrue loss contingencies in connection with our commitments and contingencies, including litigation, when it is probable that a loss has occurred, and the amount of such loss can be reasonably estimated. We are not currently a party to any legal action that we believe would have a material adverse impact on our business, financial condition, results of operations or cash flows.

CommitmentsAndContingenciesDisclosureTextBlock

December 31, 2025 (in millions) Shares available for future issuance under the 2023 Incentive Plan 1.4 Shares available for future issuance under the ESPP 0.5 …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

NOTE 7. LONG-TERM DEBT Long-term debt on our Consolidated Balance Sheets consists of the following: December 31, December 31, 2025 2024 (in millions) Convertible Notes due 2028, 2.5% interest $ 575.0 $ 575.0 Less: debt discount (7.5) (10.3) Net long-term debt 567.5 564.7 Less: current maturities (567.5) Net long-term debt $ $ 564.7 For all periods presented, we were in compliance with the covenants under all debt agreements. As of December 31, 2025, our common stock traded above the conversion price for at least 20 trading days during a 30 consecutive trading-day period, which resulted in the Convertible Notes becoming convertible at the option of the holders. Accordingly, the Convertible Notes balance was reclassified from long-term to current debt as of December 31, 2025. We reassess the classification of the Convertible Notes at each quarterly reporting period, considering the trading price of our common stock relative to the conversion criteria. Exclusive of any early conversion elections by the convertible noteholders, there are no scheduled debt maturities until 2028 The following table summarizes interest expense related to our debt: Years Ended December 31, 2025 2024 2023 (in millions) Interest expense $ 13.6 $ 22.0 $ 15.2 Amortization of debt issuance costs 3.1 3.2 1.3 Total interest expense related to debt $ 16.7 $ 25.2 $ 16.5 Credit Agreement On May 8, 2025, we terminated our prior credit agreement, dated as of September 10, 2019 (and subsequently amended) and ente …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenue by Market Years Ended December 31, 2025 2024 2023 (in millions) Semiconductor Equipment $ 839.9 $ 792.5 $ 743.8 Data Center Computing 587.3 284.2 249.9 Industrial and Medical 282.3 316.2 474.4 Telecom and Networking 89.3 89.1 187.7 Total $ 1,798.8 $ 1,482.0 $ 1,655.8 Revenue by Significant Countries Years Ended December 31, 2025 2024 2023 (in millions) United States $ 541.4 30.1 % $ 508.7 34.3 % $ 598.4 36.1 % Mexico 252.8 14.1 160.1 10.8 123.5 7.5 Taiwan 130.2 7.2 159.6 10.8 124.2 7.5 Japan 218.2 12.1 53.6 3.6 62.5 3.8 All others 656.2 36.5 600.0 40.5 747.2 45.1 Total $ 1,798.8 100.0 % $ 1,482.0 100.0 % $ 1,655.8 100.0 % Revenue by Category Years Ended December 31, 2025 2024 2023 (in millions) Product $ 1,614.9 $ 1,315.7 $ 1,484.0 Services and other 183.9 166.3 171.8 Total $ 1,798.8 $ 1,482.0 $ 1,655.8 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

NOTE 9. FAIR VALUE MEASUREMENTS Refer to Note 12. Employee Retirement Plans and Post Retirement Benefits for information on fair value of our pension asset and liabilities. The following tables present information about our non-pension assets and liabilities measured at fair value on a recurring basis. We classify all items below within level 2 of the fair value hierarchy. See Note 7. Long-Term Debt for information regarding the fair value of our Convertible Notes. December 31, December 31, 2025 2024 Description Balance Sheet Classification (in millions) Certificates of deposit Other current assets $ 0.2 $ 0.2 Foreign currency forward contracts Other accrued expenses $ 0.1 $ 0.3 Investments Other assets $ 13.5 $ 9.9 Deferred compensation liabilities Other liabilities $ 13.4 $ 10.1 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 5. INTANGIBLE ASSETS AND GOODWILL Intangible assets consisted of the following: December 31, 2025 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Amount Amortization Amount Useful Life (in years) (in millions) Technology $ 101.8 $ (78.2) $ 23.6 6.6 Customer relationships 171.4 (86.3) 85.1 7.7 Trademarks and other 27.3 (18.3) 9.0 3.6 Total $ 300.5 $ (182.8) $ 117.7 7.2 December 31, 2024 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Amount Amortization Amount Useful Life (in years) (in millions) Technology $ 99.9 $ (70.0) $ 29.9 7.0 Customer relationships 168.9 (70.9) 98.0 8.5 Trademarks and other 27.1 (15.6) 11.5 4.6 Total $ 295.9 $ (156.5) $ 139.4 7.9 Amortization expense related to intangible assets was as follows: Years Ended December 31, 2025 2024 2023 (in millions) Amortization expense $ 22.1 $ 26.0 $ 28.3 Estimated future amortization expense related to intangibles is as follows: Year Ending December 31, (in millions) 2026 $ 20.1 2027 17.8 2028 16.6 2029 15.0 2030 13.4 Thereafter 34.8 Total $ 117.7 The following table summarizes the changes in goodwill: December 31, December 31, 2025 2024 (in millions) Balance at beginning of period $ 296.0 $ 283.8 Additions from acquisition 16.1 Foreign currency translation and other 4.8 (3.9) Balance at end of period $ 300.8 $ 296.0 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 14. INCOME TAXES The geographic distribution of pretax income from continuing operations was as follows: Years Ended December 31, 2025 2024 2023 (in millions) Domestic $ (54.2) $ (43.2) $ (17.5) Foreign 222.9 95.6 140.0 Income from continuing operations, before income taxes $ 168.7 $ 52.4 $ 122.5 The income tax provision (benefit) from continuing operations is summarized as follows: Years Ended December 31, 2025 2024 2023 (in millions) Current: Federal $ (1.8) $ 3.8 $ 13.4 State 1.2 0.5 0.6 Foreign 33.8 12.3 11.7 Total current provision 33.2 16.6 25.7 Deferred: Federal (5.9) (1.4) (5.5) State (0.3) (0.1) (1.0) Foreign (7.6) (19.0) (27.5) Total deferred benefit (13.8) (20.5) (34.0) Total income tax provision (benefit) $ 19.4 $ (3.9) $ (8.3) Effective tax rate 11.5 % (7.4) % (6.8) % The principal causes of the difference between the federal statutory rate and the effective income tax rate for each of the years below are as follows: Years Ended December 31, 2024 2023 (in millions) Income taxes per federal statutory rate $ 11.0 $ 25.9 State income taxes, net of federal deduction 0.3 (0.5) U.S. tax on foreign operations 18.9 20.5 Foreign derived intangible income deduction (1.4) (2.9) Tax effect of foreign operations (14.8) (28.1) Uncertain tax positions (1.1) 1.3 Change in valuation allowance assessment 0.6 (25.6) Tax credits (7.8) (7.3) Change in valuation allowance 3.6 12.9 Executive compensation limitation 2.3 2.0 Impact of intellectual property transfer (23.0) - Other pe …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 6. LEASES Components of total operating lease cost were as follows: Years Ended December 31, 2025 2024 2023 (in millions) Operating lease cost $ 25.7 $ 23.8 $ 22.6 Short-term and variable lease cost 5.7 3.1 4.2 Total operating lease cost $ 31.4 $ 26.9 $ 26.8 Estimated future payments on our operating lease liabilities are as follows: Year Ending December 31, (in millions) 2026 $ 22.9 2027 19.7 2028 19.4 2029 16.1 2030 14.6 Thereafter 54.4 Total lease payments 147.1 Less: Interest (35.6) Present value of lease liabilities $ 111.5 In addition to the above, we have a lease agreement with total payments of $6.4 million that commences in the first quarter of 2026 and extends through 2035. The following tables present additional information about our lease agreements: December 31, December 31, 2025 2024 Weighted average remaining lease term (in years) 8.2 8.4 Weighted average discount rate 6.4 % 6.1 % Years Ended December 31, 2025 2024 2023 (in millions) Cash paid for operating leases $ 26.8 $ 23.7 $ 23.0 Right-of-use assets obtained in exchange for operating lease liabilities $ 19.7 $ 41.1 $ 14.3 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New Accounting Standards From time to time, the Financial Accounting Standards Board (FASB) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (ASC) are communicated through issuance of an Accounting Standards Update (ASU). Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, will not have a material impact on the consolidated financial statements upon adoption. New Accounting Standards Adopted In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as additional disclosure on income taxes paid. We adopted this guidance for the year ending December 31, 2025 and have provided the required disclosures. See Note 14. Income Taxes . New Accounting Standards Issued But Not Yet Adopted In November 2024, the FASB issued ASU 2024-03 Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 12. EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS Defined Contribution Plans We have a 401(k) profit-sharing and retirement savings plan covering substantially all full-time U.S. employees. Participants may defer up to the maximum amount permitted by law. Participants are immediately vested in both their own contributions and profit-sharing contributions. Profit-sharing contributions, which are discretionary, are approved by the Board. For all periods presented, we based our profit-sharing contribution on matching 100% of employee contributions up to 3% of compensation plus an additional match of 50% on the next 2% of compensation. During the years ended December 31, 2025, 2024, and 2023, we recognized total defined contribution plan costs of $5.1 million, $5.0 million, and $5.1 million, respectively. Defined Benefit Plans We maintain defined benefit pension plans for certain of our non-U.S. employees in the United Kingdom, Germany, and Philippines. Each plan is managed locally and in accordance with respective local laws and regulations. In light of the United Kingdoms High Court ruling in the case of Virgin Media Ltd v. NTL Pension Trustees II Ltd & Ors, we reviewed past amendments made to our United Kingdom pension plans. We continue to account for our United Kingdom pension plans in accordance with the plan agreements and amendments. To measure the expense and related benefit obligation, we make various assumptions, including discount rates used to value …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 3. REVENUE Disaggregation of Revenue The following tables present additional information regarding our revenue: Revenue by Market Years Ended December 31, 2025 2024 2023 (in millions) Semiconductor Equipment $ 839.9 $ 792.5 $ 743.8 Data Center Computing 587.3 284.2 249.9 Industrial and Medical 282.3 316.2 474.4 Telecom and Networking 89.3 89.1 187.7 Total $ 1,798.8 $ 1,482.0 $ 1,655.8 Revenue by Significant Countries Years Ended December 31, 2025 2024 2023 (in millions) United States $ 541.4 30.1 % $ 508.7 34.3 % $ 598.4 36.1 % Mexico 252.8 14.1 160.1 10.8 123.5 7.5 Taiwan 130.2 7.2 159.6 10.8 124.2 7.5 Japan 218.2 12.1 53.6 3.6 62.5 3.8 All others 656.2 36.5 600.0 40.5 747.2 45.1 Total $ 1,798.8 100.0 % $ 1,482.0 100.0 % $ 1,655.8 100.0 % We attribute revenue to individual countries and regions based on the customers ship to location. Aside from the specific countries listed above, no individual country exceeded 10% of our total consolidated revenues during the periods presented. Revenue by Category Years Ended December 31, 2025 2024 2023 (in millions) Product $ 1,614.9 $ 1,315.7 $ 1,484.0 Services and other 183.9 166.3 171.8 Total $ 1,798.8 $ 1,482.0 $ 1,655.8 Other revenue includes certain spare parts and products sold by our service group. Significant Customers During the year ended December 31, 2025, three customers accounted for 23%, 19%, and 12% of our total revenue, respectively. During the year ended December 31, 2024, two customers accounted for 26% and 11% of …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

NOTE 14. COMMITMENTS AND CONTINGENCIES We are involved in disputes and legal actions arising in the normal course of our business. While we currently believe that the amount of any ultimate loss would not be material to our financial position, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate loss could have a material adverse effect on our financial position or reported results of operations. An unfavorable decision in intellectual property litigation also could require material changes in production processes and products or result in our inability to ship products or components found to have violated third party intellectual property rights. We accrue loss contingencies in connection with our commitments and contingencies, including litigation, when it is probable that a loss has occurred, and the amount of such loss can be reasonably estimated. We are not currently a party to any legal action that we believe would have a material adverse impact on our business, financial condition, results of operations or cash flows.

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NOTE 15. LONG-TERM DEBT Long-term debt on our Consolidated Balance Sheets consists of the following: September 30, December 31, 2025 2024 (in millions) Convertible Notes due 2028, 2.5% interest $ 575.0 $ 575.0 Less: debt discount (8.2) (10.3) Net long-term debt $ 566.8 $ 564.7 For all periods presented, we were in compliance with the covenants under all debt agreements. The following table summarizes interest expense related to our debt: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Interest expense $ 3.4 $ 5.6 $ 10.3 $ 18.0 Amortization of debt issuance costs 0.8 0.8 2.3 2.5 Total interest expense related to debt $ 4.2 $ 6.4 $ 12.6 $ 20.5 Credit Agreement On May 8, 2025, we terminated our prior credit agreement, dated as of September 10, 2019 (and subsequently amended) and entered into a new credit agreement (the Credit Agreement) consisting of a senior unsecured term loan facility (Term Loan Facility) and a senior unsecured revolving facility (Revolving Facility), both maturing on May 8, 2030. The maturity date may be accelerated to the date that is 91 days prior to the maturity date of our 2.50% convertible senior notes due September 15, 2028 (the Convertible Notes), if the sum of our consolidated cash and cash equivalents plus the undrawn balance on the Revolving Facility is less than 120% of the redemption amount of the Convertible Notes. The financing terms of the new Credit Agreement are substantially the same as the …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenue by Market Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Semiconductor Equipment $ 196.6 $ 197.5 $ 628.3 $ 565.7 Industrial and Medical 71.2 76.9 204.1 239.4 Data Center Computing 171.6 80.6 409.4 195.5 Telecom and Networking 23.9 19.2 67.6 66.0 Total $ 463.3 $ 374.2 $ 1,309.4 $ 1,066.6 Revenue by Significant Countries Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) United States $ 113.9 24.6 % $ 134.6 36.0 % $ 399.8 30.5 % $ 371.9 34.9 % Mexico 72.4 15.6 41.0 11.0 155.2 11.9 109.8 10.3 Taiwan 37.1 8.0 41.0 11.0 94.6 7.2 119.6 11.2 Japan 71.1 15.3 11.9 3.2 167.0 12.8 36.9 3.4 All others 168.8 36.5 145.7 38.8 492.8 37.6 428.4 40.2 Total $ 463.3 100.0 % $ 374.2 100.0 % $ 1,309.4 100.0 % $ 1,066.6 100.0 % Revenue by Category Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Product $ 415.7 $ 332.6 $ 1,172.0 $ 944.2 Services and other 47.6 41.6 137.4 122.4 Total $ 463.3 $ 374.2 $ 1,309.4 $ 1,066.6 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

NOTE 13. STOCK-BASED COMPENSATION The Compensation Committee of our Board administers our stock plans. As of September 30, 2025, we have two active stock-based incentive compensation plans: the Amended and Restated 2023 Omnibus Incentive Plan (the 2023 Incentive Plan) and the Employee Stock Purchase Plan (ESPP). We issue all new equity compensation grants under the 2023 Incentive Plan. Outstanding awards previously issued under inactive plans will continue to vest and remain exercisable in accordance with the terms of the respective plans. We do not have material outstanding stock option awards. The 2023 Incentive Plan provides for the grant of awards including stock options, stock appreciation rights, performance stock units, performance units, stock, restricted stock, restricted stock units, and cash incentive awards . The following table summarizes information related to our stock-based incentive compensation plans: September 30, 2025 (in millions) Shares available for future issuance under the 2023 Incentive Plan 1.4 Shares available for future issuance under the ESPP 0.5 Stock-Based Compensation Expense We recognize stock-based compensation expense based on the fair value of the awards issued and the functional area of the employee receiving the award. During the three and nine months ended September 30, 2025, stock-based compensation expense included $0.9 million and $2.8 million, respectively, related to the acquisition of Airity Technologies, Inc. in June 2024 (the Ai …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

NOTE 5. FAIR VALUE MEASUREMENTS The following tables present information about our non-pension assets and liabilities measured at fair value on a recurring basis. We classify all items below within level 2 of the fair value hierarchy. September 30, December 31, 2025 2024 Description Balance Sheet Classification (in millions) Certificates of deposit Other current assets $ 0.2 $ 0.2 Foreign currency forward contracts Other accrued expenses $ $ 0.3 Investments Other assets $ 13.0 $ 9.9 Deferred compensation liabilities Other long-term liabilities $ 11.6 $ 10.1 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 9. INTANGIBLE ASSETS AND GOODWILL Intangible assets consisted of the following: September 30, 2025 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Amount Amortization Amount Useful Life (in years) (in millions) Technology $ 101.7 $ (76.6) $ 25.1 6.6 Customer relationships 171.3 (82.9) 88.4 7.9 Trademarks and other 27.3 (17.7) 9.6 3.9 Total $ 300.3 $ (177.2) $ 123.1 7.3 December 31, 2024 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Amount Amortization Amount Useful Life (in years) (in millions) Technology $ 99.9 $ (70.0) $ 29.9 7.0 Customer relationships 168.9 (70.9) 98.0 8.5 Trademarks and other 27.1 (15.6) 11.5 4.6 Total $ 295.9 $ (156.5) $ 139.4 7.9 Amortization expense related to intangible assets is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Amortization expense $ 5.6 $ 6.8 $ 16.7 $ 20.5 Estimated future amortization expense related to intangibles is as follows: Year Ending December 31, (in millions) 2025 (remaining) $ 5.5 2026 20.1 2027 17.8 2028 16.6 2029 15.0 Thereafter 48.1 Total $ 123.1 The following table summarizes the changes in goodwill: (in millions) December 31, 2024 $ 296.0 Foreign currency translation and other 4.7 September 30, 2025 $ 300.7 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 3. INCOME TAX The following table summarizes tax provision (benefit) and the effective tax rate for our income (loss) from continuing operations: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Income (loss) from continuing operations, before income tax $ 52.3 $ (14.5) $ 111.5 $ 11.9 Income tax provision (benefit) $ 5.9 $ (0.4) $ 14.7 $ 4.6 Effective tax rate 11.3 % 2.8 % 13.2 % 38.7 % Our effective tax rates differ from the U.S. federal statutory rate of 21% primarily due to the benefit of earnings in foreign jurisdictions which are subject to lower tax rates, as well as tax credits, partially offset by net U.S. tax on foreign operations and the net effect of Pillar II top-up taxes. The effective tax rate for the three months ended September 30, 2025 was higher compared to the same period in 2024, primarily due to the absence of restructuring charges that were recorded in the prior-year period related to our Zhongshan, China factory closure resulting in an income tax benefit. The current quarter also included a net benefit from discrete tax items, consisting of a partial release of a valuation allowance, partially offset by the impact of tax law changes and other discrete adjustments. For the nine months ended September 30, 2025, the effective tax rate was lower than the same period in 2024, primarily due to the absence of restructuring charges that impacted the prior-year results. As of September 30, 2025, certain coun …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 12. LEASES Components of total operating lease cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Operating lease cost $ 6.5 $ 5.9 $ 19.4 $ 17.6 Short-term and variable lease cost 1.6 0.9 4.7 2.5 Total operating lease cost $ 8.1 $ 6.8 $ 24.1 $ 20.1 Estimated future payments on our operating lease liabilities are as follows: Year Ending December 31, (in millions) 2025 (remaining) $ 6.8 2026 22.6 2027 19.3 2028 19.0 2029 15.9 Thereafter 68.5 Total lease payments 152.1 Less: Interest (36.2) Present value of lease liabilities $ 115.9 In addition to the above, we have a lease agreement with total payments of $6.4 million that commences in the first quarter of 2026 and expires in 2035. The following tables present additional information about our lease agreements: September 30, December 31, 2025 2024 Weighted average remaining lease term (in years) 8.3 8.4 Weighted average discount rate 6.3 % 6.1 % Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Cash paid for operating leases $ 6.8 $ 5.9 $ 19.8 $ 17.5 Right-of-use assets obtained in exchange for operating lease liabilities $ $ 7.4 $ 19.4 $ 25.8 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New Accounting Standards From time to time, the Financial Accounting Standards Board (FASB) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (ASC) are communicated through issuance of an Accounting Standards Update (ASU). Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, will not have a material impact on the consolidated financial statements upon adoption. New Accounting Standards Issued But Not Yet Adopted In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as additional disclosure on income taxes paid. This guidance will be effective for us in our Annual Report on Form 10-K for the year ending December 31, 2025. We do not expect the above guidance to materially impact our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03 Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expen …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 2. REVENUE Disaggregation of revenue The following tables present additional information regarding our revenue: Revenue by Market Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Semiconductor Equipment $ 196.6 $ 197.5 $ 628.3 $ 565.7 Industrial and Medical 71.2 76.9 204.1 239.4 Data Center Computing 171.6 80.6 409.4 195.5 Telecom and Networking 23.9 19.2 67.6 66.0 Total $ 463.3 $ 374.2 $ 1,309.4 $ 1,066.6 Revenue by Significant Countries Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) United States $ 113.9 24.6 % $ 134.6 36.0 % $ 399.8 30.5 % $ 371.9 34.9 % Mexico 72.4 15.6 41.0 11.0 155.2 11.9 109.8 10.3 Taiwan 37.1 8.0 41.0 11.0 94.6 7.2 119.6 11.2 Japan 71.1 15.3 11.9 3.2 167.0 12.8 36.9 3.4 All others 168.8 36.5 145.7 38.8 492.8 37.6 428.4 40.2 Total $ 463.3 100.0 % $ 374.2 100.0 % $ 1,309.4 100.0 % $ 1,066.6 100.0 % We attribute revenue to individual countries based on the customers ship to location. Excluding the specific countries listed above, no individual country exceeded 10% of our total consolidated revenues during the periods presented. Revenue by Category Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Product $ 415.7 $ 332.6 $ 1,172.0 $ 944.2 Services and other 47.6 41.6 137.4 122.4 Total $ 463.3 $ 374.2 $ 1,309.4 $ 1,066.6 Other revenue includes certain spare parts and products sold by our service group. …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Significant Accounting Policies Our accounting policies are described in Note 1. Summary of Operations and Significant Accounting Policies and Estimates to our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

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