Slide 1: Q4 FY26 Earnings Presentation
Q4 FY26 Earnings Presentation Quarter End: March 31, 2026 Earnings Announcement: May 5, 2026 1
Slide 2: Risks and non-GAAP disclosures
Risks and non-GAAP disclosures This presentation contains forward-looking statements within the meaning of U.S. securities laws, including statements related to our future financial results and our guidance and outlook for future financial performance (including expected revenues, operating income,
Slide 3: Executive summary
Executive summary Revathi Advaithi Chief Executive Officer 3
Slide 4: Executive summary
Executive summary Q4 FINANCIAL PERFORMANCE Revenue Adj. operating income Adj. operating margin Adj. net income Adj. earnings per share $7.5B $500M 6.7% $348M $0.93 FY26 FINANCIAL PERFORMANCE Revenue Adj. operating income Adj. operating margin Adj. net income Adj. earnings per share $27.9B $1.8B 6.3%
Slide 5: Flex Announces Intention to Spin Off its Cloud and Power Infrastructure Segment
Flex Announces Intention to Spin Off its Cloud and Power Infrastructure Segment into a New Independent Publicly Traded Company SpinCo A leader in critical digital infrastructure, delivering end-to-end A market leading advanced manufacturing company power and thermal management technologies for AI da
Slide 6: Strategic rationale
Strategic rationale Creating two focused, purpose-built companies A sharpened focus to unlock the potential of two businesses, each with a clear mission and operating model built to match SpinCo will be a critical digital and electrical infrastructure company, delivering end-to-end power and thermal
Slide 7: Acquired Electrical Power Products, Inc. (EP2) in May, strengthening Power utility portfolio
Acquired Electrical Power Products, Inc. (EP2) in May, strengthening Power utility portfolio EP2 and Crown Products Sourced components Utility-grade, specification-driven solutions support grid modernization and electrification MV Switchgear Relay Panels Integrated control building Power distributio
Slide 8: SpinCo strategic opportunities
SpinCo strategic opportunities 1 Capture sustained infrastructure demand Capitalize on multi-year demand for power-dense data center Long-term revenue outlook and critical infrastructure driven by AI and electrification 38% FY26 YoY revenue growth 2 Drive technological competitive advantage Provide
Slide 9: Flex strategic opportunities
Flex strategic opportunities Long-term revenue outlook 1 Prioritize growth in high value end markets Focus on markets shaped by powerful, long-term secular trends— markets that increasingly demand higher levels of complexity, reliability, and global scale 1.4% FY26 YoY revenue growth 2 Scale with te
Slide 10: Proven leaders committed to driving value
Proven leaders committed to driving value Revathi Advaithi Michael Hartung CEO, SpinCo CEO, Flex Chairman of the Board, Flex Upon Spin-off Upon Spin-off Currently Flex Chief Executive Officer Currently Flex Chief Commercial Officer 10
Slide 11: Financial update
Financial update Kevin Krumm Chief Financial Officer 11
Slide 12: Announcing new segments
Announcing new segments Separating Data Center into Cloud and Power Infrastructure Regulated Manufacturing Integrated Technology Delivering Cloud andProfitable Power Solutions Solutions Growth Infrastructure FY27 Goals Industrial Communications Cloud & Cooling • Low-to-mid single digit revenue CAGR
Slide 13: Q4 Key financials
Q4 Key financials QUARTER HIGHLIGHTS Q4FY25 Q4FY26 Y/Y • Strong revenue growth across all FLEX three segments, led by Cloud and Power Infrastructure Revenue $6,398M $7,477M 17% • Sixth consecutive quarter at or Adj. Gross Profit / Margin $602M / 9.4% $737M / 9.9% 22% / 50 bps above 6% adj. operating
Slide 14: Q4 FY26 Segment performance
Q4 FY26 Segment performance REVENUE ADJ. OPERATING INCOME ADJ. OPERATING MARGIN TOTAL FLEX REVENUE ($B) Y/Y GROWTH ($M) Y/Y GROWTH % Y/Y CHANGE 39% REGULATED MANUFACTURING SOLUTIONS $2.7 13% $180 29% 6.6% 80 bps INTEGRATED TECHNOLOGY SOLUTIONS $7.5B 25% $2.9 13% $147 13% 5.0% 0 bps 36% CLOUD AND POW
Slide 15: FY26 Key financials
FY26 Key financials FULL YEAR HIGHLIGHTS FY25 FY26 Y/Y • Strength in Cloud and Power Infrastructure and AI-adjacent FLEX businesses offset by weakness in consumer-related end markets Revenue $25.8B $27.9B 8% • Record annual adj. gross, Adj. Gross Profit / Margin $2,261M / 8.8% $2,655M / 9.5% 17% / 7
Slide 16: FY26 Segment performance
FY26 Segment performance REVENUE ADJ. OPERATING INCOME ADJ. OPERATING MARGIN TOTAL FLEX REVENUE ($B) Y/Y GROWTH ($M) Y/Y GROWTH % Y/Y CHANGE 40% REGULATED MANUFACTURING SOLUTIONS $10.2 5% $611 21% 6.0% 80 bps INTEGRATED TECHNOLOGY SOLUTIONS $27.9B 24% $11.1 (2%) $596 10% 5.4% 60 bps 36% CLOUD AND PO
Slide 17: FY26 Segment & business unit performance
FY26 Segment & business unit performance ADJ. OP FY25 FY26 Y/Y MARGIN FULL YEAR HIGHLIGHTS FLEX REVENUEA $25.8B $27.9B 8% 6.3% RMS REVENUE $9.7B $10.2B 5% 6.0% • Cloud and Power Infrastructure growth exceeded full-year target Industrial $3.4B $3.8B 13% of 35% Automotive $3.7B $3.6B (2%) • Secular AI
Slide 18: FY26 Cash flow overview
FY26 Cash flow overview Maintaining strong cash generation while strategically investing in growth CAPITAL EXPENDITURES, NET A ($M) ($M) Q4FY26 FY26 $201 GAAP NET INCOME $250 $880 $148 $145 $131 Depreciation, Amortization and other Impairment Charges $130 $563 $108 Change in Working Capital and othe
Slide 19: FY27 Guidance
FY27 Guidance Current Market Assumptions & Outlook $32.3 - $33.8B revenue • Guidance based on current demand indicators • Continued AI and data center buildout 7.0% - 7.1% adj. operating margin driving strong Cloud, Power products, Industrial, and Communications demand • Margin expansion driven by r
Slide 20: FY27 Revenue expectations
FY27 Revenue expectations Delivering margin-accretive growth in diversified portfolio RMS Up low-single digit to mid-single digit Industrial Growth driven by energy infrastructure, automation, and capital equipment Automotive Stabilizing in FY27, progress in compute and power electronics platforms H
Slide 21: Q1 FY27 Guidance
Q1 FY27 Guidance RMS Up high-single digit to low-double digit ITS Up high-single digit to low-double digit CPI Up 20% to 30% Revenue Adj. operating income Adj. earnings per share $7.35B - $7.65B $469M - $499M $0.86 - $0.92 Interest and other expense Adj. income tax rate Weighted avg. shares outstand
Slide 22: Appendix
Appendix 22
Slide 23: Q4 FY26 Prior segment performance
Q4 FY26 Prior segment performance REVENUE ADJ. OPERATING INCOME ADJ. OPERATING MARGIN TOTAL FLEX REVENUE ($B) Y/Y GROWTH ($M) Y/Y GROWTH % Y/Y CHANGE RELIABILITY $3.5 21% $291 62% 8.3% 210 bps 53% AGILITY $7.5B 47% $4.0 14% $218 (5%) 5.5% (110 bps) CORPORATE AND -- -- ($9) -- -- -- OTHER A TOTALB $7
Slide 24: FY26 Prior segment performance
FY26 Prior segment performance REVENUE ADJ. OPERATING INCOME ADJ. OPERATING MARGIN TOTAL FLEX REVENUE ($B) Y/Y GROWTH ($M) Y/Y GROWTH % Y/Y CHANGE RELIABILITY $12.7 8% $893 31% 7.1% 120 bps 55% AGILITY $27.9B $15.3 8% $924 8% 6.1% (0 bps) 45% CORPORATE AND -- -- ($53) -- -- -- OTHER A TOTALB $27.9 8
Slide 25: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Year- Year- ended ended ended ended ended ended March 31, December 31, March 31, December 31, March 31, March 31, 2026 2025 2025 2024 2026 2025 % of % of % of % of % of % of ($ in Millions) revenue revenue reve
Slide 26: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Year- Year- ended ended ended ended ended ended March 31, 2026 December 31, 2025 March 31, 2025 December 31, 2024 March 31, 2026 March 31, 2025 ($ in Millions) GAAP operating income $372 $389 $305 $334 $1,368 $
Slide 27: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Year- Year- ended ended ended ended ended ended December 31, December 31, ($ in Millions, except for EPS) March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 2025 2024 GAAP net income $250 $239 $222 $26
Slide 28: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Year- Quarter- Year- ended ended ended ended March 31, 2026 March 31, 2026 March 31, 2026 March 31, 2026 ($ in Millions) ($ in Millions) Non-GAAP Operating Income: Reconciliation of Non-GAAP Operating Income Integrated Technology Solutio
Slide 29: Appendix: Reconciliation of GAAP to Non-GAAP Measures
Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- Quarter- Quarter- Quarter- Quarter- Quarter- ended Ended ended ended ended ended ($ in Millions) March 31, 2026 December 31, 2025 September 26, 2025 June 27, 2025 March 31, 2025 December 31, 2024 Net cash provided by operating activities
Slide 30: Create the extraordinary.
Create the extraordinary.