Nova : May 2024

Investor Presentation

May 2024

Cautionary

Statements

Use of Non-GAAP Adjusted Financial Measures

This presentation provides financial measures that exclude amortization of acquired intangible assets, acquisition-related expenses, inventory step-up and contingent consideration revaluation, stock-based compensation expenses, revaluation of operating lease liabilities and remeasurement of intercompany loans, amortization of debt discount and issuance costs and tax effect of non-GAAP adjustment, as applicable, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova's performance because they reflect our operational results and enhance management's and investors' ability to evaluate Nova's performance before charges or benefits considered by management to be outside Nova's ongoing operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allow greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this presentation is contained in the accompanying financial tables.

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. .

Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia - Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events; inability to protect our intellectual property; open source technology exposure, including risks related to artificial intelligence; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; risks related to conditions in Israel, including related to the recent attack by Hamas and other terrorist organizations from the Gaza Strip and Israel's war against them; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this presentation also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 20, 2024. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this presentation.

2 © Nova proprietaryconfid ntialinformation& p oprietary information

Nova is a leading innovator and a

key provider of solutions

for advanced used in semiconductor manufacturing

3 © Nova proprietary information

We measure ourselves by our ability to transcend expectations and boundaries

We partner with our customers to craft innovative process control solutions enhanced with unique value

Dream

Dare

Innovate

Listen

Execute

Win

4 © Nova proprietary information

Revealing the Invisible

Actionable Insight, Critical Foresight

Logic DRAM	NAND	Advanced
Software
Packaging		Dimensional

Materials

Physical &

ChemicalMathematical

Algorithms

300mm 20um

Wafer Pad

Optical X-Ray Analysis

2nm 0.5Å

Node Precision

Gate-All-Around

A4 X100 A15

150M Transistors 16B

Advanced Memory

X6

64 Layers 400

Advanced Packaging

	X30
Flip-Chip	I/O	3D-SOC
Bump
<300µm	Pitch <10µm

5 © Nova proprietary information

Solid Track Record

Outperforming the Market by >50%

Proven execution

Outperforming the industry

Doubling revenues every 5 years

Resilient business model

Wide Metrology Coverage	Differentiated Portfolio
Organic Growth Engines	Diverse Markets & Nodes
Global Footprint	Diverse Revenue Streams

5 Year CAGR

+16% Nova	Annual	$518M
Revenues

+10% WFE

$251M

$112M

$39M

2008 2013 2018 2023

6 © Nova proprietary information	WFE source: Gartner; CAGR: 2018-2023, Company product revenues

Quarterly Performance

$148

$142M

$134M

$129M

$1.36 $1.39$1.35

$1.23

Q3 23

Q4 23

Q1 24

Q2 24

Company Guidance	Revenue	EPS
Q2 2024	$144 -$152M	$1.07-$1.21(GAAP)
$1.27-$1.42(non-GAAP)

Q1 24 Highlights

Record Non-GAAP net income

Record operating and free cash flow, with gross margin growing to 61%

Continued adoption of advanced portfolio by leading customers for advanced applications

7 © Nova proprietary information	Non-GAAP Financials

3 R&D and Production Centers

27 Offices

Europe

Germany

6 offices

USA

California

6 offices

Israel

Rehovot

Corporate

Offices

Legend:

R&D and Production

Field Office: Sales & Service

Korea

4 offices

Japan

3 offices

China

2 offices

Taiwan

4 offices

Singapore

1 office

8 © Nova proprietary information

Multiple Drivers for

Secular Growth

Semiconductor Revenue Forecast - $1T by 2030

Gen AI near-term drives data centers & HPC, longer-term:end-point devices; Revenues to reach $159B by 2028

ADAS, EV/HEV, Auto-HPC to drive auto chip Revenues >$130B by 2031

$586B

$342B

2016

2022

Automotive AI Semi Industry

28%	24%	+8%
5Y CAGR	5Y CAGR	5Y CAGR

$1,000

$714B	Digital
	Twins

20262030

9	© Nova proprietaryconfid ntialinformation& p oprietary information	Sources: SEMI, Gartner. 5Y CAGR 2023-2028

Government Funding Drives Technology Advancement and Global Fabrication Footprint

>$200B in Funding and Incentives by 2030

>100 Fabrication Projects

USA t
$80B	Europet

23	$50B
	19

Legend:

Government Funding/ incentives

New Fab facilities / construction in 2024

Korea t

$20B 7

China t

$30B 32

India t

$15B 3

Japan t

$20B 12

Taiwant

$15B 10$1015B

10

© Nova proprietary information

Source: TechInsights, Dentons, SEMI, Jefferies