Advanced Energy Industries : IR Presentation – May 2021

A Best-in-Class Industrial Growth Enterprise

MAY 2021

SAFE HARBOR

The company's guidance with respect to anticipated financial results for future periods, potential future growth and profitability, future business mix, expectations regarding future market trends, future performance within specific markets and other statements herein or made on the conference call that are not historical information are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: (a) the effects of global macroeconomic conditions upon demand for our products and services; (b) the volatility and cyclicality of the industries the company serves, particularly the semiconductor industry; (c) delays in capital spending by end-users in our served markets; (d) the risks and uncertainties related to the integration of Artesyn Embedded Power including the optimization and reduction of our global manufacturing sites; (e) the continuing spread of COVID-19 and its potential adverse impact on our product manufacturing, research and development, supply chain, services and administrative operations; (f) supply chain disruptions and component shortages that may impact the company's ability to obtain in a timely manner the materials necessary to manufacture its products; (g) the accuracy of the company's estimates related to fulfilling solar inverter product warranty and post-warranty obligations; (h) the company's ability to realize its plan to avoid additional costs after the solar inverter wind-down; (i) the accuracy of the company's assumptions on which its financial statement projections are based; (j) the impact of product price changes, which may result from a variety of factors; (k) the timing of orders received from customers; (l) the company's ability to realize benefits from cost improvement efforts including avoided costs, restructuring plans and inorganic growth; (m) unanticipated changes to management's estimates, reserves or allowances; (n) changes and adjustments to the tax expense and benefits related to the U.S. tax reform that was enacted in late 2017; and (o) the impact of political, economic and policy tensions and conflicts between China and the United States including, but not limited to, trade wars and export restrictions between the two countries, China's national security law for Hong Kong, and China's expansion of control over the South China Sea, any of which could negatively impact our customers' and our presence, operations, and financial results. These and other risks are described in Advanced Energy's Form 10 K, Forms 10 Q and other reports and statements filed with the Securities and Exchange Commission (the "SEC").

These reports and statements are available on the SEC's website at www.sec.gov. Copies may also be obtained from Advanced Energy's investor relations

page at ir.advanced-energy.com or by contacting Advanced Energy's investor relations at 970 407 6555. Forward-looking statements are made and based on information available to the company on the date of this presentation. Aspirational goals and targets discussed on the conference call or in the presentation materials should not be interpreted in any respect as guidance. The company assumes no obligation to update the information in this presentation.

Copyright © 2021 Advanced Energy

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Key Messages

POWERING THE 4TH INDUSTRIAL REVOLUTION

PURE PLAY POWER LEADER

Strategic focus on power ensures sustainable advantages and scale

4TH INDUSTRIAL REVOLUTION

Data economy and digitization drive growth across our markets

OUTPERFORMING MARKETS

Track record of growing share, content and increasing SAM

ACCELERATING EARNINGS

Target earnings growth at 3-Year CAGR of 13%, >2X faster than revenue, and ROIC of >20%

Copyright © 2021 Advanced Energy

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Key Messages

WE ARE THE PURE PLAY POWER LEADER

AE provides precision power conversion and control solutions for a wide range of technologies and applications

Grid

Power

SEMICONDUCTOR	INDUSTRIAL &	DATA CENTER	TELECOM &
EQUIPMENT	MEDICAL	COMPUTING	NETWORKING

Process	Custom	Server	Radio
Power	Power	Power	Power

Copyright © 2021 Advanced Energy

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Key Messages

OUR LEADERSHIP ENABLES SOLID FINANCIAL PERFORMANCE

Large & Diversified Growing Market

$9.0B

Combined SAM

#1 or #2 in All Four Markets

(1) Refer to the non-GAAP reconciliation for additional detail.

(2) Based on cash from operating activities from continuing operations

2020 Reported Results

$1.42 billion	$244 million
REVENUE	NON-GAAP OP PROFIT(1)
79% YoY Growth	134% YoY Growth

$5.23	$202 million
NON-GAAP EPS(1)	OPERATING CASH FLOW(2)
114% YoY Growth	322% YoY Growth
	Copyright © 2021 Advanced Energy 5