Flex plans Q1 2027 Axiom spin-off, pending approvals
Axiom expects 95% of CY2027E revenue to be supported by backlog and customer commitments, including programs backed by customer co-investment.
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Rhea-AI Filing Summary
Flex Ltd. said it is on track to complete the planned spin-off of its Cloud and Power Infrastructure business as Axiom Solutions International, Inc., an independent publicly traded company, in calendar Q1 2027. The separation and its timing remain subject to applicable approvals and completion. Flex presented its post-spin strategy alongside Axiom’s plans for power, cooling and compute infrastructure.
Flex reported $21 billion in FY26 net sales for its combined RMS and ITS segments, with high-value markets at 24% of revenue. Its FY27 outlook calls for a 5.7%–5.9% adjusted operating margin; its FY29 direction is 35%–40% of revenue from high-value markets and a 7%+ adjusted operating margin. Flex describes FY29 revenue growth as direction, not guidance. Axiom’s CY27 outlook is $20–$21 billion in revenue and ~13%–14% adjusted EBITDA margin, including ~1.25% of revenue in standalone corporate costs. Its CY30 framework is $37 billion+ in revenue and a high-teens adjusted EBITDA margin.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Free cash flow conversion financial
High-value markets financial
Grid-forming technical
L11 commissioning technical
FAQ
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When does FLEX expect to spin off Axiom?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01 | Regulation FD Disclosure. |
On November 10, 2026, Flex Ltd. (the “Company”) intends to present information about the Company and Axiom Solutions International, Inc. (“Axiom”), the planned independent, publicly-traded company comprising the Company’s Cloud and Power Infrastructure segment following the expected spin-off, at an Innovation Day being held at the Company’s headquarters in Austin, Texas. The presentation will be held in-person for invited institutional investors and financial analysts. The live webcasts and accompanying presentation materials will be available on the Company’s Investor Relations website at investors.flex.com. A replay will be available on the Company’s Investor Relations website following the conclusion of the event.
The Company’s and Axiom’s presentation materials are attached hereto as Exhibits 99.1 and 99.2, respectively.
The information in this Current Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Investor Presentation of Flex Ltd., dated November 10, 2026 | |
| 99.2 | Investor Presentation of Axiom Solutions International, Inc., dated November 10, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 10, 2026
| FLEX LTD. | ||
| By: | /s/ Kevin Krumm | |
| Name: | Kevin Krumm | |
| Title: | Chief Financial Officer | |
Exhibit 99.1 Welcome M I C H E L L E S I M M O N S
O U R C O M M I T M E N T Safety First Our success starts with protecting our people. A safe workplace enables our people to thrive, our operations to perform, and a brighter future for our customers, communities and the planet. OPERATIONS PEOPLE SAFE STRONG COMMUNITIES A BRIGHTER THRIVING TOMORROW T H I N K S A F E . W O R K S A F E . H O M E S A F E . P E O P L E . P E R F O R M A N C E . R E S P O N S I B I L I T Y .
L E G A L D I S C L A I M E R Cautionary Statement Regarding Forward-Looking Statements and Non-GAAP Disclosures This presentation contains forward-looking statements within the Readers are cautioned not to place undue reliance on these forward- the announcement or pendency of the Preferred Investment and the meaning of Section 27A of the Securities Act of 1933, as amended, and looking statements. Spin-Off on the market price of Flex’s securities and/or on Flex’s financial Section 21E of the Securities Exchange Act of 1934, as amended. Words Risks and uncertainties related to the Preferred Investment, EPC Power performance; the ability to achieve anticipated capital structures, credit such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “project,” Acquisition and Spin-Off include, but are not limited to: uncertainties as ratings, and financing in connection with the Spin-Off; the ability to “will,” and similar expressions identify forward-looking statements. These to whether the Preferred Investment and the Spin-Off will be completed retain key personnel; impacts of geopolitical conflicts; and any changes forward-looking statements include, without limitation, statements and the timing thereof; the ability to achieve anticipated ratings of the in general economic and/or industry-specific conditions. Additional regarding the separation of Flex’s Cloud and Power Infrastructure Convertible Preferred Stock; the possibility that various conditions to the information concerning risks relating to our business is described under business into an independent publicly traded company, Axiom Solutions completion of the Preferred Investment and the Spin-Off may not be “Risk Factors” and “Management’s Discussion and Analysis of Financial International, Inc. (“Axiom” and such separation, the “Spin-Off”) and the satisfied or waived, including the failure to obtain required regulatory Condition and Results of Operations” in our most recent Annual Report Preferred Stock Investment Agreement, pursuant to which GC Venture XIII approvals in the expected timeframe or at all or subject to conditions on Form 10-K and in our subsequent filings with the Securities and (ASI), L.P. and the other investors party thereto have agreed to that are not anticipated; the possibility that the Spin-Off will not qualify Exchange Commission (the “SEC”). Any references to the planned Spin- collectively purchase 200,000 shares of Axiom’s Series A Convertible for the expected tax-free treatment for U.S. federal income tax purposes; Off, including its timing, Form 10 status, and the leadership of each Preferred Stock, par value $0.0001 per share (the “Convertible Preferred the risk that the Spin-Off may be more difficult, time-consuming, or company following the separation, are forward-looking and remain Stock”), in a private placement (the “Preferred Investment”), the costly than expected, including the impact on Flex resources, systems, subject to applicable approvals and completion of the Spin-Off. All expected timing of the closing of the Preferred Investment, the expected procedures, and controls; potential adverse effects to the businesses of forward-looking statements are made as of the date hereof, and Flex timing of the Spin-Off and the ability to complete each of the Preferred Flex during the pendency of the Spin-Off, such as employee departures assumes no obligation to update or revise any forward-looking Investment and the Spin-Off; the anticipated synergies and benefits of or distraction of management from business operations; the possibility statements, whether as a result of new information, future events or the acquisition of EPC Power Corp. (“EPC Power”, and such acquisition, that the strategic, operational and financial benefits of the EPC Power otherwise, except as required by applicable law. the “EPC Power Acquisition”) and the Spin-Off, including enhanced Acquisition and the Spin-Off may not be achieved or may take longer to Reconciliations of historical non-GAAP financial measures to the most strategic focus, financial flexibility and value creation for shareholders; achieve than expected, including as a result of problems arising from the directly comparable GAAP financial measures are available in the the expected tax-free treatment of the Spin-Off for U.S. federal income integration of the business of EPC Power; the failure to obtain, or delays in Investor Relations section of our website at www.flex.com. Reconciliations tax purposes; the expected future performance of each of Flex and obtaining, required legal, regulatory or other approvals necessary to of forward-looking non-GAAP financial measures to the most directly Axiom, including the business of EPC Power; the impact of the EPC Power complete the Spin-Off; disruption from the EPC Power Acquisition and comparable GAAP financial measures are not provided because the Acquisition on Flex’s Cloud and Power Infrastructure business; Flex’s the Spin-Off, including potential adverse effects on relationships with information necessary to prepare such reconciliations is not available plans to repay borrowings incurred in connection with the EPC Power customers, suppliers, employees and other business partners; without unreasonable effort due to the inherent variability, complexity Acquisition; and statements about business strategies, growth competitive responses to the announcement or completion of the Spin- and uncertainty in forecasting certain reconciling items, including opportunities, market position and financial outlook for each of Flex and Off; diversion of management’s attention from ongoing business restructuring and impairment charges. These items could be material Axiom. These forward-looking statements are based on current operations; the possibility of disputes, litigation or unanticipated costs in and could significantly affect our GAAP results. expectations, estimates and assumptions involving risks and connection with the Spin-Off; uncertainty regarding the financial This presentation does not constitute an offer to sell, or the solicitation of uncertainties that could cause actual outcomes and results to differ performance of Flex or Axiom following the Spin-Off; negative effects of an offer to buy, any securities. materially from those anticipated by these forward-looking statements.
I N N O V A T I O N D A Y · 2 0 2 6 Today’s Agenda S E S S I O N 1 · N A S D A Q : F L E X S E S S I O N 2 · N A S D A Q : A X M 8:00 AM – 11:00 AM 12:00 PM – 3:00 PM Product Presentation Product Q&A Presentation Q&A › › › › Showcase Showcase 8:00 AM 12:00 PM 10:15 AM 2:40 PM 9:05 AM 1:10 PM
Innovation Day R E V A T H I A D V A I T H I
I N N O V A T I O N D A Y · 2 0 2 6 Building on Our Proven Transformation Record 2019 – 2026 Results from FY19 to FY26 2027+ Delivered strong results Entering our next chapter Transformed the portfolio • Repositioned toward higher-value FY26 adjusted operating • On track to complete the planned markets and exited structurally margin, almost doubled spin-off of Axiom in calendar Q1 6%+ lower-margin businesses since FY19 2027 • Executed the Nextracker spin-off • Establishing two focused, Adjusted EPS, FY19 to independent public companies ~3x FY26 • Built a leading critical digital positioned to lead in their infrastructure business across respective markets power, compute, and cooling, now TSR relative to the S&P becoming Axiom ~4x 500 Adj. operating margin and adj. EPS are non-GAAP, FY19 vs. FY26 as reported. Flex TSR based on share price appreciation from March 31, 2019 to November 1, 2026; S&P 500 total return per FactSet.
I N N O V A T I O N D A Y · 2 0 2 6 Two Companies Built to Win A market-leading advanced manufacturing company A leader in critical digital infrastructure, delivering end-to- operating at global scale for premier brands across a end compute, power and thermal management diverse set of end markets technologies for AI data centers and mission-critical applications Healthcare Industrial Automotive Communications Lifestyle Power Conversion Critical Power Embedded Power Cloud Compute Thermal Products Products Products Management Products R E V E N U E M I X R E V E N U E M I X Regulated Manufacturing Solutions Power Integrated Technology Solutions Cloud & Cooling
I N N O V A T I O N D A Y · 2 0 2 6 Positioned to Deliver Long-Term Value 01 02 03 Two independent, Distinct growth strategies Management focus on focused companies with aligned to differentiated scaling businesses, clear execution priorities market positions expanding margins, and driving value creation Each company purpose-built for Capital and focus directed to Clear accountability, disciplined its market and positioned to lead where each business has the portfolio management, and strongest right to win capital deployment aligned to returns
I N N O V A T I O N D A Y · 2 0 2 6 The Investment Case for Flex Michael Hartung, Chief Executive Officer
T H E I N V E S T M E N T C A S E F O R F L E X Building a Value Creation Company Creating value through profitable growth, operating margin expansion, cash generation, and disciplined capital allocation POSITION OF STRENGTH PROVEN PLAYBOOK AMBITIONS BEYOND EMS Unique global platform, deep History of financial rigor, Building a value creation customer relationships, proven productivity improvement, and company where capital follows operating capabilities, and a portfolio optimization will guide returns portfolio aligned with long-term how Flex creates value in the secular trends future
T H E I N V E S T M E N T C A S E F O R F L E X Post-Spin Flex Starts from a Position of Strength Global scale, integrated capabilities, and diversified end markets create a differentiated competitive position C O M P R E H E N S I V E S U I T E O F S E R V I C E S A T G L O B A L S C A L E U N M A T C H E D E X P E R T I S E A N D Design Advanced manufacturing Vertical integration Fulfillment Circular economy C A P A B I L I T I E S $21B FY26 net sales Regulated Manufacturing Solutions (RMS) Integrated Technology Solutions (ITS) Complex, regulated and high-reliability Complex, technology-driven and rapidly products evolving products 110k Employees Healthcare Industrial Automotive Communications Lifestyle 55+ years Advanced manufacturing F Y 2 4 – 2 6 O P E R A T I N G M O M E N T U M 90 bps 150 bps 17% 30 RMS segment adj. operating ITS segment adj. operating Combined segment income Countries margin expansion margin expansion growth FY26 net sales represent the combined net sales of the RMS and ITS segments.
T H E I N V E S T M E N T C A S E F O R F L E X A Proven Playbook That Makes Value Creation Repeatable FINANCIAL PORTFOLIO PRODUCTIVITY RIGOR OPTIMIZATION IMPROVEMENT • Increase exposure to higher- • Improve the quality of earnings • Build on seven years of value businesses and markets and cash generation operational progress • Improve businesses where • Maintain disciplined cost and • Apply execution discipline, stronger execution creates working capital management automation, data, and physical AI value • Allocate capital based on • Accelerate productivity gains • De-emphasize businesses that returns and unlock additional value do not meet our strategic and financial criteria
T H E I N V E S T M E N T C A S E F O R F L E X Capital Goes Where It Earns the Highest Return Invest Improve • Markets with strong secular growth, differentiated • Fund organic growth with attractive returns capabilities and a clear right to win • Strengthen base businesses where better execution can • Higher margins and strong returns on capital increase contribution • Passive and active actions may be evaluated • Drive productivity and efficiency Flex is raising the quality of the portfolio and the quality of its earnings
T H E I N V E S T M E N T C A S E F O R F L E X Six High-Value Markets, Multiple Paths to Growth S E G M E N T · R M S S E G M E N T · R M S S E G M E N T · I T S Medical devices Robotics Advanced networking S E G M E N T · R M S S E G M E N T · R M S S E G M E N T · I T S Drug delivery Energy Satellite infrastructure communications Six markets give Flex multiple paths to double-digit growth and margins above the company average
T H E I N V E S T M E N T C A S E F O R F L E X A Better Mix Drives Margin Expansion Post-spin Flex: high-value markets become a larger share of revenue and earnings H I G H - V A L U E M A R K E T S , % O F R E V E N U E A D J U S T E D O P E R A T I N G M A R G I N 35–40% 7%+ Approaching 30% 5.7–5.9% 24% 5.5% FY26 FY27 FY29 FY26 FY27 FY29 Mix will be the largest driver of margin expansion, with additional contributions from productivity and operating leverage FY26 High-Value Markets % of revenue based on total RMS and ITS segment revenues. FY26 Adjusted Operating Margin represents pro forma adjusted operating margin, including Corporate and other costs allocated to the RMS and ITS segments based on each segment’s proportion of total Flex revenue.
T H E I N V E S T M E N T C A S E F O R F L E X A Proven Playbook with Demonstrated Results 6.3% $1.8B $1.1B F R E E C A S H F L O W A D J U S T E D O P E R A T I N G A D J U S T E D O P E R A T I N G M A R G I N I N C O M E $0.9B 3.3% $1B+ +300 bps 11% CAGR NM FY19 FY26 FY19 FY26 FY19 FY26 T H E P L A Y B O O K W O R K S BUILD Financial rigor Productivity improvement Portfolio optimization • Strong cash conversion SCALE • Build on seven years of • Nextracker built, scaled, taken • Disciplined capital deployment operational progress public, and separated REALIZE • Reliable execution through • Axiom built within Flex, with VALUE changing market conditions separation underway Financials represent Total Flex as reported
The Team to Execute Michael Hartung Amy Schwetz Mike Thoeny Dennis Kirkpatrick Chief Executive Officer Chief Financial Officer President, RMS President, ITS FLEX: 20+ YEARS JOINED FLEX 2026 | PRIOR: FLOWSERVE FLEX: 6+ YEARS FLEX: 20+ YEARS Rodrigo DallOglio Ivan Brockman Xavier Boza Andy Powell Chief Business Chief Operating Officer Chief Human Resources Chief Legal Officer Transformation Officer Officer JOINED FLEX 2026 | PRIOR: BX/PJT FLEX: 5+ YEARS FLEX: 9+ YEARS FLEX: 25+ YEARS
T H E I N V E S T M E N T C A S E F O R F L E X FY27 Outlook and FY29 Direction Reflects business performance and portfolio actions F Y 2 7 O U T L O O K Organic revenue growth Up HSD to LDD F Y 2 9 D I R E C T I O N RMS revenue growth Up MSD to HSD MSD 35% – 40% 7%+ Organic revenue growth, HVM share of revenue Adjusted operating ITS revenue growth FY26 to FY29 CAGR margin Up LDD to Low-teens Adjusted operating margin 5.7% to 5.9% DD 80%+ ~2% of revenue High-value markets Annual adjusted EPS FCF conversion Capital expenditures Approaching 30% growth Revenue growth is organic, continuing operations. FY26 revenue represents the combined net sales of the RMS and ITS segments. FY2029 is direction, not guidance; FY2029 revenue growth is the FY2026 to FY2029 CAGR. Free cash flow conversion is free cash flow as a percentage of adjusted net income. MSD, HSD, LDD and DD: mid-and high-single-digit, low-double-digit and double-digit.
T H E I N V E S T M E N T C A S E F O R F L E X Creating Long-Term Shareholder Value STARTING FROM A POSITION OF STRENGTH PROVEN PLAYBOOK LEVERAGING LEADING EMS POSITION TO BUILD A VALUE CREATION COMPANY Driving high-value market growth from 24% of revenue in FY26 to 35% to 40% by FY29, and company adjusted operating margin of 7%+ FY26 High-Value Markets % of revenue based on total RMS and ITS segment revenues.
Winning in High-Value Markets Mike Thoeny Dennis Kirkpatrick Expected President, Regulated Expected President, Integrated Manufacturing Solutions Technology Solutions
RMS R E G U L A T E D M A N U F A C T U R I N G S O L U T I O N S
R E G U L A T E D M A N U F A C T U R I N G S O L U T I O N S Driving Durable Growth in High-Value Markets Serving highly regulated industries where quality, compliance and reliability are the price of admission Healthcare Industrial Automotive H I G H - V A L U E H I G H - V A L U E O P T I M I Z E A N D M A R K E T S M A R K E T S L E V E R A G E B A S E B U S I N E S S Medical devices Robotics Leverage power and Drug delivery Energy infrastructure compute capabilities into higher-growth markets B U I L T F O R L O N G - T E R M V A L U E C R E A T I O N Predictable, repeatable Expanded participation Deeply embedded High barriers to entry execution across product lifecycle relationships High barriers to entry, differentiated capabilities and deep customer relationships drive sustained growth and margin expansion
R E G U L A T E D M A N U F A C T U R I N G S O L U T I O N S Healthcare: A Premium, Regulated Growth Engine Two high-value markets where regulatory barriers and design-led participation deliver high-quality, durable programs W H Y F L E X W I N S S T R O N G , N O N - C Y C L I C A L Operating margin on design engagements M A R K E T D R I V E R S Regulatory and quality Aging populations and rising +250 bps expertise chronic disease Medical devices FDA-registered sites Proven design-to- Care moving from hospital 12 industrialization capabilities to home expand participation ISO 13485-certified sites Trusted partnerships earned Fast-growing drug delivery through execution; programs (e.g., GLP-1 therapies >25% 22 span 10+ years Drug delivery CAGR in recent years) S E L E C T C U S T O M E R S
R E G U L A T E D M A N U F A C T U R I N G S O L U T I O N S Merck KGaA, Darmstadt, Germany + Flex An award-winning connected autoinjector, from concept to full production E V O L U T I O N T O D A Y W H A T ’ S N E X T Over two decades An award-winning, A platform for future of patient-centric reusable connected therapies The platform will support future drug delivery autoinjector iterations that explore predictive Nearly 25 years of collaboration on Developed from concept through insights and more personalized patient-centric devices, including new product introduction to patient support. multi-drug, multi-dose injectors commercialization: a smart P A R T N E R S H I P S P O T L I G H T that improve adherence and injection device with an intuitive, patient experience. patient-focused design. Merck KGaA, Darmstadt, Germany + Flex HEALTHCARE | DRUG DELIVERY W H A T T H E R E L A T I O N S H I P D E M O N S T R A T E S Flex designed and manufactures a smart, connected autoinjector, from early concept through Strategic customer Higher-value design role Differentiated market End-to-end design across commercialization. expansion position mechanical, electronics, From drug delivery devices to a The 2025 PDA Drug Delivery software and UI, with a skin fully connected, digitally Innovation Award places Flex sensor and speed control. integrated therapy platform. among the leaders in connected drug delivery. ~25 yrs 3 months of collaboration to full production Design-led participation: more of the program, more of the value
R E G U L A T E D M A N U F A C T U R I N G S O L U T I O N S Industrial: Scaling Energy Infrastructure and Robotics Two high-value markets shaped by major investment cycles and a shared need to industrialize complex systems at speed Energy infrastructure Robotics FY27 Industrial revenue growth Rising investment in power Flex’s global scale and expertise generation creates demand for accelerate robotics production Double-digit complex power systems that Flex is amid escalating demand for positioned to scale. automation FY25–26 adj. operating W H Y F L E X W I N S W H Y F L E X W I N S margin improvement Critical power heritage Customer, supplier, innovator Deep expertise in industrializing complex power Firsthand robotics experience helps customers 230 bps infrastructure scale faster with less risk Integrated capabilities Automation expertise FY27 high-value markets Power electronics, modular fabrication, system Proprietary modular automation deployed across revenue growth integration and aftermarket services Flex operations ~2X Global scale Cross-industry capabilities Proven ability to manufacture complex power Proven automotive capabilities in ruggedized systems across data center, grid and residential compute, power electronics and motion systems S E L E C T C U S T O M E R S
R E G U L A T E D M A N U F A C T U R I N G S O L U T I O N S Teradyne Robotics + Flex A 20+ year partnership that scaled complex capital equipment is now expanding into robotics at scale E V O L U T I O N T O D A Y W H A T ’ S N E X T From test to automation Build + deploy Automation at scale 20+ years building some of Flex manufactures key Physical-AI use cases validated Teradyne’s most complex components and deploys UR and in Flex sites can be replicated semiconductor test systems built MiR robots in our own factories, globally, supporting resilient, the trust to expand into robotics bringing scale, speed and scalable deployment across new and physical AI. operating insight to the automation applications. partnership. P A R T N E R S H I P S P O T L I G H T Teradyne + Flex INDUSTRIAL | ROBOTICS Partnership evolution from W H A T T H E R E L A T I O N S H I P D E M O N S T R A T E S semiconductor test to robotics. Complexity + speed Execution earns expansion Validated by Teradyne High-value customers choose Reliable execution and supply Robotics partners proven on their hardest continuity build trust, expanding “…an ideal partner for advancing builds and toughest ramps. the relationship from intelligent automation.” Jean- semiconductor test into robotics. Pierre Hathout, President, 4x volume ramp 20+ yrs Teradyne Robotics. in 6 months | 100% of partnership on-time delivery Customer, supplier and innovator: the robotics playbook at work
R E G U L A T E D M A N U F A C T U R I N G S O L U T I O N S Turning Differentiated Capabilities into Durable Growth High barriers to entry protect earnings, while faster-growing high-value markets drive richer mix and stronger returns F O C U S O N H I G H - V A L U E M A R K E T S E X P A N D C U S T O M E R V A L U E L E V E R A G E E X I S T I N G C A P A B I L I T I E S Prioritize markets with strong secular Expand our role across design, Apply proven expertise to adjacent growth and differentiated right-to-win industrialization and lifecycle services high-growth markets to capture more value Medical Drug Energy Robotics Automotive Manufacturing System Design Lifecycle Industrialization devices delivery power and at scale integration infrastructure services compute Higher-value mix Durable growth Stronger returns
ITS I N T E G R A T E D T E C H N O L O G Y S O L U T I O N S
I N T E G R A T E D T E C H N O L O G Y S O L U T I O N S Accelerating Growth in High-Value Connectivity Markets Delivering physical infrastructure that moves data from the network core to the connected edge Communications Lifestyle H I G H - V A L U E M A R K E T S Advanced Satellite networking communications Switching and optical Space-to-earth-to-user connectivity D I S C I P L I N E D P O R T F O L I O O P T I M I Z A T I O N Reprice Exit Expand Invest Improve Improve program Reduce lower- Increase value Prioritize high- Drive productivity economics return business across the product value markets and efficiency lifecycle Leveraging a scaled, cash-generative platform to drive profitable growth, stronger cash flow and attractive returns
I N T E G R A T E D T E C H N O L O G Y S O L U T I O N S Advanced Networking: Capitalizing on Strong Secular Growth and Increasing Complexity W H Y F L E X W I N S High-value market scale Largest at Flex Leading position in complex switch manufacturing Average customer relationship Partnerships 20+ years with top component suppliers Increasing complexity raises barriers to market Proven NPI-to-volume S E L E C T C U S T O M E R S entry capabilities Flex’s established expertise and scale position us to Global manufacturing industrialize next-generation footprint networking platforms quickly and reliably Advanced networking strengthens ITS’ portfolio mix, driving higher-value growth, margin expansion and attractive returns
I N T E G R A T E D T E C H N O L O G Y S O L U T I O N S Cisco + Flex From trusted manufacturing partner to engineering-led scale for AI-ready platforms E V O L U T I O N T O D A Y W H A T ’ S N E X T Built trust across the Global launch and scale AI-ready industrialization Mirrored manufacturing Earlier engagement in value chain capabilities support scalable advanced technologies, Expanded from high-volume production and supply chain process readiness, and execution into complex resiliency. capacity planning for scale. transfers, NPI, failure analysis and deeper manufacturing P A R T N E R S H I P S P O T L I G H T collaboration. Cisco + Flex COMMUNICATIONS | ADVANCED NETWORKING A long-standing relationship W H A T T H E R E L A T I O N S H I P D E M O N S T R A T E S evolving from manufacturing execution to integrated engineering and industrialization. Scale with speed Technology readiness Resilient growth platform 25x volume ramp in under two Advanced technology and Global capacity, common years, moving a highly complex process readiness for next- execution standards and platform from NPI to high- generation platforms. lifecycle support. volume production across 20+ yrs 6 regions. of partnership regions in production Scale at speed: complex platforms from NPI to volume across regions
I N T E G R A T E D T E C H N O L O G Y S O L U T I O N S Satellite Communications: Early Investment Positions Flex to Capture a Rapidly Scaling Market W H Y F L E X W I N S # of LEO satellites in orbit, past five years Early market entry 3x 6+ years building capabilities and customers Market coverage Space-to-earth-to-user History of manufacturing for the complete 95% network Rapid Low Earth Orbit deployment is driving demand for industrialization Advanced integration and testing RF expertise, ruggedization and quality S E L E C T C U S T O M E R S Early investment and systems established capabilities position us to help customers rapidly scale mission-critical connectivity AS9100-certified sites Global scale backed by aerospace-grade quality SatCom extends Flex’s industrialization capabilities beyond terrestrial networks, positioning us as a trusted partner for mission-critical connectivity
I N T E G R A T E D T E C H N O L O G Y S O L U T I O N S A Higher-Value ITS Portfolio Drives Attractive Returns Applying our value-creation playbook to improve the quality of our portfolio, with a focus on higher-value markets and disciplined execution E X P A N D V A L U E C A P T U R E O P T I M I Z E T H E P O R T F O L I O G R O W O U R H I G H - V A L U E M A R K E T S Advanced networking Industrialization and NPI Invest where we can Largest growth opportunity From design to launch at scale differentiate Prioritize high-value markets Satellite communications Early-stage engineering Improve or exit programs Building on early investment Component and system design Improve or exit programs that do not meet strategic criteria Lifecycle and aftermarket services Higher-value services and deeper customer relationships Better mix Higher margins Stronger returns
THANK YOU
Product Showcase I N N O V A T I O N D A Y · 2 0 2 6
Financial Overview and Outlook Amy Schwetz Chief Financial Officer
F I N A N C I A L O V E R V I E W A N D O U T L O O K A Simple Model Built to Compound Earnings Three principles, clear levers and measurable progress P R I N C I P L E S H O W W E D E L I V E R E V I D E N C E T O D A Y 01 4 24% • Invest organically in six high-value markets Shift the mix toward Consecutive quarters of Revenue from HVMs in • Manage lower-value business for margin YoY revenue expansion FY26 high-value markets and cash for both RMS and ITS • Mix shift toward higher-margin markets 90 bps 150 bps 02 • Productivity, automation and AI across the network RMS segment adj. ITS segment adj. Expand margins • Remove stranded costs created by the separation operating margin, FY24 operating margin, FY24 to FY26 to FY26 ~2% 80%+ • 80%+ free cash flow conversion; capex about 2% 03 of revenue Held ITS and RMS Capex Free cash flow in FY24– since FY20 at or below FY26; FY27 reduced on • Deleverage using the retained Axiom stake Financial rigor 2% of revenue CPI and spin costs • Return excess capital through share repurchases FY26 High-Value Markets % of revenue based on total RMS and ITS segment revenues.
F I N A N C I A L O V E R V I E W A N D O U T L O O K High-Value Markets Become the Growth Engine FY2026 to FY2029 revenue CAGR by portfolio category, before portfolio actions R E G U L A T E D M A N U F A C T U R I N G S O L U T I O N S ( R M S ) I N T E G R A T E D T E C H N O L O G Y S O L U T I O N S ( I T S ) MSD to HSD growth through FY29 LSD to MSD growth through FY29 H I G H - V A L U E M A R K E T S ENERGY ADVANCED SATELLITE MEDICAL DEVICES DRUG DELIVERY INFRASTRUCTURE ROBOTICS NETWORKING COMMUNICATIONS RMS I T S Double-digit growth through FY29 Share of revenue, FY26 › FY27 › FY29: 24% › approaching 30% › 35%–40% FY26 High-Value Markets % of revenue based on total RMS and ITS segment revenues.
F I N A N C I A L O V E R V I E W A N D O U T L O O K Multiple Levers Driving Margin Expansion Adjusted operating margin bridge, FY2027 outlook to FY2029 direction M I X I M P R O V E M E N T 7%+ Fixed cost leverage High-value market growth, services Productivity gains expansion and portfolio Mix improvement optimization 5.7%–5.9% P R O D U C T I V I T Y G A I N S Automation, manufacturing efficiency and network optimization >100 bps expansion F I X E D C O S T L E V E R A G E Improved cost leverage as the FY27 outlook FY29 target portfolio evolves
F I N A N C I A L O V E R V I E W A N D O U T L O O K Disciplined Capital Allocation Balance sheet first: reduce debt, reinvest, return excess capital B A L A N C E S H E E T F I R S T C A P I T A L P R I O R I T I E S , I N O R D E R C A S H G E N E R A T I O N A N D R E T U R N S Reduce debt 1 Return historical leverage levels through retained 80%+ $5.2B stake exchange Free cash flow conversion following EXPECTED POST-SPIN DEBT spin Reinvest in the business 2 Focused investment in high-value markets; application of AI and automation technologies ~2% 10% to 12% Capital expenditures as a share of RETAINED AXIOM STAKE, EXCHANGED FOR Targeted acquisitions revenue FLEX DEBT WITHIN 24 MONTHS Strengthen and expand positions in high-value 3 markets; disciplined approach to growth and capabilities Investment-grade $944M Return excess capital ratings maintained Share repurchases in FY26; diluted 4 Excess capital returned to shareholders through RETURN TO HISTORICAL LEVELS shares down ~14%, FY24 to FY26 share repurchases Every capital decision must pass one test: does it increase long-term shareholder value?
F I N A N C I A L O V E R V I E W A N D O U T L O O K How We Compound Earnings Per Share Illustrative annual adjusted EPS growth algorithm, FY2026 to FY2029 R E V E N U E G R O W T H M A R G I N E X P A N S I O N I N T E R E S T S A V I N G S A D J U S T E D E P S G R O W T H MSD >100 bps ~$100M DD annual savings S H A R E + + = R E P U R C H A S E S High-value markets Mix, productivity and Debt reduced through Annual growth through lead; lower-value stranded-cost removal the Axiom stake FY29 Amplify EPS growth markets managed for exchange cash W H A T T H I S M E A N S F O R S H A R E H O L D E R S EARNINGS GROW FASTER RESILIENT THROUGH CYCLES MEASURED EVERY QUARTER THAN REVENUE Margin and capital return, not Diversified, regulated end markets We will report HVM growth, margin, volume alone, drive the algorithm and a flexible cost base EPS and cash conversion
F I N A N C I A L O V E R V I E W A N D O U T L O O K FY27 Outlook and FY29 Targets F Y 2 7 O U T L O O K F Y 2 9 T A R G E T S ORGANIC REVENUE GROWTH Up HSD to LDD Up MSD 35%–40% 7%+ Organic revenue growth, High-value markets, Adjusted operating RMS REVENUE GROWTH FY26 to FY29 CAGR % of revenue margin Up MSD to HSD ITS REVENUE GROWTH Up LDD to low teens ADJUSTED OPERATING MARGIN 5.7% to 5.9% DD ~2% 80%+ Annual adjusted EPS Capital expenditures as a Free cash flow conversion HIGH-VALUE MARKETS, % OF REVENUE growth share of revenue Approaching 30% Revenue growth is organic, continuing operations. FY26 revenue represents the combined net sales of the RMS and ITS segments. FY2029 is direction, not guidance; FY2029 revenue growth is the FY2026 to FY2029 CAGR. Free cash flow conversion is free cash flow as a percentage of adjusted net income. MSD, HSD, LDD and DD: mid-and high-single-digit, low-double-digit and double-digit.
Q&A I N N O V A T I O N D A Y · 2 0 2 6
F I N A N C I A L O V E R V I E W A N D O U T L O O K A Clear Path to Value Creation A proven playbook, more focused portfolio, and measurable financial targets R E V E N U E G R O W T H B E T T E R M I X H I G H E R M A R G I N S S T R O N G E R C A S H S T R O N G E R E A R N I N G S MSD 35–40% 7%+ 80%+ DD High-value markets High-value market Adjusted operating Free cash flow Annual adjusted EPS provide multiple paths revenue by FY29 margin by FY29 conversion growth to double-digit growth D I S C I P L I N E D C A P I T A L A L L O C A T I O N Reduce leverage Invest for returns Selective M&A Share repurchases
L E G A L D I S C L A I M E R Cautionary Statement Regarding Forward-Looking Statements and Non-GAAP Disclosures This presentation contains forward-looking statements within the Readers are cautioned not to place undue reliance on these forward- the announcement or pendency of the Preferred Investment and the meaning of Section 27A of the Securities Act of 1933, as amended, and looking statements. Spin-Off on the market price of Flex’s securities and/or on Flex’s financial Section 21E of the Securities Exchange Act of 1934, as amended. Words Risks and uncertainties related to the Preferred Investment, EPC Power performance; the ability to achieve anticipated capital structures, credit such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “project,” Acquisition and Spin-Off include, but are not limited to: uncertainties as ratings, and financing in connection with the Spin-Off; the ability to “will,” and similar expressions identify forward-looking statements. These to whether the Preferred Investment and the Spin-Off will be completed retain key personnel; impacts of geopolitical conflicts; and any changes forward-looking statements include, without limitation, statements and the timing thereof; the ability to achieve anticipated ratings of the in general economic and/or industry-specific conditions. Additional regarding the separation of Flex’s Cloud and Power Infrastructure Convertible Preferred Stock; the possibility that various conditions to the information concerning risks relating to our business is described under business into an independent publicly traded company, Axiom Solutions completion of the Preferred Investment and the Spin-Off may not be “Risk Factors” and “Management’s Discussion and Analysis of Financial International, Inc. (“Axiom” and such separation, the “Spin-Off”) and the satisfied or waived, including the failure to obtain required regulatory Condition and Results of Operations” in our most recent Annual Report Preferred Stock Investment Agreement, pursuant to which GC Venture XIII approvals in the expected timeframe or at all or subject to conditions on Form 10-K and in our subsequent filings with the Securities and (ASI), L.P. and the other investors party thereto have agreed to that are not anticipated; the possibility that the Spin-Off will not qualify Exchange Commission (the “SEC”). Any references to the planned Spin- collectively purchase 200,000 shares of Axiom’s Series A Convertible for the expected tax-free treatment for U.S. federal income tax purposes; Off, including its timing, Form 10 status, and the leadership of each Preferred Stock, par value $0.0001 per share (the “Convertible Preferred the risk that the Spin-Off may be more difficult, time-consuming, or company following the separation, are forward-looking and remain Stock”), in a private placement (the “Preferred Investment”), the costly than expected, including the impact on Flex resources, systems, subject to applicable approvals and completion of the Spin-Off. All expected timing of the closing of the Preferred Investment, the expected procedures, and controls; potential adverse effects to the businesses of forward-looking statements are made as of the date hereof, and Flex timing of the Spin-Off and the ability to complete each of the Preferred Flex during the pendency of the Spin-Off, such as employee departures assumes no obligation to update or revise any forward-looking Investment and the Spin-Off; the anticipated synergies and benefits of or distraction of management from business operations; the possibility statements, whether as a result of new information, future events or the acquisition of EPC Power Corp. (“EPC Power”, and such acquisition, that the strategic, operational and financial benefits of the EPC Power otherwise, except as required by applicable law. the “EPC Power Acquisition”) and the Spin-Off, including enhanced Acquisition and the Spin-Off may not be achieved or may take longer to Reconciliations of historical non-GAAP financial measures to the most strategic focus, financial flexibility and value creation for shareholders; achieve than expected, including as a result of problems arising from the directly comparable GAAP financial measures are available in the the expected tax-free treatment of the Spin-Off for U.S. federal income integration of the business of EPC Power; the failure to obtain, or delays in Investor Relations section of our website at www.flex.com. Reconciliations tax purposes; the expected future performance of each of Flex and obtaining, required legal, regulatory or other approvals necessary to of forward-looking non-GAAP financial measures to the most directly Axiom, including the business of EPC Power; the impact of the EPC Power complete the Spin-Off; disruption from the EPC Power Acquisition and comparable GAAP financial measures are not provided because the Acquisition on Flex’s Cloud and Power Infrastructure business; Flex’s the Spin-Off, including potential adverse effects on relationships with information necessary to prepare such reconciliations is not available plans to repay borrowings incurred in connection with the EPC Power customers, suppliers, employees and other business partners; without unreasonable effort due to the inherent variability, complexity Acquisition; and statements about business strategies, growth competitive responses to the announcement or completion of the Spin- and uncertainty in forecasting certain reconciling items, including opportunities, market position and financial outlook for each of Flex and Off; diversion of management’s attention from ongoing business restructuring and impairment charges. These items could be material Axiom. These forward-looking statements are based on current operations; the possibility of disputes, litigation or unanticipated costs in and could significantly affect our GAAP results. expectations, estimates and assumptions involving risks and connection with the Spin-Off; uncertainty regarding the financial This presentation does not constitute an offer to sell, or the solicitation of uncertainties that could cause actual outcomes and results to differ performance of Flex or Axiom following the Spin-Off; negative effects of an offer to buy, any securities. materially from those anticipated by these forward-looking statements.
THANK YOU
POWER FOR THE NEXT MOMENT INNOVATION DAY // NOVEMBER 10, 2026 // AUSTIN, TEXAS Exhibit 99.2
Today’s agenda WELCOME & OVERVIEW PRODUCT SHOWCASE Q & A INTRODUCING AXIOM 01 FROM DIRT TO TOKENS 02 WINNING ACROSS THE ARCHITECTURE 03 UNLOCKING THE POWER STORY 04 CLOSING REMARKS 05 Revathi Advaithi Chief Executive Officer Chris Butler Chief Technology & Strategy Officer Rob Campbell Chief Commercial Officer Kevin Krumm Chief Financial Officer Revathi Advaithi Chief Executive Officer Michelle Simmons SVP, Investor Relations All Speakers with Todd Hoover and Mattias Jansson All Speakers
Cautionary Statement Regarding Forward-Looking Statements and Non-GAAP Disclosures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “project,” “will,” and similar expressions identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding the separation of Flex’s Cloud and Power Infrastructure business into an independent publicly traded company, Axiom Solutions International, Inc. (“Axiom” and such separation, the “Spin-Off”) and the Preferred Stock Investment Agreement, pursuant to which GC Venture XIII (ASI), L.P. and the other investors party thereto have agreed to collectively purchase 200,000 shares of Axiom’s Series A Convertible Preferred Stock, par value $0.0001 per share (the “Convertible Preferred Stock”), in a private placement (the “Preferred Investment”), the expected timing of the closing of the Preferred Investment, the expected timing of the Spin-Off and the ability to complete each of the Preferred Investment and the Spin-Off; the anticipated synergies and benefits of the acquisition of EPC Power Corp. (“EPC Power”, and such acquisition, the “EPC Power Acquisition”) and the Spin-Off, including enhanced strategic focus, financial flexibility and value creation for shareholders; the expected tax-free treatment of the Spin-Off for U.S. federal income tax purposes; the expected future performance of each of Flex and Axiom, including the business of EPC Power; the impact of the EPC Power Acquisition on Flex’s Cloud and Power Infrastructure business; Flex’s plans to repay borrowings incurred in connection with the EPC Power Acquisition; and statements about business strategies, growth opportunities, market position and financial outlook for each of Flex and Axiom. These forward-looking statements are based on current expectations, estimates and assumptions involving risks and uncertainties that could cause 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. Risks and uncertainties related to the Preferred Investment, EPC Power Acquisition and Spin-Off include, but are not limited to: uncertainties as to whether the Preferred Investment and the Spin-Off will be completed and the timing thereof; the ability to achieve anticipated ratings of the Convertible Preferred Stock; the possibility that various conditions to the completion of the Preferred Investment and the Spin-Off may not be satisfied or waived, including the failure to obtain required regulatory approvals in the expected timeframe or at all or subject to conditions that are not anticipated; the possibility that the Spin-Off will not qualify for the expected tax-free treatment for U.S. federal income tax purposes; the risk that the Spin-Off may be more difficult, time-consuming, or costly than expected, including the impact on Flex resources, systems, procedures, and controls; potential adverse effects to the businesses of Flex during the pendency of the Spin-Off, such as employee departures or distraction of management from business operations; the possibility that the strategic, operational and financial benefits of the EPC Power Acquisition and the Spin-Off may not be achieved or may take longer to achieve than expected, including as a result of problems arising from the integration of the business of EPC Power; the failure to obtain, or delays in obtaining, required legal, regulatory or other approvals necessary to complete the Spin-Off; disruption from the EPC Power Acquisition and the Spin-Off, including potential adverse effects on relationships with customers, suppliers, employees and other business partners; competitive responses to the announcement or completion of the Spin-Off; diversion of management’s attention from ongoing business operations; the possibility of disputes, litigation or unanticipated costs in connection with the Spin-Off; uncertainty regarding the financial performance of Flex or Axiom following the Spin-Off; negative effects of the announcement or pendency of the Preferred Investment and the Spin-Off on the market price of Flex’s securities and/or on Flex’s financial performance; the ability to achieve anticipated capital structures, credit ratings, and financing in connection with the Spin-Off; the ability to retain key personnel; impacts of geopolitical conflicts; and any changes in general economic and/or industry-specific conditions. Additional information concerning risks relating to our business 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 Securities and Exchange Commission (the “SEC”). 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. All forward-looking statements are made as of the date hereof, and Flex assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. We present forward looking non-GAAP financial measures including adjusted EBITDA and free cash flow. Adjusted EBITDA is defined as operating income adjusted for depreciation and amortization, stock based compensation, restructuring charges, impairment, separation and transaction related cost, legal and other charges that management believes are not reflective of the company’s ongoing operating performance. Free cash flow is defined as cash flows from operating activities, less purchases of property and equipment and proceeds from the disposition of property and equipment. Reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the information necessary to prepare such reconciliations is not available without unreasonable effort due to the inherent variability, complexity and uncertainty in forecasting certain reconciling items and the difficulty in predicting the occurrence, the financial impact and the periods in which the adjustments may be recognized. These items could be material and could significantly affect our GAAP results. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
Introducing Axiom section 01 Revathi Advaithi Expected Chief Executive Officer
Axiom at a glance REVENUE (CY26E) ~$10B EMPLOYEES ~35K R&D + SERVICE LOCATIONS 8 ENGINEERS ~5K MANUFACTURING LOCATIONS 19 GLOBAL SCALE & REACH ~11M ft² END TO END PORTFOLIO POWER COOLING COMPUTE SERVICES
A generational investment in infrastructure AI is bringing the digital and industrial worlds together. A MULTIYEAR AI INVESTMENT CYCLE $1T+ Estimated average annual hyperscaler capex 2026 to 2030 POWER REQUIRED BY AI 200+ GW New power to be added for data centers, 2026 to 2030 GRID INVESTMENT PLANNED $1.4T US utility investment, 2026 to 2030 SOURCES: S&P GLOBAL MARKET INTELLIGENCE. EEI
THE NEW ERA OF DIGITAL AND ELECTRICAL INFRASTRUCTURE AI is driving a step-change in the requirements of critical digital infrastructure Electrical infrastructure must now innovate at the pace of compute A new era of infrastructure demands a new approach THE TRADITIONAL MODEL WILL NOT SCALE The traditional industrial model was built around individual products and categories, not the system Integrating those products in the field adds too much time, complexity and cost AXIOM WAS BUILT TO LEAD IN THIS NEW ERA We built Axiom to bring the digital and electrical worlds together We can help define the architecture, integrate the system and build it at scale This new model demands greater efficiency, simpler systems and faster deployment.
Leading capabilities across the full power, cooling and compute system Board power capabilities acquired from Ericsson First rack level power programs for hyperscalers and leading silicon designers 2nd hyperscale compute / rack program ramps Expanded utility portfolio 1st hyperscale compute / rack program ramps Acquired critical power products Entered utility control market Advanced power conversion Added direct to chip liquid cooling 2017 Today A portfolio built for the new infrastructure model
A distinctive set of products engineered to work together CRITICAL POWER PRODUCTS POWER CONVERSION PRODUCTS RACK & CHIP LEVEL POWER PRODUCTS COMPUTE COOLING PRODUCTS SERVICES Logistics and supply chain services Field Services Commissioning and decommissioning LV/MV Switchgear PDUs RPPs Busway Modular Utility Metering Inverters M Rack M System (Agile 800R) Power modules Vertical power CBU Power shelf 800V sidecar Custom compute Enclosures Rack integration Cold plates Rack CDU Row CDU
Power, Cooling, and Compute capabilities spanning utility interface through the AI workload Axiom can shape and deliver the system as one We design the architecture, not just the products Optimize the system, not just individual components We remove complexity from the field Bring more design, integration and validation into the factory We deliver it at scale with speed Turn complex architectures into repeatable, deployable systems POWER CONVERSION CRITICAL POWER IT HARDWARE EMBEDDED POWER COOLING
Built on world-class manufacturing DNA, designed for the AI era Axiom combines the portfolio and technology required for the new infrastructure model with manufacturing scale and an AI-native operating system AI-NATIVE OPERATING MODEL ACROSS THE ENTERPRISE INTELLIGENT SYSTEMS REAL-TIME VISIBILITY AI-NATIVE PROCESSES PURPOSE-BUILT PORTFOLIO AND TECHNOLOGY TECHNOLOGY LEADERSHIP SYSTEM DESIGN LIFECYCLE SERVICES BORN FROM FLEX’S WORLD-CLASS MANUFACTURING AND SUPPLY CHAIN DNA GLOBAL SCALE RESILIENT SUPPLY CHAINS PROVEN EXECUTION MODEL
Axiom is fundamentally different from its peers BREADTH ACROSS THE INFRASTRUCTURE ECOSYSTEM SYSTEM-LEVEL INTEGRATION CAPABILITY IT HARDWARE INTEGRATORS Integrate compute at scale, with limited proprietary power or thermal product IP CATEGORY SPECIALISTS Focus on a single category within power distribution or thermal management Designs, manufactures and integrates power, cooling and compute as one system, across the electrical architecture POWER | COOLING | COMPUTE | SERVICES DIVERSIFIED INDUSTRIAL INCUMBENTS Broad catalogs of standard products, optimized around the legacy AC installed base and channel sales WHAT MAKES AXIOM DIFFERENT Purpose-built for the new architecture No legacy portfolio to protect as power shifts toward new DC architectures System-level design Power, cooling and compute optimized together at the architecture stage Factory integration at scale More of the system integrated and tested before deployment
Shaping infrastructure with our customers from utility to silicon UTILITIES Grid interconnection, substation and utility control solutions as load growth accelerates COLOCATION Critical power distribution and modular power products that bring multi-tenant online faster HYPERSCALERS Integrated power, cooling and compute systems to scale AI and cloud capacity SILICON PROVIDERS Co-development of next-generation power delivery for higher-power chips and racks
Significant industry experience with track record of results Leadership matched for the opportunity ahead ROB CAMPBELL Chief Commercial Officer MATTIAS JANSSON President, Embedded Power TODD HOOVER President, Critical Power CHRIS BUTLER Chief Technology & Strategy Officer SCOTT OFFER Chief Legal Officer HOOI TAN Chief Operating Officer KEVIN KRUMM Chief Financial Officer REVATHI ADVAITHI Chief Executive Officer 7 YEARS AT FLEX 35 INDUSTRY YEARS Prior Experience 2 YEARS AT FLEX 30 INDUSTRY YEARS Prior Experience 11 YEARS AT FLEX 40 INDUSTRY YEARS Prior Experience 9 YEARS AT FLEX 15 INDUSTRY YEARS Prior Experience 1 YEARS AT FLEX 25 INDUSTRY YEARS Prior Experience 23 YEARS AT FLEX 23 INDUSTRY YEARS 4 YEARS AT FLEX 30 INDUSTRY YEARS Prior Experience KARA WILSON Chief People Officer 10 YEARS AT FLEX 10 INDUSTRY YEARS 4 YEARS AT FLEX 4 INDUSTRY YEARS
From Dirt to Tokens section 02 Chris Butler Expected Chief Technology & Strategy Officer
AI is power-limited and the fastest from megawatts to tokens wins Efficiency More compute from every megawatt the grid delivers. SIMPLIFICATION Fewer conversion stages, vendors and handoffs from grid to token. SPEED Capacity online in up to half the time.
AI presents new customer challenges INCREASING rack DENSITY Industry focused efforts towards 800V and liquid cooling POWER AVAILABILITY Poor efficiency and long waits for interconnection INCREASING COMPLEXITY Density challenge is adding complexity Labor Constraints Shortage of skilled onsite resources to install these complex systems
AI presents new customer challenges SPEED SIMPLIFICATION EFFICIENCY INCREASING rack DENSITY Industry focused efforts 800V and Liquid Cooling POWER AVAILABILITY Poor efficiency and long waits for interconnection INCREASING COMPLEXITY Density challenge is adding complexity Labor Constraints Shortage of skilled onsite resources to install these complex systems
A century spent refining one architecture. AI is forcing a reset in a single product cycle. 100+ years of AC. 3–5 years to DC. THE LAST 100 YEARS Better protection, controls and resiliency, on the same AC backbone. THE NEXT 3–5 YEARS Racks heading to ~600 kW and 1 kW+ chips force the move to 800VDC. AC NETWORKS AND SUBSTATIONS The architecture still used today 1880s–1900s 1880 GRID EXPANSION More scale, same one-line 1920s–1950s SCADA AND AUTOMATION Visibility, same topology 1960s–1980s SOLID-STATE PROTECTION Smarter relays and breakers 1980s–2000s UPS AND CRITICAL POWER Better ride-through 1990s–2010s SMARTER DISTRIBUTION Sensors and DER, same backbone 2010s–TODAY Today DC: 3–5 yrs AC: ~145 years of incremental change
Incumbents protect the past. Axiom ships what’s next ARCHITECTURE AC-centric portfolios: UPS, PDU and power racks — the very boxes 800VDC removes 800VDC-native: agile digital rectifier, grid-forming SST, integrated backup INCENTIVE Defend a large installed base and the service revenue tied to it No legacy line to cannibalize — we design stages out, not in PRODUCTS Incremental, box-by-box refreshes of proven product lines Integrated reference designs, validated in our Innovation Center SPEED Stick-built sites, multiple vendors, integration in the field Factory-built systems bring capacity online up to 50% faster SCOPE Optimize their own box; the customer integrates the rest Own the chain grid to token — power, cooling and compute as one system INDUSTRIAL INCUMBENTS The legacy AC playbook 800VDC-native, built for speed SOURCE: AXIOM ESTIMATES.
The value of efficiency, speed, and simplification SOURCE: AXIOM ESTIMATES BASED ON PUBLIC GPU RENTAL RATES AND AI CLOUD PROVIDER DISCLOSURES. ~ $20 – $30B compute lease revenue potential per GW / year ~ $1.5– $2.5B of potential revenue lost per GW for every month of delay ~ $12 – $15B to build the power and cooling infrastructure for 1 GW < 1 year of potential revenue pays it back, so paying more to get online sooner pays off EFFICIENCY ON A 1 GW SITE 1% ≈ ~$0.2–0.3B / year 10 MW more sellable compute on the same grid connection
One grid to token platform Lifecycle services: logistics and fulfillment · repair and refurbishment · remote monitoring · commissioning · end-of-life and decommissioning MV AND LV SWITCHGEAR BUSWAY AND DATABAR CRITICAL POWER 01 PDUs AND RPPs PREFAB PODS AND SKIDS RACKS, SERVERS AND STORAGE MICROCONVECTIVE COLD PLATES CLOUD AND COOLING 04 FLUID NETWORK CDUs to 3 MW 800VDC SIDECAR 50V POWER SHELVES EMBEDDED POWER 03 BOARD POWER MODULES VERTICAL POWER DELIVERY AGILE AND GRID-FORMING BESS SST (ROADMAP) POWER CONVERSION 02 800V DIGITAL RECTIFIERS LIFECYCLE SERVICES Logistics and fulfillment Repair and refurbishment Remote monitoring Commissioning End-of-life and decommissioning
■ Datacenter and utility One portfolio serving both markets, from substation to white space ■ Up to 50% faster POD construction cuts time to first token by up to half ■ 1M+ sq ft Of modular capacity across the U.S. and Europe, and expanding Critical power, set and connected on site MV & LV switchgear Protection and distribution from the utility feed to the 480V bus Busway & databar Power and data run overhead to every row PDU & RPP Branch distribution and remote power panels at the row Modular Utility control buildings and power pods, built and tested in the factory Traditional model: Multiple vendors and on-site integration. factory-built electrical systems and complete AI modules, from switchgear to the row, with fewer handoffs. SOURCE: AXIOM ESTIMATES.
Grid-forming BESS Sets voltage and frequency and absorbs AI load swings in milliseconds M-Rack Liquid-cooled, modular grid-forming inverter: SiC, >99% efficient, 5–7.5 MW blocks Agile 800R Digital rectifier with agile backup: 34.5 kV in, 800 VDC out, one system ■ Next-gen ready Medium voltage straight to 800 VDC with the Agile 800R, fewer stages to the rack ■ Grid-forming controls Built in-house: ride through faults and steady AI load swings ■ IEEE 2800.1 Compliant with the interconnection rules grid operators now apply ■ Made in the U.S. Domestic manufacturing shortens lead times and benefits from U.S. policy Traditional Model: Portfolios centered on UPS and PDU In-house power conversion and controls, from grid-forming storage to 800 VDC at the rack. Facility power conversion, built in-house
Sidecar 800 VDC or ±400 VDC beside the rack, feeding megawatt-class racks Power shelf 50 V rack distribution: 33 kW shelves at 97.5% peak efficiency BBU Battery backup units on the 50 V bus for ride-through CBU Capacitive storage that smooths AI load swings Power module Board-level DC/DC and vertical power delivery, 12 V to under 1 V ■ Leading player A leading supplier of rack and board power systems ■ Half of losses Critical to efficiency: about half of grid-to-chip losses happen inside the rack ■ Early partner Engaged with customers early in the planning cycle, shaping the architecture Traditional model: Separate providers for facility and rack power. grid-to-silicon portfolio, spanning the 800 V sidecar to under 1 V at the chip. Few players control power inside the rack
Compute Integrated manufacturing: built, commissioned, piped, cabled and loaded at scale Fluid network Facility-to-rack liquid distribution, supply and return CDU Coolant distribution units moving heat from rack to facility loop Cold Plate Direct-to-chip cooling at the processor Racks manufactured and commissioned with power and cooling integrated ■ L11 commissioning Cluster-level testing in our own facility before racks ship ■ Efficient liquid cooling A liquid cooling platform driving power and water usage effectiveness (PUE, WUE) Traditional model: Power, cooling and compute purchased separately and integrated on site. one factory-integrated, L11-commissioned system, with liquid cooling from facility to chip. Cloud and cooling, commissioned before it ships ■ Token-ready compute
One grid to token platform Lifecycle services: logistics and fulfillment · repair and refurbishment · remote monitoring · commissioning · end-of-life and decommissioning MV AND LV SWITCHGEAR BUSWAY AND DATABAR CRITICAL POWER 01 PDUs AND RPPs PREFAB PODS AND SKIDS RACKS, SERVERS AND STORAGE MICROCONVECTIVE COLD PLATES CLOUD AND COOLING 04 FLUID NETWORK CDUs to 3 MW 800VDC SIDECAR 50V POWER SHELVES EMBEDDED POWER 03 BOARD POWER MODULES VERTICAL POWER DELIVERY AGILE AND GRID-FORMING BESS SST (ROADMAP) POWER CONVERSION 02 800V DIGITAL RECTIFIERS LIFECYCLE SERVICES Logistics and fulfillment Repair and refurbishment Remote monitoring Commissioning End-of-life and decommissioning
One system, one owner, tuned for efficiency Design as a system OUR PORTFOLIO Power conversion MV · GRID-FORMING · 800VDC Power distribution SWITCHGEAR · BUSWAY · PDUS Rack and board power SIDECAR · 50V · POWER MODULES Compute and cooling RACKS · LIQUID · L11 TESTED Prefab BUILDINGS · SKIDS · PODS AXIOM SYSTEM DESIGN System efficiency at the core, everything designed around it Optimized interfaces Factory-validated modules Fewer field handoffs Software Defined CUSTOMER VALUE Build as a system Deploy as a system EFFICIENCY 80 MW+ unlocked per GW SPEED Up to 50% faster SIMPLIFICATION Less equipment to manage and install SOURCE: AXIOM ESTIMATES.
Today’s power architecture, grid to token Grid Chip IT rack PSU BBU CBU Power shelf 480→50 V BBU battery ride-through CBU capacitive load smoothing Inside the server IBC 50→12 V VRM 12→0.6 V GPU 0.6 V core MV switchgear Transformer LV switchgear UPS PDU Busway Facility power train (AC) 13.8–34.5 kV AC 480 VAC
Small losses at every stage add up to 20% Grid Chip MV switchgear 99.9% Transformer 98.5% LV switchgear 99.8% UPS 96.0% PDU 98.0% Busway 99.6% Facility power train (AC) 13.8–34.5 kV AC 480 VAC Axiom estimates: typical published efficiencies at rated load, multiplied through the chain. ~92% to the rack 100% from the grid ~80% to the chip IT rack PSU BBU CBU Power shelf 480→50 V 97.5% BBU battery ride-through CBU capacitive load smoothing Inside the server IBC 50→12 V 97.5% VRM 12→0.6 V ~91% GPU 0.6 V core
Most players own only a slice of the chain Grid Chip MV switchgear Transformer LV switchgear UPS PDU Busway Facility power train (AC) 13.8–34.5 kV AC 480 VAC Niche Infrastructure Player Diversified industrial incumbent Datacenter-focused industrial incumbent Power Electronics Player Most players own a slice of the chain. Axiom spans all of it. WHO COVERS WHAT, GRID TO TOKEN IT rack PSU BBU CBU Power shelf 480→50 V BBU battery ride-through CBU capacitive load smoothing Inside the server IBC 50→12 V VRM 12→0.6 V GPU 0.6 V core
Add 800 VDC conversion Convert once, from medium voltage straight to an 800 VDC bus, and remove the transformer, UPS, PDU and rack PSU stages. What the next architecture needs Grid Chip IT rack PSU BBU CBU Power shelf 480→50 V BBU battery ride-through CBU capacitive load smoothing Inside the server IBC 50→12 V VRM 12→0.6 V GPU 0.6 V core MV switchgear Transformer LV switchgear UPS PDU Busway Facility power train (AC) 13.8–34.5 kV AC 480 VAC Add energy storage Grid-forming storage to ride through faults, smooth AI load swings and meet grid-code requirements, with backup built in. Takeaway: bolting more equipment onto the AC chain adds complexity and does nothing to improve efficiency.
A bridge step for today’s 480 VAC racks Axiom Agile 480 consolidates medium-voltage conversion and backup ahead of existing LV distribution ~92% to the rack TOMORROW TODAY MV switchgear Transformer LV switchgear UPS PDU Busway PSU 480→ 50V BBU CBU IBC 50→12V VRM 12→0.6V 480VAC IT rack 6 stages to the rack Axiom Agile 480 LV switchgear PDU Busway ~95% to the rack 4 stages to the rack PSU 480→ 50V BBU CBU IBC 50→12V VRM 12→0.6V 480VAC IT rack Grid Chip Add energy storage and Agile Backup Comply with grid code requirements, prioritized interconnect and integrate backup to improve efficiency. Efficiency SIMPLIFICATION SPEED
One fault took >3GW off the grid Milliseconds A single transmission fault >3GW Of data-center load switched to backup at the same moment >10min Of voltage disturbance, felt across multiple states THE LESSON Data centers must be engineered as active participants in grid stability, not passive loads. Emerging expectations for loads of 75 MW and up: ride-through, dynamic models, telemetry and coordinated response. ILLUSTRATIVE VOLTAGE RESPONSE NOMINAL NOT MEASURED DATA SLOW RETURN TO NORMAL FAULT + LOAD TRANSFER 12MIN Integrating the UPS into energy storage eliminates a top utility concern: sudden load drops. SOURCE: UPTIME INSTITUTE, AUGUST 2026.
A grid-forming inverter establishes and regulates AC voltage and frequency, so generation and loads can synchronize to it, rather than simply following the grid. Grid-forming creates the grid WHY IT MATTERS Grid-forming BESS supports grid stability through voltage and frequency control, synthetic inertia and rapid power response, without rotating machinery. Traditional grid-following Requires an existing voltage and frequency reference Injects current into an already-stable grid Less capable in weak-grid or islanded conditions Grid-forming Creates the voltage and frequency reference Synthetic inertia resists rapid frequency changes Supports weak-grid and islanded operation Fast disturbance response and black start SPEED TO POWER Grid connection is now the long pole. Regulators are opening faster lanes for flexible loads; grid-forming storage makes an AI campus one, earning a place nearer the front of the queue. ~4 yrs average U.S. wait for a grid connection; ~7 in N. Virginia 226 GW in ERCOT’s large-load queue, ~3/4 of IT data centers 76 GW could connect now if flexible for 0.25% of the year SOURCES: JLL, 2026. BLOOMBERG, AUGUST 2024. ERCOT, 2026. DUKE NICHOLAS INSTITUTE, FEBRUARY 2025. FERC, 2026.
A bridge step for today’s 480 VAC racks Axiom Agile 480 consolidates medium-voltage conversion and backup ahead of existing LV distribution +3 pts more grid power to the rack, 30 MW+ per GW Integrate energy storage and agile backup now, with existing low-voltage distribution and 480 VAC racks left in place. Efficiency SIMPLIFICATION SPEED ~92% to the rack TOMORROW TODAY MV switchgear Transformer LV switchgear UPS PDU Busway PSU 480→ 50V BBU CBU IBC 50→12V VRM 12→0.6V 6 stages to the rack Axiom Agile 480 LV switchgear PDU Busway ~95% to the rack 4 stages to the rack PSU 480→ 50V BBU CBU IBC 50→12V VRM 12→0.6V 480VAC IT rack 480VAC IT rack
One system replaces the AC power chain ~97% to the rack Grid Chip ~92% to the rack Axiom Agile 800R MV switchgear Transformer LV switchgear UPS PDU Busway PSU 480→ 50V BBU CBU IBC 50→12V VRM 12→0.6V 480VAC IT rack 6 stages to the rack 1 integrated system 34.5 kV in, 800 VDC out, with agile backup built in 800V PDB 800→12V replaces PSU, BBU and IBC VRM 12→0.6V Agile 800R: centralized conversion and backup at 97% efficiency Add 800VDC Conversion with Energy Storage and Backup From 34.5kV to 800VDC on a skid at 97% efficiency. 800 VDC Efficiency SIMPLIFICATION SPEED TOMORROW TODAY 800VDC IT rack
One system replaces the AC power chain ~97% to the rack Grid Chip ~92% to the rack Axiom Agile 800R MV switchgear Transformer LV switchgear UPS PDU Busway PSU 480→ 50V BBU CBU IBC 50→12V VRM 12→0.6V 480VAC IT rack 6 stages to the rack 1 integrated system 34.5 kV in, 800 VDC out, with agile backup built in 800V PDB 800→12V replaces PSU, BBU and IBC VRM 12→0.6V Agile 800R: centralized conversion and backup at 97% efficiency ONE PLATFORM, MANY JOBS ● 800 VDC power delivery ● Agile backup, no transfer gap ● AI load smoothing ● Grid-code ride-through ● Black start and islanding ● Software-defined controls +5 pts more grid power to the rack, 50 MW+ per GW 800 VDC Efficiency SIMPLIFICATION SPEED TOMORROW TODAY 800VDC IT rack
Transition to solid-state transformers Grid Chip ~92% to the rack 98%+ to the rack FUTURE TODAY Axiom Agile 800ST MV switchgear Transformer LV switchgear UPS PDU Busway PSU 480→ 50V BBU CBU IBC 50→12V VRM 12→0.6V 480VAC IT rack 6 stages to the rack 800V PDB 800→12V replaces PSU, BBU and IBC VRM 12→0.6V 800VDC IT rack Next-gen efficiency, compact footprint, integrated protection and control More compact High-frequency solid-state conversion replaces bulky 60 Hz transformers and gear for a smaller footprint More efficient 98%+ to the rack: medium voltage straight to 800 VDC in a single conversion stage Better controls Integrated protection and software-defined, grid-forming controls in one platform +6 pts more grid power to the rack, 60 MW+ per GW Efficiency SIMPLIFICATION
Improving efficiency in the rack Transition to 800V native servers and compute 800V 800V Source moves outside of the compute envelope IT rack PSU BBU CBU Power shelf 480→50 V BBU battery ride-through CBU capacitive load smoothing Inside the server IBC 50→12 V VRM 12→0.6 V GPU 0.6 V core TRADITIONAL 480VAC TO THE RACK 95% 480VAC 50VDC 97% 12V 93% 0.8V 85.7% Server 800V PDB 800à12V Replaces PSU, BBU, and IBC VRM 12à0.6V
Improving efficiency in the rack Transition to 800V native servers and compute FIVE EFFICIENCY LEVERS ■ Regulation Regulate once, upstream. Allows fixed ratio converters @ 98% ■ Isolation Isolate at one point only. Isolating twice costs 1-2 points. ■ Efficiency Curve Run at the sweet spot. ■ Bandwidth Caps designed to absorb dynamic load by timescale. ■ Stability Specify impedance jointly. Efficiency is based on design decisions beyond the rack. If you design in isolation, you pay an efficiency penalty. IT rack PSU BBU CBU Power shelf 480→50 V BBU battery ride-through CBU capacitive load smoothing Inside the server IBC 50→12 V VRM 12→0.6 V GPU 0.6 V core TRADITIONAL 480VAC TO THE RACK 95% 480VAC 50VDC 97% 12V 93% 0.8V 85.7%
THE STAGE THAT REPLACES IT 800V POWER DISTRIBUTION BOARD 800VDC in, 12V out. Hot swap, filtering and holdup, control and conversion on one board. TRADITIONAL 480VAC TO THE RACK Improving efficiency in the rack AXIOM 800VDC TO THE RACK +4 pts Efficiency, rack input to chip 95% 480VAC 50VDC 97% 12V 93% 0.8V 800VDC Removed 97% 12V 93% 0.8V Efficiency from rack input to the chip, stage efficiencies as shown. 800V native servers and compute 85.7% 90.2% Efficiency SOURCE: AXIOM ESTIMATES.
Improved efficiency and simplified architecture deliver real results Grid to rack 98%+ to the rack, from ~92% today × Rack to chip 90% rack to chip, from 85.7% today = Total, grid-to-chip 88% grid-to-chip, from ~80% today $1.6–2.4B more revenue potential per GW per year for our customers ~8 pts efficiency improvement, grid-to-chip ~80% today → 88% with Axiom; 8 pts × $0.2–0.3B per point Efficiency SIMPLIFICATION SPEED SOURCE: AXIOM ESTIMATES.
Factory-built power for datacenter and utility customers across the U.S. and Europe MV e-house 4.16–38 kV switchgear, factory-tested Hyperscale power skid Up to 36 kV, Level 3 tested MV and LV power distribution, built, wired and tested in the factory then set and connected on site. Long track record in modular power Efficiency SIMPLIFICATION SPEED
The AI Module accelerates the build timeline Power, cooling and compute built and tested in the factory while the site is prepared Up to 4 MW+ per module, ~30 racks Stick-built one trade after another Design Site and building Power and cooling Racks and integration Commissioning AI MODULE site and factory in parallel Design Site prep Factory build and L6–L12 test Set and commission AI Module online Stick-built online Illustrative schedule Up to 50% faster To first token: site and factory work run at the same time Tested before it ships L6–L12 gates to cluster-level FAT; liquid loop leak-tested Fewer trades on site Set and connect instead of stick-build, easing the labor gap Repeatable block Module to data hall to AI factory without re-engineering SIMPLIFICATION SPEED SOURCE: AXIOM ESTIMATES.
Where Axiom builds and validates the full architecture, grid to token, before it reaches a customer site 01 Build Complete reference architectures: AI modules, NVIDIA DSX-aligned PODs and 800 VDC power systems 02Validate Power and thermal load testing, fault and ride-through scenarios, indoors and outdoors 03Certify FMEA, UL and NVIDIA evaluation, so designs arrive at site already qualified 04Show Customers see the whole system run before it ships The Axiom Architecture Lab
More tokens from every megawatt, sooner One grid-to-token platform built around three outcomes EFFICIENCY More compute per megawatt ~8 pts efficiency improvement, grid-to-chip $1.6-2.4B more revenue per GW a year for our customers 800V-ready built for new power requirements SIMPLIFICATION One system, one owner One platform conversion and agile backup in the Agile 800R Grid to token power, cooling and compute from one partner Software-defined grid-forming controls and agile backup SPEED Capacity online sooner Up to 50% faster to first token with factory-built PODs Factory tested L11 commissioned before it ships Faster interconnect IEEE 2800.1 and grid-forming controls More tokens per megawatt, faster. Simplified architecture from grid to token. SOURCE: AXIOM ESTIMATES.
Winning Across the Architecture SECTION 03 Rob Campbell Expected Chief Commercial Officer
Driving growth through efficiency, simplification, and speed 01 Engage before the architecture is set We architect with customers early, before power, cooling and compute requirements are locked Board-level power programs engage at the xPU design stage, years before deployment 02 Expand across the portfolio, programs and generations Our portfolio breadth allows a single customer relationship to broaden across the business and compound over time Active engagements across all business lines with our top two hyperscale customers 03 Execute and scale from products to systems We deliver standalone products, subsystems and fully integrated solutions World-class delivery model built on Flex’s unmatched manufacturing capabilities and scale
Rising power density brings chip, rack, and facility decisions together High performance AI demands integrated design engagement TRADITIONAL MODEL Separate decisions, staggered engagement Chip power & chip cooling Rack-level power Facility power & cooling Rack-level compute deployment We win individual positions as customer needs develop. OUR PORTFOLIO WINS IN BOTH MODELS Time LEADING HIGH-PERFORMANCE AI DEPLOYMENTS Coordinated earlier across the architecture Chip power & chip cooling Rack-level power Facility power & cooling Rack-level compute deployment We engage earlier and expand our role across the system. Time
Evolving power architectures increase content per MW, while growing AI deployments drive demand for custom compute The buildout is expanding our opportunity on two fronts POWER Driven by rising rack densities and the shift to 800V Addressable content opportunity per MW TODAY’S ARCHITECTURE ~$2.8M / MW FUTURE ARCHITECTURE ~$3.4M- ~$4.0M / MW CLOUD & COOLING AI deployments drive more custom compute and accelerate liquid cooling adoption CUSTOM COMPUTE ~40%+ market CAGR through 2030 LIQUID COOLING ~30%+ market CAGR through 2030 SOURCES: AXIOM ESTIMATES. BLOOMBERG INTELLIGENCE, APRIL 2026. S&P GLOBAL 451 RESEARCH, OCTOBER 2026.
Years of engagement across multiple businesses, programs and technology generations. Our deepest customer relationships span the full portfolio Board - power Rack-level power Power conversion Critical Power Compute Liquid cooling Modular Services Hyperscaler 1 30+ active programs ● ● ● ● ● ○ ● ○ Hyperscaler 2 15+ active programs ● ● ● ● ● ○ ○ ● AT SCALE IN DEVELOPMENT ACTIVE OPPORTUNITY NOT APPLICABLE Silicon Provider 1 10+ active programs ○ ● — — ● ○ ○ — Silicon Provider 2 5+ active programs ○ ● ● ● ● ○ ● ○ Utility Customers 15+ major utility customers — — ● ● — — ● ●
Product showcase Chris Butler, Rob Campbell, Todd Hoover, Mattias Jansson
Unlocking the Power Story SECTION 04 Kevin Krumm Expected Chief Financial Officer
Multiple growth drivers underpin 20%+ 3-yr. revenue CAGR from CY27E to CY30E Strong end-market demand, secured capacity and next-generation architectures provide visibility to sustained growth 01 STRUCTURAL MARKET GROWTH Expanding data center demand drives significant long-term opportunity 200+ GW New data center power expected, 2026 – 2030 ~40%+ / ~30%+ CAGR for custom compute / liquid cooling markets through 2030 $1T+ Estimated average annual hyperscaler capex 2026 – 2030 02 SCALED CAPACITY AND EXECUTION Expanding global footprint to meet accelerating demand 19 sites | ~11M ft² Global manufacturing footprint ~50% increase Planned modular manufacturing footprint ~$2B expansion CY26E to CY27E CapEx: secures required capacity for growth 03 CONTENT AND REVENUE VISIBILITY Higher content per MW and awarded programs drive visible revenue growth CONTENT PER MEGAWATT ~$2.8M/MW ~$3.4–4.0M/MW Today’s Architecture 800VDC, Higher Density REVENUE VISIBILITY 95% of CY2027E revenue secured(1) STRONG DEMAND + SECURED CAPACITY + RISING CONTENT PER MW = VISIBLE PATH TO 20%+ 3-YR. REVENUE CAGR FROM CY27E TO CY30E SOURCES: S&P GLOBAL MARKET INTELLIGENCE. EEI. (1) Reflects expected revenue supported by backlog and customer commitments, including programs backed by customer co-investment.
Strong growth and operating leverage translate into expanding margins and significant cash generation Scaling revenue and adjusted EBITDA margin through 2030 01 REVENUE GROWTH Drivers Committed program ramps Market growth + increasing content per MW ~$10B → $37B+ CY26E CY30E 02 REVENUE GROWTH BY SEGMENT Drivers Power further accelerates an already strong growth trajectory through CY30E 3-Yr. CY27E – CY30E Revenue CAGR STRONG GROWTH, LED BY POWER, SUPPORTS CONTINUED MARGIN EXPANSION 3-yr. CAGR: 20%+ 03 ADJUSTED EBITDA MARGIN EXPANSION Drivers Pricing, operating leverage + portfolio mix, execution + productivity, offset by standalone costs ~11% → High Teens CY26E CY30E
Existing products provide the foundation; 800V and new solutions drive growth through CY30 Path to 800V expands our power opportunity ILLUSTRATIVE POWER REVENUE OPPORTUNITY ~$3.5B Revenue $6 – $6.3B Revenue 40%+ 3-Yr. Revenue CAGR CY27E to CY30E TODAY Existing Portfolio Critical, embedded and conversion power + CY27E–CY30E 800V Adoption and New Architecture 800V products and new power architectures, including EPC = POWER REVENUE 40%+ 3-Yr. Revenue CAGR CY27E to CY30E
Power mix shift supports adjusted EBITDA margin expansion A larger contribution from a higher-margin, expanding-margin Power business supports consolidated margin expansion. TOTAL ADJUSTED EBITDA CONTRIBUTION Mix by segment DRIVERS: OPERATING LEVERAGE ON PRIOR INVESTMENT, POWER MARGIN EXPANSION AND PRODUCTIVITY POWER RISING TO ~2/3 of TOTAL AXIOM EBITDA BY CY2030 TOTAL AXIOM ADJUSTED EBITDA MARGIN ~11% ~13 – 14% High Teens → → NOTE: TOTAL AXIOM ADJUSTED EBITDA MARGIN INCLUDES STANDALONE CORPORATE COSTS. SEGMENT MARGINS EXCLUDE STANDALONE CORPORATE COSTS. CLOUD & COOLING | Adjusted EBITDA Margin CY26E HSD CY27E HSD – LDD CY30E LDD Scale and cooling growth drive margin expansion POWER | Adjusted EBITDA Margin CY26E High Teens CY27E Mid-20s CY30E High-20s Product mix, continued pricing, operating leverage and EPC drive margins toward industry standards
Front-loaded growth investment drives strong cash generation Capital intensity moderates as capacity comes online, supporting 90%+ FCF conversion by CY2030E CAPITAL EXPENDITURES Front-loaded capacity investment against awarded programs Capital intensity moderates as the build matures FREE CASH FLOW CONVERSION Earnings growth and working-capital discipline Significant cash generation as investment normalizes % OF REVENUE EARNINGS GROWTH + WORKING-CAPITAL DISCIPLINE + MODERATING CAPEX → 90%+ FCF CONVERSION Negative % OF ADJUSTED NET INCOME
Disciplined capital allocation prioritizes high-return growth CONTINUED EMPHASIS ON ROIC + TARGETING INVESTMENT-GRADE FINANCIAL PROFILE 01 ORGANIC GROWTH First priority for capital Capacity expansion Awarded programs New products and technology Cloud capacity added at high ROIC HIGH-RETURN GROWTH 02 SELECTIVE M&A Extend products, technology and capabilities Selective M&A across the power chain Add complementary products and technologies Build recurring, higher-margin services DISCIPLINED RETURNS 03 BALANCE SHEET FLEXIBILITY Target investment-grade metrics Preferred proceeds used to de-lever Opportunistic share repurchases FINANCIAL FLEXIBILITY Deploying capital to drive long-term value while targeting investment-grade metrics
Strong balance sheet preserves strategic flexibility Investment-grade metrics and strong liquidity provide capacity to invest through the cycle Preferred equity conversion price capped at a $37.5B implied enterprise value, with a $30B floor. Pro forma figures subject to final financing terms. (1) Reflects $1.3B of commitments received to date; the facility is expected to increase to $1.5B prior to the spin. ~$1.0B+ CASH At separation ~$2.4B TERM DEBT 3- and 5-yr. SOFR + 137.5–150 bps ~$1.3B 5-YEAR REVOLVING CREDIT FACILITY(1) $2.0B PREFERRED 6% cash or 7% in kind Targeting investment grade metrics with $2.5B+ of expected total liquidity post-spin
CY2026 estimate, CY2027 outlook and CY2030 framework: Total Axiom Financial framework and outlook CY26E CY27 OUTLOOK CY30E FRAMEWORK Revenue ~$9.7B $20 – $21B $37B+ (20%+ CY27E – CY30E CAGR) Power ~$3.5B $6 – $6.3B 40%+ CAGR Cloud & Cooling ~$6.2B $14 – $14.7B 10%+ CAGR Adjusted EBITDA Margin ~11% ~13 – 14%(1) High Teens Power High Teens Mid-20s High-20s Cloud & Cooling HSD HSD – LDD LDD Capital Expenditures ~10% of revenue ~6% of revenue ~3–4% of revenue FCF Conversion – % of Adjusted Net Income Negative 40%+ 90%+ Adjusted EBITDA margin and FCF conversion (FCF / adjusted net income) are non-GAAP measures. Reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the information necessary to prepare such reconciliations is not available without unreasonable effort. (1) CY27E adjusted EBITDA margin includes ~1.25% of revenue in standalone corporate costs.
Peer benchmarking Source: Capital IQ, Company filings as of November 6, 2026. Note: Reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the information necessary to prepare such reconciliations is not available without unreasonable effort. (1) Implied CY27 growth vs. CY26E: Total Axiom based on ~$9.7B CY26E vs. CY27 outlook range of $20–$21B (~105–115%); Power based on ~$3.5B CY26E vs. implied midpoint of $6.15B based on CY27 range of $6–$6.3B; Cloud & Cooling based on ~$6.2B CY26E vs. implied midpoint of $14.35B based on CY27 range of $14–$14.7B. (2) CY27E adjusted EBITDA margin includes ~1.25% of revenue in standalone corporate costs. POWER CLOUD & COOLING POWER PEERS SPECIALIZED EMS PEERS Peers Power segment Cloud & Cooling segment CY27 Revenue Growth ~76%(1) ~13% median ~131%(1) ~59% median CY27 Adjusted EBITDA Margin Mid-20s ~24% median HSD – LDD ~11% median Total Axiom CY27 revenue growth: ~105–115%(1) CY30E adj. EBITDA margin target: High Teens CY27E adj. EBITDA margin: ~13–14%(2)
IT & CYBERSECURITY Standalone applications and infrastructure Cybersecurity operations Data governance and controls Building the capabilities of an independent public company FINANCE, TAX & CONTROLS SEC reporting and technical accounting Tax and treasury capabilities Internal controls and audit support RISK, LEGAL & COMPLIANCE Insurance and enterprise risk Legal and regulatory compliance Public-company policies and training LEADERSHIP & GOVERNANCE Standalone corporate functions Executive leadership capabilities Board of Directors and governance Work underway to establish fit for purpose, standalone capabilities, and drive efficiency. R&D / INNOVATION Standalone engineering and product roadmap Accelerating R&D for next compute generations 800V power and liquid cooling architectures Efficiency speed Simplification
Q & A All Speakers Moderated by Michelle Simmons
THE RIGHT PRODUCT AND TECHNOLOGY PORTFOLIO Broadest portfolio across power, compute, cooling and services Technology leadership focused on the industry’s most difficult problems Deep customer relationships spanning diverse programs with the world’s technology and infrastructure leaders Axiom is built for the next moment Our portfolio and operating model set us apart and position us to outperform the market. MANUFACTURING DNA + AI-NATIVE OPERATIONS Proven manufacturing and supply chain excellence at global scale Real-time, digital native, data-centric operations Flat, fast and accountable organization ATTRACTIVE FINANCIAL PROFILE Outgrowing a rapidly expanding market Expanding margins Strong cash flow
