Slide 1: Q4 2025 Earnings Results
Q4 2025 EARNINGS RESULTS February 2026
Slide 2: Forward-Looking Statements and Non-GAAP Measures
Forward-Looking Statements Our commentary and responses to your questions may contain forward-looking statements, including our outlook for the first quarter of 2026 and beyond. Forward-looking statements include projections of sales, earnings, general economic conditions, market conditions, working
Slide 3: Business and Strategic Updates
Business and Strategic Updates Ashish Chand President and Chief Executive Officer
Slide 4: Record Revenue & Record EPS Driven by Solutions Transformation
Q4 2025 Key Messages Record Revenue & Record EPS Driven by Solutions Transformation Q4 Revenue and EPS above the high end of the guidance range $7.54 (+19% YoY) • Record Revenue of $720M, +8% YoY Record Full Year Adjusted EPS1 • Record Adjusted EPS1 of $2.08, +8% YoY Record Full Year performance dri
Slide 5: Creating a More Agile and Customer-Centric Operating Model
Strategic Realignment Case Study CUSTOMER Creating a More Agile Long-standing US food retailer and Customer-Centric with a complex networking footprint — retail stores, fuel centers, distribution facilities, and manufacturing footprint Operating Model with our Solutions-First Strategy RESULT IT OT C
Slide 6: Transforming Mission Critical Infrastructure
Transforming Mission Critical Infrastructure Wi-Fi Connectivity for a Major Urban Transit System Strategic Challenge: A major urban transit system faced critical challenges in maintaining reliable, real-time video from high-speed trains, overcoming wireless interference in dense environments, and ac
Slide 7: Finance Updates and Guidance
Finance Updates and Guidance Jeremy Parks EVP – Finance and Chief Financial Officer
Slide 8: Financial Performance Ahead of Guidance with Record Revenue and Earnings
Q4 2025 Key Messages Financial Performance Ahead of Guidance with Record Revenue and Earnings Orders: +12% YoY $ Millions Q4 20251 Q4 20241 YoY Revenue $720.1 $666.0 +8% Revenue: +8% YoY Gross Profit $267.7 $253.7 +5% Gross Profit % 37.2% 38.1% -90 bps Adj EBITDA $122.1 $114.1 +7% Organic Revenue4:
Slide 9: Record Revenue and Earnings With Improving Margins
Full Year 2025 Key Messages Record Revenue and Earnings With Improving Margins Orders: +13% YoY $ Millions FY 20251 FY 20241 YoY Revenue $2,715.2 $2,461.0 +10% Revenue: +10% YoY Gross Profit $1,044.2 $937.4 +11% Gross Profit % 38.5% 38.1% +40 bps Organic Revenue4: +6% YoY Adj EBITDA $458.7 $410.8 +1
Slide 10: Strategic Realignment to Accelerate Solutions Transformation
Strategic Realignment to Accelerate Solutions Transformation Building on Foundational Strength for Future Growth PRIOR ALIGNMENT 1 NEW ALIGNMENT 1 45% 55% 100% Rationale Smart Automation Consolidated • Organizational Structure Infrastructure Solutions Belden Solutions Segment Realignment Based on Se
Slide 11: Automation Drives Growth, Solutions Strategy Advances
Full Year 2025 Segment Results Automation Drives Growth, Solutions Strategy Advances Automation Solutions Segment Smart Infrastructure Solutions Segment Double-digit order growth compared to the prior year driven by Continued strength in target growth verticals in Smart Buildings momentum across all
Slide 12: Strong Balance Sheet and Disciplined Capital Allocation
Q4 2025 Balance Sheet and Cash Flow Highlights Strong Balance Sheet and Disciplined Capital Allocation Cash and Cash Equivalent Net Leverage1 TTM Free Cash Flow2 Capital deployed towards share repurchases Reflects deployment of capital consistent with our Stable free cash flow generation driven and
Slide 13: Q1 2026 Guidance
Q1 2026 $675 – $690 Guidance Total Revenue ($M) $1.21 – $1.31 As of February 12, 2026 GAAP EPS $1.65 – $1.75 Adjusted EPS1 Q1 2026 Assumptions $13.1M $18.1M 20.0% 39.6M Interest Expense Depreciation Expense Tax Rate Share Count 1. Adjusted results. See Appendix for reconciliation to comparable GAAP
Slide 14: 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 15: Functional Leadership Structure
Effective 2026 Functional Leadership Structure Brian Anderson Brian Lieser EVP - Chief Legal & Risk EVP - Chief Commercial Officer Officer Ashish Chand Hiran Bhadra Jeremy Parks President and CEO EVP - Chief Innovation EVP - Chief Financial Officer Officer Brad Dineley Leah Tate EVP - Chief Digital
Slide 16: Q&A
Q&A 16
Slide 17: Corporate Overview
CORPORATE OVERVIEW BELDEN INC. NYSE : BDC 17
Slide 18: 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 19: 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 19
Slide 20: 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 20
Slide 21: 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 22: 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 22
Slide 23: Clear Capital Allocation Priorities
Clear Capital Allocation Priorities 1 2 3 Organic Strategic Return Capital to Growth M&A Shareholders Drive organic growth Fill key solutions gaps with Return capital to shareholders through reinvestment our M&A framework through share repurchases and dividends All while maintaining net leverage of
Slide 24: Delivering Long Term Shareholder Value
2028 Financial Targets Our Growth Algorithm: Delivering Long Term Shareholder Value Long Term Value Creation Through the Cycle MSD 25-30% ~10% ~1.5X 10-12% CAGR Organic Incremental Free Cash Net Revenue Growth EBITDA Margins Flow Margin Leverage EPS Growth 24
Slide 25: Appendix
APPENDIX ([B Belden 2
Slide 26: Statement of Operations
6 Statement of Operations Unaudited Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 (In thousands, except per share data) Revenues $ 720,120 $ 666,042 $ 2,715,194 $ 2,460,979 Cost of sales (456,554) (416,226) (1,684,022) (1,538,757) Gros
Slide 27: Operating Segment Information
Operating Segment Information Unaudited Smart Infrastructure Automation Solutions Solutions (In thousands, except percentages) For the three months ended December 31, 2025 Segment Revenues $ 322,441 $ 397,679 Segment EBITDA 40,773 82,529 Segment EBITDA margin 12.6 % 20.8 % Depreciation expense 7,435
Slide 28: Balance Sheet
Balance Sheet Unaudited December 31, 2025 (Unaudited) December 31, 2024 (In thousands) ASSETS Current assets: Cash and cash equivalents $ 389,887 $ 370,302 Receivables, net 462,845 409,711 Inventories, net 402,345 343,099 Other current assets 94,303 73,117 Total current assets 1,349,380 1,196,229 Pr
Slide 29: Cash Flow Statement
9 Cash Flow Statement Unaudited Twelve Months Ended December 31, 2025 December 31, 2024 (In thousands) Cash flows from operating activities: Net income $ 237,522 $ 198,414 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 129,433 115,741 Share-b
Slide 30: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Unaudited Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 In addition to reporting financial results in accordance with accounting principles (In thousands, except percentages and per share amounts) ge
Slide 31: Reconciliation of Non-GAAP Measures (continued)
1 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 Three Months Ended Twelve Months Ended December 31, December 31, December 31,
Slide 32: Reconciliation of Non-GAAP Measures (continued)
2 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 thousand
Slide 33: 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 34: Free Cash Flow GAAP to Non-GAAP Reconciliation
4 Free Cash Flow GAAP to Non-GAAP Reconciliation Unaudited Three Months Ended Twelve Months Ended We define free cash flow, which is a non-GAAP financial measure, December 31, December 31, December 31, December 31, as net cash from operating activities adjusted for capital 2025 2024 2025 2024 expend
Slide 35: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Guidance Three Months Ended March 29, 2026 Our guidance is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the GAAP EPS $1.21- $1.31 factors listed
Slide 36: Thank you
Thank you Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com