Belden Inc · NYSE:BDC
Belden — Q2 2025 Earnings Presentation
28 slides from Belden's earnings presentation, Jul 31, 2025
Slide 1: 2nd Quarter 2025 Earnings Results
2nd QUARTER 2025 EARNINGS RESULTS July 2025 Connect to what’s possible.
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements Our commentary and responses to your questions may contain forward-looking statements, including our outlook for the third quarter of 2025 and beyond. Forward-looking statements include projections of sales, earnin
Slide 3: 2nd Quarter 2025 Earnings Results
2nd QUARTER 2025 EARNINGS RESULTS
Slide 4: Exceeded Expectations with Strong Earnings Growth
Exceeded Expectations with Strong Earnings Growth Q2 2025 Key Messages $1.89 (+25% YoY) Q2 2025 Q2 Revenue and EPS above the high end of the guidance range Adjusted EPS(1) • Revenue of $672M (exceeded the high end of guidance) • Adjusted EPS(1) of $1.89 (exceeded the high end of guidance) • Adj EBIT
Slide 5: Win Highlights the Benefits of our Solution Strategy to Support IT/OT Convergence
Win Highlights the Benefits of our Solution Strategy to Support IT/OT Convergence Q2 2025 Hyperscale Data Center Customer Gray Space(1) Solutions Win Multi-Site Solutions Award Collaboration with Hyperscaler, OEM, and Systems Integrator Solution Ensures Uptime for Advanced Data Centers Supporting ad
Slide 6: Customer Collaboration and Comprehensive Portfolio Drive Major Award
Customer Collaboration and Comprehensive Portfolio Drive Major Award Q2 2025 Major US Automotive Manufacturer Key Specification Position Award Global Specification Award Three-year single source global ~$40M specification with optionality for extension Belden advanced connectivity products now speci
Slide 7: Exceeded Expectations with Strong Earnings Growth
Exceeded Expectations with Strong Earnings Growth Q2 2025 Key Messages $ Millions Q2 2025(1) Q2 2024(1) YoY Orders +16% YoY Revenue $672.0 $604.3 +11% Revenue +11% YoY, Gross Profit $261.5 $230.6 +13% ahead of expectations set forth in prior guidance Gross Profit % 38.9% 38.2% +70 bps EBITDA $114.1
Slide 8: Segments Performance Highlights include Healthy Growth and Expanding Margins
Segments Performance Highlights include Healthy Growth and Expanding Margins Q2 2025 Segment Results Automation Solutions Segment Smart Infrastructure Solutions Segment Orders up 11% compared to the prior year period, driven Continued strength in target growth verticals in Smart by strength in tradi
Slide 9: Consistent Free Cash Flow Deployed to Benefit Shareholders
Consistent Free Cash Flow Deployed to Benefit Shareholders Q2 2025 Balance Sheet and Cash Flow Highlights Cash and Cash Equivalent Net Leverage(1) TTM Free Cash Flow(2) Capital deployed towards share Opportunity to decrease leverage as we Stable free cash flow generation driven by repurchases and st
Slide 10: Q3 2025 Guidance
Q3 2025 Guidance Guidance as of July 31, 2025 Q3 2025 Guidance Total Revenue ($million) $670 to $685 GAAP EPS $1.33 to $1.43 Adjusted EPS $1.85 to $1.95 Q3 2025 Assumptions Interest Expense Depreciation Expense Tax Rate Share Count $11.6M $17.2M 12.5% 40.1M ©Belden | 10
Slide 11: Belden Inc. Corporate Overview
CORPORATE OVERVIEW BELDEN INC. NYSE : BDC ©Belden | 11
Slide 12: Belden Delivers a Simpler, Smarter and Secure Digital Infrastructure
B E L D E N AT- A - G L A N C E Belden Delivers a Simpler, Smarter and Secure Digital Infrastructure NYSE: BDC 2024 Results Revenue Adj. EBITDA1 Adj. EPS1 Free Cash Flow1 Associates $2.5B $411M $6.36 $223M ~8,000 2024 Segment Results Sales By Region 21% EMEA Automation Solutions Smart Infrastructure
Slide 13: Targeting Priority Verticals for Solutions Where Data Generation and Usage are Increasing Significantly
Targeting Priority Verticals for Solutions Where Data Generation and Usage are Increasing Significantly Auto CPG Material Handling Chemical Power T&D Mass Transit Data Centers Healthcare Hospitality Higher Education Semiconductor Broadband / Telco ©Belden | 13
Slide 14: Strong Secular Growth Trends Creating New Opportunities and Driving Growth
Strong Secular Growth Trends Creating New Opportunities and Driving Growth Automation Hybrid Networks Critical Infrastructure Reshoring Increasing Digitization Increasing Bandwidth Industry 4.0 Remote Monitoring Usage Labor Challenges and Management Government-Supported Growing Data
Slide 15: Belden Solutions: We Engage With Customers To Solve Complex Problems
Belden Solutions: We Engage With Customers To Solve Complex Problems How We Engage with Customers Solutions Experts Identify and During the Solutions Process Solve Key Challenges Differentiated Process and Expertise Solution Account Solution Solution Exploration Solutioning Validation Manager Consul
Slide 16: Executing Clearly Defined Strategy
Executing Clearly Defined Strategy 1 2 3 4 Growing portfolio Delivering Advancing Enhancing of best-in-class long term growth our Solutions growth with networking & in earnings and capabilities selective M&A data products FCF generation Clearly Defined Strategy ©Belden | 16
Slide 17: Clear Capital Allocation Priorities
Clear Capital Allocation Priorities 1 2 3 Organic Growth Strategic M&A Return Capital to Shareholders Drive organic growth Fill key solutions gaps Return capital to shareholders through reinvestment with our M&A through share repurchases and framework dividends All while maintaining net leverage of
Slide 18: Our Growth Algorithm Will Deliver Long Term Shareholder Value
2 0 2 8 F I N A N C I A L TA R G E T S Our Growth Algorithm Will Deliver Long Term Shareholder Value Long Term Value Creation Through the Cycle MSD(1) 25-30% ~10% ~1.5X 10-12% CAGR Organic Revenue Incremental Free Cash Net Leverage EPS Growth Growth EBITDA Margins Flow Margin(2) Adjusted results 1)
Slide 19: Appendix
APPENDIX (B Belden ©Belden | 19
Slide 20: Statement of Operations
Statement of Operations Unaudited Three Months Ended Six Months Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 (In thousands, except per share data) Revenues $ 671,992 $ 604,336 $ 1,296,853 $ 1,140,011 Cost of sales (413,424) (377,530) (792,445) (711,609) Gross profit 258,568 226,806
Slide 21: Operating Segment Information
Operating Segment Information Unaudited Smart Infrastructure Automation Solutions Solutions (In thousands, except percentages) For the three months ended June 29, 2025 Segment Revenues $ 306,019 $ 365,973 Segment EBITDA 36,224 78,246 Segment EBITDA margin 11.8 % 21.4 % Depreciation expense 6,928 8,7
Slide 22: Balance Sheet
Balance Sheet June 29, December 31, Unaudited 2025 2024 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 301,486 $ 370,302 Receivables, net 454,684 409,711 Inventories, net 388,787 343,099 Other current assets 77,682 73,117 Total current assets 1,222,639 1,196,229 Proper
Slide 23: Cash Flow Statement
Cash Flow Statement Unaudited Six Months Ended June 29, 2025 June 30, 2024 (In thousands) Cash flows from operating activities: Net income $ 112,943 $ 86,343 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 61,851 52,968 Share-based compensat
Slide 24: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Unaudited In addition to reporting financial results in accordance with accounting principles Three Months Ended Six Months Ended generally accepted in the United States, we provide non-GAAP operating results June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024
Slide 25: Reconciliation of Non-GAAP Measures (continued)
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 depreciat
Slide 26: Free Cash Flow GAAP to Non-GAAP Reconciliation
Free Cash Flow GAAP to Non-GAAP Reconciliation Unaudited We define free cash flow, which is a non-GAAP financial measure, Three Months Ended Six Months Ended as net cash from operating activities adjusted for capital June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 expenditures net of the pro
Slide 27: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Guidance Three Months Ended Our guidance is based upon information currently available September 28, 2025 regarding events and conditions that will impact our future operating results. In particular, our results are subject to the GAAP income per diluted share att
Slide 28: Thank you
Thank you Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com