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EARNINGS RESULTS Q2 2026 July 2026
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Forward-Looking Statements Our commentary and responses to your questions may contain forward-looking statements, including our outlook for the remainder of 2026 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, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 17, 2026 (includin g 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. 2
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Business and Strategic Updates Ashish Chand President and Chief Executive Officer
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Robust Demand. Record Results. Networking Infrastructure for the AI Era. 1. All references to Earnings Per Share refer to adjusted net income from continuing operations per diluted share attributable t o Belden stockholders. See Appendix for reconciliation to comparable GAAP results. 2. Organic growth is calculated as the change in revenues excluding the impacts of changes in currency exchange rates and copper prices, as well as acquisitions and divestitures. 4 Revenue and EPS Above the High End of Our Guidance Range • Record Revenue of $750M, +12% YoY • Adjusted EPS of $2.34 [including $0.25 net benefit driven primarily by IEEPA tariff refunds] Robust Orders with Continued Organic Growth in Key Verticals • Record Orders of $836M, +19% YoY and +23% QoQ • Book-to-bill of 1.11x • Organic Revenue Growth2 of 8% YoY with strength in Discrete and Process Manufacturing and Enterprise Growth Verticals Solutions Wins Validate the Data Center and Physical AI Opportunity • ~$20M Tier-1 Hyperscaler data center contract • Major retailer warehouse automation specification win with large multi-year opportunity A New Chapter Begins: RUCKUS is Now Part of Belden • RUCKUS officially joined Belden on July 1, enhancing our full-stack networking platform • Immediately accretive to EPS, gross margins, and EBITDA — de-levering path intact • Solutions mix crosses 20% at close — our 2028 goal, achieved today $750M (+12% YoY) Q2 2026 Record Revenue $2.34 (+24% YoY) Q2 2026 Adjusted EPS1 $836M (+19% YoY , +23% QoQ) Q2 2026 Record Orders 1.11x Q2 2026 Book-to-Bill Ratio Note: Q2 2026 results exclude the RUCKUS acquisition which closed in Q3 2026
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Belden’s Next Chapter 51. Management estimates based on hypothetical full year figures for the combined Belden and RUCKUS Addition of Ruckus moves every metric that matters in the right way REVENUE1 Belden + RUCKUS $3.6B+$2.9B SOLUTIONS MIX 2028 goal, pulled forward 20%+15% PORTFOLIO Passive, active, wireless, software Full-stack Converged Solutions OT Heavy Wired Solutions Belden Belden + Ruckus ACTIVE PORTFOLIO Active product portfolio expands ~35%20% ADJ. GROSS MARGIN1 RUCKUS is margin accretive ~43%~38% ADJ. EBITDA MARGIN1 Margin expands with RUCKUS ~18%~17% PRO-FORMA IMPACT1
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6 RUCKUS makes Belden a Higher- Quality Business Not Just Bigger, WHAT RUCKUS BRINGS Higher Margins. Faster Growth. More Solutions. Wi-Fi platform, switching, and cloud network management software Diversified verticals aligned with Belden: hospitality, education, healthcare, logistics Cross-sell opportunity into existing industrial customer base Anchors Belden's full-stack networking portfolio to provide industry leading converged solutions RUCKUS's 60%+ gross margin is accretive to the blend Gross margin improves RUCKUS's high-single- digit organic growth adds higher-growth with different demand drivers Revenue growth accelerates From 15% to 20%+ with RUCKUS added, ahead of our goals Solutions mix steps up
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7 RUCKUS Changes the Conversation Belden now runs every layer of the network, both industrial and enterprise — from a single source Belden solutions cover the whole network, not just components which means larger project wins Higher solutions mix & margin every layer owned lifts value per project One trusted source, stickier customers a complete solution is harder to displace WHAT IT MEANS FOR INVESTORS Patch Panels Ruckus Wi-Fi 7 Belden Ruckus IO Blocks Routers Cable & Connectors OT Switches RUCKUS One IT network & data management + Belden Horizon OT network & data management IT Switches Fiber Edge Gateways
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8 Belden is expanding further in the AI infrastructure market With a $175M+ and growing data center business Enterprise Data Center AI / Hyperscaler Data Center Physical AI Traditional enterprise or colocation data center physical layer: structured cabling, patching, and fiber/copper connectivity Networking across both gray space (building support, cooling, and power) and white space (data hall) — with proven wins in each Significant long-term opportunity for Belden. Networking and connectivity for AI-powered physical environments: robotics, autonomous systems, and intelligent operations Underserved by hyperscaler-focused vendors. Belden offers a manufacturer-designed, modular, integrated solution built for this vertical Vendor agnostic and protocol compatible; standardized modular solutions; resilient, redundant designs engaged with DC network architects. Deep industrial networking heritage; proven in mission-critical, high-availability environments where AI meets the physical world ~$75M ~$100M+ Growing Pipeline Established & Growing Building & Scaling Early Stage, Rapidly DevelopingWhere we are Where we play Why we win Proof point Established, repeatable revenue base ~$20M major hyperscaler win, Q2 2026 (see page 9) Major retailer warehouse automation specification, Q2 2026 (see page 10) Annual run rate1 1. Management estimates. Annual run rate based on Q2 2026 revenue / wins. Annual run rate does not include RUCKUS.
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Expanding Our Hyperscale Footprint with Our Data Center Strategy KEY Q2 WIN: TIER-1 HYPERSCALER DATA CENTER CONTRACT The Opportunity • Tier-1 hyperscaler selected Belden for fiber connectivity in AI data center white space • Builds on Belden's established data center presence and growing hyperscale relationships The Solution • High-density fiber connectivity for the racks inside the data hall (white space). • A standardized, repeatable product platform that lets Belden quote and deliver at scale in days, not weeks. • Production built to meet hyperscalers' urgent lead times reliably, even when order volumes spike. Strategic Significance • Validates Belden's deliberate expansion into hyperscale white space • Wins on speed and operational reliability, not just price • A replicable playbook for future hyperscale wins as AI build-out continues THE VALUE ~$20M Initial win with a growing pipeline of opportunities Orders closed with products in production Repeatable model drives continued pipeline growth 9 CLOSED JUNE 2026
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Winning the Physical AI Era with Our Solutions Strategy KEY Q2 MILESTONE: GLOBAL RETAILER WAREHOUSE AUTOMATION SPECIFICATION WIN The Opportunity • Multi-year specification win: global retailer selected Belden to network its autonomous robots across U.S. distribution centers • Physical AI in action: vision-intensive, AI-driven robots purpose-built for industrial environments The Solution • Ruggedized, high-performance on-machine networking, purpose-built for autonomous systems • Positions Belden as the end-to-end network partner for the full automation journey • Foundation for a broader network partnership as the customer's automation footprint expands Strategic Significance • Built on Belden's deep industrial networking heritage, where AI meets the physical world • Physical AI and warehouse automation are driving new demand for industrial-grade connectivity • Validates our solutions-led approach in Physical AI — our largest long-term opportunity • Creates a replicable model for warehouse automation and logistics verticals THE VALUE ~$20M Full Fleet Opportunity Over ~4 Years 4,500+ Autonomous Robots, Full Fleet Opportunity First orders already received for phase 1 deployments Initial success unlocks a full rollout tied to deployment milestones over the next ~4 years 10
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Finance Updates and Guidance Jeremy Parks EVP – Finance and Chief Financial Officer
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Record Revenue and Orders Led by Strong Customer Demand 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 attributable to Belden stockholders. See Appendix for reconciliation to comparable GAAP results. 4. Organic growth is calculated as the change in revenues excluding the impacts of changes in currency exchange rates and copper prices, as well as acquisitions and divestitures. 12 $ Millions Q2 20261 * Q2 20251 YoY Revenue $750.2 $672.0 +12% Adj Gross Profit $297.4 $261.5 +14% Adj Gross Profit % 39.6% 38.9% +70 bps Adj EBITDA $145.9 $114.1 +28% Adj EBITDA % 19.5% 17.0% +250 bps Adj Net Income2 $91.7 $75.6 +21% Adj Earnings Per Share3 $2.34 $1.89 +24% Record Orders: +19% YoY +23% QoQ Book-to-bill: 1.11x Record Revenue: +12% YoY Organic Revenue4: +8% YoY Q2 2026 Key Messages *During the second quarter of 2026, the Company recognized a net EPS benefit of approximately $0.25 related to the expected recovery of International Emergency Economic Powers Act (“IEEPA”) tariffs, partially offset by the introduction of new tariffs. Note: Q2 2026 results exclude the RUCKUS acquisition which closed in Q3 2026
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13 Market Performance Q2 2026 Performance Highlights Automation Smart Buildings Broadband Revenue Q2 2026 $437 58% Quarterly Revenue % $156 21% $157 21% $ Millions Total: $750 1. Organic growth is calculated as the change in revenues excluding the impacts of changes in currency exchange rates and copper prices, as well as acquisitions and divestitures. • Book-to-bill 1.14x, with orders up 27% QoQ • Double-digit Organic Growth1 YoY • Robust industrial strength with both Discrete and Process up double-digits YoY Key Drivers • Book-to-bill 1.08x, with orders up 11% QoQ • Flat Organic Growth1 in Q2 YoY - Strength in Key Growth Verticals, up double-digits organically (incl. Data Centers), offset by a strong PY comparable in other verticals • 1H26 Organic Growth up mid to high-single-digits • Book-to-bill 1.07x, with orders up 22% QoQ • Flat Organic Growth1 YoY • Strong order growth, building backlog for 2H26 driven by DOCSIS upgrades and share capture related to the launch of new fiber products
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3.9x 3.6x 2.9x 2.2x 1.5x 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 4Q28 4Q29 The Pathway Toward Rapid Reduction in Net Leverage 1414 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. Free Cash Flow2 Drives Rapid De-leveraging 2Q 2026 Balance Sheet Cash and Cash Equivalent ~$200M Estimated 2H26 FCF2 ~$300M Estimated 2027 FCF2 Estimated Net Leverage 1 (Net Debt / Adj EBITDA) $349M$390M $301M Q2 2026Q4 2025Q2 2025 Net Leverage 1 1.7x1.9x2.1x Q2 2026Q4 2025Q2 2025 Free Cash Flow 2, TTM $212M$219M$216M Q2 2026Q4 2025Q2 2025 Note: Q2 2026 results exclude the RUCKUS acquisition which closed in Q3 2026
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15 Q3 2026 Guidance1 As of July 30, 2026 Q3 2026 Assumptions $40.5M Interest Expense $18.8M Depreciation Expense 20.0% Tax Rate 39.4M Share Count Total Revenue ($M) $950 – $970 GAAP EPS $0.69 – $0.84 Adjusted EPS2 $2.15 – $2.30 1. Guidance includes RUCKUS Networks Inc. which closed on July 1, 2026. 2. Adjusted results. See Appendix for reconciliation to comparable GAAP results.
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16 RUCKUS Integration: Our Priorities One team. One mission. A clear path forward. Our People Belden welcomes approximately 1,700 RUCKUS associates, bringing our combined workforce to nearly 9,700. Talent retention is a top priority — the expertise, relationships, and culture that made RUCKUS valuable are what make this combination powerful. Our Customers The response from customers has been immediate — across both the RUCKUS and Belden installed base, we are already fielding requests for the combined portfolio. Customers want a single partner who can do more for them, and that is exactly what this combination delivers. Continuity is assured — same products, same support, same relationships — with significantly more capability behind them. Synergies We entered this transaction with clear visibility into both cost and revenue synergy opportunities, and our integration team is actively working against those priorities. The revenue synergy potential across our combined customer base is significant — and is potential upside to our de-levering model. Technology & InnovationThe combined portfolio now spans every layer of the network — passive infrastructure, active networking, wireless, and cloud management. The long-term integration of Belden Horizon and RUCKUS One represents a meaningful platform opportunity. More to come in the quarters ahead. Financial Progress RUCKUS enters the Belden portfolio with the financial profile that underpinned our deal thesis — high-single-digit revenue growth and approximately 20% EBITDA margins in the first full year. Our delevering path is intact: 3.6x by year-end 2026, 2.9x by year-end 2027, and 1.5x by 2029. Culture Two organizations united by shared values around customer outcomes, technical excellence, and innovation. Together, we are a stronger company with an exciting future ahead.
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BELDEN INC. CORPORATE OVERVIEW NYSE : BDC 17
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18 The Network Inflection Point: Why Now Three powerful forces are converging simultaneously — Belden sits at the intersection of all three The Physical World Is Going AI-Native Every machine is becoming intelligent Every intelligent machine needs a network • Robots, AGVs, and autonomous systems require real-time, deterministic connectivity — legacy OT networks weren't built for this • Industrial facilities are being rebuilt for AI workloads • Millisecond latency is now a hard requirement — not a preference IT and OT Are Finally Becoming One Decades of siloed networks are collapsing — and the rebuild is underway • Reshoring and Industry 4.0 are forcing major network replacements, not upgrades • IT and OT teams are now solving for the same network: unified, cloud-managed, cybersecure • Machine-to-cloud data flow demands a single converged infrastructure Every Layer of the Network Is Being Rebuilt The infrastructure for the next era of industry is being designed and deployed right now • Single-purpose networks are giving way to full-stack connectivity — across campuses, factories, and venues • Wi-Fi 7 is the first wireless standard deterministic enough for industrial use • Today's infrastructure decisions lock in vendor relationships for a decade — incumbency is won at the network layer
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Capability layer Passive infrastructure (cable, connectors, systems) OT networking (wireline, wireless) IT networking (wireline, wireless) AI-driven cloud & on-prem software 19 Only Belden Delivers Every Layer of the Network Belden is now a single, one-stop source for the entire network For the customer, this is a robust value proposition, i.e., fewer interoperability risks, less procurement and project-management burden, and simpler ongoing support. + Switching Company Connectivity Company Automation Company
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IT/OT Convergence: Accelerating Key Secular Growth Opportunities 20 OT IT Reshoring Industry 4.0 Labor Challenges Physical AI Edge Computing Digital Transformation Increasing Digitization Remote Monitoring & Management Growing Data Demands Data Security
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Key Opportunities for Solutions Where Data Generation and Usage are Increasing Significantly 21 CPG Material Handling Chemical Mass Transit Data Centers Healthcare Hospitality Higher Education Semiconductor Broadband / Telco Auto Power T&D
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Where Belden Plays Across the Data Center Campus 22 ~$40M 2Q-26 Hyperscale Wins Fiber cabling and connectivity, AI-ready racks & cabinets, power, cooling, & monitoring inside the data hall. Facilities & infrastructure Vendor-agnostic automation & controls for heat rejection, cooling, and power. Campus Industrial-grade networking, cybersecurity, and cable to connect and secure campus-wide systems. Administrative areas Networking and cybersecurity for critical building systems: fire alarms, access control, monitoring. Gray Space (everything around the data hall) White Space (Data Hall) Belden’s Solutions for Data Center Applications 22 LOGISTICS & SUPPLY CHAIN MGMT INFRASTRUCTURE COMMAND & CONTROL ACCESS CONTROL & SECURITY SURVIEILLANCE COOLING ADMIN COMMAND & CONTROL WHITE SPACE DATA CENTER CAMPUS MAIN BUILDING GRID GENERATION PREMIER SECURITY FUEL STORAGE CAMPUS COMMAND & CONTROL SURVEILLANCE ON-SITE GENERATION
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23 RUCKUS Adds Industry-Leading Wireless Networking Capabilities Significant Growth Catalyst Differentiated Enterprise Solutions with Active Portfolio Powerful Extension into Our Industrial Customer Base Higher Margins, Faster Growth, Immediate EPS Accretion + Together, Belden and RUCKUS will deliver the most complete active networking solution in the industry, from enterprise campuses and high-density public venues to the industrial edge Adds fast growing Wi-Fi 7 and Enterprise Switching — Capabilities That Accelerate Our Solutions Mix Past 20% Vast customer base in Verticals Where Belden Already Operates — Expands Enterprise TAM, Not New Verticals or New Customers IT/OT Convergence is Accelerating with Increasing Wi- Fi Industrial Use Cases — Belden can Bring RUCKUS to our Existing Industrial Customer Base 60%+ Gross Margins plus HSD Growth = Immediately Accretive to EPS, Gross Margins, and EBITDA
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Wi-Fi 5 / 6 Consumer and mobile: streaming, high device density Wi-Fi 6E Enterprise density: added spectrum for congested venues Wi-Fi 7 Deterministic industrial: AGVs, robotics, machine control, physical AI Wi-Fi 8 ~2028 Wi-Fi 8 is being engineered for Ultra High Reliability — deterministic, low- latency, lossless connectivity. Today's infrastructure decisions determine who wins this wave. We're building for it now. WE ARE HERE 24 The Industrial Wireless Transition Is Here Belden + RUCKUS Built to Lead It End to End A durable, multi-year upgrade cycle is just beginning, and the combined Belden + RUCKUS business sits at the front Durable Demand1 Every WI-FI generation drives a higher revenue peak with ~$14B WLAN market by 2030 Early Innings We are at the cusp of the Wi-Fi 7 ramp; Wi-Fi 8 lands ~2028. Structural Moat The only combination that covers the full IT/OT stack - from the connector and the switch to the cloud. Wireless pulls through the full Belden stack — one vendor accountable from the robot to the cloud. Full-stack Pullthrough Each Wi-Fi generation unlocks a larger, more valuable wave of demand Wi-Fi 7 Enables Mission-Critical Wireless Wi-Fi 7 is the first Wi-Fi generation reliable enough for industrial applications. RUCKUS BeamFlex is built for the metal- dense, high-interference environments where standard access points fail. Incremental use cases • AGVs • Robotics • Machine control • Seamless fleet roaming • Dense sensor networks 1. Source: Dell’Oro WLAN Forecast – 1Q2026
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RUCKUS Enhances the Industrial Network Stack for Physical AI... 25 RUCKUS Wi - Fi 7 Wireless Access Point Enabling hybrid mesh networking, automation and real-time control across industrial environments utilizing physical AI Belden Belden + RUCKUS ROUTERS Patch Panels Cable & Connectors IO Blocks Switches Seamless, mobile, real-time hybrid industrial network Complete connectivity. Greater agility. Real-time intelligence Hybrid mesh and distributed wireless that powers mobility and real - time data Hybrid Mesh Networks Enabling Industrial Applications • Physical AI • Automated Warehousing • Smart Manufacturing • Robotics and AGV’s Strong active and passive foundation, with hardened wireless capabilities for mission critical applications Wireless LAN ROUTERS Patch Panels Cable & Connectors IO Blocks Switches Wireless LAN
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...and enables a full active + passive Enterprise Network Stack 26 From fixed wired infrastructure to fully mobile, reliable enterprise connectivity Belden Belden + RUCKUS Seamless, mobile, reliable enterprise network Complete connectivity. Greater flexibility. Better experiences. Fixed, wired infrastructure only Limited mobility. Limited flexibility. Limited solutions. Cable & Connectors Fiber Cabinets & Enclosures Fixed, Wired Infrastructure Only Cable & Connectors Fiber Cabinets & Enclosures RUCKUS Wi - Fi 7 Wireless Access Point RUCKUS Ethernet Switches
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27 The solutions playbook is working, RUCKUS makes it faster * Solutions Wins as a percentage of Total Revenue for the period. Solutions Wins are defined as projects secured by the solut ions team through our defined solutions process. This process is characterized by a comprehensive engagement model utilizing our full product portfolio, designed to achieve customer business objectives. This approach is a distinct go -to-market methodology, differentiate d from traditional product-centric sales processes. BELDEN - SOLUTION as % of revenue Addition of Ruckus has accelerated our solutions transformation Launch 2024 20252020 2021 2022 2023 2026 2027 2028 Larger, higher-margin projects solutions are value-priced, not parts-priced Stickier customers we are solving bigger, mission-critical problems Repeat business success on one project compounds into the next Why a higher solutions mix matters ~10% ~15% 20%+ Today + by 2028 Goal communicated at Belden 2024 Investor Day 20%+
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Compelling Investment Rationale 28 Belden is now the most complete IT/OT networking solutions platform in the industry The strategy is proven — and RUCKUS accelerates what's next Uniquely Positioned to Capitalize on Powerful Global Megatrends ☑ IT/OT convergence + Industry 4.0 + reshoring + industrial Wi- Fi + physical AI driving sustained networking demand ☑ Exposure across resilient and mission critical verticals where data generation is expanding the most Full-Stack IT/OT Platform + Solutions Model Creating a Competitive Moat Successful Solutions Transformation Delivering Accelerating Results Long-term Value Creation Plan Built to Compound ☑ Full-stack portfolio spanning passive, active networking, enterprise wireless, and AI- driven cloud software ☑ Solutions-led engagement drives larger project scope, deeper customer relationships, & repeat wins ☑ Solutions scaled from 0% (2020) to 20%+ of revenue post RUCKUS close; ahead of pace for our target of 20%+ by 2028 ☑ 25% to 30% incremental Adj. EBITDA margins as solutions mix expands ☑ Clear financial framework: MSD organic growth and 10% to 12% EPS CAGR ☑ Disciplined capital allocation: deleveraging is the near-term priority, with a clear path to 1.5x by 2029, funded by free cash flow
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29 (1) Adjusted results. See Appendix for reconciliation to comparable GAAP results. All references to Earnings Per Share refer to adjusted net income from continuing operations per diluted share attributable t o Belden stockholders. (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. $1,998 $2,461 $2,715 FY 2019 FY 2024 FY 2025 $3.89 $6.36 $7.54 FY 2019 FY 2024 FY 20252 Record Performance, Repositioning Belden Delivering Results Record FY Performance 2 Adj EPS Record FY Performance 5% CAGR Revenue (millions) 1 12% CAGR
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Our Growth Algorithm: Delivering Long Term Shareholder Value Organic Revenue Growth MSD Free Cash Flow Margin ~10% Incremental EBITDA Margins 25-30% Long-term Target Net Leverage ~1.5X EPS Growth 10-12% CAGR 2028 Financial Targets Long Term Value Creation Through the Cycle 30 1 (1) Mid-Single-Digit
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APPENDIX 31
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32 Statement of Operations Unaudited Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 (In thousands, except per share data) Revenues $ 750,157 $ 671,992 $ 1,446,532 $ 1,296,853 Cost of sales (456,533) (413,424) (894,820) (792,445) Gross profit 293,624 258,568 551,712 504,408 Selling, general and administrative expenses (147,827) (131,922) (286,479) (263,444) Research and development expenses (31,714) (33,940) (61,803) (62,357) Amortization of intangibles (14,823) (13,470) (26,211) (26,745) Operating income 99,260 79,236 177,219 151,862 Interest expense, net (13,599) (12,200) (27,058) (22,304) Non-operating pension cost (456) (364) (912) (805) Loss on debt extinguishment — — (1,273) — Income before taxes 85,205 66,672 147,976 128,753 Income tax expense (16,669) (5,666) (28,413) (15,810) Net income $ 68,536 $ 61,006 $ 119,563 $ 112,943 Weighted average number of common shares and equivalents: Basic 38,957 39,511 38,887 39,835 Diluted 39,283 40,002 39,338 40,418 Basic income per share $ 1.76 $ 1.54 $ 3.07 $ 2.84 Diluted income per share $ 1.74 $ 1.53 $ 3.04 $ 2.79 Common stock dividends declared per share $ 0.05 $ 0.05 $ 0.10 $ 0.10
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33 Balance Sheet Unaudited June 28, 2026 December 31, 2025 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 348,655 $ 389,887 Receivables, net 534,159 462,845 Inventories, net 420,591 402,345 Other current assets 90,436 94,303 Total current assets 1,393,841 1,349,380 Property, plant and equipment, less accumulated depreciation 583,710 566,020 Operating lease right-of-use assets 102,580 113,033 Goodwill 1,030,000 1,036,821 Intangible assets, less accumulated amortization 380,942 399,799 Deferred income taxes 13,380 14,512 Other long-lived assets 62,903 64,056 $ 3,567,356 $ 3,543,621 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 359,189 $ 361,432 Accrued liabilities 293,597 336,067 Total current liabilities 652,786 697,499 Long-term debt 1,230,566 1,285,666 Postretirement benefits 61,938 63,598 Deferred income taxes 115,160 98,060 Long-term operating lease liabilities 88,662 94,372 Other long-term liabilities 33,690 40,002 Stockholders’ equity: Common stock 503 503 Additional paid-in capital 871,183 867,457 Retained earnings 1,521,208 1,405,572 Accumulated other comprehensive loss (71,184) (97,204) Treasury stock (937,156) (911,904) Total stockholders’ equity 1,384,554 1,264,424 $ 3,567,356 $ 3,543,621
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34 Cash Flow Statement Unaudited Six Months Ended June 28, 2026 June 29, 2025 (In thousands) Cash flows from operating activities: Net income $ 119,563 $ 112,943 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 68,551 61,851 Share-based compensation 18,203 14,603 Loss on debt extinguishment 1,273 — Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals: Receivables (76,348) (31,773) Inventories (21,327) (35,758) Accounts payable 11,193 (23,462) Accrued liabilities (22,948) (14,314) Income taxes 4,627 (4,355) Other assets (3,283) (3,674) Other liabilities 11,054 13,409 Net cash provided by operating activities 110,558 89,470 Cash flows from investing activities: Capital expenditures (85,054) (57,353) Proceeds from disposal of tangible assets 8 115 Cash from business acquisitions — 7,918 Net cash used for investing activities (85,046) (49,320) Cash flows from financing activities: Payments under borrowing arrangements (535,860) (50,000) Payments under share repurchase program, including excise tax (31,806) (100,967) Withholding tax payments for share-based payment awards (18,532) (14,157) Debt issuance costs paid (14,550) — Cash dividends paid (3,921) (4,024) Payments under financing lease obligations (990) (878) Proceeds from issuance of common stock 4,696 3,818 Borrowings under credit arrangements 537,255 50,000 Net cash used for financing activities (63,708) (116,208) Effect of foreign currency exchange rate changes on cash and cash equivalents (3,036) 7,242 Decrease in cash and cash equivalents (41,232) (68,816) Cash and cash equivalents, beginning of period 389,887 370,302 Cash and cash equivalents, end of period $ 348,655 $ 301,486
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35 Revenue by Market Category Unaudited Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 (In thousands) Automation $ 436,766 $ 365,973 $ 823,775 $ 716,784 Broadband 157,034 155,385 312,317 302,032 Smart Buildings 156,357 150,634 310,440 278,037 Total Revenues $ 750,157 $ 671,992 $ 1,446,532 $ 1,296,853
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Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 (In thousands, except percentages and per share amounts) Revenues $ 750,157 $ 671,992 $ 1,446,532 $ — $ 1,296,853 GAAP gross profit $ 293,624 $ 258,568 $ 551,712 $ 504,408 Amortization of software development intangible assets 3,501 2,943 6,873 5,556 Severance, restructuring, and acquisition integration costs 244 2 4,225 11 Adjusted gross profit $ 297,369 $ 261,513 $ 562,810 $ 509,975 GAAP gross profit margin 39.1 % 38.5 % 38.1 % 38.9 % Adjusted gross profit margin 39.6 % 38.9 % 38.9 % 39.3 % GAAP selling, general and administrative expenses $ (147,827) $ (131,922) $ (286,479) $ (263,444) Severance, restructuring, and acquisition integration costs 6,771 2,837 10,650 4,431 Adjustments related to acquisitions and divestitures 3,818 286 2,863 584 Adjusted selling, general and administrative expenses $ (137,238) $ (128,799) $ (272,966) $ (258,429) GAAP research and development expenses $ (31,714) $ (33,940) $ (61,803) $ (62,357) Severance, restructuring, and acquisition integration costs 179 — 1,371 95 Adjusted research and development expenses $ (31,535) $ (33,940) $ (60,432) $ (62,262) GAAP net income $ 68,536 $ 61,006 $ 119,563 $ 112,943 Income tax expense 16,669 5,666 28,413 15,810 Interest expense, net 13,599 12,200 27,058 22,304 Loss on debt extinguishment — — 1,273 — Total non-operating adjustments 30,268 17,866 56,744 38,114 Amortization of intangible assets 14,823 13,470 26,211 26,745 Amortization of software development intangible assets 3,501 2,943 6,873 5,556 Severance, restructuring, and acquisition integration costs 7,194 2,839 16,246 4,537 Adjustments related to acquisitions and divestitures 3,818 286 2,863 584 Total operating income adjustments 29,336 19,538 52,193 37,422 Depreciation expense 17,771 15,654 35,467 29,550 Adjusted EBITDA $ 145,911 $ 114,064 $ 263,967 $ 218,029 GAAP net income margin 9.1 % 9.1 % 8.3 % 8.7 % Adjusted EBITDA margin 19.5 % 17.0 % 18.2 % 16.8 % GAAP net income $ 68,536 $ 61,006 $ 119,563 $ 112,943 Plus: Operating income adjustments from above 29,336 19,538 52,193 37,422 Less: Tax effect of adjustments above 6,141 4,937 11,629 9,273 Plus: Loss on debt extinguishment — — 1,273 — Adjusted net income $ 91,731 $ 75,607 $ 161,400 $ 141,092 GAAP income per diluted share $ 1.74 $ 1.53 $ 3.04 $ 2.79 Adjusted income per diluted share $ 2.34 $ 1.89 $ 4.10 $ 3.49 GAAP and adjusted diluted weighted average shares 39,283 40,002 39,338 40,418 36 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.
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37 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 GAAP Non-GAAP June 28, 2026 June 29, 2025 Revenue Growth Foreign Currency Impact Copper Pass- Through Pricing Impact Acquisitions and Divestitures Impact Organic Growth (In thousands, except percentages) Revenues $ 750,157 $ 671,992 12 % 1 % 3 % — % 8 %
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December 31, 2019 December 31, 2024 December 31, 2025 Revenues 1,998,238$ 2,460,979$ 2,715,194$ GAAP gross profit 684,191$ 922,222$ 1,031,172 Amortization of software development intangible assets 330 10,564 12,293 Severance, restructuring, and acquisition integration costs 3,425 4,395 771 Adjustments related to acquisitions and divestitures 592 263 - Adjusted gross profit 688,538$ 937,444$ 1,044,236$ GAAP gross profit margin 34.2% 37.5% 38.0% Adjusted gross profit margin 34.5% 38.1% 38.5% GAAP selling, general and administrative expenses (369,069)$ (494,603)$ (533,366)$ Severance, restructuring, and acquisition integration costs 23,119 18,257 13,737 Adjustments related to acquisitions and divestitures - 4,501 1,037 Adjusted selling, general and administrative expenses (345,950)$ (471,845)$ (518,592)$ GAAP research and development expenses (61,689)$ (112,365)$ (128,758)$ Severance, restructuring, and acquisition integration costs - 162 459 Adjusted research and development expenses (61,689)$ (112,203)$ (128,299)$ GAAP income from continuing operations 121,366$ 198,414$ 237,522$ Interest expense, net 55,786 38,303 46,355 Income tax expense 47,055 29,528 29,344 Non-operating pension settlement loss - 1,208 - Loss related to revolver refinancing - - 76 Total non-operating adjustments 102,841 69,039 75,775 Amortization of intangible assets 30,243 48,794 53,356 Severance, restructuring, and acquisition integration costs 26,544 22,814 14,967 Adjustments related to acquisitions and divestitures 592 4,764 1,037 Amortization of software development intangible assets 330 10,564 12,293 Total operating income adjustments 57,709 86,936 81,653 Depreciation expense 37,081 56,383 63,784 Adjusted EBITDA 318,997$ 410,772$ 458,734$ GAAP income from continuing operations margin 6.1% 8.1% 8.7% Adjusted EBITDA margin 16.0% 16.7% 16.9% Trailing Twelve Months Ended (In thousands, except per share data) 38 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.
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39 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 December 31, 2025 GAAP income from continuing operations 121,366$ 198,414$ 237,522$ Less: Preferred stock dividends 18,437 - - Less: Net income attributable to noncontrolling interests 239 (19) - GAAP net income from continuing operations attributable to Belden stockholders 102,690$ 198,433$ 237,522$ GAAP income from continuing operations 121,366$ 198,414$ 237,522$ Plus: Operating income adjustments from above 57,709 86,936 81,653 Plus: Loss related to revolver refinancing - - 76 Plus: Non-operating pension settlement loss - 1,208 - Less: Net income attributable to noncontrolling interests 239 (19) - Less: Preferred stock dividends 18,437 - - Less: Tax effect of adjustments above (4,653) 23,834 16,156 Adjusted net income from continuing operations attributable to Belden stockholders 165,052$ 262,743$ 303,095$ GAAP income from continuing operations per diluted share attributable to Belden stockholders 2.42$ 4.80$ 5.91$ Adjusted income from continuing operations per diluted share attributable to Belden stockholders 3.89$ 6.36$ 7.54$ GAAP and adjusted diluted weighted average shares 42,416 41,299 40,210 Trailing Twelve Months Ended (In thousands, except per share data)
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June 28, 2026 December 31, 2025 June 29, 2025 (In thousands) GAAP net cash provided by operating activities 375,952$ 354,864$ 348,589$ Capital expenditures (163,873) (136,172) (132,930) Proceeds from disposal of assets 84 191 168 Non-GAAP free cash flow 212,163$ 218,883$ 215,827$ Trailing Twelve Months Ended 40 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.
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41 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 September 27, 2026 GAAP EPS $0.69 - $0.84 Amortization of intangible assets 0.94 Severance, restructuring, and acquisition integration costs 0.41 Adjustments related to acquisitions and divestitures 0.11 Adjusted EPS $2.15 - $2.30
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Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com Thank you