Celestica Inc. · TSX:CLS
Celestica — Investor Day (October 2025)
63 slides from Celestica's investor day presentation, Oct 28, 2025
Slide 1: 2025 Investor & Analyst Day
October 28, 2025 2025 INVESTOR & ANALYST DAY
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Investor & Analyst Day • October 28, 2025 Cautionary Note Regarding Forward - Looking Statements This presentation contains forward - looking statements, including, without limitation, those related to: strengthening demand in our businesses, demand environment and customer forecasts, our anticipate
Slide 3: Agenda
Investor & Analyst Day • October 28, 2025 Agenda Future Ready: Accelerating Market Advancements 1 Financial Outlook 4 Connectivity & Cloud Services ( CCS) 2 Closing Remarks 5 Q&A 6 Advanced Technology Solutions (ATS) 3 3
Slide 4: Future Ready: Accelerating Market Advancements
2025 INVESTOR & ANALYST DAY Future Ready: Accelerating Market Advancements Rob Mionis President and Chief Executive Officer
Slide 5: Accelerating market advancements with our leading technology platform solutions
Investor & Analyst Day • October 28, 2025 Celestica is accelerating market advancements with our leading technology platform solutions WHO WE ARE Celestica is a leading global technology platform solutions company We leverage our vertically integrated capabilities to provide customized solutions tha
Slide 6: Leveraging vertically integrated capabilities to deliver customized platform solutions
Investor & Analyst Day • October 28, 2025 Leveraging vertically integrated capabilities to deliver customized platform solutions Technology Platform Solution Manufacturing Supply Chain After Market Services Software Design, Engineering & Testing 6
Slide 7: Our business today
Investor & Analyst Day • October 28, 2025 9.0 3.2 ATS CCS Our business today 1 $12.2B +26% YTY 2025E Revenue $5.90 +52% YTY 2025E Non - GAAP Adjusted EPS $425M +39% YTY 2025E Non - GAAP Free Cash Flow 7.4% +90 bps YTY 2025E Non - GAAP Adjusted Operating Margin 2025E Revenue by Segment ($B) 1) See “C
Slide 8: Technology platform solutions provider
Investor & Analyst Day • October 28, 2025 Technology platform solutions provider Recognized design leadership and key technology enabler in AI data centers HPS business driving >40% of total revenues 1 High growth portfolio with expanding margins Today Beginning of transformation journey Our multi -
Slide 9: Consistent execution is driving exceptional financial performance
Investor & Analyst Day • October 28, 2025 7.3 8.0 9.6 12.2 2022 2023 2024 2025E Revenue 4.9% 5.5% 6.5% 7.4% 4.0% 4.2% 6.2% 2022 2023 2024 2025E Consistent execution is driving exceptional financial performance KEY DRIVERS Share Gains & Market Growth Productivity & Efficiency Operating Leverage Favor
Slide 10: Key Investments
Investor & Analyst Day • October 28, 2025 Key Investments Global manufacturing and design network supporting high - reliability products Investing in North America to support AI customers 46 sites 1 16 countries in • >100% increase in sq. ft. and >10x power envelope by 2027 2 • Manufacturing Center
Slide 11: Celestica Operating System delivering speed to market and productivity
Investor & Analyst Day • October 28, 2025 OPERATIONAL EXCELLENCE Celestica Operating System delivering speed to market and productivity The Celestica Operating System standardizes excellence across our network to ensure high - quality output Operating System Culture Efficiency (Lean Manufacturing &
Slide 12: Case Study: 1.6T networking rack with Hyperscaler
Investor & Analyst Day • October 28, 2025 Case Study: 1.6T networking rack with Hyperscaler CUSTOMER NEED Early deployment of 1.6T with Tomahawk® 6 platform First - of - its - kind rack - scale networking solution Integrated solution into facility - level liquid - cooling OUTCOMES Awarded mass - pro
Slide 13: Our key drivers of success
Investor & Analyst Day • October 28, 2025 Our key drivers of success Industry - leading positions in high - growth markets Accelerate market advancements through technology leadership Best - in - class operational execution 1 2 3 13
Slide 14: Connectivity & Cloud Solutions
2025 INVESTOR & ANALYST DAY Connectivity & Cloud Solutions Jason Phillips President, CCS
Slide 15: CCS at-a-glance: Celestica's growth engine
Investor & Analyst Day • October 28, 2025 Non - HPS 4.0 HPS 5.0 Revenue by Solution 1 CCS at - a - glance: Celestica’s growth engine 1 $9.0B (+39% YTY) CCS 2025E Revenue 8.2% (+80 bps YTY) CCS 2025E Segment Margin 2 4.3 4.6 6.5 9.0 2022 2023 2024 2025E Communications 7.0 Server 1.4 Storage 0.6 Reven
Slide 16: Growing investments to support our platform solutions
Investor & Analyst Day • October 28, 2025 1.8 1.7 2.8 5.0 2022 2023 2024 2025E Growing investments to support our platform solutions $5.0B (+80% YTY) HPS 2025E Revenue 1 1,100+ design engineers $46 $61 $78 $120 HPS Revenue ($B) HPS Revenue and R&D Investment 1 7 global design sites 50%+ growth in R&
Slide 17: Investing to stay ahead of the curve on technology roadmaps
Investor & Analyst Day • October 28, 2025 Investing to stay ahead of the curve on technology roadmaps Celestica Design challenges in power density & signal integrity due to scaling complexity Evolution of optical & interconnect technologies LPO 1 , CPO 2 , CPC 3 Requirements for advanced cooling tec
Slide 18: System-level capabilities supporting platform solutions for the data center
Investor & Analyst Day • October 28, 2025 Scale Up Cable Backplane Management Switch Top of Rack ( ToR ) Network Switch Scale Out Switches Power Shelves Intra - Rack Connections AI Servers Scale Up Switches Power Cables System - level capabilities supporting platform solutions for the data center Ce
Slide 19: Investments in customized software capabilities to support networking solutions
Investor & Analyst Day • October 28, 2025 Enterprise Customers Investments in customized software capabilities to support leading networking solutions Our capabilities in software are a critical component of our solution for customers with different needs across our portfolio • Hardware vendor diver
Slide 20: Our ecosystem partners
Investor & Analyst Day • October 28, 2025 Our ecosystem partners Silicon Software Ecosystem partners supporting diverse solutions across silicon and software 20
Slide 21: Recognized as a preferred platform solutions provider
Investor & Analyst Day • October 28, 2025 Recognized as a preferred platform solutions provider 21 Broadcom recognizes Celestica as our preferred provider for our most technically demanding data center platform solutions. Their world - class execution in delivering integrated XPU - based systems and
Slide 22: AI and Cloud driving generational growth cycle in data center investment
Investor & Analyst Day • October 28, 2025 0 200 400 600 800 1,000 1,200 1,400 2025 2026 2027 2028 2029 AI and Cloud driving generational growth cycle in data center infrastructure investment Data center IT capex expected to surpass $1 trillion by 2028 1 • Hyperscaler hardware capex remains robust •
Slide 23: Hyperscaler portfolio demand remains strong
Investor & Analyst Day • October 28, 2025 Hyperscaler portfolio demand remains strong in the near to medium - term Outlook supported by program awards with ramps beginning in 2027 Digital Native Customer portfolio expected to ramp meaningfully in 2027 51% 62% 74% 77% 4.3 4.6 6.5 9.0 2022 2023 2024 2
Slide 24: Celestica's Communications portfolio
Investor & Analyst Day • October 28, 2025 6.0 1.0 Celestica’s Communications portfolio Communications 2025E Revenue ($B) 1 Networking Optical & Other $7 .0 B Leading share in high bandwidth Ethernet networking switches 2,3 Key program ramps in 800G and wins in 1.6T supporting multi - year growth out
Slide 25: Celestica's family of data center networking switches
Investor & Analyst Day • October 28, 2025 FEATURES • Open architecture • Supports LPO 1 solutions • Supports expanded radix configurations • 128x800GbE • 256x400GbE • 512x200GbE PERFORMANCE • 224Gbps SerDes • AI - optimized routing • Power efficiency DS6000/6001 1.6T Data Center Switch supporting AI
Slide 26: High-Bandwidth Ethernet Switch TAM to reach ~$50B by 2029
Investor & Analyst Day • October 28, 2025 0 10 20 30 40 50 2025 2026 2027 2028 2029 High - Bandwidth Ethernet Switch TAM to reach ~ $50B by 2029 1,2,3 High Bandwidth Ethernet Switch TAM ($B) 1,2,3 1 Networking becoming larger part of data center spend 2 AI infrastructure expected to drive higher spe
Slide 27: Networking intensity increasing with the scaling of compute
Investor & Analyst Day • October 28, 2025 Networking intensity increasing with the scaling of compute CLUSTER SIZE INTER - CONNECTS 1 1K 2K 25K 75K 100K 500K 2X 3X 5X 10X 1M 10M 0 2,000 4,000 6,000 8,000 10,000 1 25 100 1,000 Interconnects (000’s) 1 Cluster Size / Accelerators (000's) Interconnects
Slide 28: AI forecasted to drive higher spend on back-end networking
Investor & Analyst Day • October 28, 2025 34% 49% 53% 57% 60% 2025 2026 2027 2028 2029 Back - End vs. Front - End TAM Share 1,2 AI forecasted to drive higher spend on back - end networking 1,2 Front - End Back - End Greater requirements for performance and total bandwidth Majority of Celestica’s HPS
Slide 29: Celestica deepens leading Ethernet switch market share
Investor & Analyst Day • October 28, 2025 Celestica deepens leading Ethernet switch market share Celestica is the leading provider for high bandwidth Ethernet switches 1,2 Celestica 41% Accton 11% Rest of ODM 11% Arista 15% Rest of Market 22% Ethernet Switch Market Share (200G+) 1,2 Total Ports Ship
Slide 30: Celestica gaining share in Custom switch solutions
Investor & Analyst Day • October 28, 2025 Celestica gaining share in Custom switch solutions Celestica has accounted for 55% of entire Custom Ethernet switch spend year - to - date 1,2 Celestica’s Share of Custom Ethernet Switch Revenue 1,2 33% 32% 40% 55% 2022 2023 2024 2025 YTD 1) Source: 650 Grou
Slide 31: Celestica's Enterprise Portfolio
Investor & Analyst Day • October 28, 2025 1.4 0.6 Celestica’s Enterprise Portfolio Anchored by Hyperscale solutions on leading - edge custom ASIC platform Design underway for AI rack - scale custom ASIC solution for Digital Native Customer; expected to ramp in early 2027 Pursuing opportunities with
Slide 32: AI/ML Compute TAM projected to add $300B+ by 2029
Investor & Analyst Day • October 28, 2025 0 100 200 300 400 500 2025 2026 2027 2028 2029 AI/ML Compute TAM projected to add $300B+ by 2029 1 AI/ML Compute TAM by Silicon ($B) 1 1 Growth in custom ASIC platforms, driven by need for specific use - case computing 2 Larger clusters required to train mor
Slide 33: Increasing adoption driving rapid growth in custom ASIC TAM
Investor & Analyst Day • October 28, 2025 Increasing adoption driving rapid growth in custom ASIC TAM Proliferation of custom ASIC platforms • Superior price - to - performance for specialized workloads • Enables differentiation and optimization of model performance • Supply chain diversity • Benefi
Slide 34: CCS key takeaways
Investor & Analyst Day • October 28, 2025 Leading market share in high - bandwidth Ethernet switching 1,2 Market Leadership Deeply entrenched relationships with the industry’s largest customers and ecosystem partners Key Relationships Multi - year runway for growth in AI investments Data center cust
Slide 35: Advanced Technology Solutions
2025 INVESTOR & ANALYST DAY Advanced Technology Solutions Todd Cooper President, ATS
Slide 36: ATS at-a-glance
Investor & Analyst Day • October 28, 2025 ATS at - a - glance 1 Targeting revenue growth at or above market levels and expanding segment margins Industrial 1.3 Capital Equipment 0.8 A&D 0.8 HealthTech 0.3 ATS 2025E Revenue by Business $3.2B (+1% YTY) ATS 2025E Revenue 5.3% (+70 bps YTY) ATS 2025E Se
Slide 37: Engineering-led strategy to deepen customer engagement
Investor & Analyst Day • October 28, 2025 Targeting revenue growth at market levels or higher Expanding segment margins Deepening long - standing relationships with Tier 1 OEMs Diversified portfolio of 100+ customers Market - focused engineering teams & expertise Deeper engagement throughout product
Slide 38: Industrial & Smart Energy
Investor & Analyst Day • October 28, 2025 Industrial & Smart Energy 1 2026 Portfolio Trends • Expect continued growth as macro - sensitive markets see demand recover • Strategic focus on deepening relationships with established OEMs Long - term Drivers • Data center power • Robotics & automation • T
Slide 39: Aerospace & Defense
Investor & Analyst Day • October 28, 2025 Aerospace & Defense 1 2026 Portfolio Trends • Healthy base demand offset by strategic disengagement from 2025 • Ramping new wins in defense & commercial aerospace Long - term Drivers • Defense • Commercial aerospace • Space $0.8B ( - 9% YTY) 2025E Revenue 1)
Slide 40: Semiconductor Capital Equipment
Investor & Analyst Day • October 28, 2025 Semiconductor Capital Equipment 1 2026 Portfolio Trends • WFE 2 market seeing muted demand due to trade restrictions & tariff policies • Continue to ramp high - complexity programs • Adding new wins with existing customer base Long - term Drivers • Nearshori
Slide 41: HealthTech
Investor & Analyst Day • October 28, 2025 HealthTech 1 2026 Portfolio Trends • Strong growth driven by new program ramps in diabetes care • Healthy demand within existing submarkets Long - term Drivers • Diabetes care • Medical imaging & diagnostics • Surgical instruments $0.3B (+5% YTY) 2025E Reven
Slide 42: ATS key takeaways
Investor & Analyst Day • October 28, 2025 Strategic portfolio reshaping expected to drive expanding segment margins Aim to drive revenue growth at or above underlying market growth rates Outlook for flat to mid - single digit revenue growth in 2026 1 ATS key takeaways Near - term Long - Term Profita
Slide 43: Financial Outlook
2025 INVESTOR & ANALYST DAY Financial Outlook Mandeep Chawla Chief Financial Officer
Slide 44: 2026 Financial Outlook
Investor & Analyst Day • October 28, 2025 2026 ASSUMPTIONS • CCS Revenue: ~40% growth ⎼ Continued ramp in next - gen Hyperscale AI/ML compute program ⎼ Strong growth continuing for 800G ⎼ 1.6T programs for Hyperscaler customers expected to ramp in 2H • ATS Revenue: Flat to mid - single digit percent
Slide 45: Growth dynamics expected to continue through 2027
Investor & Analyst Day • October 28, 2025 Growth dynamics expected to continue through 2027 1 LONG - TERM OUTLOOK FINANCIAL PRIORITIES 1 AI - related demand for leading - edge data center hardware remains robust • Hyperscalers continue to increase capex spend • Growing investments from Digital Nativ
Slide 46: 5 year financial progression
Investor & Analyst Day • October 28, 2025 1.94 2.46 3.88 5.90 8.20 1.46 2.03 3.61 2022 2023 2024 2025E 2026E 7.3 8.0 9.6 12.2 16.0 2022 2023 2024 2025E 2026E 4.9% 5.5% 6.5% 7.4% 7.8% 4.0% 4.2% 6.2% 2022 2023 2024 2025E 2026E 43% CAGR 2 5 year financial progression 1 Accelerating revenue growth and m
Slide 47: Strong track record of generating non-GAAP Free Cash Flow
Investor & Analyst Day • October 28, 2025 ~1.5 % 211 326 474 102 204 306 425 500 2022 2023 2024 2025E 2026E Strong track record of generating non - GAAP Free Cash Flow Expect capex to increase to 2.0% - 2.5% of revenues Strong balance sheet with low leverage supporting investment needs Free Cash Flo
Slide 48: Return on Invested Capital
Investor & Analyst Day • October 28, 2025 18% 21% 27% 35% 14% 16% 26% 39% 2022 2023 2024 YTD 2025 Return on Invested Capital (ROIC) 1 Return on Invested Capital +1700 bps 3 GAAP ROIC Non - GAAP Adjusted ROIC 1) See “Note Regarding Non - GAAP Financial Measures” on slide 2. Also see “Non - GAAP Finan
Slide 49: Maintaining disciplined capital allocation approach
Investor & Analyst Day • October 28, 2025 Maintaining disciplined capital allocation approach Organic Investments in Operations & Capabilities Research & Development Targeted Growth Capex Advanced Manufacturing & Automation M&A Enhancing Capabilities Accelerate Scale in Target Markets Return of Capi
Slide 50: We continue to drive exceptional shareholder returns
Investor & Analyst Day • October 28, 2025 -100% 0% 100% 200% 300% 400% 10/23/2024 2/23/2025 6/23/2025 10/23/2025 Celestica S&P500 TSX Comp Nasdaq Comp We continue to drive exceptional shareholder returns Celestica 1 392 % 1 - Year Return 2,957% 3 - Year Return S&P 500 1,2 18 % 1 - Year Return 88% 3
Slide 51: Closing Remarks
2025 INVESTOR & ANALYST DAY Closing Remarks Rob Mionis President and Chief Executive Officer
Slide 52: Our key drivers of success
Investor & Analyst Day • October 28, 2025 Our key drivers of success Industry - leading positions in high - growth markets Accelerate market advancements through technology leadership Best - in - class operational execution 1 2 3 52
Slide 53: Management on today's call for Q&A
Investor & Analyst Day • October 28, 2025 Management on today’s call for Q&A Rob Mionis President & Chief Executive Officer Mandeep Chawla Chief Financial Officer Jason Phillips President, Connectivity & Cloud Solutions Steven Dorwart SVP & GM, Hyperscalers Todd Cooper President, Advanced Technology
Slide 54: Q&A
2025 INVESTOR & ANALYST DAY Q&A
Slide 55: 2025 Investor & Analyst Day
October 28, 2025 2025 INVESTOR & ANALYST DAY
Slide 56: Appendix
2025 INVESTOR & ANALYST DAY Appendix
Slide 57: Segment Income and Margin
Investor & Analyst Day • October 28, 2025 Segment Income and Margin 1 * Refers to notes to our December 31, 2024 annual financial statements (2024 AFS) 1) Segment margin is segment income as a percentage of segment revenue. Segment income is defined as a segment’s revenue less it s c ost of sales an
Slide 58: Non-GAAP Financial Measures
Investor & Analyst Day • October 28, 2025 Non - GAAP Financial Measures The non - GAAP financial measures included in this presentation are: adjusted operating earnings (or adjusted EBIAT), adjusted ope rating margin (adjusted operating earnings or adjusted EBIAT as a percentage of revenue), adjuste
Slide 59: Non-GAAP Financial Measures
Investor & Analyst Day • October 28, 2025 Non - GAAP Financial Measures Restructuring and Other Charges (Recoveries) consist of, when applicable: Restructuring Charges (Recoveries) (defined below); Transition Costs (Recoveries) (defined below ); consulting, transaction and integration costs related
Slide 60: GAAP to non-GAAP Reconciliation
Investor & Analyst Day • October 28, 2025 FY 2024 FY 2023 FY 2022 Revenue 9,646.0$ 7,961.0$ 7,250.0$ Net earnings 428.0 244.4 180.1 Earnings per share - diluted 3.61$ 2.03$ 1.46$ W.A. # of shares (in millions), on a basic basis 118.1 120.1 123.5 W.A. # of shares (in millions), on a diluted basis 118
Slide 61: GAAP to non-GAAP Reconciliation
Investor & Analyst Day • October 28, 2025 Q1 2025 Q2 2025 Q3 2025 YTD 2025 FY 2024 FY 2023 FY 2022 GAAP earnings from operations 128.8$ 272.5$ 325.0$ 726.3$ 599.3$ 338.3$ 289.3$ Multiplier to annualize earnings 4 4 4 1.333 1 1 1 Annualized GAAP earnings from operations 515.2$ 1,090.0$ 1,300.0$ 968.2
Slide 62: GAAP to non-GAAP Reconciliation...continued
Investor & Analyst Day • October 28, 2025 GAAP to non - GAAP Reconciliation…continued 1 The following table sets forth a reconciliation of our non - GAAP adjusted effective tax rate to our GAAP effective tax rate for t he periods indicated (in millions, except percentages). Adjusted tax expense is d
Slide 63: 2025 Investor & Analyst Day
October 28, 2025 2025 INVESTOR & ANALYST DAY