Celestica (CLS): what its 10-K says it depends on

Customers

Top 10 customers

concentrated in · 79% of total revenue for 2025named as a risk

In the aggregate, our top 10 customers represented 79% of total revenue for 2025, 73% for 2024 and 64% for 2023.Business (Item 1)

Also named by AESI, COR, ECG, JBHT, MTSI, MYRG, Q, VEEV and 1 more

Largest CCS customer

concentrated in · 32%named as a risk

In 2025, three customers (all in our CCS segment) individually represented 10% or more of total revenue (32%, 14% and 12%).Business (Item 1)

Hyperscalers

earns fromnamed as a risk

Our revenue is sensitive to the investment cycles and operating conditions of a limited number of customers, including hyperscalers.Risk factors (Item 1A)

Also named by CSCO, INTC, LUMN, NVT, OWL, SLB

Meta Platforms, Inc.

earns fromnamed as a risk

Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc.Business (Item 1)

Also named by CRWV, ETR, OKLO

Amazon Fulfillment Services, Inc.

earns fromnamed as a risk

Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc.Business (Item 1)

Google Inc.

earns fromnamed as a risk

Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc.Business (Item 1)

U.S. government defense spending

earns fromnamed as a risk

Because we generate a portion of our revenue from contracts with the U.S. government and its contractors, our results of operations could be adversely affected by relevant spending caps or changes in budgetary priorities, as well as by delays in the budget process, program starts, or the award of contracts or orders.Risk factors (Item 1A)

Hewlett-Packard Enterprise

earns from

Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc.Business (Item 1)

Also named by ANET, CIEN, HPQ, IBM, P, SMCI

Dell Technologies

earns from

Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc.Business (Item 1)

Also named by AVGO, CDW, HPE, IBM

Applied Materials, Inc.

earns from

Our ATS segment customers include Applied Materials, Inc., LAM Research and Honeywell Inc.Business (Item 1)

Also named by KLAC, LRCX, UCTT

IBM Corporation

earns from

Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc.Business (Item 1)

Also named by JKHY

Ciena Corporation

earns from

Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc.Business (Item 1)

Lam Research

earns from

Our ATS segment customers include Applied Materials, Inc., LAM Research and Honeywell Inc.Business (Item 1)

Honeywell Inc.

earns from

Our ATS segment customers include Applied Materials, Inc., LAM Research and Honeywell Inc.Business (Item 1)

Other companies

Credit Facility (Term Loans)

$723.7 millionnamed as a risk

Our borrowings under this facility at December 31, 2025 totaled $723.7 million, comprised of amounts outstanding under our Term Loans, and other than ordinary course letters of credit, no amounts outstanding under the Revolver.Market risk (Item 7A)

Also named by AM, AR, AROC, BSM, CGBD, CVLG, CWST, MYRG and 5 more

TRS Agreement

exposed to its price · 1.25 million Common Sharesnamed as a risk

At December 31, 2025, our TRS Agreement had a notional quantity of 1.25 million Common Shares and a Strike Price of $288.87 per share.Market risk (Item 7A)

Semiconductor industry cyclicality

earns fromnamed as a risk

The semiconductor industry is cyclical and from time to time experiences economic downturns, often in connection with, or in anticipation of, maturing product cycles or a decline in general economic conditions.Risk factors (Item 1A)

Competitors

Quanta Computer Inc.

competes with

Our ODM competitors provide product design capabilities and manufacturing services and include Quanta Computer Inc., Wiwynn Corporation, and Accton Technology Corp.Business (Item 1)

Also named by EXTR, SNX

Jabil Inc.

competes with

Our competitors in the EMS industry include Benchmark Electronics, Inc., Flex Ltd., Hon Hai Precision Industry Co., Ltd., Jabil Inc., Plexus Corp., and Sanmina Corporation, as well as smaller EMS companies that often have a regional, product, service or industry-specific focus.Business (Item 1)

Also named by ANET, SNX

Arista Networks, Inc.

competes with

In some markets, particularly in data center switching, we also face competition from OEMs (including Arista Networks, Inc., Cisco Systems, Inc. and others), where customers may decide between the use of customized (ODM) and off-the-shelf (OEM) solutions, which may include considerations of cost, software, after-market services, and the degree of customization necessary, among others.Business (Item 1)

Also named by CSCO, EXTR

Places

Asia

concentrated in · approximately 75% of our revenuenamed as a risk

In 2025, approximately 75% of our revenue was produced in Asia (each of 2024 and 2023 — approximately 70%).Business (Item 1)

Also named by AAPL, AYI, CART, CB, CDW, CHD, COHR, DELL and 31 more

North America

operates in · approximately 20% of our revenue

In each of 2025, 2024 and 2023, approximately 20% of our revenue was produced in North America.Business (Item 1)

Also named by ALSN, AOS, BMI, CAG, CAT, CHRW, CPB, CW and 19 more

China

operates innamed as a risk

In particular, a portion of our manufacturing, design and support operations are conducted in our facilities in China.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Asia (electronic components sourcing)

depends onnamed as a risk

Components and raw materials are sourced globally, with a majority of electronic components originating from Asian countries.Business (Item 1)

Also named by AAPL, AYI, CART, CB, CDW, CHD, COHR, DELL and 31 more

Romania and Thailand tax positions

subject tonamed as a risk

See Item 7, MD&A — "Operating Results — Income taxes and tax contingencies" and note 17 and 20 to the 2025 AFS included herein for a discussion of our existing tax incentives, and challenges to our Romanian and Thailand tax positions.Risk factors (Item 1A)

Hazards

China-Taiwan tensions

named as a risk

Geopolitical developments in China-Taiwan relations, or conflict between China and Taiwan could disrupt our supply chain for semiconductors and other electronic components or the operations of our suppliers, limit access to key ports, and/or result in potential international sanctions, any of which could adversely affect our results of operations or increase our costs.Risk factors (Item 1A)

Also named by FTNT, IOT, MRVL, ORCL, PANW, SYK, ZBRA

Commodities and inputs

Thai baht

exposed to its price · 247.2named as a risk

Our non-U.S. currency exposures consist of: British pound sterling, Brazilian real, Canadian dollar, Chinese renminbi, Czech koruna, Euro, Hong Kong dollar, Indian rupee, Indonesian rupiah, Japanese yen, Korean won, Lao kip, Malaysian ringgit, Mexican peso, Philippine peso, Romanian leu, Singapore dollar, Taiwan dollar, and Thai baht.Market risk (Item 7A)

Also named by CCK

Power and water for data centers

depends onnamed as a risk

AI‑driven, high‑density deployments require predictable access to power and adequate water and cooling capacity.Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

Our HealthTech business is subject to regulation by the U.S. Food and Drug Administration, Health Canada, the European Medicines Agency, and similar regulatory bodies in other jurisdictions, relating to the medical devices and hardware we manufacture for our customers.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

U.S. Department of Defense (DOD)

subject tonamed as a risk

As part of these services, we are subject to substantial regulation from government agencies including the U.S. Department of Defense (DOD) and the U.S. Federal Aviation Administration.Risk factors (Item 1A)

Also named by ACN, ALSN, AVAV, CRWD, FLR, HEI, JCI, LMT and 12 more

Laws and programs

OECD Pillar Two global minimum tax

subject tonamed as a risk

In addition, the Organization for Economic Cooperation and Development continues to issue guidelines and proposals related to Pillar Two (global minimum tax) legislation in Canada which may result in further legislative changes that could negatively impact our effective tax rate.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

International Traffic in Arms Regulations (ITAR)

subject tonamed as a risk

We are also subject to the export control laws and regulations of the countries in which we operate, including, but not limited to, the U.S. International Traffic in Arms Regulations and the Export Administration Regulations.Risk factors (Item 1A)

Also named by ACHR, ADI, AIR, ALSN, APH, AVAV, CDRE, COHR and 29 more

Federal Acquisition Regulation (FAR)

subject tonamed as a risk

We are also subject to increasing expectations and data security requirements from our customers, including those related to the U.S. Federal Acquisition Regulation, U.S. Defense Federal Acquisition Regulation Supplement, and U.S. Cybersecurity Maturity Model Certification.Risk factors (Item 1A)

Also named by ACN, AIR, ALSN, ASTS, AXON, BWXT, CACI, CDRE and 12 more

U.S. export controls on China

subject tonamed as a risk

Our Capital Equipment business and our CCS segment have been in prior periods and may continue to be negatively impacted by U.S. technology/data export controls, including controls on cross-border technology/data access, with respect to China and other countries, and China's policy supporting its private sector businesses.Risk factors (Item 1A)

Also named by INTC, U

U.S. reciprocal tariffs

subject tonamed as a risk

These actions, and/or other governmental actions related to tariffs or international trade agreements, have in the past increased (and could further increase) the cost to our U.S. customers who use our non-U.S. manufacturing sites and components, and vice versa, which may materially and adversely impact demand for our services, our results of operations or our financial condition.Risk factors (Item 1A)

Also named by SON, WCC

Dodd-Frank conflict minerals rules

subject tonamed as a risk

For example, due to our complex supply chain, compliance with Dodd-Frank diligence, disclosure and reporting requirements with respect to defined "conflict minerals" is time-consuming and costly.Risk factors (Item 1A)

Also named by AAOI, IOT