J.P. Morgan Global TMC Conference Daily Wrap-Ups and Summaries (Day 2)

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J.P. Morgan Global TMC Conference Daily Wrap-Ups and Summaries (Day 2)

J P M O R G A N North America Equity Research

19 May 2026

Flex Ltd Overweight

FLEX, FLEX US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$126.29

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Manmohanpreet Singh

(1-212) 622-4527

We hosted a fireside chat with Revathi Advaithi, Chief Executive Officer, Michael manmohanpreet.singh@jpmchase.com

Hartung, Chief Commercial Officer, and Kevin Krumm, Chief Financial Officer, Joseph Cardoso

at our 54th annual J.P. Morgan Global TMC Conference. Our key takeaways (1-212) 622-9036

include: joseph.cardoso@jpmchase.com

Marc Vitenzon

• CPI spin-off was a natural evolution as per management’s portfolio (1-212) 622-3342

strategy. The CEO highlighted that the portfolio strategy 7 years ago looked marc.vitenzon@jpmchase.com

at each business through three lenses 1) discontinuing a business (exited some Akanksh Chauhan

consumer end markets), 2) spinning the business out (NexTracker prior and (1-212) 622-0045

CPI now), and 3) doubling down with more investments (compute and power). akanksh.chauhan@jpmorgan.com

As the compute and power business scaled with organic and inorganic J.P. Morgan Securities LLC

investments, later combined with robust demand tailwinds across data centers,

the scale and investment requirements started to cannibalize other segments -

which naturally started to drift the CPI segment towards the spinoff category

as per the already highlighetd playbook.

• Robust revenue growth outlook for CPI is supported by customer orders.

Management highlighted that in relation to the 65%-75% revenue growth

guided for CPI in FY27, ~90% of is already booked while for the 80%+ revenue