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Connect to what’s possible. EARNINGS RESULTS October 2025 3rd QUARTER 2025
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©Belden | 2 Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements Our commentary and responses to your questions may contain forward-looking statements, including our outlook for the fourth quarter of 2025 and beyond. Forward-looking statements include projections of sales, earnings, general economic conditions, market conditions, working capital, market shares, free cash flow, pricing levels, and effective tax rates. Belden disclaims any obligation to update any such statements to reflect later developments, except as required by law. Information on factors that could cause actual results to vary materially from those discussed today is available in our most recent Annual Report on Form 10-K for the period ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 13, 2025 (including those discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part I, Item 2 and under “Risk Factors” in Part I, Item 1A), and our subsequent filings with the SEC. Non-GAAP Measures On this call we will discuss some non-GAAP measures (denoted by footnote) in discussing Belden’s performance, and the reconciliation of those measures to the most comparable GAAP measures is contained within this presentation or available at our investor relations website, investor.belden.com.
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EARNINGS RESULTS 3rd QUARTER 2025
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©Belden | 4 ©Belden | 4 Q3 2025 Key Messages Revenue and EPS above the high end of the guidance range • Record Revenue of $698M (exceeded the high end of guidance) • Record Adjusted EPS(1) of $1.97 (exceeded the high end of guidance) • Healthy Adjusted Gross Margins of 38.2%, up +40bps YoY , moderated by tariff and copper pass-throughs Continued organic growth with strength in key verticals • Q3 Organic Revenue Growth(3) +4% YoY • Strength in Automation Solutions with Organic Revenue Growth of +10% YoY , driven by momentum across the board including double-digit gains in discrete manufacturing • Orders for Q3 were up +7% YoY with book-to-bill at 1.00 vs 0.99 in the prior year Healthy free cash flow with continued capital deployment • Generated $214M free cash flow(4) for the trailing-twelve-months • Repurchased 0.4M shares in Q3 for $50M and 1.4M shares for $150M YTD $1.97 (+16% YoY) Q3 2025 Adjusted EPS(1) 38.2% (+40 bps YoY) Q3 2025 Adjusted Gross Margin(2) $119M (+5% YoY) Q3 2025 Adjusted EBITDA(2) $214M Free Cash Flow (TTM)(4) (1) All references to Earnings Per Share refer to adjusted net income from continuing operations per diluted share attributab le to Belden stockholders. See Appendix for reconciliation to comparable GAAP results. (2) Adjusted results. See Appendix for reconciliation to comparable GAAP results. (3) Organic growth is calculated as the change in revenues excluding the impacts of changes in currency exchange rates and co pper prices, as well as acquisitions and divestitures. (4) Free cash flow is not a term defined by generally accepted accounting principles (GAAP) and our definition may or may not be used consistently with other companies that define this term. See Appendix for reconciliation to comparable GAAP results. Record Revenue & EPS Driven by Solutions Transformation
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©Belden | 5 Multi-Site Solutions Award including product, services, and support ~$14M Future Proof Network Design to Support Grid Modernization Belden's XTran platform replaces aging telecom infrastructure with a modern, secure, and highly reliable backbone, enabling critical utility operations, digital transformation, and enhanced grid resiliency. Belden's Solution Strategy Delivers Future-Ready Network for a Major US Energy Provider Q3 2025 Regulated Utility Customer Strategic Win in the US PT&D Market Over multiple years
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©Belden | 6 Commercial Traction: Initial pilot with commercial deployment scheduled for Q4 2025, demonstrating real- world impact and market readiness. Strategic Partnerships: Collaborating with industry leaders (Accenture, NVIDIA) to develop and deploy integrated Physical AI solutions. Key Applications: Virtual safety fences and real-time quality inspection in manufacturing environments. Belden’s Foundation: Delivering essential industrial- grade network infrastructure, including Time-Sensitive Networking (TSN) capabilities, for precise, real-time control. Belden: Enabling the Future of Physical AI in Manufacturing Q3 2025 Physical AI Defined: AI that directly interacts with the physical world, driving intelligent automation and real-time decision-making.
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©Belden | 7 ©Belden | 7 Q3 2025 Key Messages Financial Performance Ahead of Guidance with Solid Earnings Growth Orders +7% YoY Revenue +7% YoY, ahead of expectations set forth in prior guidance Organic Revenue(4) +4% YoY • Automation Solutions Organic Revenue +10% YoY • Smart Infrastructure Solutions Organic Revenue -1% YoY $ Millions Q3 2025(1) Q3 2024(1) YoY Revenue $698.2 $654.9 +7% Gross Profit $266.6 $247.6 +8% Gross Profit % 38.2% 37.8% +40 bps EBITDA $118.6 $112.5 +5% EBITDA % 17.0% 17.2% -20 bps Net Income(2) $79.2 $70.6 +12% Earnings Per Share(3) $1.97 $1.70 +16% (1) Adjusted results. See Appendix for reconciliation to comparable GAAP results. (2) All references to Net Income refer to adjusted net income from continuing operations. (3) All references to Earnings Per Share refer to adjusted net income from continuing operations per diluted share attributab le to Belden stockholders. (4) Organic growth is calculated as the change in revenues excluding the impacts of changes in currency exchange rates and co pper prices, as well as acquisitions and divestitures.
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©Belden | 8 ©Belden | 8 Q3 2025 Segment Results Segment Performance Automation Drives Growth, Solutions Strategy Advances $335 $381 Q3 2024 Q3 2025 Order growth compared to the prior year period driven by momentum across the board including double-digit gains in our discrete vertical Automation Solutions Segment Smart Infrastructure Solutions Segment Continued strength in target growth verticals in Smart Buildings offset by moderated activity in Broadband related to timing +14% $72 $79 Q3 2024 Q3 2025 $320 $317 Q3 2024 Q3 2025 $40 $40 Q3 2024 Q3 2025 Revenue ($M) Segment EBITDA ($M) Revenue ($M) Segment EBITDA ($M) +10% -1% -2% 21.4% 20.8% 12.7% 12.6%
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©Belden | 9 ©Belden | 9 2.1x 1.8x 2.1x Q3 2025Q4 2024Q3 2024 Q3 2025 Balance Sheet and Cash Flow Highlights Strong Balance Sheet & Disciplined Capital Allocation 1. Net leverage is calculated as (A) total debt less cash and cash equivalents divided by (B) the sum of pro -forma trailing twelve months Adjusted EBITDA, plus trailing twelve months stock -based compensation expense. 2. Free cash flow is not a term defined by generally accepted accounting principles (GAAP) and our definition may or may not be used consistently with other companies that define this term. See Appendix for reconciliation to comparable GAAP results. Net Leverage(1) Opportunity to decrease leverage as we generate significant FCF in the second half of the year. TTM Free Cash Flow(2) $214M$223M$211M Q3 2025Q4 2024Q3 2024 Stable free cash flow generation driven by steady market conditions and solid execution. Cash and Cash Equivalent $314M $370M $323M Q3 2025Q4 2024Q3 2024 Capital deployed towards share repurchases and strategic acquisitions. 1.5x LT target
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©Belden | 10 Guidance as of October 30, 2025 Q4 2025 Guidance Q4 2025 Guidance Total Revenue ($million) $690 to $700 GAAP EPS $1.40 to $1.50 Adjusted EPS $1.90 to $2.00 Q4 2025 Assumptions Interest Expense Depreciation Expense Tax Rate Share Count $12.1M $17.9M 14.0% 40.0M
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©Belden | 11 Strategic Impact Record Performance, Repositioning Belden Trailing-Twelve-Month Performance(1) $1,998 $2,461 $2,550 $2,618 $2,661 FY 2019 FY 2024 Q1 2025 Q2 2025 Q3 2025 Revenue (millions) 5%CAGR Record TTM Performance $3.89 $6.36 $6.73 $7.11 $7.38 FY 2019 FY 2024 Q1 2025 Q2 2025 Q3 2025 Adj EPS 12%CAGR (2) (2) (3) (1) Adjusted results. See Appendix for reconciliation to comparable GAAP results. (2) Income statement metrics represent continuing operations and, therefore, 2019 results exclude discontinued operations suc h as Grass Valley and Tripwire which were sold in 2020 and 2022, respectively. (3) All references to Earnings Per Share refer to adjusted net income from continuing operations per diluted share attributab le to Belden stockholders.
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©Belden | 12 BELDEN INC. CORPORATE OVERVIEW NYSE : BDC
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©Belden | 13 B E L D E N A T- A - G L A N C E Belden Delivers a Simpler, Smarter and Secure Digital Infrastructure Full-year 2024 results. 1. See Appendix for reconciliation to comparable GAAP results. Smart Infrastructure SolutionsAutomation Solutions Adj. EBITDA1Revenue AssociatesAdj. EPS1 Free Cash Flow1 $2.5B $411M $6.36 $223M ~8,000 66% Americas 13% APAC Sales By Region2024 Segment Results 21% EMEA Revenue $1.1B Segment EBITDA $140M Revenue $1.3B Segment EBITDA $270M NYSE: BDC 2024 Results
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©Belden | 14 Targeting Priority Verticals for Solutions Where Data Generation and Usage are Increasing Significantly CPG Material Handling Chemical Mass Transit Data Centers Healthcare Hospitality Higher Education Semiconductor Broadband / Telco Auto Power T&D
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©Belden | 15 Strong Secular Growth Trends Creating New Opportunities and Driving Growth Automation Hybrid Networks Critical Infrastructure Reshoring Industry 4.0 Labor Challenges Digital Transformation AI Expansion Edge Computing Increasing Digitization Remote Monitoring and Management Growing Data Demands Increasing Bandwidth Usage Government-Supported Network Expansions Growing Fiber Network Share
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©Belden | 16 Belden Solutions: We Engage With Customers To Solve Complex Problems Trusted Belden Data & Networking Products Differentiated Process and Expertise Differentiated Products & Technologies Solutions Experts Identify and Solve Key Challenges Solution Account Manager Solution Consultant Solution Architect How We Engage with Customers During the Solutions Process Solutions Process Helps Belden Stand Out in the Marketplace Enhanced Trust Deeper Relationship Repeat Business Exploration Solutioning Validation
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©Belden | 17 Clearly Defined Strategy Executing Clearly Defined Strategy 4 Delivering long term growth in earnings and FCF generation 3 Enhancing growth with selective M&A 2 Advancing our Solutions capabilities 1 Growing portfolio of best-in-class networking & data products
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©Belden | 18 1 2 3 Clear Capital Allocation Priorities Drive organic growth through reinvestment Fill key solutions gaps with our M&A framework Return capital to shareholders through share repurchases and dividends Organic Growth Strategic M&A Return Capital to Shareholders All while maintaining net leverage of ~1.5x
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©Belden | 19 2 0 2 8 F I N A N C I A L T A R G E T S Our Growth Algorithm Will Deliver Long Term Shareholder Value Adjusted results 1) Mid-Single-Digit 2) We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of tangible assets. Free Cash Flow Margin is calculated as Free Cash Flow divided by Total Revenues for the comparable period. Long Term Value Creation Through the Cycle Organic Revenue Growth MSD(1) Free Cash Flow Margin(2) ~10% Incremental EBITDA Margins 25-30% Net Leverage ~1.5X EPS Growth 10-12% CAGR
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©Belden | 20 APPENDIX
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©Belden | 21 Statement of Operations Unaudited Three Months Ended Nine Months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 (In thousands, except per share data) Revenues $ 698,221 $ 654,926 $ 1,995,074 $ 1,794,937 Cost of sales (435,023) (410,922) (1,227,468) (1,122,531) Gross profit 263,198 244,004 767,606 672,406 Selling, general and administrative expenses (139,415) (126,976) (402,859) (357,241) Research and development expenses (33,859) (27,941) (96,216) (83,397) Amortization of intangibles (13,636) (13,738) (40,381) (34,487) Operating income 76,288 75,349 228,150 197,281 Interest expense, net (11,562) (10,855) (33,866) (27,454) Non-operating pension benefit (cost) (398) 286 (1,203) 747 Loss related to revolver refinancing (76) — (76) — Income before taxes 64,252 64,780 193,005 170,574 Income tax expense (7,562) (11,091) (23,372) (30,542) Net income 56,690 53,689 169,633 140,032 Less: Net loss attributable to noncontrolling interest — (3) — (17) Net income attributable to Belden stockholders $ 56,690 $ 53,692 $ 169,633 $ 140,049 Weighted average number of common shares and equivalents: Basic 39,516 40,798 39,728 40,825 Diluted 40,137 41,417 40,324 41,371 Basic income per share attributable to Belden stockholders $ 1.43 $ 1.32 $ 4.27 $ 3.43 Diluted income per share attributable to Belden stockholders $ 1.41 $ 1.30 $ 4.21 $ 3.39 Common stock dividends declared per share $ 0.05 $ 0.05 $ 0.15 $ 0.15
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©Belden | 22 Operating Segment Information Unaudited Smart Infrastructure Solutions Automation Solutions (In thousands, except percentages) For the three months ended September 28, 2025 Segment Revenues $ 316,913 $ 381,308 Segment EBITDA 39,810 79,286 Segment EBITDA margin 12.6 % 20.8 % Depreciation expense 8,134 8,722 Amortization of intangibles 8,574 5,062 Amortization of software development intangible assets 82 2,990 Severance, restructuring, and acquisition integration costs 4,190 4,988 Adjustments related to acquisitions and divestitures — 11 For the three months ended September 29, 2024 Segment Revenues $ 319,647 $ 335,279 Segment EBITDA 40,447 71,819 Segment EBITDA margin 12.7 % 21.4 % Depreciation expense 6,758 7,897 Amortization of intangibles 8,738 5,000 Amortization of software development intangible assets — 2,678 Severance, restructuring, and acquisition integration costs 4,619 644 Adjustments related to acquisitions and divestitures 263 298 For the nine months ended September 28, 2025 Segment Revenues $ 896,982 $ 1,098,092 Segment EBITDA 107,169 230,857 Segment EBITDA margin 11.9 % 21.0 % Depreciation expense 21,634 24,772 Amortization of intangibles 25,786 14,595 Amortization of software development intangible assets 100 8,528 Severance, restructuring, and acquisition integration costs 6,894 6,821 Adjustments related to acquisitions and divestitures — 595 For the nine months ended September 29, 2024 Segment Revenues $ 824,209 $ 970,728 Segment EBITDA 97,691 198,301 Segment EBITDA margin 11.9 % 20.4 % Depreciation expense 19,277 22,420 Amortization of intangibles 19,479 15,008 Amortization of software development intangible assets — 7,855 Severance, restructuring, and acquisition integration costs 8,518 4,950 Adjustments related to acquisitions and divestitures 263 894
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©Belden | 23 Balance Sheet Unaudited September 28, 2025 December 31, 2024 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 314,257 $ 370,302 Receivables, net 461,338 409,711 Inventories, net 393,911 343,099 Other current assets 89,825 73,117 Total current assets 1,259,331 1,196,229 Property, plant and equipment, less accumulated depreciation 537,510 495,625 Operating lease right-of-use assets 110,798 118,551 Goodwill 1,036,666 1,018,677 Intangible assets, less accumulated amortization 405,660 419,074 Deferred income taxes 17,101 16,353 Other long-lived assets 69,789 63,429 $ 3,436,855 $ 3,327,938 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 308,797 $ 315,724 Accrued liabilities 322,650 306,980 Total current liabilities 631,447 622,704 Long-term debt 1,284,433 1,130,101 Postretirement benefits 69,484 63,260 Deferred income taxes 81,404 77,333 Long-term operating lease liabilities 91,376 100,049 Other long-term liabilities 36,584 39,755 Stockholders’ equity: Common stock 503 503 Additional paid-in capital 858,679 839,755 Retained earnings 1,339,666 1,176,036 Accumulated other comprehensive loss (89,204) (3,532) Treasury stock (867,517) (718,026) Total stockholders’ equity 1,242,127 1,294,736 $ 3,436,855 $ 3,327,938
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©Belden | 24 Cash Flow Statement Unaudited Nine Months Ended September 28, 2025 September 29, 2024 (In thousands) Cash flows from operating activities: Net income $ 169,633 $ 140,032 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 95,414 84,039 Share-based compensation 22,613 22,079 Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals: Receivables (36,689) 3,244 Inventories (40,334) 8,918 Accounts payable (15,128) (53,664) Accrued liabilities (7,357) (24,410) Income taxes (1,492) 1,220 Other assets (3,796) (5,766) Other liabilities 11,612 1,665 Net cash provided by operating activities 194,476 177,357 Cash flows from investing activities: Capital expenditures (97,034) (70,759) Cash from business acquisitions 7,744 (295,591) Proceeds from disposal of tangible assets 168 106 Net cash used for investing activities (89,122) (366,244) Cash flows from financing activities: Payments under share repurchase program, including excise tax (150,967) (77,954) Payments on revolving credit facility (50,000) — Withholding tax payments for share-based payment awards (20,514) (8,930) Cash dividends paid (6,000) (6,154) Debt issuance costs paid (3,178) — Payments under financing lease obligations (1,341) (694) Proceeds from issuance of common stock 11,628 8,917 Borrowings on revolving credit facility 50,000 — Net cash used for financing activities (170,372) (84,815) Effect of foreign currency exchange rate changes on cash and cash equivalents 8,973 (360) Decrease in cash and cash equivalents (56,045) (274,062) Cash and cash equivalents, beginning of period 370,302 597,044 Cash and cash equivalents, end of period $ 314,257 $ 322,982
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©Belden | 25 Reconciliation of Non-GAAP Measures Unaudited In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability. We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for acquisition- related expenses, such as amortization of intangibles and impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight. Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States. Three Months Ended Nine Months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 (In thousands, except percentages and per share amounts) Revenues $ 698,221 $ 654,926 $ 1,995,074 $ — $ 1,794,937 GAAP gross profit $ 263,198 $ 244,004 $ 767,606 $ 672,406 Amortization of software development intangible assets 3,072 2,678 8,628 7,855 Severance, restructuring, and acquisition integration costs 326 613 337 3,199 Adjustments related to acquisitions and divestitures — 263 — 263 Adjusted gross profit $ 266,596 $ 247,558 $ 776,571 $ 683,723 GAAP gross profit margin 37.7 % 37.3 % 38.5 % 37.5 % Adjusted gross profit margin 38.2 % 37.8 % 38.9 % 38.1 % GAAP selling, general and administrative expenses $ (139,415) $ (126,976) $ (402,859) $ (357,241) Severance, restructuring, and acquisition integration costs 8,774 4,720 13,205 9,987 Adjustments related to acquisitions and divestitures 11 298 595 894 Adjusted selling, general and administrative expenses $ (130,630) $ (121,958) $ (389,059) $ (346,360) GAAP research and development expenses $ (33,859) $ (27,941) $ (96,216) $ (83,397) Severance, restructuring, and acquisition integration costs 78 (70) 173 282 Adjusted research and development expenses $ (33,781) $ (28,011) $ (96,043) $ (83,115) GAAP net income $ 56,690 $ 53,689 $ 169,633 $ 140,032 Income tax expense 7,562 11,091 23,372 30,542 Interest expense, net 11,562 10,855 33,866 27,454 Loss related to revolver refinancing 76 — 76 — Total non-operating adjustments 19,200 21,946 57,314 57,996 Amortization of intangible assets 13,636 13,738 40,381 34,487 Amortization of software development intangible assets 3,072 2,678 8,628 7,855 Severance, restructuring, and acquisition integration costs 9,178 5,263 13,715 13,468 Adjustments related to acquisitions and divestitures 11 561 595 1,157 Total operating income adjustments 25,897 22,240 63,319 56,967 Depreciation expense 16,856 14,655 46,406 41,697 Adjusted EBITDA $ 118,643 $ 112,530 $ 336,672 $ 296,692 GAAP net income margin 8.1 % 8.2 % 8.5 % 7.8 % Adjusted EBITDA margin 17.0 % 17.2 % 16.9 % 16.5 %
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©Belden | 26 Reconciliation of Non-GAAP Measures (continued) Unaudited In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability. We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for acquisition- related expenses, such as amortization of intangibles and impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight. Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States. Three Months Ended Nine Months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 (In thousands, except percentages and per share amounts) GAAP net income $ 56,690 $ 53,689 $ 169,633 $ 140,032 Less: Net loss attributable to noncontrolling interest — (3) — (17) GAAP net income attributable to Belden stockholders $ 56,690 $ 53,692 $ 169,633 $ 140,049 GAAP net income $ 56,690 $ 53,689 $ 169,633 $ 140,032 Plus: Operating income adjustments from above 25,897 22,240 63,319 56,967 Less: Tax effect of adjustments above 3,449 5,365 12,722 12,975 Plus: Loss related to revolver refinancing 76 — 76 — Less: Net loss attributable to noncontrolling interest — (3) — (17) Adjusted net income attributable to Belden stockholders $ 79,214 $ 70,567 $ 220,306 $ 184,041 GAAP income per diluted share attributable to Belden stockholders $ 1.41 $ 1.30 $ 4.21 $ 3.39 Adjusted income per diluted share attributable to Belden stockholders $ 1.97 $ 1.70 $ 5.46 $ 4.45 GAAP and adjusted diluted weighted average shares 40,137 41,417 40,324 41,371
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©Belden | 27 Reconciliation of Non-GAAP Measures (continued) Unaudited In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability. We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for acquisition-related expenses, such as amortization of intangibles and impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight. Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States. December 31, 2019 December 31, 2024 March 30, 2025 June 29, 2025 September 28, 2025 Revenues 1,998,238$ 2,460,979$ 2,550,165$ 2,617,821$ 2,661,116$ GAAP gross profit 684,191$ 922,222$ 966,466$ 998,228$ 1,017,422 Amortization of software development intangible assets 330 10,564 10,464 10,943 11,337 Severance, restructuring, and acquisition integration costs 3,425 4,395 3,117 1,820 1,533 Adjustments related to acquisitions and divestitures 592 263 263 263 - Adjusted gross profit 688,538$ 937,444$ 980,310$ 1,011,254$ 1,030,292$ GAAP gross profit margin 34.2% 37.5% 37.9% 38.1% 38.2% Adjusted gross profit margin 34.5% 38.1% 38.4% 38.6% 38.7% GAAP selling, general and administrative expenses (369,069)$ (494,603)$ (515,357)$ (527,782)$ (540,221)$ Severance, restructuring, and acquisition integration costs 23,119 18,257 17,525 17,421 21,475 Adjustments related to acquisitions and divestitures - 4,501 4,501 4,489 4,202 Adjusted selling, general and administrative expenses (345,950)$ (471,845)$ (493,331)$ (505,872)$ (514,544)$ GAAP research and development expenses (61,689)$ (112,365)$ (113,783)$ (119,266)$ (125,184)$ Severance, restructuring, and acquisition integration costs - 162 (342) (95) 53 Adjusted research and development expenses (61,689)$ (112,203)$ (114,125)$ (119,361)$ (125,131)$ GAAP income from continuing operations 121,366$ 198,414$ 213,042$ 225,014$ 228,015$ Interest expense, net 55,786 38,303 40,825 44,008 40,715 Income tax expense 47,055 29,528 31,312 25,887 26,358 Non-operating pension settlement loss - 1,208 1,208 1,208 1,208 Loss related to revolver refinancing - - - - 76 Total non-operating adjustments 102,841 69,039 73,345 71,103 68,357 Amortization of intangible assets 30,243 48,794 51,260 54,790 54,688 Severance, restructuring, and acquisition integration costs 26,544 22,814 20,300 19,146 23,061 Adjustments related to acquisitions and divestitures 592 4,764 4,764 4,752 4,202 Amortization of software development intangible assets 330 10,564 10,464 10,943 11,337 Total operating income adjustments 57,709 86,936 86,788 89,631 93,288 Depreciation expense 37,081 56,383 56,814 58,891 61,092 Adjusted EBITDA 318,997$ 410,772$ 429,989$ 444,639$ 450,752$ GAAP income from continuing operations margin 6.1% 8.1% 8.4% 8.6% 8.6% Adjusted EBITDA margin 16.0% 16.7% 16.9% 17.0% 16.9% (In thousands, except per share data) Trailing Twelve Months Ended
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©Belden | 28 Reconciliation of Non-GAAP Measures (continued) Unaudited In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability. We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for acquisition-related expenses, such as amortization of intangibles and impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight. Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States. December 31, 2019 December 31, 2024 March 30, 2025 June 29, 2025 September 28, 2025 GAAP income from continuing operations 121,366$ 198,414$ 213,042$ 225,014$ 228,015$ Less: Preferred stock dividends 18,437 - - - - Less: Net income attributable to noncontrolling interests 239 (19) (15) (5) (2) GAAP net income from continuing operations attributable to Belden stockholders 102,690$ 198,433$ 213,057$ 225,019$ 228,017$ GAAP income from continuing operations 121,366$ 198,414$ 213,042$ 225,014$ 228,015$ Plus: Operating income adjustments from above 57,709 86,936 86,788 89,631 93,288 Plus: Loss related to revolver refinancing - - - - 76 Plus: Non-operating pension settlement loss - 1,208 1,208 1,208 1,208 Less: Net income attributable to noncontrolling interests 239 (19) (15) (5) (2) Less: Preferred stock dividends 18,437 - - - - Less: Tax effect of adjustments above (4,653) 23,834 24,101 25,497 23,581 Adjusted net income from continuing operations attributable to Belden stockholders 165,052$ 262,743$ 276,952$ 290,361$ 299,008$ GAAP income from continuing operations per diluted share attributable to Belden stockholders 2.42$ 4.80$ 5.18$ 5.51$ 5.63$ Adjusted income from continuing operations per diluted share attributable to Belden stockholders 3.89$ 6.36$ 6.73$ 7.11$ 7.38$ GAAP and adjusted diluted weighted average shares 42,416 41,299 41,138 40,838 40,518 (In thousands, except per share data) Trailing Twelve Months Ended
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©Belden | 29 Free Cash Flow GAAP to Non-GAAP Reconciliation Unaudited We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of assets. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies. September 28, 2025 December 31, 2024 September 29, 2024 GAAP net cash provided by operating activities 361,918$ 344,799$ 337,002$ Capital expenditures (148,098) (121,823) (125,620) Proceeds from disposal of assets 175 113 106 Non-GAAP free cash flow 213,995$ 223,089$ 211,488$ (In thousands) Trailing 12 Months Ended Three Months Ended Nine Months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 (In thousands) GAAP net cash provided by operating activities $ 105,006 $ 91,677 $ 194,476 $ 177,357 Capital expenditures (39,681) (24,513) (97,034) (70,759) Proceeds from disposal of tangible assets 53 46 168 106 Non-GAAP free cash flow $ 65,378 $ 67,210 $ 97,610 $ 106,704
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©Belden | 30 Reconciliation of Non-GAAP Measures Guidance Our guidance is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impacted by other additional events for which information is not available, such as asset impairments, adjustments related to acquisitions and divestitures, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known. Three Months Ended December 31, 2025 GAAP income per diluted share attributable to Belden stockholders $1.40 - $1.50 Amortization of intangible assets 0.32 Severance, restructuring, and acquisition integration costs 0.17 Adjustments related to acquisitions and divestitures 0.01 Adjusted income per diluted share attributable to Belden stockholders $1.90 - $2.00
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Thank you Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com