Celestica Inc. · TSX:CLS
Celestica — Q4 2025 Earnings Presentation
26 slides from Celestica's earnings presentation, Jan 29, 2026
Slide 1: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results January 29, 2026 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements
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 anticipated financial and/or operational results, guidan
Slide 3: CEO Remarks
CEO Remarks 3
Slide 4: 2025 Year-In-Review
2025 Year-In-Review1 Revenue by Segment ($B) $12.4B (+28% YTY) 2025 Revenue ATS CCS 8.4% (+220 bps YTY) 3.2 9.2 2025 Earnings from Operations as a Percentage of Revenue 7.5% (+100 bps YTY) 2025 Non-GAAP Adjusted Operating Margin $7.16 (+98% YTY) 2025 GAAP EPS $6.05 (+56% YTY) 2025 Non-GAAP Adjusted
Slide 5: Q4 2025 Results
Q4 2025 Results1 Q4 2025 YTY Q4 2025 Guidance Revenue $3.655B +44% $3.325B - $3.575B GAAP Earnings from Operations as a % of Revenue 8.6% +60 bps GAAP EPS $2.31 +79% Adjusted Operating Margin (Non-GAAP)2 7.7% +90 bps 7.6% Adjusted EPS (Non-GAAP) $1.89 +70% $1.65 - $1.81 1 See “Note Regarding Non-GAA
Slide 6: Q4 2025 Highlights
Q4 2025 Highlights¹ GAAP financial measures Q4 2025 B/(W) QTQ B/(W) YTY $ Millions (Except for per share amounts and %) Revenue $3,655 $461 $1,109 Gross Margin 11.8% (1.2%) 0.1% Earnings from Operations $314.4 ($10.6) $111.8 Earnings from Operations as a % of Revenue 8.6% (1.6%) 0.6% Effective Tax R
Slide 7: ATS and CCS Segment Revenue and Profitability
ATS1 and CCS2 Segment Revenue and Profitability $ Millions Q4 2025 YTY ATS $795 Down 1% Revenue CCS $2,860 Up 64% Q4 2025 Revenue4 Communications $2,115 Up 79% ATS 22% Enterprise3 $745 Up 33% $ Millions Q4 2025 YTY Segment Income5 ATS $42 Up 14% CCS $240 Up 76% CCS Q4 2025 YTY 78% Segment Margin5 AT
Slide 8: Working Capital
Working Capital $ Millions Q4 2025 B/(W) QTQ B/(W) YTY Inventory Turns1 6.1x 0.5x 1.1x Inventory $2,188 ($141) ($427) Customer Cash Deposits for Inventory2 $407 $25 ($105) Cash Cycle Days Q4 2025 Q3 2025 Q4 2024 Days in A/R3 63 68 73 Days in Inventory3 60 65 73 Days in A/P3 (50) (54) (55) Days in Ca
Slide 9: Cash Flow Overview
Cash Flow Overview Cash Provided by Operations Non-GAAP Free Cash Flow 1 Quarterly ($M) Annual ($M) 660 251 474 458 152 156 130 326 306 120 126 94 89 211 204 102 Q1'25 Q2'25 Q3'25 Q4'25 2022 2023 2024 2025 $ Millions Q4 2025 2025 Capex $95 $201M Capex as a % of revenue 2.6% 1.6% 1 See “Note Regardin
Slide 10: Capital Investments
Capital Investments1 Capital Expenditures ($M) Planned Key Investments: ~1,000 United States • Investments at multiple sites in Texas, with significant additions to manufacturing capacity and power • Plans for new HPS design center in Austin Thailand • Continuing to expand our largest campus to supp
Slide 11: Balance Sheet
Balance Sheet Balance Sheet (as of December 31, 2025) Share Repurchases Under NCIB Cash and Cash Equivalents $596M Revolver (excluding L/Cs) - Repurchased 132K shares for Term Loans $724M cancellation for $36M in Q4 2025 Net Debt $128M Repurchased 1.36M shares for GAAP TTM Debt Leverage Ratio1 0.7x
Slide 12: Q1 2026 Guidance
Q1 2026 Guidance1 Revenue $3.850B - $4.150B 7.8% Adjusted Operating Margin (Non-GAAP) at the mid-point of revenue and non-GAAP adjusted EPS guidance ranges Adjusted EPS (Non-GAAP) $1.95 - $2.15 Q1 2026 Non-GAAP Tax Rate Estimate1 Adjusted Effective Tax Rate (Non-GAAP) of approximately 21% 1 See “Cau
Slide 13: Q1 2026 End Market Revenue Outlook
Q1 2026 End Market Revenue Outlook1 Year-over-Year Revenue % Change ATS2 Decrease low single-digits Communications Increase low-sixties Enterprise3 Increase one hundred-high teens 1 Outlook reflects management’s expectations as of the date provided. 2 ATS consists of A&D, Industrial, HealthTech, and
Slide 14: 2026 Annual Outlook
2026 Annual Outlook1 2026 Outlook Previous 2026 Outlook Revenue Outlook $17.0B $16.0B Adjusted Operating Margin (Non-GAAP) 7.8% 7.8% Adjusted EPS (Non-GAAP) $8.75 $8.20 Capex (% of revenue) ~6% 2.0%-2.5% Free Cash Flow (Non-GAAP) $500M $500M 2026 Non-GAAP Tax Rate Estimate1 Adjusted Effective Tax Ra
Slide 15: Business Outlook
Business Outlook1 Connectivity & Cloud Solutions Advanced Technology Solutions 2026 revenues expected to grow by ~50% 2026 revenues expected to be flat to up mid-single digits Enterprise Industrial and HealthTech Ramping AI/ML compute volumes expected to accelerate into 2026 with Growth expected to
Slide 16: Concluding Remarks
Concluding Remarks ‘Celestica’
Slide 17: ~ Celestica-
~ Celestica- a ~~
Slide 18: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results January 29, 2026
Slide 19: Appendix
Appendix oy ‘Celestica®
Slide 20: Segment Income and Margin
Segment Income and Margin1 1 Segment margin is segment income as a percentage of segment revenue. Segment income is defined as a segment’s revenue less its cost of sales and its allocatable portion of SG&A expenses and research and development expenses. Segment income excludes Miscellaneous Expense
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures The non-GAAP financial measures included in this presentation are: adjusted gross profit, adjusted gross margin (adjusted gross profit as a percentage of revenue), adjusted selling, general and administrative expenses (SG&A), adjusted SG&A as a percentage of revenue, adju
Slide 22: Non-GAAP Financial Measures…continued
Non-GAAP Financial Measures…continued 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 to potential and completed acquisit
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 FY 2024 Revenue $ 2,208.9 $ 2,391.9 $ 2,499.5 $ 2,545.7 $ 2,648.6 $ 2,893.4 $ 3,194.0 $ 3,654.9 $ 12,390.9 $ 9,646.0 Net earnings 91.8 95.0 89.5 151.7 86.2 211.0 267.8 267.5 832.5 428.0 GAAP Earn
Slide 24: GAAP to Non-GAAP Reconciliation…continued
GAAP to non-GAAP Reconciliation…continued1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 FY 2024 FY 2023 FY 2022 GAAP Net earnings $ 91.8 $ 95.0 $ 89.5 $ 151.7 $ 86.2 $ 211.0 $ 267.8 $ 267.5 $ 832.5 $ 428.0 As a percentage of revenue 4.2% 4.0% 3.6% 6.0% 3.3% 7.3% 8.4% 7.3%
Slide 25: GAAP to Non-GAAP Reconciliation…continued
GAAP to non-GAAP Reconciliation…continued1 The following table sets forth a reconciliation of our non-GAAP adjusted effective tax rate to our GAAP effective tax rate for the periods indicated (in millions, except percentages). Adjusted tax expense is determined by excluding the tax effects of the no
Slide 26: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results January 29, 2026