Slide 1: Q2 Fiscal 2026 Financial Results
Q2 Fiscal 2026 Financial Results April 27, 2026
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 third quarter fiscal 2026 and growth expectations for fiscal 2026 and 2027, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Sec
Slide 4: Q2 FY'26 Highlights
Q2 FY’26 Highlights Non-GAAP Non-GAAP Cash Flow Revenue Operating Margin* Diluted EPS* From Operations $4.01B 6.4% $3.16 $399M Strong Execution in Core Sanmina and ZT Systems Refer to GAAP to non-GAAP reconciliation on slide 28. 4
Slide 5: Financial Overview
Financial Overview Jon Faust
Slide 6: Non-GAAP Financial Highlights
Non-GAAP Financial Highlights Q2 FY’26 Outlook WAS Revenue $4.01B $3.1B - $3.4B Operating Margin 6.4% 5.7% - 6.2% Diluted EPS $3.16 $2.25 - $2.55 Core Sanmina revenue grew 7.3% Y/Y, in line with our expectations ZT Systems delivered revenue of $1.88 billion, significantly above plan – Strong exe
Slide 7: Non-GAAP P&L Performance
Non-GAAP P&L Performance ($ in millions, except per share data) Revenue Non-GAAP Gross Profit & Gross Margin 102% $4,013 9.1% $360 9.0% $1,984 $181 Q2'25 Q2'26 Q2'25 Q2'26 Non-GAAP Operating Profit Non-GAAP Diluted Earnings Per Share & Operating Margin 6.4% 5.6% 125% $3.16 $257 $111 $1.41 Q2'25 Q2'2
Slide 8: Segment Reporting: Revenue and Non-GAAP Gross Margin
Segment Reporting: Revenue and Non-GAAP Gross Margin ($ in millions) Integrated Manufacturing Solutions Components, Products and Services $3,584 13.9% $461 8.5% 7.7% $411 11.6% $1,604 Q2'25 Q2'26 Q2'25 Q2'26 Core Sanmina IMS grew 6.0% Y/Y CPS grew 12.2% Y/Y ZT Systems revenue was $1.88 billion
Slide 9: Balance Sheet
Balance Sheet ($ in millions) 3/28/2026 Cash and cash equivalents 1,576 Key Takeaways: Accounts receivable, net 2,230 Contract assets 473 Substantial liquidity: $3.7 billion Inventories 3,027 No borrowings under $1.5 billion Revolver at quarter end Property, plant and equipment, net 993 Deferred
Slide 10: Q2 FY'26 Cash Flow Highlights
Q2 FY’26 Cash Flow Highlights Cash Flow from Operations: $399 million Net CapEx: $57 million Free Cash Flow: $342 million Non-GAAP EBITDA: $302 million Share Repurchases: 1.1 million shares for $160 million Continued Strong Cash Generation Free cash flow = Net cash provided by operating ac
Slide 11: Capital Allocation Strategy
Capital Allocation Strategy Focused on Growth Strategic M&A Organic Growth and Partnerships Capital Allocation Reduce Debt Share Repurchases ROI Based Approach Board Authorized $600 Million for Share Repurchases 11
Slide 12: ZT Systems Update: Phased Execution
ZT Systems Update: Phased Execution Step 1 Step 2 Step 3 Time Largely Complete Current Priority Next Phase Integration of ZT Systems Won and shipped new accelerated Driving growth and expansion compute business Vertical integration synergies Incremental capital investments in Won new, ne
Slide 13: Q3 FY'26 Outlook
Q3 FY’26 Outlook Non-GAAP Non-GAAP Revenue Operating Margin* Diluted EPS* $3.2B - $3.5B 6.4% - 6.9% $2.55 - $2.85 Core Sanmina revenue of $2.2 billion to $2.3 billion ZT Systems revenue of $1.0 billion to $1.2 billion *This is a forward-looking non-GAAP financial measure that cannot be reconcile
Slide 14: FY'26 Outlook
FY’26 Outlook Non-GAAP Non-GAAP Revenue Operating Margin* Diluted EPS* $13.7B - $14.3B 6.3% - 6.6% $10.75 - $11.35 Core Sanmina expected to grow high single digits ZT Systems will be well within the $5 billion to $6 billion annualized estimate Positioned to Deliver $16B+ in FY’27 *This is a forw
Slide 15: Business Overview
NN SANMINA Business Overview Jure Sola
Slide 16: Diversified Portfolio: End-Market Performance
Diversified Portfolio: End-Market Performance ($ in millions) Q2 FY’25 Q2 FY’26 Communications Networks $733 $2,771 Cloud & AI Infrastructure Industrial & Energy Medical $1,251 $1,242 Defense & Aerospace Automotive & Transportation Total $1,984 $4,013 Well Diversified 16
Slide 17: Communications Networks / Cloud & AI Infrastructure
Communications Networks / Cloud & AI Infrastructure Program Categories & Product Examples High Performance Communications Networks - IP switching & routing - Optical systems & pluggables (400G, 800G & 1.6T) - Broadband access solutions - 5G wireless infrastructure Cloud & AI Infrastructure - Acc
Slide 18: Industrial & Energy
Industrial & Energy Program Categories & Product Examples Power Generation & Distribution Power Storage & Management - Solid oxide fuel cells (SOFC) equipment - Battery controllers & enclosures - Distribution & instrument transformers - Monitoring equipment - Switch gear - Enclosures, busbars &
Slide 19: Medical
Medical Program Categories & Product Examples Disposables / Wearables / Consumables Hospital & Medical Offices - Glucose sensors - Surgical robots - Drug delivery - Respiratory - Cancer treatment - Surgical controllers - Buffer agent vials - Diagnostic imaging - Patient monitoring Laboratory D
Slide 20: Defense & Aerospace
Defense & Aerospace Program Categories & Product Examples Defense Commercial Aerospace - Data acquisition & concentrators - Full authority digital engine controller - Advanced military communications - Flight management - Night vision - Centralized flight display control unit - Missile control &
Slide 21: Automotive & Transportation
Automotive & Transportation Program Categories & Product Examples Automotive (EV & Autonomous) Transportation - Power conversion systems - Positive train control assemblies - Battery control modules - On board door control assemblies - Advanced Driver Assistance Systems (ADAS) - On board passeng
Slide 22: Diverse Set of Capabilities: End-to-End Solutions
Diverse Set of Capabilities: End-to-End Solutions 22
Slide 23: Sanmina's Manufacturing Footprint
Sanmina’s Manufacturing Footprint AMERICAS Huntsville, AL Costa Mesa, CA Manchester, NH Secaucus, NJ Georgetown, TX Houston, TX Ottawa, Canada Guadalajara, MX Global/Regional Supply Chain Fremont, CA Austin, TX Salt Lake City, UT Juarez, MX Newark, CA Carrollton, TX Kenosha, WI Monterrey, MX San Jos
Slide 24: Summary
Summary Strong U.S. Great Q2 Results Well Diversified Presence - Excited About the & Outlook For Across and Within Global & Regional Opportunities FY’26 End-Markets Manufacturing Ahead Footprint Well Positioned to Deliver $16B+ in FY’27 24
Slide 25: Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP
Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP Quarter Ended: March 28, 2026
Slide 26: Condensed Consolidated Balance Sheets
Sanm ina Corporation Condensed Consolidated Balance Sheets (in thousands) (GAAP) (Unaudited) March 28, Septem ber 27, 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 1,575,517 $ 926,267 Accounts receivable, net 2,229,744 1,400,129 Contract assets 473,144 425,944 Inventories 3,026,666 1,
Slide 27: 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 Six Months Ended March 28, March 29, March 28, March 29, 2026 2025 2026 2025 Net sales $ 4,013,271 $ 1,984,080 $ 7,202,964 $ 3,990,428 Cost of sales 3,65
Slide 28: 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 Six Months Ended March 28, March 29, March 28, March 29, 2026 2025 2026 2025 GAAP Gross profit $ 353,791 $ 176,235 $ 596,153 $ 344,150 GAAP Gross margin 8.8 % 8.9
Slide 29: Condensed Consolidated Cash Flow
Sanm ina Corporation Condensed Consolidated Cash Flow (in thousands) (GAAP) (Unaudited) Three Months Ended Six Months Ended March 28, March 29, March 28, March 29, 2026 2025 2026 2025 Net income before noncontrolling interest $ 97,815 $ 70,515 $ 149,570 $ 141,399 Depreciation and intangibles amortiz
Slide 30: Pre-Tax Return on Invested Capital (ROIC)
Sanm ina Corporation Pre-Tax Return on Invested Capital (ROIC) ($ in thousands) (Unaudited) Three Months Ended March 28, 2026 March 29, 2025 GAAP Operating income $ 157,008 $ 91,616 x 4.0 4.0 Annualized GAAP Operating income 628,032 366,464 Average invested capital (1) ÷ 2,959,336 1,920,145 GAAP Pre
Slide 31: 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 March 28, March 29, 2026 2025 EBITDA GAAP Operating Income $ 157,008 $ 91,616 Amortization of inventory fair value adjustment — — Depreciation and intangibles amortization 47,085 28
Slide 32: Reconciliation of Inventory, Net of Customer Advances
Sanm ina Corporation Reconciliation of Inventory, Net of Custom er Advances (in thousands) (Unaudited) March 28, Septem ber 27, March 29, 2026 2025 2025 Inventories $ 3,026,666 $ 1,988,462 $ 1,548,093 Customer advances for raw materials inventory 889,043 851,514 323,587 Inventories, Net of Custom er
Slide 33: Schedule
[ea cz SANMINA Schedule 1 The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income and earnings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition
Slide 34: Thank You
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