ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in millions, except per share data)

Three Months Ended

Twelve months ended

December 26,
2025

December 27,
2024

December 26,
2025

December 27,
2024

(In millions, except per share amounts)

Revenues:

Products

$                  442.4

$                  503.5

$               1,799.3

$               1,853.7

Services

64.2

59.8

254.7

243.9

Total revenues

506.6

563.3

2,054.0

2,097.6

Cost of revenues:

Products

383.0

428.5

1,547.0

1,569.7

Services

46.3

43.0

184.1

171.6

Total cost revenues

429.3

471.5

1,731.1

1,741.3

Gross margin

77.3

91.8

322.9

356.3

Operating expenses:

Research and development

8.8

7.1

32.0

28.3

Sales and marketing

15.7

14.4

61.2

57.3

General and administrative

41.9

44.4

186.0

179.5

Impairment of goodwill

—

—

151.1

—

Total operating expenses

66.4

65.9

430.3

265.1

Income (loss) from operations

10.9

25.9

(107.4)

91.2

Interest income

0.9

0.9

3.9

4.8

Interest expense

(8.4)

(10.7)

(38.3)

(46.5)

Other income (expense), net

(1.4)

8.4

(3.9)

17.7

Income (loss) before provision for income taxes

2.0

24.5

(145.7)

67.2

Provision for income tax

2.6

4.5

25.9

32.7

Net income (loss)

(0.6)

20.0

(171.6)

34.5

Less: Net income attributable to noncontrolling interests

2.7

3.7

9.6

10.8

Net income (loss) attributable to UCT

$                     (3.3)

$                    16.3

$                (181.2)

$                    23.7

Net income (loss) per share attributable to UCT common stockholders:

Basic

$                  (0.07)

$                    0.36

$                  (4.00)

$                    0.53

Diluted

$                  (0.07)

$                    0.36

$                  (4.00)

$                    0.52

Shares used in computing net income (loss) per share:

Basic

45.4

45.1

45.3

44.9

Diluted

45.4

45.4

45.3

45.3

ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions)

December 26,
2025

December 27,
2024

ASSETS

Current assets:

Cash and cash equivalents

$                  311.8

$                  313.9

Accounts receivable, net of allowance for credit losses

208.8

241.1

Inventories

390.9

381.0

Prepaid expenses and other current assets

48.2

34.1

Total current assets

959.7

970.1

Property, plant and equipment, net

324.6

325.9

Goodwill

114.2

265.3

Intangible assets, net

156.8

184.9

Deferred tax assets, net

3.5

3.1

Operating lease right-of-use assets

157.2

161.0

Other non-current assets

13.0

9.6

Total assets

$               1,729.0

$               1,919.9

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Bank borrowings

$                      9.9

$                    16.0

Accounts payable

194.9

212.5

Accrued compensation and related benefits

51.1

50.1

Operating lease liabilities

20.2

18.6

Other current liabilities

24.6

38.4

Total current liabilities

300.7

335.6

Bank borrowings, net of current portion

467.0

476.5

Deferred tax liabilities

13.8

16.1

Operating lease liabilities

156.6

149.2

Other liabilities

6.8

6.7

Total liabilities

944.9

984.1

Equity:

UCT stockholders' equity:

Common stock

0.1

0.1

Additional paid-in capital

578.7

558.4

Common shares held in treasury

(48.4)

(45.0)

Retained earnings

189.2

370.4

Accumulated other comprehensive loss

(8.6)

(10.3)

Total UCT stockholders' equity

711.0

873.6

Noncontrolling interests

73.1

62.2

Total equity

784.1

935.8

Total liabilities and equity

$               1,729.0

$               1,919.9

ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)

Twelve months ended

December 26,
2025

December 27,
2024

(In millions)

Cash flows from operating activities:

Net income (loss)

$                (171.6)

$                    34.5

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

47.9

45.7

Amortization of intangible assets

28.1

30.4

Stock-based compensation

19.2

17.4

Amortization of debt issuance costs

2.7

3.0

Impairment of goodwill

151.1

—

Loss (gain) on sale of property, plant and equipment

0.7

1.2

Change in the fair value of financial instruments

(0.1)

(29.2)

Deferred income taxes

(2.7)

(3.0)

Changes in assets and liabilities, net of effects of acquisitions:

Accounts receivable

32.3

(60.3)

Inventories

(9.9)

(6.5)

Prepaid expenses and other current assets

(8.3)

(3.2)

Other non-current assets

(1.9)

1.3

Accounts payable

(17.6)

26.4

Accrued compensation and related benefits

1.0

2.4

Income taxes payable

(13.5)

1.0

Operating lease assets and liabilities

12.9

2.6

Other liabilities

(4.7)

1.3

Net cash provided by operating activities

65.6

65.0

Cash flows from investing activities:

Purchases of property, plant and equipment

(50.3)

(63.5)

Other investing activities

3.3

—

Net cash used in investing activities

(47.0)

(63.5)

Cash flows from financing activities:

Proceeds from bank borrowings

59.3

67.7

Extinguishment of bank borrowings

(59.3)

(44.2)

Proceeds from issuance of common stock

2.2

2.0

Principal payments on bank borrowings

(18.2)

(10.2)

Payment of debt issuance costs

(0.6)

(2.5)

Employees' taxes paid upon vesting of restricted stock units

(1.1)

(2.5)

Payments of dividends to a joint venture shareholder

(0.1)

(0.5)

Repurchase of shares

(3.4)

—

Net cash provided by (used in) financing activities

(21.2)

9.8

Effect of exchange rate changes on cash and cash equivalents

0.5

(4.4)

Net increase (decrease) in cash and cash equivalents

(2.1)

6.9

Cash and cash equivalents at beginning of period

313.9

307.0

Cash and cash equivalents at end of period

$                  311.8

$                  313.9

ULTRA CLEAN HOLDINGS, INC.

REPORTABLE SEGMENTS

GAAP TO NON-GAAP RECONCILIATION

(Unaudited; dollars in millions)

GAAP

Non-GAAP

Three Months Ended

Three Months Ended

December 26, 2025

December 26, 2025

Products

Services

Consolidated

Products

Services

Consolidated

Revenues

$    442.4

$      64.2

$         506.6

$  442.4

$  64.2

$         506.6

Gross profit

$      59.4

$      17.9

$           77.3

$    62.5

$  19.1

$           81.6

Gross margin

13.4 %

27.8 %

15.2 %

14.1 %

29.7 %

16.1 %

Income from operations

$        6.7

$        4.2

$           10.9

$    17.1

$    7.9

$           25.0

Operating margin

1.5 %

6.6 %

2.2 %

3.9 %

12.4 %

4.9 %

Three Months Ended

December 26, 2025

Products

Services

Consolidated

Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions)

Reported gross profit on a GAAP basis

$    59.4

$  17.9

$           77.3

Amortization of intangible assets (1)

1.2

1.0

2.2

Stock-based compensation expense (2)

0.3

—

0.3

Restructuring charges (3)

1.6

0.2

1.8

Non-GAAP gross profit

$    62.5

$  19.1

$           81.6

Reconciliation of GAAP Gross margin to Non-GAAP Gross margin

Reported gross margin on a GAAP basis

13.4 %

27.8 %

15.2 %

Amortization of intangible assets (1)

0.3 %

1.6 %

0.4 %

Stock-based compensation expense (2)

0.1 %

— %

0.1 %

Restructuring charges (3)

0.3 %

0.3 %

0.4 %

Non-GAAP gross margin

14.1 %

29.7 %

16.1 %

Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions)

Reported income from operations on a GAAP basis

$      6.7

$    4.2

$           10.9

Amortization of intangible assets (1)

4.0

2.9

6.9

Stock-based compensation expense (2)

4.3

0.6

4.9

Restructuring charges (3)

1.4

0.2

1.6

Legal-related costs (4)

0.7

—

0.7

Non-GAAP income from operations

$    17.1

$    7.9

$           25.0

Reconciliation of GAAP Operating margin to Non-GAAP Operating margin

Reported operating margin on a GAAP basis

1.5 %

6.6 %

2.2 %

Amortization of intangible assets (1)

0.9 %

4.5 %

1.3 %

Stock-based compensation expense (2)

1.0 %

1.0 %

1.0 %

Restructuring charges (3)

0.3 %

0.3 %

0.3 %

Legal-related costs (4)

0.2 %

— %

0.1 %

Non-GAAP operating margin

3.9 %

12.4 %

4.9 %

1    Amortization of intangible assets related to the Company's business acquisitions

2    Represents compensation expense for stock granted to employees and directors

3    Represents severance, retention and costs related to facility closures

4    Represents estimated costs related to certain legal proceedings

ULTRA CLEAN HOLDINGS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS

Three Months Ended

Twelve months ended

December 26,
2025

December 27,
2024

September 26,
2025

December 26,
2025

December 27,
2024

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (in millions)

Reported net income (loss) attributable to UCT on a GAAP basis

$           (3.3)

$           16.3

$         (10.9)

$       (181.2)

$           23.7

Amortization of intangible assets (1)

6.9

7.5

6.9

28.1

30.4

Stock-based compensation expense (2)

4.9

4.7

4.6

19.2

17.8

Restructuring charges (3)

1.6

—

7.1

17.1

2.3

Legal-related costs (4)

0.7

1.1

0.2

1.9

2.7

Impairment of goodwill (5)

—

—

—

151.1

—

Debt refinancing costs expensed (6)

—

0.4

1.1

1.1

4.0

Fair value related adjustments (7)

—

(7.1)

—

(0.1)

(29.1)

VAT settlement (8)

—

—

(0.2)

(0.2)

—

Acquisition related costs (9)

—

—

—

—

1.0

Income tax effect of non-GAAP adjustments (10)

(3.0)

(1.0)

(4.5)

(45.8)

(6.1)

Income tax effect of valuation allowance (11)

2.2

1.0

8.6

56.5

18.5

Non-GAAP net income attributable to UCT

$           10.0

$           22.9

$           12.9

$           47.7

$           65.2

Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions)

Reported income from operations on a GAAP basis

$           10.9

$           25.9

$           10.6

$       (107.4)

$           91.2

Amortization of intangible assets (1)

6.9

7.5

6.9

28.1

30.4

Stock-based compensation expense (2)

4.9

4.7

4.6

19.2

17.8

Restructuring charges (3)

1.6

—

7.1

17.1

2.3

Legal-related costs (4)

0.7

1.1

0.2

1.9

2.7

Impairment of goodwill (5)

—

—

—

151.1

—

VAT settlement (8)

—

—

(0.2)

(0.2)

—

Acquisition related costs (9)

—

—

—

—

1.0

Non-GAAP income from operations

$           25.0

$           39.2

$           29.2

$         109.8

$         145.4

Reconciliation of GAAP Operating margin to Non-GAAP Operating margin

Reported operating margin on a GAAP basis

2.2 %

4.6 %

2.1 %

(5.2) %

4.3 %

Amortization of intangible assets (1)

1.3 %

1.3 %

1.3 %

1.4 %

1.4 %

Stock-based compensation expense (2)

1.0 %

0.9 %

0.9 %

0.9 %

0.9 %

Restructuring charges (3)

0.3 %

— %

1.4 %

0.8 %

0.1 %

Legal-related costs (4)

0.1 %

0.2 %

0.0 %

0.1 %

0.1 %

Impairment of goodwill (5)

— %

— %

— %

7.3 %

— %

VAT settlement (8)

— %

— %

0.0 %

0.0 %

— %

Acquisition related costs (9)

— %

— %

— %

— %

0.1 %

Non-GAAP operating margin

4.9 %

7.0 %

5.7 %

5.3 %

6.9 %

Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions)

Reported gross profit on a GAAP basis

$           77.3

$           91.8

$           82.2

$         322.9

$         356.3

Amortization of intangible assets (1)

2.2

2.3

2.3

9.1

9.1

Stock-based compensation expense (2)

0.3

0.4

0.5

1.4

1.9

Restructuring charges (3)

1.8

—

2.1

6.3

0.3

VAT settlement (8)

—

—

(0.2)

(0.2)

—

Non-GAAP gross profit

$           81.6

$           94.5

$           86.9

$         339.5

$         367.6

Reconciliation of GAAP Gross margin to Non-GAAP Gross margin

Reported gross margin on a GAAP basis

15.2 %

16.3 %

16.1 %

15.7 %

17.0 %

Amortization of intangible assets (1)

0.4 %

0.4 %

0.4 %

0.4 %

0.4 %

Stock-based compensation expense (2)

0.1 %

0.1 %

0.1 %

0.1 %

0.1 %

Restructuring charges (3)

0.4 %

— %

0.4 %

0.3 %

0.0 %

VAT settlement (8)

— %

— %

— %

0.0 %

— %

Non-GAAP gross margin

16.1 %

16.8 %

17.0 %

16.5 %

17.5 %

Reconciliation of GAAP Other income (expense), net to Non-GAAP Other income (expense), net (in millions)

Reported Other income (expense), net on a GAAP basis

$           (1.4)

$             8.4

$           (1.2)

$           (3.9)

$           17.7

Debt refinancing costs expensed (6)

—

0.4

1.1

1.1

4.0

Fair value related adjustments (7)

—

(7.1)

—

(0.1)

(29.1)

Non-GAAP Other income (expense), net

$           (1.4)

$             1.7

$           (0.1)

$           (2.9)

$           (7.4)

Reconciliation of GAAP Income (Loss) Per Diluted Share to Non-GAAP Earnings Per Diluted Share

Reported net income (loss) on a GAAP basis

$         (0.07)

$           0.36

$         (0.24)

$         (4.00)

$           0.52

Amortization of intangible assets (1)

0.15

0.17

0.15

0.62

0.67

Stock-based compensation expense (2)

0.11

0.10

0.10

0.42

0.39

Restructuring charges (3)

0.03

—

0.16

0.38

0.05

Legal-related costs (4)

0.02

0.03

—

0.04

0.06

Impairment of goodwill (5)

—

—

—

3.32

—

Debt refinancing costs expensed (6)

—

0.01

0.02

0.02

0.09

Fair value related adjustments (7)

—

(0.16)

—

(0.00)

(0.64)

VAT settlement (8)

—

—

(0.00)

(0.00)

—

Acquisition related costs (9)

—

—

—

—

0.02

Income tax effect of non-GAAP adjustments (10)

(0.07)

(0.02)

(0.10)

(1.01)

(0.13)

Income tax effect of valuation allowance (11)

0.05

0.02

0.19

1.24

0.41

Impact of dilutive shares

—

—

—

0.02

—

Non-GAAP net earnings

$           0.22

$           0.51

$           0.28

$           1.05

$           1.44

Weighted average number of diluted shares (in millions) on a non-GAAP basis

45.8

45.4

45.6

45.5

45.3

ULTRA CLEAN HOLDINGS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE

Three Months Ended

Twelve months ended

December 26,
2025

December 27,
2024

September 26,
2025

December 26,
2025

December 27,
2024

Provision for income taxes on a GAAP basis

$             2.6

$             4.5

$             8.7

$           25.9

$           32.7

Income tax effect of non-GAAP adjustments (10)

3.0

1.0

4.5

45.8

6.1

Income tax effect of valuation allowance (11)

(2.2)

(1.0)

(8.6)

(56.5)

(18.5)

Non-GAAP provision for income taxes

$             3.4

$             4.5

$             4.6

$           15.2

$           20.3

Income before income taxes on a GAAP basis

$             2.0

$           24.5

$             0.6

$       (145.7)

$           67.2

Amortization of intangible assets (1)

6.9

7.5

6.9

28.1

30.4

Stock-based compensation expense (2)

4.9

4.7

4.6

19.2

17.8

Restructuring charges (3)

1.6

—

7.1

17.1

2.3

Legal-related costs (4)

0.7

1.1

0.2

1.9

2.7

Impairment of goodwill (5)

—

—

—

151.1

—

Debt refinancing costs expensed (6)

—

0.4

1.1

1.1

4.0

Fair value related adjustments (7)

—

(7.1)

—

(0.1)

(29.1)

VAT settlement (8)

—

—

(0.2)

(0.2)

—

Acquisition related costs (9)

—

—

—

—

1.0

Non-GAAP income before income taxes

16.1

31.1

20.3

72.5

96.3

Effective income tax rate on a GAAP basis

130.0 %

18.4 %

1450.0 %

(17.8) %

48.7 %

Non-GAAP effective income tax rate

21.0 %

14.5 %

22.7 %

21.0 %

21.1 %

1    Amortization of intangible assets related to the Company's business acquisitions

2    Represents compensation expense for stock granted to employees and directors

3    Represents severance, retention and costs related to facility closures

4    Represents estimated costs related to certain legal proceedings

5    Represents non-cash charges related to the impairment of goodwill

6    Represents the third party transaction costs related to the amended credit agreement and the previously capitalized costs of extinguished debt

7    Fair value adjustments related to contingent consideration

8    Represents impact of value added tax ruling

9    Represents acquisition activity costs

10    Tax effect of items (1) through (9) above based on the non-GAAP tax rate

11    The Company's GAAP tax expense is generally higher than the Company's non-GAAP tax expense, primarily due to losses in the U.S. with full federal and state valuation allowances. The Company's non-GAAP tax rate and resulting non-GAAP tax expense considers the tax implications as if there was no federal or state valuation allowance position in effect

ULTRA CLEAN HOLDINGS, INC.

Revised Historical Non-GAAP Financial Information

Revised Historical Reconciliations (1)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Full Year
2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Full Year
2025

Non-GAAP net income reconciliation (in millions) (2)

GAAP Net income (loss)

$(9.4)

$19.1

$(2.3)

$16.3

$23.7

$(5.0)

$(162.0)

$(10.9)

$(3.3)

$(181.2)

Amortization of intangible assets

7.7

7.6

7.6

7.5

30.4

7.3

7.0

6.9

6.9

28.1

Stock-based compensation expense

3.9

4.7

4.5

4.7

17.8

2.6

7.1

4.6

4.9

19.2

Restructuring charges

1.8

0.5

0.3

—

2.3

3.6

4.8

7.1

1.6

17.1

Legal-related costs

—

—

1.3

1.1

2.7

0.7

0.3

0.2

0.7

1.9

Impairment of goodwill

—

—

—

—

—

—

151.1

—

—

151.1

Debt refinancing costs expensed

—

3.6

—

0.4

4.0

—

—

1.1

—

1.1

Fair value related adjustments

1.3

(24.1)

0.8

(7.1)

(29.1)

(0.1)

—

—

—

(0.1)

VAT Settlement

—

—

—

—

—

—

—

(0.2)

—

(0.2)

Acquisition related costs

0.3

—

0.6

—

1.0

—

—

—

—

—

Income tax effect of non-GAAP adjustments

(3.0)

1.9

(4.1)

(1.0)

(6.1)

(2.8)

(34.1)

(4.5)

(3.0)

(44.4)

Income tax effect of valuation allowance

9.5

1.1

7.2

1.0

18.5

6.4

37.9

8.6

2.2

55.1

Non-GAAP net income - AS REPORTED

$12.1

$14.4

$15.9

$22.9

$65.2

$12.7

$12.1

$12.9

$10.0

$47.7

Adjust for unrealized foreign exchange:

Unrealized (gain) loss on foreign exchange

(0.1)

0.3

7.0

(4.5)

2.7

(2.7)

3.7

(2.4)

1.1

(0.3)

Income taxes (3)

0.0

(0.1)

(1.5)

1.0

(0.6)

0.6

(0.8)

0.5

(0.2)

0.1

Non-GAAP net income - AS ADJUSTED

$12.0

$14.6

$21.4

$19.4

$67.3

$10.6

$15.0

$11.0

$10.9

$47.5

Non-GAAP earnings per diluted share - AS REPORTED

$0.27

$0.32

$0.35

$0.51

$1.44

$0.28

$0.27

$0.28

$0.22

$1.05

Impact from unrealized (gain) loss on foreign
exchange (after tax)

(0.00)

0.00

0.12

(0.08)

0.05

(0.05)

0.06

(0.04)

0.02

(0.01)

Non-GAAP earnings per diluted share - AS ADJUSTED

$0.27

$0.32

$0.47

$0.43

$1.49

$0.23

$0.33

$0.24

$0.24

$1.04

Weighted average number of diluted shares (in
millions) on a non-GAAP basis

45.1

45.4

45.5

45.4

45.3

45.4

45.3

45.6

45.8

45.5

1    This information provides revised reconciliations of non-GAAP net income and non-GAAP EPS to the financial information presented in our consolidated condensed statements of operations. UCT has determined that it is appropriate to exclude the impact of unrealized foreign exchange gains and losses from its non-GAAP measures, including non-GAAP net income and non-GAAP EPS. We believe that excluding these non-cash, non-operational impacts from our non-GAAP financial measures provides a more transparent and consistent measure of our core operating performance across reporting periods. Accordingly, this schedule provides revised reconciliations to these non-GAAP measures that exclude the respective unrealized foreign exchange gains and losses for fiscal years 2024 and 2025 and each quarterly reporting period therein. The "As Reported" lines reflect the respective non-GAAP measures as originally reported. The "As Adjusted" lines reflect the results of adjustments to exclude unrealized foreign exchange gains and losses for all periods presented.

Going forward, we intend to exclude the impact of unrealized foreign exchange gains and losses from our non-GAAP financial measures, commencing with the first quarter of 2026.

2    This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures—which add back amortization of intangible assets, stock-based compensation, restructuring charges, legal-related costs, impairment of goodwill, debt refinancing costs, fair value adjustments, VAT settlement, acquisition-related costs, and the tax effects of the foregoing adjustments—provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations. The "As Reported" lines reflect the respective non-GAAP measures as originally reported. The "As Adjusted" lines reflect the results of adjustments to exclude unrealized foreign exchange gains and losses for all periods presented.

3    Income tax adjustments reflect the tax effect of unrealized (gain) loss on foreign exchange based on the annual non-GAAP tax rate of 21.1% for fiscal year 2024 and 21.0% for fiscal year 2025.