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Third Quarter 2026 Earnings Call October 27, 2026
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2 Forward Looking Statements and Non-GAAP Measures Certain 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 our expectations and beliefs regarding our financial results, condition and outlook, projections of future performance, anticipated growth and end markets, changes in operating results, market conditions and economic conditions, expected capital resources, liquidity, financial performance, pension funding and results of operations, plans, strategies, opportunities, developments and productivity initiatives, competitive positioning, and trends in particular markets or industries. In addition, statements related to our outlook for the fourth quarter and full year 2026 and beyond, and all statements set forth in the “Summary & Outlook” section in our earnings press release, and in the “Key Messages”, “2027 End Market Preview”, and “Raising 2026 Outlook” sections in this presentation, as well as other statements that are not strictly historic in nature, are forward-looking. These statements 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”, “goals”, “scheduled”, “will”, “will likely be”, and similar words and 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 cause actual 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: the impact of and substantial uncertainty regarding the duration of existing and newly announced trade tariffs, import quotas or other trade actions, restrictions or measures taken by the United States, China, Mexico, the United Kingdom, member states of the European Union, and other countries, including the recent and ongoing potential changes 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 the U.S. trade policies; the timing of and eligibility for anticipated additional International Emergency Economic Power Act (IEEPA) tariff refunds; the general impact of inflation on our business, including the impact on raw materials costs, elevated interest rates and increased energy costs and our ability to implement and maintain pricing actions that we have taken to cover higher costs and protect our margin profile; economic and business conditions in particular industries, markets or geographic regions, as well the potential for macro- economic effects of the U.S. government federal deficit, and continued inflation, a significant economic slowdown, stagflation or recession; effects of unfavorable foreign currency exchange rates and the potential use of hedging instruments to hedge the exposure to fluctuating rates of foreign currency exchange on inventory purchases; supply chain disruptions and availability, costs and quantity of raw materials, purchased components, energy and freight; changes in demand for our products, market conditions, product quality, or product availability adversely affecting sales levels; ability to effectively develop and introduce new products; changes in markets or competition adversely affecting realization of price increases; continued strength in datacenter markets, notwithstanding certain opposition; continued softness in the heavy industrial and residential markets of Electrical Solutions; failure to achieve projected levels of efficiencies, and maintain cost savings and cost reduction measures, including those expected as a result of our lean initiatives and strategic sourcing plans; failure to comply with import and export laws; changes relating to impairment of our goodwill and other intangible assets; inability to access capital markets or failure to maintain our credit ratings; changes in expected or future levels of operating cash flow, indebtedness and capital spending; regulatory issues, and extensive worldwide changes to the taxation of multinational enterprises, including global minimum tax rules under the Organisation for Economic Co-operation and Development’s Pillar Two initiative and potential modifications to corporate taxation by the U.S. government, including adjustments to tax rates, deduction limitations, cross-border tax provisions, and administrative guidance; a major disruption in one or more of our manufacturing or distribution facilities or headquarters, including the impact of plant consolidations and relocations; changes in our relationships with, or the financial condition or performance of, key distributors and other customers, agents or business partners which could adversely affect our results of operations; impact of productivity improvements on lead times, quality and delivery of product; anticipated future contributions and assumptions including increases in interest rates and changes in plan assets with respect to pensions and other retirement benefits, as well as pension withdrawal liabilities; adjustments to product warranty accruals in response to claims incurred, historical experiences and known costs; unexpected costs or charges, certain of which might be outside of our control; changes in strategy due to economic conditions or other conditions outside of our control affecting anticipated future global product sourcing levels; ability to carry out future acquisitions and strategic investments in our core businesses as well as the acquisition related costs; the ability to successfully manage and integrate acquired businesses, such as the acquisitions of NSI Electrical Buyer, Inc. (the NSI Industries business), Alliance USAcqCo 2, Inc. (the Ventev business), Nicor, Inc. (the Nicor business), and Power Rose Acquisition, Inc. (the DMC Power business), as well as the failure to realize expected 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 the transaction, 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, or problems arising from, the integration of an acquired business, diversion of management’s attention from ongoing business operations and opportunities, and litigation relating to the transaction; the impact of certain divestitures, including the benefits and costs of the sale of the residential lighting business; the ability to effectively implement Enterprise Resource Planning systems without disrupting operational and financial processes; the ability of government customers to meet their financial obligations; political unrest and military actions in foreign countries, including the conflicts in Ukraine and the Middle East and trade tensions with China, as well as the impact on world markets and energy supplies and prices resulting therefrom, including the U.S.-Israel-Iran conflict, which has had substantial effects on global trade, the energy markets and the financial markets; the impact of potential natural disasters or additional public health emergencies on our financial condition and results of operations; failure of information technology systems, cybersecurity breaches, cyber threats, malware, phishing attacks, break-ins and similar events resulting in unauthorized disclosure of confidential information or disruptions or damage to information technology systems that could cause interruptions to our operations or adversely affect our internal control over financial reporting, including the impact of issues that may arise from the use of artificial intelligence technologies; incurring significant and/or unexpected costs to avoid, manage, defend and litigate intellectual property matters; future repurchases of common stock under our common stock repurchase program; changes in accounting principles, interpretations, or estimates; failure to comply with any laws and regulations, including those related to data privacy and information security, environmental laws and those relating to conflict-free minerals; the outcome of environmental, legal and tax contingencies or costs compared to amounts provided for such contingencies, including contingencies or costs with respect to pension withdrawal liabilities; improper conduct by any of our employees, agents or business partners that damages our reputation or subjects us to civil or criminal liability; our ability to hire, retain and develop qualified personnel; and other factors described in our Securities and Exchange Commission filings, including in the “Business”, “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Forward-Looking Statements” and “Quantitative and Qualitative Disclosures about Market Risk” sections in our annual and quarterly reports filed with Securities and Exchange Commission. Any such forward-looking statements are not guarantees of future performance and actual results, developments and business decisions may differ from those contemplated by such forward-looking statements. The Company disclaims any duty to update any forward-looking statement, all of which are expressly qualified by the foregoing, other than as required by law. 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-related costs”, “Adjusted EBITDA”, and certain "adjusted" measures, are defined under the section entitled “Non-GAAP Definitions.” See Appendix, our press releases and SEC filings for more information. Forward Looking Statements Non-GAAP Measures
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3 Key Messages Strong 3Q financial performance highlighted by double digit growth in organic sales, adjusted operating profit, adjusted EPS and free cash flow HES organic growth >20% in 3Q; NSI performance and integration ahead of expectations HUS strong core T&D performance; investing to serve significant YTD orders and backlog growth Raising 2026 outlook driven by higher sales growth; highly attractive organic growth setup for 2027 1 2 3 4
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4 3Q 2026 Results Net sales, adj. operating profit, adj. diluted EPS and free cash flow up double digits y/y in 3Q and YTD NET SALES ADJ. OPERATING PROFIT ADJ. DILUTED EPS FREE CASH FLOW Organic +11% Electrical Solutions organic +22% Utility Solutions organic +5% +160bps expansion Strong volume & acquisition growth Price | Cost | Productivity +14% y/y growth Higher y/y interest exp. & tax rate Lower y/y share count +10% y/y growth Working capital timing Higher y/y CapEx 1,502 1,873 3Q 2025 3Q 2026 +25% 358 477 3Q 2025 3Q 2026 +33% $5.17 $5.91 3Q 2025 3Q 2026 +14% 254 280 3Q 2025 3Q 2026 +10% 23.9% 25.5% $ millions $ millions $ millions$ per share Organic +11% Acquisitions +13%
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5 3Q 2026 Hubbell Utility Solutions (HUS) Segment Results Solid 3Q results; focused on capacity investment to drive organic growth acceleration HUS NET SALES HUS ADJUSTED OPERATING PROFIT 944 1,028 3Q 2025 3Q 2026 +9% 242 267 3Q 2025 3Q 2026 +10% 25.7% 26.0% Grid Infrastructure sales $808M (+8% organic) ▪ Strong growth in distribution, transmission and substation markets, driven by project activity supporting load growth and hardening/resiliency investment ▪ Continued broad-based orders strength and backlog build; investing proactively to expand capacity in high growth areas Grid Automation sales $220M (-4% organic) ▪ Temporary component availability headwind in meters (~$15M 3Q impact); fully resolved with recovery anticipated in 4Q ▪ Protection & controls sales up double digits, led by strength in substation switching Organic +5% Acquisitions +4% ▪ Volume growth ▪ Acquisitions ▪ Favorable price realization, productivity and net tariff benefit ▪ Cost inflation and higher raw material costs ▪ Investments HIGHLIGHTS AND KEY PERFORMANCE DRIVERS $ millions $ millions
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6 3Q 2026 Hubbell Electrical Solutions (HES) Segment Results >20% organic growth, +80% adjusted operating profit growth and +400bps adjusted OP margin expansion HES NET SALES HES ADJUSTED OPERATING PROFIT ▪ Datacenter sales up >80% organically driven by strong markets, capacity additions, new product introductions and content gains ▪ Light industrial and non-residential markets strong; heavy industrial soft ▪ Vertical market strategy, new product introductions and commercial alignment driving outgrowth ▪ NSI performance and integration ahead of initial expectations ▪ Volume growth ▪ NSI acquisition ▪ Favorable price realization, productivity and net tariff benefit ▪ Cost inflation and higher raw material costs HIGHLIGHTS AND KEY PERFORMANCE DRIVERS 559 845 3Q 2025 3Q 2026 +51% Organic +22% Acquisitions +29% 116 210 3Q 2025 3Q 2026 +80% 20.8% 24.8% $ millions $ millions
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7 Raising 2026 Outlook Full year 2026 outlook reflects >20% adjusted operating profit growth at midpoint Prior Outlook Updated Outlook Commentary Sales Growth +16-18% +18-19% ▪ Organic growth outlook increased from +9-11% to +10-11% ▪ Acquisition contribution increased from +7% to +7.5% Organic Growth +9-11% +10-11% ▪ Electrical Solutions organic growth outlook increased to +17-18% ▪ Utility Solutions organic growth outlook decreased to +6-7% Adj. Operating Margin 23.1% - 23.4% 23.0% - 23.2% ▪ Stronger volumes (HES weighted) ▪ Incremental cost inflation, price realization and productivity ▪ Continued investment in service and capacity expansion supporting customer needs Non-Operating Net Interest ($170M) Other Expense ($20M) Tax Rate 22.0% to 22.5% Share Count 53.1M Net Interest ($170M) Other Expense ($20M) Tax Rate 22.0% to 22.5% Share Count 53.1M ▪ Non-operating assumptions unchanged Adj. EPS $20.25 - $20.55 $20.40 - $20.60 ▪ Full year outlook reflects 12-13% adjusted EPS growth Free Cash Flow ~90% of adj. net income ~90% of adj. net income ▪ CapEx of $175-190M supporting capacity expansion in transmission/substation/datacenter ▪ Acquisition and integration costs; working capital investment
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8 2027 End Market Preview Highly attractive organic growth setup for 2027 UTILITY SOLUTIONS ELECTRICAL SOLUTIONS Non Residential Light Industrial Heavy Industrial Datacenter Electric T&D Sales by End Market1 ▪ Broad-based orders strength throughout 2026; >$500M of backlog built YTD ▪ Large trans/sub projects to facilitate load growth visible in backlog and pipeline ▪ Continued emphasis on grid hardening and resiliency initiatives expected to drive further solid growth in electric distribution markets ▪ Anticipate modest growth in meters & AMI, telcom and gas distribution markets ▪ Broad-based orders strength throughout 2026; >$100M of backlog built YTD ▪ Anticipate strong datacenter growth, bolstered by new products and content gains ▪ US reshoring, electrification and broader datacenter buildout expected to drive continued strength in light industrial, electric T&D and renewables markets ▪ Anticipate modest growth in non-res and heavy industrial markets 1 Includes NSI sales pro forma for full year 2026. Note NSI sales will be reflected as M&A contribution through June 9, 2027. Electric Distribution Electric Transmission Utility Meters & AMI Electric Substation Sales by End Market Load growth, backlog position, capacity investments and utility T&D budgets support attractive, visible HUS growth outlook in 2027 and beyond Strong end market backdrop and further execution on growth and productivity playbook positions HES for continued success in 2027 8
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APPENDIX
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10 APPENDIX References to "adjusted" operating measures exclude the impact of certain costs, gains or losses. Management believes these adjusted operating measures provide useful information regarding our underlying performance from period to period and an understanding of our results of operations without regard to items we do not consider a component of our core operating performance. Adjusted operating measures are non-GAAP measures, and include adjusted operating income, adjusted operating margin, adjusted net income attributed to Hubbell Incorporated, adjusted net income available to common shareholders, adjusted earnings per diluted share, and Adjusted EBITDA. These non-GAAP measures exclude, where applicable: • Amortization of all intangible assets associated with our business acquisitions, including inventory step-up amortization associated with those acquisitions. The intangible assets associated with our business acquisitions arise from the allocation of the purchase price using the acquisition method of accounting in accordance with Accounting Standards Codification 805, “Business Combinations.” These assets consist primarily of customer relationships, developed technology, trademarks and tradenames, and patents, as reported in Note 6—Goodwill and Other Intangible Assets, under the heading “Total Definite-LivedIntangibles,” within theCompany’s audited Consolidated Financial Statements set forth in its Annual Report on Form 10-K for fiscal year ended December 31, 2025. The Company believes that the exclusion of these non-cash expenses (i) enhancesmanagement’s andinvestors’ ability to analyze underlying business performance, (ii) facilitates comparisons of our financial results over multiple periods, and (iii) provides more relevant comparisons of our results with the results of other companies as the amortization expense associated with these assets 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 is included within revenue in determining adjusted net income attributable to Hubbell Incorporated. • Transaction, integration, and separation costs associated with our business acquisitions and divestitures. The effect that acquisitions and divestitures may have on our results can fluctuate significantly based on the timing, size, and number of transactions, and therefore result in significant volatility in the costs to complete transactions and integrate or separate the businesses. Transaction costs are primarily professional services and other fees incurred to complete the transactions recognized within operating income, as well as $7.2 million of bridge financing costs in connection with the transactions recognized within interest expense during the second quarter of 2026. Integration and separation costs are the internal and external incremental costs directly relating to these activities for the acquired or divested business. The acquisition and integration of NSI, DMC Power and the acquisitions and disposition completed by the Company in the fourth quarter of 2023 resulted in a significant increase in transaction, integration and separation costs. As a result, we believe excluding such costs relating to these transactions provides useful and more comparable information for investors to better assess our operating performance from period to period. • Gains or losses on disposition of a business. The Company excludes these gains or losses because we believe they enhance management's and investors' ability to analyze underlying business performance and facilitates comparisons of our financial results over multiple periods. 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 Electrical Solutions segment. • Income tax effects of the above adjustments, which are calculated using the statutory tax rate, taking into consideration the 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 of Income, 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 useful measure 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 to generate cash without reliance on external financing. In addition, management uses free cash flow to evaluate the resources available 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, which are 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-office functions and streamlining our processes, and certain other costs and gains associated with restructuring actions. We refer to these 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 and divestitures during the first twelve months of ownership or divestiture, respectively, less the effect of fluctuations in Net sales from foreign currency exchange. The period-over-period effect of fluctuations in Net sales from foreign currency exchange is calculated as the difference between local currency Net sales of the prior period translated at the current period exchange rate as compared to the same local currency Net sales translated at the prior period exchange rate. We believe this measure provides management and investors with a more complete understanding of the underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can 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 through the end of the first year following the acquisition, Net sales from such acquisitions 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. We compensate for this limitation by providing a reconciliation between our non-GAAP financial measures and the respective most directly comparable financial measure calculated and presented in accordance with GAAP. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with othercompanies’ non-GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported GAAP financial results, and should be viewed in conjunction with the most comparable GAAP financial measures and the provided reconciliations thereto. We believe, however, that these non-GAAP financial measures, when viewed together with our GAAP results and related reconciliations, provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements and publicly filed 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 the tables below. When we provide our expectations for organic net sales, adjusted effective tax rate, adjusted diluted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected net sales, effective tax rate, diluted EPS and net cash flows provided by operating activities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, certain financing costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, 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 and percentages may not precisely reflect the absolute figures.
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11 APPENDIX Reconciliation of Adjusted Net Income to the most directly comparable GAAP measure (millions): Hubbell Incorporated Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Change 2026 2025 Change Net income attributable to Hubbell (GAAP measure) $ 262.5 $ 255.5 3 % $ 684.7 $ 662.9 3 % Amortization of acquisition-related intangible assets 62.2 24.7 134.7 74.6 Transaction, integration & separation costs 5.9 3.1 37.4 4.2 Loss on disposition of business — — — 0.4 Subtotal $ 330.6 283.3 $ 856.8 $ 742.1 Income tax effects 16.3 6.7 38.9 18.8 Adjusted net income $ 314.3 276.6 14 % $ 817.9 $ 723.3 13 % Hubbell Incorporated Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Change 2026 2025 Change Numerator: Net income attributable to Hubbell (GAAP measure) $ 262.5 $ 255.5 $ 684.7 $ 662.9 Less: Earnings allocated to participating securities (0.4) (0.4) (0.9) (1.1) Net income available to common shareholders (GAAP measure) [a] $ 262.1 $ 255.1 3 % $ 683.8 $ 661.8 3 % Adjusted net income $ 314.3 $ 276.6 $ 817.9 $ 723.3 Less: Earnings allocated to participating securities (0.4) (0.4) (1.1) (1.2) Adjusted net income available to common shareholders [b] $ 313.9 $ 276.2 14 % $ 816.8 $ 722.1 13 % Denominator: Average number of common shares outstanding [c] 52.9 53.1 52.9 53.3 Potential dilutive shares 0.2 0.3 0.2 0.3 Average number of diluted shares outstanding [d] 53.1 53.4 53.1 53.6 Earnings per share (GAAP measure): Basic [a] / [c] $ 4.96 $ 4.80 $ 12.92 $ 12.42 Diluted [a] / [d] $ 4.94 $ 4.77 4 % $ 12.86 $ 12.35 4 % Adjusted earnings per diluted share [b] / [d] $ 5.91 $ 5.17 14 % $ 15.37 $ 13.48 14 % Reconciliation of Adjusted Earnings Per Diluted Share to the most directly comparable GAAP measure (millions, except per share amounts):
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12 APPENDIX Hubbell Incorporated Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Change 2026 2025 Change Net Sales [a] $ 1,872.5 $ 1,502.4 25 % $ 5,101.0 $ 4,351.9 17 % Operating Income GAAP measure [b] $ 408.7 $ 330.6 24 % $ 1,021.1 $ 897.3 14 % Amortization of acquisition-related intangible assets 62.2 24.7 134.7 74.6 Transaction, integration & separation costs 5.9 3.1 30.2 4.2 Adjusted operating income [c] $ 476.8 $ 358.4 33 % $ 1,186.0 $ 976.1 22 % Operating margin GAAP measure [b] / [a] 21.8 % 22.0 % -20 bps 20.0 % 20.6 % -60 bps Adjusted operating margin [c] / [a] 25.5 % 23.9 % +160 bps 23.3 % 22.4 % +90 bps Electrical Solutions Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Change 2026 2025 Change Net Sales [a] $ 844.7 $ 558.6 51 % $ 2,098.5 $ 1,615.5 30 % Operating Income GAAP measure [b] $ 167.5 $ 111.3 50 % $ 370.9 $ 309.0 20 % Amortization of acquisition-related intangible assets 39.0 4.8 56.6 14.9 Transaction, integration & separation costs 3.0 — 21.1 0.5 Adjusted operating income [c] $ 209.5 $ 116.1 80 % $ 448.6 $ 324.4 38 % Operating margin GAAP measure [b] / [a] 19.8 % 19.9 % -10 bps 17.7 % 19.1 % -140 bps Adjusted operating margin [c] / [a] 24.8 % 20.8 % +400 bps 21.4 % 20.1 % +130 bps Utility Solutions Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 Change 2026 2025 Change Net Sales [a] $ 1,027.8 $ 943.8 9 % $ 3,002.5 $ 2,736.4 10 % Operating Income GAAP measure [b] $ 241.2 $ 219.3 10 % $ 650.2 $ 588.3 11 % Amortization of acquisition-related intangible assets 23.2 19.9 78.1 59.7 Transaction, integration & separation costs 2.9 3.1 9.1 3.7 Adjusted operating income [c] $ 267.3 $ 242.3 10 % $ 737.4 $ 651.7 13 % Operating margin GAAP measure [b] / [a] 23.5 % 23.2 % +30 bps 21.7 % 21.5 % +20 bps Adjusted operating margin [c] / [a] 26.0 % 25.7 % +30 bps 24.6 % 23.8 % +80 bps Reconciliation of Adjusted Operating Margin to the most directly comparable GAAP measure (millions):
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13 APPENDIX Electrical Solutions Three Months Ended September 30, Nine Months Ended September 30, 2026 Inc/(Dec)% 2025 Inc/(Dec)% 2026 Inc/(Dec)% 2025 Inc/(Dec)% Net sales growth (GAAP measure) $ 286.1 51.2 $ 49.1 9.6 $ 483.0 29.9 $ 74.9 4.9 Impact of acquisitions 162.5 29.1 6.1 1.1 199.2 12.3 15.5 1.0 Impact of divestitures — — — — — — (21.1) (1.4) Foreign currency exchange 0.5 0.1 0.8 0.2 6.5 0.4 (4.3) (0.2) Organic net sales growth (non-GAAP measure) $ 123.1 22.0 $ 42.2 8.3 $ 277.3 17.2 $ 84.8 5.5 Utility Solutions Three Months Ended September 30, Nine Months Ended September 30, 2026 Inc/(Dec)% 2025 Inc/(Dec)% 2026 Inc/(Dec)% 2025 Inc/(Dec)% Net sales growth (decline) (GAAP measure) $ 84.0 8.9 $ 10.7 1.2 $ 266.1 9.7 $ (17.2) (0.6) Impact of acquisitions 36.3 3.8 5.4 0.6 102.6 3.7 5.4 0.2 Impact of divestitures — — — — — — — — Foreign currency exchange 1.5 0.2 0.8 0.1 8.1 0.3 (4.8) (0.2) Organic net sales growth (decline) (non-GAAP measure) $ 46.2 4.9 $ 4.5 0.5 $ 155.4 5.7 $ (17.8) (0.6) Reconciliation of Organic Net Sales Growth to Net Sales Growth (millions and percentage change): Hubbell Incorporated Three Months Ended September 30, Nine Months Ended September 30, 2026 Inc/(Dec)% 2025 Inc/(Dec)% 2026 Inc/(Dec)% 2025 Inc/(Dec)% Net sales growth (decline) (GAAP measure) $ 370.1 24.6 $ 59.8 4.1 $ 749.1 17.1 $ 57.7 1.3 Impact of acquisitions 198.8 13.2 11.5 0.8 301.8 6.9 20.9 0.5 Impact of divestitures — — — — — — (21.1) (0.5) Foreign currency exchange 2.0 0.1 1.6 0.1 14.6 0.3 (9.1) (0.3) Organic net sales growth (decline) (non-GAAP measure) $ 169.3 11.3 $ 46.7 3.2 $ 432.7 9.9 $ 67.0 1.6
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14 APPENDIX Reconciliation of Free Cash Flow to the most directly comparable GAAP measure (millions): Hubbell Incorporated Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net cash provided by operating activities (GAAP measure) $ 322.6 $ 284.3 $ 659.0 $ 582.3 Less: Capital expenditures (42.2) (30.5) (119.8) (96.4) Free cash flow (non-GAAP measure) $ 280.4 $ 253.8 $ 539.2 $ 485.9 Hubbell Incorporated September 30, 2026 December 31, 2025 Total Debt (GAAP measure) $ 5,120.2 $ 2,325.4 Total Hubbell Shareholders’ Equity 4,105.6 3,847.9 Total Capital $ 9,225.8 $ 6,173.3 Total Debt to Total Capital (GAAP measure) 55 % 38 % Less: Cash and Investments $ 455.5 $ 596.3 Net Debt (non-GAAP measure) $ 4,664.7 $ 1,729.1 Net Debt to Total Capital (non-GAAP measure) 51 % 28 % Reconciliation of Net Debt to the most directly comparable GAAP measure (millions):