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Benchmark

Benchmark Electronics Presentation

August 10, 2021

2021 Oppenheimer 24th Annual Technology, Internet & Communications Conference

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Forward-Looking StatementsThis document contains forward-looking statements within the meaning of Section 27A ofthe Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of1934, as amended (Exchange Act). These forward-looking statements are identified asany statement that does not relate strictly to historical or current facts and may includewords such as “anticipate,” “believe,” “intend,” “plan,” “project,” “forecast,” “strategy,”“position,” “continue,” “estimate,” “expect,” “may,” “will,” “could,” “predict,” and similarexpressions or the negative or other variations thereof. In particular, statements, expressor implied, concerning future operating results, our ability to generate sales, income orcash flow, the anticipated impact of the COVID-19 pandemic, the outlook and guidance forquarterly 2021 results, our anticipated plans and responses to the COVID-19 pandemic,our expected revenue mix, our business strategy and strategic initiatives, our repurchasesof shares of our common stock and our intentions concerning the payment of dividends,among others, are forward-looking statements. Although we believe these statements arebased upon reasonable assumptions, they involve risks, uncertainties and assumptionsthat are beyond our ability to control or predict, relating to operations, markets and thebusiness environment generally, including those discussed under Part I, Item 1A of thecompany's Annual Report on Form 10-K for the year ended December 31, 2020 and inany of our subsequent reports filed with the Securities and Exchange Commission (SEC).In particular, these statements also depend on the duration, severity and evolution of theCOVID-19 pandemic and related risks, including the emergence and severity of itsvariants, the availability of vaccines and potential hesitancy to utilize them, governmentand other third-party responses to it and the consequences for the global economy, ourbusiness and the businesses of our suppliers and customers, as well as our ability (orinability) to execute on our plans to respond to the COVID-19 pandemic. Should one ormore of these risks or uncertainties materialize, or should underlying assumptions proveincorrect, actual outcomes, including the future results of our operations, may varymaterially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. Allforward-looking statements included in this document are based upon informationavailable to us as of the date of this document, and we assume no obligation to update.

Non-GAAP Financial InformationThis document includes certain financial measures that exclude items and therefore arenot in accordance with U.S. generally accepted accounting principles (“GAAP”). Adetailed reconciliation between GAAP results and results excluding certain items (“non-GAAP”) is included in the following tables attached to this document. Managementdiscloses non‐GAAP information to provide investors with additional information to analyzethe Company’s performance and underlying trends. Management also uses non‐GAAPmeasures in order to better assess operating performance and help investors compareresults with our previous guidance. In situations where a non-GAAP reconciliation has notbeen provided, the Company was unable to provide such a reconciliation withoutunreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence,the financial impact and the periods in which the non-GAAP adjustments may berecognized. The Company’s non‐GAAP information is not necessarily comparable to thenon‐GAAP information used by other companies. Non‐GAAP information should not beviewed as a substitute for, or superior to, net income or other data prepared in accordancewith GAAP as a measure of the Company’s profitability or liquidity. Readers shouldconsider the types of events and transactions for which adjustments have been made.

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Benchmark is an outsourcing provider of innovative technology, engineering design and world-class manufacturing services to higher

value markets.

Our Vision: We positively impact lives by solving complex challenges with our customers, creating innovating products that no one imagined were possible!

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Benchmark at a Glance (NYSE: BHE)

Profile Results Services Talent

Founded in 1979

40+ Years

Serving Global Customers

8 Countries

Fortune 1000

No. 930

Revenue in 2020

$2.05B

Higher Value Market Revenue in 2020

+80%

Revenue Mix in the USA in 2020

48%

Manufacturing Locations

18 Global

Solutions Centers

3 Technology

Design Centers

5 Global

Global Team Members

11,000+

Product Design Engineers

400+

Manufacturing/Test Engineers

1,000+

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EMS Market Summary

SOURCE: NEW VENTURE RESEARCH – WORLDWIDE EMS MARKET

SEMI-CAP OPPORTUNITY IS INCLUDED IN THE INDUSTRIALS MARKET

2020 EMS Market Size: $478B

EMS Revenue CAGR 2020 – 2025 ~7 %

Higher Value Sector Outsourcing Penetration Medical

< 50%Industrials

< 30%A&D

< 25%

~$90B2020 Higher Value Markets

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Investing in Capabilities to Support GrowthLeading Global Provider of Services & Solutions

OUR GOAL IS TO SELL THE FULL BREADTH OF CAPABILITIES TO OUR TARGETED CUSTOMERS

Technology Solutions Design & Engineering Services Manufacturing Services

IP Building Block Design

RF, Photonics and Secure Communication Technologies

Full Product Design Services

Process / Test Development

Electronics Manufacturing

Precision Technologies

TRADITIONAL EMS

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Our Differentiated Capabilities

• Big enough to provide global scale yet agile enough to provide unique customer solutions

• Over 20 global locations to support expansion or transition to other geographies over time

• Local focus with global enterprise backing

Balanced Scale and Agility

• Consolidated leverage for global spend on common components

• Global infrastructure to support regional sourcing as required

• Preferred supply chain & suppliers established

• Supply chain design and management for complex, regulated markets

Strategic Global Supply Chain Leveraging Regional Centers

• Years of experience in a variety of technically diverse market sectors (>80% higher value markets)

• High customer retention rate

• Medical (FDA Class III) and A&D (classified) market experience

Diversified Market Insight and Regulated Market Expertise

• Over 40 years of experience in Design for Excellence

• Full product lifecycle support with tightly integrated Design & Manufacturing Teams

• Ability to take product idea from concept through design to volume manufacturing

• Technically rich mechanical capabilities complement electronic strengths

Design Engineering and Manufacturing Experience

Innovative Technology | Global Scale | Trusted Partnerships

• High frequency RF solutions, micro-electronics, miniaturization

• Complex precision machining capabilities

• Automated manufacturing expertise

• Advanced photonics manufacturing

Leading Edge Technical Capabilities

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Our Evolution to Higher Value Sectors

$1,983

$1,384

$846$656

$38968%

50%35% 29%

19%10.0%

60.0%

110.0%

160.0%

0

500

1,000

1,500

2,000

2007 2014 2017 2019 2020 Target

Traditional Market Revenue ($M)

Higher Value Market Revenue ($M)

$933

$1,413$1,608 $1,612 $1,664

32%50%

65% 71% 81%

10.0%

60.0%

110.0%

160.0%

0

500

1,000

1,500

2,000

2,500

3,000

2007 2014 2017 2019 2020 Target

Shifted away from larger, more commoditized programs, less differentiation

Less engineering services opportunities

Rationalized Lower Margin Traditional Programs

Enhanced Go-to-Market team that can sell solutions

High-mix/lower-volume complex programs

Increased Higher Value Programs

Engineering-led engagements

Higher value-added services and solutions

Expanded Non-GAAP Gross Margins

2007 Gross Margins6.8% 2020 Gross

Margins8.4% Mid-term

Model>9.3%

~80%

~20%

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Benchmark Industry DiversificationA Leader in the Highly Regulated and Complex Industries We Serve

Fluid Management Radiological Imaging Optical Imaging Medical Robotics Connected & Handheld Devices Diagnostic Devices

Medical

Primarily front-end wafer fabrication equipment

Control systems

Semi Conductor Capital Equipment

Communications Connectivity Digital Subsystems Mechanical Subsystems Displays & Sensors Navigation

Aerospace & Defense (A&D)

Automation & Robotics Control, Measurement & Test Capital Equipment Transportation Sensory Surveillance & Detection

Complex Industrials

Hyperscale/High Value Datacenter High Performance Computing Secure Computing

Computing

Smart City Antenna Infrastructure Wireless/Satellite/Free Space Optics Next-Gen Networking Infrastructure

Telecommunications

CY-20 Revenue by Sector

24%

21%

18%

18%

11%8%

Medical A&D

Semi-Cap Industrials

Telco Computing

CY-20

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Benchmark Industry DiversificationBlue Chip and Industry Leading Customer Base

Medical 2020 Revenue $498M

Semi-Cap 2020 Revenue $369M

A&D 2020 Revenue $424M

Industrials 2020 Revenue $373M

Computing 2020 Revenue $171M

Telco 2020 Revenue $218M

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Trends by Market Sector

Sector Q3-21 RevenueGuidance

CY2021RevenueOutlook

Comments

Medical • Overall 2H-21 revenue greater than 1H-21 revenue• Some new program ramps moving from 2021 into early next year

Semi-Cap • Q3 revenue is limited due to constraints at mechanical sub-tiers• Expect continued strong demand and >30% full year revenue growth

Aerospace & Defense • Defense programs remain strong• Lack of commercial aircraft recovery in 2021 offsets defense growth

Industrial • Market demand improving in oil & gas, and building and transportation infrastructure

Computing • High Performance Computing ramps strong in 2H-21• Expecting stronger demand for the full year of 2021

Telco • Overall telco demand is stable in 2H-21 from broadband infrastructure growth

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Key Strategic Initiatives

Grow Revenue

Optimize the customer experience and enhance strategic relationships

Expand account management to align Benchmark capabilities to customer technology roadmaps

Improve attach rate of Design/ Solutions to EMS deals by selling the full breadth of services and capabilities

Continue competitive win differentiation and successfully ramp new programs

Grow Earnings Faster Than Revenue

Drive growth that enables higher utilization and better leverage against fixed costs

Align portfolio to customers that value our advanced technologies and leverage our breadth of services

Improve margins through focused operational excellence activities

Manage inventory to improve cash flow

Invest in a Sustainable Infrastructure and Talent

Expand and accelerate ESG/Sustainability initiatives

Advance Diversity and Inclusion initiatives

Enhance shared services and streamline global delivery

Rationalized investments in corporate infrastructure to support sustainability and ability to scale

Effective SG&A expense management in support of the mid-term model

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Environmental, Social & Governance (ESG) / Sustainability

Formation of the ESG/Sustainability Council at Benchmark

With our Board acting as sponsor, the ESG/Sustainability Councilincludes a cross-functional team of leaders representing operations,HR, supply chain, regulatory compliance, marketing communications,finance, investor relations and facilities with responsibility for evolvingour ESG/Sustainability strategy and implementing and managingstrategic sustainability initiatives

Energy Management

Waste & Hazardous Material Mgt

Water Management

Carbon Emissions

Diversity & Inclusion

Human Rights

Labor Relations

Well-being

Health & Safety

Community Relations

Business Ethics

Risk Management

Audit Management

Management Structure

Board Independence

Environmental

Social Governance

Sustainability

Board of Directors (Nominating & Governance Committee)

ESG I Sustainability Steering Committee Benchmark Senior Leadership Team

ESG I Sustainability Council ESG I Sustainability Consultant

RBA I EcoVadis Work Group

EnvironmentalWork Group

Social Work Group

GovernanceWork Group

Change Mgt / Communication

Work Group

ENVIRONMENTAL SOCIAL GOVERNANCE

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Benchmark’s ESG / Sustainability Status

• Released our SASB Matrix in March 2021 (located on the Sustainability page of www.bench.com)

• ESG updates in our 2020 Annual Report and 2021 Proxy

• Increased emphasis and advancement of Diversity, Equity, & Inclusion initiatives

ESG / SUSTAINABILITY IS A STRATEGIC IMPERATIVE FOR BENCHMARK

1. Environmental Responsibility 2. Our People 3. Our Community

4. Governance

5. Our COVID-19 Response

Five Key Tenets of our Strategy

Recent Status

Next Steps

• Data collection efforts underway for reporting aligned with the Global Reporting Initiative (GRI)

• Plans in flight to expand racial diversity on Board

• Expect to release a stand-alone Sustainability Report in 2022

Recognition

• Awarded Silver Medal status from

• Silver status puts Benchmark in the top 25% of companies rated

• Rigorous assessment of criteria including Environmental, Labor & Human Rights, Ethics, and Sustainable Procurement

Future Work

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Mid-Term Target Model (through 2022)

Annual Revenue Growth

~5%Expand Non-GAAP Gross

Margins

9.3 – 9.7%Manage SG&A Expenses

< 6%Increase Non-GAAP Operating Margins

3.4 – 3.8%

Targeted customer base for strategic account growth

Strong bookings, increased win rate with new and existing customers through technology differentiation

Improving customer satisfaction and retention

Higher value add market mix and expanded services support increasing margins and sustaining them

Operational excellence programs in place for optimizing throughput

Effective management of SG&A expenses

Centralization of shared services and new tools in place for greater efficiency

Expect to grow earnings faster than revenue

Resulting improvement to ROIC

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Capital Allocation PrioritiesCapital Allocation Framework is Aligned to Business Strategy to Drive Value Creation for Shareholders

Cash Flow from Operations

Value Creation for Benchmark Shareholders

Capital Expenditures to support ongoing business & drive organic growth

Dividends paid at an LTM yield of 2% - 4%

Balance Sheet Optimization in compliance with debt covenants

M&A aligned with our long-term strategy

Share Repurchases to cover equity dilution at a minimum

Free Cash Flow

Capital Expenditures Focus on growth capital in higher value markets Estimated recurring annual range ~$50M to $60M

Balance Sheet Optimization

Continue efficient use of working capital Maintain appropriate debt structure

Dividends

Continue dividend and evaluate future increases Current quarterly dividend of $0.165/share

Mergers & Acquisitions (M&A) Increase core technology capabilities Expand value of services for new and existing customers

Share Repurchases Execute complementary repurchases where cash flow exceeds other

investment opportunities beyond repurchases to offset equity dilution

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Cash Utilization

2020: $120M Cash flow from operations

2020: $81M Free cash flow

$77$93

$120

$0$20$40$60$80

$100$120$140

FY'18 FY'19 FY'20

Cash Flow from Operations

Free Cash Flow

$10

$58

$81

$0

$20

$40

$60

$80

$100

FY'18 FY'19 FY'20

…Successfully Executed 2018 to 2020

• Instituted a recurring cash dividend and increased share repurchases

• Strategic capital expenditures for future organic growth

• Opportunistic M&A to enhance technical capabilities

Updated Capital Allocation Strategy in February 2018

(in millions except percentages)Capital Allocation

$141

$359

$67

Capital Expenditures Share Repurchases Dividends

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Why Invest in Benchmark?

Leading EMS Business Uniquely Positioned with an Engineering and Technology Leadership Focus

High frequency RF solutions, micro-electronics, miniaturization as “win” differentiator

Precision machining capabilities complement electronics capabilities

Engineering product design skills a key differentiator and value driver

Value-added capabilities and improving high value market mix increase gross margins

Strong Balance Sheet to Support Future Growth and Higher Returns on Capital

Capacity to sustain capital investment in our current asset base and fund growth

Continue to leverage current capital base to grow earnings and maximize cash generation

Prudently pursue M&A to enhance capabilities aligned with our strategy

Committed to return capital to shareholders through earnings growth, dividends and share buybacks

Well Positioned to Benefit from Demand Growth and Operational Excellence

Outsourcing trends in targeted markets are favorable – most segments less than 50%

Higher value market revenue mix at target of ~80%

New leadership energized and focused on driving growth

Earnings leverage with revenue growth and higher utilization along with industry leading margins

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Benchmark, the partner you choose When it matters.