Slide 1: Benchmark Electronics Third Quarter 2025 Financial Results
Benchmark Electronics Third Quarter 2025 Financial Results November 4th, 2025
Slide 2: Forward-Looking Statements
Forward-Looking 2025 Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does
Slide 3: Today's Speakers
Today’s Speakers PM: Sent to Teresa to change titles
Slide 4: Third Quarter Overview
Third Quarter Overview GAAP AND NON-GAAP REVENUE $681M NON-GAAP GROSS MARGIN 10.1% NON-GAAP EPS $0.62 NON-GAAP OPERATING MARGIN 4.8% HIGHLIGHTS Achieved the high end of prior revenue and non-GAAP EPS guidance Returned to year-over-year revenue growth in the quarter, led by double-digit growth in Med
Slide 5: Business Highlights
Business Highlights Strategic focus continues to drive results Year-over-year revenue growth led by Medical and A&D Sector focus and mix continues to support >10% gross margin New business momentum New bookings momentum continues across both Engineering and EMS Strategic wins in the quarter in A&D,
Slide 6: Financial Results (Non-GAAP)
Financial Results (Non-GAAP) THREE MONTHS ENDED September 30 2024 THREE MONTHS ENDED June 30 2025 THREE MONTHS ENDED September 30 2025 ($ MILLIONS) Revenue $658 $642 $681 Gross Margin 10.2% 10.2% 10.1% Operating Margin 5.3% 4.7% 4.8% Effective Tax Rate 23.7% 24.3% 24.5% EPS $0.57 $0.55 $0.62 * See A
Slide 7: Third Quarter 2025 Sector Performance
Third Quarter 2025 Sector Performance 19% 27% 19% 13% 22% $681 MILLION Sales $MM Q/Q Sector Mix AC&C $88 18% Medical $126 15% $153 8% Industrial Aerospace & Defense $129 2% Semi-Cap $185 (3%)
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
Slide 9: Balance Sheet and Cash Flow Update
Balance Sheet and Cash Flow Update Debt Structure (In Millions) Q3-25 Senior Secured Term Loan $149 Revolving Credit Facility Drawn Amount $70 Borrowing Capacity Available under Revolver $476 Leverage Ratio (2) 0.22x (In Millions) Q3-24 Q2-25 Q3-25 Cash Flows (used) from Operations $39 $(3) $37 Free
Slide 10: Working Capital Trends
Working Capital Trends Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Accounts Receivable Days 51 57 53 52 50 Contract Asset Days 26 23 25 25 26 Inventory Days 89 85 89 83 75 Accounts Payable Days (54) (54) (61) (55) (56) Advance Payments from Customers Days (22) (22) (20) (20) (18) Cash Conversion Cycle Days 90 89
Slide 11: Fourth Quarter 2025 Guidance
Fourth Quarter 2025 Guidance Q4-25E Net Sales $670 to $720M Gross Margin – non-GAAP 10.1% to 10.3% Operating Margin – non-GAAP 5.0% to 5.2% Interest and Other Expenses, Net ~$4.3M Non-operating Expenses $4.9 to $5.3M Stock-Based Compensation Expense ~$2.3M Effective Tax Rate 24% to 25% Diluted EPS –
Slide 12: Sector Outlook
Sector Outlook Semi-Cap New wins continue to expand share Near-term headwinds suppress OEM demand, but we continue to invest for the long-term Anticipate market reacceleration in 2H:26 Industrial Expect to return to Y/Y growth in Q4:25 Pipeline momentum continues, balanced across engineering and EMS
Slide 13: Summary
Summary 1. Returned to growth Year-over-year growth expected to accelerate exiting the year Medical, Industrial and AC&C growing while A&D remains strong AI-related wins expected to ramp into 2026 2. Disciplined market focus Eight consecutive quarters of 10% or greater non-GAAP gross margin Continue
Slide 14: Appendix
Appendix Lt > 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: Reconciliation of GAAP to Non-GAAP
APPENDIX 1 – Reconciliation of GAAP to Non-GAAP (Dollars in thousands, except per share data – Unaudited)