Slide 1: Fourth Quarter and Fiscal Year 2025 Results
Benchmark Electronics Fourth Quarter and Fiscal Year 2025 Results February 3rd, 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking Statements Non-GAAP Financial Information This document contains forward-looking statements within the meaning of Section 27A of the Management discloses certain non-GAAP information to provide investors with additional Securities Act of 1933, as amended and Section 21E of the Securi
Slide 3: Today's Speakers
Today’s Speakers Jeff Benck David Moezidis Bryan Schumaker Chief Executive Officer President EVP and Chief Financial Officer
Slide 4: Fourth Quarter 2025 Overview
Fourth Quarter 2025 Overview $704M 10.6% 5.5% $0.71 GAAP AND NON- NON-GAAP GROSS NON-GAAP OPERATING NON-GAAP EPS GAAP REVENUE MARGIN MARGIN HIGHLIGHTS • Strong year-over-year revenue performance led by double-digit growth in AC&C, Medical and A&D • Continued to deliver gross margin at or above 10% •
Slide 5: Fiscal Year 2025 Overview
Fiscal Year 2025 Overview $2,659M 10.2% 4.9% $2.40 GAAP AND NON- NON-GAAP GROSS NON-GAAP OPERATING NON-GAAP EPS GAAP REVENUE MARGIN MARGIN HIGHLIGHTS • Returned to year-over-year growth in the 2nd half of the year • Delivered two consecutive years of greater than 10% gross margin • Drove sequential
Slide 6: Business Highlights
Business Highlights Strategic focus continues to drive results Financial discipline remains at the forefront • Well-balanced sector portfolio in • Inventory turns continue to improve growth markets with cash cycles at multi-year record • Driving improved revenue growth • Generated $48M of Free Cash
Slide 7: Financial Results (Non-GAAP)
Financial Results (Non-GAAP) THREE MONTHS THREE MONTHS THREE MONTHS ENDED ENDED ENDED December 31 September 30 December 31 2024 2025 2025 ($ MILLIONS) Revenue $657 $681 $704 Gross Margin 10.4% 10.1% 10.6% Operating Margin 5.1% 4.8% 5.5% Effective Tax Rate 22.4% 24.5% 25.4% EPS $0.61 $0.62 $0.71 * Se
Slide 8: Financial Results (Non-GAAP)
Financial Results (Non-GAAP) TWELVE MONTHS TWELVE MONTHS ENDED ENDED December 31 December 31 2024 2025 ($ MILLIONS) Revenue $2,656 $2,659 Gross Margin 10.2% 10.2% Operating Margin 5.1% 4.9% Effective Tax Rate 23.5% 24.8% EPS $2.29 $2.40 * See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Finan
Slide 9: Fourth Quarter 2025 Sector Performance
Fourth Quarter 2025 Sector Performance Sales $MM Q/Q Sector Mix Semi-Cap $171 (8%) 24% 20% Industrial $144 (6%) $704 15% Aerospace & Defense $137 7% MILLION 21% Medical $144 14% 20% AC&C $108 22% | 9
Slide 10: Fiscal Year 2025 Sector Performance
Fiscal Year 2025 Sector Performance Sales $MM Y/Y Sector Mix Semi-Cap $741 2% 28% 19% Industrial $575 0% $2,659 13% MILLION Aerospace & Defense $514 19% 18% Medical $484 7% 22% AC&C $345 (27%) | 10
Slide 11: 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 | 11
Slide 12: Balance Sheet and Cash Flow Update
Balance Sheet and Cash Flow Update (In Millions) Q4-24 Q3-25 Q4-25 FY 2024 FY 2025 Cash Flows from Operations $46 $37 $59 $189 $124 • Focus on working capital management Free Cash Flow (1) $37 $25 $48 $156 $85 supported achieving Free Cash Flow objective Share Repurchases $0 $10 $1 $5 $27 • Balance
Slide 13: Working Capital Trends
Working Capital Trends Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Accounts Receivable Days 57 53 52 50 50 Contract Asset Days 23 25 25 26 23 Inventory Days 85 89 83 75 69 Accounts Payable Days (54) (61) (55) (56) (58) Advance Payments from Customers Days (22) (20) (20) (18) (17) Cash Conversion Cycle Days 89 86
Slide 14: First Quarter 2026 Guidance
First Quarter 2026 Guidance Q1-26E Net Sales $655M to $695M Gross Margin – non-GAAP 10.0% to 10.4% Operating Margin – non-GAAP 4.7% to 4.9% Interest and Other Expenses, Net ~$4.7M Non-operating Expenses $5.1M to $5.5M Stock-Based Compensation Expense ~$5.4M Effective Tax Rate 26% to 27% Diluted EPS
Slide 15: Sector Outlook
Sector Outlook Semi-Cap Industrial Aerospace & Defense • Increased confidence in WFE market • Expect to return to Y/Y growth in 2026 • Commercial air expected to remain stable improvement in 2026 supported by existing program ramps • Program timing may moderate • New building in Penang supports 2025
Slide 16: Summary
Summary 1. Business Momentum in 2025 Shapes Future Growth Potential • Solid year of bookings with both new and existing customers • End-markets within Medical and Semi-Cap appear to be improving into 2026 • Space, MedTech and AI-related computing opportunities are promising • Industrial positioned f
Slide 17: Appendix
Appendix > Benchmark | 17 Copyright © 2026 by original author Benchmark Electronics, Inc. Not to be reproduced, distributed, or used in any means without written permission by Benchmark.
Slide 18: APPENDIX 1 – Reconciliation of GAAP to Non-GAAP
APPENDIX 1 – Reconciliation of GAAP to Non-GAAP (Dollars in thousands, except per share data – Unaudited) Three Months Ended Year Ended Dec 31, Mar 31, June 30, Sep 30, Dec 31, Dec 31, 2024 2025 2025 2025 2025 2024 2025 Income from operations (GAAP) $ 28,524 $ 11,759 $ 20,486 $ 23,661 $ 20,143 $ 109