Q

• Overall Company Performance • Delivered ninth consecutive quarter of strong, profitable organic growth, with 22% year-over-year organic sales growth, 24% adjusted operating EBITDA growth, and 53% adjusted EPS growth. • Total net sales for Q2 2026 reached $1.4 billion, up 22% year-over-year and 9% sequentially; adjusted operating EBITDA was $431 million, with an adjusted operating EBITDA margin of 30.2%. • Adjusted EPS was $1.19, and adjusted free cash flow hit $259 million; capital expenditures totaled $90 million, with $25 million in share repurchases and a strong liquidity position of $960 million in cash and short-term investments.

• Strategic Positioning • CUNITY is uniquely positioned to benefit from the industry shift from transistor shrink to 3D chip stacking, which increases material demand and complexity across the entire semiconductor value chain. • End-to-end portfolio spans front-end CMP pads, cleans, slurries and lithography materials, middle-end advanced packaging solutions, and back-end thermal materials for AI and high-performance computing systems. • Local-for-local manufacturing and support model provides supply chain resilience and strong customer proximity.

• Product and Innovation Progress • Launched OptiVision Max soft polishing pads for advanced CMP processing, already seeing adoption in leading-edge nodes and HBM/AI-driven advanced packaging architectures. • Secured multiple product of record (POR) wins at 16nm and 14nm for next-generation logic, advancing toward Angstrom-level nodes. • Won new business in pulse plating technology for high-layer count AI PCBs, which enables stronger signal integrity and reliable power delivery for dense AI system designs. • Expanded thermal management portfolio to cover liquid thermal interface materials, phase change materials, gap fillers, and other advanced solutions for high-power density AI data center infrastructure.

• Operational and Transformation Progress • Since 2022, the company has deployed approximately $600 million in disciplined growth capital investments to expand capacity aligned to customer roadmaps. • Productivity and automation initiatives in the growing CalRes wafer cap equipment business are improving demand conversion. • Warehouse consolidation for the local-for-local model is expected to deliver ~10% logistics cost savings and improve operating efficiency over time. • IT independence migration is on track to complete two-thirds of site migrations by the end of 2026, reducing third-party reliance and improving operational control.

• End Market Trends • End market mix has shifted with rapid growth in data centers, steady growth in automotive and industrial markets, and slower but resilient positive growth in consumer electronics, driven by CUNITY's exposure to premium devices. • Long-term growth opportunity is emerging in edge/physical AI, where chips for devices, vehicles, and machines require new architectures and materials innovation, which plays to CUNITY's strengths.

• Leadership Updates • Kate DeCasse joined as President of the Semiconductor Technologies segment, with 25+ years of semiconductor industry experience; Sam Ponzo has returned to his role as Chief Commercial and Strategy Officer. • The search for a permanent CFO is in the final stages.

• The company upgraded its full-year 2026 guidance based on strong first-half performance and improved second-half visibility: • Full-year 2026 net sales is now guided to $5.55 billion to $5.65 billion, representing 18% year-over-year growth at the midpoint. • Full-year adjusted operating EBITDA is guided to $1.675 billion to $1.725 billion, representing over 20% year-over-year growth at the midpoint. • Full-year adjusted EPS is guided to $4.40 to $4.60, representing 35% year-over-year growth at the midpoint. • Full-year adjusted free cash flow is guided to $600 million to $700 million.
• Q3 2026 guidance: • Overall company expects sequential net sales growth in the low single-digits, with a muted seasonal peak in consumer electronics. A 2025 $40 million accelerated sales entry creates a higher year-over-year comparison base that temporarily tempers year-over-year growth, with no change to underlying demand strength. • Semiconductor Technologies expects low single-digit sequential net sales growth, with adjusted EBITDA margins in the mid-30s. • ICS expects mid-single-digit sequential net sales growth, with adjusted EBITDA margins in the high 20s.
• Full-year 2026 capital expenditures are expected to remain elevated, with long-term CapEx expected to return to a 6% of net sales range over time.
• The company expects industry-wide semiconductor (MSI) growth to reach high single-digits in 2026, with PCB growth reaching mid-to-high single-digits.

Semiconductor Technologies: Net sales of $744 million, up 3% sequentially and 17% year-over-year on an organic basis. This segment contributed 53% of total company net sales for the quarter. Gross margins were 49%, and adjusted operating EBITDA margin was 34%. Growth was led by AI-driven solutions, with advanced nodes portfolio growing over 20% year-over-year. Interconnect Solutions (ICS): Net sales of $685 million, up 16% sequentially and over 30% year-over-year, with 28% organic year-over-year growth. This segment contributed 47% of total company net sales for the quarter. Gross margins were approximately 44%, and adjusted operating EBITDA margin was 29%, an improvement of 290 basis points year-over-year. Growth was led by AI and data center platforms, including advanced packaging, AI PCBs, and thermal management, which collectively grew over 50% year-over-year.

• Geopolitical developments in the Middle East are being monitored as a potential uncertainty for back-half 2026 performance.
• Modest upward cost pressure (totaling ~$20 million annually) for logistics and energy is ongoing, though mitigation strategies including targeted pricing actions are working to offset these impacts.
• Customer production ramp timing and industry fab utilization rate changes are key variables that could impact quarterly performance.
• Semi-industry supply chain dynamics for memory and raw materials are being closely monitored, though the company sees no near-term risk to supply or output.
• Quarterly margin results can see minor variability from R&D timing and product qualification cycles.

Q: Can you explain the implied muted sequential Q4 2026 growth, and what factors are driving this relative to historical seasonality? Are there any pull-forward effects or emerging headwinds? / A: The muted Q4 sequential growth follows a typical seasonal pattern, with Q3 seeing the usual seasonal peak for consumer electronics. After this peak, a small sequential deceleration from Q3 to Q4 is normal, compounded by typical year-end customer inventory adjustments. The guidance reflects strong first-half momentum, better second-half visibility, and current customer ramp timing, resulting in 18% full-year sales growth and over 20% EBITDA growth. Order books remain healthy, customer engagement is strong, and inventory is moving through the chain as expected. The main monitored variables for the back half are Middle East developments, customer ramp timing, and utilization rate trends.

Q: ICS has accelerated faster than expected from your prior investor day outlook due to AI and the shift to 3D stacking. What is your updated long-term growth outlook for this segment? Are you capacity constrained anywhere to support this rapid growth? / A: The faster growth is driven by accelerated adoption of AI applications, which has boosted demand for ICS's three core growth platforms: advanced packaging, AI PCBs, and thermal management. This pace of acceleration is faster than was expected at the prior investor day. CUNITY is seeing strong sustained content gains and new application wins across the segment, with long-term growth durability supported by ongoing customer capacity expansion in high-value advanced packaging. Capacity expansion has been ongoing in a modular, aligned fashion since 2022 as part of the $600 million growth investment plan, with most expansions being high-return incremental additions to existing local facilities. CUNITY can adjust quickly to bring online new capacity to support faster-than-expected growth, and is well prepared for long-term growth through 2027 and 2028.

Q: Advanced nodes grew over 20% in Q2, well above your prior 7% long-term expected growth rate. Can we expect this growth to continue, and what is your current advanced node penetration? / A: This strong growth comes from all major market leaders successfully commercializing their most advanced nodes (including 3nm, 2nm, HBM3/HBM4) across both logic and memory, which has not happened in many years. CUNITY was already positioned for this scaling via multi-year R&D programs, and is now seeing strong pull from customers. The company previously targeted 45-50% of the semi segment portfolio coming from advanced nodes, and is currently at ~40% exiting the first half of 2026, on track to hit this target earlier than planned.

Q: Semiconductor segment growth is outpacing overall industry MSI wafer growth. What is driving this outperformance, and is MSI still a relevant benchmark? / A: CUNITY remains correlated to overall wafer volume, and MSI is still the best benchmark for overall industry wafer volume. The outperformance is driven by heavy content gains in the fastest-growing advanced node segment, where all major customers are now successfully scaling their most advanced technologies. CUNITY is also seeing incremental share gains in its CMP portfolio (pads, cleans, slurries), particularly on the cleans and slurry side. The company's lithography materials business, focused on ancillary layers supporting EUV processing, is also performing very well, adding to the outperformance above overall industry MSI growth.