Exhibit 99.2

February 2025 Investor Presentation

Fiscal Q1 2025 Financial Results February 26, 2025

Safe Harbor Statement This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain risks and uncertainties. We refer you to the risk factors in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subsequent filings with the Securities and Exchange Commission. These documents contain and identify important factors that could cause the actual results for the Company to differ materially from those contained in our projections or forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee the accuracy of any forecasts or estimates, and we are not obligated to update any forward-looking statements if our expectations change.

FQ1 2025 Summary Capex investment endorsed by customers to support long-term growth trends of A.I., node migration, and regionalization $212.1M Revenue 24.6% Operating Margin $0.68 Diluted EPS $0.52 Non-GAAP Diluted EPS1 $78.5M Operating Cash Flow $642.2M Cash2 and Short-term investments (2%) Y/Y (5%) Q/Q (200) bps Y/Y (50) bps Q/Q 62% Y/Y 26% Q/Q 8% Y/Y (12%) Q/Q 89% Y/Y 15% Q/Q 23% Y/Y 0% Q/Q Revenue declined on sequential seasonality, as expected, in both IC and FPD; maintain long-term demand driven by megatrends such as AI, node migration, and supply chain regionalization Operating margin reflects lower gross margin due to lower sales volumes; opex declined Q/Q / increased Y/Y; after adjusting for FX, non-GAAP Diluted EPS was $0.52, above the high end of guidance Strengthened balance sheet through solid cash flow generation and debt reduction, providing flexibility to support capital allocation strategy, including planned expansion of U.S. IC manufacturing capacity Capital allocation strategy based upon investing in growth, returning cash to shareholders, and potential business development initiatives, all focused on increasing shareholder value 1See reconciliation included in this presentation; 2Includes cash equivalents

Revenue by Product Line $M 1Q25 Q/Q Y/Y High-End* 60.1 0% (1%) Mainstream 93.9 (9%) (3%) Total 154.0 (6%) (2%) High-end node migration to 22nm and 28nm in Asia Older geometries seeing softness, which tend to be associated with Auto and Industrial end markets Long-term growth drivers: New designs by customers to gain market share and support technology roadmap for megatrends such as A.I. Regionalization driving investments for global chip capacity. Complex advanced leading-edge nodes require higher number of layers and masks. *IC: 28nm and smaller; FPD: G10.5+, AMOLED and LTPS Totals may differ due to rounding Technological capabilities drives high-end market leadership and captured share Broad demand from customers in China Long-term growth drivers: Technology development drives higher-value mask demand Mobile demand is expected to remain strong with rollout of new designs and emerging panel makers winning market share AMOLED moving to larger G8.6 form factor driving need to collaborate on mask development; Received initial G8.6 orders $M 1Q25 Q/Q Y/Y High-End* 49.7 3% (2%) Mainstream 8.5 (19%) 5% Total 58.1 (1%) (1%) IC FPD

Balance Sheet and Cash Flow Metrics Balance Sheet Provides Resilience, Enables Growth Strategy and Shareholder Value Creation $M 1Q25 Y/Y Q/Q Cash, cash equivalents and Short-term investments 642.2 23% 0% Debt 2.7 (88%) (85%) Operating Cash Flow 78.5 89% 15% Capital Expenditures 35.2 (19%) (19%) Actively controlling cash, cash equivalents, and short-term investments to maintain liquidity and optimize returns; remaining debt to be paid off in Q2 (maturing US equipment leases) Continued strong operating cash flow from income generation and working capital management Capex targets growth in IC capacity, facility expansion, & end-of-life tool replacement Strong balance sheet allows us to fund growth investments, return cash to shareholders, consider business development initiatives, and remain resilient to effects of industry downturns

FQ2 2025 Guidance Revenue ($M) 208 – 216 Operating Margin 23% - 25% Diluted non-GAAP EPS $0.44 - $0.50 Diluted Shares (M) ~62 Full-year Capex ($M) ~200 Reflects strength in higher end offset by weakness in older geometries A.I. exposure tied to: ASICs Custom ICs Fast interconnects including silicon photonics and advanced packaging applications. Leveraging IC technical expertise into FPD to drive market leadership Disciplined cost controls and managing cash to maximize returns and deliver long-term shareholder value

Corporate Overview

Photronics Overview (Nasdaq: PLAB) All data reflects Fiscal 2024 unless otherwise noted | IC: Integrated Circuit | FPD: Flat Panel Display Revenue By Product Group Revenue By Region Unmatched Global Footprint 11 STRATEGICALLY LOCATED MANUFACTURING FACILITIES IC FPD IC & FPD $867M $222M $261M $1.4B ~1,900 ~675 1969 Revenue Operating Income Operating Cash Flow Market Cap 2/20/2025 Employees Customers Founded

Photomasks: Critical Enabler for IC and FPD Manufacturing Photomasks carry design information into an exposure system where light transfers the pattern to the wafer Integrated Circuit (IC) photomasks are used to transfer circuit patterns onto semiconductor wafers during the fabrication of integrated circuits. Flat Panel Display (FPD) photomasks are used in the fabrication of flat screen televisions, PC monitors, tablets, mobile devices and other flat panel displays.

Phases of Photronics Revenue Growth Phase I: 1969 – 1986 Technology Startup Organic Growth Mostly US Pre-IPO Phase II: 1986 – 2002 M&A Growth Merchant Consolidation Global Expansion Phase IV: 2018 and Beyond Leverage China 1st Mover Advantage Long-Term Purchase Agreements Extend Technology Leadership Increase Market Share Strategic Capital Allocation Phase III: 2003 – 2017 Enter High-End Market Form Strategic Partnerships Invest in High-End Capability Establish FPD Presence Improve Balance Sheet A B C D A G7.5 Display Substrate B High-End IC Memory C High-End IC Logic D G10.5+ Display Substrate AMOLED Mobile “Made In China 2025” Technology inflections catalyze Future Demand:

Compelling Investment Thesis Trusted supplier due to rapid response of high-quality masks Broad technology suite andgeographic presence Supports organic growth initiatives Targets industry demand and technology trends Semiconductor industry expansion driving design activity across all nodes Advanced displays require additional layers and leadingmask technologies GLOBAL LEADER in the merchant photomask industry INVESTMENT STRATEGY To deliver sustainable cash flow generation POSITIVE DEMAND TRENDSdrive strategic growth investments Driving operational excellence through core competencies Competitive advantage in industry with high barriers to entry SOLID EXECUTIONdriven by a culture ofsustainable performance Demonstrated Success Delivering Value to Customers and Creating Value for Shareholders

Core Competencies Serve as Competitive Advantages Global Footprint Close to customer Aligned with end markets Flexible supply chain Technology Leader Process expertise Advanced Process-of-Record High barriers to entry Commercial Excellence Customer first Trusted partner Wafer yield enhancement Technology roadmap enabler Operational Excellence Responsive delivery High yields Cost control Supply chain optimization Teamwork and execution

Semiconductor: growing capacity and design activity More extensive use of semiconductors across multiple applications, driven by megatrends such as AI and IoT. Supply chain regionalization supported by governments globally driving investments in semiconductor fabs that creates redundant production capacity and drives photomask demand. Differentiation by design becoming competitive factor in mainstream (ASIC) and leading-edge applications. Expanding EUV adoption drives semi manufacturer photomask outsourcing of legacy technology nodes, increasing TAM for merchant suppliers. Display: advanced displays driving innovation Global panel makers innovating to win AMOLED market share. Growing panel competition drives innovation and greater mask value. AMOLED manufacturing moving to larger G8.6 form factor, requiring high-quality, advanced photomasks. Long-Term Trends Driving Photomask Demand Innovative Designs and Manufacturing Complexity Drives Photomask Demand

Supply Chain Regionalization Driving Global Semiconductor Investments Concerns around national security and supply chain reliability are driving regional investments in semiconductor manufacturing. Semiconductor fabs are capitalizing on government incentives to build capacity in US, Europe, and Asia. Regionalization creates additional semiconductor production, increasing global demand for photomasks. Photronics has operations in 4 of the top 5 countries for semiconductor manufacturing. Our IC Manufacturing Footprint Aligns with Global Semiconductor Production PLAB IC Locations Top 5 Semiconductor Countries: Taiwan, South Korea, Japan, China, US Broad Geographic Presence Positioned to Benefit from this Trend

Advanced Displays are Driving Innovation Innovation and Design Complexity Favors Us as Technology Leader AMOLED displays continue to gain market share in mobile displays, including smartphones, tablets, and PC. Emerging panel makers releasing new AMOLED displays to gain market share against established incumbents. Panel makers incorporating additional functionality into displays (e.g., biometric sensors), increasing value and complexity of mask set. New form factors (e.g., flexible or rollable displays) requiring AMOLED technology continue to be introduced. Panel makers are developing AMOLED production process to increase substrate size to G8.6, requiring larger, high-quality advanced masks. Mini- or Micro-LED are future technologies that could drive additional mask demand across many applications.

Strategic Investment Strategy Sustains Profitable Growth 17 Proven Approach to Profitably Grow Revenue, Capture Market Share, and Improve ROIC Win market share in growing IC and FPD markets Leverage global footprint to benefit from IC regionalization trends Capitalize on FPD technology leadership to continue improving mix Enter long-term purchase agreements and earn process-of-record Improved pricing environment in high-end and mainstream IC Dynamically align asset tool set to match end-market demand Increasing benefit from operating leverage GROW REVENUE IN EXCESS OF MARKET MARGIN EXPANSION IMPROVES PROFITS Operational Excellence Commercial Excellence Technology Leader Global Footprint WINNING THROUGH COMPETITIVE ADVANTAGES Organic growth through high-return targeted capacity expansionEnter LTPAs to mitigate investment risk and quickly ramp revenues STRATEGIC APPROACH TO CAPITAL INVESTMENTS

Appendix

Non-GAAP Financial Measures Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share are "non-GAAP financial measures" as such term is defined by Regulation G of the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss), Net income (loss) per share, or any other measure of consolidated results under U.S. GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated statement of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations on the following page.

Non-GAAP Financial Measures