Sanmina Corporation · NASDAQ:SANM
Sanmina — Q4 FY2026 Earnings Presentation
32 slides from Sanmina's earnings presentation, Nov 9, 2026
Slide 1: Q4 & FY'26 Financial Results
Q4 & FY’26 Financial Results November 9, 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 those relating to our expectations and the outlook below, our expectations for Cloud and AI infrastructure end market and Cloud and AI systems revenue to increase during fiscal 2027 due to the timing of the Helios prog
Slide 4: FY'26 Highlights
FY’26 Highlights Strong Year * Refer to GAAP to non-GAAP reconciliation on slide 27. 4
Slide 5: Financial Overview
Financial Overview Jon Faust
Slide 6: Q4 and FY'26 Financial Highlights
Q4 and FY’26 Financial Highlights Q4 FY’26 ▪ Core Sanmina revenue grew 41.9% Y/Y to $2.97 billion; exceeded outlook ▪ ZT Systems revenue of $884 million; in line with outlook FY’26 ▪ Core Sanmina revenue grew 18.3% Y/Y to $9.61 billion; exceeded outlook ▪ ZT Systems revenue of $4.91 billion; in line
Slide 7: Q/Q P&L Performance
Q/Q P&L Performance ($ in millions, except per share data) Refer to GAAP to non-GAAP reconciliation on slide 27. 7
Slide 8: Segment Reporting: Revenue and Non-GAAP Gross Margin
Segment Reporting: Revenue and Non-GAAP Gross Margin ($ in millions) ▪ Core Sanmina IMS revenue of $2.2 billion grew 30.8% Y/Y ▪ CPS grew 83.0% Y/Y ▪ ZT Systems revenue was $884 million ▪ Non-GAAP gross margin declined 250 bps Y/Y driven ▪ Non-GAAP gross margin improved 340 bps Y/Y driven primarily
Slide 9: Y/Y P&L Performance
Y/Y P&L Performance ($ in millions, except per share data) Refer to GAAP to non-GAAP reconciliation on slide 27. 9
Slide 10: Balance Sheet
Balance Sheet ($ in millions) 10/3/2026 Cash and cash equivalents 1,676 Key Takeaways: Accounts receivable, net 2,341 Contract assets 621 ▪ Non-GAAP pre-tax ROIC: 48.8% Inventories 3,609 ▪ Net leverage ratio: 0.33x Property, plant and equipment, net 1,186 Deferred income tax assets 265 ▪ Prudent lev
Slide 11: Q4 and FY'26 Cash Flow Highlights
Q4 and FY’26 Cash Flow Highlights ($ in millions) Free Cash Flow: Refer to the cash flow statement on slide 28. Non-GAAP EBITDA: Refer to GAAP to non-GAAP reconciliation on slide 30. 11
Slide 12: Liquidity Position
Liquidity Position Key Takeaways: ▪ Significant available liquidity to grow the business and fund strategic investments ▪ Net leverage ratio: 0.33x ▪ Net leverage ratio target: 1.0x to 2.0x ▪ Goal to achieve investment grade rating Financial Flexibility to Grow With the Market Net leverage ratio is
Slide 13: Capital Allocation Strategy
Capital Allocation Strategy 13
Slide 14: Cloud & AI Infrastructure Strategy
Cloud & AI Infrastructure Strategy ▪ Winning business for the Helios program ▪ Demonstrated our value proposition ▪ Capitalized on strong Helios demand to – Hyperscalers through our full suite of products and demonstrate our unique capabilities services – Frontier AI labs ▪ Close collaboration with
Slide 15: Q1 FY'27 Outlook
Q1 FY’27 Outlook ▪ Cloud & AI Systems revenue of $1.3 billion to $1.5 billion ▪ Cloud & AI Systems is a subset of our Cloud & AI Infrastructure end-market and includes ZT Systems, as well as additional platforms, and related products and services. *This is a forward-looking non-GAAP financial measur
Slide 16: FY'27 Outlook
FY’27 Outlook ▪ Cloud & AI Systems revenue of $7.5 billion to $9.0 billion ▪ Cloud & AI Systems is a subset of our Cloud & AI Infrastructure end-market and includes ZT Systems, as well as additional platforms, and related products and services. *This is a forward-looking non-GAAP financial measure t
Slide 17: Business Overview
SANMINA Business Overview Jure Sola
Slide 18: Overview
Overview ▪ Strong Q4 and FY’26 results ▪ Revenue, non-GAAP operating margin and non-GAAP diluted EPS all exceeded outlook ▪ Strong cash flow from operations ▪ Growth across all end-markets Well Positioned for Growth in FY’27 and Beyond 18
Slide 19: Diversified Portfolio: End-Market Performance
Diversified Portfolio: End-Market Performance ▪ Q4: Cloud & AI Systems revenue was $1.17 billion ▪ FY’26: Cloud & AI Systems revenue was $5.35 billion ▪ Cloud & AI Systems is a subset of our Cloud & AI Infrastructure end-market and includes ZT Systems, as well as additional platforms, and related pr
Slide 20: End-Market View: Strong Demand Across Our Customer Base
End-Market View: Strong Demand Across Our Customer Base ▪ Bookings continue to be strong Cloud & AI Infrastructure / ▪ Winning new AI platform business Communications Networks ▪ Adding new customers ▪ Strong demand for FY’27, FY’28 and beyond ▪ Expect growth to accelerate Industrial & Energy ▪ Expan
Slide 21: Sanmina's Diverse Set of Industry-Leading Capabilities
Sanmina’s Diverse Set of Industry-Leading Capabilities End-to-End Solutions 21
Slide 22: Sanmina's Priorities
Sanmina’s Priorities Execute with Precision - Grow with Purpose - Deliver for Shareholders 22
Slide 23: Summary
Summary ▪ Strong Q4 and FY’26 financial results ▪ Executing strategic priorities to drive sustainable growth ▪ Continue to expand our capabilities and manufacturing footprint ▪ New products and platforms being introduced in FY’27 ▪ Expect growth from all of our key end-markets in FY’27 ▪ FY’27 outlo
Slide 24: Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP
Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP Quarter Ended: October 3, 2026
Slide 25: Condensed Consolidated Balance Sheets
Sanm ina Corporation Condensed Consolidated Balance Sheets (in thousands) (GAAP) (Unaudited) October 3, Septem ber 27, 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 1,675,641 $ 926,267 Accounts receivable, net 2,340,508 1,400,129 Contract assets 620,650 425,944 Inventories 3,609,268 1
Slide 26: 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 Tw elve Months Ended October 3, Septem ber 27, October 3, Septem ber 27, 2026 2025 2026 2025 Net sales $ 3,858,022 $ 2,096,392 $ 14,525,002 $ 8,128,382 C
Slide 27: Reconciliation of GAAP to Non-GAAP Measures
Sanm ina Corporation Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share am ounts) (Unaudited) Three Months Ended Tw elve Months Ended October 3, Septem ber 27, October 3, Septem ber 27, 2026 2025 2026 2025 GAAP Gross profit $ 435,310 $ 191,157 $ 1,394,768 $ 716,357 GAAP Gros
Slide 28: Condensed Consolidated Cash Flow
Sanm ina Corporation Condensed Consolidated Cash Flow (in thousands) (GAAP) (Unaudited) Three Months Ended Tw elve Months Ended October 3, Septem ber 27, October 3, Septem ber 27, 2026 2025 2026 2025 Net income before noncontrolling interest $ 126,550 $ 51,973 $ 401,428 $ 266,260 Depreciation and in
Slide 29: Pre-Tax Return on Invested Capital (ROIC)
Sanm ina Corporation Pre-Tax Return on Invested Capital (ROIC) ($ in thousands) (Unaudited) Three Months Ended October 03, 2026 Septem ber 27, 2025 GAAP Operating income $ 229,686 $ 78,465 x 4.0 4.0 Annualized GAAP Operating income 918,744 313,860 Average invested capital (1) ÷ 2,853,310 1,784,820 G
Slide 30: 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 Tw elve Months Ended October 3, Septem ber 27, October 3, Septem ber 27, 2026 2025 2026 2025 EBITDA GAAP Operating Income $ 229,686 $ 78,465 $ 681,517 $ 354,568 Amortization of inve
Slide 31: Reconciliation of Inventory, Net of Customer Advances
Sanm ina Corporation Reconciliation of Inventory, Net of Custom er Advances (in thousands) (Unaudited) October 3, Septem ber 27, 2026 2025 Inventories $ 3,609,268 $ 1,988,462 Customer advances for raw materials inventory 984,678 851,514 Inventories, Net of Custom er Advances $ 2,624,590 $ 1,136,948
Slide 32: Schedule
LY Schedule 1 SANMINA The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income and eamings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition, inte