#1INVESTOR PRESENTATION May 2023 Copyright 2023, Coherent. All rights reserved. COHERENT#2FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements relating to future events and expectations, including our expectations (i) for our future financial and operational results (including expectations for future growth); (ii) regarding capital expenditures and the results of investments in research and design; (iii) regarding market trends in technology for display manufacturing; (iv) regarding the growth in applications for lasers; (v) regarding value creation from cost synergies; (vi) regarding cost reductions from restructuring actions; and (vii) regarding floating rate debt exposure reduction that are based on certain assumptions and contingencies. The forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company's performance on a going-forward basis. The forward-looking statements in this investor presentation involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. The Company believes that all forward-looking statements made by it in this presentation have a reasonable basis, but there can be no assurance that management's expectations, beliefs, or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this presentation include but are not limited to: (i) the failure of any one or more of the assumptions stated herein to prove to be correct; (ii) the risks relating to forward-looking statements and other "Risk Factors" discussed in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2022 and additional risk factors that may be identified from time to time in filings of the Company; (iii) the substantial indebtedness the Company incurred in connection with its acquisition of Coherent, Inc. (the "Transaction"), the need to generate sufficient cash flows to service and repay such debt and the Company's ability to generate sufficient funds to meet its anticipated debt reduction goals; (iv) the possibility that the Company may not be able to continue its integration progress on and/or take other restructuring actions, or otherwise be able to achieve expected synergies, operating efficiencies, including greater scale, focus, resiliency, and lower operating costs, and other benefits within the expected time-frames or at all and ultimately to successfully fully integrate the operations of Coherent, Inc. ("Coherent") with those of the Company; (v) the possibility that such integration and/or the restructuring actions may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the Transaction and/or the restructuring actions; (vi) any unexpected costs, charges or expenses resulting from the Transaction and/or the restructuring actions; (vii) the risk that disruption from the Transaction and/or the restructuring actions materially and adversely affects the respective businesses and operations of the Company and Coherent; (viii) potential adverse reactions or changes to business relationships resulting from the completion of the Transaction and/or the restructuring actions; (ix) the ability of the Company to retain and hire key employees; (x) the purchasing patterns of customers and end users; (xi) the timely release of new products, and acceptance of such new products by the market; (xii) the introduction of new products by competitors and other competitive responses; (xiii) the Company's ability to assimilate other recently acquired businesses, and realize synergies, cost savings, and opportunities for growth in connection therewith, together with the risks, costs, and uncertainties associated with such acquisitions; (xiv) the Company's ability to devise and execute strategies to respond to market conditions; (xv) the risks to realizing the benefits of investments in R&D and commercialization of innovations; (xvi) the risks that the Company's stock price will not trade in line with industrial technology leaders; and/or (xvii) the risks of business and economic disruption related to the currently ongoing COVID-19 outbreak and any other worldwide health epidemics or outbreaks that may arise. The Company disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise. All information in this presentation is as of May 10, 2023. This presentation contains non-GAAP financial measures and key metrics relating to the Company's past performance. These non-GAAP financial measures are in addition to, and not as a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As required by Regulation G, we have provided reconciliations of those measures to the most directly comparable GAAP measures, which are available in the Appendix. COHERENT Copyright 2023, Coherent. All rights reserved. 2#3COHERENT AT A GLANCE FROM A FOUNDATION OF MATERIALS AND IMAGINATION, WE ENABLE EXCITING MEGATRENDS COHERENT 1971 Year Founded COHR NYSE 28,000+ Employees(2) $4.8 B FY22 Revenue (1) 4,400+ Engineering & Technology Employees (2) $65 B Available Market(2) 3,000+ Patents(2) 130 Locations VERTICAL Materials, Components, INTEGRATION Subsystems, Systems 24 Countries and Service (1) Proforma non-GAAP revenue combines II-VI FY22 revenue (as of FYE 6/30/22) and Coherent 6/30/22 TTM. Not calculated in accordance with Article 11 of SEC regulation S-X. (2) As of July 1, 2022 Copyright 2023, Coherent. All rights reserved. 3#4$4.8 BILLION OF PROFORMA(1) REVENUE IN FY22 Lasers 31% Communications Materials North America Industrial 18% Europe 23% BY REPORTING SEGMENT 46% Networking 38% 45% 47% BY MARKET BY REGION(2) 16% China 10% 7% Electronics Instrumentation Other 15% 4% Korea & Japan (1) Proforma non-GAAP revenue combines II-VI FY22 revenue (as of FYE 6/30/22) and Coherent 6/30/22 TTM. Not calculated in accordance with Article 11 of SEC regulation S-X. (2) Revenue by region is based on customer headquarter addresses. COHERENT Copyright 2023, Coherent. All rights reserved. 4#5◉ " BUILDING MOMENTUM FOR 50 YEARS One of the largest photonics and compound semiconductor companies Materials expertise drives differentiation in multiple growing markets Vertically integrated, diverse global manufacturing footprint History of insightful targeting and successful integration of strategic acquisitions Experienced management team with a successful track record Strong execution and resilient growth COHERENT Copyright 2023, Coherent. All rights reserved. A Co 5#6INSIGHTFUL TARGETING AND INTEGRATION OF STRATEGIC ACQUISITIONS 5 Transformative Acquisitions 2022 Laser sources & systems 2019 Indium phosphide technology platform 2016 - Epitaxial wafer and SiC electronic devices 2013 Gallium arsenide technology platform 2010 Optical networks & China market IIVI+COHR Proforma (3) Mid-point of May 2023 guidance 5.1 4.8 CAGR 20% Revenue (1) ($B) 10 Years of Continuous Revenue Growth 1.4 1.2 1.0 0.5 0.6 0.7 0.7 0.8 3.3 3.1 2.4 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 (2) FY22 FY22 PF FY23 Est. (1) Figures prior to FY2019 do not reflect the adoption of ASC 606. (3) Prepared in accordance to ASC 805. Pro Forma includes the revenue of Finisar in Q1FY20 prior to the acquisition date of 9/24/20. Not calculated in accordance with Article 11 of SEC regulation S-X. FY21 actual. See Appendix for reconciliation to most comparable GAAP measures. COHERENT Copyright 2023, Coherent. All rights reserved. 6#7CORPORATE SOCIAL RESPONSIBILITY CARBON FOOTPRINT REDUCTION IS A PRIORITY Electricity consumption from renewal sources is expected to reach 50% of all electricity consumption in FY23. ■ The electricity consumption at dozens of sites is 100% from renewable sources. This includes multiple sites across the U.S. and China, and all sites in Europe. ■ On-site solar systems deployed at multiple locations and more sites being considered. 60% 50% 40% 30% 20% 10% Percentage of electricity consumption from renewable sources PRODUCTS AND TECHNOLOGY Investing to help the world transition to cleaner energy solutions, including: ■ Silicon Carbide for power electronics ■ Advanced Lithium Selenium Sulfur batteries EV battery recycling solution BOARD DIVERSITY ■ 12 total Board members ▪ 5 of 12 (42%) are ethnically diverse ■ 2 Board members are women ■ 11 of 12 (92%) are independent ■ 7 new directors over the past 5 years 0% FY21 FY22 FY23 Projected OUR 5 ESG PILLARS | We are focused on making the world safer, healthier, closer, and more efficient. Responsible sourcing Environment Our Products Innovation and impact Product quality and lean manufacturing Conflict materials and traceability Human rights ■ Climate and energy management in our operations ◉ Supplier diversity ■ Waste management Supplier engagement ◉ Environmental, health, and safety People Diversity, equity, and inclusion Talent acquisition Talent management Employee management Employee wellness Community engagement Governance Corporate governance Ethical business conduct and compliance Enterprise risk management Data privacy and security COHERENT Copyright 2023, Coherent. All rights reserved. 7#8Q3 FY23 FINANCIAL HIGHLIGHTS Communications Revenue $1.24B Backlog $2.6B Operating Income $67.4M GAAP $217.1M Non-GAAP 43% 35% Industrial REVENUE BY END MARKET 11% 10% Electronics Instrumentation Earnings (Loss) Per Share North America $(0.24) GAAP $0.58 Non-GAAP (1) Revenue by region is based on customer headquarter addresses COHERENT Copyright 2023, Coherent. All rights reserved. Europe 20% 53% REVENUE BY REGION(1) 14% Korea and Japan 11% 3% China Other 8#9ATTRACTIVE OPERATING MARGINS Strong Execution and Synergy Realization Post Coherent Transaction Close Driving Margins Non-GAAP Gross and Operating Margins (1) (1) (2) 40.3% 39.8% 38.5% 37.3% Non-GAAP Gross Margin 21.3% 20.3% 17.2% 17.5% Non-GAAP Operating Margin Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Proforma(2) All non-GAAP amounts exclude certain adjustments for share-based compensation, acquired intangible amortization expense, certain one-time transaction expenses, debt extinguishment expense, fair value measurement period adjustments and restructuring and related items. See Appendix for reconciliation to most comparable GAAP measures. II-VI Incorporated and Coherent, Inc. figures are for the three months ended June 30, 2022 COHERENT Copyright 2023, Coherent. All rights reserved. 6#10THREE REPORTING SEGMENTS MATERIALS NETWORKING CLIENT INNOVATIONS THAT RESONATE COHERENT Copyright 2023, Coherent. All rights reserved. LASERS EXACT CUT 430 10#11HALF A BILLION DOLLARS IN ANNUAL R&D INVESTMENT Combined R&D and capex spend expected to be highest in industry and to accelerate breakthroughs, time-to-market and time-to-scale advantages Increased scale improves competitiveness and drives more strategic dialogue with customers Will enable better alignment of organic and inorganic investments to market demand Drives profitability and targeted returns "We are mainly constrained by the quality of our materials and the limits of our imaginations." Dr. Carl J. Johnson Co-founder and first CEO of II-VI COHERENT LASERVASION Copyright 2023, Coherent. All rights reserved. 11#12SIMPLIFYING AND STRENGTHENING OUR FOCUS ON FOUR MARKETS WITH A COMBINED $65B IN TAM INDUSTRIAL TAM: $28B CAGR: 13% COMMUNICATIONS TAM: $21B CAGR: 12% ELECTRONICS TAM: $11B CAGR: 17% INSTRUMENTATION TAM: $5B CAGR: 7% Sources: Optech Consulting, Strategies Unlimited, SEMI, Internal Estimates Sources: LightCounting, Omdia, Cignal Al, Yole, Internal Estimates Sources: IDC, Morgan Stanley, Research & Markets, Forbes, Yole, Strategy Analytics, Internal Estimates Sources: Strategies Unlimited, Markets & Markets, SDI (Strategic Directions), Internal Estimates Note: TAM based on CY2022; CAGR based on 2022-27 timeframe. COHERENT Copyright 2023, Coherent. All rights reserved. 12#13INDUSTRIAL MARKET VERTICALS AND MEGATRENDS Precision manufacturing ■ Giga factories for EV battery processing. ◉ Advanced medical devices ◉ Additive manufacturing Semiconductor & display capital equipment Increasing laser content from ingot to packaged ICs OLED for mobile and micro-LED for high- end TV and large displays Aerospace and defense PRODUCTS ■ Fiber lasers for laser welding of batteries ■ UV lasers for OLED manufacturing ■ Laser systems, subsystems, and processing heads ■ Laser components, optics, crystals ■ Ceramics, metal matrix composites, and diamond VALUE PROPOSITION ■ 50 years of experience in laser technology Long term technology partner across all laser architectures Broadest spectrum of laser and systems technologies ■ One stop shop for processing equipment ■ Productivity enhancement through innovation and knowhow COHERENT INNOVATIONS THAT RESONATE Copyright 2023, Coherent. All rights reserved. 13#14COMMUNICATIONS MARKET VERTICALS AND MEGATRENDS Datacom ■ Increasing spend on cloud infrastructure ■ Artificial Intelligence/Machine Learning Telecom " Open systems SATCOM and integration to terrestrial networks PRODUCTS ■ 100 to 800 Gbps datacom transceivers ◉ ☐ Pluggable coherent transceivers Wavelength selective switches (WSS) ■ Pluggable optical line subsystems (POLS) ■ Terrestrial and submarine pump lasers ■ InP edge emitting lasers and GaAs VCSELS VALUE PROPOSITION Largest supplier of optical communications components ■ Vertically integrated from material through subsystems Industry pioneer in broad range of technology platforms ■Industry leading investments in R&D ■ Global and flexible manufacturing footprint COHERENT INNOVATIONS THAT RESONATE Copyright 2023, Coherent. All rights reserved. 14#15ELECTRONICS MARKET VERTICALS AND MEGATRENDS Consumer electronics ■ Advanced sensing ■ AR/VR Wearables as health monitors Automotive Increasing SiC electronics content in EVs ■ Automotive sensing: in-cabin and LiDAR Wireless • 5G growth and 6G COHERENT PRODUCTS ■ GaAs and InP optoelectronics " VCSELS and edge emitting lasers ■ Laser illumination modules ■ Wafer level optics and subassemblies " Waveguide materials, diffractive optics ■ Silicon carbide substrates and epiwafers ■ SiC MOSFET devices INNOVATIONS THAT RESONATE Copyright 2023, Coherent. All rights reserved. VALUE PROPOSITION ■ Broadest portfolio of optoelectronics, optics, and electronics High-volume consumer electronics experience ■ 6-inch gallium arsenide platform ■ 200 mm silicon carbide platform ■ World-class indium phosphide platform ■ Decades of investment in high quality silicon ☐ carbide substrates Investing $1 billion over 10 years in silicon carbide ■ Cross-functional engineering and integration expertise 15#16INSTRUMENTATION MEGATRENDS ■ Smart healthcare evolution, largely based on technology ■ Point-of-care diagnostics ■ Personalized medicine ■ Environmental sustainability ■ Advanced instrumentation COHERENT PRODUCTS ■ Materials, optics, lasers, and thermoelectrics ■ Components to subassemblies and subsystems Optical, mechanical, electrical and software integration ■ ISO 9001 & 13485 INNOVATIONS THAT RESONATE Copyright 2023, Coherent. All rights reserved. VALUE PROPOSITION ■ Life sciences (biotechnology, medical, and environmental) and scientific segment solutions ■ Custom solutions from proof-of-concept to manufacturing at scale Rapid time to market of complete turnkey subassemblies and systems ■ Broad product portfolio to support a wide range of applications ■ Extensive technology innovation for next- generation capabilities ■ Global manufacturing footprint and flexible supply chain partners 16#17SILICON CARBIDE Electrification of transportation Sustainability of the planet COHERENT Copyright 2023, Coherent. All rights reserved. 17#18POWER ELECTRONICS FOR GREEN AND CLEAN ENERGY ELECTRIC VEHICLES SOLAR & WIND ENERGY SMART GRID POWER SWITCHING COHERENT Copyright 2023, Coherent. All rights reserved. 18#19NOW, NEXT, AND BEYOND SILICON CARBIDE MATERIALS Two decades of innovation Wafer Size 2 inch 2000 Manufactured 3 inch 2002 Demonstrated 2004 Manufactured 2005 Demonstrated 100 mm 2007 High Quality Wafer 2009 Manufactured 150 mm 2012 Demonstrated 2013 Manufactured 200 mm 2015 World's First 200 mm Demonstrated 2019 2021 2024 4H n-Type 6H SI Manufacturing Back-end Processing in China What's next: Targeting the world's first 300 mm demonstration COHERENT Copyright 2023, Coherent. All rights reserved. 19#20ACCELERATING TIME-TO-MARKET JUNE 2020 - Licensed technology from GE to manufacture silicon carbide devices and modules for power electronics. APRIL 2021 - Expanded SiC wafer finishing manufacturing footprint in China. FEBRUARY 2022 - Qualified 1200 V SiC MOSFET and expanded relationship with GE. SiC Modules SiC Devices SiC Chips SiC Epiwafers SiC Substrates COHERENT Vertical Integration II-VI and GE Technology II-VI and GE Technology II-VI and GE Technology II-VI (3DSIC®) II-VI Copyright 2023, Coherent. All rights reserved. 20 20#21ACQUISITION OF COHERENT COHERENT Copyright 2023, Coherent. All rights reserved. 21 24#22LEADER IN TECHNOLOGY FOR DISPLAY MANUFACTURING ■ Market trends: • OLED display manufacturing technology in the process of . moving from Gen 6 to Gen 8 for improved economies of scale Deployments in Korea and China • Revenue for Micro-LED display manufacturing will become material around FY25 Micro-LEDs address incremental markets: higher brightness TVs and wall-size displays ■ Market Size for equipment and services: ◉ ⚫ $450-$550M in FY27 (internal estimates) Leading laser & system capabilities: • Line Beam systems for display backplane annealing (ELA) . Line Beam systems for Laser Lift Off (LLO) • Ultrafast lasers for OLED display cutting • Micro-Led UV Laser Transfer systems COHERENT Copyright 2023, Coherent. All rights reserved. 22 22#23FOCUSING ON GROWTH APPLICATIONS AS LASERS PENETRATE RAPIDLY GROWING ADDRESSABLE MARKETS • • PRECISION MANUFACTURING TAM: $10B, CAGR: 9% EV battery welding Medical device manufacturing Consumer goods manufacturing Sources: Optech Consulting - Laser Market Data, Internal Estimates SEMICONDUCTOR CAPITAL EQUIPMENT TAM: $6B, CAGR: 6% Enabling mobile communications, cloud, automotive, and loT Acceleration in wafer fab investments for inspection. • Next generation wafer fab tools. • Pulsed laser deposition. Sources: Strategies Unlimited 2021, SEMI, Internal Estimates Note: TAM based on CY2022; CAGR based on 2022-27 timeframe. COHERENT Copyright 2023, Coherent. All rights reserved. • • LIFE SCIENCES & RESEARCH TAM: $5B, CAGR: 7% Personalized medicine Diagnostic and drug discovery Disease detection and treatment Sources: Strategies Unlimited, Markets & Markets, SDI (Strategic Directions), Internal Estimates 23#24SIGNIFICANT VALUE CREATION POTENTIAL FROM COHERENT COST SYNERGIES Cost of Goods Sold ☐ ■ Supply chain management - procurement ■ Infeed - Internal supply of enabling materials and components Operational efficiencies at scale ■ More efficient R&D with scale Operating Expenses ◉ Development cost savings Consolidation of corporate costs ■ Global functional model efficiencies COHERENT Q3 ANNUALIZED RUN RATE SYNERGIES ACHIEVED EXPECTED SYNERGIES WITHIN 3 YEARS $36M $150M $30M $100M TOTAL $66M $250M Copyright 2023, Coherent. All rights reserved. 24#25SIGNIFICANT COST REDUCTIONS FROM RESTRUCTURING ANNOUNCED ON MAY 10, 2023 Cumulative savings for the period of FY23 to FY25 $200M to $300M Annual savings by FY25 Cost to achieve savings COHERENT Copyright 2023, Coherent. All rights reserved. $100-125M $150M to $200M 25 25#26WELL CAPITALIZED FOR FUTURE GROWTH¹ External Financing Sources Debt Convertible Preferred Equity Mandatory Convertible Equity $3.5B secured term loans ■ $990M high yield bonds ■ $348M revolver availability $2.15B series B investment from Bain Capital ■ Coupon: 5%, 4-year payable-in-kind, cash pay option thereafter ■ Conversion price of $85.00 per share ◉ $460M series A preferred equity Mandatorily convertible on July 1, 2023 ■ Converts to ~11M shares Leverage Total Debt $4.5 billion 2.9x(1) Cash $0.9 billion Net Debt $3.6 billion 2.3x(1) PF Combined TTM Adj $1,583 million EBITDA (1) (incl. $212M synergies +$100M additional cost savings) Fully-Diluted Shares Outstanding² COHR basic shares Stock comp shares Series A preferred equity Series B preferred 139M 2M 11M 27M 178M Pro forma FDSO (1) Reflects, as of 3/31/2023, using pro forma TTM combined adj EBITDA at 3/31/23, including $312 million of future expected cost savings within 36 months. Not calculated in accordance with Article 11 of SEC regulation S-X. (2) Balances assuming all securities are dilutive as of 3/31/23. Not calculated in accordance with Article 11 of SEC regulation S-X. COHERENT Copyright 2023, Coherent. All rights reserved. 26 26#27DEBT EXPOSED TO FLOATING RATES DECREASES BY $1B BY END OF FY24 59% 1.52% Interest Rate Swap $ (Million) 48% Debt exposed to floating rates makes up 44% of capital structure by June 30, 2024 44% 1.85% Interest Rate Cap 5.0% High Yield Bonds Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Fixed Rate Hedged Floating Rate COHERENT Copyright 2023, Coherent. All rights reserved. 27 22#28COHERENT CORP ADDITIONAL FINANCIAL INFORMATION COHERENT Item Amount Estimated for FY23 Estimated Depreciation $271M Estimated Amortization $374M Estimated Inventory Step-up $158M Comments $66M for Lasers, $5M per quarter for step up $295M for Lasers Amortized over Q1 and Q2 FY23 Targets Year 1: $60M Synergies $250M run rate synergies by year 3 Year 2: $90M Year 3: $100M Cap Ex Stock Compensation Interest Tax Rate Gross Margin Range (Non-GAAP) Operating Expense Range (Non-GAAP) Operating Margin (Non-GAAP) Shares Oustanding Series B Shares Legacy Coherent Inc Full Q1 FY22 Legacy Coherent Inc Full Q4 FY22 Legacy Coherent FY22 Revenue $450M $550M $145M $155M $282M ~30% 38-42% 19-21% 19-22% Fully diluted 179 million 27M shares $392M $374M $1,520M Copyright 2023, Coherent. All rights reserved. Includes SOFR reaching 5.1% Assumes 1.75% margin on TLA Full year estimated rate Dilutive around $200M net income pre dividend For inorganic year-over-year growth For inorganic sequential growth 28#29FINANCIAL APPENDIX COHERENT 29 Copyright 2023, Coherent. All rights reserved. 29#30FY22 REVENUE BY QUARTER COHERENT Revenue II-VI Incorporated Coherent, Inc. (1) FY22 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 $795M $807M $828M $887M $3,317M $392M $384M $370M $374M $1,520M Proforma Combined (2) $1,187M $1,191M $1,198M $1,261M $4,837M (1) Coherent Revenue 6/30/22 TTM. (2) Proforma non-GAAP revenue combines II-VI FY22 revenue (as of FYE 6/30/22) and Coherent 6/30/22 TTM. Not calculated in accordance with Article 11 of SEC regulation S-X. Copyright 2023, Coherent. All rights reserved. 30#31SEGMENT REVENUE BY END MARKETS FOR FULL YEAR FY22(1) End Market Distribution of Full Year FY22 Revenue Reported Segments FY21 Revenue FY22 Revenue FY22 Op Margin - GAAP / Non- GAAP FY22/FY21 Revenue Growth Communic ations Industrial Aerospace & Defense Semi Cap Life Sciences, Consumer, Automotive, Other Photonic Solutions $2,038M $2,226M 10% / 15% 9% 93% 3% 0% 1% 3% Compound $1,068M $1,090M 20% / 29% 2% 11% 31% 17% 13% 28% Semiconductors II-VI Consolidated $3,106M $3,317M 13% / 20% 7% 66% 12% 6% 5% 11% (1) Does not reflect the transfer of two entities between Networking and Materials, as disclosed in Form 10Q. Numbers are shown as reported in FY22. COHERENT Copyright 2023, Coherent. All rights reserved. 31#32MAPPING INTO FOUR MARKETS II-VI Industrial Semiconductor Capital Equipment Aerospace & Defense Communications Optical Communications Wireless Consumer Electronics Automotive Life Sciences COHERENT INDUSTRIAL Precision Manufacturing Semiconductor Capital Equipment Display Capital Equipment Aerospace & Defense COMMUNICATIONS Communications ELECTRONICS Wireless Consumer Electronics Automotive INSTRUMENTATION Life Sciences Scientific Instrumentation COHERENT Precision Manufacturing Microelectronics Aerospace & Defense Instrumentation COHERENT Copyright 2023, Coherent. All rights reserved. 32#33FY22 REVENUE BY FY23 MARKET SEGMENTS Companies II-VI Incorporated Coherent, Inc. (1) FY22 Revenue Communications End Market Distribution of Full Year FY22 Revenue Industrial Electronics Instrumentation $3,317M 65% 23% 9% 3% $1,520M(1) 0% 75% 0% 25% Proforma Combined (2) $4,837M(2) 45% 39% 6% 10% COHERENT (1) Coherent Revenue 6/30/22 TTM. (2) Proforma non-GAAP revenue combines II-VI FY22 revenue (as of FYE 6/30/22) and Coherent 6/30/22 TTM. Not calculated in accordance with Article 11 of SEC regulation S-X. Copyright 2023, Coherent. All rights reserved. 33#34SEGMENT REVENUE BY END MARKETS FOR Q3FY23 QTD Reported Segments Q3FY22 Q3FY23 Revenue (1) Revenue Q3FY23/ Q3FY22 Revenue Growth Q3FY23 Op Margin - GAAP / Non- Industrial GAAP End Market Distribution of Q3FY23 QTD Revenue Communications Electronics Instrumentation Materials Segment $268M $324M 21% 21% / 28% 48% 5% 42% 4% Networking $560M $551M (2)% 9% / 14% 3% 95% 1% 2% Segment Lasers $370M(2) $365M Segment (1)% (14)% / 15% 72% 0% 0% 28% Proforma Combined (3) $1,198M(1) $1,240M 4% 5% / 18% 35% 43% 11% 10% (1) Proforma non-GAAP revenue combines II-VI Q3 FY22 revenue (as of 3/31/22) and Coherent 3 months ending 3/31/22. Not calculated in accordance with Article 11 of SEC regulation S-X. (2) Coherent revenue 3 months ending 3/31/22. (3) Amounts may not recalculate due to rounding. COHERENT Copyright 2023, Coherent. All rights reserved. 34 =4#35SEGMENT REVENUE BY END MARKETS FOR FY23 9 MONTHS YTD (9MYTD) End Market Distribution of FY23 9 Months YTD Revenue Reported Segments 9MYTD FY22 Revenue (1) 9MYTD FY23 Revenue 9MYTD FY23/ 9M YTD 9M YTD FY23 FY22 Revenue Op Margin - GAAP / Non- GAAP Industrial Communications Electronics Instrumentation Growth Materials Segment $823M $1,062M 29% 21% / 27% 42% 6% 48% 4% Networking Segment $1,607M $1,756M 9% 13% / 18% 3% 95% 1% 2% Lasers Segment $1,146M(2) $1,137M (1)% (30)% / 16% 74% 0% 0% 26% Proforma Combined $3,576M(1) $3,955M 11% 3% / 20% 34% 44% 13% 9% (2) Coherent revenue 9 months ending 3/31/22. (1) Proforma non-GAAP revenue combines II-VI FY22 revenue 9 months ending 3/31/22 and Coherent 9 months ending 3/31/22. Not calculated in accordance with Article 11 of SEC regulation S-X. COHERENT Copyright 2023, Coherent. All rights reserved. 35 35#36CASH FLOW FOR ACQUISITIONS . Operating Cash Flow • • Operating cash flow should only include the movement in the original assets/liabilities and amortization of purchase price accounting from the date of acquisition to the close of the period. It does not include the value of of the original assets/liabilities. The cash outflow for the net assets acquired is an investing cash outflow. Example: Ending Balance Trade A/P - Beginning Balance Trade A/P Acquired Trade A/P +/- FX Impact +/- Increase/Decrease in Trade A/P for Fixed Assets Increase/Decrease in Cash from Changes in Trade A/P Includes interest payments, including payments for ticking fees. Investing Cash Flow . Includes the fair value of cash consideration less the acquired net assets and extinguishment of certain obligations, net of cash acquired. Financing Cash Flow • COHERENT Includes the gross proceeds of the acquisition financing, including the Term A and Term B facilities and issuance of Series B Preferred Shares used to finance the acquisition, net of payments on existing debt. Also includes the cash outflow for the debt issuance costs and equity issuance costs associated with the above. Copyright 2023, Coherent. All rights reserved. 36#37HYPOTHETICAL ILLUSTRATION OF EPS CALCULATION COHERENT Example EPS Calculations (1) $ Millions Non-GAAP net earnings $ Hypothetical Earnings Level for Q4 FY23 83.0 $ 90.0 $ 97.0 $ 130.0 $ 200.0 Deduct Series A preferred stock dividends (6.9) Deduct Series B redeemable preferred dividends (29.8) (6.9) (29.8) (6.9) (29.8) (29.8) Non-GAAP net earnings available to common shareholders $ 46.3 $ 53.3 $ Diluted weighted average common shares 141.5 141.5 60.3 $ 141.5 100.2 $ 152.2 200.0 179.0 Diluted earnings per common share on non-GAAP basis $ 0.33 $ 0.38 $ 0.43 $ 0.66 $ 1.12 (1) The Company does not provide reconciliations of the hypothetical non-GAAP net earnings and hypothetical diluted non-GAAP EPS presented in this table. This table contains purely hypothetical figures, which are provided solely to illustrate how the Company would calculate diluted non-GAAP EPS under different factual scenarios. Copyright 2023, Coherent. All rights reserved. 37#38RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES COHERENT Reconciliation of GAAP Measures to non-GAAP Measures* $ Millions (Unaudited) Mar 31, Three Months Ended Dec 31, 2023 2022 Mar 31, 2022 Nine Months Ended Mar 31, Mar 31, 2023 2022 Gross profit on GAAP basis $ 420.2 $ 411.2 $ 321.7 $ 1,274.9 $ 939.5 Share-based compensation 6.5 6.2 1.3 18.0 4.2 Amortization of acquired intangibles 30.7 15.3 9.4 93.4 28.7 Preliminary fair value adjustment on acquired inventory 112.0 - 157.5 Start-up costs(3) 1.6 2.8 Integration and other(1) 5.8 1.2 1.7 7.4 2.9 Gross profit on non-GAAP basis 463.2 $ 545.9 $ 335.7 $ 1,551.2 $ 978.1 Operating income on GAAP basis Share-based compensation Amortization of acquired intangibles Preliminary fair value adjustment on acquired inventory Start-up costs(3) Transaction fees and financing(2) Integration and other(1) Operating income on non-GAAP basis 67.4 $ 35.1 8.2 $ 34.9 106.8 18.2 $ 118.1 $ 300.0 123.2 59.6 92.7 105.4 19.4 280.6 59.8 112.0 157.5 14.6 25.9 9.6 38.7 29.5 21.9 17.2 3.6 63.2 6.9 $ 217.1 $ 277.8 $ 172.0 781.3 $ 481.6 Copyright 2023, Coherent. All rights reserved. 38#39RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES COHERENT Reconciliation of GAAP Segment Operating Income (Loss) to Segment Non-GAAP Operating Income (Loss)* $ Millions (Unaudited) Mar 31, 2023 Three Months Ended Dec 31, Mar 31, Mar 31, Nine Months Ended Mar 31, 2022 2022 2023 2022 Networking GAAP Operating Income $ 49.5 $ 90.0 $ 54.6 $ 230.5 $ 164.5 Share-based compensation 6.9 8.9 8.8 26.0 27.8 Amortization of acquired intangibles 16.5 16.4 16.5 49.4 49.8 Integration and other(¹) 1.8 2.5 1.9 4.3 3.9 Non-GAAP Networking Operating Income $ 74.7 $ 117.8 $ 81.8 $ 310.2 $ 246.0 Materials GAAP Operating Income $ 67.8 $ 81.5 $ 61.8 $ 224.6 165.0 Share-based compensation 10.7 12.8 9.2 40.7 31.7 Amortization of acquired intangibles 3.2 3.3 2.9 9.7 10.0 Integration and other(1) 7.3 2.8 1.7 11.1 2.9 Start-up costs(3) 14.6 25.9 Non-GAAP Materials Operating Income $ 89.0 $ 100.3 $ 90.2 $286.1 $ 235.5 Lasers GAAP Operating Income (Loss) $ (49.9) $ (163.3) $ $ (337.0) $ Share-based compensation 17.5 13.2 56.5 Amortization of acquired intangibles 73.0 85.7 221.5 Integration and other(1) 12.8 12.0 47.8 Transaction fees and financing(2) 38.7 Preliminary fair value adjustment on acquired inventory 112.0 157.5 Non-GAAP Lasers Operating Income $ 53.4 $ 59.7 $ - $ 185.0 $ Unallocated and Other GAAP Operating Income (Loss) Transaction fees and financing(2) $ $ - $ (9.6) $ $ (29.5) 9.6 29.5 Non-GAAP Unallocated and Other GAAP Operating Income (Loss) $ $ $ $ $ Total GAAP Operating Income $ 67.4 $ 8.2 $ 106.8 $ 118.1 $ 300.0 Non-GAAP Operating Income $ 217.1 $ 277.8 $ 172.0 $ 781.3 Copyright 2023, Coherent. All rights reserved. $ 481.6 39#40RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES COHERENT Reconciliation of GAAP Measures to non-GAAP Measures* $ Millions (Unaudited) Dec 31, 2022 Three Months Ended Sept 30, 2022 Dec 31, 2021 Six Months Ended Dec 31, Dec 31, 2022 2021 Gross profit on GAAP basis Share-based compensation $ 411.2 $ 443.6 $ 311.2 $ 854.8 $ 617.8 6.2 5.3 1.4 11.5 2.9 Amortization of acquired intangibles 15.3 47.4 9.7 62.7 19.3 Preliminary fair value adjustment on acquired inventory 112.0 45.5 - 157.5 Start-up costs(3) - - 1.2 - 1.2 Integration and other(1) 1.2 0.4 1.2 1.6 1.2 Gross profit on non-GAAP basis $545.9 $ 542.2 $ 324.8 $ 1,088.1 $ 642.4 Operating income on GAAP basis $ 8.2 $ 42.5 $ 98.2 $ 50.7 $ 193.3 Share-based compensation 34.9 53.2 18.7 88.1 41.4 Amortization of acquired intangibles 105.4 82.5 20.0 187.9 40.4 Preliminary fair value adjustment on acquired inventory 112.0 45.5 157.5 Start-up costs,(3) 11.3 11.3 Transaction fees and financing) 38.7 7.9 38.7 19.9 Integration and other(1) 17.2 24.1 3.1 41.3 3.2 Operating income on non-GAAP basis $ 277.8 $286.4 $ 159.2 $ 564.2 $ 309.6 Copyright 2023, Coherent. All rights reserved. 40 40#41RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES COHERENT Reconciliation of GAAP Segment Operating Income (Loss) to Segment Non-GAAP Operating Income (Loss)* $ Millions (Unaudited) Dec 31, 2022 Three Months Ended Sept 30, Six Months Ended Dec 31, Dec 31, Dec 31, 2022 2021 2022 2021 Networking GAAP Operating Income $ 90.0 $ 91.0 $ 50.4 $ 181.0 $ 109.9 Share-based compensation 8.9 10.2 9.4 19.1 19.0 Amortization of acquired intangibles 16.4 16.5 16.4 32.9 33.4 Integration and other(1) 2.5 1.1 2.5 2.0 Non-GAAP Networking Operating Income $ 117.8 $ 117.7 $ 77.3 $ 235.5 $ 164.3 Materials GAAP Operating Income Share-based compensation Amortization of acquired intangibles $ 81.5 $ 75.3 $ 56.5 $ 156.8 103.3 12.8 17.2 9.3 30.0 22.5 3.3 3.2 3.6 6.5 7.0 Integration and other(1) 2.8 1.1 1.2 3.8 1.2 Start-up costs(3) 11.3 11.3 Non-GAAP Materials Operating Income $ 100.3 $ 96.8 $ 81.9 $ 197.1 $ 145.3 Lasers GAAP Operating Income (Loss) $ (163.3) $ (123.8) $ $ (287.1) $ Share-based compensation 13.2 25.8 39.0 Amortization of acquired intangibles 85.7 62.8 148.5 Integration and other(1) 12.0 23.0 35.0 Transaction fees and financing(2) 38.7 38.7 Preliminary fair value adjustment on acquired inventory 112.0 45.5 157.5 Non-GAAP Lasers Operating Income $ 59.7 $ 71.9 $ S 131.6 $ Unallocated and Other GAAP Operating Income (Loss) $ Transaction fees and financing(2) Non-GAAP Unallocated and Other GAAP Operating Income (Loss) $ $ (8.7) $ (19.9) 8.7 19.9 S $ Total GAAP Operating Income $ 8.2 S 42.5 $ 98.2 S 50.7 $ 193.3 Non-GAAP Operating Income $ 277.8 $ 286.4 $ 159.2 $ 564.2 $ 309.6 41#42RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES Reconciliation of Segment Non-GAAP Operating Income (Loss) to GAAP Segment Operating Income (Loss) $ Millions (Unaudited) Jun 30, Three Months Ended Mar 31, Jun 30, Year Ended Jun 30, Jun 30, 2022 2022 2021 2022 2021 Non-GAAP Photonic Solutions Operating Income $ 91.7 81.8 $ 87.4 $ 334.4 $ 324.3 Share-based compensation (3.1) (8.8) (9.4) (30.9) (39.6) Amortization of acquired intangibles (16.6) (16.5) (17.3) (66.7) (69.2) Restructuring, transaction expenses and other (2.8) (1.9) (0.2) (6.7) (7.8) Photonic Solutions GAAP Operating Income $ 69.2 $ 54.6 $ 60.5 $ 230.1 $ 207.7 Non-GAAP Compound Semiconductors Operating Income $ 76.9 $ 90.2 $ 61.1 $ 315.8 $ 277.2 Share-based compensation (10.5) (9.2) (9.3) (42.2) (39.4) Amortization of acquired intangibles (3.2) (2.9) (3.3) (12.9) (13.0) Restructuring, transaction expenses, and other (5.4) (1.7) (0.8) (8.3) (3.6) Start-up costs $ (6.4) $ (14.6) $ $ (32.3) $ $ 51.4 $ 61.8 $ 47.7 $ 220.1 $ 221.2 Compound Semiconductors GAAP Operating Income Non-GAAP Unallocated and Other Operating Income (Loss) Restructuring, transaction expenses, and other Unallocated and Other GAAP Operating Income (Loss) Total GAAP Operating Income $ $ $ $ (6.4) (9.6) $ (6.4) $ (9.6) (11.1) $ (11.1) (35.9) (26.8) $ (35.9) $ (26.8) $ 114.2 $ 106.8 $ 97.1 $ 414.3 $ 402.1 $ 168.6 $ 172.0 $ 148.5 $ 650.2 $ 601.5 COHERENT Non-GAAP Operating Income *Amounts may not recalculate due to rounding. Copyright 2023, Coherent. All rights reserved. 42#43RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES Adjusted Combined Gross Profit and Operating Income - Unaudited ($ millions) Combined Gross Profit Combined gross margin % Share-based compensation Amortization of acquired intangibles Fair value adjustment on acquired inventory Start-up costs Restructuring expenses, integration expenses, transaction expenses and other Adjusted Combined Gross Profit FY 2022 Q4 465 36.9% 3 10 Adjusted combined gross margin % 485 38.5% Combined Internal Research and Development Share-based compensation Start-up costs Restructuring expenses, integration expenses, transaction expenses and other Adjusted Combined Internal Research and Development Combined Selling, General and Administrative Share-based compensation Amortization of acquired intangibles Restructuring expenses, integration expenses, transaction expenses and other Adjusted Combined Selling, General and Administrative Combined Operating Income Share-based compensation Amortization of acquired intangibles (16) (11) (21) སྤྲབཿབཿཡཿ ཀྵུ བ བ (1) Fair value adjustment on acquired inventory Start-up costs COHERENT Restructuring expenses, integration expenses, transaction expenses and other Adjusted Combined Operating Income Adjusted combined operating margin % Copyright 2023, Coherent. All rights reserved. 6 29 216 17.1% 43#44COHERENT