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Second Quarter 2025 Earnings CallJuly 29, 2025
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2 Forward Looking Statements and Non-GAAP MeasuresCertain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements generally relate to ourexpectations and beliefs regarding our financial results, condition and outlook, projections of future performance, anticipated growth and end markets, changes in operating results, market conditions andeconomic conditions, expected capital resources, liquidity, financial performance, pension funding, results of operations, plans, strategies, opportunities, developments and productivity initiatives,competitive positioning, and trends in particular markets or industries. In addition, all statements set forth in the “Summary & Outlook” section in our earnings press release, and in the “Anticipate 2025Organic Growth of +4-6%” and “Raising 2025 Adjusted EPS Outlook Range” sections in this presentation, as well as other statements that are not strictly historic in nature are forward-looking. Thesestatements may be identified by the use of forward-looking words or phrases such as “believe”, “expect”, “anticipate”, “intend”, “depend”, “plan”, “estimated”, “predict”, “target”, “should”, “could”, “may”,“subject to”, “continues”, “growing”, “prospective”, “forecast”, “projected”, “purport”, “might”, “if”, “contemplate”, “potential”, “pending”, “target”, “goals”, “scheduled”, “will”, “will likely be”, and similar wordsand phrases. Such forward-looking statements are based on our current expectations and involve numerous assumptions, known and unknown risks, uncertainties and other factors which may causeactual and future performance or the Company’s achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements.Such factors include, but are not limited to: business conditions, geopolitical conditions (including the wars in Ukraine and the Middle East, as well as trade tensions with China) and changes in generaleconomic conditions in particular industries, markets or geographic regions, and ongoing softness in the telecommunication markets and residential market of Electrical Solutions, as well as the potentialfor a significant economic slowdown, macro-economic effects of the U.S. government federal deficit, continued inflation, stagflation or recession, higher interest rates, and higher energy costs; our abilityto offset increases in material and non-material costs through price recovery and volume growth; effects of unfavorable foreign currency exchange rates and the potential use of hedging instruments tohedge the exposure to fluctuating rates of foreign currency exchange on inventory purchases; the outcome of contingencies or costs compared to amounts provided for such contingencies, includingthose with respect to pension withdrawal liabilities; achieving sales levels to meet revenue expectations; unexpected costs or charges, certain of which may be outside the Company’s control; the effectsof trade tariffs, import quotas and other trade restrictions or actions taken by the United States, Mexico, the United Kingdom, member states of the European Union, and other countries, includingchanges in U.S. trade policies that may be made by the current or a future presidential administration and changes in trade policies in other countries made in response to changes in U.S. trade policies;failure to achieve projected levels of efficiencies, cost savings and cost reduction measures, including those expected as a result of our lean initiatives and strategic sourcing plans, regulatory issues,changes in tax laws and policies, including changes in current U.S. income tax rates, multijurisdictional implementation of the Organisation for Economic Co-operation and Development’s comprehensivebase erosion and profit shifting plan, or changes in geographic profit mix affecting tax rates and availability of tax incentives; the impact of and ability to fully manage and integrate acquired businesses,including the acquisitions of Northern Star Holdings, Inc. (the Systems Control business) and Alliance USAcqCo 2, Inc., a Delaware corporation (the Ventev business), as well as the failure to realizeexpected synergies and benefits anticipated when we make an acquisition due to potential adverse reactions or changes to business or employee relationships resulting from completion of thetransaction, competitive responses to the transaction, the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, orproblems arising from, the integration of the acquired business, diversion of management’s attention from ongoing business operations and opportunities, and litigation relating to the transaction; theimpact of certain divestitures, including the benefits and costs of the sale of the residential lighting business; the ability to effectively develop and introduce new products, expand into new markets anddeploy capital; and other factors described in our Securities and Exchange Commission filings, including in the “Business”, “Risk Factors”, “Management’s Discussion and Analysis of Financial Conditionand Results of Operations”, “Forward-Looking Statements” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Annual Report on Form 10-K for the year ended December 31,2024.Certain terms used in this presentation or in our earnings press release, including “Net debt”, “Free Cash Flow”, “Organic net sales”, “Organic net sales growth”, “Restructuring-relatedcosts”, “Adjusted EBITDA”, and certain "adjusted" measures, are defined under the section entitled “Non-GAAP Definitions.” See Appendix, our press releases and SEC filings formore information. Forward Looking Statements Non-GAAP Measures
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3 Key MessagesDouble digit adjusted EPS growth in 2Q; raising 2025 outlookGrid Infrastructure 2Q organic growth +7%; YTD orders up high teensDatacenter markets drove strong Electrical Solutions performancePrice and productivity actions implemented to offset cost inflation1234
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4 Transition to FIFO-Based Inventory Accounting High quality reporting framework with enhanced consistency, visibility and peer comparability FIFO RATIONALEConforms inventory accounting to a single methodBetter matching of expenses and revenue recognitionComparability to peer reporting structuresEnhanced cost visibility and predictabilityHIGH QUALITY REPORTING FRAMEWORKConsistently applied and limited number of exclusions, primarily intangible amortizationAdjusted reporting framework includes R&R and all other operating costsSegment operating margins fully burdened with all corporate costsHUBB 2024 GAAP OP Margin (19.4%) top quartile vs peers1Mid teens Free Cash Flow Margin FINANCIAL IMPLICATIONSRecast segment results and adjusted EPS impacts included in Appendix materialsFIFO transition resulted in $29M decrease in COGS for 2Q25 and $20M decrease in COGS for 1H25Cash tax acceleration payable over 4 yrs; expect to more than offset with OBBBA cash tax benefit1Peer group consists of 20 electrical and multi-industrial companies
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5 2Q 2025 Results Strong core operating performance drove double digit adjusted earnings growth NET SALESADJ. OPERATING PROFITADJ. DILUTED EPSFREE CASH FLOW Organic +2%Electrical Solutions +4%Grid Infrastructure +7%Grid Automation -13%Up 120bps y/yFavorable mixPrice | Cost | ProductivityUp Double Digits y/y Lower y/y share countHigher prior year tax rateUp 7% y/yAccounts receivable / sales timing1,4531,4842Q 2024 2Q 2025+2%3373622Q 2024 2Q 2025+8%$4.44 $4.93 2Q 2024 2Q 2025+11%2062212Q 2024 2Q 2025+7%23.2%24.4%$ millions$ millions $ millions$ per share
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6 2Q 2025 Hubbell Utility Solutions (HUS) Segment Results Strong performance in core, high margin T&D infrastructure businesses HUS NET SALESHUS ADJUSTED OPERATING PROFIT9279362Q 2024 2Q 2025+1%2232392Q 2024 2Q 2025+7%24.1%25.5%Grid Infrastructure sales $699M (+7% organic)Continued strong growth in transmission/substation (up double digits)Distribution markets solid and returned to growth (+MSD)YTD orders up high teens y/y; broad-based strength across marketsGrid Automation sales $237M (-13% organic)Weak meter and AMI new project activitySolid growth in grid protection & controlsOrganic +1% Favorable price realization and productivityFavorable mix; strong volume growth in Grid InfrastructureCost management mitigating Grid Automation volume declinesCost inflation, higher raw material and tariff costsHIGHLIGHTS AND KEY PERFORMANCE DRIVERS$ millions$ millions
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7 2Q 2025 Hubbell Electrical Solutions (HES) Segment Results Strong operating performance driven by +MSD organic growth and continued margin expansion HES NET SALESHES ADJUSTED OPERATING PROFITDatacenter sales up significantlyLight industrial markets solidNon-residential and heavy industrial markets softVertical market strategy, new product introductions and commercial alignment driving outgrowthVolume growthFavorable price realization and productivityCost inflation, higher raw material and tariff costsHIGHLIGHTS AND KEY PERFORMANCE DRIVERS5265492Q 2024 2Q 2025+4%Organic +4%M&A +1% 1131242Q 2024 2Q 2025+9%21.5%22.5%$ millions$ millions
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8 Anticipate 2025 Organic Growth of +4-6% 2H organic growth acceleration driven by price realization, strong 1H orders and easier y/y comparisons UTILITY SOLUTIONSELECTRICAL SOLUTIONSDistribution/telcom growth inflectingWell positioned in robust transmission/substation marketsMeters & AMI markets weaker than initial expectationsAnticipate seasonally strong 2H, supported by order visibilityFY25 Grid Infrastructure organic +HSD; Grid Automation -HSDGrowth driven by visible strength in datacenter marketsT&D and light industrial markets solid; non-res and heavy industrial softContinued execution on growth/productivity playbookSecular momentum vs. macroeconomic uncertaintyAnticipate 2H market conditions similar to 1H Non ResidentialLight IndustrialHeavyIndustrialDatacenterElectric T&DFY25+4-6%OrganicFlat+MSDFlat+MSD+LSDUp >30%Electric DistributionElectric TransmissionUtility Meters & AMITelcomGrid Protection & ControlsElectric Substation+MSD+Mid Teens+High TeensFlat+MSDDown ~20%+Double DigitFY25+4-5%OrganicGrid AutomationGrid Infrastructure
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9 Raising 2025 Adjusted EPS Outlook Range +MSD organic growth and solid margin expansion driving +HSD adjusted EPS growth at midpoint2025 ADJUSTED EPS BRIDGE2024 Adj. Diluted EPSVolume / Mix Price / Cost / ProductivityRestructuring & RelatedNon-Operating 2025 Adj. Diluted EPS Outlook$17.65 to $18.15~$60M net interest expense~$20M net other expense22.0 to 22.5% adj. tax rate~53.6 million diluted share countPrice realizationProductivity and cost managementHigher raw material costs and tariffsOther cost inflationInvestmentsSimilar y/y R&R investmentSavings from prior restructuring actions$16.59Updated 2025 Outlook+4-6%Organic Growth~90%Free Cash Flowconversion on adj. income$17.65-$18.15Adjusted Diluted EPSMODELING CONSIDERATIONSFIFO transition; higher material and tariff costs in 2H vs 1HVolume and price realization anticipated to improve 1H to 2HProactive cost management~$10M anticipated R&R investment in 3Q~$225M invested in share repurchase YTDVolume growthMix favorability
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APPENDIX
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11 APPENDIXReferences to "adjusted" operating measures exclude the impact of certain costs, gains or losses. Management believesthese adjusted operating measures provide useful information regarding our underlying performance from period to period andan understanding of our results of operations without regard to items we do not consider a component of our core operatingperformance. Adjusted operating measures are non-GAAP measures, and include adjusted operating income, adjustedoperating margin, adjusted net income attributed to Hubbell Incorporated, adjusted net income available to commonshareholders, adjusted earnings per diluted share, and Adjusted EBITDA. These non-GAAP measures exclude, whereapplicable:• Amortization of all intangible assets associated with our business acquisitions, including inventory step-up amortizationassociated with those acquisitions. The intangible assets associated with our business acquisitions arise from theallocation of the purchase price using the acquisition method of accounting in accordance with Accounting StandardsCodification 805, “Business Combinations.” These assets consist primarily of customer relationships, developedtechnology, trademarks and tradenames, and patents, as reported in Note 7—Goodwill and Other Intangible Assets,under the heading “Total Definite-Lived Intangibles,” within the Company’s audited consolidated financial statements setforth in its Annual Report on Form 10-K for Fiscal Year Ended December 31, 2024. The Company excludes these non-cash expenses because we believe it (i) enhances management’s and investors’ ability to analyze underlying businessperformance, (ii) facilitates comparisons of our financial results over multiple periods, and (iii) provides more relevantcomparisons of our results with the results of other companies as the amortization expense associated with theseassets may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions.Although we exclude amortization of these acquired intangible assets and inventory step-up from our non-GAAP results,we believe that it is important for investors to understand that revenue generated, in part, from such intangibles isincluded within revenue in determining adjusted net income attributable to Hubbell Incorporated.• Transaction, integration, and separation costs associated with our business acquisitions and divestitures. The effectsthat acquisitions and divestitures may have on our results fluctuate significantly based on the timing, size, and numberof transactions, and therefore results in significant volatility in the costs to complete transactions and integrate orseparate the businesses. The size of acquisition and divestiture actions taken by the Company in the fourth quarter of2023 has resulted in a significant increase in these costs, and as a result we believe excluding costs, relating to thesefourth quarter transactions provides useful and more comparative information to investors to better assess our operatingperformance.• Gains or losses from the disposition of a business. The Company excludes these gains or losses because we believe it enhances management's and investors' ability to analyze underlying business performance and facilitates comparisons of our financial results over multiple periods. In the first quarter of 2024 the Company recognized a $5.3 million pre-tax loss on the disposition of the residential lighting business. In the second quarter of 2025 the Company recognized a $0.4 million pre-tax loss on the disposition of a product line in the HES segment.• The income tax effect directly related to the disposition of the residential lighting business. In the first quarter of 2024 the Company recognized $6.8 million of income tax expense on the sale of the residential lighting business, primarily driven by differences between book and tax basis in goodwill.• Income tax effects of the above adjustments, which are calculated using the statutory tax rate, taking into considerationthe nature of the item and the relevant taxing jurisdiction, unless otherwise noted.Adjusted EBITDA is a non-GAAP measure that excludes the items noted above and also excludes the Other income(expense), net, Interest expense, net, and Provision for income taxes captions of the Condensed Consolidated Statement ofIncome, as well as depreciation and amortization expense.Net debt (defined as total debt less cash and investments) to total capital is a non-GAAP measure that we believe is a usefulmeasure for evaluating the Company's financial leverage and the ability to meet its funding needs. Free cash flow is a non-GAAP measure that we believe provides useful information regarding the Company's ability togenerate cash without reliance on external financing. In addition, management uses free cash flow to evaluate the resourcesavailable for investments in the business, strategic acquisitions and further strengthening the balance sheet.In connection with our restructuring and related actions, we have incurred restructuring costs as defined by U.S. GAAP, whichare primarily severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure,contract termination and certain pension costs that are directly related to restructuring actions. We also incur restructuring-related costs, which are costs associated with our business transformation initiatives, including the consolidation of back-officefunctions and streamlining our processes, and certain other costs and gains associated with restructuring actions. We refer tothese costs on a combined basis as "restructuring and related costs", which is a non-GAAP measure.Organic net sales, a non-GAAP measure, represents net sales according to U.S. GAAP, less net sales from acquisitions anddivestitures during the first twelve months of ownership or divestiture, respectively, less the effect of fluctuations in net salesfrom foreign currency exchange. The period-over-period effect of fluctuations in net sales from foreign currency exchange iscalculated as the difference between local currency net sales of the prior period translated at the current period exchange rateas compared to the same local currency net sales translated at the prior period exchange rate. We believe this measureprovides management and investors with a more complete understanding of underlying operating results and trends ofestablished, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activitiescan obscure underlying trends. When comparing net sales growth between periods excluding the effects of acquisitions,business dispositions and currency exchange rates, those effects are different when comparing results for different periods.For example, because net sales from acquisitions are considered inorganic from the date we complete an acquisition throughthe end of the first year following the acquisition, net sales from such acquisition are reflected as organic net sales thereafter.There are limitations to the use of non-GAAP measures. Non-GAAP measures do not present complete financial results. Wecompensate for this limitation by providing a reconciliation between our non-GAAP financial measures and the respective mostdirectly comparable financial measure calculated and presented in accordance with GAAP. Because non-GAAP financialmeasures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAPfinancial measures having the same or similar names. These financial measures should not be considered in isolation from, assubstitutes for, or alternative measures of, reported GAAP financial results, and should be viewed in conjunction with the mostcomparable GAAP financial measures and the provided reconciliations thereto. We believe, however, that these non-GAAPfinancial measures, when viewed together with our GAAP results and related reconciliations, provide a more completeunderstanding of our business. We strongly encourage investors to review our consolidated financial statements and publiclyfiled reports in their entirety and not rely on any single financial measure.Reconciliations of each of these non-GAAP measures to the most directly comparable GAAP measure can be found in thetables below. When we provide our expectations for organic net sales, adjusted effective tax rate, adjusted diluted EPS andfree cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and thecorresponding GAAP measures (expected net sales, effective tax rate, diluted EPS and net cash flows provided by operatingactivities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibilityas to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains andlosses, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, certainfinancing costs, and other structural changes or their probable significance. The variability of the excluded items may have asignificant, and potentially unpredictable, impact on our future GAAP results.Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided andpercentages may not precisely reflect the absolute figures.
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12 APPENDIXReconciliation of Adjusted Net Income to the most directly comparable GAAP measure (millions):Six Months Ended June 30,Three Months Ended June 30,Hubbell IncorporatedChange20242025Change2024202515 %$ 354.6$ 407.412 %$ 217.5$ 244.2Net income attributable to Hubbell (GAAP measure)67.949.928.525.2Amortization of acquisition-related intangible assets9.01.11.70.7Transaction, integration & separation costs5.30.4—0.4Loss on disposition of business$ 436.8$ 458.8$ 247.7$ 270.5Subtotal11.912.17.36.2Income tax effects5 %$ 424.9$ 446.710 %$ 240.4$ 264.3Adjusted net incomeSix Months Ended June 30,Three Months Ended June 30,Hubbell IncorporatedChange20242025Change20242025Numerator:$ 354.6$ 407.4$ 217.5$ 244.2Net income attributable to Hubbell (GAAP measure)(0.7)(0.7)(0.4)(0.4)Less: Earnings allocated to participating securities15 %$ 353.9$ 406.712 %$ 217.1$ 243.8Net income available to common shareholders (GAAP measure) [a]$ 424.9$ 446.7$ 240.4$ 264.3Adjusted net income (0.9)(0.8)(0.5)(0.5)Less: Earnings allocated to participating securities5 %$ 424.0$ 445.910 %$ 239.9$ 263.8Adjusted net income available to common shareholders [b]Denominator:53.753.453.753.2Average number of common shares outstanding [c]0.40.30.40.3Potential dilutive shares54.153.754.153.5Average number of diluted shares outstanding [d]Earnings per share (GAAP measure):$ 6.59$ 7.62$ 4.04$ 4.58Basic [a] / [c]16 %$ 6.55$ 7.5814 %$ 4.01$ 4.56Diluted [a] / [d]6 %$ 7.85$ 8.3111 %$ 4.44$ 4.93Adjusted earnings per diluted share [b] / [d]Reconciliation of Adjusted Earnings Per Diluted Share to the most directly comparable GAAP measure (millions, except per share amounts):
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13 APPENDIXSix Months Ended June 30,Three Months Ended June 30,Hubbell IncorporatedChange20242025Change20242025— %$ 2,851.6$ 2,849.52 %$ 1,452.5$ 1,484.3Net Sales [a]Operating Income9 %$ 520.7$ 566.710 %$ 306.3$ 336.3GAAP measure [b]67.949.928.525.2Amortization of acquisition-related intangible assets9.01.11.70.7Transaction, integration & separation costs3 %$ 597.6$ 617.78 %$ 336.5$ 362.2Adjusted operating income [c]Operating margin+160 bps18.3 %19.9 %+160 bps21.1 %22.7 %GAAP measure [b] / [a]+70 bps21.0 %21.7 %+120 bps23.2 %24.4 %Adjusted operating margin [c] / [a] Six Months Ended June 30,Three Months Ended June 30,Electrical SolutionsChange20242025Change202420253 %$ 1,031.1$ 1,056.94 %$ 526.0$ 548.8Net Sales [a]Operating Income12 %$ 175.8$ 197.78 %$ 109.1$ 118.1GAAP measure [b]8.310.14.15.2Amortization of acquisition-related intangible assets4.80.5—0.2Transaction, integration & separation costs10 %$ 188.9$ 208.39 %$ 113.2$ 123.5Adjusted operating income [c]Operating margin+170 bps17.0 %18.7 %+80 bps20.7 %21.5 %GAAP measure [b] / [a]+140 bps18.3 %19.7 %+100 bps21.5 %22.5 %Adjusted operating margin [c] / [a]Six Months Ended June 30,Three Months Ended June 30,Utility SolutionsChange20242025Change20242025(2)%$ 1,820.5$ 1,792.61 %$ 926.5$ 935.5Net Sales [a]Operating Income7 %$ 344.9$ 369.011 %$ 197.2$ 218.2GAAP measure [b]59.639.824.420.0Amortization of acquisition-related intangible assets4.20.61.70.5Transaction, integration & separation costs— %$ 408.7$ 409.47 %$ 223.3$ 238.7Adjusted operating income [c]Operating margin+170 bps18.9 %20.6 %+200 bps21.3 %23.3 %GAAP measure [b] / [a]+40 bps22.4 %22.8 %+140 bps24.1 %25.5 %Adjusted operating margin [c] / [a]Reconciliation of Adjusted Operating Margin to the most directly comparable GAAP measure (millions):
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14 APPENDIX Six Months Ended June 30,Three Months Ended June 30,Electrical SolutionsInc/(Dec)%2024Inc/(Dec)%2025Inc/(Dec)%2024Inc/(Dec)%2025(0.8)$ (7.8)2.5$ 25.8(1.7)$ (9.1)4.3$ 22.8Net sales growth (GAAP measure)——0.99.4——0.94.9Impact of acquisitions(7.3)(75.3)(2.0)(21.1)(8.8)(47.2)——Impact of divestitures0.21.7(0.5)(5.1)(0.1)(0.2)(0.1)(0.7)Foreign currency exchange6.3$ 65.84.1$ 42.67.2$ 38.33.5$ 18.6Organic net sales growth (non-GAAP measure)Six Months Ended June 30,Three Months Ended June 30,Utility SolutionsInc/(Dec)%2024Inc/(Dec)%2025Inc/(Dec)%2024Inc/(Dec)%202512.9$ 208.1(1.5)$ (27.9)11.5$ 95.70.9$ 9.0Net sales growth (decline) (GAAP measure)13.5217.3——13.1108.8——Impact of acquisitions————————Impact of divestitures—0.3(0.3)(5.6)(0.1)(1.0)(0.2)(1.4)Foreign currency exchange(0.6)$ (9.5)(1.2)$ (22.3)(1.5)$ (12.1)1.1$ 10.4Organic net sales growth (decline) (non-GAAP measure)Reconciliation of Organic Net Sales Growth to Net Sales Growth (millions and percentage change):Six Months Ended June 30,Three Months Ended June 30,Hubbell IncorporatedInc/(Dec)%2024Inc/(Dec)%2025Inc/(Dec)%2024Inc/(Dec)%20257.6$ 200.3(0.1)$ (2.1)6.3$ 86.62.2$ 31.8Net sales growth (decline) (GAAP measure)8.2217.30.39.48.0108.80.34.9Impact of acquisitions(2.8)(75.3)(0.7)(21.1)(3.5)(47.2)——Impact of divestitures0.12.0(0.4)(10.7)(0.1)(1.2)(0.1)(2.1)Foreign currency exchange2.1$ 56.30.7$ 20.31.9$ 26.22.0$ 29.0Organic net sales growth (decline) (non-GAAP measure)
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15 APPENDIXReconciliation of Free Cash Flow to the most directly comparable GAAP measure (millions):Six Months Ended June 30,Three Months Ended June 30,Hubbell Incorporated2024202520242025$ 331.8$ 298.0$ 239.6$ 260.6Net cash provided by operating activities (GAAP measure)(74.2)(65.9)(33.9)(39.9)Less: Capital expenditures$ 257.6$ 232.1$ 205.7$ 220.7Free cash flow (non-GAAP measure)December 31, 2024June 30, 2025Hubbell Incorporated$ 1,568.1$ 1,847.1Total Debt (GAAP measure)3,396.23,487.7Total Hubbell Shareholders’ Equity$ 4,964.3$ 5,334.8Total Capital32 %35 %Total Debt to Total Capital (GAAP measure)$ 429.9$ 495.6Less: Cash and Investments$ 1,138.2$ 1,351.5Net Debt (non-GAAP measure)23 %25 %Net Debt to Total Capital (non-GAAP measure)Reconciliation of Net Debt to the most directly comparable GAAP measure (millions):
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16 APPENDIXReconciliation of Adjusted Net Income to the most directly comparable GAAP measure (millions):Three Months EndedTwelve MonthsEndedThree Months EndedHubbell IncorporatedMarch 31, 2025December 31, 2024December 31, 2024September 30, 2024June 30, 2024March 31, 2024$ 163.2$ 779.0$ 198.2$ 226.2$ 217.5$ 137.1Net income attributable to Hubbell (GAAP measure)24.7127.331.328.128.539.4Amortization of acquisition-related intangible assets0.413.81.92.91.77.3Transaction, integration & separation costs—5.3———5.3Loss on disposition of business$ 188.3$ 925.4$ 231.4$ 257.2$ 247.7$ 189.1Subtotal5.927.48.07.57.34.6Income tax effects$ 182.4$ 898.0$ 223.4$ 249.7$ 240.4$ 184.5Adjusted net incomeThree Months EndedTwelve MonthsEndedThree Months EndedHubbell IncorporatedMarch 31, 2025December 31, 2024December 31, 2024September 30, 2024June 30, 2024March 31, 2024Numerator:$ 163.2$ 779.0$ 198.2$ 226.2$ 217.5$ 137.1Net income attributable to Hubbell (GAAP measure)(0.3)(1.5)(0.4)(0.4)(0.4)(0.3)Less: Earnings allocated to participating securities$ 162.9$ 777.5$ 197.8$ 225.8$ 217.1$ 136.8Net income available to common shareholders (GAAP measure) [a]$ 182.4$ 898.0$ 223.4$ 249.7$ 240.4$ 184.5Adjusted net income (0.3)(1.7)(0.4)(0.4)(0.5)(0.4)Less: Earnings allocated to participating securities$ 182.1$ 896.3$ 223.0$ 249.3$ 239.9$ 184.1Adjusted net income available to common shareholders [b]Denominator:53.553.753.653.753.753.7Average number of common shares outstanding [c]0.30.30.40.30.40.3Potential dilutive shares53.854.054.054.054.154.0Average number of diluted shares outstanding [d]Earnings per share (GAAP measure):$ 3.04$ 14.49$ 3.69$ 4.21$ 4.04$ 2.55Basic [a] / [c]$ 3.03$ 14.39$ 3.66$ 4.18$ 4.01$ 2.53Diluted [a] / [d]$ 3.38$ 16.59$ 4.13$ 4.61$ 4.44$ 3.41Adjusted earnings per diluted share [b] / [d]Reconciliation of Adjusted Earnings Per Diluted Share to the most directly comparable GAAP measure (millions, except per share amounts):
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17 APPENDIXThree Months EndedTwelve Months EndedThree Months Ended Hubbell IncorporatedMarch 31, 2025December 31, 2024December 31, 2024September 30, 2024June 30, 2024March 31, 2024$ 1,365.2$ 5,628.5$ 1,334.3$ 1,442.6$ 1,452.5$ 1,399.1Net Sales [a]Operating Income$ 230.4$ 1,093.1$ 259.7$ 312.7$ 306.3$ 214.4GAAP measure [b]24.7127.331.328.128.539.4Amortization of acquisition-related intangible assets0.413.81.92.91.77.3Transaction, integration & separation costs$ 255.5$ 1,234.2$ 292.9$ 343.7$ 336.5$ 261.1Adjusted operating income [c]Operating margin16.9 %19.4 %19.5 %21.7 %21.1 %15.3 %GAAP measure [b] / [a]18.7 %21.9 %22.0 %23.8 %23.2 %18.7 %Adjusted operating margin [c] / [a] Three Months EndedTwelve Months EndedThree Months EndedElectrical SolutionsMarch 31, 2025December 31, 2024December 31, 2024September 30, 2024June 30, 2024March 31, 2024$ 508.1$ 2,027.8$ 487.2$ 509.5$ 526.0$ 505.1Net Sales [a]Operating Income$ 79.6$ 361.3$ 92.0$ 93.5$ 109.1$ 66.7GAAP measure [b]4.916.13.84.04.14.2Amortization of acquisition-related intangible assets0.37.31.01.5—4.8Transaction, integration & separation costs$ 84.8$ 384.7$ 96.8$ 99.0$ 113.2$ 75.7Adjusted operating income [c]Operating margin15.7 %17.8 %18.9 %18.4 %20.7 %13.2 %GAAP measure [b] / [a]16.7 %19.0 %19.9 %19.4 %21.5 %15.0 %Adjusted operating margin [c] / [a]Three Months EndedTwelve Months EndedThree Months EndedUtility SolutionsMarch 31, 2025December 31, 2024December 31, 2024September 30, 2024June 30, 2024March 31, 2024$ 857.1$ 3,600.7$ 847.1$ 933.1$ 926.5$ 894.0Net Sales [a]Operating Income$ 150.8$ 731.8$ 167.7$ 219.2$ 197.2$ 147.7GAAP measure [b]19.8111.227.524.124.435.2Amortization of acquisition-related intangible assets0.16.50.91.41.72.5Transaction, integration & separation costs$ 170.7$ 849.5$ 196.1$ 244.7$ 223.3$ 185.4Adjusted operating income [c]Operating margin17.6 %20.3 %19.8 %23.5 %21.3 %16.5 %GAAP measure [b] / [a]19.9 %23.6 %23.1 %26.2 %24.1 %20.7 %Adjusted operating margin [c] / [a]Reconciliation of Adjusted Operating Margin to the most directly comparable GAAP measure (millions):