# EDGAR Filing Document

**Accession Number:** 0000863436
**File Stem:** 0000950170-25-100342
**Filing Date:** 2025-7
**Character Count:** 36214
**Document Hash:** 6193711743305e17e085296c0df0fc0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-100342.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000950170-25-100342

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BENCHMARK ELECTRONICS INC
- **CENTRAL INDEX KEY:** 0000863436
- **STANDARD INDUSTRIAL CLASSIFICATION:** PRINTED CIRCUIT BOARDS [3672]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 742211011
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10560
- **FILM NUMBER:** 251167742

**BUSINESS ADDRESS:**
- **STREET 1:** 56 SOUTH ROCKFORD DRIVE
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
- **BUSINESS PHONE:** 623-300-7000

**MAIL ADDRESS:**
- **STREET 1:** 56 SOUTH ROCKFORD DRIVE
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** July 30, 2025<br>

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BENCHMARK ELECTRONICS, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Texas | 001-10560 | 74-2211011 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 56 South Rockford Drive |  |  |
| Tempe**,** Arizona |  | 85288 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (623) 300-7000<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | |
|:---|:---|
| **<br>Title of each class** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.10 per share<br> BHE | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On July 30, 2025, Benchmark Electronics, Inc. (the "Company") issued a press release announcing its results of operations for the quarter ended June 30, 2025. A copy of the press release and accompanying investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and incorporated by reference herein. The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

## **Item 9.01 Financial Statements and Exhibits.** 
(d) Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | [<u>Press release, dated July 30, 2025</u>](bhe-ex99_1.htm) |
| 99.2 | [<u>Investor presentation, dated July 30, 2025</u>](bhe-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | BENCHMARK ELECTRONICS, INC. |
| Date: | July 30, 2025 | By:  | /s/ Stephen J. Beaver |
|  |  |  | Stephen J. Beaver, Esq.<br>Senior Vice President, General Counsel and Chief Legal Officer |

---

------

## Exhibit 99.1

## **Exhibit 99.1** 

##  **<u>FOR IMMEDIATE RELEASE</u>** 
**BENCHMARK REPORTS SECOND QUARTER 2025 RESULTS**

TEMPE, AZ, July 30, 2025 – Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the second quarter ended June 30, 2025.

Second quarter 2025 results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue of $642 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP Operating Income of $20 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP Operating Income of $30 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP earnings per share of $0.03

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP earnings per share of $0.55

"Benchmark's second quarter results continue to validate our strategy. We are the partner of choice for complex product execution, from concept through design to global delivery and support. Our second quarter progress was measured by sequential growth across most of our sectors with continued strength in A&D and solid recovery in the Industrial and Medical sectors. Even more encouraging was that we achieved a multi-year record in new bookings during the quarter," said Jeff Benck, Benchmark's President and CEO.

Benck continued "My conviction in our strategy and execution has never been higher. We see this play out in our margin improvement, bookings momentum with existing customers, and increased commitment to our value proposition by new customers. I am confident our accelerating momentum will drive growth and operational leverage in the coming quarters."

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended |
| **Summary GAAP Items** | June 30, | March 31, | June 30, |
| (Amounts in millions, except per share data) | 2024 | 2025 | 2025 |
| Revenue | $666 | $632 | $642 |
| Gross Margin | 10.2% | 10.0% | 10.1% |
| Operating Margin | 4.1% | 1.9% | 3.2% |
| Diluted EPS | $0.43 | $0.10 | $0.03 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended |
| **Summary Non-GAAP Items**<sup>(1)</sup> | June 30, | March 31, | June 30, |
| (Amounts in millions, except per share data) | 2024 | 2025 | 2025 |
| Revenue | $666 | $632 | $642 |
| Gross Margin | 10.2% | 10.1% | 10.2% |
| Operating Margin | 5.1% | 4.6% | 4.7% |
| Diluted EPS | $0.57 | $0.52 | $0.55 |

---

<sup>(1)</sup> A reconciliation of non-GAAP results to the most directly comparable GAAP measures and a discussion of why management believes these non-GAAP results are useful are included below.

------

**Second Quarter 2025 Industry Sector Update**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, | June 30, | March 31, | March 31, | June 30, | June 30, |
| (In millions) | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 |
| Semi-Cap | $172 | 26% | $195 | 32% | $190 | 30% |
| Industrial | 142 | 21 | 137 | 22 | 142 | 22 |
| A&D | 109 | 16 | 122 | 19 | 126 | 20 |
| Medical | 111 | 17 | 104 | 16 | 110 | 17 |
| AC&C | 132 | 20 | 74 | 11 | 74 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $666 | 100% | $632 | 100% | $642 | 100% |

---

**Cash Conversion Cycle**

---

| | | | |
|:---|:---|:---|:---|
|  | June 30, | March 31, | June 30, |
|  | 2024 | 2025 | 2025 |
| Days in accounts receivable | 51 | 53 | 52 |
| Days in contract asset | 25 | 25 | 25 |
| Days in inventory | 90 | 89 | 83 |
| Days in accounts payable | (52) | (61) | (55) |
| Days in advance payments from customers | (24) | (20) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Days in cash conversion cycle | 90 | 86 | 85 |

---

**Third Quarter 2025 Guidance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue between $635 million - $685 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Diluted GAAP earnings per share between $0.28 - $0.34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Diluted non-GAAP earnings per share between $0.56 - $0.62

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP earnings per share guidance excludes stock-based compensation expense of approximately $5.3 million and other non-operating expenses of $6.1 million to $6.3 million which includes restructuring, amortization of intangibles and other expenses.

**Second Quarter 2025 Earnings Conference Call**

The Company will host a conference call to discuss the results today at 5:00 p.m. Eastern Time. The live webcast of the call and accompanying reference materials will be accessible by logging on to the Company's website at www.bench.com. A replay of the broadcast will also be available on the Company's website.

**About Benchmark Electronics, Inc.**

Benchmark provides comprehensive solutions across the entire product life cycle by leading through its innovative technology and engineering design services, leveraging its optimized global supply chain and delivering world-class manufacturing services in the following industries: semiconductor capital equipment (Semi-Cap), industrial, medical, aerospace and defense (A&D), and advanced computing and communications (AC&C). Benchmark's global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE.

**For More Information, Please Contact:**

Paul Mansky, Investor Relations and Corporate Development

1-623-300-7052 or paul.mansky@bench.com

------

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as "anticipate," "believe," "intend," "plan," "project," "forecast," "strategy," "position," "continue," "estimate," "expect," "may," "will," "could," "predict," and similar expressions of the negative or other variations thereof. In particular, statements, expressed or implied, concerning the Company's outlook and guidance for third quarter and fiscal year 2025 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company's business strategy and strategic initiatives, the Company's repurchases of shares of its common stock, the Company's expectations regarding restructuring charges, stock-based compensation expense, amortization of intangibles, award of any tax incentives and capital expenditures, and the Company's intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company's ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in any of the Company's subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including continuing hostilities and tensions, trade restrictions and sanctions, tariffs and retaliatory countermeasures, the ability to utilize the Company's manufacturing facilities at sufficient levels to cover its fixed operating costs, or write-downs or write-offs of obsolete or unsold inventory, may have resulting impacts on the Company's business, financial condition, results of operations, and the Company's ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of the Company's operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update.

**Non-GAAP Financial Measures**

Management discloses certain non-GAAP information to provide investors with additional information to analyze the Company's performance and underlying trends. These non-GAAP financial measures exclude restructuring charges, stock-based compensation expense, amortization of intangible assets acquired in business combinations, certain legal and other settlement losses (gains), customer insolvency losses (recoveries), asset impairments, other significant non-recurring costs and the related tax impacts, including discrete tax items and other non-GAAP tax adjustments, of all of the above. A detailed reconciliation between GAAP results and results excluding certain items ("non-GAAP") is included in the following tables attached to this document. In situations where a non-GAAP reconciliation has not been provided, the Company was unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. Management uses non-GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous guidance. This document also references "free cash flow", a non-GAAP measure, which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. The Company's non-GAAP information is not necessarily comparable to the non-GAAP information used by other companies. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of the Company's profitability or liquidity. Readers should consider the types of events and transactions for which adjustments have been made.

###

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**Benchmark Electronics, Inc. and Subsidiaries**

Condensed Consolidated Statements of Income

(Amounts in Thousands, Except Per Share Data)

(UNAUDITED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | June 30, | June 30, | June 30, | June 30, |
|  | 2024 | 2025 | 2024 | 2025 |
| Sales | $665896 | $642335 | $1341471 | $1274099 |
| Cost of sales | 597946 | 577563 | 1206113 | 1146147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 67950 | 64772 | 135358 | 127952 |
| Selling, general and administrative expenses | 38022 | 40569 | 75354 | 79369 |
| Amortization of intangible assets | 1204 | 1204 | 2408 | 2408 |
| Restructuring charges and other costs | 1471 | 2513 | 4814 | 13930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 27253 | 20486 | 52782 | 32245 |
| Interest expense | (6933) | (6348) | (14178) | (11643) |
| Interest income | 2526 | 3135 | 4518 | 5867 |
| Other expense, net | (2323) | (666) | (3500) | (1468) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 20523 | 16607 | 39622 | 25001 |
| Income tax expense | 4995 | 15635 | 10092 | 20385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $15528 | $972 | $29530 | $4616 |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.43 | $0.03 | $0.82 | $0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.43 | $0.03 | $0.81 | $0.13 |
| Weighted-average number of shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | 36047 | 35991 | 35929 | 36021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | 36497 | 36258 | 36388 | 36427 |

---

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**Benchmark Electronics, Inc. and Subsidiaries**

Condensed Consolidated Balance Sheets

(In Thousands)

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | December 31, | June 30, |
|  | 2024 | 2025 |
| Assets |  |  |
| &nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $315152 | $264647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 12875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 412458 | 369246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 167578 | 175101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 553654 | 531986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 42512 | 56010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1504229 | 1396990 |
| &nbsp;&nbsp;Property, plant and equipment, net | 225097 | 223809 |
| &nbsp;&nbsp;Operating lease right-of-use assets | 117995 | 110771 |
| &nbsp;&nbsp;Goodwill and other long-term assets | 292143 | 299275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2139464 | $2030845 |
| Liabilities and Shareholders' Equity |  |  |
| &nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current installments of long-term debt | $6737 | $3830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 354218 | 354715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance payments from customers | 143614 | 126463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 144530 | 107142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 649099 | 592150 |
| &nbsp;&nbsp;Long-term debt, net of current installments | 250457 | 203418 |
| &nbsp;&nbsp;Operating lease liabilities | 108997 | 104896 |
| &nbsp;&nbsp;Other long-term liabilities | 17598 | 23511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1026151 | 923975 |
| &nbsp;&nbsp;Shareholders' equity | 1113313 | 1106870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $2139464 | $2030845 |

---

------

**Benchmark Electronics, Inc. and Subsidiaries**

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | Six Months Ended | Six Months Ended |
|  | June 30, | June 30, |
|  | 2024 | 2025 |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;Net income | $29530 | $4616 |
| &nbsp;&nbsp;Depreciation and amortization | 23026 | 23785 |
| &nbsp;&nbsp;Stock-based compensation expense | 6361 | 9732 |
| &nbsp;&nbsp;Accounts receivable | 71346 | 46794 |
| &nbsp;&nbsp;Contract assets | (7111) | (7523) |
| &nbsp;&nbsp;Inventories | 82717 | 26087 |
| &nbsp;&nbsp;Accounts payable | (25550) | (3727) |
| &nbsp;&nbsp;Advance payments from customers | (47727) | (17150) |
| &nbsp;&nbsp;Other changes in working capital and other, net | (28318) | (53934) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 104274 | 28680 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;Additions to property, plant and equipment and software | (14407) | (16460) |
| &nbsp;&nbsp;Other investing activities, net | (1405) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (15812) | (16398) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;Share repurchases |  | (15995) |
| &nbsp;&nbsp;Net debt activity | (41731) | (50430) |
| &nbsp;&nbsp;Other financing activities, net | (17161) | (18990) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (58892) | (85415) |
| Effect of exchange rate changes | (2918) | 9753 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 26652 | (63380) |
| &nbsp;&nbsp;Cash and cash equivalents and restricted cash at beginning of year | 283213 | 328027 |
| &nbsp;&nbsp;Cash and cash equivalents and restricted cash at end of period | $309865 | $264647 |

---

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**Benchmark Electronics, Inc. and Subsidiaries**

Reconciliation of GAAP to Non-GAAP Financial Results

(Amounts in Thousands, Except Per Share Data)

(UNAUDITED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | Jun 30, | Mar 31, | Jun 30, | Jun 30, | Jun 30, |
|  | 2024 | 2025 | 2025 | 2024 | 2025 |
| Income from operations (GAAP) | $27253 | $11759 | $20486 | $52782 | $32245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges and other costs | 1471 | 1342 | 1939 | 4814 | 3281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 4185 | 4397 | 5335 | 6361 | 9732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 1204 | 1204 | 1204 | 2408 | 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and other settlement loss<sup>(1)</sup> | 317 | 10275 | 799 | 1172 | 11074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer insolvency (recovery) | (316) |  |  | (316) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  | 311 |  | 311 |
| Non-GAAP income from operations | $34114 | $28977 | $30074 | $67221 | $59051 |
| GAAP operating margin | 4.1% | 1.9% | 3.2% | 3.9% | 2.5% |
| Non-GAAP operating margin | 5.1% | 4.6% | 4.7% | 5.0% | 4.6% |
| Gross profit (GAAP) | $67950 | $63180 | $64772 | $135358 | $127952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 326 | 431 | 514 | 752 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer insolvency (recovery) | (316) |  |  | (316) |  |
| Non-GAAP gross profit | $67960 | $63611 | $65286 | $135794 | $128897 |
| GAAP gross margin | 10.2% | 10.0% | 10.1% | 10.1% | 10.0% |
| Non-GAAP gross margin | 10.2% | 10.1% | 10.2% | 10.1% | 10.1% |
| Selling, general and administrative expenses | $38022 | $38800 | $40569 | $75354 | $79369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | (3858) | (3966) | (4821) | (5608) | (8787) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and other settlement loss<sup>(1)</sup> | (317) | (200) | (225) | (1172) | (425) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  | (311) |  | (311) |
| Non-GAAP selling, general and administrative expenses | $33847 | $34634 | $35212 | $68574 | $69846 |
| Net income (GAAP) | $15528 | $3644 | $972 | $29530 | $4616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges and other costs | 1471 | 1342 | 1939 | 4814 | 3281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 4185 | 4397 | 5335 | 6361 | 9732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 1204 | 1204 | 1204 | 2408 | 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and other settlement loss<sup>(1)</sup> | 317 | 10275 | 799 | 1172 | 11074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Refinancing of Credit Facilities |  |  | 224 |  | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer insolvency (recovery) | (316) |  |  | (316) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  | 311 |  | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax adjustments<sup>(2)</sup> | (1437) | (1645) | 9208 | (2830) | 7563 |
| Non-GAAP net income | $20952 | $19217 | $19992 | $41139 | $39209 |
| Diluted earnings per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted (GAAP) | $0.43 | $0.10 | $0.03 | $0.81 | $0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted (Non-GAAP) | $0.57 | $0.52 | $0.55 | $1.13 | $1.08 |
| Weighted-average number of shares used in calculating diluted earnings per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted (GAAP) | 36497 | 36605 | 36258 | 36388 | 36427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted (Non-GAAP) | 36497 | 36605 | 36258 | 36388 | 36258 |
| Net cash provided by (used in) operations | $55816 | $31503 | $(2823) | $104274 | $28680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to property, plant and equipment and software | (8504) | (4156) | (12304) | (14407) | (16460) |
| Free cash flow (used) | $47312 | $27347 | $(15127) | $89867 | $12220 |

---

<sup>(1)</sup> Includes settlement of the tax assessment in Mexico that was previously disclosed under Note 15 in Part II, Item 8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

<sup>(2)</sup> This amount represents the tax impact of the non-GAAP adjustments, including discrete tax items, using the applicable effective tax rates. For the three and six months ended June 30, 2025, $10.4 million in discrete tax charges relating to foreign withholding tax paid on repatriated dividends, net of anticipated recoveries, and the recognition of deferred tax liabilities on remaining unremitted earnings in China.

------

## Exhibit 99.2

![Slide 1](bhe-ex99_2s1.jpg)

Benchmark Electronics Second Quarter 2025 Financial Results July 30, 2025

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![Slide 2](bhe-ex99_2s2.jpg)

Forward-Looking 2025 Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as "anticipate," "believe," "intend," "plan," "project," "forecast," "strategy," "position," "continue," "estimate," "expect," "may," "will," "could," "predict," and similar expressions of the negative or other variations thereof. In particular, statements, expressed or implied, concerning the Company's outlook and guidance for third quarter and fiscal year 2025 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company's business strategy and strategic initiatives, the Company's repurchases of shares of its common stock, the Company's expectations regarding restructuring charges, stock-based compensation expense, amortization of intangibles, award of any tax incentives and capital expenditures, and the Company's intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company's ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in any of the Company's subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including continuing hostilities and tensions, trade restrictions and sanctions, tariffs and retaliatory countermeasures, the ability to utilize the Company's manufacturing facilities at sufficient levels to cover its fixed operating costs, or write-downs or write-offs of obsolete or unsold inventory, may have resulting impacts on the Company's business, financial condition, results of operations, and the Company's ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of the Company's operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update. Non-GAAP Financial Information Management discloses certain non-GAAP information to provide investors with additional information to analyze the Company's performance and underlying trends. These non-GAAP financial measures exclude restructuring charges, stock-based compensation expense, amortization of intangible assets acquired in business combinations, certain legal and other settlement losses (gains), customer insolvency losses (recoveries), asset impairments, other significant non-recurring costs and the related tax impacts, including discrete tax items and other non-GAAP tax adjustments, of all of the above. A detailed reconciliation between GAAP results and results excluding certain items ("non-GAAP") is included in the following tables attached to this document. In situations where a non-GAAP reconciliation has not been provided, the Company was unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. Management uses non-GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous guidance. This document also references "free cash flow", a non-GAAP measure, which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. The Company's non-GAAP information is not necessarily comparable to the non-GAAP information used by other companies. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of the Company's profitability or liquidity. Readers should consider the types of events and transactions for which adjustments have been made.

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Today's Speakers

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Second Quarter Results GAAP AND NON-GAAP REVENUE $642M NON-GAAP GROSS MARGIN 10.2% NON-GAAP EPS $0.55 NON-GAAP OPERATING MARGIN 4.7% HIGHLIGHTS Seventh consecutive quarter of 10% or greater non-GAAP gross margin Sequential growth in three of five sectors, led by Medical Semi-Cap and A&D revenue up double digits year-over-year Multi-year record bookings in the quarter, with strength in Medical and AC&C \* See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results

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Business Highlights Strategic focus continues to drive results Sector focus and mix continues to support >10% gross margin Led by year-on-year growth in Semi-Cap and A&D New business momentum Customers evaluating supply chains due to tariff implications which is creating opportunities Our value proposition is resonating, demonstrated by multi-year record bookings in the quarter Financial discipline remains at the forefront Refinanced debt and repatriated over $150 million Free Cash Flow impacted by one-time events in Q2; expect to return to positive FCF for the remainder of the year Global footprint is a differentiator We have ~50% of our manufacturing footprint in the Americas New world-class facility opened in Guadalajara

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Financial Highlights (Non-GAAP) THREE MONTHS ENDED June 30 2024 THREE MONTHS ENDED March 31 2025 THREE MONTHS ENDED June 30 2025 ($ MILLIONS) Revenue $666 $632 $642 Gross Margin 10.2% 10.1% 10.2% Operating Margin 5.1% 4.6% 4.7% Effective Tax Rate 23.9% 25.0% 24.3% EPS $0.57 $0.52 $0.55 \* See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results

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Second Quarter 2025 Sector Performance 17% 30% 20% 11% 22% $642 MILLION Semi-Cap AC&C Industrial Sales $MM Q/Q $190 $126 $74 (2.4%) 3.6% 5.7% 0% Medical Aerospace & Defense $110 $142 3.6% Sector Mix

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Trended Non-GAAP Results (Dollars in Millions, except EPS) \* See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results

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Balance Sheet and Cash Flow Update Debt Structure (In Millions) Q2-25 Senior Secured Term Loan $150 Revolving Credit Facility Drawn Amount $60 Borrowing Capacity Available under Revolver $486 Leverage Ratio (2) 0.3x (In Millions) Q2-24 Q1-25 Q2-25 Cash Flows (used) from Operations $56 $32 $(3) Free Cash Flow (Used) (1) $47 $27 $(15) Share Repurchases $- $8 $8 Cash $310 $355 $265 (1) Free Cash Flow (FCF) is defined as net cash provided by (used in) operations less capex (2) Leverage ratio is Net Debt / LTM Adjusted EBITDA, as defined in the credit facility, which is a non-GAAP measure Strong balance sheet and leverage ratio Continued to support the quarterly dividend which was $6.1 million in the quarter Continued share buy-back, with objective of offsetting annual dilution Completed a debt refinance which extended the term to June 2030 Repatriated $151.6 million of which we used $95 million to pay down the revolver

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Working Capital Trends Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Accounts Receivable Days 51 51 57 53 52 Contract Asset Days 25 26 23 25 25 Inventory Days 90 89 85 89 83 Accounts Payable Days (52) (54) (54) (61) (55) Advance Payments from Customers Days (24) (22) (22) (20) (20) Cash Conversion Cycle Days 90 90 89 86 85

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Third Quarter 2025 Guidance Q3-25E Net Sales $635 to $685M Gross Margin – non-GAAP 10.2% to 10.4% Operating Margin – non-GAAP 5.0% to 5.2% Interest and Other Expenses, Net ~$5.5M Non-operating Expenses $6.1 to $6.3M Stock-Based Compensation Expense ~$5.3M Effective Tax Rate 23% to 25% Diluted EPS – GAAP $0.28 to $0.34 Diluted EPS – non-GAAP $0.56 to $0.62 Diluted Weighted-Average Shares ~36.3M

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Sector Outlook Semi-Cap Industrial Expect to outperform the market rate of growth in 2025 China restrictions are a demand headwind for OEMs Off-setting headwinds by continuing to win and ramp new programs Expect double-digit Y/Y growth throughout 2025 New Space program ramping High confidence in a significant Aerospace opportunity for the quarter Expect Q/Q and Y/Y growth through the rest of the year Significant bookings quarter, including engineering product development wins Booked a short time-to-ramp lift and shift competitive take-away win in the quarter Sector is bottoming and showing signs of recovery by year-end Leveraging our water-cooled capability to participate in AI system builds Two new AI awards expected to start ramping in Q4:25 Expect sequential growth in 2H:25 Pipeline momentum continues and new wins will support further growth in 2026 Booked a significant competitive take-away this quarter in the instrumentation space Advanced Computing & Communications Medical Aerospace & Defense

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Summary Executing across varied demand environments Seven consecutive quarters of >10% non-GAAP gross margin Multi-year record bookings quarter validates our sector strategy and value proposition across both new and existing customers 2. Returning to growth Medical, Industrial and AC&C show signs of recovery AI-related wins expected to ramp in Q4 and into 2026 A&D remains strong while Semi-Cap will outgrow the market 3. Capital allocation discipline Supporting our regular quarterly dividend while continuing share repurchases Reduced inventory $106 million and revolving debt $105 million Y/Y Anticipate positive Free Cash Flow in 2H 2025

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Appendix

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APPENDIX 1 – Reconciliation of GAAP to Non-GAAP (Dollars in thousands, except per share data – Unaudited)