Slide 1: Q2 2026 Earnings Results
Q2 2026 EARNINGS RESULTS July 2026
Slide 2: Forward-Looking Statements; Non-GAAP Measures
Forward-Looking Statements Our commentary and responses to your questions may contain forward-looking statements, including our outlook for the remainder of 2026 and beyond. Forward-looking statements include projections of sales, earnings, general economic conditions, market conditions, working cap
Slide 3: Business and Strategic Updates
Business and Strategic Updates Ashish Chand President and Chief Executive Officer
Slide 4: Robust Demand. Record Results.
Robust Demand. Record Results. Networking Infrastructure for the AI Era. Revenue and EPS Above the High End of Our Guidance Range $750M (+12% YoY) • Record Revenue of $750M, +12% YoY Q2 2026 • Adjusted EPS of $2.34 [including $0.25 net benefit driven primarily by IEEPA tariff Record Revenue refunds]
Slide 5: Belden's Next Chapter
Belden’s Next Chapter Addition of Ruckus moves every metric that matters in the right way Belden Belden + Ruckus PRO-FORMA IMPACT1 REVENUE1 ADJ. GROSS MARGIN1 ADJ. EBITDA MARGIN1 Belden + RUCKUS RUCKUS is margin accretive Margin expands with RUCKUS $2.9B $3.6B+ ~38% ~43% ~17% ~18% ACTIVE PORTFOLIO S
Slide 6: RUCKUS makes Belden a Higher-Quality Business
Not Just Bigger, RUCKUS makes Higher Margins. Faster Growth. More Solutions. Belden a Higher- Quality Business WHAT RUCKUS BRINGS Gross margin Revenue growth Solutions mix improves accelerates steps up Wi-Fi platform, switching, and cloud network RUCKUS's 60%+ RUCKUS's high-single- From 15% to 20%+
Slide 7: RUCKUS Changes the Conversation
RUCKUS Changes the + Conversation Belden now runs every layer of Belden Ruckus the network, both industrial and enterprise — from a single source Belden Horizon OT network & data management Cable & Connectors Patch Panels WHAT IT MEANS FOR INVESTORS Belden solutions cover the whole RUCKUS One networ
Slide 8: Belden is expanding further in the AI infrastructure market
With a $175M+ and growing data center business Belden is expanding further in the AI infrastructure market Enterprise Data Center AI / Hyperscaler Data Center Physical AI Where we are Established & Growing Building & Scaling Early Stage, Rapidly Developing Where we play Traditional enterprise or col
Slide 9: Expanding Our Hyperscale Footprint with Our Data Center Strategy
KEY Q2 WIN: TIER-1 HYPERSCALER DATA CENTER CONTRACT Expanding Our Hyperscale Footprint with Our Data Center Strategy The Opportunity • Tier-1 hyperscaler selected Belden for fiber connectivity in AI data center white space • Builds on Belden's established data center presence and growing hyperscale
Slide 10: Winning the Physical AI Era with Our Solutions Strategy
KEY Q2 MILESTONE: GLOBAL RETAILER WAREHOUSE AUTOMATION SPECIFICATION WIN Winning the Physical AI Era with Our Solutions Strategy The Opportunity • Multi-year specification win: global retailer selected Belden to network its autonomous robots across U.S. distribution centers • Physical AI in action:
Slide 11: Finance Updates and Guidance
Finance Updates and Guidance Jeremy Parks EVP – Finance and Chief Financial Officer
Slide 12: Record Revenue and Orders Led by Strong Customer Demand
Q2 2026 Key Messages Record Revenue and Orders Led by Strong Customer Demand $ Millions Q2 20261 * Q2 20251 YoY Revenue $750.2 $672.0 +12% Record Orders: +19% YoY Adj Gross Profit $297.4 $261.5 +14% +23% QoQ Adj Gross Profit % 39.6% 38.9% +70 bps Book-to-bill: 1.11x Adj EBITDA $145.9 $114.1 +28% Adj
Slide 13: Market Performance
Q2 2026 Performance Highlights Market Performance Revenue Quarterly $ Millions Q2 2026 Revenue % Key Drivers • Book-to-bill 1.14x, with orders up 27% QoQ Automation $437 58% • Double-digit Organic Growth1 YoY • Robust industrial strength with both Discrete and Process up double-digits YoY • Book-to-
Slide 14: The Pathway Toward Rapid Reduction in Net Leverage
The Pathway Toward Rapid Reduction 2Q 2026 Balance Sheet in Net Leverage Cash and Cash Equivalent Estimated Net Leverage 1 (Net Debt / Adj EBITDA) $390M $301M $349M Free Cash Flow2 Drives Rapid De-leveraging Q2 2025 Q4 2025 Q2 2026 ~$200M Estimated 2H26 FCF2 Net Leverage 1 3.9x ~$300M Estimated 2.1x
Slide 15: Q3 2026 Guidance
Q3 2026 $950 – $970 Guidance1 Total Revenue ($M) $0.69 – $0.84 As of July 30, 2026 GAAP EPS $2.15 – $2.30 Adjusted EPS2 Q3 2026 Assumptions $40.5M $18.8M 20.0% 39.4M Interest Expense Depreciation Expense Tax Rate Share Count 1. Guidance includes RUCKUS Networks Inc. which closed on July 1, 2026. 2.
Slide 16: RUCKUS Integration: Our Priorities
RUCKUS Integration: Our Priorities One team. One mission. A clear path forward. Our People Belden welcomes approximately 1,700 RUCKUS associates, bringing our combined workforce to nearly 9,700. Talent retention is a top priority — the expertise, relationships, and culture that made RUCKUS valuable
Slide 17: Corporate Overview
CORPORATE OVERVIEW BELDEN INC. NYSE : BDC 17
Slide 18: The Network Inflection Point: Why Now
The Network Inflection Point: Why Now Three powerful forces are converging simultaneously — Belden sits at the intersection of all three The Physical World Is Going IT and OT Are Finally Every Layer of the Network Is AI-Native Becoming One Being Rebuilt Every machine is becoming intelligent Decades
Slide 19: Only Belden Delivers Every Layer of the Network
Only Belden Delivers Every Layer of the Network Belden is now a single, one-stop source for the entire network For the customer, this is a robust value proposition, i.e., fewer interoperability risks, less procurement and project-management burden, and simpler ongoing support. + Switching Connectivi
Slide 20: 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 20
Slide 21: 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 21
Slide 22: Where Belden Plays Across the Data Center Campus
Where Belden Plays Across the Data Center Campus ~$40M 2Q-26 Hyperscale Wins Belden’s Solutions GRID GENERATION INFRASTRUCTURE for Data Center Applications COMMAND & CONTROL White Space (Data Hall) Fiber cabling and connectivity, AI-ready racks & ON-SITE GENERATION WHITE SPACE cabinets, power, cooli
Slide 23: RUCKUS Adds Industry-Leading Wireless Networking Capabilities
RUCKUS Adds Industry-Leading Wireless + Networking Capabilities Significant Powerful Extension Differentiated Higher Margins, Faster Growth Catalyst into Our Industrial Enterprise Solutions Growth, Immediate Customer Base with Active Portfolio EPS Accretion Adds fast growing Wi-Fi 7 and IT/OT Conver
Slide 24: The Industrial Wireless Transition Is Here
The Industrial Wireless Transition Is Here Belden + RUCKUS Built to Lead It End to End Each Wi-Fi generation unlocks a larger, more valuable wave of demand Wi-Fi 8 ~2028 WE ARE HERE Wi-Fi 8 is being engineered for Ultra High Reliability — Wi-Fi 7 deterministic, low- latency, lossless Deterministic c
Slide 25: RUCKUS Enhances the Industrial Network Stack for Physical AI
RUCKUS Enhances the Industrial Network Stack for Physical AI... Enabling hybrid mesh networking, automation and real-time control across industrial environments utilizing physical AI Belden Belden + RUCKUS RUCKUS Wi-Fi 7 Wireless Access Point Hybrid mesh and distributed wireless that powers Cable &
Slide 26: ...and enables a full active + passive Enterprise Network Stack
...and enables a full active + passive Enterprise Network Stack From fixed wired infrastructure to fully mobile, reliable enterprise connectivity Belden Belden + RUCKUS Cable & Cable & Connectors Connectors RUCKUS Ethernet Switches Fiber Fiber Fixed, Wired Infrastructure Only RUCKUS Wi-Fi 7 Wireless
Slide 27: The solutions playbook is working, RUCKUS makes it faster
The solutions playbook is working, RUCKUS makes it faster BELDEN - SOLUTION as % of revenue Why a higher solutions Addition of Ruckus has accelerated mix matters our solutions transformation Larger, higher-margin projects 20%+ 20%+ by 2028 solutions are value-priced, + not parts-priced Goal communic
Slide 28: Compelling Investment Rationale
Compelling Investment Rationale Belden is now the most complete IT/OT networking solutions platform in the industry The strategy is proven — and RUCKUS accelerates what's next Uniquely Positioned to Full-Stack IT/OT Platform Successful Solutions Long-term Value Creation Capitalize on Powerful + Solu
Slide 29: 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 30: 2028 Financial Targets: Our Growth Algorithm
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 30
Slide 31: Appendix
APPENDIX [B Belden s:
Slide 32: Statement of Operations
Statement of Operations Unaudited Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 (In thousands, except per share data) Revenues $ 750,157 $ 671,992 $ 1,446,532 $ 1,296,853 Cost of sales (456,533) (413,424) (894,820) (792,445) Gross profit 293,624 258,568
Slide 33: Balance Sheet
Balance Sheet June 28, December 31, Unaudited 2026 2025 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 348,655 $ 389,887 Receivables, net 534,159 462,845 Inventories, net 420,591 402,345 Other current assets 90,436 94,303 Total current assets 1,393,841 1,349,380 Proper
Slide 34: Cash Flow Statement
Cash Flow Statement Unaudited Six Months Ended June 28, 2026 June 29, 2025 (In thousands) Cash flows from operating activities: Net income $ 119,563 $ 112,943 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 68,551 61,851 Share-based compensa
Slide 35: Revenue by Market Category
Revenue by Market Category Unaudited Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 (In thousands) Automation $ 436,766 $ 365,973 $ 823,775 $ 716,784 Broadband 157,034 155,385 312,317 302,032 Smart Buildings 156,357 150,634 310,440 278,037 Total Revenues
Slide 36: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Unaudited Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 (In thousands, except percentages and per share amounts) In addition to reporting financial results in accordance with accounting principles generally accepted in
Slide 37: 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 June 28, June 29, Revenue Currency Pricing Divestitures Organic 2026 2025 Growth Impact Impact Impact Growth (In thousands, except percentages) Revenues $ 750,157
Slide 38: 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 39: 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 40: 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, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of assets. We believe free cash flow provides useful information to
Slide 41: Reconciliation of Non-GAAP Measures: Guidance
Reconciliation of Non-GAAP Measures Guidance Our guidance is based upon information currently available Three Months Ended regarding events and conditions that will impact our future September 27, 2026 operating results. In particular, our results are subject to the factors listed under "Forward-Loo
Slide 42: Thank you
Thank you Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com