Slide 1: 3rd Quarter 2025 Earnings Results
3rd QUARTER 2025 EARNINGS RESULTS October 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 fourth quarter of 2025 and beyond. Forward-looking statements include projections of sales, earni
Slide 3: Earnings Results
3rd QUARTER 2025 EARNINGS RESULTS
Slide 4: Record Revenue & EPS Driven by Solutions Transformation
Record Revenue & EPS Driven by Solutions Transformation Q3 2025 Key Messages $1.97 (+16% YoY) Q3 2025 Revenue and EPS above the high end of the guidance range Adjusted EPS(1) • Record Revenue of $698M (exceeded the high end of guidance) • Record Adjusted EPS(1) of $1.97 (exceeded the high end of gui
Slide 5: Belden's Solution Strategy Delivers Future-Ready Network for a Major US Energy Provider
Belden's Solution Strategy Delivers Future-Ready Network for a Major US Energy Provider Q3 2025 Regulated Utility Customer Strategic Win in the US PT&D Market Multi-Site Solutions Award including product, services, and support ~$14M Over multiple years Future Proof Network Design to Support Grid Mod
Slide 6: Belden: Enabling the Future of Physical AI in Manufacturing
Belden: Enabling the Future of Physical AI in Manufacturing Q3 2025 Physical AI Defined: AI that directly interacts with the physical world, driving intelligent automation and real-time decision-making. Commercial Traction: Initial pilot with commercial deployment scheduled for Q4 2025, demonstratin
Slide 7: Financial Performance Ahead of Guidance with Solid Earnings Growth
Financial Performance Ahead of Guidance with Solid Earnings Growth Q3 2025 Key Messages $ Millions Q3 2025(1) Q3 2024(1) YoY Orders +7% YoY Revenue $698.2 $654.9 +7% Revenue +7% YoY, Gross Profit $266.6 $247.6 +8% ahead of expectations set forth in prior guidance Gross Profit % 38.2% 37.8% +40 bps E
Slide 8: Segment Performance
Segment Performance Automation Drives Growth, Solutions Strategy Advances Q3 2025 Segment Results Automation Solutions Segment Smart Infrastructure Solutions Segment Order growth compared to the prior year period driven by Continued strength in target growth verticals in Smart Buildings momentum acr
Slide 9: Strong Balance Sheet & Disciplined Capital Allocation
Strong Balance Sheet & Disciplined Capital Allocation Q3 2025 Balance Sheet and Cash Flow Highlights Cash and Cash Equivalent Net Leverage(1) TTM Free Cash Flow(2) Capital deployed towards share Opportunity to decrease leverage as we Stable free cash flow generation driven by repurchases and strateg
Slide 10: Q4 2025 Guidance
Q4 2025 Guidance Guidance as of October 30, 2025 Q4 2025 Guidance Total Revenue ($million) $690 to $700 GAAP EPS $1.40 to $1.50 Adjusted EPS $1.90 to $2.00 Q4 2025 Assumptions Interest Expense Depreciation Expense Tax Rate Share Count $12.1M $17.9M 14.0% 40.0M ©Belden | 10
Slide 11: Strategic Impact
Strategic Impact Record Performance, Repositioning Belden Trailing-Twelve-Month Performance(1) Revenue (millions) Adj EPS (3) Record TTM Performance $2,661 $7.11 $7.38 $2,550 $2,618 $6.73 $2,461 $6.36 $1,998 $3.89 FY 2019 (2) FY 2024 Q1 2025 Q2 2025 Q3 2025 FY 2019 (2) FY 2024 Q1 2025 Q2 2025 Q3 202
Slide 12: Corporate Overview
CORPORATE OVERVIEW BELDEN INC. NYSE : BDC ©Belden | 12
Slide 13: 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 14: Targeting Priority Verticals for Solutions Where Data Generation and Usage are Increasing
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 | 14
Slide 15: 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 16: 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 17: 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 | 17
Slide 18: 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 19: 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 20: Appendix
APPENDIX ©Belden | 20
Slide 21: Statement of Operations
Statement of Operations Unaudited Three Months Ended Nine Months Ended September 28, September 29, September 28, September 29, 2025 2024 2025 2024 (In thousands, except per share data) Revenues $ 698,221 $ 654,926 $ 1,995,074 $ 1,794,937 Cost of sales (435,023) (410,922) (1,227,468) (1,122,531) Gros
Slide 22: Operating Segment Information
Operating Segment Information Unaudited Smart Infrastructure Automation Solutions Solutions (In thousands, except percentages) For the three months ended September 28, 2025 Segment Revenues $ 316,913 $ 381,308 Segment EBITDA 39,810 79,286 Segment EBITDA margin 12.6 % 20.8 % Depreciation expense 8,13
Slide 23: Balance Sheet
Balance Sheet September 28, 2025 December 31, 2024 Unaudited (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 314,257 $ 370,302 Receivables, net 461,338 409,711 Inventories, net 393,911 343,099 Other current assets 89,825 73,117 Total current assets 1,259,331 1,196,229 P
Slide 24: Cash Flow Statement
Cash Flow Statement Unaudited Nine Months Ended September 28, September 29, 2025 2024 (In thousands) Cash flows from operating activities: Net income $ 169,633 $ 140,032 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 95,414 84,039 Share-bas
Slide 25: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Unaudited Three Months Ended Nine Months Ended In addition to reporting financial results in accordance with accounting principles September September September September 28, 2025 29, 2024 28, 2025 29, 2024 generally accepted in the United States, we provide non-G
Slide 26: Reconciliation of Non-GAAP Measures (continued)
Reconciliation of Non-GAAP Measures (continued) Unaudited Three Months Ended Nine Months Ended In addition to reporting financial results in accordance with accounting principles September September September September generally accepted in the United States, we provide non-GAAP operating results 28
Slide 27: Reconciliation of Non-GAAP Measures (continued)
Reconciliation of Non-GAAP Measures (continued) Unaudited Trailing Twelve Months Ended In addition to reporting financial results in accordance with accounting December December March 30, June 29, S eptember 28, principles generally accepted in the United States, we provide non-GAAP 31, 2019 31, 202
Slide 28: Reconciliation of Non-GAAP Measures (continued)
Reconciliation of Non-GAAP Measures (continued) Unaudited Trailing Twelve Months Ended In addition to reporting financial results in accordance with accounting December December March 30, June 29, S eptember 28, principles generally accepted in the United States, we provide non-GAAP 31, 2019 31, 202
Slide 29: Free Cash Flow GAAP to Non-GAAP Reconciliation
Free Cash Flow GAAP to Non-GAAP Reconciliation Unaudited Three Months Ended Nine Months Ended September 28, September 29, September 28, September 29, We define free cash flow, which is a non-GAAP financial measure, 2025 2024 2025 2024 as net cash from operating activities adjusted for capital (In th
Slide 30: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Guidance Three Months Ended Our guidance is based upon information currently available December 31, 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 attr
Slide 31: Thank you
Thank you Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com