Results for Q2 Fiscal 2016Earnings Announcement: October 19, 2015

(Ending September 25, 2015)

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Risks and Non-GAAP Disclosures

This presentation contains forward-looking statements, which are based on current expectations and assumptions that are subject to risks and uncertainties and actual results could materially differ. Such information is subject to change and we undertake no obligation to update these forward-looking statements. For a discussion of the risks and uncertainties, see our most recent filings with the Securities and Exchange Commission, including our current, annual and quarterly reports. If this presentation references non-GAAP financial measures, these measures are located on the “Investor Relations” section of our website, www.flextronics.com along with the required reconciliation to the most comparable GAAP financial measures.

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Q2 FY2016 Income Statement Highlights

  Prior Yr Prior Qtr Current Qtr  ($ in millions, except per share amounts) September 26, 2014 June 26, 2015 September 25, 2015

Net sales $6,529 $5,566 $6,317

Adjusted operating income 183 159 196

Adjusted net income 157 134 153

Adjusted EPS $0.26 $0.23 $0.27

GAAP operating income 172 143 180

GAAP net income 139 111 123

GAAP EPS $0.23 $0.19 $0.22

Q2 FY2016 Results vs. Guidance:Net sales of $6.3B above the mid-point guidance of $5.9 - $6.5B

Adjusted operating income of $196M above the mid-point of our guidance range of $165 - $205M

Adjusted EPS of $0.27 towards the high-end of guidance of $0.22 - $0.28

Please refer to the Investor Relations section of our website which contain the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures

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Quarterly Financial Highlights

Please refer to the Investor Relations section of our website which contain the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures

Sep-14 Dec-14 Mar-15 Jun-15 Sep-15

23.3%24.1%

23.7%22.9% 22.7%

Return on Invested Capital(ROIC %)

Sep-14 Dec-14 Mar-15 Jun-15 Sep-15

$0.26

$0.30 $0.27

$0.23

$0.27

Adjusted Earnings Per Share (EPS)

Sep-14 Dec-14 Mar-15 Jun-15 Sep-15

6,529 7,025 5,952

5,566 6,317

5.8% 5.8%6.4% 6.4% 6.3%

Adj. Gross Margin

Adjusted Operating Income ($ in millions)

Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 $100

$120

$140

$160

$180

$200

$220

$240

183207

178159

196

2.8%2.9%

3.0%2.9%

3.1%% Revenue

Revenue & Adjusted Gross Margin($ in millions)

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Quarterly Operating Performance by Business Group

Please refer to the Investor Relations section of our website which contain the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures

$66 3.0%

$41 2.0%

$32 2.8%

$71 7.5%

Corporate Services & Other1 ($14)

Total $196 3.1%

INS

CTG

HRS

($ in millions)

IEI

Target Adjusted Operating Margin Range

1. Corporate services and other related to unallocated cost

OP $ OP %

3%

5% 7%

3% 4%

4% 6%

• Strong sequential top-line growth and improved utilization levels

• Remained within target range while managing mobile phone demand erosion in China

Q2 FY16(Sep-15)

• Exceeded target range due to solid execution and strong contribution from MCi acquisition

• Revenue fell short of expectations due to ramp challenges and increased macro weakness

2%

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Other Income Statement Highlights

•Q2 FY16 was $24M, better than guidance of ~$25M•Outlook: quarterly estimate of ~$25M

Interest & other expense, net

•Q2 FY16 was 11.4% •Outlook: 8-10% tax rate

Adjusted income tax rate

•Intangible amortization $16M•Stock based compensation $16M•Aggregate impact on EPS $0.05

Reconciliation between GAAP and Adjusted EPS

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Cash Flows, Net Working Capital & Share Repurchases

Consistently Returning Over 50% of Annual Free Cash Flow to Shareholders

Three Months Ended

Six Months Ended

($ in millions) Sep-15 Sep-15

GAAP net income $123 $234

Depreciation and amortization 120 230

Change in net working capital (27) 104

Other operating cash flows, net 84 94

Net cash provided by operating activities 300 662

Purchases of property & equipment, net (157) (294)

Free Cash Flow 143 368 Payments for share repurchases (142) (242)

Payments/Proceeds from borrowings, net (13) 575

Other investing and financing, net (651) (661)

Net change in cash and cash equivalents ($663) $40

Sep-14 Dec-14 Mar-15 Jun-15 Sep-15

1,886 1,834 1,866 1,730 1,858

7.2%6.5%

7.8% 7.8%7.4%

% Annualized RevenueNet Working Capital($ in millions)

FY11 FY12 FY13 FY14 FY15 FY16 YTD

400 510

322

475 416

242

757 684 639 591 563 557

Shares Outstanding

Share Repurchases($ in millions)

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Balanced Capital Structure

Liquidity 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

1668.4

1500

3168.4

588.7 468.8 500 500 600

Debt Maturities ($M) (Calendar Year)

Cash

Revolver

Total Liquidity$3,168

Key characteristics: • No near-term

maturities

• Low cost of debt ~3.5%• Solid liquidity

• Strong credit metrics (Debt / EBITDA (LTM): 2.2x)

Term Loans LIBOR + 125 to 137.5bps

4.625% Notes 5% Notes 4.75% Notes

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Q2 FY2016 Highlights and Key Trends

• Strong SG&A control, with costs running below guidance• Capex expected in-line or below depreciation for rest of the fiscal year

Controlling the Controllable

• Sketch-to-scale engagement model well received by customers• Nike partnership exemplifies sketch-to-scale value proposition and

fresh approach to innovation, design and manufacturing

Improving Engagement Model

• Invested $142M to repurchase ~13M shares or ~2% of float• NEXTracker acquisition complements our $1B+ Energy business and

drives accretive growth, margin, EPS and cash flow

Deploying Capital In A Disciplined Way

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Revenue by Business Group

35%

18%15%

32%

HRSIEI

CTG INSSep2015

33%

($ in millions) Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15EBusiness Group $ $ $ $ $ Q/Q % Y/Y % Outlook (Q/Q)

INS 2,341 2,358 2,052 1,966 2,205 12% -6% Up mid to high single digits

CTG 2,210 2,647 1,861 1,565 2,011 28% -9% Down low single digits

IEI 1,097 1,106 1,132 1,130 1,146 1% 4% Up mid to high single digits

HRS 881 914 907 905 955 6% 8% Up low single digits

Total Revenue $6,529 $7,025 $5,952 $5,566 $6,317 13% -3%

Integrated Network Solutions(Telecom, Networking, Server & Storage, Converged Infrastructure)

Consumer Technology Group(Wearables, Digital Health, Gaming, Connected Home, Mobile, PC/Printers)

Industrial & Emerging Industries(Semiconductor & Capital Equipment, Office Solutions & Industrial Automation, Appliance & Lifestyle, Energy, Lighting)

High Reliability Solutions(Automotive, Medical, Aerospace & Defense)

36%

17%13%

34% Sep2014

30%

HRS IEI

CTG INS

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Other Information:Adjusted SG&A Expense ~$210 - $215 million

Interest & Other Expense ~$25 million

Adjusted Income Tax Rate 8-10% range

GAAP EPS $0.22 - $0.28

WASO 563 million shares

($ in millions, except per share amounts)

Adjusted operating income excludes approximately $20 million for stock based compensation, of which approximately $17 million is excluded from adjusted SG&A. GAAP EPS reflects approximately $0.06 for intangible amortization and stock-based compensation expense.

$6,200 - $6,800Revenue

$195 - $235Adjusted Operating Income

$0.28 - $0.34Adjusted Earnings Per Share

December Quarter Guidance – Q3 FY2016

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For more information go to investors.flextronics.com