Slide 1: Investor Presentation
Investor Presentation September 2025
Slide 2: Safe harbor statement
Safe harbor statement Statements in this presentation regarding TD SYNNEX that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward- looking statements are inhere
Slide 3: FQ3'2025 snapshot
FQ3’2025 snapshot All-time high non-GAAP gross billings(1) and non-GAAP diluted EPS(1) driven by broad-based growth $22.7B 3.03% $3.58 N O N - G A A P G R O S S B I L L I N G S (1) N O N - G A A P O P E R AT I N G M A R G I N (1) N O N - G A A P D I L U T E D E P S (1) + 12% y / y 35 bps y/y 25% y/y
Slide 4: Benefited from improving IT spending environment and end-to-end technology portfolio
FQ3’2025 Benefited from improving IT spending environment and end-to-end technology portfolio Q3 FY25 Y/Y Key takeaways GAAP Revenue ($B) $15.7 7% / 4%(2) Non-GAAP gross billings(1) exceeded the high end of our guidance and grew Operating Income ($M) $384 27% 12% y/y driven by broad-based growth acr
Slide 5: FQ3'2025 performance by geography
FQ3’2025 performance by geography Supporting partners around the world – five continents, 100+ countries served Non-GAAP Non-GAAP Non-GAAP Key takeaways Revenue gross operating operating billings(1) income(1) margin(1) Americas non-GAAP gross billings(1) were $14.2B, representing an increase of 9.0%
Slide 6: FQ4'2025 outlook
FQ4’2025 outlook Q4 FY25E GAAP Non-GAAP (1) Gross billings ($B) $23.0 – $24.0 (2) Gross to net % (28.2)% (2) Revenue ($B) $16.5 – $17.3 $16.5 – $17.3 Net income ($M) $204 – $245 $281 – $322 (2) Estimated outstanding diluted weighted avg. shares (M) 80.7 80.7 Diluted earnings per share $2.50 – $3.00
Slide 7: FQ3'2024 - FQ3'2025 performance by technology category
FQ3’2024 - FQ3’2025 performance by technology category Non-GAAP Key takeaways Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Advanced non-GAAP gross billings(1)(2) ($B) $12.2 $12.0 $12.4 $12.8 $13.8 Y/Y growth 12% 11% 7% 12% 13% Advanced Solutions non-GAAP gross Endpoint non-GAAP gross billings(1)(2) ($B)
Slide 8: Balanced end-to-end portfolio
12% $22.7B Y/Y % growth Balanced end-to- $20.3B 22% end portfolio Software 20% 26% Approximate % of total non-GAAP 15% 4% gross billings(1) by product Servers and 16% category(2) for FQ3’2025 Storage 17% 10% 17% PCs 15% —% Networking 17% 12% 6% Peripherals & 12% Print 7% 2% Services 8% 4% Mobile 4%
Slide 9: Delivering on our plan
Delivering on our plan Expanding our presence in strategic technologies and delivering strong returns to stockholders Cash flow + Continued strategic technologies execution capital allocation Strategic technologies as a % of non-GAAP gross billings(1) Cash returned to stockholders(3) $614M 31% $534M
Slide 10: Attractive long term growth in profitability
Attractive long term growth in profitability Gross profit(1) Non-GAAP operating income(1)(2) Non-GAAP diluted EPS(2) 4% CAGR 4% CAGR 8% CAGR $4,215 $3,900 $3,957 $3,981 $3,649 $1,724 $1,709 $1,642 $1,627 $12.46 $11.94 $11.68 $1,480 $11.26 $9.40 FY 2021 FY 2022 FY 2023 FY 2024 Q3 FY FY 2021 FY 2022 F
Slide 11: TD SYNNEX is a Compelling Investment Opportunity
TD SYNNEX is a Compelling Investment Opportunity 11
Slide 12: TD SYNNEX's attractive shareholder value creation model
TD SYNNEX’s attractive shareholder value creation model Grow faster than the market Non-GAAP diluted EPS(1) growth Maximize shareholder returns by extending our reach and driven by gross margin improvement through dividends and capturing market share and disciplined cost management share repurchases
Slide 13: Strong investment grade balance sheet
Strong investment grade balance sheet Capital structure provides ample liquidity and flexibility Significant liquidity Long dated, well-laddered capital structure ($M) Aug 2025 Cash $874M Unsecured revolver $3,255M 1,500 A/R securitization $1,500M 3,255 Total liquidity $5,629M 581 Investment grade b
Slide 14: Appendix
Appendix
Slide 15: Technology and product solutions
Technology Technology and and product product solutions solutions Strategic technologies CLOUD Endpoint solutions (ES) SECURITY Advanced D ATA / A I / I O T solutions (AS) HYPERSCALE CLOUD SERVERS NETWORKING STORAGE SOFTWARE OTHER INFRASTRUCTURE HYPERSCALE INFRASTRUCTURE 15
Slide 16: TD SYNNEX
TD SYNNEX Connecting the global IT system G L O B A L I T P L AT F O R M S SPECIALIZED SKILLS 16
Slide 17: Well positioned to benefit from industry evolution
Well positioned to benefit from industry evolution Linear Model Solutions Aggregation Ecosystem Orchestration OEM TD SYNNEX Reseller End User Inventory financing Reduces solution building cost for resellers Expands ecosystem addressable market Logistics management Accelerated time to market As a ser
Slide 18: Attractive business model with variable cost structure and limited capital intensity
Attractive business model with variable cost structure and limited capital intensity Illustrative business model Highly variable cost structure TTM adj. EBITDA less capex ($M)(1) OEM 92% conversion ~2% Back- $960 $20 end Margin $1,826 $(153) $1,673 Opex <5% COGS ~4% Front- ~65% ~35% >95% end Margin
Slide 19: Best line card in the industry to take advantage of AI growth
Best line card in the industry to take advantage of AI growth Enabled via first to market Destination AI channel program AI-enabled independent software vendors (ISVs) AI Accelerators AI accelerators Core AI Software/ Core AI software/platforms Platforms AI infrastructure 19
Slide 20: Stable cash conversion cycle with countercyclical benefits
Stable cash conversion cycle with countercyclical benefits Steady cash conversion cycle (gross cash Countercyclical cash generation days)(1) 16 17 16 Dot com bubble Global financial crisis COVID-19 pandemic 45 43 44 37 39 39 0 (75) (66) (65) (67) 2000 2001 2002 2003 2008 2009 2010 2020 2021 2022 202
Slide 21: Corporate Citizenship Highlights
Corporate Citizenship Highlights Driving sustainable transformation Fostering connection Leading with integrity Commitment to Science-Based Target initiative Company: Committed to equality and ensuring our workforce Strong corporate governance based on our values - (SBTi) Business Ambition Pledge wi
Slide 22: Non-GAAP financial measures
Non-GAAP financial measures In addition to the financial results presented in accordance with GAAP, TD SYNNEX uses and refers to: • Revenue in constant currency, which adjusts for the translation effect of foreign currencies so that certain financial results can be viewed In prior periods,TD SYNNEX
Slide 23: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Americas Europe APJ August 31, August 31, August 31, August 31, August 31, August 31, August 31, August 31, Revenue in constant cur
Slide 24: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Americas Europe APJ August 31, August 31, August 31, August 31, August 31, August 31, August 31, August 31, Non-GAAP gross billings
Slide 25: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Advanced Solutions(1) Endpoint Solutions(1) Non-GAAP Gross Billings and Gross Profit - Advanced Solutions Aug 31, May 31, Feb 28, Nov 30, Aug 31, Aug 31, M
Slide 26: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Gross profit as a % of non-GAAP gross billings August 31, 2025 August 31, 2024 Revenue $ 15,650,924 $ 14,684,712 Costs incurred and netted again
Slide 27: Calculation of financial metrics
Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP cost of revenue August 31, 2025 May 31, 2025 August 31, 2024 Cost of revenue $ 14,521,071 $ 13,899,942 $ 13,723,664 Costs incurred and netted against revenu
Slide 28: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Adjusted selling, general and administrative expenses August 31, 2025 August 31, 2024 Revenue $ 15,650,924 $ 14,684,712 Costs incurred and nette
Slide 29: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Consolidated Americas Europe APJ Non-GAAP operating income and non-GAAP operating August 31, August 31, August 31, August 31, August 31, August
Slide 30: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP income before income taxes, non-GAAP provision for income taxes and non-GAAP effective tax rate August 31, 2025 Income before income ta
Slide 31: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands, except per share amounts) (Amounts may not add or compute due to rounding) Three Months Ended Non-GAAP net income and non-GAAP diluted EPS(1) August 31, 2025 May 31, 2025 February 28, 2025 November 30, 2024 Reven
Slide 32: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Per share amounts) (Amounts may not add or compute due to rounding) Fiscal Years Ended November 30, November 30, November 30, November 30, Non-GAAP net income & non-GAAP diluted EPS(1) 2024 2023 2022 2021 Net income $ 689,091 $ 626,911
Slide 33: Free cash flow
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Nine Months Ended Free cash flow August 31, 2025 August 31, 2024 August 31, 2025 August 31, 2024 Net cash provided by operating activities $ 246
Slide 34: Calculation of non-GAAP financial metrics
Calculation of non-GAAP financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) ROIC August 31, 2025 Operating income (trailing fiscal four quarters) $ 1,341,067 Income taxes on operating income(1) (285,333) Operating income after taxes $ 1,055,734 Total
Slide 35: Calculation of financial metrics
Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Cash conversion cycle August 31, 2025 May 31, 2025 August 31, 2024 Days sales outstanding Revenue (a) $ 15,650,924 $ 14,946,315 $ 14,684,712 Accounts receivable, net
Slide 36: Calculation of financial metrics
Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Cash conversion cycle (gross cash days) August 31, 2025 May 31, 2025 August 31, 2024 Days sales outstanding (gross) Non-GAAP gross billings (a) $ 22,731,167 $ 21,647
Slide 37: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in millions, except per share amounts) (Amounts may not add or compute due to rounding) Forecast Three Months Ending November 30, 2025 Non-GAAP net income and non-GAAP diluted EPS(1) Low High Net income $ 204 $ 245 Amortizatio
Slide 38: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in billions) (Amounts may not add or compute due to rounding) Forecast Three Months Ending November 30, 2025 Non-GAAP gross billings Low High Revenue $ 16.5 $ 17.3 Costs incurred and netted against revenue related to sales of
Slide 39: Calculation of financial metrics
Calculation of financial metrics TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Leverage ratio August 31, 2025 May 31, 2025 February 28, 2025 November 30, 2024 Total borrowings (a) $ 4,238,842 $ 4,105,705 $ 4,327,965 $ 3,907,491 Less: cash and cash equivalents (b)
Slide 40: TD SYNNEX results
TD SYNNEX results TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended August 31, May 31, February 28, November 30, August 31, May 31, February 29, 2025 2025 2025 2024 2024 2024 2024 Net income $ 226,795 $ 184,921 $ 167,537 $ 194,802 $ 178,556 $ 143,6
Slide 41: Reconciliation of GAAP to Non-GAAP financial measures
Reconciliation of GAAP to Non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Fiscal Years Ended August 31, May 31, February 28, November 30, November 30, November 30, November 30, Non-GAAP operating income 2025 2025 2025
Slide 42: TD SYNNEX results
TD SYNNEX results TD SYNNEX (Currency in millions) (Amounts may not add or compute due to rounding) Three Months Ended November 30, 2021 Revenue $ 15,611.3 Cost of revenue (14,668.1) Gross profit 943.2 Operating expenses: Selling, general and administrative (655.7) expenses Acquisition, integration
Slide 43: Legacy SYNNEX results
Legacy SYNNEX results SYNNEX CORPORATION (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Three Months Ended August 31, May 31, February 28, 2021 2021 2021 Revenue $ 5,207.1 $ 5,856.8 $ 4,939.0 Cost of revenue (4,894.4) (5,527.7) (4,634.4) Gross profit 312.6 329.2
Slide 44: Legacy Tech Data results
Legacy Tech Data results TIGER PARENT (AP) CORPORATION AND SUBSIDIARIES (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Three Months Ended August 31, May 31, February 28, 2021 2021 2021 Revenue $ 9,132.1 $ 9,570.6 $ 10,306.6 Cost of revenue (8,558.7) (9,004.2) (9,
Slide 45: Combined legacy SYNNEX and legacy Tech Data results
Combined legacy SYNNEX and legacy Tech Data results Combined (Legacy SYNNEX and Legacy Tech Data) (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Three Months Ended August 31, May 31, February 28, 2021 2021 2021 Revenue $ 14,339.2 $ 15,427.4 $ 15,245.6 Cost of rev
Slide 46: Combined legacy SYNNEX and legacy Tech Data results
Combined legacy SYNNEX and legacy Tech Data results Combined (Legacy SYNNEX and Legacy Tech Data) (Currency in millions) (Unaudited) (Amounts may not add or compute due to rounding) Trailing Twelve Months for Periods Ended November 30, 2021 Revenue $ 60,623.5 Cost of revenue (56,974.2) Gross profit
Slide 47: Adjusted EBITDA less Capex
Reconciliation of GAAP to non-GAAP financial measures TD SYNNEX (Currency in thousands) (Amounts may not add or compute due to rounding) Trailing Twelve Months for Periods Ended August 31, Adjusted EBITDA less Capex 2025 Net income $ 774,055 Interest expense and finance charges, net 355,469 Provisio
Slide 48: THANK YOU
THANK YOU David Jordan TD SYNNEX Corporation 510-668-8436 IR@tdsynnex.com IR website: ir.tdsynnex.com