Sanmina Corporation · NASDAQ:SANM
Sanmina — Q1 2026 Earnings Presentation
28 slides from Sanmina's earnings presentation, Jan 26, 2026
Slide 1: Q1 Fiscal 2026 Financial Results
Q1 Fiscal 2026 Financial Results January 26, 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 second quarter fiscal 2026 and growth expectations for fiscal 2026, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities
Slide 4: Q1'26 Highlights
Q1’26 Highlights Non-GAAP Non-GAAP Cash Flow Revenue Operating Margin Diluted EPS From Operations $3.19B 6.0% $2.38 $179M Executing to the plan Delivered results at the high-end of our outlook Solid operational execution Excellent cash management Strong Momentum Refer to GAAP to non-GAAP rec
Slide 5: Financial Overview
Financial Overview Jon Faust
Slide 6: Non-GAAP Financial Highlights
Non-GAAP Financial Highlights Q1 FY’26* Outlook WAS Revenue $3.19B $2.9B - $3.2B Operating Margin 6.0% 5.6% - 6.1% Diluted EPS $2.38 $1.95 - $2.25 Great Start to Fiscal 2026 Refer to GAAP to non-GAAP reconciliation on slide 23. *Results include two months of ZT Systems results of operations. 6
Slide 7: Non-GAAP P&L Performance
Non-GAAP P&L Performance ($ in millions, except per share data) Revenue Non-GAAP Gross Profit & Gross Margin 59.0% $3,190 9.3% 9.0% $2,006 $298 $180 Q1'25 Q1'26* Q1'25 Q1'26* Non-GAAP Operating Profit Non-GAAP Diluted Earnings Per Share & Operating Margin 6.0% 66.1% $2.38 5.6% $192 $1.44 $113 Q1'25
Slide 8: Segment Reporting: Revenue and Non-GAAP Gross Margin
Segment Reporting: Revenue and Non-GAAP Gross Margin ($ in millions) Integrated Manufacturing Solutions Components, Products and Services $2,791 $434 $416 $1,623 8.7% 7.9% 12.9% 12.5% Q1'25 Q1'26* Q1'25 Q1'26* Revenue and non-GAAP gross margin for IMS segment and CPS category includes inter-segment
Slide 9: Balance Sheet
Balance Sheet ($ in millions) 12/27/2025 Cash and cash equivalents 1,416 Key Takeaways: Accounts receivable, net 2,646 Contract assets 431 Strong cash position Inventories 3,053 No borrowings under $1.5 billion Revolver at quarter end Property, plant and equipment, net 955 Deferred income tax as
Slide 10: Q1 FY'26 Cash Flow Highlights
Q1 FY’26 Cash Flow Highlights Cash Flow from Operations: $179 million $87 million Net CapEx: Investing in growth markets, technology and capabilities to support long-term growth Free Cash Flow: $92 million Non-GAAP EBITDA: $230 million 516 thousand shares for $79 million Share Repurchase
Slide 11: Capital Allocation Strategy Remains Intact
Capital Allocation Strategy Remains Intact Focused on Growth Strategic Share Organic Growth M&A and Reduce Debt Repurchases Partnerships ROI Based Approach Maximizing Shareholder Value 11
Slide 12: Q2 FY'26 Outlook
Q2 FY’26 Outlook Non-GAAP Non-GAAP Revenue Operating Margin* Diluted EPS* $3.1B - $3.4B 5.7% - 6.2% $2.25 - $2.55 *This is a forward-looking non-GAAP financial measure that cannot be reconciled to its equivalent GAAP financial measure without unreasonable effort. 12
Slide 13: Business Overview
SANMINA Business Overview Jure Sola
Slide 14: Q1 FY'26 Overview
Q1 FY’26 Overview Strong results Revenue and non-GAAP operating margin at the high-end of our outlook Non-GAAP diluted EPS exceeded our outlook FY’26 tracking to our expectations Consistent Execution – Driving Financial Performance 14
Slide 15: Revenue by End-Market
Revenue by End-Market ($ in millions) Q1 FY’26* Q1 FY’25 Communications Networks $1,964 $737 Cloud & AI Infrastructure Industrial & Energy Medical $1,226 $1,269 Defense & Aerospace Automotive & Transportation Total $3,190 $2,006 *Q1’26 includes two months of ZT Systems results of operations. Well Di
Slide 16: End-Market View: Positive Trends
End-Market View: Positive Trends Communications Networks and Cloud & AI Infrastructure Strong demand for high performance switches and enterprise storage High Density/Performance Networks Growing optical advanced packaging High performance systems – 400G, 800G and 1.6T Strong growth opportun
Slide 17: Sanmina / ZT Systems Update
Sanmina / ZT Systems Update Where we are at: FULL SYSTEM INTEGRATION FOR AI DATA CENTERS AT SCALE Integration is on track Immediately accretive to EPS ZT Systems margins in line with core Sanmina Strong management and technical team in place Where we are headed: Expect more growth in secon
Slide 18: Sanmina's Priorities
Sanmina’s Priorities 1 2 3 4 Focus on Leader in Execute on ZT Systems Drive Customers Technology Opportunities Profitable Growth Broaden and deepen Competitive advantage Large opportunities Building “Big” for the future customer partnerships Maximize Shareholder Value 18
Slide 19: Summary
Summary Great start to FY’26 Expect core Sanmina to grow high single digits Strong demand for AI hardware in the second half of CY’26 and beyond Capacity and power requirements to support customer demand for AI Data Centers Ongoing diversification in growth markets Manufacturing footprin
Slide 20: Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP
Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP Quarter Ended: December 27, 2025
Slide 21: Sanmina Corporation Condensed Consolidated Balance Sheets
Sanm ina Corporation Condensed Consolidated Balance Sheets (in thousands) (GAAP) (Unaudited) Decem ber 27, Septem ber 27, 2025 2025 ASSETS Current assets: Cash and cash equivalents $ 1,415,541 $ 926,267 Accounts receivable, net 2,646,068 1,400,129 Contract assets 430,906 425,944 Inventories 3,053,20
Slide 22: 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 Decem ber 27, Decem ber 28, 2025 2024 Net sales $ 3,189,693 $ 2,006,348 Cost of sales 2,947,331 1,838,433 Gross profit 242,362 167,915 Operating expenses
Slide 23: Reconciliation of GAAP to Non-GAAP Measures
Sanm ina Corporation Re conciliation of GAAP to Non-GAAP Me as ure s (in thous ands , e xce pt pe r s hare am ounts ) (Unaudite d) Thre e Months Ende d De ce m be r 27, Se pte m be r 27, De ce m be r 28, 2025 2025 2024 GAAP Gross prof it $ 242,362 $ 191,157 $ 167,915 GAAP Gross margin 7.6 % 9.1 % 8.
Slide 24: Sanmina Corporation Condensed Consolidated Cash Flow
Sanm ina Corporation Condensed Consolidated Cash Flow (in thousands) (GAAP) (Unaudited) Three Months Ended Decem ber 27, Decem ber 28, 2025 2024 Net income before noncontrolling interest $ 51,755 $ 70,884 Depreciation and intangibles amortization 39,531 31,845 Amortization of inventory fair value ad
Slide 25: Pre-Tax Return on Invested Capital (ROIC)
Sanm ina Corporation Pre-Tax Return on Invested Capital (ROIC) ($ in thousands) (Unaudited) Three Months Ended Decem ber 27, 2025 Decem ber 28, 2024 GAAP Operating income $ 73,598 $ 88,610 x 4.0 4.0 Annualized GAAP Operating income 294,392 354,440 Average invested capital (1) ÷ 2,389,593 1,915,460 G
Slide 26: 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 Decem ber 27, Decem ber 28, 2025 2024 EBITDA GAAP Operating Income $ 73,598 $ 88,610 Amortization of inventory fair value adjustment 49,000 — Depreciation and intangibles amortizati
Slide 27: Schedule 1
Schedule 1 The statements above and financial information provided in the fourth quarter earnings release include non-GAAP measures of gross profit, gross margin, operating income, operating margin, net income, earnings per share, ROIC and EBITDA. Management excludes from these measures stock-based
Slide 28: Thank You
Thank You