On Semiconductor Corporation · NASDAQ:ON
On Semiconductor — onsemi — Merger or Acquisition (September 2026)
36 slides from On Semiconductor's merger presentation, Sep 16, 2026
Slide 1: Powering a Smarter World
Powering a Smarter World September 16, 2026
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This communication relates to a proposed business combination transaction between Synaptics Incorporated (“Synaptics”) and ON Semiconductor Corporation (“onsemi”). This communication includes forward-looking statements within the meaning of Sectio
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation contains historical non-GAAP financial measures including, among others, free cash flow (FCF) and FCF margin, non-GAAP gross margin and non-GAAP operating margin. This presentation also contains forward looking non-GAAP financial measures, some of
Slide 4: Charting a Path to Power the Next Decade of Innovation
Charting a Path to Power the Next Decade of Innovation Hassane El-Khoury President and CEO
Slide 5: We've reached it.
Every foundational technology eventually encounters a physical limit We’ve reached it. © onsemi 2026 | 5 © onsemi 2026 | Public Information
Slide 6: The Future is Arriving Faster Than Ever
The Future is Arriving Faster Than Ever STEAM ENGINE ELECTRICITY AUTOMOBILE COMPUTING INTERNET AI ~60 ~90 ~37 ~26 ~13 ~9 YEARS YEARS YEARS YEARS YEARS YEARS Precision Grid & factory Petroleum refining, Switching element Bandwidth & local COMPUTE, MEMORY metalworking reorganization fuel distribution
Slide 7: Physical Constraint Ladder
Physical Constraint Ladder Each constraint sits deeper in the system. Each is harder to move. Compute determines how broadly a foundational technology can be deployed COMPUTE ADDRESSED THE CONSTRAINT ON BREADTH ADVANCED FAB CAPACITY MODELS AI ADOPTION Technology & Capacity NODES EXPANDING EXPANSION
Slide 8: More Power Isn't Enough. The World Needs Better Power.
More Power Isn’t Enough. The World Needs Better Power. YESTERDAY: THE CHALLENGE TOMORROW: POWER ENABLES INTELLIGENCE POWER SUPPORTED WORK HAS CHANGED Factories Predictable AI Data Centers operations POWER MUST BE Robotics & Humanoids Appliances Intermittent usage Autonomous Vehicles INTELLIGENCE Sma
Slide 9: We Solved Power; Now We Solve Power Density
WE SOLVED THE POWER OF YESTERDAY POWER OF TODAY ELECTRICAL (COMPONENTS) Electrical Thermal Mechanical Physical MULTI-PHYSICS SYSTEMS Convert, control Move heat Withstand Design within and distribute before it limits stress and the limits of power efficiently performance enable reliability physics Mo
Slide 10: System Requirements are Moving in Opposite Directions
System Requirements are Moving in Opposite Directions What the customer asks for Electrical Mechanical Input voltage Increasing Output voltage Decreasing no Electrical + Thermal + Mechanical + Physical overlap Nothing on the market closes all at once Power Increasing Thermal Physical Physical space
Slide 11: The Constraint has Changed. So did we.
The Constraint has Changed. So did we. FROM TO SOLVING POWER SOLVING POWER DENSITY Efficiency • Conversion • Components • Scale Electrical • Thermal • Mechanical • Physical Power density is not solved by one device It requires a different company onsemi is a fundamentally different company for a fun
Slide 12: Strong Technology Base and Strategic Actions
STRATEGIC ACTIONS EFK SiC SYNA STRONG TECHNOLOGY BASE GTAT 300mm East SWIR SiC JFET VCORE RISC-V Synaptics Acquisition Fishkill Acquisition Acquisition Acquisition Acquisition VISION NY Fab Acquisition Acquisition 2021 2022 2023 2024 2025 2026 And Beyond Treo GaN EPP GaN SiA SiC Treo VERTICAL Embedd
Slide 13: Synaptics Extends the onsemi Portfolio
Synaptics Extends the onsemi Portfolio… + Synaptics + Synaptics POWER SENSE CONTROL CONNECTED COMPUTE Efficient power conversion Perception of the physical world Precise actuation & control Edge intelligence & connectivity • Silicon to wide-bandgap • Image sensors • Analog & mixed-signal ICs • Singl
Slide 14: $213B TAM: Every Market Converges on Power
Every Market Converges on Power MARKET APPLICATION TECHNOLOGY Power Distribution $25 B Traction $24 B Auto ADAS $19 B $93B Lighting $4 B Power Battery Disconnect $2 B Auto Other $18 B $118B Factory Automation $14 B $213B AD&S $14 B Medical $4 B Autonomous Mobile Robots $3 B TAM Drones $2 B Industria
Slide 15: ASP → Scale: Delivering The Value Stack
ASP → Scale Delivering The Value Stack 800V → 12V 800V → <6V PowerBox 800V Safe OBC Battery HV DC Replacement Rail Intelligent ESS xPU multi-phase Solid State Solid State Solid State Power xPU SPS Hybrid controller Circuit Breaker Transformer Battery Disconnect Modules 10BASE-T1S ULS TVS diode LP BT
Slide 16: We Must Change the Power Systems Paradigm
We Must Change the Power Systems Paradigm… Electrical Mechanical no overlap Thermal Physical © onsemi 2026 | Public Information
Slide 17: Introducing Technologies to Address the Constraints
…by Introducing Technologies to Address the Constraints… Electrical Mechanical no overlap Thermal Physical HV Treo EPP T H E D E V IC E T H E IN T E L L IG E N C E THE INTEGRATION Supported by a complete portfolio of differentiated Power and Sensing technologies © onsemi 2026 | Public Information
Slide 18: Creating the Disruption to Unlock the Power Density Problem
…And Creating the Disruption Necessary to Unlock the Power Density Problem Mechanical Electrical Physical Thermal HV Treo EPP T H E D E V IC E T H E IN T E L L IG E N C E THE INTEGRATION Supported by a complete portfolio of differentiated Power and Sensing technologies © onsemi 2026 | Public Informa
Slide 19: onsemi has Every HV Option to Close the Gap
onsemi has Every HV Option to Close the Gap HV Treo EPP Power and Sense Portfolio vGaN solution…And it's ready Unconstrained IGBT HV power conversion SiC Efficiency vGaN MOSFET · JFET GaN Density LGaN · vGaN Cost ▼ IGBT → Hybrid → SiC → Hybrid → vGaN Syracuse, NY - onsemi vGaN R&D and manufacturing
Slide 20: Treo Platform
HV Treo EPP Treo Platform Power and Sense Portfolio Communications Subsystem Application-Specific Interfaces Power Subsystem Power Subsystem Power DC-DC High-Performance The onsemi Treo Platform Control AFE is the most advanced in the industry, Driver Power Low-Power enabling winning analog and mixe
Slide 21: Treo Products Sampling by Year and Market
HV Treo EPP Automotive Industrial AI / Client Compute Medical Power and Sense Portfolio Mass Market 2024 2025 2026 Products Sampling Products Sampling Products Sampling Low-Power AFE ASIC 10BASE-T1S RCP 48V SmartFET High-Side Drivers Medical Automotive, Industrial Automotive Isolated SiC Gate Driver
Slide 22: The silicon becomes the system.
Introducing onsemi’s Embedded Power Platform The silicon becomes the system. EPP is the breakthrough that creates a new category of power systems. 3–5× 30% 12 in. 4 MOS ✓ BEST-IN-CLASS INDUCTANCE UNMATCHED HIGHEST STANDARD FASTEST POWER DENSITY SYSTEM VALUE MANUFACTURING TIME TO MARKET ✓ SUPERIOR TH
Slide 23: EPP Leapfrogs PCB Embedded Power
EPP Leapfrogs PCB Embedded Power HV Treo EPP Power and Sense Portfolio Yesterday's solutions State-of-the-art onsemi EPP Lead-frame & DBC substrate (B2S) Panel / S-Cell PCB embedding Embedded Power Platform Available today Available today Sampling today EVALUATION CRITERIA Power density (area vs. B2
Slide 24: Delivering Value to Customers Already
Delivering Value to Customers Already HV Treo EPP Power and Sense Portfolio Customer / project < 48 hours < 5 days < 3 months dependent 1 Customer input 3 Studio output 5 No custom back-end 7 System integration Size · Voltages · efficiency Design · datasheet · validated No new CapEx or custom Valida
Slide 25: onsemi Differentiation
onsemi Differentiation Solving Problems with a Complete and Unique Suite of Capabilities TECHNOLOGY NEEDED Peer 1 Peer 2 Peer 3 Peer 4 UNIQUE AND DEFENSIBLE COMPETITIVE POSITION IGBT Silicon MOSFET Power 1500+ patents SiC MOSFET SiC JFET Vertical GaN (GaN-on-GaN) Lateral GaN Syracuse-built, 180+ pat
Slide 26: The constraint is a system constraint
The constraint is a system constraint and must be answered at the device, the intelligence and the integration layer HV TREO EPP T H E D E V IC E T H E IN T E L L IG E N C E THE INTEGRATION Technology for every power problem Analog and mixed-signal platform Silicon as the system Treo Platform Commun
Slide 27: Follow us @onsemi
Follow us @onsemi A black A blue circle A blue and background with a white black logo with a black letter f in it square Description Description onsemi.com Description automatically onsemi.com © onsemi 2026 © onsemi 2026 | 27
Slide 28: Appendix
APPENDIX © onsemi 2026 | 28 © onsemi 2026
Slide 29: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation Reconciliation of GAAP to Non-GAAP Gross Margin Fiscal Year FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 GAAP Gross Margin 34.1% 33.2% 36.7% 38.1% 35.8% 32.7% a) Amortization of fair market value step-up of inventory 0.0% 1.7% 0.2% 0.0% 0.4% 0.0% b) Actu
Slide 30: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation Reconciliation of GAAP to Non-GAAP Operating Margin Fiscal Year FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 GAAP Operating Margin 7.5% 6.0% 12.3% 14.4% 7.8% 6.6% a) Amortization of acquisition-related intangible assets 3.9% 2.7% 2.2% 1.9% 2.1% 2.3% b) R
Slide 31: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation (in millions, except percentages) Reconciliation of GAAP to Non-GAAP Operating Expenses FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 GAAP Operating Expenses $ 932.1 $ 1,060.8 $ 1,352.9 $ 1,391.5 $ 1,540.9 $ 1,367.1 a) Amortization of acquisition-related
Slide 32: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation (in millions, except percentages) Reconciliation of GAAP to Non-GAAP Operating Expenses FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 GAAP Operating Expenses $ 1,426.7 $ 1,717.2 $ 1,344.8 $ 1,448.4 $ 1,899.7 a) Amortization of acquisition-related intangible asset
Slide 33: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation (in millions, except percentages) Reconciliation of net cash provided by operating activities to free cash flow Fiscal Year FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Net cash provided by operating activities $ 470.6 $ 581.2 $ 1,094.2 $ 1,274.2 $ 694.7
Slide 34: Notes and Sources
Notes and Sources Charting a Path to Power the Next Decade of Innovation Hassane El-Khoury, President and CEO $5.3B remaining under the existing authorization. • As reported through Q2’2026 2026 estimates are based on consensus
Slide 35: Cautionary Information
Cautionary Information No Offer or Solicitation This communication is for informational purposes only and does not constitute, or form a part of, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any s
Slide 36: Cautionary Information
Cautionary Information Participants in the Solicitation Synaptics, onsemi, and certain of their respective directors, executive officers and other members of management and employees, under SEC rules may be deemed to be participants in the solicitation of proxies from Synaptics stockholders in conne