Slides
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Needham Growth Conference January 13, 2026
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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 Headquarters West Orange, New Jersey NASDAQ BELFA / BELFB Annual Sales $657M* Adj EBITDA / % of Sales $137M* / 20.9%* Company Overview * TTM 9/30/25, 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 75% 25% OEM Distributor 65% 19% 15% North America Asia Europe 17% 13% 39% 32% 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 9/30/25; pro forma to include acquisition of Enercon
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POWER | PROTECT | CONNECT 5 End Markets Power Solutions & Protection Connectivity Solutions Magnetic Solutions Applications • Defense and Aerospace • Networking and data storage • Industrial • Rail • Medical • Electric vehicles and equipment • Consumer • Defense and Aerospace • Industrial • Data Communications • Transportation • Construction (premise wiring) • Oil and gas • Data and Telecommunications (Networking Infrastructure Switching, Servers and Storage Devices) • Industrial • Medical • Alarm and Security Systems • Lighting • Home Networking Select Products • Front-end (AC-DC) power supplies • Board mount power (BMP) • Industrial power products • e-Mobility converters and inverters • Circuit protection • Harsh Environment Fiber Optics • Connectors and Cable Assemblies – optical, fiber, circular • Applications specific • Integrated Connector Modules (ICMs) • Power Transformers • Power Inductors • Discrete Components Customers Financial Overview Segment Overview 45% 26% 29% Networking Distribution Industrial $172.3 $150.7 $165.0 $187.0 $210.6 $220.4 $224.4 25.8% 28.0% 26.4% 25.9% 34.2% 37.1% 38.6% 2019 2020 2021 2022 2023 2024 TTM 9/30/25 $163.5 $181.5 $218.0 $288.0 $314.1 $343.6 $349.9 20.1% 25.1% 27.0% 30.5% 38.1% 43.4% 42.1% 2019 2020 2021 2022 2023 2024 TTM 9/30/25* $156.5 $133.6 $160.4 $178.8 $115.1 $68.9 $82.7 21.9% 24.8% 21.3% 27.6% 23.1% 25.3% 28.0% 2019 2020 2021 2022 2023 2024 TTM 9/30/25 Revenue Gross Margin 36% 21% 20% 5% 12%3% Aerospace/Defense* Networking Distribution Rail Industrial E-Mobility 52% 34% 9%5% Aerospace/Defense Distribution Networking Industrial * TTM 9/30/25; pro forma to include acquisition of Enercon
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POWER | PROTECT | CONNECT 6 $45.5 $88.1 $116.8 $101.9 $137.4 8.4% 13.5% 18.3% 19.0% 20.9% 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 $130.0 $140.0 2021 2022 2023 2024 TTM Q3-25 Our Financial Transformation 24.7% 28.0% 33.7% 37.8% 38.7% 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 Q3-25 Power Connectivity Magnetics GM% $139.4 $172.5 $136.5 $161.4 $166.1 3.1 2.7 3.1 2.1 2.4 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 9/30/2025 $113 $95 $60 $288 $225 $62 $70 $127 $69 $58 2.1 0.9 0.14 2.08 1.72 0.0 0.5 1.0 1.5 2.0 2.5 $0 $50 $100 $150 $200 $250 $300 $350 2021 2022 2023 2024 3Q-25 ($ in millions) ($ in millions) ($ in millions) ($ in millions) $543 $640$654 $535 $657 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) - 50 100 150 200 250 300 2021 2022 2023 2024* TTM 9/30/25* Millions Sales into A&D End Market 270% Defense Applications • Communications • Encryption • Munitions Approximately 40% of Bel’s sales support A&D applications *Includes Enercon sales
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POWER | PROTECT | CONNECT 10 - 5 10 15 20 25 2021 2022 2023 2024 TTM 9/30/25 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 620% AI Applications • Cloud Platforms • High Performance Computing • Networking Bel has a strong history of technological evolution towards end markets and products for over 75 years
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Driven by strong financials, diverse markets, and bold innovation, Bel is poised for growth – be part of our next chapter.
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Appendix
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POWER | PROTECT | CONNECT 13 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
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POWER | PROTECT | CONNECT 14 Class A and Class B Share Highlights¹ Class A Shares Class B Shares Shares Outstanding 2,115,263 (16.7% of the total A+B shares outstanding) If the number of Class A shares outstanding drops below 10% of total A+B shares outstanding, the Company is required to collapse into a single common stock structure, with only Class A shares 10,548,254 (83.3% of the total A+B shares outstanding) Voting Rights One vote per share Any investor who acquires 10% or more of Class A stock is required to make a public cash tender offer to purchase a proportional amount of Class B shares; if the investor fails to do so, the voting rights of their Class A shares are suspended until they comply or divest shares such that their ownership is reduced below 10% Among other things, the restriction on owning more than 10% of the Class A shares without an equivalent number of Class B shares ensures that a shareholder cannot have outsized voting power relative to their economic stake Non-voting Dividend $0.24 per share annually since 2023 Entitled to at least 5% more than Class A shares $0.28 per share annually since 2023 Earnings Allocation $3.10 per share FY 2024 Allocated 5% more undistributed earnings $3.28 per share FY 2024 Liquidity 1 ~8,000 shares / ~$700,000 in average daily trading volume YTD ~117,000 shares / ~$11 million in average daily trading volume YTD 1. A full description of the rights, preferences, and limitations of Bel Fuse’s Class A and Class B common stock is set forth in the Company’s Restated Certificate of Incorporation 2. Source: FactSet. Data as of September 30, 2025.
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POWER | PROTECT | CONNECT 15 Dual Class Structure: Investor Considerations Bel Fuse regularly reviews the Company’s share class structure to ensure it continues to serve the interests of all shareholders 1. Unlike other companies with multi-class share structures (e.g., Meta, Alphabet, News Corp), both Bel Fuse’s voting and non-voting shares are publicly traded and widely available to investors Investors can choose which class of stock to purchase, or purchase both classes in whatever proportion they choose, based on their individual preferences and investment objectives For example, investors who value voting rights can purchase Class A shares; investors who value liquidity or greater allocation of earnings and dividends can purchase Class B shares; investors can also hold a combination of both classes, tailoring their ownership based on their preferences with respect to governance, economics and liquidity 2. Eliminating the two-class structure could harm existing shareholders who made an informed investment choice The terms of Class A and Class B shares have been clearly disclosed and consistently reaffirmed since their adoption more than 20 years ago Shareholders invested in each class based on an informed understanding of the different features of those shares Collapsing the two classes would fundamentally alter the expectations of shareholders who made an affirmative decision to hold one class over the other, or different proportions of each, based on those disclosed terms 3. The two-class structure has provided stability and strategic continuity, supporting value creation for all shareholders The structure reduces the risk of disruption from short-term pressures and allows the Company to maintain its focus on its long-term business strategy and sustainable value creation Both Class A and Class B shares have consistently outperformed peers and the broader market on a total shareholder return basis over multiple time periods Class A and Class B shares also trade roughly in line with each other and industry valuation multiples, providing no evidence that the dual-class structure has constrained the Company’s valuation