Fiscal third quarter 2021

financial resultsJuly 22, 2021

PLEXUS CORP.

Any statements made during our call today and information included in the supporting material that is not historical in nature, such as statements in the future tense and statements that include "believe," "expect," "intend," "plan," "anticipate," and similar terms and concepts, are forward-looking statements. Forward-looking statements are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements. For a list of factors that could cause actual results to differ materially from those discussed, please refer to the Company’s periodic SEC filings, particularly the risk factors in our Form 10-K filing for the fiscal year ended October 03, 2020, as supplemented by our Form 10-Q filings, and the Safe Harbor and Fair Disclosure statement in yesterday’s press release.

Plexus provides non-GAAP supplemental information, such as ROIC, economic return, and free cash flow, because those measures are used for internal management goals and decision making, and because they provide additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted operating income, adjusted operating margin, adjusted net income, and adjusted earnings per share, to provide a better understanding of core performance for purposes of period-to-period comparisons. For a full reconciliation of non-GAAP supplemental information please refer to yesterday’s press release and our periodic SEC filings.

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Safe harbor and fair disclosure statement

PLEXUS CORP.

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Fiscal third quarter results

Results exceeded our expectations communicated June 8, 2021

• Penang team exceeded expectations

• Engineering Solutions team produced outstanding results

Q3 MFG wins of $275M, Trailing Four Quarters (TFQ) wins of $1.1B

• 5 new logos (total of 17 in F21)

• Multiple AMS wins, including expansion of new relationship highlighted last quarter

(1) Includes $0.04 in restructuring charges and $0.21 of

stock-based compensation expense

(2) Includes $0.22 of stock-based compensation expense

Q3F21 Results Q2F21 Results

Revenue ($ millions) $814 $881

GAAP Diluted EPS $0.95(1) $1.42(2)

PLEXUS CORP.

Plexus Penang Status

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PLEXUS APPROVED FOR ON-SITE VACCINATION CLINIC

• Began vaccinating team members, customers and suppliers on July 14

• 17,000 doses administered by July 25

• Second doses occur in mid-August

OPERATIONAL STATUS IMPROVING

• Currently allowed to function with 80% of workforce vs. 60% for late Q3F21

• Output is now near normal capacity

PLEXUS CORP.

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Fiscal 2021 fourth quarter guidance

Q4F21 Guidance

Revenue $875 to $915 million

GAAP Diluted EPS $1.13 to $1.29*

REVENUE GUIDE

• HC/LS and IND demand strong

• Penang workforce levels and supply chain constraints

limiting upside

EPS GUIDE

• GAAP operating margin of 4.8% to 5.2%, including 70

bps of stock-based compensation expense

FISCAL 2022 OUTLOOK

• Growth catalysts provide optimism for Fiscal 2022 and

beyond

• Double-digit revenue growth, operating margins

consistently > 5% * Includes $0.22 of stock-based compensation expense.

PLEXUS CORP.

Revenue in millions

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Performance by sector

Q3F21Jul 3, 2021

Q2F21Apr 3, 2021

Q3F21 vs. Q2F21Q4F21 Expectations(percentage points)

Industrial $372 46% $407 46% - 9% Up low double

Healthcare and Life Sciences $324 40% $350 40% - 7% Up high single

Aerospace and Defense $118 14% $124 14% - 5% Up high single

Total Revenue $814 100% $881 100% - 8%

PLEXUS CORP.

Manufacturing winsQ3F21 wins: $275M

New programs: 31

Goal

25%

0%

5%

10%

15%

20%

25%

30%

35%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

Q3F20 Q4F20 Q1F21 Q2F21 Q3F21

% o

f TFQ

Sale

s

New

Win

s $M

Trailing Four Quarters (TFQ) Manufacturing Wins

TFQ Wins TFQ Wins % of TFQ Sales New Wins

TFQ

$1.1B

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PLEXUS CORP.

AMER: wins support growth in US manufacturing facilities

APAC: maintaining a healthy TFQ wins

EMEA: wins expand Aftermarket Service offering in Oradea

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Manufacturing wins by region

AMER$162M

APAC$91M

EMEA$22M

Q3F21

137 136

89

119

162

0%

20%

40%

60%

80%

100%

-

20

40

60

80

100

120

140

160

180

Q3F20 Q4F20 Q1F21 Q2F21 Q3F21 TF

Q W

ins %

of T

FQ

Re

ve

nu

e

Revenue ($ m

illions)

AMER

Revenue TFQ Wins % of TFQ Revenue (MFG)

92 105

93

130

91

0%

20%

40%

60%

80%

100%

-

20

40

60

80

100

120

140

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Q3F20 Q4F20 Q1F21 Q2F21 Q3F21 TFQ

Win

s %

of TFQ

Revenue

Revenue ($ m

illions)

APAC

Revenue TFQ Wins % of TFQ Revenue (MFG)

23

45 41

35

22

0%

20%

40%

60%

80%

100%

-

10

20

30

40

50

60

70

80

Q3F20 Q4F20 Q1F21 Q2F21 Q3F21

TFQ

Win

s as

% o

f TFQ

Revenue

Revenue ($ m

illions)

EMEA

Revenue TFQ Wins % of TFQ Revenue (MFG)

PLEXUS CORP.

IND: added 2 new logos

HC/LS: exceptional wins, including 2 new logos

A/D: strong wins, including a new logo in Defense

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Manufacturing wins by sector

HC/LS $159M

IND $47M

A/D $69M

Q3F21

147

119

81

153 159

0%

10%

20%

30%

40%

50%

60%

-

20

40

60

80

100

120

140

160

180

Q3F20 Q4F20 Q1F21 Q2F21 Q3F21 TFQ

Win

s %

of T

FQ

Revenue

Re

venue ($ m

illions)

Healthcare and Life Sc iences

Revenue TFQ Wins % of TFQ Revenue (MFG)

85108 108

96

47

0%

10%

20%

30%

40%

50%

60%

-

20

40

60

80

100

120

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Q3F20 Q4F20 Q1F21 Q2F21 Q3F21 TFQ

Win

s %

of T

FQ

Revenue

Re

venue ($ m

illions)

Industrial

Revenue TFQ Wins % of TFQ Revenue (MFG)

20

5934 35

69

0%

10%

20%

30%

40%

50%

60%

-

20

40

60

80

100

120

140

160

180

Q3F20 Q4F20 Q1F21 Q2F21 Q3F21 TFQ

Win

s %

of T

FQ

Revenue

Re

venue ($ m

illions)

Aerospace and Defense

Revenue TFQ Wins % of TFQ Revenue (MFG)

PLEXUS CORP.

AFTERMARKET SERVICES (HC/LS)

• Service and repair of non-Plexus manufactured devices

• Locations: Guadalajara, Mexico & Oradea, Romania

ULTRASOUND DEVICE (HC/LS)

• Cardiac imaging

• Production location: Oradea, Romania

DIABETES MONITOR (HC/LS)

• Expanded relationship into Asia-Pacific

• Production location: Penang, Malaysia

SELF-SERVE KIOSK (IND)

• Turnkey high-level assembly

• Production location: Appleton, Wisconsin

INDUSTRIAL CONTROLLER (IND)

• Optimized for artificial intelligence applications

• Production location: Penang, Malaysia

LARGE DEFENSE PROGRAM (A/D)

• Complex prototyping and volume production in the US

• Production location: Neenah, Wisconsin

COMMERCIAL SPACE (A/D)

• Growing customer relationship with new assemblies

• Production location: Boise, Idaho

Fiscal third quarter wins highlights

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PLEXUS CORP.

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Manufacturing funnel

HC/LS$1,765MIND

$673M

A/D$671M

Q3F21

Qualified manufacturing funnel exceeds $3.1 billion

2,485

2,715

3,289

3,037 3,109

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Q3F20 Q4F20 Q1F21 Q2F21 Q3F21

Reven

ue (

$ m

illi

on

s)

Funnel of Qualified Manufacturing Opportunities

PLEXUS CORP.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Q3F20 Q4F20 Q1F21 Q2F21 Q3F21 Q4F21*

Q3F21 GAAP Operating Margin: 4.5%

Penang manufacturing and global engineering teams outperformed expectations

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Operating performance

*Represents midpoint of guidance

PLEXUS CORP.

Cash flow and balance sheet

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Q3F21 Comments

Free cash flow $31 millionCash from operations: $42 millionCapital expenditures: $11 million

Share repurchases $27.3 million Approx. 292,000 shares at an average price of $93.53 per share

Cash balance $307 million Sequentially higher by $13 million

Total debt $248 million Gross debt to EBITDA ratio of 1.0x

Return on invested capital 15.9% 780 basis points above fiscal 2021 WACC of 8.1%

Cash cycle days 80 days Within guidance range of 77 to 81 days

PLEXUS CORP.

Working capital trends

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Q4F19 Q1F20 Q2F20 Q3F20 Q4F20 Q1F21 Q2F21 Q3F21

Inventory Days 87 87 99 97 85 93 89 108

Contract Asset Days 10 12 13 12 11 12 12 13

A/R Days 55 49 55 55 48 53 52 52

A/P Days 55 61 62 65 57 59 61 71

Customer Deposit Days 17 16 18 20 18 19 20 22

Net Cash Cycle Days 80 71 87 79 69 80 72 80

-

20

40

60

80

100

120

Q4F19 Q1F20 Q2F20 Q3F20 Q4F20 Q1F21 Q2F21 Q3F21

Days

Net Cash Cycle Days Inventory Days Contract Asset Days

A/R Days A/P Days Customer Deposit Days

PLEXUS CORP.

Fiscal fourth quarter 2021 guidance

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Guidance

Revenue $875 to $915 million

GAAP diluted EPS $1.13 to $1.29

Gross margin 9.2% to 9.6%

SG&A $39.0 to $40.0 million

GAAP operating margin 4.8% to 5.2%

Depreciation and amortization Approximately $15 million

Non-operating expenses $3.8 to $4.2 million

Effective tax rate 13% to 15%

Diluted weighted average shares outstanding Approximately 29 million

Cash cycle days 82 to 86 days

Q&A

Thank you.

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