Slide 1: Second Quarter 2025 Financial Results
Benchmark Electronics Second Quarter 2025 Financial Results July 30, 2025
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking 2025 Statements Non-GAAP Financial Information This document contains forward-looking statements within the meaning of Section 27A of the Management discloses certain non-GAAP information to provide investors with additional Securities Act of 1933, as amended and Section 21E of the S
Slide 3: Today's Speakers
Today’s Speakers — ryreees ~ereee® — ceeeees Jeff Benck David Moezidis Bryan Schumaker President and CEO EVP and CCO EVP and CFO > Benchmark Copyright © 2025 by original author Benchmark Electronics, Inc. Not to be reproduced, distributed, or used in any means without written permission by Benchmark
Slide 4: Second Quarter Results
Second Quarter Results $642M 10.2% 4.7% $0.55 GAAP AND NON- NON-GAAP GROSS NON-GAAP NON-GAAP EPS GAAP REVENUE MARGIN OPERATING MARGIN HIGHLIGHTS • Seventh consecutive quarter of 10% or greater non-GAAP gross margin • Sequential growth in three of five sectors, led by Medical • Semi-Cap and A&D reven
Slide 5: Business Highlights
Business Highlights Strategic focus continues to drive results Financial discipline remains at the forefront • Sector focus and mix continues to • Refinanced debt and repatriated over support >10% gross margin $150 million • Led by year-on-year growth in Semi- • Free Cash Flow impacted by one- Cap a
Slide 6: Financial Highlights (Non-GAAP)
Financial Highlights (Non-GAAP) THREE MONTHS THREE MONTHS THREE MONTHS ENDED ENDED ENDED June 30 March 31 June 30 2024 2025 2025 ($ MILLIONS) Revenue $666 $632 $642 Gross Margin 10.2% 10.1% 10.2% Operating Margin 5.1% 4.6% 4.7% Effective Tax Rate 23.9% 25.0% 24.3% EPS $0.57 $0.52 $0.55 * See APPENDI
Slide 7: Second Quarter 2025 Sector Performance
Second Quarter 2025 Sector Performance Sales Sector Mix $MM Q/Q 20% Semi-Cap $190 (2.4%) 30% Industrial $142 3.6% $642 11% Aerospace & Defense $126 3.6% MILLION Medical $110 5.7% 17% 22% AC&C $74 0% | 7
Slide 8: Trended Non-GAAP Results
Trended Non-GAAP Results (Dollars in Millions, except EPS) * See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results | 8
Slide 9: Balance Sheet and Cash Flow Update
Balance Sheet and Cash Flow Update (In Millions) Q2-24 Q1-25 Q2-25 Cash Flows (used) from Operations $56 $32 $(3) Free Cash Flow (Used) (1) $47 $27 $(15) • Strong balance sheet and leverage ratio Share Repurchases $- $8 $8 • Continued to support the quarterly dividend which was $6.1 million in the q
Slide 10: Working Capital Trends
Working Capital Trends Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Accounts Receivable Days 51 51 57 53 52 Contract Asset Days 25 26 23 25 25 Inventory Days 90 89 85 89 83 Accounts Payable Days (52) (54) (54) (61) (55) Advance Payments from Customers Days (24) (22) (22) (20) (20) Cash Conversion Cycle Days 90 90
Slide 11: Third Quarter 2025 Guidance
Third Quarter 2025 Guidance Q3-25E Net Sales $635 to $685M Gross Margin – non-GAAP 10.2% to 10.4% Operating Margin – non-GAAP 5.0% to 5.2% Interest and Other Expenses, Net ~$5.5M Non-operating Expenses $6.1 to $6.3M Stock-Based Compensation Expense ~$5.3M Effective Tax Rate 23% to 25% Diluted EPS –
Slide 12: Sector Outlook
Sector Outlook Semi-Cap Industrial Aerospace & Defense • Expect to outperform the market rate of • Expect sequential growth in 2H:25 • Expect double-digit Y/Y growth throughout growth in 2025 • Pipeline momentum continues and new wins 2025 • China restrictions are a demand headwind will support furt
Slide 13: Summary
Summary 1. Executing across varied demand environments • Seven consecutive quarters of >10% non-GAAP gross margin • Multi-year record bookings quarter validates our sector strategy and value proposition across both new and existing customers 2. Returning to growth • Medical, Industrial and AC&C show
Slide 14: Appendix
Appendix > Benchmark | 14 Copyright © 2025 by original author Benchmark Electronics, Inc. Not to be reproduced, distributed, or used in any means without written permission by Benchmark.
Slide 15: APPENDIX 1 – Reconciliation of GAAP to Non-GAAP
APPENDIX 1 – Reconciliation of GAAP to Non-GAAP (Dollars in thousands, except per share data – Unaudited) Three Months Ended Six Months Ended Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Jun 30, 2023 2024 2024 2024 2024 2025 2025 2024 2025 Income from operations (GAAP) $ 32,100 $ 25,529 $