Slides
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Investor Presentation Second Quarter 2025
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POWER | PROTECT | CONNECT 2 The Company’s consolidated operating results are affected by a wide variety of factors that could materially and adversely affect revenues and profitability, including the risk factors described in Item 1A of our 2024 Annual Report on Form 10-K. As a result of these and other factors, the Company may experience material fluctuations in future operating results on a quarterly or annual basis, which could materially and adversely affect its business, consolidated financial condition, operating results, and common stock prices. Furthermore, this document and other documents filed by the Company with the Securities and Exchange Commission (“SEC”) contain certain forward-looking statements under the Private Securities Litigation Reform Act of 1995 (“Forward-Looking Statements”) with respect to the business of the Company. Forward-Looking Statements are necessarily subject to risks and uncertainties, many of which are outside our control, that could cause actual results to differ materially from these statements. Forward-Looking Statements can be identified by such words as “anticipates,” “believes,” “plan,” “assumes,” “could,” “should,” “estimates,” “expects,” “intends,” “potential,” “seek,” “predict,” “may,” “will” and similar references to future periods. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial conditions, operations, costs, plans and objectives are Forward-Looking Statements. These Forward-Looking Statements are subject to certain risks and uncertainties, including those detailed in Item 1A of our 2024 Annual Report on Form 10-K, which could cause actual results to differ materially from these Forward-Looking Statements. The Company undertakes no obligation to publicly release the results of any revisions to these Forward-Looking Statements which may be necessary to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Any Forward- Looking Statement made by the Company is based only on information currently available to us and speaks only as of the date on which it is made. Safe Harbor Statement
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POWER | PROTECT | CONNECT 3 Company Overview Headquarters West Orange, New Jersey NASDAQ BELFA/BELFB Pro Forma (PF) Annual Sales $634M* PF Adj EBITDA / % of Sales $131M* / 20.7%** TTM 6/30/25; pro forma to include acquisition of Enercon Powering, protecting and connecting electronic circuits since 1949
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POWER | PROTECT | CONNECT 4 Diversity is our Strength 73% 27% OEM Distributor 65% 19% 16% North America Asia Europe 21% 9% 43% 27% Networking Industrial Aerospace/Defense Various (distribution) 53% 34% 13% Power Solutions & Protection Connectivity Solutions Magnetic Solutions End Markets Product Group Customer Type Geographic Region Blue-Chip Customer Base Data is TTM 6/30/25; pro forma to include acquisition of Enercon
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POWER | PROTECT | CONNECT 5 Magnetic SolutionsConnectivity SolutionsPower Solutions & Protection End Markets • Data and Telecommunications (Networking Infrastructure Switching, Servers and Storage Devices) • Industrial • Medical • Alarm and Security Systems • Lighting • Home Networking • Defense and Aerospace • Industrial • Data Communications • Transportation • Construction (premise wiring) • Oil and gas • Defense and Aerospace • Networking and data storage • Industrial • Rail • Medical • Electric vehicles and equipment • Consumer Applications • Integrated Connector Modules (ICMs) • Power Transformers • Power Inductors • Discrete Components • Harsh Environment Fiber Optics • Connectors and Cable Assemblies – optical, fiber, circular • Applications specific • Front-end (AC-DC) power supplies • Board mount power (BMP) • Industrial power products • e-Mobility converters and inverters • Circuit protection Select Products Customers Financial Overview Segment Overview 50% 28% 22% Networking Distribution Industrial $150.7 $165.0 $187.0 $210.6 $220.4 $218.1 28.0% 26.4% 25.9% 34.2% 37.1% 36.7% 2020 2021 2022 2023 2024 TTM 6/30/25 $181.5 $218.0 $288.0 $314.1 $343.6 $336.6 25.1% 27.0% 30.5% 38.1% 43.4% 41.5% 2020 2021 2022 2023 2024* TTM 6/30/25* $133.6 $160.4 $178.8 $115.1 $68.9 $79.224.8% 21.3% 27.6% 23.1% 25.3% 27.5% 2020 2021 2022 2023 2024 TTM 6/30/25 Revenue Gross Margin 37% 23% 21% 11% 5%3% Aerospace/Defense* Networking Distribution Rail Industrial E-Mobility 50% 36% 7%7% Aerospace/Defense Distribution Networking Industrial * TTM 6/30/25; pro forma to include acquisition of Enercon
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POWER | PROTECT | CONNECT 6 $45.5 $88.1 $116.8 $101.9 $117.9 8.4% 13.5% 18.3% 19.0% 19.8% 0.0% 5.0% 10.0% 15.0% 20.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 $100.0 $110.0 $120.0 2021 2022 2023 2024 TTM Q2-25 Our Financial Transformation 24.7% 28.0% 33.7% 37.8% 37.8% 0.15 0.2 0.25 0.3 0.35 0.4 0 100 200 300 400 500 600 700 2021 2022 2023 2024 TTM Q2-25 Power Connectivity Magnetics GM% $139.4 $172.5 $136.5 $161.4 $164.6 3.1 2.7 3.1 2.1 2.2 1 2 3 4 5 6 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 2021 2022 2023 2024 6/30/2025 $113 $95 $60 $288 $250 $62 $70 $127 $69 $59 2.1 0.9 0.14 2.08 1.98 0.0 0.5 1.0 1.5 2.0 2.5 $0 $50 $100 $150 $200 $250 $300 $350 2021 2022 2023 2024 2Q-25 ($ in millions) ($ in millions) ($ in millions) ($ in millions) $543 $640$654 $535 $559 Historical Revenue / GM% Historical Adjusted EBITDA Debt / Liquidity / Net Leverage Historical Inventory Levels and Turns
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POWER | PROTECT | CONNECT 7 Tailwinds from Key Sector Fundamentals Electrification Increased Data Generation 5G / Connectivity Miniaturization Artificial Intelligence (AI) EV and Infrastructure Positive end market trends position Bel for long-term success
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POWER | PROTECT | CONNECT 8 The Road Ahead: Exciting Growth Drivers Defense Distribution Space Artificial Intelligence (AI) Positive end market trends position Bel for long-term success Current Trends Aerospace Continued Strength in 2025 Networking Premise Wiring Near-Term Poised for Rebound in H2-2025
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POWER | PROTECT | CONNECT 9 Aerospace Applications • Power backup • Connectors for in-flight entertainment system • Cabling to measure fuel quantity Growth Driver: Aerospace & Defense (A&D) - 50 100 150 200 250 2021 2022 2023 2024 TTM 6/30/25 Millions Sales into A&D End Market 250% Defense Applications • Communications • Encryption • Munitions Approximately 40% of Bel’s sales support A&D applications
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POWER | PROTECT | CONNECT 10 - 5 10 15 20 25 2021 2022 2023 2024 TTM 6/30/25 Millions Sales into Emerging End Markets (Space & AI) Space Applications • Probes and Orbiters • Low Earth Orbit for Broadband • Missile Defense • GPS Trackers • Planetary Exploration • Atmospheric/Heliophysics Growth Driver: Emerging End Markets 560% AI Applications • Cloud Platforms • High Performance Computing • Networking Bel has stayed relevant in the electronics industry for over 75 years by evolving with new end market trends
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POWER | PROTECT | CONNECT 11 Q3-25 Perspectives Tariffs have had minimal impact; continue to navigate ongoing changes H2-25 Initiatives Growth mindset across the organization Sales initiatives Procurement initiatives Increased focus on balance sheet metrics/cash conversion
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IN SUMMARY… Bel offers investors a compelling combination of: • strong financials • diversified markets • exposure to growth-oriented sectors • disciplined capital management • proven commitment to transformation and innovation • historically acquisitive with more opportunities ahead
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Appendix
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POWER | PROTECT | CONNECT 14 Our Journey of Change To Date 2021 Farouq Tuweiq Joins as Bel’s first CFO February 2021 2022 2023 Jackie Brito New addition to Bel’s Board October 2021 ERP Implementation 5-year project completed July 2021 Pricing Strategy Round 2 - Targeted March 2022 Suzanne Kozlovsky New Global Head of People November 2022 Ping Gencianeo New Global ESG Director October 2022 Sabine Muehlberger New European Sales Director April 2022 Lynn Hutkin VP Financial Reporting & IR January 2023 Joe Berry VP Magnetic Solutions January 2023 Kenneth Lai VP Asia Operations January 2023 Pricing Strategy Round 1 – Broad Based March 2021 Executive Offsite Round 1 – Margin Focused May 2022 ESG Structure with Board-level Oversight February 2023 4 Facility Consolidations Started: Q4-22 Est Cost Savings: $5M Strengthening our bench Business/operational initiatives Strategy-focused activities Executive Offsite Round 2 – Growth Focused June 2023 Facility Closure Maidstone, UK May 2021 Non-Core Divestiture Czech Republic June 2023 2024 Steve Dawson VP Power Solutions & Protection July 2024 Anubhav Gothi Global Head of Contracts August 2024 Enercon Acquisition November 2024 Uma Pengali Global Head of Sales October 2024 2025 CEO Transition Farouq Tuweiq appointed CEO May 2025 CFO Transition Lynn Hutkin appointed CFO May 2025