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1 Earnings Presentation Quarter End: September 25, 2026 Earnings Announcement: October 28, 2026 Q2 FY27
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2 This presentation contains forward-looking statements within the meaning of U.S. securities laws, including statements related to our future financial results and our guidance for future financial performance (including expected revenues, operating income, margins and earnings per share). These forward-looking statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause the actual outcomes and results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These risks include: that we may not achieve our expected future operating results; risks related to our ability to successfully execute our strategic priorities, including the planned spin-off of our Cloud and Power Infrastructure segment into an independent, publicly traded company, and to achieve the anticipated benefits of such transaction, including risks that the spin-off may not be completed on the anticipated timeline or at all, that the spin-off may not achieve its intended benefits, that the transaction may have an adverse impact on existing business relationships, and that the costs of the spin-off may be greater than anticipated; the effects that the current and future macroeconomic environment, including inflationary pressures, currency volatility, stagflation, slower economic growth or recession, and high or rising interest rates, could have on our business and demand for our products; geopolitical uncertainties and risks, including impacts from trade conflicts, the termination and renegotiation of international trade agreements and trade policies, a further escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, or the ongoing conflicts between Russia and Ukraine and in the Middle East, including recent developments in Iran, any of which could lead to disruption, instability, and volatility in global markets and negatively impact our operations and financial performance; supply chain disruptions, including those involving suppliers who are sole or primary sources, logistical constraints, manufacturing interruptions or delays, or the failure to accurately forecast customer demand; the impact of fluctuations in the pricing or availability of raw materials and components, including semiconductors, labor and energy; our dependence on industries that continually produce technologically advanced products with short product life cycles; the short-term nature of our customers' commitments and rapid changes in demand may cause supply chain issues, excess and obsolete inventory and other issues which adversely affect our operating results; our dependence on a small number of customers; risks associated with acquisitions and divestitures, including the possibility that we may not fully realize their projected benefits, including the acquisitions of Electrical Power Products, Inc. and EPC Power Corp., and other events that could adversely impact the anticipated benefits of the acquisitions, including industry or economic conditions outside of our control; our industry is extremely competitive; that the expected revenue and margins from recently launched programs may not be realized; the challenges of effectively managing our operations, including our ability to control costs and manage changes in our operations; the possibility that benefits of our restructuring actions may not materialize as expected; a breach of our IT or physical security systems, or violation of data privacy laws, may cause us to incur significant legal and financial exposure and adversely affect our operations; hiring and retaining key personnel; that recent changes or future changes in tax laws in certain jurisdictions where we operate could materially impact our tax expense; litigation and regulatory investigations and proceedings; the impact and effects on our business, results of operations and financial condition of union disputes or other labor disruptions as well as unforeseen or catastrophic events; the effects that current and future credit and market conditions could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations to us and our ability to pass through costs to our customers; the success of certain of our activities depends on our ability to protect our intellectual property rights and we may be exposed to claims of infringement, misuse or breach of license agreements; physical and operational risks from natural disasters, severe weather events, or climate change; we may be exposed to product liability and product warranty liability; we may be exposed to financially troubled customers or suppliers; our compliance with legal and regulatory requirements; changes in laws, regulations, or policies that may impact our business, including those related to trade policy and tariffs and climate change; our ability to meet sustainability, including environmental, social and governance, expectations or standards or achieve sustainability goals. Any references to the planned spin-off, including its timing, Form 10 status, and the leadership of each company following the separation, are forward-looking and remain subject to applicable approvals and completion of the spin-off. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and in our subsequent filings with the U.S. Securities and Exchange Commission. Flex assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and in our subsequent filings with the U.S. Securities and Exchange Commission. Flex assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. Please refer to the appendix section of this presentation for reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures. If this presentation references historical non-GAAP financial measures, these measures are located on the “Investor Relations” section of our website, www.flex.com along with the required reconciliation to the most comparable GAAP financial measures. We present forward looking non-GAAP financial measures in our third quarter and full year fiscal 2027 guidance, including adjusted operating income, adjusted operating margin, adjusted income tax rate, and adjusted EPS. We do not provide a reconciliation of these measures to the most directly comparable GAAP measures because the information necessary to do so is not available without unreasonable effort due to the inherent variability, complexity, and uncertainty in forecasting certain items required for such a reconciliation. These items may include restructuring charges and impairment charges, among others. The information that is unavailable could be material and could significantly affect our GAAP results. The figures presented in this presentation have been rounded. This may lead to individual values not adding up to the totals presented. The following business segment acronyms will be used throughout this presentation: Risks and non-GAAP disclosures Industrial: automation and measurement, grid infrastructure, and outdoor and portable power. Automotive: compute platforms, power electronics, motion and interface. Healthcare: medical devices, medical equipment, and drug delivery. Communications: communications and enterprise infrastructure. Lifestyle: appliances, floorcare, smart living, HVAC, mobile devices, and power tools. Regulated Manufacturing Solutions Integrated Technology Solutions Cloud & Cooling: thermal management and compute. Power: critical and embedded power products. Cloud and Power Infrastructure
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3 Executive summary Revathi Advaithi Chief Executive Officer
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4 Executive summary Adj. operating income $607M Revenue $8.5B Adj. net income $443M Q2 FINANCIAL PERFORMANCE Adj. earnings per share $1.18 Adj. operating margin 7.1% BUSINESS UPDATES Margins: +110 bps Y/Y; margin expansion across all three segments Earnings per Share: +49% Y/Y and record adjusted EPS FINANCIAL CPI: Strong AI-related demand driving continued strength in both Power and Cloud & Cooling RMS & ITS: High-value markets driving growth and margin expansion, led by strength in Industrial and in CommunicationsPORTFOLIO Introducing Axiom: Preliminary Axiom Form 10 filed on September 15th, announced post-spin Flex CFO and post-spin Board composition for both companies Timeline: Continued progress on spin activities, remain on track for tax-free spin during Q1 calendar 2027 TRANSACTION Acquisition: Announced acquisition of EPC Power; completed on October 14th and expected to be accretive in FY27 Index Inclusion: Added to Bloomberg 500 Index in AugustCOMPANY
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5 Building two focused companies Embedded Power Products Critical Power Products Thermal Management Products Cloud • An AI-native critical digital infrastructure company, purpose- built for the next moment • Delivering differentiated end-to-end solutions across power, cooling, and compute Healthcare Industrial Automotive Communications Lifestyle • A focused industrial technology and advanced manufacturing leader • Solving complexity at scale to drive profitable growth in attractive markets Revathi Advaithi Chief Executive Officer Chairman of the Board, Flex CEO, Flex Kevin Krumm Chief Financial Officer CFO, Flex Michael Hartung Chief Executive Officer CCO, Flex Amy Schwetz Chief Financial Officer Former CFO, Flowserve
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6 Transaction update Announced Spin May ‘26 Spin Date Calendar Q1 2027 Innovation Day for Flex & Axiom November 10th Preliminary Form 10 Filed September ‘26 Separation Update Flex Q2 Earnings Oct ‘26 Flex Q1 Earnings July ’26 Cloud and Power Infrastructure Spin-Off • Preliminary Form 10 registration statement filed; Axiom name and branding revealed on September 15th • Innovation Day scheduled for November 10th, 2026 • Remain on track for previously disclosed tax-free spin, targeted for Q1 calendar 2027 close
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7 Financial update Kevin Krumm Chief Financial Officer
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8 Q2 Key financials Y/YQ2FY27Q2FY26 FLEX 25%$8,491M$6,804MRevenue 33% / 60 bps$842M / 9.9%$632M / 9.3%Adj. Gross Profit / Margin 48% / 110 bps$607M / 7.1%$409M / 6.0%Adj. Operating Income / Margin 49%$1.18$0.79Adj. Earnings Per Share 35%$0.70$0.52GAAP Earnings Per Share QUARTER HIGHLIGHTS • Revenue growth across all three operating segments, led by CPI with 54% increase year-over-year • High-value markets in RMS and ITS driving growth and margin expansion • Margin improvement driven by productivity improvements and business mix Amounts may not sum due to rounding. See Appendix for GAAP to non-GAAP reconciliations.
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9 Q2 FY27 Segment performance A. Corporate and Other includes centralized ad ministrative costs that are not included in the assessment of the performance of each of the identified segments. See Appendix for GAAP to non-GAAP reconciliations. B. Amounts may not sum due to rounding. ADJ. OPERATING MARGINADJ. OPERATING INCOMEREVENUE Y/Y CHANGE%Y/Y GROWTH($M)Y/Y GROWTH($B) REGULATED MANUFACTURING SOLUTIONS 50 bps6.4%19%$1729%$2.7 INTEGRATED TECHNOLOGY SOLUTIONS 20 bps5.5%26%$18122%$3.3 CLOUD AND POWER INFRASTRUCTURE 240 bps10.7%97%$26854%$2.5 ------($14)----CORPORATE AND OTHER A 110 bps7.1%48%$60725%$8.5TOTALB 31% 39% 30% $8.5B TOTAL FLEX REVENUE
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10 Cash flow overview FYTDQ2FY27($M) $548$263GAAP NET INCOME $296$156Depreciation, Amortization and other Impairment Charges ($67)$82Change in Working Capital and other, net $777$501OPERATING CASH FLOW ($475)($240)Capital expenditures, netA $302$261FREE CASH FLOWB --Payments for Share Repurchases $392($18)Other Investing, Financing, and FX, net $694$243NET CHANGE IN CASH AND CASH EQUIVALENTS $148 $145 $201 $235 $240 Q2F26 Q3F26 Q4F26 Q1F27 Q2F27 CAPITAL EXPENDITURES, NET A ($M) $305 $275 $212 $41 $261 Q2F26 Q3F26 Q4F26 Q1F27 Q2F27 FREE CASH FLOW ($M) A. Capital expenditures, net is calculated as purchases of proper ty and equipment minus proceeds from the disposition of property and equipment. B. Q2 and fiscal year-to-date Free Cash Flow were negatively impacted by $61 million and $85 million, respectively, in one-time separation costs incurred in connection with the Cloud and Power Infrastructure spin-off. See Appendix for GAAP to non-GAAP reconciliations.
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11 FY27 Guidance 11 RMS + ITSCPIUpdatedPrior FLEX +8% - 11%+75% - 85%$34.9 - $35.9B$33.7 - $35.2BRevenueA 5.9% - 6.1%11.5% - 11.7%7.6% - 7.8%7.0% - 7.2%Adj. Operating Margin $4.84 - $5.16$4.42 - $4.74 Adj. Earnings Per Share ~40%~40%Free Cash Flow ConversionB A. Updated to include recent acquisitions closed subsequent to September 25 th, 2026. B. Free Cash Flow Conversion includes impact of one-time separation costs incurred in connection with the Cloud and Power Infrastructure spin-off. • AI buildout driving continued strong demand for CPI; high-value markets in RMS and ITS driven by durable secular trends • Favorable margin impacts from M&A and mix • Free cash flow conversion includes impact of one-time separation costs associated with Axiom spin-off
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12 FY27 Revenue expectations Up mid-single digit to high-single digitRMS Growth driven by energy infrastructure and roboticsIndustrial Market stabilizing with focus on higher-quality power and compute opportunitiesAutomotive Connected medical devices and drug delivery driving long-term growthHealthcare Up low-double digits to low-teensITS Strong AI-related demand driving continued strength in advanced networking Comms Incremental softness in consumer-related end markets Lifestyle Up 75% to 85%ACPI Data center buildout driving continued strong growth; continued rampingCloud & Cooling Demand remains robust; continuing to invest for future growthPower Delivering margin-accretive growth in diversified portfolio A. Updated to include recent acquisitions closed subsequent to September 25 th, 2026.
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13 Q3 FY27 Guidance Adj. operating income $685M - $715M Revenue $8.87B - $9.17B Adj. earnings per share $1.19 - $1.25 Adj. income tax rate 21% Interest and other expense ~$120M Weighted avg. shares outstanding 375M Up low-single digit to mid-single digitRMS Up mid-single digit to high-single digitITS Up 105% to 115%CPI
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14 Appendix
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15 Appendix: EPC Power financing through the spin-off The $2.0B preferred equity will replace $2.0B of the borrowings. Axiom will carry all of the permanent EPC financing. STAND ALONE Flex No EPC debt (cash distribution from Axiom to Flex repays the borrowings in full) Retains 6% to 12% of Axiom common equity ownership Preferred equity conversion price capped at a $37.5B implied enterprise value, with a $30B floor. TODAY (SINCE OCT. 14) $4.4B Temporary Flex Borrowings Term loan $3.3B Bridge $1.1B SOFR plus a ratings-based margin Funded the EPC Power purchase price STAND ALONE Axiom Cash $1.0B Term debt ~$2.4B (3- and 5-year), SOFR plus 137.5 to 150 bp Net debt ~$1.4B, excl. preferred equity Preferred equity $2.0B, 6% cash or 7% in kind
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16 Quarter-endedQuarter-endedQuarter-endedQuarter-ended June 27, 2025September 26, 2025June 26, 2026September 25, 2026 % of revenue% of revenue% of revenue% of revenue ($ in Millions) 8.7%$5729.0%$6149.4%$7479.6%$812GAAP gross profit 897 9Stock-based compensation expense 1693 13Restructuring charges --48Legal and other 9.1%$5969.3%$6329.6%$7619.9%$842Non-GAAP gross profit Appendix: Reconciliation of GAAP to Non-GAAP Measures For more details on the GAAP to Non-GAAP adjustments for current and historical periods, please refer to the Investor Relations section of our website which includes press releases and summary financials of the respective periods.
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17 Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- ended Quarter- ended Quarter- ended Quarter- ended June 27, 2025September 26, 2025June 26, 2026September 25, 2026 ($ in Millions) $311$296$392$414GAAP operating income 211623 27Intangible amortization 343751 43Stock-based compensation expense 23511 13 Restructuring and impairment charges 6967 110Legal and other $395$409$534$607Non-GAAP operating income 4.7%4.4%4.9%4.9%GAAP operating margin 6.0%6.0%6.7%7.1%Non-GAAP operating margin* *Non-GAAP operating margin is calculated by dividing non-GAAP operating income by revenue for the respective periods. For more details on the GAAP to Non-GAAP adjustments for current and historical periods, please refer to the Investor Relations section of our website which includes press releases and summary financials of the respective periods.
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18 For more details on the GAAP to Non-GAAP adjustments for current and historical periods, please refer to the Investor Relations section of our website which includes press releases and summary financials of the respective periods. Quarter- ended Quarter- ended Quarter- ended Quarter- ended June 27, 2025September 26, 2025June 26, 2026September 25, 2026($ in Millions, except for EPS) $192$199$285$263GAAP net income 211623 27Intangible amortization 343751 43Stock-based compensation expense 23511 13Restructuring and impairment charges 6967 110Legal and other -(3)(46) (2)Interest and other, net 178--Equity in losses of unconsolidated affiliates (19)(17)(7) (11)Adjustments for taxes $274$300$374$443Non-GAAP net income Diluted earnings per share: $0.50$0.52$0.76$0.70GAAP $0.72$0.79$1.00$1.18NON-GAAP 381380374374Diluted shares used in computing per share amounts Appendix: Reconciliation of GAAP to Non-GAAP Measures
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19 *Corporate and Other includes centralized administrative costs that are not included in the assessment of the performance of each of the identified segments. **Non-GAAP operating margin is calculated by dividing non-GAAP operating income by revenue for the respective periods For more details on the GAAP to Non-GAAP adjustments for current and historical periods, please refer to the Investor Relations section of our website which includes press releases and summary financials of the respective periods. Quarter- ended September 25, 2026 ($ in Millions) Non-GAAP Operating Income: $181Integrated Technology Solutions 172Regulated Manufacturing Solutions 268Cloud and Power Infrastructure (14)Corporate and Other* $607Total Non-GAAP Operating Income: Non-GAAP Operating Margin**: 5.5%Integrated Technology Solutions 6.4%Regulated Manufacturing Solutions 10.7%Cloud and Power Infrastructure Quarter- Ended September 25, 2026 ($ in Millions) Reconciliation of Non-GAAP Operating income $414GAAP Operating Income 27Intangible amortization 43Stock-based compensation expense 13Restructuring and Impairment charges 110Legal and other $607Non-GAAP Operating Income Appendix: Reconciliation of GAAP to Non-GAAP Measures
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20 Appendix: Reconciliation of GAAP to Non-GAAP Measures Quarter- ended Quarter- ended Quarter- ended Quarter- ended Quarter- Ended Quarter- ended June 27, 2025September 26, 2025December 31, 2025March 31, 2026June 26, 2026September 25, 2026($ in Millions) $399$453$420$413$276$501Net cash provided by operating activities (133)(150)(148)(202)(236)(241)Purchases of property and equipment 22311 1 Proceeds from the disposition of property and equipment (131)(148)(145)(201)(235)(240)Net capital expenditures $268$305$275$212$41$261Free cash flow* *Free cash flow is calculated as operating cash flow for the quarter less purchases of property and equipment, net of proceeds from the disposition of property equipment, or net capital expenditures. Free cash flow is a non-GAAP financial measure and may not be defined and calculated by other companies in the same manner. For more details on the GAAP to Non-GAAP adjustments for current and historical periods, please refer to the Investor Relations section of our website which includes press releases and summary financials of the respective periods. Six-Months ended September 25, 2026($ in Millions) $777Net cash provided by operating activities (477)Purchases of property and equipment 2Proceeds from the disposition of property and equipment (475)Net capital expenditures $302Free cash flow*
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