Sanmina Corporation · NASDAQ:SANM
Sanmina — Q3 2025 Earnings Presentation
27 slides from Sanmina's earnings presentation, Jul 28, 2025
Slide 1: Q3 Fiscal 2025 Financial Results
Q3 Fiscal 2025 Financial Results July 28, 2025
Slide 2: Today's Presenters
Today’s Presenters Jure Sola Jon Faust Chairman & CEO EVP & CFO 2
Slide 3: Safe Harbor Statement
Safe Harbor Statement Certain statements made during this presentation, including our financial outlook for the fourth quarter fiscal 2025, expectations for fiscal 2026, expectations relating to the timing of closing of the pending ZT Systems acquisition and statements concerning the expected future
Slide 4: Financial Overview
Financial Overview Jon Faust
Slide 5: Non-GAAP Financial Highlights
Non-GAAP Financial Highlights Q3 FY’25 Outlook WAS Revenue: $2.042B $1.925B - $2.025B Gross Margin: 9.1% 8.6% - 9.0% Operating Margin: 5.7% 5.4% - 5.8% Diluted EPS: $1.53 $1.35 - $1.45 Solid Operational Execution Note: Refer to GAAP to non-GAAP reconciliation on slide 22. 5
Slide 6: Q3 FY'25 P&L Performance
Q3 FY’25 P&L Performance ($ in millions, except per share data) Note: Refer to GAAP to non-GAAP reconciliation on slide 22. 6
Slide 7: 9-Months P&L Performance
9-Months P&L Performance ($ in millions, except per share data) Delivering on Our Outlook 7 Note: Refer to GAAP to non-GAAP reconciliation on slide 22.
Slide 8: Segment Reporting: Revenue and Non-GAAP Gross Margin
Segment Reporting: Revenue and Non-GAAP Gross Margin ($ in millions) Note: Revenue and non-GAAP gross margin for IMS segment and CPS category includes inter-segment revenues that are eliminated under GAAP, and in the case of gross margin, excludes the same items that are excluded from the calculatio
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights ($ in millions) 6/28/2025 Cash and cash equivalents 798 Key Takeaways: Accounts receivable, net 1,379 Contract assets 412 Strong cash position Inventories 1,590 Property, plant and equipment, net 630 No borrowings under $800M Revolver at quarter end Deferred income tax a
Slide 10: Q3 FY'25 Cash Flow Highlights
Q3 FY’25 Cash Flow Highlights Cash Flow from Operations: $201 million Net CapEx: $33 million Free Cash Flow: $168 million Non-GAAP EBITDA: $145 million Q3: 0.2 million shares for $13 million YTD: 1.4 million shares for $114 million Share Repurchases: $239 million available under the au
Slide 11: Q4 FY'25 Outlook
Q4 FY’25 Outlook The following outlook is for the fourth fiscal quarter ending September 27, 2025. Q4 FY’25 Revenue: $2.0B - $2.1B GAAP Diluted EPS: $1.21 - $1.31 Non-GAAP Diluted EPS: $1.52 - $1.62 Note: The outlook and certain statements made during this presentation, including our financial outlo
Slide 12: ZT Systems Data Center / AI Manufacturing Acquisition Update
ZT Systems Data Center / AI Manufacturing Acquisition Update On track to close near the end of the 2025 calendar year All regulatory filings proceeding to plan Expect $5 - $6 billion of net revenue on a run-rate basis, and to double Sanmina’s net revenue within the next 3 years Expect non-GA
Slide 13: Business Overview
SANMINA Business Overview Jure Sola
Slide 14: Q3 FY'25 Overview
Q3 FY’25 Overview Revenue, non-GAAP gross margin and non-GAAP diluted EPS exceeded our outlook Non-GAAP operating margin at the high-end of our outlook Y-Y growth across all of our end-markets Strong cash generation for the quarter and YTD Solid Execution in a Dynamic Environment 14
Slide 15: Revenue by End-Market
Revenue by End-Market ($ in millions) Q3 FY’24 Q3 FY’25 Industrial & Energy/Medical/ $1,181 $1,256 Defense & Aerospace/Automotive Communications Networks and $660 $786 Cloud Infrastructure Total $1,841 $2,042 Q3 FY’25 Top 10 Customers – 52.8% of Revenue 15
Slide 16: Sanmina + ZT Systems Data Center / AI Manufacturing
Sanmina + ZT Systems Data Center / AI Manufacturing Advances Sanmina’s strategic priorities in Data Center / AI Broadens and deepens relationships with hyperscaler and OEM customers across all platforms and technologies in the industry Brings industry-leading manufacturing capabilities and cap
Slide 17: End-to-End Solutions for Data Center / AI End-Market
End-to-End Solutions for Data Center / AI End-Market Architecture Firmware & Electro- Regulatory & BTO/CTO Software Mechanical & Test Validation Design Certification Fulfillment Engineering Systems Full System Integration at Scale 17
Slide 18: Summary
Summary Executing well in a dynamic environment Q3 results were in line or exceeded our outlook Strong YTD Y/Y performance across the majority of our end-markets Q4 outlook aligns with achieving our FY’25 growth and profitability objectives ZT Systems Data Center / AI acquisition aligns wi
Slide 19: Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP
Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP Quarter Ended: June 28, 2025
Slide 20: Sanmina Corporation Condensed Consolidated Balance Sheets
Sanm ina Corporation Condensed Consolidated Balance Sheets (in thousands) (GAAP) (Unaudited) June 28, Septem ber 28, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 797,878 $ 625,860 Accounts receivable, net 1,379,287 1,337,562 Contract assets 411,707 384,077 Inventories 1,589,807 1,443
Slide 21: Sanmina Corporation Condensed Consolidated Statements of Income
Sanm ina Corporation Condensed Consolidated Statem ents of Incom e (in thousands, except per share am ounts) (GAAP) (Unaudited) Three Months Ended Nine Months Ended June 28, June 29, June 28, June 29, 2025 2024 2025 2024 Net sales $ 2,041,562 $ 1,841,430 $ 6,031,990 $ 5,550,823 Cost of sales 1,860,5
Slide 22: Sanmina Corporation Reconciliation of GAAP to Non-GAAP Measures
Sanm ina Corporation Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share am ounts) (Unaudited) Three Months Ended Nine Months Ended June 28, June 29, June 28, June 29, 2025 2024 2025 2024 GAAP Gross prof it $ 181,050 $ 153,539 $ 525,200 $ 469,136 GAAP Gross margin 8.9 % 8.3 %
Slide 23: Condensed Consolidated Cash Flow
Condensed Consolidated Cash Flow (in thousands) (GAAP) (Unaudited) Three Months Ended Nine Months Ended June 28, June 29, June 28, June 29, 2025 2024 2025 2024 Net income before noncontrolling interest $ 72,888 $ 54,738 $ 214,287 $ 170,411 Depreciation 29,760 29,764 89,813 90,764 Other, net 13,836 1
Slide 24: Pre-Tax Return on Invested Capital (ROIC)
Sanm ina Corporation Pre-Tax Return on Invested Capital (ROIC) ($ in thousands) (Unaudited) Three Months Ended June 28, 2025 June 29, 2024 GAAP Operating income $ 95,877 $ 82,367 x 4.0 4.0 Annualized GAAP Operating income 383,508 329,468 Average invested capital (1) ÷ 1,864,563 1,833,049 GAAP Pre-ta
Slide 25: Reconciliation of GAAP to Non-GAAP Measures: EBITDA
Sanm ina Corporation Reconciliation of GAAP to Non-GAAP Measures: EBITDA (in thousands) (Unaudited) Three Months Ended June 28, June 29, 2025 2024 EBITDA GAAP Operating Income $ 95,877 $ 82,367 Depreciation 29,760 29,764 GAAP EBITDA $ 125,637 $ 112,131 GAAP EBITDA Margin 6.2 % 6.1 % Non-GAAP Operati
Slide 26: Schedule 1
Schedule 1 The statements above and financial information provided in these slides non-GAAP measures of gross income, gross margin, operating income, operating margin, net income, earnings per share, non-GAAP ROIC and non-GAAP EBITDA. Management excludes from these measures stock-based compensation,
Slide 27: Thank You
Thank You