Belden Inc · NYSE:BDC
Belden — Q3 2026 Earnings Presentation
40 slides from Belden's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Earnings Results
Q3 2026 EARNINGS RESULTS October 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 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. $100M Fiber Assembly Agreement Accelerates AI Data Center Momentum. Record Revenue, Core Business Drives 11% Organic Growth • Record Revenue of $966M, +38% YoY $966M (+38% YoY, +11% YoY organic ) 2 • Organic Revenue Growth2 of 11% YoY, led by Automation and Smart Build
Slide 5: Scaling a Proven Hyperscale Fiber Connectivity Platform
Q3 2026 AI Data Center Highlights Scaling a Proven Hyperscale Fiber Connectivity Platform White Space: Fiber assemblies inside the data hall Gray Space: Network infrastructure supporting the data center $100M Signed Customer Agreement for 2027 Fiber Assemblies $8M+ Gray Space Wins Continue to Broade
Slide 6: Solutions Strategy Gaining Momentum Across Targeted Verticals
Q3 2026 Key Solution Wins Solutions Strategy Gaining Momentum Across Targeted Verticals High-Speed Rail Corridor Flagship Hospital New Build Two Greenfield Hospital Builds Americas Americas $10M APAC Solutions Win $9M Solutions Win (US) ~$20M Solutions Win (Canada) Solutions team displaced incumbent
Slide 7: Ruckus: Demand Strong, Component Availability Delayed Shipments
Ruckus: Demand Strong, Component Availability Delayed Shipments, Integration on Track Q3 2026 Ruckus Performance: Demand Strong, Supply Constrained Supply Chain Update Strong demand with orders up 10% YoY, • Select component constraints: longer lead times and Orders Momentum → book-to-bill at 1.09x
Slide 8: Finance Updates and Guidance
Finance Updates and Guidance Jeremy Parks EVP – Finance and Chief Financial Officer
Slide 9: Record Revenue and Orders Led by Strong Customer Demand
Q3 2026 Key Messages Record Revenue and Orders Led by Strong Customer Demand $ Millions Q3 20261 Q3 20251 YoY Revenue $966.0 $698.2 +38% Record Orders: +46% YoY Organic 4 +16% YoY Adj Gross Profit $401.2 $266.6 +50% Adj Gross Profit % 41.5% 38.2% +330 bps Book-to-bill: 1.05x Adj EBITDA $171.1 $118.6
Slide 10: Market Performance
Q3 2026 Performance Highlights Market Performance $ Millions Automation Smart Buildings • Double-digit Organic • Double-digit Organic Growth1 YoY Growth1 YoY • Orders up ~30% YoY 19% • Orders up ~30% YoY • Robust industrial • Strong step-up in white strength with Discrete space data center and Energ
Slide 11: The Pathway Toward Rapid Reduction in Net Leverage
The Pathway Toward Rapid Reduction 3Q 2026 Balance Sheet in Net Leverage Cash and Cash Equivalent Estimated Net Leverage Targets 1 (Net Debt / Adj EBITDA) $390M $381M $314M Free Cash Flow2 Drives Rapid De-leveraging Q3 2025 Q4 2025 Q3 2026 ~$200M Estimated 2H26 FCF2 Net Leverage 1 3.9x ~$300M Estima
Slide 12: Q4 2026 Guidance
Q4 2026 $960 – $980 Guidance1 Total Revenue ($M) $0.24 – $0.39 As of October 29, 2026 GAAP EPS $2.20 – $2.35 Adjusted EPS2 Q4 2026 Assumptions $44.3M $19.0M 17.2% 39.5M Interest, Net Depreciation Tax Rate Share Count 1. Guidance includes Ruckus Networks Inc. which closed on July 1, 2026. 2. Adjusted
Slide 13: Combined Go-To-Market Strategy
Combined Go-To-Market Strategy Delivering Advanced Network Solutions Through Our Combined Product Portfolio Major Product Categories Key Growth Markets for Advanced Network Solutions Automation Manufacturing, Warehousing & Logistics Campus Full Stack Energy Smart Buildings Converged Solutions Transp
Slide 14: Corporate Overview
CORPORATE OVERVIEW BELDEN INC. NYSE : BDC 14
Slide 15: 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 $3.9B+ ~38% ~43% ~17% ~18% ACTIVE PORTFOLIO S
Slide 16: Ruckus Makes Belden a Higher-Quality Business
Not Just Bigger, Ruckus makes Belden Higher Margins. Faster Growth. More Solutions. 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%+ gross Ruckus's high-single- From 15% to
Slide 17: 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 18: 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 19: 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 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 Belden Plays Across the Data Center Campus
Where Belden Plays Across Belden’s Solutions for Data Center Applications the Data Center Campus White Space (Data Hall) GRID GENERATION Fiber cabling and connectivity, AI-ready racks & INFRASTRUCTURE cabinets, power, cooling, & monitoring inside the data COMMAND & CONTROL hall. Gray Space (everythi
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: Delivering Results: 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 29: 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 29
Slide 30: Appendix
APPENDIX (B Belden 0
Slide 31: Statement of Operations
Statement of Operations Unaudited Three Months Ended Nine Months Ended September 27, September 28, September 27, September 28, 2026 2025 2026 2025 (In thousands, except per share data) Revenues $ 965,954 $ 698,221 $ 2,412,486 $ 1,995,074 Cost of sales (627,204) (435,023) (1,522,024) (1,227,468) Gros
Slide 32: Balance Sheet
Balance Sheet Unaudited September 27, December 31, 2026 2025 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 380,706 $ 389,887 Receivables, net 684,350 462,845 Inventories, net 555,071 402,345 Other current assets 113,375 94,303 Total current assets 1,733,502 1,349,380
Slide 33: Cash Flow Statement
Cash Flow Statement Unaudited Nine Months Ended September 27, 2026 September 28, 2025 (In thousands) Cash flows from operating activities: Net income $ 108,212 $ 169,633 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 146,940 95,414 Share-ba
Slide 34: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Unaudited Three Months Ended September 27, September 28, Nine Months Ended September 27, September 28, 2026 2025 2026 2025 In addition to reporting financial results in accordance with accounting principles (In thousands, except percentages and per share amounts)
Slide 35: 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 September 27, September 28, Revenue Currency Pricing Divestitures Organic 2026 2025 Growth Impact Impact Impact Growth (In thousands, except percentages) Revenues
Slide 36: 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 37: 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 38: 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 39: Reconciliation of Non-GAAP Measures: Guidance
Reconciliation of Non-GAAP Measures Guidance Our guidance is based upon information currently available regarding events and conditions that will impact our future Three Months Ended operating results. In particular, our results are subject to the December 31, 2026 factors listed under "Forward-Look
Slide 40: Thank you
Thank you Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com