Flex Ltd at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Timothy Long - Barclays - Analyst : So maybe if we just start out with, obviously, a lot of people very focused on the cloud area. So I know you're not fully addressing that number all the time, but the 35% growth for this year. Maybe just, Kevin, if you want to touch on that number and how do we think about like moving parts around it. Obviously, the pretty broad business as well. So maybe if you could just kind of benchmark for us what we should be thinking about and what are the potential positive drivers beyond that level?

Question: Timothy Long - Barclays - Analyst : Yeah. And maybe if you could just touch on -- you touched on the major buckets, but like from a customer standpoint, what kind of breadth you're seeing in that business? I don't think you report any 10% customers yet, but others in the space do. So maybe just talk about how you're a little bit more broad in that area.

Question: Timothy Long - Barclays - Analyst : Great. Yeah, it's a good starting point. Maybe touching on power, I think when investors are looking at the space, Flex probably has a little bit more power exposure than some of the peer companies. I was just through Asia a month ago, and it was painfully clear how important power is becoming, obviously, not just getting the power, but managing it. So maybe talk about your outlook for that power business, Kevin, you mentioned growth faster than overall. You got the 400-volt racks going to 800-volt. Maybe talk about like what kind of technology drivers and what is causing the power envelope and the power management systems to be much more important over time. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:15PM, FLEX.OQ - Flex Ltd at Barclays Global Technology Conference

Question: Timothy Long - Barclays - Analyst : Okay. Great. Maybe if we go back to the cloud piece of the data center business. You mentioned rack integration. It seems everyone is focused across the ecosystem, whether it's a chip company or an OEM or an EMS/ODM, everyone is focused on kind of full rack integration. So maybe talk a little bit about how that transition is evolving and what sets Flex apart to better participate when it seems like a lot of these new customers just -- I want the whole rack, like I don't want to deal with the pieces. So maybe just walk us through how that works on your end. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:15PM, FLEX.OQ - Flex Ltd at Barclays Global Technology Conference

Question: Timothy Long - Barclays - Analyst : Right. I'm sure it helps with margin stacking as well.

Question: Timothy Long - Barclays - Analyst : Right. Great. Obviously, another hot topic in the cloud area lately is custom ASICs. It's just new announcements almost every day. Can you talk a little bit about Flex's participation in custom ASICs? And if we do see this explosion over the next few years in TPUs and Trainiums and maybe Maia and maybe MTIA, I'm assuming that's all pretty good opportunities for Flex, but can you just walk us through your positioning there?

Question: Timothy Long - Barclays - Analyst : Okay. And I did want to touch on, I think at OCT, you guys announced the AI infrastructure platform. So maybe can you just outline what that is and when do you think that will start impacting, and if there's any early customer feedback on it?

Question: Timothy Long - Barclays - Analyst : Okay. Great. Kevin, maybe we'll throw a financial one at you to get. A lot of comments in here about operating margin and the mix improving. You guys have delivered very well on operating margin in the last several quarters. So kind of walk us through the calculus of mix shift over time, which your higher growth or better margins and scale. I mean, obviously, revenue growth is pretty healthy. And if everything is going to be built, that said it's going to be built, we'll have a lot of scale benefits as well. So talk to us about like kind of mid-, long-term, how you see the evolution of the margin structure.

Question: Timothy Long - Barclays - Analyst : Okay. Great. And Michael, maybe back to you, you mentioned the NVIDIA partnership on the 800-volt. Talk to us a little bit about kind of timing and what you think the impact of that partnership could be for Flex?

Question: Timothy Long - Barclays - Analyst : Right. Okay. Great. Maybe, Kevin, back to you. We get a lot of questions across the space. There's just so much growth about capacity. And you guys obviously had the Ukraine disruption in the facility. So how are you viewing your ability to meet demand and build capacity over the next multiple years? I'm sure it's hard to do a multiyear plan when you see crazy gigawatt numbers from people that you don't know if they're going to get the power or the financing for it. But maybe just from a Flextronics standpoint, where do you -- how do you plan for it? And what are you seeing on the manufacturing capability side? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:15PM, FLEX.OQ - Flex Ltd at Barclays Global Technology Conference

Question: Timothy Long - Barclays - Analyst : Okay. Great. Maybe stepping away from data center a little. It feels like that's probably all you guys talk about. That's all we hear about as well. But maybe walk us through some of the other business lines where you're seeing positive moment. I think there's certainly headwinds in auto, which we can get into, but maybe walk us through the other growth opportunities that you're seeing.

Question: Timothy Long - Barclays - Analyst : Okay. You mentioned kind of networking and satellite. What type of services and what kind of product and use cases would you be addressing there? Some of them have pretty entrenched competitors. So just curious how you can evolve into some other parts of the stack.

Question: Timothy Long - Barclays - Analyst : Okay. Yeah, to the point about racks and just having your foot in a lot of different technologies is probably going to help that trend as well, I would assume.

Question: Timothy Long - Barclays - Analyst : Right. Okay. Yeah, I should have probably started with this, but both of you are relatively new to your current seats like year-ish. So maybe both of you take a minute or two and just talk a little bit about what you've been surprised by with the new role. I mean you've been at Flex for a long time. Kevin, you're more new. But just curious what you've kind of -- your take has been as you've seen the company from a different angle. And then Kevin, would love your sense of kind of your lessons learned in the first almost year and how you position it going forward. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:15PM, FLEX.OQ - Flex Ltd at Barclays Global Technology Conference

Question: Timothy Long - Barclays - Analyst : All right. I think we're up on time here. So Michael, Kevin, really. Appreciate the time. Thank you so much.