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Transaction Highlights: Adds leading power conversion capabilities, including differentiated grid-forming technology, for data center and utility applications. Expands Flex's Cloud and Power Infrastructure business to capitalize on growing AI infrastructure demand and the shift to next generation 800V data center power architectures. Expected to enhance the growth and EBITDA margin profile of Flex's Cloud and Power Infrastructure segment. Flex (NASDAQ: FLEX) today announced that it has entered into a definitive agreement to acquire EPC Power at a value of $4.4 billion, subject to customary adjustments. The transaction is expected to close in the fourth quarter of calendar 2026, at which time EPC Power is expected to become part of Flex's Cloud and Power Infrastructure (CPI) segment. Flex plans to separate CPI into an independent publicly traded company in the first calendar quarter of 2027. Founded in 2010 and headquartered in California, EPC Power is a leading provider of

Flex adds two directors as Axiom spin-off takes shape. Flex named George R. Oliver and Mark Eubanks to its board and set out fresh leadership plans for the Axiom Solutions International spin-off, as the shares closed 6.44% lower. Flex Ltd. (FLEX) appointed George R. Oliver and Mark Eubanks to its board and updated leadership plans for the planned spin-off of its cloud and power infrastructure business as Axiom Solutions International, with Flex shares last closing at 108.32, down 6.44% on the day. Flex Ltd. (FLEX) has added two directors and refreshed the leadership plan for the business it intends to separate, moving the planned spin-off of its cloud and power infrastructure operations closer to a standalone listing. The company said George R. Oliver and Mark Eubanks have been appointed to its board, and that leadership arrangements have been updated for the entity to be spun off as Axiom Solutions International. The announcement arrives at an awkward moment for the share price. Flex last changed hands at 108.32, a fall of 6.44% from the prior close of 115.78, with the session low at 106.62 and the high at 111.76, as of the last trade at 20:00 GMT on Monday, 14 September 2026. That is a drop of 7.46 points on the day on an illustrative basis, calculated from the two closing levels, and it came against a far milder tape: the S&P 500 tracker closed at $760.88, down 0.45%, the Nasdaq 100 proxy at $709.18, down 0.80%, and the Dow tracker at $524.49, down 0.25%. Why a separation, and why this part of the business. Flex is a contract manufacturer and supply-chain operator, meaning it builds and assembles products for other companies rather than selling under its own brand. Within that sprawl sits the cloud and power infrastructure business - the equipment, racks, power distribution and thermal plumbing that data centers consume - and it is that piece the company intends to detach as Axiom Solutions International. The logic of separating it is straightforward enough. Data-center and power infrastructure demand has been the single loudest growth story in industrial electronics, and it is valued very differently by the market than the lower-growth, lower-margin assembly work that sits alongside it inside a diversified manufacturer. When two businesses with different growth rates and different customer bases share one income statement, the faster one tends to be priced as though it were the slower one. A spin-off is the standard remedy: give the growth asset its own equity, its own disclosure and its own comparable set. That is also the risk. A separated Axiom would carry its own cost base, its own balance sheet and its own cyclicality, with no diversified parent to absorb an air pocket in orders. Investors will want to see the split of revenue, margin and capital intensity between the two halves before assigning the multiple that spin-off arithmetic usually assumes. None of that detail has been put on the table yet. What the two board appointments signal. Board additions ahead of a separation are rarely decorative. A company preparing to split needs enough directors to populate two boards, and it needs credibility in the specific industries the new company will sell into. The appointments of George R. Oliver and Mark Eubanks, disclosed alongside the updated Axiom leadership plans, fit that pattern - governance being built out in step with the corporate structure rather than after it. The sequencing matters for timing expectations. Naming directors and settling who runs the spun-off entity are the steps that typically precede the more mechanical work of a separation: the registration filing, the distribution ratio, the capital structure and the listing date. Shareholders reading the announcement, reported by GuruFocus, should treat it as a milestone in a process rather than a completion of one. The share price reaction sits oddly with the news. A 6.44% single-day decline is a large move for an industrial name on a day when the broad market slipped less than half a percent. Nothing in the board and leadership announcement obviously explains it, and the company has not tied the two together. Several readings are possible without stretching beyond what is known: investors may be marking down the parent for what it gives away in a separation, reassessing the near-term earnings profile of the remaining business, or reacting to something in the broader electronics and data-center supply chain that the disclosure did not address. What can be said with confidence is the arithmetic. The stock traded in a band between 106.62 and 111.76 and finished near the bottom of it, which points to selling that persisted through the session rather than a single early gap that faded. Closing at the low end of the day's range on heavy directional moves is generally a sign that the market had not finished repricing by the bell. What to watch from here. Three things will determine whether the Axiom separation delivers the revaluation that spin-off strategies are designed to produce. * Financial disclosure for the two halves. Segment revenue, operating margin and capital expenditure for the cloud and power infrastructure business are the numbers that set the valuation debate. Until they are published, any target price for a standalone Axiom is guesswork. * Customer concentration. Data-center infrastructure revenue tends to sit with a handful of very large buyers. A standalone company is more exposed to the ordering pattern of any one of them than a diversified parent is. * The shape of the remaining Flex. Post-separation, the parent's growth rate and margin profile change. Investors who own Flex for its data-center exposure will need to decide whether they want the parent, the spin-off, or both. For now the story is structural rather than financial: a board being widened, a management team being named, and a separation moving through the steps that have to happen before a distribution date can be set. The price action on the last trading day is a reminder that the market has not yet decided what either half is worth. Key facts. * Flex (FLEX) last close: 108.32, down 6.44% as of 20:00 GMT, 14 Sep 2026 * Prior close / day range: 115.78; session range 106.62-111.76 * New directors: George R. Oliver and Mark Eubanks * Spin-off entity: Axiom Solutions International - cloud and power infrastructure business Frequently asked questions. What did Flex announce? Flex Ltd. said it has expanded its board with the appointments of George R. Oliver and Mark Eubanks, and that it has updated leadership plans for Axiom Solutions International, the entity that will hold its cloud and power infrastructure business once that unit is spun off into a separate company. What is Axiom Solutions International? Axiom Solutions International is the name Flex has given to the cloud and power infrastructure business it intends to separate from the parent company. That unit supplies the hardware and power-related equipment used in data centers. The spin-off has been announced and leadership plans updated, but the separation is not yet complete. How did Flex shares perform? Flex last traded at 108.32, down 6.44% from a prior close of 115.78, as of the final trade at 20:00 GMT on 14 September 2026. The session range was 106.62 to 111.76, meaning the stock finished near the low of its day. The market was closed at the time of writing. Did Flex fall more than the wider market? Yes, by a wide margin. On the same session the S&P 500 tracker closed at $760.88, down 0.45%, the Nasdaq 100 proxy at $709.18, down 0.80%, and the Dow tracker at $524.49, down 0.25%. Flex's 6.44% decline was far larger than any of those benchmark moves. Why do companies spin off a fast-growing division? A separation gives the faster-growing business its own shares, its own financial disclosure and its own set of comparable companies, so the market can value it on its own merits rather than blending it with slower operations. The trade-off is that the new company loses the diversification and balance-sheet support of the parent. What details are still missing? Flex has not disclosed segment financials for the business going into Axiom Solutions International, the distribution ratio, the capital structure of the new company or a listing date. Until revenue, margin and capital spending for the unit are published, any valuation for the standalone entity is speculative rather than reported fact.

Flex announced Amy B. Schwetz will join as CFO of its Regulated Manufacturing Services and Integrated Technology Services segments on 5 October 2026. She is expected to become Flex CFO following the planned separation of its Cloud and Power Infrastructure segment. The company also announced post-separation board compositions for Flex and Axiom Solutions International, including four new directors. George R. Oliver and Brian Yoor will join Flex's board, whilst Mark Eubanks and David Johnson will join Axiom's board. Schwetz brings over 25 years of finance and accounting experience, having previously served as CFO of Flowserve and Peabody Energy. The separation is expected to complete in the first quarter of 2027, subject to regulatory approvals and other customary conditions.