Camtek: Tough comps, Limited upside

Research evidence excerpt

Camtek: Tough comps, Limited upside

that mix is smaller than at peers, subduing the **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

company’s overall growth rate. e = Morgan Stanley Research estimates

Quarterly EPS ($)

What did we like? China: As highlighted in our intra-quarter chat with CFO Moshe 2026e 2026e 2027e 2027e

Quarter 2025 Prior Current Prior Current

Eisenberg, CAMT is seeing solid momentum in China and expects another year of Q1 0.78 - 0.68a 1.17 1.14

growth following 84% y/y growth in 2025, when China represented 49% of revenue. Q2 0.79 0.80 0.77 1.21 1.20

Q3 0.83 1.01 0.98 1.25 1.23

Demand is being driven mainly by OSATs, particularly for CoWoS-like packaging and Q4 0.79 1.16 1.13 1.25 1.24

HBM-related applications. CAMT’s installed base and longstanding customer e = Morgan Stanley Research estimates, a = Actual Company reported data

relationships are driving incremental wins versus both local and Western peers.

HBM wins: Camtek announced orders and forecasts from two HBM manufacturers

exceeding $260mn for 2026/2027. Management indicated these are initial orders,

with room for upside. Camtek has been confident that the shift from HBM3E to

HBM4 would be beneficial for the company, and the orders are beginning to validate

that view. We are less confident on the transition to HBM4E and the introduction of

hybrid bonding, but Camtek has proved the doubters wrong on HBM.

What did we not like? 2026 growth profile: A higher 2025 base and customer mix

make Camtek’s 2026 growth rate look relatively underwhelming versus broader Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,packaging/WFE. We would prefer to look ahead to 2027, but near-term numbers