Cohu : Second Quarter Earnings Call Presentation

July 28, 2022

Q2'22 Financial Results

Cautionary Statement Regarding Forward Looking Statements

Forward Looking Statements:

Certain statements contained in this presentation may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding tester design wins, backlog expected to ship over multiple quarters, estimated test cell utilization, increasing demand for our products, opportunities for our Diamondx tester, opportunities in 5G connectivity, artificial intelligence, advanced packaging, industrial IoT , automotive ADAS and EVs and consumer wearables, expansion in contactor/interface products, ongoing qualifications for DI-Core, diversifying the tester business, on pace to achieve our mid-term financial targets (mid-term means a 3-5 year time horizon), progressing to increase gross margins, insourcing contactor manufacturing, a stable, balanced and resilient business model, Cohu's FY2022 outlook, % of incremental revenue expected to fall to operating income, estimated systems versus recurring sales, Cohu's third quarter 2022 sales forecast, guidance, sales mix, non-GAAP operating expenses, gross margin, operating income, adjusted EBITDA, effective tax rate, free cash flow, cap ex, cash and shares outstanding, estimated minimum cash needed, estimated EBITDA breakeven point, any future Term Loan B principal reduction, the amount, timing or manner of any share repurchases and any other statements that are predictive in nature and depend upon or refer to future events or conditions, and/or include words such as "may," "will," "should," "would," "expect," "anticipate," "plan," "likely," "believe," "estimate," "project," "intend," and/or other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Any third-party industry analyst forecasts quoted are for reference only and Cohu does not adopt or affirm any such forecasts.

Actual results and future business conditions could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: political and economic instability and adverse worldwide impacts resulting from the military incursion into Ukraine by Russia, including potential energy shortages in Europe; the ongoing global COVID-19 pandemic and its impact on our operations and the operations of our key suppliers, customers and other business partners; we are making investments in new products and product enhancements, which may adversely affect our operating results and these investments may not be commercially successful; we have manufacturing operations in Asia and any failure to effectively manage multiple manufacturing sites and to secure raw materials meeting our quality, cost and other requirements, or failures by our suppliers to perform, could harm our sales, service levels and reputation; any failure to perform or unexpected downtime experienced by our sole contract manufacturer for certain semiconductor automated test equipment; any failure of critical suppliers to deliver sufficient quantities of parts in a timely and cost-effective manner, including ongoing shortages of semiconductor devices used in our system products; continued high inflation; we may not be able to increase prices to fully offset inflationary pressures on costs, such as raw and packaging materials, components and subassemblies, labor and distribution costs; the semiconductor industry we serve is seasonal, cyclical, volatile and unpredictable; the semiconductor equipment industry is intensely competitive; semiconductor equipment is subject to rapid technological change, product introductions and transitions which may result in inventory write-offs, and our new product development involves numerous risks and uncertainties; the seasonal nature of the semiconductor equipment industry places enormous demands on our employees, operations and infrastructure; a limited number of customers account for a substantial percentage of our net sales; inherent uncertainty of backlog wherein customers may delay shipments or cancel orders; majority of our revenues are generated from exports to foreign countries, primarily in Asia, that are subject to economic and political instability and we compete against a number of Asia-based test contactor/interface, test handler and automated test equipment suppliers; we are exposed to the risks of operating in certain foreign locations from where Cohu manufactures certain products, and supports our sales and services to the global semiconductor industry; increasingly restrictive trade and export

regulations may materially harm or limit Cohu's business and ability to sell its products; the remaining indebtedness in connection with our financing of the Xcerra acquisition may have an adverse impact on

Cohu's liquidity, access to capital and business flexibility; we are exposed to other risks associated with additional potential acquisitions, investments and divestitures such as integration difficulties, disruption to our core business, dilution of stockholder value, and diversion of management attention; our financial and operating results may vary and fall below analysts' estimates, or credit rating agencies may change their ratings on Cohu, any of which may cause the price of our common stock to decline or make it difficult to obtain other financing; we have experienced significant volatility in our stock price; there may be changes in, and uncertainty with respect to, legislation, regulation and governmental policy in the United States; and impacts in the event of a cybersecurity breach.

These and other risks and uncertainties are discussed more fully in Cohu's filings with the SEC, including the most recently filed Form 10-K and Form 10-Q, and the other filings made by Cohu with the SEC from time to time, which are available via the SEC's website at www.sec.gov. Except as required by applicable law, Cohu does not undertake any obligation to revise or update any forward-looking statement, or to

make any other forward-looking statements, whether as a result of new information, future events or otherwise.

July 28, 2022

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Business Update

Summary

Revenue

Non-GAAPGross Margin(1)

Adj. EBITDA(1)

$244.8M		46.1%	46.5%		24.9%
	$217.2M	22.6%
$197.8M	42.7%		22.7%

Q2'21

Q1'22

Q2'22

Q2'21

Q1'22

Q2'22

Q2'21 Q1'22 Q2'22

• Q2'22 revenue up 9.8% quarter-over-quarter
• • Leading U.S. semiconductor manufacturer selected Diamondx
  • On pace to mid-term targets

• Q2'22 gross margin up 40 bps quarter-over-quarter
• • Growth in semiconductor test business
  • Greater contactor manufacturing insourcing

• Est. test cell utilization 84%
• Q2'22 free cash flow $40.8M(1) or 18.8% of revenue
• Repurchased ~ 924K shares since announcement of $70M share repurchase program

July 28, 2022

(1) See appendix for GAAP to non-GAAP reconciliation

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Diverse Revenue Profile

Recurring

Key Business Drivers

• Semiconductor product designs
• Growing systems installed base

Non-GAAP

Gross Margin(1)

~ 53%

Automotive

17%

Q2'22

Recurring	Revenue	Mobility
39%	16%
	$217.2M

Industrial

11%

Consumer Computing 8%

6%

IoT & Opto

3%

Systems

Key Business Drivers

• Strong auto and industrial
• Stable mobility on lower phone units

Non-GAAP

Gross Margin(1)

~ 42%

July 28, 2022

(1) See appendix for GAAP to non-GAAP reconciliation

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