Slide 1: 3rd Quarter 2024 Earnings Results
[@ Belden 3RD QUARTER 2024 EARNINGS RESULTS October 2024 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 2024 and beyond. Forward-looking statements include projections of sales, earni
Slide 3: Earnings
EARNINGS
Slide 4: Exceeded Expectations with Continued Order Growth
Exceeded Expectations with Continued Order Growth Q3 2024 Key Messages * Revenue of $655M (exceeded the high end of guidance) * Adjusted EPS" of $1.70 (exceeded the high end of guidance) * Adj EBITDA Margin of 17.2%, up 70 bps QoQ * Orders for Q3 were up 8% QoQ and up 28% YoY * Organic Revenue Growt
Slide 5: Acquisitions Fill Key Solutions Gaps
Acquisitions Fill Key Solutions Gaps Voleatech, GmbH Enhances Active Portfolio VOLEATECH Voleatech GmbH CAI Provider of cyber security Special Product Plug-in radio frequency fitters firewall technology in OT Company (SPC 7» . networks, especially in one TS b ¢ for hybrid fiber-coax nodes Berthold S
Slide 6: Solutions Awards: Mass Transit and Hospitality
€25-45M Solutions Award $2M Solutions Award Over 8 Years Mass Transit Hospitality Network Infrastructure Complete Network Backbone Both Operational & Customer-Facing Systems Fiber, Copper, Connectivity, 5G Connectivity
Slide 7: Exceeded Expectations with Continued Order Growth
Exceeded Expectations with Continued Order Growth Q3 2024 Key Messages Orders +8% QoQ and +28% YoY Revenue +4% YoY ahead of Gross Profit $247.6 $244.2 $230.6 +1% +7% expectations set forth in prior guidance EBITDA $112.5 $115.2 $99.4 -2% +13% Organic Revenuel4) -2% YoY + Automation Solutions Organic
Slide 8: Stable Performance Across Both Segments
Stable Performance Across Both Segments Q3 2024 Segment Results Automation Solutions Segment Smart Infrastructure Solutions Segment Results favorably impacted by the Precision acquisition. Orders continued to improve sequentially and compared to the prior year period. Orders were stable sequentially
Slide 9: Consistent Free Cash Flow Deployed to Enhance Solutions Through Acquisitions
Consistent Free Cash Flow Deployed to Enhance Solutions Through Acquisitions Q3 2024 Balance Sheet and Cash Flow Highlights Cash and Cash Equivalent Net Leverage") TTM Free Cash Flow?) Capital deployed towards share Leverage reflects the closure of the Precision Aligned with expectations, strong TTM
Slide 10: Q4 2024 Guidance
Q4 2024 Guidance Guidance as of October 31, 2024 Q4 2024 Guidance Total Revenue ($million) GAAP EPS Adjusted EPS Q4 2024 Assumptions Interest Expense Tax Rate $11.5M 19.0% (B Belden Share Count 411M $645 to $660 $1.05 to $1.15 $1.62 to $1.72 ©Belden | 10
Slide 11: Corporate Overview
CORPORATE OVERVIEW BELDEN INC. NYSE : BDC Belden
Slide 12: Belden At-A-Glance
BELDEN AT-A-GLANCE Belden Delivers a Simpler, Smarter and Secure Digital Infrastructure NYSE: BDC Associates ~8,000 Sales By Region Free Cash Flow! 235% EMEA age li. =. MNO ON bm ital Automation Solutions Smart Infrastructure Solutions rng Revenue Segment EB Americas 135% $1.48 | $287M sone Full-yea
Slide 13: Targeting Priority Verticals for Solutions Where Data Generation and Usage are Increasing
Targeting 12 Priority Verticals for Solutions Where Data Generation and Usage are Increasing Significantly Material Handling Chemical Power T&D Mass Transit Data Centers Healthcare Hospitality Higher Education Semiconductor Broadband / Telco (B Belden ©Belden | 13
Slide 14: Strong Secular Growth Trends Creating New Opportunities
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 Da
Slide 15: 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 During | Solutions Experts Identify and the Solutions Process Solve Key Challenges Differentiated Process and Expertise (B Belden Belden | 15
Slide 16: Executing Clearly Defined Strategy
Executing Clearly Defined Strategy Growing portfolio Advancin Enhancin Delivering of best-in-class Soluti g h th long term growth networking & eee Uulsins elem a in earnings and capabilities selective M&A data products FCF generation : 2 oo | OS Oe Clearly Defined Strategy (B Belden Belden | 16
Slide 17: Clear Capital Allocation Priorities
Clear Capital Allocation Priorities fae HH = Return Capital Organic Growth Strategic M&A 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
Slide 18: 2028 Financial Targets
2028 FINANCIAL TARGETS Our Growth Algorithm Will Deliver Long Term Shareholder Value Long Term Value Creation Through the Cycle _ C0) | uso | oe “we ° Z : CAGR Organic Revenue Incremental Free Cash Net Leverage EPS Growth Growth EBITDA Margins Flow Margin (B Belden Adjusted results ©Belden | 18
Slide 19: Appendix
APPENDIX (B Belden ©Belden | 19
Slide 20: Consolidated Statement of Operations
Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, 2024 2023 2024 2023 (In thousands, except per share data) Revenues $ 654,926 $ 626,807 $ 1,794,937 $ 1,960,841 Cost of sales (410,922) (385,639) (1,122,531) (1,212,240) Gross profit 244,004 241,168 672,406 748,601
Slide 21: Segment Results and EBITDA Reconciliation
Smart Infrastructure Automation Solutions Solutions (In thousands, except percentages) For the three months ended September 29, 2024 Segment Revenues $ 319,647 $ 335,279 Segment EBITDA 40,447 71,819 Segment EBITDA margin 12.7 % 21.4 % Depreciation expense 6,758 7,897 Amortization of intangibles 8,73
Slide 22: Consolidated Balance Sheet
September 29, December 31, 2024 2023 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 322,982 $ 597,044 Receivables, net 430,176 413,806 Inventories, net 368,435 366,987 Other current assets 76,706 79,142 Total current assets 1,198,299 1,456,979 Property, plant and equip
Slide 23: Consolidated Cash Flow Statement
Nine Months Ended September 29, 2024 October 1, 2023 (In thousands) Cash flows from operating activities: Net income $ 140,032 $ 204,047 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 84,039 73,974 Share-based compensation 22,079 14,843 Gai
Slide 24: Non-GAAP Reconciliation: Gross Profit and SG&A
Three Months Ended September 29, October 1, June 30, 2024 2023 2024 (In thousands, except percentages and per share amounts) Revenues $ 654,926 $ 626,807 — $ 604,336 GAAP gross profit $ 244,004 $ 241,168 $ 226,806 Amortization of software development intangible assets 2,678 1,963 2,464 Severance, re
Slide 25: Non-GAAP Reconciliation: Net Income and EPS
Three Months Ended September 29, October 1, June 30, 2024 2023 2024 (In thousands, except percentages and per share amounts) GAAP net income $ 53,689 $ 72,327 $ 49,034 Less: Net loss attributable to noncontrolling interest (3) (20) (10) GAAP net income attributable to Belden stockholders $ 53,692 $
Slide 26: Twelve Months Ended December 31, 2023 Reconciliation
Twelve Months Ended December 31, 2023 (In thousands, except percentages and per share amounts) Revenues $ 2,512,084 GAAP gross profit $ 954,966 Severance, restructuring, and acquisition integration costs 3,488 Amortization of software development intangible assets 7,692 Adjustments related to acquis
Slide 27: Twelve Months Ended December 31, 2023 Net Income Reconciliation
Twelve Months Ended December 31, 2023 (In thousands, except percentages and per share amounts) GAAP income from continuing operations $ 242,556 Less: Net income (loss) attributable to noncontrolling interest (203) GAAP net income from continuing operations attributable to Belden stockholders $ 242,7
Slide 28: Free Cash Flow Reconciliation
Three Months Ended Nine Months Ended September 29, October 1, September 29, October 1, 2024 2023 2024 2023 (In thousands) GAAP net cash provided by operating activities $ 91,677 $ 105,278 $ 177,357 $ 159,993 Capital expenditures (24,513) (29,141) (70,759) (61,870) Proceeds from disposal of tangible
Slide 29: Q4 2024 EPS Guidance Reconciliation
Three Months Ended December 31, 2024 GAAP income per diluted share attributable to Belden stockholders $1.05 - $1.15 Amortization of intangible assets 0.31 Severance, restructuring, and acquisition integration costs 0.25 Adjustments related to acquisitions and divestitures 0.01 Adjusted income per d
Slide 30: Thank you
[2 Belden Thank you Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com