Celestica : Q4 2020 Earnings Presentation

Fourth Quarter 2020 Financial Results

January 27, 2021

1

Cautionary Note Regarding Forward- Looking Statements

This presentation contains forward-looking statements, including, without limitation, those related to our future growth; trends in the electronics manufacturing services (EMS) industry and our segments (including the components thereof), and their anticipated impact on our business; and our anticipated financial and/or operational results and targets, including those on the slides captioned "Q1 2021 Outlook," "Q1 2021 Non-IFRS Tax Rate Estimate," and "Q1 2021 End Market Revenue Outlook." Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "continues," "project," "potential," "possible," "contemplate," "seek," or similar expressions, or may employ such future or conditional verbs as "may," "might," "will," "could," "should," or "would," or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.

Forward-looking statements are provided to assist readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward looking statements are not guarantees of future performance and are subject to risks that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including, among others, risks related to: the scope, duration and impact of the coronavirus disease 2019 (COVID-19) pandemic, including its severe, prolonged and continuing adverse impact on the commercial aerospace industry due to quarantines, travel restrictions, business curtailments, resurgences and mutations of the virus and safety concerns; customer and segment concentration; challenges of replacing revenue from completed, lost or non-renewed programs or customer disengagements; our customers' ability to compete and succeed with our products and services; the cyclical nature of our capital equipment business, particularly our semiconductor and display businesses; competitive factors and adverse market conditions affecting the EMS industry in general and our segments in particular (including the risk that anticipated market improvements do not materialize); changes in our mix of customers and/or the types of products or services we provide, including negative impacts of higher concentrations of lower margin programs; delays in the delivery and availability of components, services and materials; managing changes in customer demand; the inability to maintain adequate utilization of our workforce; the expansion or consolidation of our operations; defects or deficiencies in our products, services or designs; integrating and achieving the anticipated benefits from acquisitions and "operate-in-place" arrangements; negative impacts on our business resulting from outstanding third-party indebtedness; rapidly evolving and changing technologies, and changes in our customers' business or outsourcing strategies; customer, competitor and/or supplier consolidation; compliance with customer-driven policies and standards, and third party certification requirements, including climate change and other social responsibility initiatives; challenges associated with new customers or programs, or the provision of new services; the impact of restructuring actions and/or productivity initiatives, including a failure to achieve anticipated benefits from actions associated with the review of our Connectivity & Cloud Solutions segment portfolio (CCS Review), including our disengagement from programs with Cisco Systems, Inc. (Cisco Disengagement); the incurrence of future restructuring charges, impairment charges, other write-downs of assets or operating losses; managing our business during uncertain market, political and economic conditions, including among others, geopolitical and other risks associated with our international operations, including military actions, protectionism and reactive countermeasures, economic or other sanctions or trade barriers; disruptions to our operations, or those of our customers, component suppliers and/or logistics partners, including as a result of events outside of our control, including, among others: Britain's departure from the European Union (Brexit), policies or legislation instituted by the former or new administration in the U.S., uncertainty surrounding the impact of the new administration in the U.S., the potential impact of significant tariffs on items imported into the U.S. and related countermeasures, and/or the impact of (in addition to COVID-19) other widespread illness or disease; changes to our operating model; changing commodity, materials and component costs as well as labor costs and conditions; execution or quality issues (including our ability to successfully resolve these challenges); non-performance by counterparties; maintaining sufficient financial resources to fund currently anticipated financial actions and obligations and to pursue desirable business opportunities; negative impacts on our business resulting from any significant uses of cash, securities issuances, and/or additional increases in third-party indebtedness, including as a result of an inability to sell desired amounts under our uncommitted accounts receivable sales program; foreign currency volatility; our global operations and supply chain; recruiting or retaining skilled talent; our dependence on industries affected by rapid technological change; our ability to protect intellectual property and confidential information; increasing taxes, tax audits, and challenges of defending our tax positions; obtaining, renewing or meeting the conditions of tax incentives and credits; computer viruses, malware, hacking attempts or outages that may disrupt our operations; the inability to prevent or detect all errors or fraud; the variability of revenue and operating results; unanticipated disruptions to our cash flows; a failure to qualify for and/or collect anticipated COVID-19-related government subsidies, grants or credits (COVID Subsidies); compliance with applicable laws, regulations, and government subsidies, grants or credits; the management of our IT systems; our pension and other benefit plan obligations; changes in accounting judgments, estimates and assumptions; our ability to maintain compliance with applicable credit facility covenants; interest rate fluctuations; deterioration in financial markets or the macro-economic environment; and current or future litigation, governmental actions, and/or changes in legislation or accounting standards. The foregoing and other material risks and uncertainties are discussed in our public filings at www.sedar.comand www.sec.gov, including in our most recent MD&A, our most recent Annual Report on Form 20-F filed with, and subsequent reports on Form 6-K furnished to, the U.S. Securities and Exchange Commission, and as applicable, the Canadian Securities Administrators.

The forward-looking statements contained herein are based on various assumptions, many of which involve factors that are beyond our control. Our material assumptions include those related to the following: fluctuation of production schedules from our customers in terms of volume and mix of products or services; the scope and duration of the COVID-19 pandemic and its impact on our sites, customers and supply chain; our ability to qualify for specified COVID Subsidies; the timing and execution of, and investments associated with, ramping new business; the success of our customers' products; our ability to retain programs and customers; the stability of general economic and market conditions, currency exchange rates, and interest rates; supplier performance, pricing and terms; compliance by third parties with their contractual obligations and the accuracy of their representations and warranties; the costs and availability of components, materials, services, equipment, labor, energy and transportation; that our customers will retain liability for recently-imposed tariffs and countermeasures; global tax legislation changes; our ability to keep pace with rapidly changing technological developments; the timing, execution and effect of restructuring actions; the successful resolution of quality issues that arise from time to time; our having sufficient financial resources to fund currently anticipated financial actions and obligations and to pursue desirable business opportunities; the components of our leverage ratio (as defined in our credit facility); our ability to successfully diversify our customer base and develop new capabilities; the availability of cash resources for, and the permissibility under our credit facility of, repurchases of outstanding subordinate voting shares under our current normal course issuer bid (NCIB), and compliance with applicable laws and regulations pertaining to NCIBs; the impact of actions associated with the CCS Review (including the Cisco Disengagement) on our business, and that we achieve the anticipated benefits therefrom; anticipated demand strength in certain of our businesses; and anticipated demand weakness in, and/or the impact of anticipated adverse market conditions on, certain of our businesses. Although management believes its assumptions to be reasonable under the current circumstances, they may prove to be inaccurate, which could cause actual results to differ materially (and adversely) from those that would have been achieved had such assumptions been accurate. Forward-looking statements speak only as of the date on which they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

In addition, this presentation refers to non-International Financial Reporting Standards (IFRS) measures. Non-IFRS measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other public companies that use IFRS, or who report under U.S. GAAP and use non-GAAP measures to describe similar operating metrics. Non-IFRS measures are not measures of performance under IFRS and should not be considered in isolation or as a substitute for any standardized measure under IFRS. We do not provide reconciliations for forward-lookingnon-IFRS financial measures, as we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. Forward- looking non-IFRS measures may vary materially from the corresponding IFRS financial measures.

2

CEO Remarks

3

Lifecycle Solutions Revenue = ATS Segment Revenue + HPS Revenue

Lifecycle Solutions

ATSHPS

	Long program lifecycles		Extensive patent portfolio
	Highly regulated		Product roadmaps
	High reliability applications		Ecosystem of partnerships

• Supports our customers across the product lifecycle
• Strong anticipated growth
• Accretive margins

Lifecycle Solutions Revenue

20172020

Lifecycle Solutions	Lifecycle Solutions
39%	51%

Core CCS**		Core
	CCS**
61%
49%
Lifecycle Solutions 39% of CLS		Lifecycle Solutions 51% of CLS
Consolidated Revenue		Consolidated Revenue

• High single digit growth: 8% three year CAGR*
• 51% of total 2020 revenue with further expansion anticipated over the next three years

*CAGR (compound annual growth rate) is calculated using the formula: (Ending Value / Beginning Value)^(1/number of years) -1	4
**Core CCS = CCS Segment Revenue - HPS Revenue

Q4 2020 Highlights

$US	Q4 2020	Comments
Revenue	$1.39B	7% YTY Decrease;
12% YTY Decrease in ATS
		4% YTY Decrease in CCS
IFRS Net Earnings	$20.1M	Up $27.1M YTY
IFRS Earnings per Share - diluted	$0.16	Up 21 cents YTY
Non-IFRS Operating Margin	3.6%	Up 0.7% YTY1
Non-IFRS Adjusted EPS - diluted	$0.26	Up 8 cents YTY1
Non-IFRS Adjusted ROIC	12.4%	Up 1.8% YTY1

1 See the Appendix for a reconciliation of this non-IFRS financial measures to the most directly comparable IFRS measure.

5

ATS1 and CCS2 Segment Revenue and Profitability

Q4 2019 Revenue 4

Q4 2020 Revenue 5

	ATS		ATS
CCS	39%	CCS	37%
61%		63%

Q4 2019 % of Total Segment Income Q4 2020 % of Total Segment Income

ATS	ATS
41%	40%
CCS	CCS
59%	60%

4Q20 Revenue $	Sequential	Year over
Year
ATS	Down 2%	Down 12%
CCS	Down 15%	Down 4%
Communications	Down 15%	Up 2%
Enterprise3	Down 14%	Down 13%
Segment	4Q19	4Q20
Income6
ATS	17.8M	20.0M
CCS	25.9M	30.0M
Segment	4Q19	4Q20
Margin6 $
ATS	3.0%	3.9%
CCS	2.9%	3.4%

1. Our ATS segment consists of our ATS end market, and is comprised of our Aerospace & Defense (A&D), Industrial, Energy, HealthTech, and Capital Equipment businesses.
2. Our CCS segment consists of our Communications and Enterprise end markets.
3. Our Enterprise end market consists of our Servers and Storage businesses.
4. In Q4 2019, Communications represented 39% of total revenue and Enterprise represented 22% of total revenue.
5. In Q4 2020, Communications represented 43% of total revenue and Enterprise represented 20% of total revenue.
6. See footnote 1 on slide 16 for the definition of segment income and segment margin.

6

Q4 2020 Highlights¹

$US Millions (Except for per share amounts and %)	Q4 2020	B/(W) QTQ	B/(W) YTY
(vs. Q3 2020)	(vs. Q4 2019)
Revenue	$1,387	($163.9)	($105.1)
IFRS Net Earnings	$20.1	($10.3)	$27.1
IFRS Earnings per Share - diluted	$0.16	($0.08)	$0.21
Non-IFRS Adjusted Gross Margin	8.4%	0.3%	1.4%
Non-IFRS Adjusted SG&A	$56.5	($0.2)	($4.1)
Non-IFRS Adjusted EBIAT	$50.0	($10.1)	$6.3
Non-IFRS Operating Margin	3.6%	(0.3%)	0.7%
Non-IFRS Adjusted Effective Tax Rate	19%	1%	8%
Non-IFRS Adjusted Net Earnings	$33.3	($7.6)	$9.6
Non-IFRS Adjusted EPS - diluted	$0.26	($0.06)	$0.08
Non-IFRS Adjusted ROIC	12.4%	(2.8%)	1.8%

1 See the Appendix for definitions of the non-IFRS measures set forth in the table, and a reconciliation of these non-IFRS financial measures to the most directly comparable IFRS measures.

7

Working Capital / Capex / Non-IFRS Free Cash Flow1

Q4 2020 ($US)

			4.4 inventory turns2		Inventory turns decreased by 0.3x sequentially
				(Inventory down $114M sequentially and up $99M YTY)
			$19M Capex		~1% of Revenue
			$18.5M Free Cash Flow1		Strong FY20 Free Cash Flow of $126M
Cash Cycle Days2
					4Q19	3Q20	4Q20
			Days in A/R	63	67	73
			Days in Inventory	67	77	82
			Days in A/P	(60)	(69)	(68)
			Days in Cash Deposits3	(8)	(14)	(14)
			Cash Cycle Days	62	61	73

1. See the Appendix for a reconciliation of historic non-IFRS free cash flow to IFRS cash provided by operations.
2. Not defined under IFRS.
3. Represents cash deposits made by certain customers to cover our risk of excess and obsolete inventory, and/or for working capital requirements.

8

Balance Sheet

$US	At December 31, 2020
Cash and cash equivalents	$464M
Revolver (excluding L/Cs)	-
Term Loans	$470M

Net Debt: $6M

As of December 31, 2020, Celestica's non-IFRS debt leverage ratio was 1.6x. See the Appendix for a reconciliation of non-IFRS debt leverage ratio to the most directly comparable measure determined under IFRS.

Non-IFRSdebt leverage ratiois defined as Gross Debt divided by non-IFRS trailing twelve month (TTM) adjusted EBITDA (each defined below). Debt leverage ratio and TTM adjusted EBITDA are non-IFRS financial measures. Non-IFRS measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other public companies that use IFRS, or who report under U.S. GAAP and use non-GAAP measures to describe similar operating metrics.

Gross Debtis defined as the total borrowings under our credit facility, excluding ordinary course letters of credit ($470M as of December 31, 2020).

Non-IFRSTTM adjusted EBITDAas of December 31, 2020 is defined as the sum of non-IFRS adjusted EBITDA for the fourth quarter of 2020 and each of the previous three quarters. See the Appendix for details on how non-IFRS adjusted EBITDA is calculated, as well as a reconciliation of historical non-IFRS adjusted EBITDA to IFRS earnings before income taxes for each such period.

9

Q1 2021 Outlook1

$US

Revenue	$1.175B	- $1.275B
Non-IFRS Operating Margin	3.4%
at the mid-point of revenue and non-IFRS adjusted EPS
	guidance ranges
Non-IFRS Adjusted EPS - diluted	$0.18	- $0.24
Non-IFRS Adjusted SG&A	$51M	- $53M

Q1 2021 Non-IFRS Tax Rate Estimate

Non-IFRS Adjusted Effective Tax Rate of approximately 20%2

1. Guidance provided Wednesday, January 27, 2021. Guidance is effective on the date provided and will only be updated through a public announcement.
   We do not provide reconciliations for forward-lookingnon-IFRS financial measures as we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort.
2. Our Q1 2021 non-IFRS Adjusted Effective Tax Rate estimate does not account for the impact of taxable foreign exchange and any unanticipated tax settlements.

10

Q1 2021 End Market Revenue Outlook

	Year over Year Revenue % Change
ATS1	Decrease mid-single digit
Communications	Decrease high-single digit
Enterprise2	Decrease low-teens

1. ATS consists of A&D, Industrial, Energy, HealthTech, and Capital Equipment.
2. Enterprise consists of Servers and Storage.

11

Concluding Remarks

12

Q&A

Fourth Quarter 2020 Financial Results

January 27, 2021

Appendix

Segment Income and Margin1

*

*Refers to notes to our Q4 2020 unaudited interim condensed consolidated financial statements (Q4 2020 Interim Financial Statements)

1 Segment income is defined as a segment's net revenue less its cost of sales and its allocable portion of selling, general and administrative expenses and research and development expenses (collectively, Segment Costs). Identifiable Segment Costs are allocated directly to the applicable segment while other Segment Costs, including indirect costs and certain corporate charges, are allocated to our segments based on an analysis of the relative usage or benefit derived by each segment from such costs. Segment income excludes Finance Costs (defined below), employee SBC expense, amortization of intangible assets (excluding computer software), and Other Charges (recoveries) (defined below), as these costs and charges/recoveries are managed and reviewed by our CEO at the company level. Finance Costs consist of interest expense and fees related to our credit facility (including any debt issuance and related amortization costs), our interest rate swap agreements, our accounts receivable sales program and our customers' supplier financing programs, and interest expense on our lease obligations, net of interest income earned. Other Charges (recoveries) consist of restructuring charges (recoveries), impairment charges (recoveries), acquisition-related consulting, transaction and integration costs and, when applicable, charges related to the subsequent re-measurement of indemnification assets recorded in connection with our acquisition of Impakt Holdings, LLC, legal settlements (recoveries), Transition Costs (recoveries) (defined in note 10(c) to our Q4 2020 Interim Financial Statements), credit facility-related waiver fees (Q4 2019), and post-employment benefit plan losses (Q4 2019). See note 10 to our Q4 2020 Interim Financial Statements for separate quantification and discussion of the components of Other Charges (recoveries) for the periods set forth in the table above. Segment margin is segment income as a percentage of segment revenue.

16

IFRS to non-IFRS Reconciliation*

					1Q 2019		2Q 2019		3Q 2019		4Q 2019		1Q 2020		2Q 2020		3Q 2020		4Q 2020			FY 2019		FY 2020
	IFRS	Revenue
	$	1,433.1	$	1,445.6	$	1,517.9	$	1,491.7	$	1,318.6	$	1,492.4	$	1,550.5	$	1,386.6		$	5,888.3	$	5,748.1
		Net earnings (loss)		90.3		(6.1)		(6.9)		(7.0)		(3.2)		13.3		30.4		20.1			70.3		60.6
		Earnings (loss) per share - diluted	$	0.66	$	(0.05)	$	(0.05)	$	(0.05)	$	(0.02)	$	0.10	$	0.24	$	0.16		$	0.53	$	0.47
		W.A. # of shares (in millions), on a diluted basis, used to determine		136.6		131.9		129.3		129.4		129.2		129.1		129.1		129.1			131.8		129.1
		IFRS earnings (loss) per share and non-IFRS adjusted EPS (1)
		Actual # of shares o/s (in millions) as of period end		131.6		128.4		128.4		128.8		129.1		129.1		129.1		129.1			128.8		129.1
	Non-IFRS adjusted gross profit	IFRS gross profit	$	87.4	$	97.8	$	97.7	$	101.8	$	91.0	$	108.6	$	124.2	$	113.8		$	384.7	$	437.6
		As a percentage of revenue		6.1%		6.8%		6.4%		6.8%		6.9%		7.3%		8.0%		8.2%			6.5%		7.6%
		Employee stock-based compensation expense		6.6		3.4		1.9		2.7		4.8		3.0		1.1		2.2			14.6		11.1
		Non-IFRS adjusted gross profit	$	94.0	$	101.2	$	99.6	$	104.5	$	95.8	$	111.6	$	125.3	$	116.0		$	399.3	$	448.7
			As a percentage of revenue		6.6%		7.0%		6.6%		7.0%		7.3%		7.5%		8.1%		8.4%			6.8%		7.8%
		IFRS SG&A	$	56.1	$	60.7	$	53.4	$	57.1	$	56.4	$	58.0	$	56.9	$	59.4		$	227.3	$	230.7
	Non-IFRS SG&A		As a percentage of revenue		3.9%		4.2%		3.5%		3.8%		4.3%		3.9%		3.7%		4.3%			3.9%		4.0%
	Employee stock-based compensation expense		(5.2)		(4.8)		(4.8)		(4.7)		(6.5)		(4.7)		(0.6)		(2.9)			(19.5)		(14.7)
		Non-IFRS SG&A	$	50.9	$	55.9	$	48.6	$	52.4	$	49.9	$	53.3	$	56.3	$	56.5		$	207.8	$	216.0
			As a percentage of revenue		3.6%		3.9%		3.2%		3.5%		3.8%		3.6%		3.6%		4.1%			3.5%		3.8%
		IFRS earnings (loss) before income taxes	$	94.8	$	(1.0)	$	6.4	$	(0.4)	$	2.3	$	21.2	$	40.3	$	26.4		$	99.8	$	90.2
			As a percentage of revenue		6.6%		(0.1%)		0.4%		0.0%		0.2%		1.4%		2.6%		1.9%			1.7%		1.6%
	Non-IFRS operating earnings	Other Charges (recoveries)		(91.5)		10.5		11.5		19.6		8.0		7.3		3.7		4.5			(49.9)		23.5
	(adjusted EBIAT)(2) and non-	Finance costs		13.6		12.6		12.0		11.3		10.8		8.9		8.9		9.1			49.5		37.7
	IFRS adjusted EBITDA(3)	Employee stock-based compensation expense		11.8		8.2		6.7		7.4		11.3		7.7		1.7		5.1			34.1		25.8
		Amortization of intangible assets (excluding computer software)		6.4		6.4		6.0		5.8		5.7		5.7		5.5		4.9			24.6		21.8
		Non-IFRS adjusted EBIAT	$	35.1	$	36.7	$	42.6	$	43.7	$	38.1	$	50.8	$	60.1	$	50.0		$	158.1	$	199.0
			As a percentage of revenue		2.4%		2.5%		2.8%		2.9%		2.9%		3.4%		3.9%		3.6%			2.7%		3.5%
		Depreciation expense under IFRS16		7.9		8.2		8.2		8.2		7.6		7.5		7.6		7.6			32.5		30.3
		Depreciation expense (Property, plant, equipment and computer software)		20.2		19.7		19.1		19.3		18.1		18.1		18.1		18.3			78.3		72.6
		Non-IFRS adjusted EBITDA	$	63.2	$	64.6	$	69.9	$	71.2	$	63.8	$	76.4	$	85.8	$	75.9		$	268.9	$	301.9
			As a percentage of revenue		4.4%		4.5%		4.6%		4.8%		4.8%		5.1%		5.5%		5.5%			4.6%		5.3%
		Borrowings under the Revolver**							$	-	$	-	$	-	$	-	$	-
		Borrowings under the Term Loans								592.3		531.4		470.4		470.4		470.4
	Non-IFRS Debt Leverage Ratio	Gross Debt							$	592.3	$	531.4	$	470.4	$	470.4	$	470.4
	Reconciliation	TTM earnings before income taxes(4)							$	99.8	$	7.3	$	29.5	$	63.4	$	90.2
		Gross debt to TTM earnings before income taxes								5.9x		72.8x		15.9x		7.4x		5.2x
		Non-IFRS TTM adjusted EBITDA(4)							$	268.9	$	269.5	$	281.3	$	297.2	$	301.9
		Gross debt to non-IFRS TTM adjusted EBITDA								2.2x		2.0x		1.7x		1.6x		1.6x

• The footnotes to this reconciliation table are set forth on slide 19
• Excluding ordinary course letters of credit.

17

IFRS to non-IFRS Reconciliation…continued*

			1Q 2019		2Q 2019		3Q 2019		4Q 2019		1Q2020		2Q2020		3Q 2020		4Q 2020
	IFRS Net earnings (loss)	$	90.3	$	(6.1)	$	(6.9)	$	(7.0)	$	(3.2)	$	13.3	$	30.4	$	20.1
	As a percentage of revenue		6.3%		(0.4%)		(0.5%)		-0.5%		(0.2%)		0.9%		2.0%		1.4%
Non-IFRS adjusted net	Employee stock-based compensation expense		11.8		8.2		6.7		7.4		11.3		7.7		1.7		5.1
earnings(5) and non-IFRS	Amortization of intangible assets (excluding computer software)		6.4		6.4		6.0		5.8		5.7		5.7		5.5		4.9
adjusted EPS	Other Charges (recoveries)		(91.5)		10.5		11.5		19.6		8.0		7.3		3.7		4.5
	Income tax effects of above and non-core tax impacts(5)		(1.2)		(3.6)		(0.7)		(2.1)		(1.1)		(2.3)		(0.4)		(1.3)
	Non-IFRS adjusted net earnings	$	15.8	$	15.4	$	16.6	$	23.7	$	20.7	$	31.7	$	40.9	$	33.3
	As a percentage of revenue		1.1%		1.1%		1.1%		1.6%		1.6%		2.1%		2.6%		2.4%
	Non-IFRS adjusted earnings per share - diluted	$	0.12	$	0.12	$	0.13	$	0.18	$	0.16	$	0.25	$	0.32	$	0.26
	IFRS earnings (loss) before income taxes	$	94.8	$	(1.0)	$	6.4	$	(0.4)	$	2.3	$	21.2	$	40.3	$	26.4
	Multiplier to annualize earnings		4		4		4		4		4		4		4		4
	Annualized IFRS earnings (loss) before income taxes	$	379.2	$	(4.0)	$	25.6	$	(1.6)	$	9.2	$	84.8	$	161.2	$	105.6
	Average Net Invested Capital for the period	$	1,786.4	$	1,750.8	$	1,695.2	$	1,647.0	$	1,603.4	$	1,572.5	$	1,586.4	$	1,610.0
	IFRS ROIC %		21.2%		(0.2%)		1.5%		-0.1%		0.6%		5.4%		10.2%		6.6%
Non-IFRS adjusted ROIC (6)	Non-IFRS adjusted EBIAT	$	35.1	$	36.7	$	42.6	$	43.7	$	38.1	$	50.8	$	60.1	$	50.0
Multiplier to annualize earnings		4		4		4		4		4		4		4		4
	Annualized non-IFRS adjusted EBIAT	$	140.4	$	146.8	$	170.4	$	174.8	$	152.4	$	203.2	$	240.4	$	200.0
	Average Net Invested Capital for the period	$	1,786.4	$	1,750.8	$	1,695.2	$	1,647.0	$	1,603.4	$	1,572.5	$	1,586.4	$	1,610.0
	Non-IFRS adjusted ROIC %		7.9%		8.4%		10.1%		10.6%		9.5%		12.9%		15.2%		12.4%
	Net invested capital consists of:															$	3,664.1
	Total assets	$	3,688.1	$	3,633.7	$	3,557.6	$	3,560.7	$	3,537.8	$	3,788.1	$	3,789.3
	Less: cash		457.8		436.5		448.9		479.5		472.1		435.9		451.4		463.8
	Less: ROU assets		115.8		116.2		107.8		104.1		96.9		94.4		101.2		101.0
	Less: accounts payable, accrued and other liabilities, provisions																1,478.4
	and income tax payable		1,344.8		1,349.2		1,342.3		1,341.7		1,397.5		1,684.1		1,637.6
	Net invested capital at period end	$	1,769.7	$	1,731.8	$	1,658.6	$	1,635.4	$	1,571.3	$	1,573.7	$	1,599.1	$	1,620.9
	IFRS cash provided by (used in) operations	$	71.3	$	90.3	$	106.9	$	76.5	$	83.3	$	64.6	$	42.0	$	49.7
Non-IFRS free cash flow (7)	Purchase of property, plant and equipment, net of sales proceeds		93.3		(23.2)		(19.9)		(14.2)		(12.2)		(10.1)		(9.9)		(18.8)
Lease payments		(9.3)		(9.5)		(10.6)		(8.8)		(8.4)		(9.6)		(9.9)		(5.8)
	Finance costs paid (excluding debt issuance costs and waiver fees paid)		(10.6)		(11.1)		(10.2)		(9.7)		(8.9)		(7.0)		(6.4)		(6.6)
	Non-IFRS free cash flow	$	144.7	$	46.5	$	66.2	$	43.8	$	53.8	$	37.9	$	15.8	$	18.5

	FY 2019		FY 2020
$	70.3	$	60.6
	1.2%		1.1%
	34.1		25.8
	24.6		21.8
	(49.9)		23.5
	(7.6)		(5.1)
$	71.5	$	126.6
	1.2%		2.2%
$	0.54	$	0.98
$	99.8	$	90.2
	1		1
$	99.8	$	90.2
$	1,719.7	$	1,600.1
	5.8%		5.6%
$	158.1	$	199.0
	1		1
$	158.1	$	199.0
$	1,719.7	$	1,600.1
	9.2%		12.4%
$	3,560.7	$	3,664.1
	479.5		463.8
	104.1		101.0
	1,341.7		1,478.4
$	1,635.4	$	1,620.9
$	345.0	$	239.6
	36.0		(51.0)
	(38.2)		(33.7)
	(41.6)		(28.9)
$	301.2	$	126.0

* The footnotes to this reconciliation table are set forth on slide 19

18

IFRS to non-IFRS Reconciliation…continued*

1. IFRS earnings (loss) per diluted share is calculated by dividing IFRS net earnings (loss) by the number of diluted weighted average shares outstanding (DWAS). In order to calculate IFRS loss per diluted share for Q1 2020, we used a DWAS of 129.0 million as at March 31, 2020. Because we reported a net loss on an IFRS basis in Q1 2020, the DWAS for such period-end excluded 0.2 million subordinate voting shares (SVS) underlying in-the-moneystock-based awards, as including these shares would be anti-dilutive. However, we included these shares in the DWAS used to calculate non-IFRS adjusted earnings (per diluted share) for Q1 2020 because such shares were dilutive in relation to this non-IFRS measure (Q4 2019 - DWAS of 128.5 and excluded 0.9 million SVS for IFRS loss calculation; Q3 3019 - DWAS of 128.5 million and excluded 0.8 million SVS for IFRS loss calculation; Q2 2019 -131.1 million DWAS and excluded 0.8 million SVS for IFRS loss calculation).
2. Management uses non-IFRS operating earnings (adjusted EBIAT) as a measure to assess performance related to our core operations. Non IFRS adjusted EBIAT is defined as earnings (loss) before income taxes, Other Charges (recoveries) (defined in footnote 1 to slide 16), Finance Costs (defined in footnote 1 to slide 16), employee SBC expense, and amortization of intangible assets (excluding computer software). See our quarterly earnings releases and MD&A for separate quantification and discussion of the components of Other Charges (recoveries) for each period shown.
3. Non-IFRSadjusted EBITDA is defined as earnings (loss) before income taxes, Other Charges (recoveries) (defined in footnote 1 to slide 16), Finance Costs (defined in footnote 1 to slide 16), employee SBC expense, the amortization of intangible assets (excluding computer software), and depreciation expense (under IFRS 16 and in relation to PP&E and computer software). See our quarterly earnings releases and MD&A for separate quantification of the components of Other Charges (recoveries) for each period shown.
4. TTM earnings before income taxes as of any quarter-end is defined as the sum of earnings before income taxes as of such quarter-end plus earnings before income taxes as of the end of each of the preceding three fiscal quarters. Non- IFRS TTM adjusted EBITDA as of any quarter-end is defined as the sum of non-IFRS adjusted EBITDA as of such quarter-end plus non-IFRS adjusted EBITDA as of the end of each of the preceding three fiscal quarters.
5. Non-IFRSadjusted net earnings is defined as net earnings (loss) before: employee SBC expense; amortization of intangible assets (excluding computer software); Other Charges (recoveries) (defined in footnote 1 to slide 16); the income tax effect of the foregoing adjustments; and non-core tax impacts (tax adjustments related to acquisitions, and certain other tax costs or recoveries related to restructuring actions or restructured sites). See our quarterly earnings releases and MD&A for quantification of the components of Other Charges (recoveries), tax adjustments and non-core tax impacts for each period shown.
6. Management uses non-IFRS adjusted ROIC as a measure to assess the effectiveness of the invested capital we use to build products or provide services to our customers, by quantifying how well we generate earnings relative to the capital we have invested in our business. Non-IFRS adjusted ROIC is calculated by dividing non-IFRS adjusted EBIAT by average net invested capital. Net invested capital is defined as total assets less: cash, right-of-use (ROU) assets, accounts payable, accrued and other current liabilities and provisions, and income taxes payable. We use a two-point average to calculate average net invested capital for the quarter and a five-point average to calculate average net invested capital for the year. A comparable measure under IFRS would be determined by dividing IFRS earnings (loss) before income taxes by average net invested capital, however, this measure (which we have called IFRS ROIC), is not a measure defined under IFRS.
7. Management uses non-IFRS free cash flow as a measure, in addition to IFRS cash provided by (used in) operations, to assess our operational cash flow performance. We believe non-IFRS free cash flow provides another level of transparency to our liquidity. Non-IFRS free cash flow is defined as cash provided by (used in) operations after the purchase of property, plant and equipment (net of proceeds from the sale of certain surplus equipment and property, including our Toronto real property), lease payments (including under IFRS 16), and Finance Costs paid (excluding any debt issuance costs and when applicable, waiver fees related to our credit facility paid). We do not consider debt issuance costs ($0.3 million, nil, $0.3 million, and nil paid in Q1 2020, Q2 2020, Q3 2020 and Q4 2020, respectively; and $0.9 million, $0.9 million, $0.6 million and $0.5 million paid in Q1 2019, Q2 2019, Q3 2019 and Q4 2019, respectively) or waiver fees related to our credit facility ($2.0 million paid in Q4 2019) to be part of our core operating expenses. As a result, these costs are excluded from total finance costs paid in our determination of non-IFRS free cash flow. Note, however, that non-IFRS free cash flow does not represent residual cash flow available to Celestica for discretionary expenditures.

* Reconciliation tables on slides 17 and 18

19

Fourth Quarter 2020 Financial Results

January 27, 2021