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EARNINGS RESULTS Q3 2026 October 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. $100M Fiber Assembly Agreement Accelerates AI Data Center Momentum. 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. 3. Organic order growth is calculated as the change in orders excluding the impacts from currency exchange rates, copper prices, acquisitions, and divestitures. 4 Record Revenue, Core Business Drives 11% Organic Growth • Record Revenue of $966M, +38% YoY • Organic Revenue Growth2 of 11% YoY , led by Automation and Smart Buildings (both up double-digits) • Adjusted EPS1 of $2.26, +15% YoY End Demand Robust: First Quarter With Orders Above $1B • Record Orders of $1,017M, +46% YoY and +16% YoY organically3, book-to-bill of 1.05x • Orders up ~30% YoY for both Automation and Smart Buildings $100M Fiber Assembly Contract Accelerates AI Data Center Momentum • Signed customer agreement to supply $100M of fiber assemblies in 2027, expanding the previously announced Tier-1 hyperscaler program and scaling fulfillment through distribution • Expect our data center business to grow by more than 50% to $275M for 2027, versus $175M announced in Q2 2026 • Agreement reached subsequent to quarter end, not included in Q3 orders Ruckus Update: Demand Strong, Integration Gaining Momentum • Demand: Orders +10% YoY , 1.09x book-to-bill, POS / sell-through +6% • Revenue: $168M (-6% YoY), as shipments delayed due to component availability and increased supplier lead times – mitigation includes alternate sourcing, combined purchasing for larger allocations, and product substitutions • Integration on track: Joint Belden + Ruckus customer pilots underway, combined purchasing and logistics, new India production for Ruckus ICX Ethernet switches $966M Q3 2026 Record Revenue $2.26 (+15% YoY) Q3 2026 Adjusted EPS1 $1,017M Q3 2026 Record Orders 1.05x Q3 2026 Book-to-Bill Ratio Q3 results include RUCKUS Networks, which closed July 1, 2026 (+46% YoY , +16% YoY organic3) (+38% YoY , +11% YoY organic2)
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5 Scaling a Proven Hyperscale Fiber Connectivity Platform Signed Customer Agreement for 2027 Fiber Assemblies Gray Space Wins Continue to Broaden • Industrial switch orders associated with our 2025 award are approximately 50% above our initial estimate • New specification position for cord sets, supporting future orders and broader scope • Expands the previously announced Tier-1 hyperscaler program and reflects increased deployment scale • Contract will be fulfilled through Wesco International, expanding Belden’s ability to support volume deployments and reach additional neo-cloud and AI data center customers Q3 2026 AI Data Center Highlights $100M Follow-on orders from an existing hyperscale customer $8M+ White Space: Fiber assemblies inside the data hall Gray Space: Network infrastructure supporting the data center Multiple global gray space wins, solidifying spec position with key customers in EMEA and APAC Increases our overall data center business by more than 50% to $275M in 2027 versus the $175M Q2 2026 run rate
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6 Solutions Strategy Gaining Momentum Across Targeted Verticals High-Speed Rail Corridor $10M APAC Solutions Win Redundant network backbone for telecom and critical operations data across 14 subsystems, including CCTV , earthquake warning and SCADA. Includes services and maintenance. Flagship Hospital New Build $9M Americas Solutions Win (US) Solutions team displaced incumbent with cabling, connectivity, racks and cabinets delivered as one integrated solution, won by working with the customer's engineers from early planning Two Greenfield Hospital Builds ~$20M Americas Solutions Win (Canada) Solutions team displaced incumbent during a multi-year solution process: products include our full portfolio of cable, connectivity, AV/security cabling, racks and enclosures Q3 2026 Key Solution Wins
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7 Ruckus: Demand Strong, Component Availability Delayed Shipments, Integration on Track Selling the Full Stack Innovation Roadmap Scaling Efficiently Joint Belden + Ruckus Customer Pilots Underway (warehouse automation, campus, etc.) Expanding Funnel of Joint Commercial Opportunities Combined Solutions Roadmap in Core Verticals Platform Integration Opportunities R&D Focused on the Industrial Wi-Fi Opportunity Integrated Procurement to Leverage Scale and Efficiency Combined Logistics & Warehousing to Increase Efficiency Launched New Ruckus Production in India Q3 2026 Ruckus Performance: Demand Strong, Supply Constrained → → → → → → → → Orders Momentum → Strong demand with orders up 10% YoY , book-to-bill at 1.09x POS / Sell-through → POS / sell-through increased 6% year over year, confirming healthy underlying customer demand Supply Chain Volatility → Revenue was $168 million, down 6% YoY , as shipments delayed due to component availability and increased supplier lead times Supply Chain Update • Select component constraints: longer lead times and allocations amid strong AI and networking demand • Actions: alternate sources, combined Belden-Ruckus purchasing for larger allocations, product substitutions • Shipments lag demand; backlog is healthy • Outlook: Q4 guidance reflects current supplier visibility; recovery varies by product family
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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 order growth is calculated as the change in orders excluding the impacts from currency exchange rates, copper prices, acquisitions, and divestitures. 5. 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. 9 $ Millions Q3 20261 Q3 20251 YoY Revenue $966.0 $698.2 +38% Adj Gross Profit $401.2 $266.6 +50% Adj Gross Profit % 41.5% 38.2% +330 bps Adj EBITDA $171.1 $118.6 +44% Adj EBITDA % 17.7% 17.0% +70 bps Adj Net Income2 $89.3 $79.2 +13% Adj Earnings Per Share3 $2.26 $1.97 +15% Record Orders: +46% YoY Organic 4 +16% YoY Book-to-bill: 1.05x Record Revenue: +38% YoY Organic Revenue5: +11% YoY Q3 2026 Key Messages Actuals include Ruckus Networks Inc. which closed on July 1, 2026
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10 Market Performance Q3 2026 Performance Highlights 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. Automation • Double-digit Organic Growth1 YoY • Orders up ~30% YoY • Robust industrial strength with Discrete and Energy up double- digits $ Millions • Double-digit Organic Growth1 YoY • Orders up ~30% YoY • Strong step-up in white space data center revenue with fiber connector order disclosed in prior quarter Smart Buildings • Book-to-bill 1.09x, with orders up 10% YoY • Joint Belden + Ruckus pilots underway • Component lead times limited near-term shipments; orders remain healthy Wireless Broadband • Low-single-digit Organic Growth1 YoY , consistent with 1H26 results • Performance in line with expectations; customers continue to invest in DOCSIS 4.0 and fiber expansions Converged Network Solutions Automation +Smart Buildings +Wireless 19% 18% 17% 46% Revenue Q3 2026 $966
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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 1111 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 3Q 2026 Balance Sheet Cash and Cash Equivalent ~$200M Estimated 2H26 FCF2 ~$300M Estimated 2027 FCF2 Estimated Net Leverage Targets 1 (Net Debt / Adj EBITDA) $381M$390M$314M Q3 2026Q4 2025Q3 2025 Net Leverage 1 3.9x 1.9x2.1x Q3 2026Q4 2025Q3 2025 Free Cash Flow 2, TTM $229M$219M$214M Q3 2026Q4 2025Q3 2025 Actuals include Ruckus Networks Inc. which closed on July 1, 2026
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12 Q4 2026 Guidance1 As of October 29, 2026 Q4 2026 Assumptions $44.3M Interest, Net $19.0M Depreciation 17.2% Tax Rate 39.5M Share Count Total Revenue ($M) $960 – $980 GAAP EPS $0.24 – $0.39 Adjusted EPS2 $2.20 – $2.35 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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13 Combined Go-To-Market Strategy Delivering Advanced Network Solutions Through Our Combined Product Portfolio Key Growth Markets for Advanced Network Solutions Robotics & OEM Campus Energy Manufacturing, Warehousing & Logistics Transportation Data Centers & Distributed Compute Broadband & Telco Automation Smart Buildings Wireless Broadband Major Product Categories Full Stack Converged Solutions Market Specific Offerings
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BELDEN INC. CORPORATE OVERVIEW NYSE : BDC 14
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Belden’s Next Chapter 151. 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 $3.9B+$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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16 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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17 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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Capability layer Passive infrastructure (cable, connectors, systems) OT networking (wireline, wireless) IT networking (wireline, wireless) AI-driven cloud & on-prem software 18 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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19 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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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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Where Belden Plays Across the Data Center Campus 21 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 21 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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22 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: Automated Guided Vehicles (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 23 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... 24 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 25 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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26 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 27 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: MSD1 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 (1) Mid-Single-Digit
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28 (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 29 1 (1) Mid-Single-Digit
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APPENDIX 30
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31 Statement of Operations Unaudited Three Months Ended Nine Months Ended September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 (In thousands, except per share data) Revenues $ 965,954 $ 698,221 $ 2,412,486 $ 1,995,074 Cost of sales (627,204) (435,023) (1,522,024) (1,227,468) Gross profit 338,750 263,198 890,462 767,606 Selling, general and administrative expenses (211,959) (139,415) (498,438) (402,859) Research and development expenses (55,220) (33,859) (117,023) (96,216) Amortization of intangibles (54,807) (13,636) (81,018) (40,381) Operating income 16,764 76,288 193,983 228,150 Interest expense, net (41,802) (11,562) (68,860) (33,866) Non-operating pension cost (496) (398) (1,408) (1,203) Loss on debt extinguishment — (76) (1,273) (76) Income (loss) before taxes (25,534) 64,252 122,442 193,005 Income tax benefit (expense) 14,183 (7,562) (14,230) (23,372) Net income (loss) $ (11,351) $ 56,690 $ 108,212 $ 169,633 Weighted average number of common shares and equivalents: Basic 39,080 39,516 38,952 39,728 Diluted 39,080 40,137 39,374 40,324 Basic income (loss) per share $ (0.29) $ 1.43 $ 2.78 $ 4.27 Diluted income (loss) per share $ (0.29) $ 1.41 $ 2.75 $ 4.21 Common stock dividends declared per share $ 0.05 $ 0.05 $ 0.15 $ 0.15
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32 Balance Sheet Unaudited September 27, 2026 December 31, 2025 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 380,706 $ 389,887 Receivables, net 684,350 462,845 Inventories, net 555,071 402,345 Other current assets 113,375 94,303 Total current assets 1,733,502 1,349,380 Property, plant and equipment, less accumulated depreciation 609,076 566,020 Operating lease right-of-use assets 132,012 113,033 Goodwill 2,030,937 1,036,821 Intangible assets, less accumulated amortization 1,378,494 399,799 Deferred income taxes 16,651 14,512 Other long-lived assets 66,543 64,056 $ 5,967,215 $ 3,543,621 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 398,844 $ 361,432 Accrued liabilities 533,972 336,067 Current maturities of long-term debt 18,500 — Total current liabilities 951,316 697,499 Long-term debt 3,031,910 1,285,666 Postretirement benefits 57,779 63,598 Deferred income taxes 274,261 98,060 Long-term operating lease liabilities 113,690 94,372 Other long-term liabilities 146,267 40,002 Stockholders’ equity: Common stock 503 503 Additional paid-in capital 887,034 867,457 Retained earnings 1,507,882 1,405,572 Accumulated other comprehensive loss (72,833) (97,204) Treasury stock (930,594) (911,904) Total stockholders’ equity 1,391,992 1,264,424 $ 5,967,215 $ 3,543,621
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33 Cash Flow Statement Unaudited Nine Months Ended September 27, 2026 September 28, 2025 (In thousands) Cash flows from operating activities: Net income $ 108,212 $ 169,633 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 146,940 95,414 Share-based compensation 29,281 22,613 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 (79,039) (36,689) Inventories (3,341) (40,334) Accounts payable 17,395 (15,128) Accrued liabilities 28,197 (7,357) Income taxes (19,910) (1,492) Other assets (2,801) (3,796) Other liabilities 13,993 11,612 Net cash provided by operating activities 240,200 194,476 Cash flows from investing activities: Cash from (used for) business acquisitions (1,869,631) 7,744 Capital expenditures (132,863) (97,034) Proceeds from disposal of tangible assets 107 168 Net cash used for investing activities (2,002,387) (89,122) Cash flows from financing activities: Borrowings under credit arrangements 2,432,630 50,000 Proceeds from issuance of common stock 13,613 11,628 Payments under financing lease obligations (1,508) (1,341) Cash dividends paid (5,870) (6,000) Withholding tax payments for share-based payment awards (18,786) (20,514) Payments under share repurchase program, including excise tax (31,806) (150,967) Debt issuance costs paid (47,545) (3,178) Payments under borrowing arrangements (585,860) (50,000) Net cash provided by (used for) financing activities 1,754,868 (170,372) Effect of foreign currency exchange rate changes on cash and cash equivalents (1,862) 8,973 Decrease in cash and cash equivalents (9,181) (56,045) Cash and cash equivalents, beginning of period 389,887 370,302 Cash and cash equivalents, end of period $ 380,706 $ 314,257
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Three Months Ended Nine Months Ended September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 (In thousands, except percentages and per share amounts) Revenues $ 965,954 $ 698,221 $ 2,412,486 $ — $ 1,995,074 GAAP gross profit $ 338,750 $ 263,198 $ 890,462 $ 767,606 Adjustments related to acquisitions and divestitures 56,250 — 56,250 — Amortization of software development intangible assets 3,938 3,072 10,811 8,628 Severance, restructuring, and acquisition integration costs 2,237 326 6,462 337 Adjusted gross profit $ 401,175 $ 266,596 $ 963,985 $ 776,571 GAAP gross profit margin 35.1 % 37.7 % 36.9 % 38.5 % Adjusted gross profit margin 41.5 % 38.2 % 40.0 % 38.9 % GAAP selling, general and administrative expenses $ (211,959) $ (139,415) $ (498,438) $ (402,859) Severance, restructuring, and acquisition integration costs 16,504 8,774 27,154 13,205 Adjustments related to acquisitions and divestitures 250 11 3,113 595 Adjusted selling, general and administrative expenses $ (195,205) $ (130,630) $ (468,171) $ (389,059) GAAP research and development expenses $ (55,220) $ (33,859) $ (117,023) $ (96,216) Severance, restructuring, and acquisition integration costs 1,709 78 3,080 173 Adjusted research and development expenses $ (53,511) $ (33,781) $ (113,943) $ (96,043) GAAP net income (loss) $ (11,351) $ 56,690 $ 108,212 $ 169,633 Income tax expense (benefit) (14,183) 7,562 14,230 23,372 Interest expense, net 41,802 11,562 68,860 33,866 Loss on debt extinguishment — 76 1,273 76 Total non-operating adjustments 27,619 19,200 84,363 57,314 Amortization of intangible assets 54,807 13,636 81,018 40,381 Amortization of software development intangible assets 3,938 3,072 10,811 8,628 Severance, restructuring, and acquisition integration costs 20,450 9,178 36,696 13,715 Adjustments related to acquisitions and divestitures 56,500 11 59,363 595 Total operating income adjustments 135,695 25,897 187,888 63,319 Depreciation expense 19,174 16,856 54,641 46,406 Adjusted EBITDA $ 171,137 $ 118,643 $ 435,104 $ 336,672 GAAP net income (loss) margin (1.2) % 8.1 % 4.5 % 8.5 % Adjusted EBITDA margin 17.7 % 17.0 % 18.0 % 16.9 % GAAP net income (loss) $ (11,351) $ 56,690 $ 108,212 $ 169,633 Plus: Operating income adjustments from above 135,695 25,897 187,888 63,319 Less: Tax effect of adjustments above 35,014 3,449 46,642 12,722 Plus: Loss on debt extinguishment — 76 1,273 76 Adjusted net income $ 89,330 $ 79,214 $ 250,731 $ 220,306 GAAP income (loss) per diluted share $ (0.29) $ 1.41 $ 2.75 $ 4.21 Adjusted income per diluted share $ 2.26 $ 1.97 $ 6.37 $ 5.46 GAAP diluted weighted average shares 39,080 40,137 39,374 40,324 Adjustment for anti-dilutive shares that are dilutive under adjusted measures 366 — — — Adjusted diluted weighted average shares 39,446 40,137 39,374 40,324 34 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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35 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 September 27, 2026 September 28, 2025 Revenue Growth Foreign Currency Impact Copper Pass- Through Pricing Impact Acquisitions and Divestitures Impact Organic Growth (In thousands, except percentages) Revenues $ 965,954 $ 698,221 38 % — % 3 % 24 % 11 %
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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) 36 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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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. 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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38 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 27, 2026 December 31, 2025 September 28, 2025 (In thousands) GAAP net cash provided by operating activities 400,588$ 354,864$ 361,918$ Capital expenditures (172,001) (136,172) (148,098) Proceeds from disposal of assets 130 191 175 Non-GAAP free cash flow 228,717$ 218,883$ 213,995$ Trailing Twelve Months Ended
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39 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, 2026 GAAP EPS $0.24 - $0.39 Amortization of intangible assets 1.19 Severance, restructuring, and acquisition integration costs 0.39 Adjustments related to acquisitions and divestitures 0.38 Adjusted EPS $2.20 - $2.35
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Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com Thank you