Celestica, Inc. - Ordinary Shares (Subordinate Voting)

Q2 2026 strong beat + margin record (good/surprising) - Revenue: $4.70B, +62% YoY, above the high end of guidance. - Adjusted EPS: $2.54, above the high end of guidance (+83% YoY, +$1.15). - Adjusted operating margin: 8.2%, up ~80 bps YoY and a company record; driven mainly by operating leverage in both segments.

Segment performance: CCS booming; ATS also improving (good) - CCS revenue: $3.81B (+84% YoY); 81% of total company revenue. - Communications end market: +62% YoY, above outlook (~50%), driven by 800G switch programs and continued strength in 400G. - Enterprise end market: +167% YoY, above outlook (~130%), driven by accelerated AI/ML compute ramp plus stronger-than-expected storage demand. - HPS (part of CCS): $1.9B (+58% YoY); 41% of company revenue, mainly due to ranked 800G switches across hyperscalers. - ATS revenue: $888M (+8% YoY), above outlook (mid-single-digit); ATS margin 6.3% (+100 bps YoY).

Working capital / cash flow + CapEx intensity (mixed/monitor) - Inventory: $3.4B, +~$0.7B sequentially, +~$1.5M YoY as they scale for ramping programs. - Cash cycle days: 47 days, -19 days YoY (and -8 days sequentially)—improving efficiency. - Free cash flow: $147M in Q2, $285M YTD. - CapEx: $264M (~5.6% of revenue); full-year 2026 CapEx guidance unchanged at ~ $1B (supports ramping/production capacity).