Slide 1: 1st Quarter 2025 Earnings Results
1st QUARTER 2025 EARNINGS RESULTS May 2025 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 second quarter of 2025 and beyond. Forward-looking statements include projections of sales, earni
Slide 3: 1st Quarter 2025 Earnings Results
1st QUARTER 2025 EARNINGS RESULTS
Slide 4: Exceeded Expectations with Solid Organic Growth
Exceeded Expectations with Solid Organic Growth Q1 2025 Key Messages $1.60 (+29% YoY) Q1 2025 Q1 Revenue and EPS above the high end of the guidance range Adjusted EPS(1) • Revenue of $625M (exceeded the high end of guidance) • Adjusted EPS(1) of $1.60 (exceeded the high end of guidance) • Adj EBITDA
Slide 5: Key Win Highlights the Long-Term Value of Solution Relationships
Key Win Highlights the Long-Term Value of Solution Relationships Q1 2025 Automated Warehouse Customer Spec Position with Existing Product Pull-Through in Action Solutions Customer with Large Future Add-On & Expansion Opportunities Phase 1 Industrial Wireless Initial Automation Solutions Solutions Sm
Slide 6: Exceeded Expectations with Solid Organic Growth
Exceeded Expectations with Solid Organic Growth Q1 2025 Key Messages $ Millions Q1 2025(1) Q1 2024(1) YoY Orders +18% YoY Revenue $624.9 $535.7 +17% Revenue +17% YoY, Gross Profit $248.5 $205.6 +21% ahead of expectations set forth in prior guidance Gross Profit % 39.8% 38.4% +140 bps EBITDA $104.0 $
Slide 7: Segments Performance Highlights include Healthy Growth and Expanding Margins
Segments Performance Highlights include Healthy Growth and Expanding Margins Q1 2025 Segment Results Automation Solutions Segment Smart Infrastructure Solutions Segment Orders up 22% compared to the prior year period, driven YoY growth in both markets, with strength in outside fiber in by strength i
Slide 8: Consistent Free Cash Flow Deployed to Benefit Shareholders
Consistent Free Cash Flow Deployed to Benefit Shareholders Q1 2025 Balance Sheet and Cash Flow Highlights Cash and Cash Equivalent Net Leverage(1) TTM Free Cash Flow(2) Capital deployed towards share Opportunity to decrease leverage as we Strong free cash flow driven by stable repurchases and strate
Slide 9: Q2 2025 Guidance
Q2 2025 Guidance Guidance as of May 1, 2025 Q2 2025 Guidance Total Revenue ($million) $645 to $660 GAAP EPS $1.25 to $1.35 Adjusted EPS $1.67 to $1.77 Q2 2025 Assumptions Interest Expense Tax Rate Share Count $11.3M 17.5% 40.2M ©Belden | 9
Slide 10: Corporate Overview
CORPORATE OVERVIEW BELDEN INC. NYSE : BDC ©Belden | 10
Slide 11: Belden Delivers a Simpler, Smarter and Secure Digital Infrastructure
B E L D E N AT- A - G L A N C E Belden Delivers a Simpler, Smarter and Secure Digital Infrastructure NYSE: BDC 2024 Results Revenue Adj. EBITDA1 Adj. EPS1 Free Cash Flow1 Associates $2.5B $411M $6.36 $223M ~8,000 2024 Segment Results Sales By Region 21% EMEA Automation Solutions Smart Infrastructure
Slide 12: 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 Auto CPG Material Handling Chemical Power T&D Mass Transit Data Centers Healthcare Hospitality Higher Education Semiconductor Broadband / Telco ©Belden | 12
Slide 13: Strong Secular Growth Trends Creating New Opportunities and Driving Growth
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 Data
Slide 14: 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 Solutions Experts Identify and During the Solutions Process Solve Key Challenges Differentiated Process and Expertise Solution Account Solution Solution Exploration Solutioning Validation Manager Consul
Slide 15: Executing Clearly Defined Strategy
Executing Clearly Defined Strategy 1 2 3 4 Growing portfolio Delivering Advancing Enhancing of best-in-class long term growth our Solutions growth with networking & in earnings and capabilities selective M&A data products FCF generation Clearly Defined Strategy ©Belden | 15
Slide 16: Clear Capital Allocation Priorities
Clear Capital Allocation Priorities 1 2 3 Organic Growth Strategic M&A Return Capital 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 of
Slide 17: Our Growth Algorithm Will Deliver Long Term Shareholder Value
2 0 2 8 F I N A N C I A L TA R G E T S Our Growth Algorithm Will Deliver Long Term Shareholder Value Long Term Value Creation Through the Cycle MSD(1) 25-30% ~10% ~1.5X 10-12% CAGR Organic Revenue Incremental Free Cash Net Leverage EPS Growth Growth EBITDA Margins Flow Margin(2) Adjusted results 1)
Slide 18: Appendix
APPENDIX (B Belden ©Belden | 18
Slide 19: Statement of Operations
Statement of Operations Unaudited Three Months Ended March 30, 2025 March 31, 2024 (In thousands, except per share data) Revenues $ 624,861 $ 535,675 Cost of sales (379,021) (334,079) Gross profit 245,840 201,596 Selling, general and administrative expenses (131,522) (110,768) Research and developme
Slide 20: Operating Segment Information
Operating Segment Information Unaudited Smart Infrastructure Automation Solutions Solutions (In thousands, except percentages) For the three months ended March 30, 2025 Segment Revenues $ 274,050 $ 350,811 Segment EBITDA 31,135 73,325 Segment EBITDA margin 11.4 % 20.9 % Depreciation expense 6,572 7,
Slide 21: Balance Sheet
Balance Sheet Unaudited March 30, 2025 December 31, 2024 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 258,997 $ 370,302 Receivables, net 419,970 409,711 Inventories, net 373,045 343,099 Other current assets 80,509 73,117 Total current assets 1,132,521 1,196,229 Prope
Slide 22: Cash Flow Statement
Cash Flow Statement Unaudited Three Months Ended March 30, 2025 March 31, 2024 (In thousands) Cash flows from operating activities: Net income $ 51,937 $ 37,309 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 29,785 26,987 Share-based compen
Slide 23: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Unaudited Three Months Ended In addition to reporting financial results in accordance with accounting principles March 30, 2025 March 31, 2024 generally accepted in the United States, we provide non-GAAP operating results (In thousands, except percentages and per
Slide 24: Reconciliation of Non-GAAP Measures (continued)
Reconciliation of Non-GAAP Measures (continued) Unaudited In addition to reporting financial results in accordance with accounting principles Three Months Ended generally accepted in the United States, we provide non-GAAP operating results March 30, 2025 March 31, 2024 adjusted for certain items, in
Slide 25: Free Cash Flow GAAP to Non-GAAP Reconciliation
Free Cash Flow GAAP to Non-GAAP Reconciliation Unaudited Three Months Ended We define free cash flow, which is a non-GAAP financial measure, March 30, 2025 March 31, 2024 as net cash from operating activities adjusted for capital (In thousands) expenditures net of the proceeds from the disposal of a
Slide 26: Reconciliation of Non-GAAP Measures: Guidance
Reconciliation of Non-GAAP Measures Guidance Three Months Ended Our guidance is based upon information currently available June 29, 2025 regarding events and conditions that will impact our future operating results. In particular, our results are subject to the GAAP income per diluted share attribut
Slide 27: Thank you
Thank you Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com