Slide 1: Q1 2026 Earnings Results
Q1 2026 EARNINGS RESULTS April 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Our commentary and responses to your questions may contain forward-looking statements, including the closing of the acquisition and our outlook for the remainder of 2026 and beyond. Forward-looking statements include projections of sales, earnings, general economic conditi
Slide 3: Quarterly Updates & Guidance
Quarterly Updates & Guidance
Slide 4: Q1 2026 Key Messages
Q1 2026 Key Messages Strong Start to 2026 Consistent execution drives above-guidance results Q1 Revenue and EPS above the high end of the guidance range $696M (+11% YoY) • Revenue of $696M, +11% YoY Q1 2026 • Adjusted EPS1 of $1.77, +11% YoY Revenue Continued organic growth with strength in key vert
Slide 5: Double-Digit Growth Across Revenue, EBITDA and Earnings Per Share
Q1 2026 Key Messages Double-Digit Growth Across Revenue, EBITDA and Earnings Per Share1 $ Millions Q1 20262 Q1 20252 YoY Revenue $696.4 $624.9 +11% Orders: +4% YoY Gross Profit $265.4 $248.5 +7% Gross Profit % 38.1% 39.8% -170 bps Revenue: +11% YoY Adj EBITDA $118.1 $104.0 +14% Adj EBITDA % 17.0% 16
Slide 6: Q1 2026 Performance Highlights
Q1 2026 Performance Highlights Market Performance Revenue Quarterly $ Millions Q1 2026 Revenue % Key Drivers • Mid-single-digit Organic Growth (YoY) Automation $387 56% • Continued strength in Discrete up high-single-digit YoY with Energy and Process up mid- single-digit • Double-digit Organic Growt
Slide 7: Q2 2026 Guidance
Q2 2026 $735 – $750 Guidance1 Total Revenue ($M) $1.53 – $1.63 As of April 30, 2026 GAAP EPS $1.95 – $2.05 Adjusted EPS2 Q2 2026 Assumptions $13.0M $17.7M 20.0% 39.5M Interest Expense Depreciation Expense Tax Rate Share Count 1. Guidance excludes any contribution from the pending acquisition of RUCK
Slide 8: Belden Inc. Corporate Overview
CORPORATE OVERVIEW BELDEN INC. NYSE : BDC 8
Slide 9: Belden's Financial and Operational Overview
Belden's Financial and Operational Overview FULL YEAR 2025 Revenue Adj. EBITDA1 Adj. EPS1 Free Cash Flow2 Associates $2.7B $459M $7.54 $219M ~8,000 REVENUE BY PRODUCT CATEGORIES 3 SOLUTION SALES EVOLUTION 4 Automation Smart Broadband • Double-digit growth since launch Solutions Buildings & Telco • M
Slide 10: Record Performance, Repositioning Belden
Delivering Results Record Performance, Repositioning Belden Revenue (millions) Adj EPS 1 5% 12% CAGR CAGR Record FY Record FY Performance Performance $7.54 $2,715 $2,461 $6.36 $1,998 $3.89 FY 2019 2 FY 2024 FY 2025 FY 2019 2 FY 2024 FY 2025 (1) Adjusted results. See Appendix for reconciliation to co
Slide 11: IT/OT Convergence: Accelerating Key Secular Growth Opportunities
IT/OT Convergence: Accelerating Key Secular Growth Opportunities IT Reshoring Physical AI Industry 4.0 Data Security Labor Challenges Increasing Digitization Digital Transformation Remote Monitoring OT & Management Edge Computing Growing Data Demands 11
Slide 12: Where Data Generation and Usage are Increasing Significantly
Key Opportunities 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 12
Slide 13: Our Solutions Approach: Engaging to Solve Complex Challenges
Our Solutions Approach: Engaging to Solve Complex Challenges How We Engage with Customers Solutions Experts Identify During the Solutions Process and Solve Key Challenges Differentiated Process and Expertise Exploration Solutioning Validation Solution Account Solution Solution Manager Consultant Arc
Slide 14: Executing Clearly Defined Strategy
Executing Clearly Defined Strategy 01 02 03 04 Growing portfolio of Advancing Enhancing Delivering long term best-in-class networking our Solutions growth with growth in earnings and & data products capabilities selective M&A FCF generation 14
Slide 15: 2028 Financial Targets
2028 Financial Targets Our Growth Algorithm: Delivering Long Term Shareholder Value Long Term Value Creation Through the Cycle MSD 1 25-30% ~10% ~1.5X 10-12% CAGR Organic Incremental Free Cash Long-term Target Revenue Growth EBITDA Margins Flow Margin Net Leverage EPS Growth (1) Mid-Single-Digit 15
Slide 16: Appendix
APPENDIX (@ Belden 16
Slide 17: Statement of Operations
Statement of Operations Unaudited Three Months Ended March 29, 2026 March 30, 2025 (In thousands, except per share data) Revenues $ 696,375 $ 624,861 Cost of sales (438,287) (379,021) Gross profit 258,088 245,840 Selling, general and administrative expenses (138,652) (131,522) Research and developme
Slide 18: Balance Sheet
Balance Sheet Unaudited March 29, December 31, 2026 2025 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 272,151 $ 389,887 Receivables, net 499,090 462,845 Inventories, net 423,124 402,345 Other current assets 85,522 94,303 Total current assets 1,279,887 1,349,380 Prope
Slide 19: Cash Flow Statement
Cash Flow Statement Unaudited Three Months Ended March 29, 2026 March 30, 2025 (In thousands) Cash flows from operating activities: Net income $ 51,027 $ 51,937 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 32,456 29,784 Share-based compen
Slide 20: Market Category Performance
Market Category Performance Unaudited Three Months Ended March 29, 2026 March 30, 2025 (In thousands) Automation $ 387,900 $ 350,811 Smart Buildings 154,084 127,403 Broadband 155,282 146,647 Total revenues $ 697,266 $ 624,861 20
Slide 21: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Unaudited Three Months Ended March 29, 2026 March 30, 2025 In addition to reporting financial results in accordance with accounting principles (In thousands, except percentages and per share amounts) generally accepted in the United States, we provide non-GAAP ope
Slide 22: Reconciliation of Non-GAAP Measures (continued)
Reconciliation of Non-GAAP Measures (continued) Unaudited Three Months ended GAAP Non-GAAP Copper Pass- Acquisitions Foreign Through and March 29, March 30, Revenue Currency Pricing Divestitures Organic 2026 2025 Growth Impact Impact Impact Growth (In thousands, except percentages) Revenues $ 696,37
Slide 23: Reconciliation of Non-GAAP Measures (continued)
Reconciliation of Non-GAAP Measures (continued) Unaudited Trailing Twelve Months Ended December 31, December 31, December 31, In addition to reporting financial results in accordance with accounting 2019 2024 2025 principles generally accepted in the United States, we provide non-GAAP (In thousands,
Slide 24: 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 31, December 31, December 31, principles generally accepted in the United States, we provide non-GAAP 2019 2024 2025 operating resu
Slide 25: 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 as net cash from operating activities adjusted for capital March 29, 2026 March 30, 2025 expenditures net of the proceeds from the disposal of assets. We (In t
Slide 26: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Guidance Three Months Ended Our guidance is based upon information currently available June 28, 2026 regarding events and conditions that will impact our future operating results. In particular, our results are subject to the GAAP EPS $1.53 - $1.63 factors listed
Slide 27: Thank you
Thank you Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com