Coherent Corp. · NYSE:COHR

Coherent — Investor Presentation (September 2026)

46 slides from Coherent's investor presentation, Sep 21, 2026

  1. Slide 1: Coherent PhotonLink Launch

    COHERENT PHOTONLINK LAUNCH Málaga, Spain September 21, 2026 Copyright 2026, Coherent. All rights reserved.

  2. Slide 2: Forward-Looking Statements

    FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements relating to future events and expectations, including our expectations regarding our estimates and projections for our business outlook, each of which is based on certain assumptions and contingencies. The forward-looki

  3. Slide 3: Agenda

    AGENDA Introducing Coherent Coherent PhotonLink Coherent PhotonLink TM TM PhotonLink Generate Shape, Guide & Receive TM Jim Anderson Dr. Beck Mason Dr. Julie Sheridan Eng Chief Executive Officer EVP, Semiconductor Devices EVP, Optical Components and CTO Copyright 2026, Coherent. All rights reserved.

  4. Slide 4: Introducing Coherent PhotonLink

    Introducing Coherent PhotonLink TM Jim Anderson Chief Executive Officer Copyright 2026, Coherent. All rights reserved. NYSE I COHR 4

  5. Slide 5: Electrical to Photonic Transition Continues

    ELECTRICAL TO PHOTONIC TRANSITION CONTINUES Distance Light Electrical Data Rate Electrical Photonics Copyright 2026, Coherent. All rights reserved. NYSE I COHR 5

  6. Slide 6: Optical Connectivity Expanding

    OPTICAL CONNECTIVITY EXPANDING TELECOM NETWORKS SCALE ACROSS SCALE OUT SCALE UP CHIP TO CHIP D CI Optical Today Electrical Optical Over The Coming Years Copyright 2026, Coherent. All rights reserved. NYSE I COHR 6

  7. Slide 7: Optical Connectivity Expanding: Coherent 2030 SAM

    OPTICAL CONNECTIVITY EXPANDING TELECOM NETWORKS SCALE ACROSS SCALE OUT SCALE UP CHIP TO CHIP D CI Optical Today Electrical Optical Over The Coming Years $60B+ $30B+ Coherent 2030 SAM $ Base PHOTONLINK Source: Dell’Oro, Lightcounting, Cignal AI and internal estimates Copyright 2026, Coherent. All rig

  8. Slide 8: Optical Connectivity Moving Closer to the Silicon

    OPTICAL CONNECTIVITY MOVING CLOSER TO THE SILICON CPO NPO CHIP TO CHIP CUSTOMERS ASKING FOR A COMPLETE SOLUTION READY TO SCALE Copyright 2026, Coherent. All rights reserved. NYSE I COHR 8

  9. Slide 9: Integrated Optics Requires a Variety of Different Technologies

    INTEGRATED OPTICS REQUIRES A VARIETY OF DIFFERENT TECHNOLOGIES Silicon Photonics PIC CPO/NPO Module VCSEL Fiber Attach Unit (FAU) SWITCH External Laser Source OR xPU Prism Micro Lens InP CW Laser Array Isolator Polarization- Maintaining Fiber Thermoelectric Cooler (TEC) Copyright 2026, Coherent. All

  10. Slide 10: Complete Platform to Enable the Transition to Optical Interconnect

    GENERATE SHAPE GUIDE RECEIVE CREATE THE PHOTON SHAPE THE SIGNAL GUIDE THE PHOTON DETECT THE PHOTON COMPLETE PLATFORM TO ENABLE THE TRANSITION TO OPTICAL INTERCONNECT Copyright 2026, Coherent. All rights reserved. NYSE I COHR 10

  11. Slide 11: Coherent Uniquely Positioned to Deliver the Full Solution

    COHERENT UNIQUELY POSITIONED TO DELIVER THE FULL SOLUTION COMPLETE TECHNOLOGY PORTFOLIO Laser Transceiver Fiber Optics Category Component / Technology Coherent Vendors Vendors Vendors Vendors InP CW laser/modulator/SOA   GaAs VCSEL   GENERATE SiPho modulator  ELS module    Coupling lens  

  12. Slide 12: Coherent Uniquely Positioned to Deliver the Full Solution

    COHERENT UNIQUELY POSITIONED TO DELIVER THE FULL SOLUTION COMPLETE TECHNOLOGY PORTFOLIO MANUFACTURING SCALE Laser Transceiver Fiber Optics Category Component / Technology Coherent Category Coherent unit shipments to date for datacenter Vendors Vendors Vendors Vendors InP CW laser/modulator/SOA   •

  13. Slide 13: Coherent PhotonLink Integrated Optics Platform

    COHERENT PHOTONLINKTM INTEGRATED OPTICS PLATFORM PHOTONLINKTM SOLUTION EXAMPLE  Complete External Laser Source (ELS)  Complete optics assembly from ELS to Chip  Complete optics assembly from Chip to Faceplate  Underlying optical components supplied by Coherent  Manufacturing at scale to support

  14. Slide 14: Example Customer Applications for PhotonLink

    EXAMPLE CUSTOMER APPLICATIONS FOR PHOTONLINK TM CPO NPO CHIP TO CHIP VCSEL Array or CW Laser LIGHT UHP CW Laser VCSEL Array or CW Laser; or inside the NPO module; or SOURCE External Laser Module UHP CW Laser ELS UHP CW Laser ELS CUSTOMER ENGAGEMENT >10 >10 >5 COHERENT Up to $15K per 100T I/O, 200G l

  15. Slide 15: What We'll Cover Today

    WHAT WE’LL COVER TODAY GENERATE SHAPE GUIDE RECEIVE CREATE THE PHOTON SHAPE THE SIGNAL GUIDE THE PHOTON DETECT THE PHOTON CPO NPO CHIP TO CHIP Copyright 2026, Coherent. All rights reserved. NYSE I COHR 15

  16. Slide 16: PhotonLink Generate

    PhotonLink Generate TM Dr. Beck Mason EVP, Semiconductor Devices Copyright 2026, Coherent. All rights reserved. NYSE I COHR 16

  17. Slide 17: Photon Generation

    PHOTON GENERATION GENERATE SHAPE GUIDE RECEIVE CREATE THE PHOTON SHAPE THE SIGNAL GUIDE THE PHOTON DETECT THE PHOTON UHP CW LASER HP CW LASER VCSEL Array HD VCSEL Array Copyright 2026, Coherent. All rights reserved. NYSE I COHR 17

  18. Slide 18: UHP CW Laser for CPO and NPO Using ELS

    GENERATE UHP CW LASER FOR CPO AND NPO USING ELS High Power CW Lasers for Scale-out and Scale-up  CPO and NPO links use high power CW lasers CPO  Lasers packaged in pluggable modules for replaceability  Each laser powers multiple Silicon Photonics links and each NPO module has multiple lasers  La

  19. Slide 19: Ultra High Power CW Lasers – Industry Leading Performance

    GENERATE ULTRA HIGH POWER CW LASERS – INDUSTRY LEADING PERFORMANCE  Unique design enables high-power, low-noise performance  Performance exceeds all customer requirements  Optimized for production at AI scale  Ramping on 6” InP platform with high yield Ultra High Power CW Laser  Volume shipment

  20. Slide 20: HP CW Laser for NPO

    GENERATE HP CW LASER FOR NPO Coherent HP CW LASER is a 70-100mW laser for powering Silicon Photonics near packaged optical modules  Some NPO modules use lasers integrated locally in the NPO module to generate the photons used with their silicon photonic components  Smaller size and lower power dis

  21. Slide 21: VCSEL Arrays for NPO

    GENERATE VCSEL ARRAYS FOR NPO NPO Vertical Cavity Surface Emitting Lasers VCSELs  Enabling the lowest energy per bit for NPO applications VCSEL Benefits  Ideal solution for scale-up interconnects  Lowest cost and best bandwidth density TYPE 1 TYPE 2  Enhanced redundancy and low latency  Massive

  22. Slide 22: Type 1: Enabling Scale Up - 2D VCSEL Arrays for NPO/CPO

    GENERATE TYPE 1: ENABLING SCALE UP - 2D VCSEL ARRAYS FOR NPO/CPO Coherent is a world leader in VCSEL Technology  Worlds largest supplier of datacom VCSELs  Producing high volume VCSEL and PD arrays for >10 years Highest bandwidth density at industry leading cost  Compact 2D array of individually

  23. Slide 23: Type 2: High Density 2D VCSEL Arrays for NPO/CPO Applications

    GENERATE TYPE 2: HIGH DENSITY 2D VCSEL ARRAYS FOR NPO/CPO APPLICATIONS Super compact solutions for NPO enabled by High Density VCSEL and PD Arrays coupled to Multicore fiber  Each core carries an individual data stream  Large 37x VCSEL and PD arrays demonstrated  Reduced fiber count - single mult

  24. Slide 24: Internally Developed Photodetectors Are a Differentiator

    RECEIVE INTERNALLY DEVELOPED PHOTODETECTORS ARE A DIFFERENTIATOR Differentiation in Photodetectors (PDs):  More than 20 years of expertise in PD production Transceiver Transceiver  Developed world’s first 4x25G PD array in InP Laser Detector  Custom-designed Flip Chip PDs with integrated micro le

  25. Slide 25: Coherent InP and GaAs Production Sites

    COHERENT InP AND GaAs PRODUCTION SITES SHERMAN, World’s  Worlds largest and most advanced InP/GaAs fab TX First 6” InP  6” InP lines; multiple devices JARFALLA,  InP fab operations for over 2 decades SWEDEN  6” InP lines; multiple devices ZURICH,  Began as a GaAs fab – VCSELs and Edge Emitters

  26. Slide 26: Laser Capacity Expansion Powered by 6” Transition

    LASER CAPACITY EXPANSION POWERED BY 6” TRANSITION GaAs Capacity InP Capacity Available VCSEL array capacity >1B/Year Doubling total production this year and next year >2X >4X 2X Q4CY22 Q4CY26 Q4CY27 Q4CY25 Q4CY26 Q4CY27 Q3CY26 Copyright 2026, Coherent. All rights reserved. NYSE I COHR 26

  27. Slide 27: PhotonLink Generate for Integrated Optics

    PHOTONLINK GENERATE FOR INTEGRATED OPTICS TM Laser Type Key Advantages UHP CW Laser Remote laser - highest performance HP CW Laser Flexibility and replaceability VCSEL Array Low power fiber array Dense VCSEL Array Low power, compact multicore fiber Copyright 2026, Coherent. All rights reserved. NYSE

  28. Slide 28: PhotonLink Shape, Guide and Receive

    PhotonLink TM Shape, Guide and Receive Dr. Julie Sheridan Eng EVP, Optical Components and CTO Copyright 2026, Coherent. All rights reserved. NYSE I COHR 28

  29. Slide 29: Follow the Path of a Photon – Shape, Guide, and Receive

    FOLLOW THE PATH OF A PHOTON – SHAPE, GUIDE, AND RECEIVE GENERATE SHAPE GUIDE RECEIVE CREATE THE PHOTON SHAPE THE SIGNAL GUIDE THE PHOTON DETECT THE PHOTON Copyright 2026, Coherent. All rights reserved. NYSE I COHR 29

  30. Slide 30: Follow the Path of a Photon – Shape, Guide, and Receive

    FOLLOW THE PATH OF A PHOTON – SHAPE, GUIDE, AND RECEIVE Coherent provides the critical optical components that shape, guide, and receive light from the laser to the receive engine in CPO / NPO architectures EXTERNAL LASER SOURCE (ELS) PRECISION RECEIVE CW LASERS COUPLING LENS ISOLATOR PMF PMLA FAU F

  31. Slide 31: Lenses Focus Laser Light into the Fiber

    SHAPE LENSES FOCUS LASER LIGHT INTO THE FIBER Coupling Lens for ELS - couples laser light into PM Fiber ELS Module Lenses  Glass molded lenses for efficient light coupling InP CW Laser Isolator  Excellent coupling performance  Production ready Q4CY26 >250 MILLION LENSES Shipped Copyright 2026, Co

  32. Slide 32: Isolators Protect Lasers from Back-Reflected Light

    SHAPE ISOLATORS PROTECT LASERS FROM BACK-REFLECTED LIGHT  Isolators protect InP lasers from back-reflected light  Garnet is the critical magneto-optic material in isolators  Coherent supplies a significant fraction of the industry’s garnet for isolators  Coherent is vertically integrated from ga

  33. Slide 33: External Laser Source (ELS) Integrates Laser and Optics

    SHAPE EXTERNAL LASER SOURCE (ELS) INTEGRATES LASER AND OPTICS  ELS integrates InP lasers, lenses, isolators, TECs, and fiber assemblies  Vertically integrated component portfolio enables faster response to customer requirements  Built on proven transceiver assembly and test processes, with demons

  34. Slide 34: Fiber Solutions to Guide the Laser Light

    GUIDE FIBER SOLUTIONS TO GUIDE THE LASER LIGHT Polarization-Maintaining Fiber Mode-Matched Fiber Multi-Core Fiber  US-based design and manufacture of specialty fiber for over 25 years; >300M meters shipped  Polarization-Maintaining Fiber is used in ELS, and between ELS and silicon photonics; Produ

  35. Slide 35: Simplifying Precision Fiber Integration

    GUIDE SIMPLIFYING PRECISION FIBER INTEGRATION Precision-aligned solutions that simplify integration, protect fibers, and improve serviceability Fiber-to-Chip Coupling FAU and Connector Precision Fiber Assembly Micro Lens Arrays Fiber Guides Fiber Attach Units Detachable FAU Connector  Prism Micro L

  36. Slide 36: Reducing Fiber Count and Improving Fiber Management

    GUIDE REDUCING FIBER COUNT AND IMPROVING FIBER MANAGEMENT Circulators WDM Multiplexers Fiber Shuffles  Circulators reduce fiber count by 2x; WDM multiplexers combine multiple wavelengths onto a single fiber  Differentiated long-term reliability due to precision automated alignment, and deep garnet

  37. Slide 37: Silicon Photonics Modulators and Photodetectors

    RECEIVE SILICON PHOTONICS MODULATORS AND PHOTODETECTORS In-House Designed Silicon Photonics 212G Eye with Silicon Photonics 420G Eye with Silicon Photonics INDUSTRY FIRST  In-house silicon photonics design with multiple foundries and in-house assembly and test  200G/lane silicon photonics – in pro

  38. Slide 38: NPO Modules for Improved Serviceability

    RECEIVE NPO MODULES FOR IMPROVED SERVICEABILITY 6.4Tb/s Silicon Photonics NPO Module 2D VCSEL Array NPO Module  Integrates silicon photonics PIC, drivers, TIAs,  Integrates VCSEL, PD arrays, drivers, TIAs, lens and optical coupling into a 32 x 200G NPO module array, and lensed fiber array into NPO

  39. Slide 39: PhotonLink Integrated Optics Solutions Examples

    PHOTONLINK INTEGRATED OPTICS SOLUTIONS EXAMPLES TM GENERATE SHAPE GUIDE RECEIVE CREATE THE PHOTON SHAPE THE SIGNAL GUIDE THE PHOTON DETECT THE PHOTON CPO NPO CHIP TO CHIP Copyright 2026, Coherent. All rights reserved. NYSE I COHR 39

  40. Slide 40: Example 1: CPO Solution with External Laser Source

    EXAMPLE 1: CPO SOLUTION WITH EXTERNAL LASER SOURCE Silicon Photonics/ELS with InP UHP Laser  CPO architecture offers highest density, lowest power consumption solution  End-to-end solution for CPO with ELS and UHP laser  >10 active customer engagements  Coherent content up to $15K per 100T I/O E

  41. Slide 41: Example 2A: NPO Solution with CW Laser

    EXAMPLE 2A: NPO SOLUTION WITH CW LASER Silicon Photonics NPO/InP CW Laser  NPO architecture offers enhanced serviceability and architectural flexibility  End-to-end solution for silicon photonics NPO  ELS with InP UHP CW laser; or 6.4Tb/s Silicon Photonics FAU integrating PMLA, Fiber  Integrated

  42. Slide 42: Example 2B: NPO Solutions with VCSEL Arrays

    EXAMPLE 2B: NPO SOLUTIONS WITH VCSEL ARRAYS NPO Solution with 2D VCSEL Array NPO Solution with High-Density VCSEL Array Turning Lens 1.2 pJ/bit INDUSTRY Multi-Core Fiber 12 Gb/s/mm2 FIRST Lensed Fiber Array VCSEL 2D Array PD 2D Array Heat spreader 2D VCSEL arrays Lens Array 2D PD arrays  VCSEL solu

  43. Slide 43: Example 3: Chip to Chip Interconnect

    EXAMPLE 3: CHIP TO CHIP INTERCONNECT Circulator WDM WDM multiplexers mux inside ELS Optical Interposer  As bandwidth between compute and memory scales, optical links will move from the package edge into the package  Multiple chip-to-chip architectures: • ELS with InP UHP lasers or integrated laser

  44. Slide 44: Example Customer Applications for PhotonLink

    EXAMPLE CUSTOMER APPLICATIONS FOR PHOTONLINK TM CPO NPO CHIP TO CHIP VCSEL Array or CW Laser LIGHT UHP CW Laser VCSEL Array or CW Laser; or inside the NPO module; or SOURCE External Laser Module UHP CW Laser ELS UHP CW Laser ELS CUSTOMER ENGAGEMENT >10 >10 >5 COHERENT Up to $15K per 100T I/O, 200G l

  45. Slide 45: Broadest Portfolio, Complete Solutions, Manufacture at Scale

    GENERATE SHAPE GUIDE RECEIVE CREATE THE PHOTON SHAPE THE SIGNAL GUIDE THE PHOTON DETECT THE PHOTON BROADEST PORTFOLIO COMPLETE SOLUTIONS MANUFACTURE AT SCALE Copyright 2026, Coherent. All rights reserved. NYSE I COHR 45

  46. Slide 46: Coherent

    COHERENT

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