# EDGAR Filing Document

**Accession Number:** 0000205402
**File Stem:** 0000205402-26-000015
**Filing Date:** 2026-3
**Character Count:** 352294
**Document Hash:** 227d18c2cfaae8ae13cd4383d7a3a61c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000205402-26-000015.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0000205402-26-000015

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 111

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRAYBAR ELECTRIC CO INC
- **CENTRAL INDEX KEY:** 0000205402
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-ELECTRICAL APPARATUS & EQUIPMENT, WIRING SUPPLIES [5063]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 130794380
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-00255
- **FILM NUMBER:** 26743138

**BUSINESS ADDRESS:**
- **STREET 1:** 34 N MERAMEC AVE
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63105
- **BUSINESS PHONE:** 3145739200

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 7231
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63177

?xml version='1.0' encoding='ASCII'? c402-20251231x10k

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| Stock25<br>i<br>|
| <br>**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |

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**FORM 10-K**

    <br> <u></u> <u>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</u>

For the fiscal year ended December 31, 2025

or

    <br> <u></u> <u>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</u>

For the transition period from __________ to __________

Commission File Number 000-00255

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| **GRAYBAR ELECTRIC COMPANY, INC.** |
| *(Exact name of registrant as specified in its charter)* |

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| **New York** | **13-0794380** |
| *(State or other jurisdiction of incorporation or organization)* | *(I.R.S. Employer Identification No.)* |

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| **34 North Meramec Avenue, St. Louis, Missouri** | **63105** |
| *(Address of principal executive offices)* | *(Zip Code)* |

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| **(314) 573 - 9200** |
| *(Registrant's telephone number, including area code)* |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities registered pursuant to Section 12(b) of the Act: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities registered pursuant to Section 12(b) of the Act: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title of each class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities registered pursuant to Section 12(g) of the Act: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities registered pursuant to Section 12(g) of the Act: | **Common Stock - Par Value $1.00 Per Share with a** | **Common Stock - Par Value $1.00 Per Share with a** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stated Value of $20.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stated Value of $20.00** |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. |
| YES &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NO  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. |
| YES &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NO  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. |
| YES &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NO  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). |
| YES &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NO  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. |

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| Large accelerated filer ◻ | Accelerated filer ◻ |
| Non-accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;⌧ | Smaller reporting company ◻ |
|  | Emerging growth company ◻ |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an emerging company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻ |

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  <br> <u>Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NO </u>

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate stated value of the Common Stock beneficially owned with respect to rights of disposition by persons who are not affiliates (as defined in Rule 405 under the Securities Act of 1933) of the registrant on June 30, 2025, was $639,507,460 Pursuant to a Voting Trust Agreement, dated as of March 3, 2017, approximately 83.0% of the outstanding shares of Common Stock was held of record by four Trustees who were each directors or officers of the registrant and who collectively exercised the voting rights with respect to such shares at such date. The registrant is 100% owned by its active and retired employees, and there is no public trading market for the registrant's Common Stock. See Item 5 of this Annual Report on Form 10-K. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares of Common Stock outstanding at March 1, 2026 was 32,940,664. |

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**DOCUMENTS INCORPORATED BY REFERENCE** <br>

  <br> <u>Portions of the documents listed below have been incorporated by reference into the indicated Part of this Annual Report on Form 10-K: Information Statement relating to the 2026 Annual Meeting of Shareholders – Part III, Items 10-14 </u>

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**Graybar Electric Company, Inc. and Subsidiaries**

**Annual Report on Form 10-K**

**For the Fiscal Year Ended December 31, 2025**

**Table of Contents**

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|  |  | **Page** |
| **<u>PART I</u>** | **<u>PART I</u>** | **<u>PART I</u>** |
| Item 1. | [<u>Business</u>](#Item_1__Business) | 3 |
| Item 1A. | [<u>Risk Factors</u>](#Item_1A__Risk_Factors) | 6 |
| Item 1B. | [<u>Unresolved Staff Comments</u>](#Item_1B__Unresolved_Staff_Comments) | 9 |
| Item 1C | [<u>Cybersecurity</u>](#Item1C_Cybersecurity) | 9 |
| Item 2. | [<u>Properties</u>](#Item_2__Properties) | 10 |
| Item 3. | [<u>Legal Proceedings</u>](#Item_3__Legal_Proceedings) | 10 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#Item_4__Mine_Safety_Disclosures) | 10 |
| Supplemental Item | [<u>Executive Officers of the Registrant</u>](#Supplemental_Item__Executive_Officers_of) | 10 |
| **<u>PART II</u>** | **<u>PART II</u>** | **<u>PART II</u>** |
| Item 5. | [<u>Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</u>](#Item_5__Market_for_the_Registrant_s_Comm) | 11 |
| Item 6. | [<u>(Reserved)</u>](#Item_6__Selected_Financial_Data) | 11 |
| Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#Item_7__Management_s_Discussion_and_Anal) | 12 |
| Item 7A. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#Item_7A__Quantitative_and_Qualitative_Di) | 17 |
| Item 8. | [<u>Financial Statements and Supplementary Data</u>](#Item_8__Financial_Statements_and_Supplem) | 19 |
| Item 9. | [<u>Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</u>](#Item_9__Changes_in_and_Disagreements_Wit) | 53 |
| Item 9A. | [<u>Controls and Procedures</u>](#Item_9A__Controls_and_Procedures) | 53 |
| Item 9B. | [<u>Other Information</u>](#Item_9B__Other_Information) | 53 |
| Item 9C. | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#ITEM_9C_Disclosure_Regarding_Foreign_Jur) | 54 |
| **<u>PART III</u>** | **<u>PART III</u>** | **<u>PART III</u>** |
| Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#Item_10__Directors__Executive_Officers_a) | 55 |
| Item 11. | [<u>Executive Compensation</u>](#Item_11__Executive_Compensation) | 55 |
| Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#Item_12__Security_Ownership_of_Certain_B) | 55 |
| Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#Item_13__Certain_Relationships_and_Relat) | 55 |
| Item 14. | [<u>Principal Accountant Fees and Services</u>](#Item_14__Principal_Accounting_Fees_and_S) | 56 |
| **<u>PART IV</u>** | **<u>PART IV</u>** | **<u>PART IV</u>** |
| Item 15. | [<u>Exhibits and Financial Statement Schedules</u>](#Item_15___Exhibits__Financial_Statement_) | 57 |
| [<u>Signatures</u>](#SIGNATURES) |  | 60 |

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**PART I**

**CAUTION REGARDING FORWARD-LOOKING STATEMENTS**

The following discussion should be read in conjunction with the accompanying audited consolidated financial statements of Graybar Electric Company, Inc. and its subsidiaries (collectively referred to as "Graybar" or the "Company" and sometimes referred to as "we", "our", or "us"), the notes thereto, and Management's Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended December 31, 2025, included in this Annual Report on Form 10-K. The results shown herein are not necessarily indicative of the results to be expected in any future periods.

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believes", "projects", "expects", "anticipates", "estimates", "intends", "strategy", "plan", "may", "will", "would", "will be", "will continue", "will likely result", and other similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the PSLRA. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse impact on our operations and future prospects on a consolidated basis include, but are not limited to: general economic conditions, particularly in the commercial, industrial building, and residential construction industries; a sustained interruption in the operation of our information systems; business interruption due to our ERP system upgrade; cyber-attacks; volatility in the prices of industrial commodities; increased funding requirements and expenses related to our pension plan; disruptions in our sources of supply; the inability, or limitations on our ability to borrow under our existing credit facilities or any replacements thereof; adverse legal proceedings or other claims; compliance with changing governmental regulations; a pandemic, epidemic, or other public health emergency; and the inability, or limitations on our ability, to raise debt or equity capital. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities law. Further information concerning our business, including additional factors that could materially impact our financial results, is included herein and in our other filings with the United States Securities and Exchange Commission (the "SEC" or "Commission"). Actual results and the timing of events could differ materially from the forward-looking statements as a result of certain factors, a number of which are outlined in Item 1A., "Risk Factors", of this Annual Report on Form 10-K.

All dollar amounts in this Annual Report on Form 10-K are stated in millions except for share and per share data.

**Item 1. Business**

**The Company**

Graybar is a leading North American distributor of electrical, industrial, automation and connectivity products and is a provider of related supply chain management and logistics services. We primarily serve customers in the construction, commercial, institutional and government ("CIG"), and industrial & utility vertical markets ("vertical" or "verticals"), with products and services that support new construction, infrastructure updates, building renovation, facility maintenance, repair and operations ("MRO"), and original equipment manufacturers ("OEM").

Through a network of 355 locations across the United States and Canada, we serve approximately 150,000 customers. Our business is primarily based in the United States ("U.S."). We also have subsidiary operations with distribution facilities in Canada and Puerto Rico.

We distribute approximately two million products purchased from over 6,000 manufacturers and suppliers. In our primary role as third-party wholesale distributor, we neither manufacture nor contract to manufacture the products that we sell.

We generally finance our inventory through the collection of trade receivables and trade accounts payable terms with our suppliers. We use short-term borrowing facilities to finance inventory purchases and other operating expenses when necessary, and we have not historically used long-term borrowings for this purpose.

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In addition to our extensive product offering, we provide a wide range of supply chain management services, that when combined with our network of locations, are designed to deliver convenience, cost savings and improved efficiency for our customers.

We were incorporated in 1925 under the laws of the State of New York. Our active and retired employees own 100% of our common stock. There is no public trading market for our common stock.

Our internet address is <u>www.graybar.com</u>. Information on our website does not constitute a part of this Annual Report on Form 10-K.

**Competition**

Our industry is comprised of thousands of local and regional distributors, along with several large national and global distributors. Graybar is among the largest distributors of electrical, industrial, automation and connectivity products to the construction, CIG, and industrial & utility verticals in North America. Our industry is highly competitive, and we estimate that the top five distributors account for approximately 40% of the total U.S. market. Some of our largest competitors have greater global geographic scope, which may provide them an advantage, particularly with certain multi-national customers.

Our industry is influenced by economic and regulatory factors that impact rates of new construction, as well as customers' or end users' decisions to invest in renovation and expansion of facilities and infrastructure. The industry is also affected by changes in technology, both in the products that are typically sold through distribution and in the ways customers choose to transact business with distributors. Driven by customers' omnichannel buying preferences and their desire to increase efficiency and productivity, digitalization is becoming increasingly important to both manufacturers and distributors in our industry.

Our pricing reflects the value associated with the products and services that we provide. We consider our prices to be generally competitive. We believe that, while price is an important customer consideration, the services we provide distinguish us from many of our competitors, whether they are distributors or manufacturers selling directly to our customer base. We view our ability to quickly supply our customers with a broad range of products through conveniently located distribution facilities as a competitive advantage that customers value.

**Markets Served**

Graybar serves a wide range of customers within certain primary verticals. The largest of these verticals is construction, which accounted for more than half of our sales in 2025. Customers within this vertical include various types of contractors and installers that perform new construction and renovation of commercial and industrial facilities and utility infrastructure.

The other verticals we serve are CIG and industrial & utility. The CIG vertical includes a broad range of commercial office, warehouse, and retail facilities, federal, state, and local governmental agencies, and the education and health care sectors. The industrial & utility vertical includes customers and products for MRO, OEM, broadband utility and electrical transmission and distribution infrastructure.

**Products and Suppliers**

We distribute approximately two million products purchased from over 6,000 manufacturers and suppliers. More than 100,000 of these products are stocked in our warehouses, allowing us in most cases to provide customers with convenient, local access to the items they need every day. When the specialized nature or size of a particular shipment warrants, we arrange to ship products directly from our suppliers; otherwise, orders are filled from our own on-hand inventory. On a dollar volume basis, we filled approximately 60% of customer orders from this on-hand inventory in both 2025 and 2024.

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Approximately 50% of the products we sold during 2025 were purchased from our top 25 suppliers. However, we generally have the ability to purchase from more than one supplier for any product type, which allows us to offer alternative sources of comparable products for nearly all products. The products we distribute can be generally identified as follows:

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| • Power Distribution Equipment | • Data Cables and Data Cords |
| • Building and Industrial Wire and Cable | • Fittings |
| • Lighting Fixtures | • Miscellaneous MRO Products |
| • Telecommunications Materials | • Fasteners |
| • Automation and Controls | • Electronic Equipment |
| • Conduit and Tray | • Wiring Devices |
| • Communication Wire and Cable | • Enclosures |
| • Data Connectivity | • LED, Incandescent and Fluorescent Lamps |

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These products may be sold into any of the verticals we target, depending on a customer's or end user's needs. Our sales force is empowered to sell any of these products or related services to any customer, in some cases with the support of specialists who are trained in specific industries and/or new technologies.

Maintaining strong relationships with our suppliers is important to our business, and we enjoy longstanding relationships with several of our suppliers (or their predecessors). However, most of our supplier agreements are nonexclusive national or regional distributorships, terminable upon 30 to 90 days' notice by either party.

**Sales and Distribution**

We sell products and services manufactured or provided by others primarily through a network of sales offices and distribution facilities located throughout the U.S. We operate multiple distribution facilities in each geographic district, each of which carries an inventory of products and operates as a wholesale distributor for the territory in which it is located. Some geographic districts have sales offices that do not carry inventory. In addition, we have twenty-two regional distribution centers containing inventories of both standard and specialized products. The regional distribution centers replenish inventories carried at our other U.S. distribution facilities and make shipments directly to customers. We also have subsidiary operations with distribution facilities located in the U.S. and Canada and a single distribution facility in Puerto Rico.

**Human Capital**

<u>Employees</u>

As of December 31, 2025, Graybar had approximately 10,000 employees across the U.S., Canada, and Puerto Rico. Approximately 5,400 employees were employed in sales and service positions, 2,800 in supply chain positions, and the remainder in operations and other business functions. Approximately 2% of our employees are covered by collective bargaining agreements.

<u>Culture and Values</u>

Graybar's culture is defined by the core values of integrity, a long-term view, employee ownership, and customer focus. With these values as the foundation, Graybar strives to achieve profitable long-term growth, deliver an exceptional customer experience, and create a positive work environment that brings out the best in our employees.

Consistent with Graybar's core values, we welcome people from all backgrounds, cultures, and experiences into our company. We want each of our employees to know that they matter and to feel a sense of ownership and connection at Graybar. We believe that everyone should be treated with dignity and respect, and we work to build a collaborative environment where our employees can grow, learn, and make a difference, both as individuals and as part of the team.

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<u>Safety</u>

The safety of our employees is a top priority, and our locations follow consistent safety protocols to prevent injuries and accidents. Our safety program includes ongoing training, hazard communications, and supplying personal protective equipment to employees. We also use technology in our fleet of vehicles to improve safety on the road.

<u>Compensation and Benefits</u>

Graybar's comprehensive compensation and benefits programs are designed to attract, retain, and reward employees. We offer multiple benefit plan options for medical, prescription, and dental insurance. We also provide short and long-term disability benefits at no cost. The Company offers other benefits such as life insurance, well-being programs and resources, paid vacation and holidays, profit sharing and 401(k) plans, and employee discounts.

<u>Talent Acquisition, Learning, and Development</u>

Graybar has a long track record of hiring talented employees, investing in employee development, and providing opportunities for employees to advance within the company. All employees are assigned core training requirements based on their role and have access to a large library of online courses from which they can expand their knowledge. In addition to online learning, we host training conferences for employees and offer development programs for interns, early-career employees, sales employees, managers, and leaders. We also offer tuition reimbursement and student loan repayment programs.

**Item 1A. Risk Factors**

Our liquidity, financial condition, and results of operations are subject to various risks, including, but not limited to, those discussed below. The risks outlined below are those that we believe are currently the most significant, although additional risks not presently known to us or that we currently deem less significant may also impact our liquidity, financial condition, and results of operations.

**Our sales fluctuate with general economic conditions, particularly in the commercial, industrial, and residential building construction industries.** Our operating locations are widely distributed geographically across the U.S. and, to a lesser extent, Canada. Customers for our products and services are similarly diverse – we have approximately 150,000 customers, and our largest customer accounts for approximately 2% of our total sales. While our geographic and customer concentrations are relatively low, our results of operations are nonetheless dependent on favorable conditions in both the general economy and the construction industry. In addition, conditions in the construction industry are greatly influenced by the availability of project financing and the cost of borrowing.

**Our daily activities are highly dependent on the uninterrupted operation of information systems.** We are a recognized industry leader for our use of information technology in all areas of our business – sales, customer service, inventory management, finance, accounting, and human resources. We maintain redundant information systems as part of our disaster recovery program and, if necessary, are able to operate in many respects using a paper-based system to help mitigate a complete interruption in our information processing capabilities. We also rely on the information systems of third parties to achieve some of our business objectives. Nonetheless, our information systems and those of third parties, including cloud service providers, remain vulnerable to natural disasters, wide-area telecommunications or power utility outages, terrorist or cyber-attacks, or other major disruptions. A sustained interruption in the functioning of information systems, however unlikely, could lower income from operations by negatively impacting net sales, expenses, or both.

**We may experience business interruptions as a result of our Enterprise Resource Planning ("ERP") system upgrade.** In fiscal year 2023, we initiated the process of upgrading our ERP system, which was completed during fiscal year 2025. This upgrade has required and will continue to require significant financial and human capital resources. The upgrade has resulted in and may continue to result in changes to many of our existing operational, financial, and administrative business processes, including, but not limited to, our budgeting, purchasing, receiving, provisioning, servicing, accounting, and reporting processes. The upgraded ERP system has necessitated the implementation of new internal controls and modifications to existing internal control frameworks and procedures.

If technical problems or other significant issues arise in connection with the operation of the upgraded ERP system, it could have a material adverse impact on our operations, business, financial results, and financial condition. Additionally, any delays or disruptions due to the upgraded ERP system could lead to business interruptions, negatively affecting our ability to serve customers and manage our operations efficiently. We are taking steps to mitigate these risks, including continuous monitoring of the ERP system operation. However, there can be no assurance that these measures will be successful in preventing potential disruptions.

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**Our business and our reputation could be adversely affected by cyber-attacks against our information systems, material breaches of sensitive data or changes in regulations relating to obligations to protect systems, assets, and data from the threat of cyber-attacks.** Cyber-attacks designed to gain access to sensitive information and/or compromise mission-critical systems of large organizations are constantly evolving. High profile cyber-security incidents leading to unauthorized release of confidential information or ransoming of information systems have occurred at a number of major U.S. companies, despite widespread recognition of the cyber-attack threat and generally improved cyber-security protections. While we have invested in the protection of our information technology and maintain what we believe are adequate security procedures and controls over information systems and financial and other sensitive data, the risks to our information systems and data are evolving rapidly. These risks are also applicable where we rely on outside vendors to provide services, which typically operate in a cloud environment. We are dependent on these third-party vendors to operate secure and reliable systems. A material breach in our systems or those of our third party providers that results in system compromise or the unauthorized release of sensitive data, including without limitation, personally identifiable information, could have a material adverse effect on our reputation and lead to financial losses from remedial actions, loss of business, or potential liability. A cyber-security incident resulting in the unauthorized release of sensitive data or compromise of our information systems or those of third parties could also materially increase the costs we already incur to protect against such risks. While we also seek to obtain assurances that third parties we interact with will protect sensitive information, there is a risk that such data may be compromised. In addition, as the regulatory environment relating to a company's obligation to protect information systems and sensitive data becomes more strict, a material failure on our part to comply with applicable regulations could subject us to fines, regulatory sanctions and lawsuits.

**Our results of operations are impacted by changes in industrial commodity and other prices.** Many of the products we sell are subject to wide and frequent price fluctuations. For example, some of the products we sell are composed primarily of copper, steel, or petroleum-based resins, including poly-vinyl chlorides ("PVC"), or other industrial commodities that have been subject to price volatility during the past several years. Examples of such products include wire and cable, conduit, enclosures, and fittings. Our gross margin rate on these products is relatively constant over time, though not necessarily in the short term. Therefore, if the cost of these products to us declined, pricing to our customers may decrease. Alternatively, if the cost of these products to us increased, our sales prices to customers may increase, and demand from our customers may decrease. This impacts our results of operations by lowering both overall sales and gross margin.

**We may experience losses or be subject to increased funding and expenses related to our pension plan.** A decline in the market value of plan assets or a change in the interest rates used to measure the required minimum funding levels and the pension obligation may increase the funding requirements of our defined benefit pension plan, the pension obligation itself, and pension expenses. Government regulations may accelerate the timing and amounts required to fund the plan. Demographic changes in our workforce, including longer life expectancies, increased numbers of retirements, and age at retirement may also cause funding requirements, pension expenses, and the pension obligation to be higher than expected. Any or all of these factors could have a negative impact on our liquidity, financial position, and/or our results of operations.

**We purchase all of the products we sell to our customers from other parties.** As a wholesale distributor, our business and financial results are dependent on our ability to purchase products from manufacturers not controlled by us that we, in turn, sell to our customers. Approximately 50% of our purchases are made from only 25 manufacturers. Disruptions in sources of supply for our manufacturers could occur due to factors beyond our or their control. These factors could include economic downturns, recessions, natural or human induced disasters, cybersecurity attacks, extreme weather, geopolitical unrest, new, threatened or increased tariffs, trade issues and policies, labor problems or shortages experienced by our suppliers or others in the supply chain, transportation availability, staffing and cost, shortage of raw materials, supplier consolidation, unilateral product cost increases by suppliers of products in short supply, inflation and other factors, any of which could adversely affect a supplier's ability to manufacture or deliver products or could result in an increase in our product costs, including increases that we may not be able to pass on to our customers. A sustained disruption in our ability to source products from vendors at historical costs could have a material impact on our ability to fulfill customer orders, resulting in lost net sales, lost gross margin, and, in rare cases, damages for late or non-delivery.

**Our borrowing agreements contain financial covenants and certain other restrictions on our activities and those of our subsidiaries.** Our amended revolving credit facility and private placement shelf agreements impose contractual limits on, among other things, indebtedness, liens, changes in the nature of business, investments, mergers and acquisitions, the issuance of equity securities, the disposition of assets and the dissolution of certain subsidiaries, transactions with affiliates, as well as securitizations, factoring transactions, and transactions with sanctioned parties or parties in violation of certain U.S. or Canadian anti-corruption and anti-money laundering laws. In addition, we are required to maintain acceptable financial ratios relating to debt leverage and interest coverage. Our failure to comply with these obligations may cause an event of default and may trigger an acceleration of the debt owed to our creditors or limit our ability to obtain additional credit under these facilities. While we expect to remain in compliance with the terms of our amended revolving credit facility and private placement shelf agreements, our failure to do so could have a negative impact on our ability to borrow funds and maintain acceptable levels of cash flow from financing activities.

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**We are subject to legal proceedings and other claims arising out of the conduct of our business.** These proceedings and claims relate to public and private sector transactions, product liability, contract performance, and employment matters. On the basis of information currently available to us, we do not believe that existing proceedings and claims will have a material impact on our financial position or results of operations. However, litigation is unpredictable, and we could incur judgments or enter into settlements for current or future claims that could adversely affect our financial position or our results of operations in a particular period.

More specifically with respect to asbestos litigation, as of December 31, 2025, 3,584 individual cases and 56 multiple-plaintiff cases are pending that allege actual or potential asbestos-related injuries resulting from the use of or exposure to products allegedly sold by us. Additional claims will likely be filed against us in the future. Our insurance carriers have historically borne virtually all costs and liability with respect to this litigation and are continuing to do so. Accordingly, our future liability with respect to pending and unasserted claims is dependent on the continued solvency of our insurance carriers. Other factors that could impact this liability are: the number of future claims filed against us; the defense and settlement costs associated with these claims; changes in the litigation environment, including changes in federal or state law governing the compensation of asbestos claimants; adverse jury verdicts in excess of historic settlement amounts; and bankruptcies of other asbestos defendants. Moreover, any predictions with respect to these variables are subject to even greater uncertainty as the projection period lengthens. In light of these uncertainties, we believe that our asbestos reserves represent the best estimate within a range of possible outcomes, over an extended period of time, less than or equal to recorded corresponding anticipated recoverable insurance proceeds. As part of the process to develop these off-setting estimates of future asbestos costs and insurance proceeds, a range of long-term cost and recovery models of future asbestos costs was developed. These models are based on national studies that predict the number of people likely to develop asbestos related diseases and are influenced by assumptions regarding long-term inflation rates for indemnity payments and defense costs, as well as other variables previously mentioned. Because any of these factors may change, our future exposure is unpredictable, and it is possible that we may incur costs that would have a material adverse impact on our liquidity, financial position, or results of operations in future periods.

**Compliance with changing government regulations may result in increased costs and risks to the company.** Our public company and multi-national customers are increasingly subject to governmental regulation globally. Existing and future laws and regulations may impede our growth. These regulations and laws may cover, among other things, public health, taxation, privacy, data protection, pricing, content, copyrights, distribution, energy consumption and climate protection, environmental regulation, human rights, electronic contracts, communications and marketing, consumer protection, the design and operation of websites, and the characteristics and quality of products and services. Unfavorable regulations and laws could diminish the demand for our products and services and increase our cost of doing business. If we are not able to obtain for certain customers the information that they require in part as a result of these regulations, they may limit their business with us. These regulatory and customer-driven requirements may increase our operating costs, and, due to competitive pressures, we may not be able to increase our prices sufficiently to avoid a reduction in our income from operations.

**A pandemic, epidemic or other public health emergency could have a material adverse effect on our business, results of operations, financial condition and cash flows.** The impacts relating to the potential effect of a pandemic, epidemic, or other public health emergency similar to the COVID-19 pandemic on our business and the costs that we may incur as a result cannot be reasonably estimated but could be material. These events can put pressure on our supply chain due to several factors, including, but not limited to, global logistics and raw material and labor availability. Depending on the scope and duration of supply chain disruptions, we may experience further increases in product and related costs which we may not be able to pass on to our customers. This could result in a reduction in gross margin dollars and loss of net sales due to product unavailability or delay. In addition, if our customers are directly impacted by business curtailments or weak market conditions, this may result in lower net sales and higher than expected bad debt losses, which could impact our results of operations and our cash flows from operating activities. In the event that our operating performance or that of our suppliers were to decline, our vendor allowances could also be reduced, which could negatively impact our results of operations.

**The value to our shareholders of our common stock depends on the regular payment of dividends, which are paid at the discretion of our Board of Directors.** The purchase price for our common stock under our purchase option is the same as the issue price. Accordingly, as long as we exercise our option to purchase, appreciation in the value of an investment in our common stock is dependent primarily on our ability and our Board of Directors' willingness to declare dividends. Although cash dividends have been paid on the common stock each year since 1929, as with any corporation's common stock, payment of dividends is subject to the discretion of our Board of Directors.

**There is no public trading market for our common stock.** Our common stock is 100% owned by active and retired employees. Common stock may not be sold by the holder thereof, except after first offering it to us. Although we are not required to do so, we have always exercised this purchase option in the past and expect to continue to do so. As a result, no public trading market

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for our common stock exists, nor is one expected to develop. This lack of a public trading market for our common stock may limit our ability to raise large amounts of equity capital, which could constrain our long-term business growth.

**Item 1B. Unresolved Staff Comments**

Not applicable.

**Item 1C. Cybers** **ecurity**

<u>Risk Management and Strategy</u>

We have implemented a cybersecurity program to assess, identify, and manage risks from cybersecurity threats. Our efforts are designed to maintain the confidentiality, integrity, and availability of our information and operational technology systems and the data stored on those systems.

The program includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Periodic risk assessments to identify and assess cybersecurity risks and vulnerabilities in our information technology systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Security event monitoring, management, and incident response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Third party engagements to perform periodic penetration testing and reviews of program maturity based on industry standard frameworks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviews by our internal audit team of the effectiveness of information technology-related internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cybersecurity risk assessments of our third-party vendors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employee training, including regular phishing simulations.

We have a standing risk committee. The purpose of the risk committee is to oversee a sustainable dynamic process that enables enterprise-wide cross-functional analysis and assessment of risks that may threaten the Company or provide opportunities to leverage resources to create growth opportunities. Under its charter, the risk committee is to be comprised of at least three members of the Board, selected by the President. The committee has established a working group that is comprised of representatives from the following functional areas of the Company: treasury, human resources, legal, supply chain management, sales, and marketing. Currently, the Senior Vice President, Secretary and General Counsel, a member of the risk committee, apprises the Board quarterly of the working group and this Committee's activities.

Cybersecurity threats on our information systems are included as a topic considered by our risk committee working group which identifies, assesses and makes related recommendations for managing a number of risks, including cybersecurity threats. This working group is charged with addressing the full spectrum of its risks and managing the potential individual as well as combined impact of those risks as an interrelated risk portfolio. Moreover, the group engages subject matter experts from various departments within the Company to engage in a bi-annual exercise designed to identify potential worse case scenarios, the estimated likelihood of each, and the potential financial impact of each risk, as well as to prioritize such risks, including the risk of a cybersecurity threat.

As a result of these and other initiatives, we believe we have appropriate processes in place, including in many cases, related contractual provisions, as well as appropriate physical and administrative controls, that are designed to allow oversight and identification of cybersecurity threats related to our use of third-party service providers.

<u>Governance</u>

The Audit Committee charter provides that the committee shall review, at least annually, the Company's cybersecurity program and shall receive frequent updates on cybersecurity and the development of Company's cyber strategy and the Company's corresponding information technology emergency response plan. Our director, information security, reports at least quarterly to the Audit Committee during its regularly scheduled meetings, and engages in weekly dialogue with the Chair of the Audit Committee and Senior Vice President, Secretary and General Counsel, with respect to matters identified by our information technology department.

<u>Impact of Cybersecurity Events</u>

In the fourth quarter of 2025, no risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, materially affected or would reasonably be likely to materially affect Graybar, including our business strategy, results of operations or financial condition.

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**Item 2. Properties**

We operate in thirteen geographical districts in the U.S., each of which maintains multiple distribution facilities that consist primarily of warehouse space. A small portion of each distribution facility is used for offices. Some districts have sales offices that do not carry an inventory of products. Facilities range in size from 800 to 251,000 square feet, with the average being approximately 36,000 square feet. We also have regional distribution centers ranging in size from 130,000 to 324,000 square feet. Our subsidiaries have sales and distribution facilities ranging in size from 1,000 to 125,000 square feet.

Our headquarters are located in St. Louis, Missouri in an 83,000 square foot building owned by us.

**Item 3. Legal Proceedings**

There are presently no pending legal proceedings that are expected to have a material impact on the Company or its subsidiaries.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Supplemental Item. Executive Officers of the Registrant**

The following table lists the name, age as of March 1, 2026, position, offices and certain other information with respect to our executive officers. The term of office of each executive officer will expire upon the appointment of his or her successor by the Board of Directors.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Business experience last five years** |
| D. A. Bender | 60 | Senior Vice President - East Region, January 2025 to present; Regional Vice President, January 2023 to December 2024; Vice President - Business Performance, January 2021 to December 2022. |
| B. P. Delaney | 49 | Senior Vice President - West Region and Subsidiaries, January 2025 to present; Regional Vice President - North American Subsidiaries, January 2023 to December 2024; Vice President - Marketing & Strategic Planning, January 2022 to December 2022; District Vice President, January 2019 to December 2021. |
| D. E. DeSousa | 67 | Chief of Staff, January 2025 to present; Senior Vice President, General Manager, August 2020 to January 2025. |
| M. W. Geekie | 64 | Senior Vice President, Secretary and General Counsel, August 2008 to present. |
| A. C. Ipson | 52 | Senior Vice President - Sales and Service, January 2026 to present; Senior Vice President - Supply Chain Management, January 2025 to December 2025; District Vice President, January 2022 to December 2024; Vice President - Strategic Accounts, January 2021 to December 2021. |
| W. P. Mansfield | 63 | Senior Vice President - Strategy and Business Development, January 2022 to present; Senior Vice President - Marketing, May 2017 to December 2021. |
| K. M. Mazzarella | 65 | Chairman of the Board, January 2013 to present; President and Chief Executive Officer, June 2012 to present. |
| D. M. Meyer  | 54 | Senior Vice President and Chief Financial Officer, April 2022 to present; Vice President - North American Subsidiaries, January 2022 to March 2022; Vice President and Chief Information Officer, March 2015 to December 2021. |
| B. L. Propst | 56 | Senior Vice President - Human Resources, June 2009 to present. |
| D. B. Stone | 48 | Senior Vice President - Marketing, January 2025 to present; Vice President - Marketing, January 2024 to December 2025; Vice President - Category Management , January 2022 to December 2023; District Vice President, January 2015 to December 2021. |

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**PART II**

**Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

Our common stock is 100% owned by active and retired employees, and there is no public trading market for our common stock. Since 1928, a significant majority of the issued and outstanding shares of common stock have been held of record by voting trustees under successive voting trust agreements. Under applicable New York law, a voting trust may not have a term greater than ten years. Accordingly, a new Voting Trust Agreement was established effective March 6, 2026, which expires on March 5, 2036. At December 31, 2025, approximately 83% of our outstanding common stock was held in the voting trust that would have expired on March 1, 2027. The participation of shareholders in the voting trust is voluntary at the time the voting trust is created, but is irrevocable during its term. Shareholders who elect not to participate in the voting trust hold their common stock as shareholders of record. Shareholders may elect to participate in the voting trust at any time during the term of the voting trust. As of March 6, 2026, 4,833 shareholders owning 21,795,003 shares of common stock, or approximately 66%, of the total shares outstanding, have deposited their shares into the new Voting Trust Agreement.

No holder of our common stock or voting trust interests representing our common stock ("common stock", "common shares", or "shares") may sell, transfer or otherwise dispose of any shares without first offering us the option to purchase those shares at the price at which they were issued. We also have the option to purchase at the issue price the common shares of any shareholder who ceases to be an employee for any reason other than death or "retirement" (as defined in our amended restated certificate of incorporation), and on the first anniversary of any holder's death. In the past, we have always exercised these purchase options, and we expect to continue to do so in the foreseeable future. However, we can make no assurance that we will continue to exercise our purchase option in the future. All outstanding shares have been issued at $20.00 per share.

The following table sets forth information regarding purchases of common stock by the Company for the three months ended December 31, 2025, all of which were made pursuant to the foregoing provisions:

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| | | | |
|:---|:---|:---|:---|
| **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** |
| **Period** | **Total Number of<br>‎Shares Purchased** | **Average<br>‎Price Paid<br>‎Per Share** | **Total Number of Shares<br>‎Purchased as Part of Publicly<br>‎Announced Plans or<br>‎Programs** |
| October 1 to October 31, 2025 | 120024 | $20.00 | N/A |
| November 1 to November 30, 2025 | 51552 | $20.00 | N/A |
| December 1 to December 31, 2025 | 22733 | $20.00 | N/A |
| Total | 194309 | $20.00 | N/A |

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| | | |
|:---|:---|:---|
| **Capital Stock at December 31, 2025** | **Capital Stock at December 31, 2025** | **Capital Stock at December 31, 2025** |
| **Title of Class** | **Number of<br>‎Security<br>‎Holders** | **Number of Shares** |
| Voting Trust Interests issued with respect to Common Stock | 6115 | 26887188 |
| Common Stock | 1333 | 5523210 |
| Total | 7448 | 32410398 |

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| | | |
|:---|:---|:---|
| **Dividend Data (in dollars per share)** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Period** | **2025** | 2024 |
| First Quarter | $**0.30** | $0.30 |
| Second Quarter | **0.30** | 0.30 |
| Third Quarter | **0.30** | 0.30 |
| Fourth Quarter | **6.10** | 6.10 |
| Total | $**7.00** | $7.00 |

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**Item 6.** **Reserved**

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**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

Management's Discussion and Analysis provides a narrative description of the Company's results of operations, financial condition, liquidity, and cash flows for the years ended December 31, 2025 and 2024. This discussion should be read in conjunction with the accompanying consolidated financial statements and the notes to the consolidated financial statements included in Item 8., "Financial Statements and Supplementary Data", of this Annual Report on Form 10-K. For comparison of the results of operations relating to the years ended December 31, 2024 and 2023, refer to our Annual Report on Form 10-K for the year ended December 31, 2024, Part II., Item 7., filed with the SEC on March 13, 2025.

**Business Overview**

Our net sales for the year ended December 31, 2025 totaled $12,875.6 million, compared to $11,645.5 million for the year ended December 31, 2024, an increase of $1,230.1 million, or 10.6%. Gross margin for the year ended December 31, 2025 increased $152.5 million, or 6.5%, to $2,488.7 million, compared to gross margin of $2,336.2 million for the same twelve-month period ended December 31, 2024. Our gross margin rate decreased to 19.3% for the years ended December 31, 2025, compared to 20.1% for the year ended December 31, 2024, primarily due to competitive pricing pressures.

Selling, general and administrative ("SG&A") expenses increased $132.6 million, or 7.8%, to $1,823.8 million for the twelve months ended December 31, 2025, from $1,691.2 million for the year ended December 31, 2024, primarily due to higher compensation, rent, and maintenance costs. SG&A expenses as a percentage of net sales decreased to 14.1% for the year ended December 31, 2025, compared to 14.6% for the same twelve-month period in 2024.

Income from operations increased $5.5 million, or 1.0%, to $581.7 million for the twelve months ended December 31, 2025, from $576.2 million for the same twelve-month period last year. Net income attributable to Graybar for the twelve months ended December 31, 2025 increased by $8.3 million, or 2.0%, to $431.4 million for the year ended December 31, 2025 compared to $423.1 million for the same twelve-month period last year.

We continue to see demand for our products and services, particularly in areas such as data centers, electrification, and industrial automation, even as economic uncertainty persists in the markets we serve. As an employee-owned company, we remain focused on serving our customers, managing our business wisely, and making disciplined investments that support our long-term strategy. We believe that the successful completion of our ERP system upgrade and the acceleration of our Graybar Connect business transformation program will support our profitable long-term growth, enhance the value we bring to our customers, and reinforce our position as an industry leader.

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**Consolidated Results of Operations**

The following table sets forth certain information relating to our operations stated in millions of dollars and as a percentage of net sales for the years ended December 31, 2025, 2024, and 2023:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 | 2023 | 2023 |
|  | **Dollars** | **Percent<br>‎of Net<br>‎Sales** | Dollars | Percent<br>‎of Net<br>‎Sales | Dollars | Percent<br>‎of Net<br>‎Sales |
| **Net Sales** | $**12875.6** | **100.0%** | $11645.5 | 100.0% | $11042.4 | 100.0% |
| Cost of merchandise sold | **(10386.9)** | **(80.7)** | (9309.3) | (79.9) | (8818.6) | (79.9) |
| **Gross Margin** | **2488.7** | **19.3** | 2336.2 | 20.1 | 2223.8 | 20.1 |
| Selling, general and administrative expenses | **(1823.8)** | **(14.1)** | (1691.2) | (14.6) | (1525.0) | (13.8) |
| Depreciation and amortization | **(86.5)** | **(0.7)** | (80.8) | (0.7) | (66.1) | (0.6) |
| Other operating income, net | **3.3** | **—** | 12.0 | 0.1 | 4.6 | 0.1 |
| **Income from Operations** | **581.7** | **4.5** | 576.2 | 4.9 | 637.3 | 5.8 |
| Non-operating expenses, net | **(2.0)** | **—** | (3.0) |  | (8.0) | (0.1) |
| **Income before Provision for Income Taxes** | **579.7** | **4.5** | 573.2 | 4.9 | 629.3 | 5.7 |
| Provision for income taxes | **(147.3)** | **(1.1)** | (149.1) | (1.3) | (164.9) | (1.5) |
| **Net Income** | **432.4** | **3.4** | 424.1 | 3.6 | 464.4 | 4.2 |
| Net income attributable to noncontrolling interests | **(1.0)** | **—** | (1.0) |  | (1.0) |  |
| **Net Income attributable to<br>‎&nbsp;&nbsp;&nbsp;&nbsp; Graybar Electric Company, Inc.** | $**431.4** | **3.4%** | $423.1 | 3.6% | $463.4 | 4.2% |

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**2025 Compared to 2024**

Net sales totaled $12,875.6 million for the year ended December 31, 2025, compared to $11,645.5 million for the year ended December 31, 2024, an increase of $1,230.1 million, or 10.6%. For the year ended December 31, 2025, net sales in our construction, CIG, and industrial & utility verticals increased by 12.6%, 9.7%, and 4.9%, respectively, compared to the year ended December 31, 2024.

Gross margin increased $152.5 million, or 6.5%, to $2,488.7 million for the year ended December 31, 2025, from $2,336.2 million for the year ended December 31, 2024. Our gross margin rate decreased to 19.3% for the year ended December 31, 2025, compared to 20.1% for the year ended December 31, 2024, primarily due to competitive pricing pressures.

SG&A expenses increased $132.6 million, or 7.8%, to $1,823.8 million for the year ended December 31, 2025, compared to $1,691.2 million for the year ended December 31, 2024, mainly due to higher compensation, rent, and maintenance costs. SG&A expenses as a percentage of net sales were 14.1% for the year ended December 31, 2025, compared to 14.6% for the year ended December 31, 2024.

Depreciation and amortization for the year ended December 31, 2025 increased $5.7 million, or 7.1%, to $86.5 million from $80.8 million for the year ended December 31, 2024, primarily due to higher depreciation expense related to capital and leasehold improvements and higher amortization expense of intangible assets associated with our acquisitions.

Other operating income, net totaled $3.3 million for the year ended December 31, 2025, compared to $12.0 million for the year ended December 31, 2024. The decrease is primarily due to lower net gains on disposals of property of $5.1 million for the year ended December 31, 2025, compared to $10.9 million for the year ended December 31, 2024.

Income before provision for income taxes increased $6.5 million, or 1.1%, to $579.7 million for the year ended December 31, 2025, compared to $573.2 million for the year ended December 31, 2024. The increase was primarily due to our increase in gross margin, partially offset by our increase in SG&A expenses.

Our provision for income taxes decreased $1.8 million, or 1.2%, to $147.3 million for the year ended December 31, 2025 from $149.1 million for the year ended December 31, 2024. Our effective tax rate was 25.4% for the year ended December 31, 2025, down from 26.0% for the year ended December 31, 2024. The decrease in the effective tax rate is largely due to a decrease in state income tax expense and an increased federal tax credit benefit.

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Net income attributable to Graybar Electric Company, Inc. for the year ended December 31, 2025 increased $8.3 million, or 2.0%, to $431.4 million from $423.1 million for the year ended December 31, 2024.

**Financial Condition and Liquidity**

**Summary**

We manage our liquidity and capital levels so that we have the capability to invest in the growth of our business, meet debt service obligations, pay dividends, finance anticipated capital expenditures, finance information technology needs, make benefit payments, fund acquisitions, and finance other miscellaneous cash outlays. We believe that maintaining a strong company financial condition enables us to competitively access multiple financing channels and invest in strategic long-term growth plans.

We have historically funded our working capital requirements using cash flows generated by the collection of trade receivables and trade accounts payable terms with our suppliers, supplemented by short-term borrowings on our revolving credit facility, if necessary. Acquisitions and capital expenditures have been financed primarily with cash from working capital management and short-term borrowings on our revolving credit facility.

**Cash Flows**

The following table summarizes our cash flows from operating, investing and financing activities for each of the past three years:

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| | | | |
|:---|:---|:---|:---|
| **Total cash provided by:** | **2025** | 2024 | 2023 |
| &nbsp;&nbsp;Operating Activities | $**477.0** | $379.7 | $623.1 |
| &nbsp;&nbsp;Investing Activities | **(49.0)** | (182.6) | (484.7) |
| &nbsp;&nbsp;Financing Activities | **(245.3)** | (205.3) | (109.2) |
| &nbsp;&nbsp;Net Increase (Decrease) in Cash | $**182.7** | $(8.2) | $29.2 |

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Our cash and cash equivalents were $273.1 million at December 31, 2025, an increase of $182.7 million, from $90.4 million at December 31, 2024. The increase in cash on hand at December 31, 2025 from December 31, 2024 is reflective of strong cash flows from operating activities as a result of increased net income and effective working capital management. We had no short-term borrowings outstanding at December 31, 2025, compared to short-term borrowings of $22.0 million at December 31, 2024. Current assets exceeded current liabilities by $1,275.3 million at December 31, 2025, an increase of $201.1 million, or 18.7%, from $1,074.2 million at December 31, 2024.

<u>Operating Activities</u>

Net cash flows provided by operating activities for the year ended December 31, 2025 was $477.0 million, compared to net cash flows provided by operating activities of $379.7 million for the year ended December 31, 2024, an increase of $97.3 million. Cash provided by operating activities for the year ended December 31, 2025 was attributable to net income of $432.4 million, adjusted for non-cash depreciation and amortization expenses of $86.5 million, non-cash operating lease expense of $63.2 million, and increases in trade accounts payable of $268.7 million and other current liabilities of $95.1 million, partially offset by increases in trade receivables of $243.2 million and merchandise inventory levels of $134.9 million, and a decrease in other non-current liabilities of $87.6 million.

The average number of days of sales in trade receivables for the quarter ended December 31, 2025 increased modestly compared to the same three-month period in 2024. The days in inventory increased modestly for the quarter ended December 31, 2025 compared to the quarter ended December 31, 2024.

<u>Investing Activities</u>

Net cash used by investing activities was $49.0 million for the year ended December 31, 2025, compared to $182.6 million for the year ended December 31, 2024, a decrease in cash used of $133.6 million. Cash used by investing activities for the year ended December 31, 2025 was primarily the result of capital expenditures for property of $58.0 million, partially offset by insurance proceeds from a property claim of $10.4 million. Cash used by investing activities for the year ended December 31, 2024 was primarily the result of amounts attributable to acquisitions of $146.3 million, and capital expenditures for property of $58.5 million, partially offset by proceeds from disposals of property of $18.8 million. For further discussion of our acquisitions, refer to Note 17, "Acquisitions", of the notes to the consolidated financial statements included in Item 8., "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K.

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<u>Financing Activities</u>

Net cash used by financing activities totaled $245.3 million for the year ended December 31, 2025, compared to net cash used by financing activities of $205.3 million for the year ended December 31, 2024, an increase in cash used of $40.0 million. Cash used for financing activities during the year ended December 31, 2025 was primarily due to dividends paid of $227.1 million and payments on short-term borrowings of $22.0 million. Cash used for financing activities during the year ended December 31, 2024, was primarily due to dividends paid of $225.3 million, partially offset by an increase in short-term borrowings of $22.0 million. Cash dividends paid totaled $7.00 per share, for both years ended December 31, 2025, and 2024.

**Liquidity**

Our cash and cash equivalents were $273.1 million at December 31, 2025, compared to $90.4 million at December 31, 2024. We had a $750.0 million amended, unsecured, committed revolving credit facility with $744.4 million in available capacity at December 31, 2025, compared to available capacity of $724.2 million at December 31, 2024 under the Credit Agreement, as defined in Note 12, "Debt", of the notes to the consolidated financial statements included in Item 8., "Financial Statements and Supplemental Data" of this Annual Report on Form 10-K. We had no short-term borrowings at December 31, 2025. We had short-term borrowings of $22.0 million at December 31, 2024, of which all were issued under the Credit Agreement.

At December 31, 2025 and 2024, we also had two uncommitted, unsecured private placement shelf agreements ("Shelf Agreements"). One of the Shelf Agreements is expected to allow us to issue senior promissory notes up to $200.0 million to PGIM, Inc. at fixed rate terms to be agreed upon at the time of any issuance during a three-year issuance period ending in August 2026. Our other Shelf Agreement is expected to allow us to issue senior promissory notes up to $200.0 million to MetLife Investment Management, LLC, and MetLife Investment Management Limited (collectively, "MetLife") and each other MetLife affiliate that becomes party to the agreement at fixed or floating rate economic terms to be agreed upon at the time of any issuance during a three-year issuance period ending in June 2027, and thereafter, for successive three-year periods until either party notifies the other party at least 30 days prior to the then applicable stated period end date of its intent not to extend.

We have not issued any notes under the Shelf Agreements as of December 31, 2025 and 2024. For further discussion related to our Amended Credit Agreement and our Shelf Agreements, refer to Note 12, "Debt", of the notes to the consolidated financial statements located in Item 8., "Financial Statements and Supplementary Data", of this Annual Report on Form 10-K.

We had total letters of credit of $10.6 million outstanding at December 31, 2025, of which $5.6 million were issued under the Amended Credit Agreement. We had total letters of credit of $9.6 million outstanding at December 31, 2024, of which $3.8 million were issued under the Credit Agreement. The letters of credit are issued primarily to support certain workers' compensation insurance policies and support performance under certain customer contracts.

**Contractual Obligations and Commitments**

As of December 31, 2025, we had contractual obligations consisting of $339.0 million in operating lease obligations and $3,043.8 million in purchase obligations. Operating lease obligations consist of both principal and interest payments. Purchase obligations consist of open purchase orders issued in the normal course of business. Many of these purchase obligations may be cancelled with limited or no financial penalties.

Additionally at December 31, 2025, we had $105.4 million of accrued, unfunded pension obligations, and $59.3 million of accrued, unfunded employment-related benefit obligations, of which $49.5 million is related to our postretirement benefit plan.

We expect to make contributions totaling $40.0 million to our qualified defined benefit pension plan during 2026; however, additional contributions may be made at our discretion. In addition, we expect to fund $1.2 million for nonqualified pension benefits during 2026. We contributed $43.6 million to our qualified defined benefit pension plan and funded $2.6 million for nonqualified benefits in 2025.

**Critical Accounting Estimates**

Our consolidated financial statements are prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"). In connection with the preparation of our financial statements, we are required to make estimates and assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosures. We base our estimates, assumptions and judgments on historical experience, current trends and other factors that management believes to be relevant at the time our consolidated financial statements are prepared. On a regular basis, we review the accounting policies,

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estimates, assumptions, and judgments to ensure that our financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our estimates and assumptions, and such differences could be material.

Our significant accounting policies are discussed in Note 2, "Summary of Significant Accounting Policies", of the notes to the consolidated financial statements located in Item 8., "Financial Statements and Supplementary Data", of this Annual Report on Form 10-K. We believe that the following accounting estimates are the most critical to aid in fully understanding and evaluating our reported financial results, and they require our most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters inherently uncertain. We have reviewed these critical accounting estimates and related disclosures with the Audit Committee of our Board.

<u>Pension and Postretirement Benefits Plans</u>

We account for our pension and postretirement benefit obligations in accordance with the accounting standards for defined benefit pension and other postretirement plans. These standards require the use of several important assumptions, including the discount rate and expected long-term rate of return on plan assets, among others, in determining our obligations and the annual cost of our pension and postretirement benefits. These assumptions are assessed annually, or more frequently when warranted, in consultation with independent actuaries and investment advisors as of December 31, and adjustments are made as needed.

The following table presents key assumptions used to measure the pension and postretirement benefits obligations at December 31:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Pension Benefits</u>** | **<u>Pension Benefits</u>** | **<u>Postretirement Benefits</u>** | **<u>Postretirement Benefits</u>** |
|  | **2025** | 2024 | **2025** | 2024 |
| Discount rate | **5.55%** | 5.70% | **5.11%** | 5.62% |
| Expected return on plan assets | **6.00%** | 5.25% | **—** |  |

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To determine the long-term expected rate of return, we consider macroeconomic conditions, the historical experience and expected future long-term performance of the plan assets, as well as the current and expected allocation of the plan assets. The pension plan's asset allocation as of December 31, 2025, was approximately 61% fixed income investments, 16% equity securities and 23% other investments, in line with our policy ranges. We periodically evaluate the allocation of plan assets among the different investment classes to ensure that they are within policy guidelines and ranges. Holding all other assumptions constant, we estimate that a one percentage point decrease in the expected return on plan assets would have increased our 2025 pension expense by approximately $6.0 million. Our expected long-term rate of return on plan assets assumption will increase to 6.25% for fiscal year 2026.

In determining the discount rate, we use yields on high-quality fixed-income investments (including among other things, Moody's Aa corporate bond yields) that match the duration and expected cash flows of the future pension obligations. To the extent the discount rate increases or decreases, our pension and postretirement obligations are decreased or increased accordingly. Holding all other assumptions constant, we estimate that a one percentage point decrease in the discount rate used to calculate both pension expense for 2025 and the pension liability as of December 31, 2025 would have increased pension expense by $6.1 million in 2025 and the pension liability by $60.1 million at December 31, 2025. Similarly, a one percentage point decrease in the discount rate would have decreased postretirement benefits expense by $0.3 million in 2025 and increased the postretirement benefits liability by $2.8 million at December 31, 2025.

<u>Business Combinations and Related Goodwill and Intangible Assets</u>

We allocate the purchase price of acquisitions to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the date of acquisition, with the excess recorded to goodwill. We use our best estimates and assumptions to assign fair value to the assets acquired and liabilities assumed and determine the useful lives of the acquired intangible assets. We use various valuation techniques to determine the fair value of the intangible assets including the multi-period excess earnings and relief-from-royalty methods. Examples of critical estimates and significant inputs used in valuing the intangible assets include, but are not limited to, projected revenues and expected operating margins, customer attrition rates, discount rates, and royalty rates. We estimate the useful lives of each definite-lived intangible asset based on the expected period over which we anticipate generating economic benefit from the asset. The amounts and useful lives assigned to the intangible assets impact the amount and timing of future amortization expense.

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While we use our best estimates and assumptions to determine fair value of the assets acquired and liabilities assumed, these estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments.

<u>Merchandise Inventory</u>

We value most of our inventories at the lower of cost (generally determined using the last-in, first-out ("LIFO") cost method) or market. We value our remaining inventory at the lower of cost or market determined using average cost. LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales. In assessing the ultimate realization of inventories, we make judgments as to our return rights to suppliers and future demand requirements and record an inventory reserve for obsolete inventory. If actual future demand, market conditions, or supplier return provisions are less favorable than those projected by management, additional inventory write-downs may be required. For the years ended December 31, 2025, 2024, and 2023, there were no material differences between our estimated reserve levels and actual write-offs.

<u>Income Taxes</u>

We recognize deferred tax assets and liabilities to reflect the future tax consequences of events that have been recognized in the financial statements or tax returns. A deferred tax asset or liability results from the temporary difference between an item's carrying value as reflected in the financial statements and its tax basis, and is calculated using enacted applicable tax rates. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is unable to reach the "more likely than not" standard, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the consolidated financial statements. We assess uncertainty regarding tax positions taken in previously filed returns and record reserves in accordance with the guidance under Accounting Standards Codification 740-10, "Accounting for Uncertainty in Income Taxes". We classify interest expense and penalties associated with taxes and uncertain tax positions as part of our provision for income taxes based upon applicable federal and state interest/underpayment percentages.

**New Accounting Standards**

New accounting standards are discussed in Note 2, "Summary of Significant Accounting Policies", of the notes to the consolidated financial statements located in Item 8., "Financial Statements and Supplementary Data", of this Annual Report on Form 10-K.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

Market risk is the risk of loss arising from adverse changes in market rates and prices, including commodity prices, foreign currency exchange rates, interest rates, and equity prices. Our primary exposures to market risk are commodity price risk, foreign currency exchange rate risk, and interest rate risk associated with debt obligations.

**Commodity Price Risk**

We have exposure to commodity price risk on products we purchase for resale. Examples of such products include wire and cable, conduit, enclosures, and fittings.

**Foreign Currency Exchange Rate Risk**

The functional currency for our Canadian subsidiary is the Canadian dollar. Accordingly, its balance sheet amounts are translated at the exchange rates in effect at year-end and its income and expenses are translated using average exchange rates prevailing during the year. Currency translation adjustments are included in accumulated other comprehensive loss. Exposure to foreign currency exchange rate fluctuations is not material.

**Interest Rate Risk**

Our interest expense is sensitive to changes in the general level of market interest rates. Changes in interest rates have different impacts on the fixed-rate and variable-rate portions of our debt portfolio. A change in market interest rates on the fixed-rate portion of our debt portfolio impacts the fair value of the financial instrument, but has no impact on interest incurred or cash flows. A change in market interest rates on the variable-rate portion of our debt portfolio impacts the interest incurred and cash flows, but does not impact the fair value of the financial instrument.

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While we had no variable-rate debt at December 31, 2025, a one percentage point increase in interest rates would increase our interest expense accordingly if we were to have variable-rate debt.

The following table provides information about financial instruments that are sensitive to changes in interest rates. The table presents principal payments on debt and related weighted-average interest rates by expected maturity dates:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **<u>December 31, 2025</u>** | **<u>December 31, 2025</u>** |
| **Debt Instruments** | 2026 | 2027 | 2028 | 2029 | 2030 | **Total** | **Fair<br>‎Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term, fixed-rate debt | $0.9 | $0.4 | $0.4 | $0.1 | $0.1 | $**1.9** | $**1.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average interest rate | 6.66% | 9.29% | 10.57% | 7.27% | 4.87% |  |  |

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The fair value of long-term debt is estimated by calculating future cash flows at interpolated Treasury yields with similar maturities, plus an estimate of our credit risk spread as of December 31, 2025.

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**CAUTION REGARDING FORWARD-LOOKING STATEMENTS:**

For additional information related to risks associated with our future performance, see Part I, "Caution Regarding Forward-looking Statements" above and Item 1A. Risk Factors of this Form 10-K.

**Item 8. Financial Statements and Supplementary Data**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors of Graybar Electric Company, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Graybar Electric Company, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

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| | |
|:---|:---|
|  | ***Defined Benefit Pension Obligation*** |
| *Description of the Matter* | At December 31, 2025, the Company's aggregate defined benefit pension obligation was $635.1 million and exceeded the fair value of pension plan assets of $529.7 million, resulting in an unfunded defined benefit pension obligation of $105.4 million. As discussed in Note 13 to the consolidated financial statements, the Company updates the estimates used to measure the defined benefit pension obligation and plan assets at December 31 or upon a remeasurement event.<br>Auditing the defined benefit pension obligation was complex and required the involvement of actuarial specialists due to the judgmental nature of certain actuarial assumptions including the discount rate used in the Company's measurement process. |
| *How We Addressed the Matter in Our Audit* | To test the defined benefit pension obligation, we performed audit procedures that included, among others, evaluating the methodology used, the significant actuarial assumptions described above, and the underlying data used by the Company. We evaluated the actuarial assumptions used by management and the change in the defined benefit pension obligation from the prior year. In addition, we involved an actuarial specialist to assist in evaluating management's methodology for determining the projected benefit obligation, including the actuarial assumptions utilized. For example, we evaluated management's methodology for determining the discount rate that reflects the maturity and duration of the benefit payments used to measure the defined benefit pension obligation. We also tested the completeness and accuracy of the underlying data used in the actuarial calculations. |

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/s/ Ernst & Young LLP

We have served as the Company's auditor since 1996.

St. Louis, Missouri

March 11, 2026

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**Graybar Electric Company, Inc. and Subsidiaries**

**Consolidated Statements of Income**

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| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| *(Stated in millions, except per share data)* | **2025** | 2024 | 2023 |
| **Net Sales** | $**12875.6** | $11645.5 | $11042.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of merchandise sold | **(10386.9)** | (9309.3) | (8818.6) |
| **Gross Margin** | **2488.7** | 2336.2 | 2223.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | **(1823.8)** | (1691.2) | (1525.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **(86.5)** | (80.8) | (66.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating income, net | **3.3** | 12.0 | 4.6 |
| **Income from Operations** | **581.7** | 576.2 | 637.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses, net | **(2.0)** | (3.0) | (8.0) |
| **Income before Provision for Income Taxes** | **579.7** | 573.2 | 629.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | **(147.3)** | (149.1) | (164.9) |
| **Net Income** | **432.4** | 424.1 | 464.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | **(1.0)** | (1.0) | (1.0) |
| **Net Income attributable to Graybar Electric Company, Inc.** | $**431.4** | $423.1 | $463.4 |
| **Net Income attributable to Graybar Electric Company, Inc.<br>‎&nbsp;&nbsp;&nbsp;&nbsp; per share of Common Stock** | $**13.31** | $13.11 | $14.42 |

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*The accompanying Notes to Consolidated Financial Statements are an integral part of the Consolidated Financial Statements.*

 *‎*

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**Graybar Electric Company, Inc. and Subsidiaries**

**Consolidated Statements of Comprehensive Income**

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| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| *(Stated in millions)* | **2025** | 2024 | 2023 |
| **Net Income** | $**432.4** | $424.1 | $464.4 |
| **Other Comprehensive Income (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | **10.2** | (16.1) | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefits liability adjustments<br>‎&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (net of tax of ($2.4), $8.3, and $10.1, respectively) | **6.8** | (24.2) | (29.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Comprehensive Income (Loss)** | **17.0** | (40.3) | (25.1) |
| **Comprehensive Income** | $**449.4** | $383.8 | $439.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: comprehensive income attributable to noncontrolling<br>‎&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interests, net of tax | **1.4** | 0.5 | 1.0 |
| **Comprehensive Income attributable to<br>‎&nbsp;&nbsp;&nbsp;&nbsp; Graybar Electric Company, Inc.** | $**448.0** | $383.3 | $438.3 |

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*The accompanying Notes to Consolidated Financial Statements are an integral part of the Consolidated Financial Statements.*

 *‎*

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**Graybar Electric Company, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **December 31,** | **December 31,** |
| *(Stated in millions, except share and per share data)* |  |  | **2025** | 2024 |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Current Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  |  | $**273.1** | $90.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables (net of allowances of $14.0 and $15.2, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables (net of allowances of $14.0 and $15.2, respectively) |  | **2059.1** | 1820.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchandise inventory |  |  | **1038.2** | 902.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets |  |  | **117.9** | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets |  |  | **3488.3** | 2899.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Property, at cost** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land |  |  | **96.8** | 95.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings |  |  | **595.9** | 577.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furniture and fixtures |  |  | **359.9** | 342.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software |  |  | **50.9** | 154.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance leases |  |  | **5.4** | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Property, at cost |  |  | **1108.9** | 1176.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization |  |  | **(628.5)** | (698.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Property |  |  | **480.4** | 477.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating Lease Right-of-use Assets** |  |  | **273.2** | 232.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Goodwill** |  |  | **235.0** | 232.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Intangible Assets (net of accumulated amortization of $88.0 and $62.1, respectively)** | &nbsp;&nbsp;&nbsp;&nbsp;**Intangible Assets (net of accumulated amortization of $88.0 and $62.1, respectively)** | &nbsp;&nbsp;&nbsp;&nbsp;**Intangible Assets (net of accumulated amortization of $88.0 and $62.1, respectively)** | **288.3** | 310.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other Non-current Assets** |  |  | **162.2** | 153.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** |  |  | $**4927.4** | $4307.2 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Current Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings |  |  | $**—** | $22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable |  |  | **1563.3** | 1294.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and benefit costs |  |  | **252.2** | 207.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities |  |  | **62.1** | 55.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities |  |  | **335.4** | 246.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities |  |  | **2213.0** | 1825.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Postretirement Benefits Liability** |  |  | **44.8** | 54.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Pension Liability** |  |  | **103.7** | 129.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Non-current Operating Lease Liabilities** |  |  | **235.0** | 194.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other Non-current Liabilities** |  |  | **54.7** | 55.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** |  |  | **2651.2** | 2259.6 |
| **SHAREHOLDERS' EQUITY** |  |  |  |  |
|  | **Shares at December 31,** | **Shares at December 31,** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Stock** | **2025** | 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common, stated value $20.00 per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized | **50000000** | 50000000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to voting trustees | **26902022** | 26656527 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders | **5531109** | 5533939 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In treasury, at cost | **(22733)** | (57751) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding Common Stock | **32410398** | 32132715 | **648.2** | 642.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares subscribed | **1502310** | 1356281 | **30.0** | 27.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less subscriptions receivable | **(1502310)** | (1356281) | **(30.0)** | (27.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Retained Earnings** |  |  | **1819.2** | 1614.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Accumulated Other Comprehensive Loss** |  |  | **(201.1)** | (217.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Graybar Electric Company, Inc. Shareholders' Equity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Graybar Electric Company, Inc. Shareholders' Equity** |  | **2266.3** | 2039.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Noncontrolling Interests** |  |  | **9.9** | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Shareholders' Equity** |  |  | **2276.2** | 2047.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** |  |  | $**4927.4** | $4307.2 |

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*The accompanying Notes to Consolidated Financial Statements are an integral part of the Consolidated Financial Statements.*

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**Graybar Electric Company, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| *(Stated in millions)* | **2025** | 2024 | 2023 |
| **Cash Flows from Operating Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income | $**432.4** | $424.1 | $464.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided<br>‎by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **86.5** | 80.8 | 66.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease expense | **63.2** | 60.0 | 51.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **10.7** | 19.0 | 15.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gains on disposals of assets | **(5.7)** | (10.9) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses on impairment of assets | **0.3** | 3.0 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash settlement gain | **(0.2)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings on investment in employee deferred compensation trust | **(1.1)** | (1.4) | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | **(1.0)** | (1.0) | (1.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | **(243.2)** | (134.8) | 115.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchandise inventory | **(134.9)** | 17.8 | 173.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **(30.0)** | (7.3) | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | **(20.9)** | (61.9) | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable | **268.7** | 29.7 | (79.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and benefit costs | **44.7** | 14.8 | (32.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **95.1** | 10.5 | (22.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | **(87.6)** | (62.7) | (133.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments to net income | **44.6** | (44.4) | 158.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | **477.0** | 379.7 | 623.1 |
| **Cash Flows from Investing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of property | **6.6** | 18.8 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures for property | **(58.0)** | (58.5) | (82.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds from property claim | **10.4** | 4.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts attributable to acquisitions | **(6.9)** | (146.3) | (378.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in employee deferred compensation trust | **(1.1)** | (0.6) | (25.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used by investing activities | **(49.0)** | (182.6) | (484.7) |
| **Cash Flows from Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in short-term borrowings | **(22.0)** | 22.0 | (31.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments under finance leases | **(1.0)** | (1.5) | (1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing fees | **(2.4)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from advance payments on common stock prior to issuance | **0.9** | 1.0 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of common stock | **26.3** | 26.1 | 22.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of common stock | **(20.8)** | (24.7) | (20.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of noncontrolling interests' common stock | **1.6** |  | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of noncontrolling interests' common stock | **(0.8)** | (0.6) | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | **(227.1)** | (225.3) | (80.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration paid | **—** | (2.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used by financing activities | **(245.3)** | (205.3) | (109.2) |
| **Net Increase (Decrease) in Cash** | **182.7** | (8.2) | 29.2 |
| **Cash, Beginning of Year** | **90.4** | 98.6 | 69.4 |
| **Cash, End of Year** | $**273.1** | $90.4 | $98.6 |
| **Supplemental Cash Flow Information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Non-cash Investing and Financing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of equipment under finance leases | $0.7 | $— | $1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of assets under operating leases | $103.4 | $74.1 | $92.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash Paid During the Year for:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest, net of amounts capitalized | $0.5 | $0.9 | $2.6 |

---

*The accompanying Notes to Consolidated Financial Statements are an integral part of the Consolidated Financial Statements. ‎*

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**Graybar Electric Company, Inc. and Subsidiaries**

**Consolidated Statements of Changes in Shareholders' Equity**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Graybar Electric Company, Inc.** | **Graybar Electric Company, Inc.** | **Graybar Electric Company, Inc.** |  |  |
|  | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** |  |  |
| *(Stated in millions)* | **Common<br>‎Stock** | **Retained<br>‎Earnings** | **Accumulated<br>‎Other<br>‎Comprehensive<br>‎Loss** | **Noncontrolling<br>‎Interests** | **Total<br>‎Shareholders'<br>‎Equity** |
| **Balance, December 31, 2022** | $531.8 | $1141.0 | $(152.8) | $5.6 | $1525.6 |
| Net income |  | 463.4 |  | 1.0 | 464.4 |
| Other comprehensive loss |  |  | (25.1) |  | (25.1) |
| Stock issued | 22.9 |  |  | 1.5 | 24.4 |
| Stock purchased | (20.3) |  |  | (0.3) | (20.6) |
| Dividends declared | 106.9 | (187.3) |  |  | (80.4) |
| **Balance, December 31, 2023** | $641.3 | $1417.1 | $(177.9) | $7.8 | $1888.3 |
| Net income |  | 423.1 |  | 1.0 | 424.1 |
| Other comprehensive loss |  |  | (39.8) | (0.5) | (40.3) |
| Stock issued | 26.1 |  |  |  | 26.1 |
| Stock purchased | (24.7) |  |  | (0.6) | (25.3) |
| Dividends declared |  | (225.3) |  |  | (225.3) |
| **Balance, December 31, 2024** | $642.7 | $1614.9 | $(217.7) | $7.7 | $2047.6 |
| Net income |  | 431.4 |  | 1.0 | 432.4 |
| Other comprehensive income |  |  | 16.6 | 0.4 | 17.0 |
| Stock issued | 26.3 |  |  | 1.6 | 27.9 |
| Stock purchased | (20.8) |  |  | (0.8) | (21.6) |
| Dividends declared |  | (227.1) |  |  | (227.1) |
| **Balance, December 31, 2025** | $648.2 | $1819.2 | $(201.1) | $9.9 | $2276.2 |

---

*The accompanying Notes to Consolidated Financial Statements are an integral part of the Consolidated Financial Statements.*

‎

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**Graybar Electric Company, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

*(Stated in millions, except share and per share data)*

**1. DESCRIPTION OF THE BUSINESS**

Graybar Electric Company, Inc. ("Graybar", "Company", "we", "our", or "us") is a New York corporation, incorporated in 1925. We are engaged in the distribution of electrical, industrial, automation and connectivity products and are a provider of related supply chain management and logistics services. We primarily serve customers in the construction, commercial, institutional and government ("CIG"), and industrial & utility vertical markets, with products and services that support new construction, infrastructure updates, building renovation, facility maintenance, repair and operations ("MRO"), and original equipment manufacturers ("OEM"). In our primary role as third-party wholesale distributor, we neither manufacture nor contract to manufacture the products that we sell. Our business activity is primarily based in the United States ("U.S."). We also have subsidiary operations with distribution facilities in Canada and Puerto Rico.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Our accounting policies conform to generally accepted accounting principles in the U.S. ("GAAP") and are applied on a consistent basis among all years presented. Significant accounting policies are described below.

**Principles of Consolidation**

The consolidated financial statements include the accounts of Graybar and our subsidiary companies. All material intercompany balances and transactions have been eliminated. The ownership interests that are held by owners other than the Company are in subsidiaries owned by the Company and are accounted for and reported as noncontrolling interests.

**Estimates**

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.

**Revenue Recognition**

Sales revenue is recognized when performance obligations are satisfied, which is typically upon delivery of the product to the customer. Sometimes product is purchased from the manufacturer and drop-shipped to the customer. We generally take control of the goods when shipped by the manufacturer and then recognize revenue when control of the product transfers to the customer. Revenues recognized are primarily for product sales, but may also include freight and handling charges. Our standard warehouse shipping terms are FOB shipping point, under which control passes to the customer at the time of shipment. Revenue is reported net of all taxes, primarily sales tax, assessed by governmental authorities as a result of revenue-producing transactions.

**Outgoing Freight Expenses**

We record approximately 95% of outgoing freight expenses as a component of selling, general and administrative expenses. Total outgoing freight expenses were $111.3 million, $106.2 million, and $102.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

**Cash and Cash Equivalents**

We account for cash on hand, deposits in banks, and other short-term, highly liquid investments with an original maturity of three months or less as cash and cash equivalents.

**Allowance for Credit Losses**

We perform ongoing credit evaluations of our customers, and a significant portion of our trade receivables is secured by mechanic's lien or payment bond rights. We maintain allowances to reflect the expected uncollectability of trade receivables based on past collection history pooled on the aging of the receivables, specific risks identified in the receivables portfolio based on current conditions, and expected future economic conditions when necessary. Although actual credit losses have historically been within management's expectations, additional allowances may be required if the financial condition of our customers were to deteriorate.

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**Merchandise Inventory**

Our inventory is comprised entirely of finished goods. Most of our inventory is stated at the lower of cost (generally determined using the last-in, first-out ("LIFO") cost method) or market. LIFO accounting is a method of accounting that, compared with other inventory accounting methods, generally provides better matching of current costs with current sales. Our remaining inventory is stated at the lower of cost or market determined using average cost.

We make provisions for obsolete or excess inventories as necessary to reflect reductions in inventory value.

**Vendor Allowances**

Our agreements with many of our suppliers provide for us to earn volume incentives based on purchases during the agreement period. Based on the provisions of our vendor agreements, we develop vendor accrual rates by estimating our performance under the agreements and the amounts that will be earned. We perform analyses and review historical trends to ensure the deferred amounts earned are appropriately recorded. Certain vendor agreements contain purchase volume incentives that provide for increased funding when graduated purchase volumes are met. Amounts accrued throughout the year are based on estimates of future activity levels, and could be materially impacted if actual purchase volumes differ. Changes in the estimated amount of incentives are treated as changes in estimate and are recognized in income from operations in the period in which the change in estimate occurs. In the event that the operating performance of our suppliers were to decline, however, there can be no assurance that amounts earned would be paid or that the volume incentives would continue to be included in future agreements.

**Property and Depreciation**

Property is recorded at cost. Depreciation is expensed on a straight-line basis over the estimated useful lives of the related assets. Interest costs incurred to finance expenditures for major long-term construction projects are capitalized as part of the asset's historical cost and included in property, then depreciated over the useful life of the asset. Leasehold improvements are amortized over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Expenditures for maintenance and repairs are charged to expense when incurred, while the costs of significant improvements, which extend the useful life of the underlying asset, are capitalized.

**Fair Value**

GAAP has established a fair value hierarchy, which prioritizes the inputs used in measuring fair value. The tiers in the hierarchy include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own data inputs and assumptions. We have used fair value measurements to value our pension plan assets.

**Foreign Currency Exchange Rate**

The functional currency for our Canadian subsidiary is the Canadian dollar. Accordingly, its balance sheet amounts are translated at the exchange rates in effect at the end of each reporting period and its statements of income amounts are translated at the average rates of exchange prevailing during the current period. Currency translation adjustments are included in accumulated other comprehensive loss.

**Goodwill**

Our goodwill is not amortized, but rather tested annually for impairment. Goodwill is reviewed annually in the fourth quarter and when circumstances or other events might indicate that impairment may have occurred. We first perform a qualitative assessment of goodwill impairment. The qualitative assessment considers several factors including the excess fair value over carrying value as of the last quantitative impairment test, the length of time since the last fair value measurement, the current carrying value, market conditions, actual performance compared to forecasted performance, and the current business outlook. If the qualitative assessment indicates that it is more likely than not that goodwill is impaired, the reporting unit would then be quantitatively tested for impairment. If a quantitative assessment would be required, the fair value would be determined using a variety of assumptions including estimated future cash flows of the reporting unit and applicable discount rates.

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**Definite Lived Intangible Assets**

The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed on a straight-line basis over the estimated periods benefited. Customer relationships, trade names and other non-contractual intangible assets with determinable lives are amortized over periods generally ranging from 2.5 to 20 years. Intangible assets are tested for impairment if events or circumstances occur indicating that the respective asset might be impaired.

**Cloud Computing Arrangements**

We capitalize certain cloud computing arrangement implementation costs incurred in hosting arrangements that are service contracts within other current assets and other non-current assets in the consolidated balance sheets. We amortize capitalized cloud computing arrangement implementation costs using the straight-line method over the term of the hosting arrangement, generally five to ten years, with amortization expense recorded in selling, general and administrative expenses once the cloud computing arrangement is placed in service. At December 31, 2025, we recorded capitalized implementation costs of $10.8 million within other current assets and $76.7 million within other non-current assets, with related accumulated amortization of $5.4 million. At December 31, 2024, we recorded capitalized implementation costs of $55.2 million within other non-current assets, with no related accumulated amortization. Amortization expense related to cloud computing arrangements was $5.4 million in 2025. There was no amortization expense related to cloud computing arrangements in 2024 and 2023.

**Income Taxes**

We recognize deferred tax assets and liabilities to reflect the future tax consequences of events that have been recognized in the financial statements or tax returns. A deferred tax asset or liability results from the temporary difference between an item's carrying value as reflected in the financial statements and its tax basis, and is calculated using enacted applicable tax rates. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is unable to reach the 'more likely than not' standard, a valuation allowance is established. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the consolidated financial statements. We assess uncertainty regarding tax positions taken in previously filed returns and record reserves in accordance with the guidance under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 740-10, "Accounting for Uncertainty in Income Taxes". We classify interest expense and penalties associated with taxes and uncertain tax positions as part of our provision for income taxes based upon applicable federal and state interest/underpayment percentages.

**Other Postretirement Benefits**

We account for postretirement benefits other than pensions by accruing the costs of benefits to be provided over the eligible employees' periods of active service. These costs are determined on an actuarial basis. Our consolidated balance sheets reflect the funded status of postretirement benefits.

**Pension Plan**

We sponsor a noncontributory defined benefit pension plan accounted for by accruing the cost to provide the benefits over the eligible employees' periods of active service. These costs are determined on an actuarial basis. Our consolidated balance sheets reflect the funded status of the defined benefit pension plan.

**Employee Deferred Compensation Trust**

We have an employee deferred compensation trust to meet funding obligations for nonqualified pension benefits to certain participants in the supplemental benefit plan. Assets in the trust are classified as other non-current assets in the consolidated balance sheet. Earnings and losses on investments in the employee deferred compensation trust are reported in non-operating expenses, net in the consolidated statements of income.

**Leases**

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, current operating lease liabilities, and non-current operating lease liabilities on our consolidated balance sheets. Amounts related to finance leases are included in property, other current liabilities, and other non-current liabilities on our consolidated balance sheets. ROU assets and lease liabilities are recognized and measured on the date the underlying asset is made available to us.

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Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. We use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

For certain leases, such as real estate and information technology ("IT") equipment, we account for the lease and non-lease components as a single lease component. For all other leases, we account for the lease and non-lease components separately. Leases with a term of twelve months or less are not recorded on the consolidated balance sheets. Lease expenses associated with short-term leases are immaterial and are recorded in the consolidated statements of income in selling, general and administrative expenses. Additionally, for certain vehicle leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities.

**Non-operating Expenses, net**

Non-operating expenses, net are comprised of interest expense, net, earnings and losses on investments, which consists of highly liquid money market funds and U.S. Treasury securities, and non-service cost components of the net periodic benefit cost for the pension and other postretirement benefit plans. The non-service cost components include interest cost, expected return on plan assets, amortization of net actuarial gains/losses, amortization of prior service costs/gains, and charges due to settlement of certain plan liabilities.

**Segments and Related Disclosures**

The Company is engaged in the distribution of electrical, industrial, automation and connectivity products. In our primary role as third-party wholesale distributor, we neither manufacture nor contract to manufacture the products that we sell. During the years ended December 31, 2025, 2024 and 2023, domestic revenue accounted for 95% of total revenue. The Company's long-lived assets consist primarily of property, net. As of December 31, 2025 and 2024, 95% and 96% of long-lived assets were in the U.S, respectively. The Company manages its business activities and operations in one reportable segment.

The Company's chief operating decision maker ("CODM") is considered to be the Chairman of the Board, President and Chief Executive Officer of Graybar. The CODM assesses performance for the Company's single reportable segment and decides how to allocate resources based on net income attributable to Graybar (see the Consolidated Statements of Income). The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using net income. The measures the CODM uses are all disclosed as separate line items within the income statement, principally focused on net income and income from operations.

**New Accounting Standards**

In December 2023, the FASB issued Accounting Standards Update ("ASU" or "Update") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" which is intended to enhance the transparency and decision usefulness of annual income tax disclosures. The guidance addresses investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024. The guidance was applied retrospectively to all periods presented in the financial statements. The adoption of this Update resulted in an expansion of our annual income tax footnote disclosures.

In November 2024, the FASB issued ASU 2024-04, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" which requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items. Public business entities are required to disclose purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses. Specified expenses, gains or losses that are already disclosed under existing GAAP are required to be included in the disaggregated income statement expense line item disclosures, and any remaining amounts need to be described qualitatively. Separate disclosures of total selling expenses and an entity's definition of those expenses are also required. The guidance is effective for annual periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027. The guidance is required to be applied prospectively and may be applied retrospectively. We are currently evaluating the impact of this Update and will adopt it beginning in our December 31, 2027 consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" which amended the guidance in ASC 326 to simplify the estimation of credit losses on

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current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The amendments allow all entities to elect a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. Entities are required to disclose their practical expedient and accounting policy elections. The amendments are effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this Update on our consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, "Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40)" which clarifies and modernizes the accounting for costs related to internal-use software. The guidance removes all references to project stages in ASC 350-40 and clarifies the threshold entities apply to begin capitalizing costs. The guidance specifies that the property, plant and equipment disclosure requirements under ASC 360-10 apply to capitalized software costs accounted for under ASC 350-40, regardless of how those costs are presented in the financial statements. The guidance is effective for fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years. Entities may apply the guidance using a prospective, retrospective or modified transition approach. Early adoption is permitted. We are currently evaluating the impact of this Update on our consolidated financial statements.

**3. REVENUE**

The following table summarizes the percentages of our net sales attributable to each of our vertical markets for the years ended December 31, 2025, 2024 and 2023:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | 2024 | 2023 |
| Construction | **61.6%** | 60.5% | 58.4% |
| CIG | **21.5** | 21.7 | 23.3 |
| Industrial & Utility | **16.9** | 17.8 | 18.3 |
| Total net sales | **100.0%** | 100.0% | 100.0% |

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Certain reclassifications have been made to the vertical market assigned to customers in the prior year's information to conform to the December 31, 2025 presentation.

We had no material contract assets, contract liabilities, or deferred contract costs recorded on the consolidated balance sheet as of December 31, 2025 and 2024. In addition, for the years ended December 31, 2025, 2024 and 2023, revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the period is not material.

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**4. ALLOWANCES FOR CASH DISCOUNTS AND** **CREDIT LOSSES**

The following table summarizes the activity in the allowances for cash discounts and credit losses:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning Balance** | **Provision** | **Deductions** | **Ending Balance** |
| **<u>For the Year Ended December 31, 2025</u>** |  |  |  |  |
| **Allowance for cash discounts** | $**4.2** | $**62.8** | $**(61.8)** | $**5.2** |
| **Allowance for credit losses** | **11.0** | **3.5** | **(5.7)** | **8.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**15.2** | $**66.3** | $**(67.5)** | $**14.0** |
| <u>For the Year Ended December 31, 2024</u> |  |  |  |  |
| Allowance for cash discounts | $3.6 | $54.9 | $(54.3) | $4.2 |
| Allowance for credit losses | 10.0 | 5.7 | (4.7) | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $13.6 | $60.6 | $(59.0) | $15.2 |
| <u>For the Year Ended December 31, 2023</u> |  |  |  |  |
| Allowance for cash discounts | $3.6 | $51.7 | $(51.7) | $3.6 |
| Allowance for credit losses | 9.8 | 6.2 | (6.0) | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $13.4 | $57.9 | $(57.7) | $13.6 |

---

**5. INVENTORY**

Our inventory, comprised entirely of finished goods, is stated at the lower of cost (generally determined using the LIFO cost method) or market. Inventories valued using the LIFO method comprised 81% of the total inventories at December 31, 2025, compared to 80% at December 31, 2024. Had the first-in, first-out ("FIFO") method been used, merchandise inventory would have been $496.7 million and $427.2 million greater than reported under the LIFO method at December 31, 2025 and 2024, respectively. We did not liquidate any portion of previously created LIFO layers in 2025 and 2024. In 2023, we liquidated portions of previously created LIFO layers, resulting in increases in cost of merchandise sold of $5.2 million.

Reserves for excess and obsolete inventories were $21.5 million and $23.0 million at December 31, 2025 and 2024, respectively. The change in the reserve for excess and obsolete inventories, included in cost of merchandise sold, was ($1.5) million, ($0.7) million, and $5.8 million for the years ended December 31, 2025, 2024, and 2023, respectively.

**6. PROPERTY AND DEPRECIATION**

We provide for depreciation and amortization using the straight-line method over the following estimated useful asset lives:

---

| | |
|:---|:---|
| **Classification** | **Estimated Useful Asset Life** |
| Buildings | 42 years |
| Leasehold improvements | Over the shorter of the asset's useful life or the lease term |
| Furniture, fixtures, equipment and software | 3 to 14 years |
| Assets held under finance leases | Over the shorter of the asset's useful life or the lease term |

---

Depreciation expense was $53.7 million, $49.4 million, and $43.1 million in 2025, 2024, and 2023, respectively.

At the time property is retired or otherwise disposed, the asset and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is credited or charged to other operating income, net.

We consider properties to be assets held for sale when all of the following criteria are met: (i) a formal commitment to a plan to sell a property has been made and exercised; (ii) the property is available for sale in its present condition; (iii) actions required to complete the sale of the property have been initiated; (iv) sale of the property is probable and we expect the sale will occur within one year; and (v) the property is being actively marketed for sale at a price that is reasonable given its current market value.

------

Upon designation as an asset held for sale, we record the carrying value of each property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation of the property ceases. We had $0.6 million and $1.3 million of assets held for sale at December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, we sold assets classified as held for sale with a net book value of $0.5 million, and recorded a net gain of $5.1 million in other operating income, net. During the year ended December 31, 2024, we sold assets classified as held for sale with a net book value of $7.3 million, and recorded a net gain of $10.6 million in other operating income, net. We did not sell any assets classified as held for sale in 2023.

Where applicable, we capitalize qualifying internal and external costs incurred to develop or obtain software for internal use during the application development stage. Costs incurred during the pre-application development and post-implementation stages are expensed as incurred. We capitalized software and software development costs of $2.5 million and $3.1 million in 2025 and 2024, respectively, and the amounts are recorded in software.

We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For assets classified as held and used, impairment may occur if projected undiscounted cash flows are not adequate to cover the carrying value of the assets. In such cases, additional analysis is conducted to determine the amount of the loss to be recognized. The impairment loss is calculated as the difference between the carrying amount of the asset and its estimated fair value. The analysis requires estimates of the amount and timing of projected cash flows and, where applicable, selection of an appropriate discount rate. Such estimates are critical in determining whether any impairment charge should be recorded and the amount of such charge if an impairment loss is deemed necessary. For the year ended December 31, 2025, we recognized an impairment loss of $0.3 million where the net book value of property listed as held for sale exceeded the estimated selling price less estimated selling expense. For the year ended December 31, 2024, we recognized a net impairment loss of $3.0 million, which was comprised of impairment on property of $17.5 million, partially offset with gains on insurance proceeds. The impairment losses are recorded in other operating income, net. We did not recognize any impairment on property for the year ended December 31, 2023.

**7. LEASES**

We have operating and finance leases for corporate offices, warehouse buildings, sales offices, branch locations, vehicles, and certain equipment. Our leases have remaining lease terms of one to eleven years, some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the leases within one year. In addition to fixed lease payments, we incur variable lease charges that are recognized as incurred. These charges are primarily for maintenance and real estate taxes on leased facilities.

The components of the lease expense for the years ended December 31, 2025, 2024, and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | 2024 | 2023 |
| Operating lease cost | $**74.4** | $70.9 | $58.4 |
| Finance lease cost: |  |  |  |
| &nbsp;&nbsp;Amortization of right-of-use assets | **0.9** | 1.2 | 1.5 |
| &nbsp;&nbsp;Interest on lease liabilities | **0.2** | 0.3 | 0.3 |
| Total finance lease cost | **1.1** | 1.5 | 1.8 |
| &nbsp;&nbsp;Variable lease cost | **20.0** | 18.4 | 15.3 |
| Total lease cost | $**95.5** | $90.8 | $75.5 |

---

------

Supplemental balance sheet information at December 31, 2025 and 2024 related to leases was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | 2024 |
| Operating leases: |  |  |
| &nbsp;&nbsp;Operating lease right-of-use assets | $**271.8** | $231.1 |
| &nbsp;&nbsp;Favorable lease interests, net | **1.4** | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease right-of-use assets | $**273.2** | $232.9 |
| &nbsp;&nbsp;Current operating lease liabilities | $**62.1** | $55.7 |
| &nbsp;&nbsp;Non-current operating lease liabilities | **235.0** | 194.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liabilities | $**297.1** | $250.6 |
| Finance leases: |  |  |
| &nbsp;&nbsp;Property, at cost | $**5.4** | $6.8 |
| &nbsp;&nbsp;Accumulated depreciation and amortization | **(3.4)** | (5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net property | $**2.0** | $1.8 |
| &nbsp;&nbsp;Current obligations of finance leases | $**0.9** | $0.9 |
| &nbsp;&nbsp;Finance leases, net of current obligations | **1.0** | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total finance lease liabilities | $**1.9** | $2.2 |
| Weighted average remaining lease term: |  |  |
| &nbsp;&nbsp;Operating leases | **4.8 years** | 4.9 years |
| &nbsp;&nbsp;Finance leases | **2.8 years** | 2.8 years |
| Weighted average discount rate: |  |  |
| &nbsp;&nbsp;Operating leases | **5.3%** | 4.6% |
| &nbsp;&nbsp;Finance leases | **8.3%** | 8.4% |

---

Supplemental cash flow and other information for the years ended December 31, 2025, 2024, and 2023 related to leases was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | 2024 | 2023 |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
| &nbsp;&nbsp;Operating cash flows for operating leases | $**73.6** | $69.3 | $57.9 |
| &nbsp;&nbsp;Operating cash flows for finance leases | **0.2** | 0.3 | 0.3 |
| &nbsp;&nbsp;Financing cash flows for finance leases | **1.0** | 1.5 | 1.8 |
| Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |
| &nbsp;&nbsp;Operating leases<sup>(A)</sup> | $**103.4** | $74.1 | $92.5 |
| &nbsp;&nbsp;Finance leases | **0.7** |  | 1.0 |

---

<sup>(A)</sup> Includes $0.5 million, $3.6 million, and $20.5 million of operating leases established as a result of our acquisitions during 2025, 2024 and 2023, respectively. See Note 17, "Acquisitions", for further information.

------

Future minimum lease payments under non-cancellable leases as of December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Operating<br>‎Leases** | **Finance<br>‎Leases** |
| Future minimum lease payments |  |  |
| &nbsp;&nbsp;2026 | $74.8 | $1.0 |
| &nbsp;&nbsp;2027 | 73.5 | 0.5 |
| &nbsp;&nbsp;2028 | 59.3 | 0.4 |
| &nbsp;&nbsp;2029 | 42.7 | 0.2 |
| &nbsp;&nbsp;2030 | 27.5 | 0.1 |
| &nbsp;&nbsp;Thereafter | 61.2 |  |
| Total future minimum lease payments | $339.0 | $2.2 |
| &nbsp;&nbsp;Less: imputed interest | (41.9) | (0.3) |
| Total lease obligation | $297.1 | $1.9 |
| &nbsp;&nbsp;Less: current obligations | (62.1) | (0.9) |
| Long-term lease obligation | $235.0 | $1.0 |

---

**8. GOODWILL AND INTANGIBLE ASSETS**

**Goodwill**

The changes in the carrying amount of goodwill for the years ended December 31 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Beginning balance | $**232.2** | $179.0 |
| Acquisitions and purchase accounting adjustments | **2.5** | 53.8 |
| Foreign currency translation impact | **0.3** | (0.6) |
| Ending balance | $**235.0** | $232.2 |

---

As of December 31, 2025, we have completed our annual impairment test and concluded that there is no impairment of our goodwill. We did not recognize any goodwill impairment in 2024 and 2023.

**Intangible Assets**

Intangible assets consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Asset Life** | **Weighted Average Life** | **Gross Carrying<br>‎Amount** | **Accumulated<br>‎Amortization** | **Net Carrying<br>‎Amount** |
| Customer relationships | 6 to 20 years | 15.2 years | $**280.4** | $**(65.0)** | $**215.4** |
| Trade name | 5 to 20 years | 16.2 years | **91.5** | **(20.2)** | **71.3** |
| Non-compete agreements | 3 to 7 years | 5.0 years | **3.7** | **(2.1)** | **1.6** |
| Other intangible assets | 2.5 to 10 years | 3.9 years | **0.7** | **(0.7)** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | 15.3 years | $**376.3** | $**(88.0)** | $**288.3** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
|  | Asset Life | Weighted Average Life | Gross Carrying<br>‎Amount | Accumulated<br>‎Amortization | Net Carrying<br>‎Amount |
| Customer relationships | 6 to 20 years | 15.3 years | $277.3 | $(45.9) | $231.4 |
| Trade name | 5 to 20 years | 16.3 years | 90.9 | (14.3) | 76.6 |
| Non-compete agreements | 3 to 7 years | 5.0 years | 3.7 | (1.3) | 2.4 |
| Other intangible assets | 2.5 to 10 years | 3.9 years | 0.7 | (0.6) | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | 15.4 years | $372.6 | $(62.1) | $310.5 |

---

We did not incur impairment losses related to our intangible assets during the years ended December 31, 2025, 2024, and 2023. Amortization expense for intangible assets was $25.9 million, $24.1 million, and $15.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Estimated future amortization expense related to our intangible assets for the years ending December 31 is as follows:

---

| | |
|:---|:---|
| 2026 | $24.4 |
| 2027 | 24.1 |
| 2028 | 23.5 |
| 2029 | 23.0 |
| 2030 | 22.3 |
| After 2030 | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $288.3 |

---

**9. INCOME TAXES**

The components of income before taxes and the provision for income taxes recorded in the consolidated statements of income are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  |
| **Components of Income before Taxes** | **2025** | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic | $**539.3** | $532.5 | $591.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | **40.4** | 40.7 | 37.4 |
| **Income before taxes** | $**579.7** | $573.2 | $629.3 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  |
| **Components of Income Tax Provision** | **2025** | 2024 | 2023 |
| Current expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Federal | $**102.6** | $94.7 | $109.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State | **22.2** | 23.6 | 29.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | **11.8** | 11.8 | 10.7 |
| Total current expense | $**136.6** | $130.1 | $149.5 |
| Deferred expense (benefit): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Federal | $**8.5** | $14.7 | $11.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State | **2.5** | 4.5 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | **(0.3)** | (0.2) | (0.2) |
| Total deferred expense | $**10.7** | $19.0 | $15.4 |
| **Total income tax provision** | $**147.3** | $149.1 | $164.9 |

---

A reconciliation between the statutory U.S. federal income tax rate and the effective tax rate in the consolidated statements of income is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Amount** | **Percentage** | **Amount** | **Percentage** | **Amount** | **Percentage** |
| Statutory U.S. federal income tax rate | $**121.7** | **21.0%** | $120.4 | 21.0% | $132.1 | 21.0% |
| State and local income taxes, net of federal <br>‎ benefit<sup>1</sup> | **19.5** | **3.4** | 22.2 | 3.9 | 25.9 | 4.1 |
| Foreign tax effects | **3.3** | **0.6** | 3.3 | 0.6 | 3.0 | 0.5 |
| Effect of cross-border tax laws | **(0.1)** | **—** |  |  | (0.1) |  |
| Tax credits | **(3.8)** | **(0.7)** | (2.8) | (0.5) | (2.1) | (0.3) |
| Changes in valuation allowances | **0.3** | **—** | 0.2 |  | 0.2 |  |
| Nontaxable or nondeductible items | **6.0** | **1.0** | 5.6 | 1.0 | 5.8 | 0.9 |
| Other, net | **0.4** | **0.1** | 0.2 |  | 0.1 |  |
| **Effective tax rate** | $**147.3** | **25.4%** | $149.1 | 26.0% | $164.9 | 26.2% |

---

<sup>1</sup> State taxes which make up the majority (greater than 50%) of the tax effect in this category by year are:

2025: California, Minnesota, Illinois, New York, Florida, Oregon, Virginia, Wisconsin, Massachusetts and Maryland

2024: California, Illinois, New York, Minnesota, Florida, Maryland, Wisconsin and Massachusetts

2023: California, Florida, New York, Minnesota, Illinois, Massachusetts, New Jersey and Wisconsin

------

We determine our deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of our assets and liabilities calculated using enacted applicable tax rates. We then assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, we establish a valuation allowance. Changes in the valuation allowance, when recorded, are included in the provision for income taxes in the consolidated financial statements. The following deferred tax assets (liabilities) were recorded at December 31:

---

| | | |
|:---|:---|:---|
| **Assets (Liabilities)** | **2025** | 2024 |
| Pension | $**21.3** | $28.9 |
| Operating lease liabilities | **74.3** | 62.2 |
| Postretirement benefits | **12.7** | 15.7 |
| Inventory | **12.3** | 8.7 |
| Payroll accruals | **6.9** | 4.5 |
| Computer software | **—** | 1.4 |
| Bad debt reserves | **1.8** | 2.1 |
| Other deferred tax assets | **30.4** | 23.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **159.7** | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: valuation allowances | **(1.7)** | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Deferred tax assets** | **158.0** | 145.7 |
| Fixed assets | **(46.5)** | (48.9) |
| Operating lease right-of-use assets | **(67.9)** | (57.3) |
| Computer software | **(12.9)** |  |
| Other deferred tax liabilities | **(28.7)** | (24.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Deferred tax liabilities** | **(156.0)** | (130.5) |
| **Net deferred tax assets** | $**2.0** | $15.2 |

---

Deferred income taxes included in non-current assets (liabilities) at December 31 were:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Deferred tax assets included in other non-current assets | $**3.9** | $17.3 |
| Deferred tax liabilities included in other non-current liabilities | **(1.9)** | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**2.0** | $15.2 |

---

Operating loss and tax credit carryforwards included in net deferred tax assets, all of which expire between 2026 and 2045, at December 31 were:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| U.S. Federal | $**1.7** | $1.3 |
| State | **0.1** | 0.1 |

---

We have placed valuation allowances of $1.7 million and $1.3 million for 2025 and 2024, respectively, relating to federal foreign tax credits that are not expected to be utilized prior to expiration.

Net cash paid (net of refunds received) for income taxes consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  | **For the Years Ended December 31,**  |
| **Components of Income Taxes Paid** | **2025** | 2024 | 2023 |
| U.S. Federal | $**97.7** | $96.0 | $102.7 |
| State and local | **23.5** | 24.7 | 25.2 |
| Foreign: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | **12.3** | 10.3 | 13.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **0.6** | 0.4 | 0.8 |
| **Cash income taxes paid, net of refunds** | $**134.1** | $131.4 | $142.0 |

---

No additional income taxes have been provided for any outside basis differences inherent in non-U.S. subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations to fund operations and growth.

------

Our federal income tax returns for the tax years 2022 and forward are available for examination by the United States Internal Revenue Service ("IRS"). The statute of limitations for the 2022 federal return will expire on October 15, 2026, unless extended by consent. Our state income tax returns for 2021 through 2025 remain subject to examination by various state authorities with the latest period closing on December 31, 2030. We have not extended the statutes of limitations in any state jurisdictions with respect to years prior to 2021.

In 2021, the Organization for Economic Cooperation and Development ("OECD") introduced a framework, referred to as Pillar Two, creating a 15% global minimum effective tax rate for large multinational corporations. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Company operates, effective beginning January 1, 2024. The Pillar Two effective tax rates in all jurisdictions in which the Company operates exceed the safe harbor thresholds, and management is not currently aware of any circumstances under which this might change. Accordingly, no top-up taxes have been recorded in 2025 and 2024.

On July 4, 2025, President Trump signed legislation formally entitled "An Act to provide reconciliation pursuant to title II of H. Con. Res. 14.," but commonly known as the One Big Beautiful Bill Act or ("OBBBA"). This legislation, among many provisions, modified treatment of domestic research or experimental expenditures, fixed asset depreciation, and charitable contributions. The Company has applied the OBBBA and related guidance; impacts on deferred taxes reflected in the year ended December 31, 2025, the period of enactment, are immaterial to the effective tax rate of the overall consolidated financial statements.

We had no unrecognized tax benefits as of December 31, 2025 and 2024. We had unrecognized tax benefits of $0.4 million as of December 31, 2023 that are uncertain tax positions that would impact our effective tax rate if recognized. We are periodically engaged in tax return examinations, reviews of statute of limitations periods, and settlements surrounding income taxes.

Our uncertain tax benefits, and changes thereto, during 2025, 2024, and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| **Balance at January 1,** | $**—** | $0.4 | $0.5 |
| Reductions for tax positions of prior years | **—** | (0.4) | (0.1) |
| **Balance at December 31,** | $**—** | $— | $0.4 |

---

We classify interest expense and penalties as part of our provision for income taxes based upon applicable federal and state interest/underpayment percentages. We had no interest and penalties accrued at December 31, 2025, and 2024. Interest in prior years was computed on the difference between the provision for income taxes recognized in accordance with GAAP and the amount of benefit previously taken or expected to be taken in our federal, state, and local income tax returns.

**10. CAPITAL STOCK**

Our common stock is 100% owned by active and retired employees, and there is no public trading market for our common stock. Since 1928, a significant majority of the issued and outstanding shares of common stock have been held of record by voting trustees under successive voting trust agreements. Under applicable New York law, a voting trust may not have a term greater than ten years. Accordingly, a new Voting Trust Agreement was established effective March 6, 2026, which expires on March 5, 2036. At December 31, 2025, approximately 83% of the common stock was held in a voting trust that would have expired of March 1, 2027. The participation of shareholders in the voting trust is voluntary at the time the voting trust is created, but is irrevocable during its term. Shareholders who elect not to participate in the voting trust hold their common stock as shareholders of record. Shareholders may elect to participate in the voting trust at any time during the term of the voting trust. As of March 6, 2026, 4,833 shareholders owning 21,795,003 shares of common stock, or approximately 66%, of the total shares outstanding, have deposited their shares into the new Voting Trust Agreement.

No holder of our common stock or voting trust interests representing our common stock ("common stock", "common shares", or "shares") may sell, transfer or otherwise dispose of any shares without first offering us the option to purchase those shares at the price at which they were issued. We also have the option to purchase at the issue price the common shares of any shareholder who ceases to be an employee for any reason other than death or "retirement" (as defined in our amended restated certificate of incorporation), and on the first anniversary of any holder's death. In the past, we have always exercised these purchase options and we expect to continue to do so in the foreseeable future. However, we can make no assurance that we will continue to exercise our purchase option in the future. All outstanding shares have been issued at $20.00 per share.

------

During 2025, eligible employees and qualified retirees subscribed for 1,502,310 shares totaling approximately $30.0 million. Subscribers elected to make payments under one of the following options: (i) all shares subscribed for on or before January 2, 2026; or (ii) all shares subscribed for in installments paid through payroll deductions (or in certain cases where a subscriber is no longer on our payroll, through direct monthly payments) over an eleven-month period.

Common shares were delivered to subscribers as of January 9, 2026, in the case of shares paid for on or before January 2, 2026. Shares will be issued and delivered to subscribers on a quarterly basis, as of the tenth day of March, June, September, and December, to the extent full payments for shares are made in the case of subscriptions under the installment method.

Shown below is a summary of shares purchased and retired by the Company during the three years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **<u>Shares of Common Stock</u>** | **<u>Shares of Common Stock</u>** |
|  | **Purchased** | **Retired** |
| **2025** | **1,038,286** | **1,073,304** |
| 2024 | 1,238,010 | 1,249,433 |
| 2023 | 1,016,132 | 1,010,521 |

---

We also have authorized 10,000,000 shares of Delegated Authority Preferred Stock ("preferred stock"), par value one cent ($0.01). The preferred stock may be issued in one or more series, with the designations, relative rights, preferences, and limitations of shares of each such series being fixed by a resolution of our Board of Directors. There were no shares of preferred stock outstanding at December 31, 2025 and 2024.

On December 13, 2023, our Board of Directors declared a 20% common stock dividend. Each shareholder was entitled to one shares of common stock for every five shares held as of December 18, 2023. The stock was issued on February 2, 2024.

**11. NET INCOME PER SHARE OF COMMON STOCK**

The computation of net income per share of common stock is based on the average number of common shares outstanding during each year. The average number of shares used in computing net income per share of common stock at December 31, 2025, 2024, and 2023 was 32,417,744 shares, 32,262,812 shares, and 32,121,723 shares, respectively.

**12. DEBT**

---

| | | |
|:---|:---|:---|
|  | **<u>December 31,</u>** | **<u>December 31,</u>** |
| **Long-term Debt** | **2025** | 2024 |
| Finance leases, various maturities, with a weighted average interest rate of 8.3% | $**1.9** | $2.2 |
| &nbsp;&nbsp;Less current portion | **(0.9)** | (0.9) |
| **Long-term Debt** | $**1.0** | $1.3 |

---

---

| | |
|:---|:---|
| **Long-term Debt matures as follows:** |  |
| 2026 | $0.9 |
| 2027 | 0.4 |
| 2028 | 0.4 |
| 2029 | 0.1 |
| 2030 | 0.1 |
|  | $1.9 |

---

The carrying amount of our outstanding long-term, fixed-rate debt exceeded its fair value by $0.1 million at both December 31, 2025 and 2024. The fair value of the long-term, fixed-rate debt is estimated by calculating future cash flows at interpolated Treasury yields with similar maturities, plus an estimate of our credit risk spread. The fair value of our variable-rate short- and long-term debt approximates its carrying value at December 31, 2025 and 2024, respectively.

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**Revolving Credit Facility**

At December 31, 2024, we, along with Graybar Canada Limited, our Canadian operating subsidiary ("Graybar Canada"), had an unsecured, five-year, $750.0 million committed revolving credit agreement maturing in August 2026 with Bank of America, N.A. and the other lenders named therein (the "Credit Agreement"), which included a combined letter of credit sub-facility of up to $25.0 million, a U.S. swing-line loan facility of up to $75.0 million, and a Canadian swing-line loan facility of up to $20.0 million. The Credit Agreement included a $100.0 million sublimit (in U.S. or Canadian dollars) available for borrowings by Graybar Canada. The Credit Agreement contained an accordion feature, which allowed us to request increases in the aggregate borrowing commitments or incremental term loans of up to $375.0 million.

On June 27, 2025, we, along with Graybar Canada, amended and extended the Credit Agreement, pursuant to the terms and conditions of a Sixth Amendment to the Credit Agreement, dated as of June 27, 2025 (the "Amended Credit Agreement"), by and among Graybar, as parent borrower, Graybar Canada, as a borrower, the guarantors named therein, the lenders party thereto, Bank of America, N.A. as Domestic Administrative Agent, Domestic Swing Line Lender and Domestic L/C Issuer and Bank of America, N.A., acting through its Canada Branch, as Canadian Administrative Agent, Canadian Swing Line Lender and Canadian L/C Issuer. The Amended Credit Agreement includes a combined letter of credit sub-facility of up to $35.0 million, a U.S. swing-line loan facility of up to $75.0 million, and a Canadian swing-line facility of up to $20.0 million. The Amended Credit Agreement includes a $100.0 million sublimit (in U.S. or Canadian dollars) for borrowings by Graybar Canada. Our borrowing availability under the facility is reduced by the amount of borrowings by Graybar Canada, but we may use the sublimit amount to increase our borrowings, to the extent available. If we were to use available borrowings under the Amended Credit Agreement that included the sublimit amount, then Graybar Canada's available capacity would be reduced by our use of such amount. The Amended Credit Agreement contains an accordion feature, which allows us to request increases in the aggregate borrowing commitments or incremental term loans of up to $375.0 million.

Interest on the Company's borrowings under the Amended Credit Agreement will be based on, at the borrower's election, either (A) (i) the base rate (as defined in the Amended Credit Agreement), or (ii) term SOFR (as defined in the Amended Credit Agreement, in the case of U.S. dollar-denominated borrowings) or (B) (i) the base rate (as defined in the Amended Credit Agreement) or (ii) term CORRA (as defined in the Amended Credit Agreement, in the case of Graybar Canada as borrower with respect to Canadian dollar-denominated borrowings), in each case plus an applicable margin, as determined by the pricing grid set forth in the Amended Credit Agreement. In connection with such a borrowing, the applicable borrower will also select the term of the loan, up to six months, or automatically renew with the consent of the lenders. Swing-line loans, which are daily loans, will bear interest at a rate based on, at the borrower's election, either (i) the base rate or (ii) the SOFR daily floating rate (as defined in the Amended Credit Agreement), or in the case of Graybar Canada with respect to Canadian dollar-denominated borrowings, daily simple CORRA (as defined in the Amended Credit Agreement), in each case plus an applicable margin, as determined by the pricing grid set forth in the Amended Credit Agreement. In addition to interest payments, there are certain fees and obligations associated with borrowings, swing-line loans, letters of credit, term loans and other administrative matters.

The five-year Amended Credit Agreement matures in June 2030. Borrowings of Graybar Canada may be in U.S. Dollars or Canadian Dollars. The obligations of Graybar Canada are secured by the guaranty of Graybar, GBE Sub, LLC and any material domestic subsidiaries of Graybar (as defined). Under no circumstances will Graybar Canada use its borrowings to benefit Graybar or its operations, including without limitation to repay any of Graybar's obligations under the facility.

The Amended Credit Agreement provides for a quarterly facility fee ranging from 0.25% to 0.40% per annum, subject to adjustment based upon the consolidated leverage ratio for a fiscal quarter, and letter of credit fees ranging from 1.00% to 1.60% per annum payable quarterly, subject to such adjustment. Borrowings can be either base rate loans plus a margin ranging from 0.00% to 0.60% or term SOFR, term CORRA, SOFR daily floating rate, or daily simple CORRA rate loans plus a margin ranging from 1.00% to 1.60%, subject to adjustment based upon the consolidated leverage ratio. Availability under the Amended Credit Agreement is subject to the accuracy of representations and warranties and absence of a default and, in the case of Canadian borrowings denominated in Canadian dollars, the absence of a material adverse change in the national or international financial markets, which would make it impracticable to lend Canadian dollars.

The Amended Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on Graybar and all but certain of our subsidiaries with respect to indebtedness (with specified, limited exceptions), liens, changes in the nature of our business, investments, mergers and acquisitions, issuance of equity securities, dispositions of assets and dissolution of certain subsidiaries, transactions with affiliates, as well as securitizations and transactions with sanctioned parties or in violation of certain US or Canadian anti-corruption and anti-money laundering laws. There are also maximum leverage ratio and minimum interest coverage ratio financial covenants to which the Company is subject during the term of the Amended Credit Agreement.

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The Amended Credit Agreement also provides for customary events of default, including a failure to pay principal, interest or fees when due, failure to comply with covenants, the fact that any representation or warranty made by any of the credit parties is materially incorrect, the occurrence of an event of default under certain other indebtedness of Graybar and its subsidiaries, the commencement of certain insolvency or receivership events affecting any of the credit parties, certain actions under the Employee Retirement Income Security Act of 1974 ("ERISA") and the occurrence of a change in control of any of the credit parties (subject to certain permitted transactions as described in the Amended Credit Agreement). Upon the occurrence of an event of default, the commitments of the lenders may be terminated and all outstanding obligations of the credit parties under the Amended Credit Agreement may be declared immediately due and payable.

Certain parties to the Amended Credit Agreement and certain of their respective affiliates have performed in the past, and may from time to time perform in the future, banking, investment banking and other advisory services for the Company and its affiliates for which they have received, and/or will receive, customary fees and expenses.

We were in compliance with all covenants under the Amended Credit Agreement and Credit Agreement, respectively, as of December 31, 2025 and 2024.

There were no short-term borrowings as of December 31, 2025. There were $22.0 million in short-term borrowings at December 31, 2024, of which all were issued under the Credit Agreement.

Short-term borrowings outstanding during the year ended December 31, 2025 ranged from a minimum of no short-term borrowings to a maximum of $37.0 million. Short-term borrowings outstanding during the year ended December 31, 2024 ranged from a minimum of no short-term borrowings to a maximum of $55.0 million. The average daily amount of borrowings outstanding under the Amended Credit Agreement during 2025 amounted to approximately $0.3 million at weighted-average interest rates of 5.44%. The average daily amount of borrowings outstanding under the Credit Agreement during 2024 amounted to approximately $2.8 million at weighted-average interest rates of 6.28%.

At December 31, 2025, we had available unused committed lines of credit under the Amended Credit Agreement amounting to $744.4 million, compared to $724.2 million at December 31, 2024 under the Credit Agreement.

We had interest income, net of $0.9 million and $2.1 million for the year ended December 31, 2025, and 2024, respectively. We had interest expense, net of $2.7 million for the year ended December 31, 2023.

**Private Placement Shelf Agreements**

We have an uncommitted, unsecured $200.0 million private placement shelf agreement (the "Prudential Shelf Agreement") with PGIM, Inc., which is expected to allow us to issue senior promissory notes to affiliates of PGIM, Inc. at fixed rate terms to be agreed upon at the time of any issuance during a three-year issuance period ending in August 2026.

We also have an uncommitted, unsecured $200.0 million private placement shelf agreement (the "MetLife Shelf Agreement") with MetLife Investment Management, LLC and MetLife Investment Management Limited (collectively, "MetLife") and each other MetLife affiliate that becomes a party to the agreement. The MetLife Shelf Agreement is expected to allow us to issue senior promissory notes to MetLife at fixed or floating rate economic terms to be agreed upon at the time of any issuance during a three-year period ending in June 2027, and thereafter, for successive three-year periods until either party notifies the other party at least 30 days prior to the then applicable stated period end date of its intent not to extend.

We remain obligated under a most favored lender clause which is designed to ensure that any notes in the future under the Prudential Shelf Agreement and MetLife Shelf Agreement will continue to be of equal ranking with indebtedness under our Amended Credit Agreement.

No notes have been issued under either the Prudential Shelf Agreement or the MetLife Shelf Agreement as of December 31, 2025 and 2024.

Each shelf agreement contains representations and warranties of the Company and the applicable lender, events of default and affirmative and negative covenants, customary for agreements of this type. These covenants are substantially similar to those contained in the Amended Credit Agreement, subject to a number of exceptions and qualifications set forth in the applicable shelf agreement. All outstanding obligations of Graybar under one or both of these agreements may be declared immediately due and payable upon the occurrence of an event of default.

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We were in compliance with all covenants under the Prudential Shelf Agreement and the MetLife Shelf Agreement as of December 31, 2025 and 2024.

**Letters of Credit**

We had total letters of credit of $10.6 million outstanding at December 31, 2025, of which $5.6 million were issued under the Amended Credit Agreement. We had total letters of credit of $9.6 million outstanding at December 31, 2024, of which $3.8 million were issued under the Credit Agreement. The letters of credit are issued primarily to support certain workers' compensation insurance policies and support performance under certain customer contracts.

**13. PENSION AND OTHER POSTRETIREMENT BENEFITS**

We have a noncontributory defined benefit pension plan (the "Pension Plan") covering substantially all employees first hired prior to July 1, 2015 after the completion of one year of service and 1,000 hours of service. The Pension Plan provides retirement benefits based on an employee's final average earnings and years of service. A supplemental benefit plan provides nonqualified pension benefits for compensation in excess of the IRS compensation limits applicable to the Pension Plan and eligible compensation deferred by a participant.

Our funding policy is to make contributions to the Pension Plan, provided that the total annual contributions will not be less than ERISA and the Pension Protection Act of 2006 minimums or greater than the maximum tax-deductible amount, to review the contribution and funding strategy on a regular basis, and to allow discretionary contributions to be made by us from time to time. The assets of the Pension Plan are invested primarily in fixed income investments and equity securities. We pay nonqualified pension benefits when they are due according to the terms of the supplemental benefit plan. We have an employee deferred compensation trust to meet funding obligations for nonqualified pension benefits to certain participants in the supplemental benefit plan. The assets of the employee deferred compensation trust are invested in highly liquid money market funds and U.S. Treasury securities.

We provide certain postretirement healthcare and life insurance benefits to retired employees. Substantially all of our employees hired or rehired prior to 2014 may become eligible for postretirement medical benefits if they reach the age and service requirements of the retiree medical plan and retire on a pension (except a deferred pension) under the Pension Plan. Postretirement life insurance benefits are insured through an insurance company. We fund postretirement benefits as incurred, and accordingly, there were no assets held in the postretirement benefits plan at December 31, 2025 and 2024.

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The following table sets forth information regarding the funded status of our pension and other postretirement benefits as of December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Pension Benefits</u>** | **<u>Pension Benefits</u>** | **<u>Postretirement Benefits</u>** | **<u>Postretirement Benefits</u>** |
|  | **2025** | 2024 | **2025** | 2024 |
| Change in Benefit Obligation: |  |  |  |  |
| &nbsp;&nbsp;Benefit obligation at beginning of period | $**613.8** | $616.8 | $**61.0** | $62.4 |
| &nbsp;&nbsp;Service cost | **21.1** | 22.6 | **1.3** | 1.4 |
| &nbsp;&nbsp;Interest cost | **34.3** | 31.9 | **3.3** | 3.2 |
| &nbsp;&nbsp;Actuarial loss (gain) | **13.4** | (7.9) | **1.0** | (1.8) |
| &nbsp;&nbsp;Benefits paid from plan assets | **(43.4)** | (47.0) | **—** |  |
| &nbsp;&nbsp;Benefits paid from Company assets | **(2.6)** | (1.0) | **(4.7)** | (4.2) |
| &nbsp;&nbsp;Administrative expenses paid | **(1.5)** | (1.6) | **—** |  |
| &nbsp;&nbsp;Settlements | **—** |  | **(12.4)** |  |
| Benefit Obligation at End of Period | **635.1** | 613.8 | **49.5** | 61.0 |
| Change in Plan Assets: |  |  |  |  |
| &nbsp;&nbsp;Fair value of plan assets at beginning of period | **481.8** | 508.2 | **—** |  |
| &nbsp;&nbsp;Actual return on plan assets | **49.2** | (17.8) | **—** |  |
| &nbsp;&nbsp;Employer contributions<sup>(A)</sup> | **46.2** | 41.1 | **17.1** | 4.2 |
| &nbsp;&nbsp;Benefits paid<sup>(A)</sup> | **(46.0)** | (48.1) | **(4.7)** | (4.2) |
| &nbsp;&nbsp;Administrative expenses paid | **(1.5)** | (1.6) | **—** |  |
| &nbsp;&nbsp;Settlements | **—** |  | **(12.4)** |  |
| Fair Value of Plan Assets at End of Period | **529.7** | 481.8 | **—** | **—** |
| Unfunded Status | $**105.4** | $132.0 | $**49.5** | $61.0 |

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 <sup>(A)</sup> Includes $2.6 million and $1.1 million paid from our assets for unfunded nonqualified pension benefits in fiscal years 2025 and 2024, respectively.

The accumulated benefit obligation for our Pension Plan was $594.3 million and $570.1 million at December 31, 2025 and 2024, respectively.

Amounts recognized in the consolidated balance sheet for the years ended December 31 consist of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Pension Benefits</u>** | **<u>Pension Benefits</u>** | **<u>Postretirement Benefits</u>** | **<u>Postretirement Benefits</u>** |
|  | **2025** | 2024 | **2025** | 2024 |
| Current accrued benefit cost | $**1.7** | $3.0 | $**4.7** | $6.9 |
| Non-current accrued benefit cost | **103.7** | 129.0 | **44.8** | 54.1 |
| Net amount recognized | $**105.4** | $132.0 | $**49.5** | $61.0 |

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Current accrued benefit cost for both pension benefits and postretirement benefits is included in other current liabilities in the consolidated balance sheets. Non-current accrued benefit cost for pension benefits and postretirement benefits are included in pension liability and postretirement benefits liability, respectively, in the consolidated balance sheets.

Amounts recognized in accumulated other comprehensive loss for the years ended December 31, net of tax, consist of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Pension Benefits</u>** | **<u>Pension Benefits</u>** | **<u>Postretirement Benefits</u>** | **<u>Postretirement Benefits</u>** |
|  | **2025** | 2024 | **2025** | 2024 |
| Net actuarial loss (gain) | $**185.1** | $192.7 | $**(0.4)** | $(1.2) |
| Accumulated other comprehensive loss (gain) | $**185.1** | $192.7 | $**(0.4)** | $(1.2) |

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The actuarial loss for the Pension Plan in 2025 was primarily due to decreases in the discount rate compared to 2024. The actuarial gain for the Pension Plan in 2024 was primarily due to increases in the discount rate compared to 2023 and due to plan experience.

Weighted-average assumptions used to determine the actuarial present value of the pension and postretirement benefit obligations as of December 31 are:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Pension Benefits</u>** | **<u>Pension Benefits</u>** | **<u>Postretirement Benefits</u>** | **<u>Postretirement Benefits</u>** |
|  | **2025** | 2024 | **2025** | 2024 |
| Discount rate | **5.55%** | 5.70% | **5.11%** | 5.62% |
| Rate of compensation increase | **3.91%** | 4.03% |  |  |
| Healthcare cost trend on covered charges | **—** | **—** | **5.00%** | 5.00% |

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The net periodic benefit cost for the years ended December 31, 2025, 2024, and 2023 included the following components:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Pension Benefits</u>** | **<u>Pension Benefits</u>** | **<u>Pension Benefits</u>** | **<u>Postretirement Benefits</u>** | **<u>Postretirement Benefits</u>** | **<u>Postretirement Benefits</u>** |
| **Components of Net Periodic Benefit Cost** | **2025** | 2024 | 2023 | **2025** | 2024 | 2023 |
| Selling, general and administrative expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;Service cost | $**21.1** | $22.6 | $24.3 | $**1.3** | $1.4 | $1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total selling, general and administrative expenses | $**21.1** | $22.6 | $24.3 | $**1.3** | $1.4 | $1.4 |
| Non-operating expenses, net: |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest cost | **34.3** | 31.9 | 31.9 | **3.3** | 3.2 | 3.4 |
| &nbsp;&nbsp;Expected return on plan assets | **(35.5)** | (31.9) | (28.9) | **—** |  |  |
| &nbsp;&nbsp;Amortization of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net actuarial loss | **9.9** | 7.6 | 1.1 | **—** |  |  |
| &nbsp;&nbsp;Settlement gain | **—** |  |  | **(0.2)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-operating expenses, net | $**8.7** | $7.6 | $4.1 | $**3.1** | $3.2 | $3.4 |
| Net periodic benefit cost | $**29.8** | $30.2 | $28.4 | $**4.4** | $4.6 | $4.8 |

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In December 2025, we purchased a life insurance buyout agreement for $12.4 million to fully transfer our liabilities related to postretirement life insurance benefits to a third-party insurer, triggering settlement accounting. Accordingly, we recorded a non-cash settlement gain of $0.2 million in non-operating expenses, net on our consolidated statements of income for the year ended December 31, 2025. The settlement gain represented the immediate recognition of a portion of the unrecognized gain within accumulated other comprehensive income in proportion to the share of the projected benefit obligation that was settled by the life insurance buyout. We did not have settlements in 2024 or 2023.

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Pension Benefits</u>** | **<u>Pension Benefits</u>** | **<u>Pension Benefits</u>** | **<u>Postretirement Benefits</u>** | **<u>Postretirement Benefits</u>** | **<u>Postretirement Benefits</u>** |
|  | **2025** | 2024 | 2023 | **2025** | 2024 | 2023 |
| Discount rate | **5.70%** | 5.17% | 5.55% | **5.62%** | 5.31% | 5.70% |
| Expected return on plan assets | **6.00%** | 5.25% | 5.25% | **—** |  |  |
| Rate of compensation increase | **4.03%** | 4.14% | 4.14% | **—** |  |  |
| Healthcare cost trend on covered charges | **—** |  |  | **5.00%** | 5.00% | 5.00% |

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The expected return on plan assets assumption for the Pension Plan is a long-term assumption and was determined after evaluating input from both the plan's actuary and pension fund investment advisors, consideration of macroeconomic conditions, historical rates of return on plan assets, and anticipated current and long-term rates of return on the various classes of assets in which the plan invests.

For measurement of the postretirement benefits net periodic cost, a 5.00% annual rate of increase in per capita cost of covered healthcare benefits was assumed for 2025. The rate was assumed to remain at 5.00% in 2026 and to remain at that level thereafter.

We expect to fund $1.2 million for nonqualified pension benefits during 2026. Qualified pension contributions are expected to be $40.0 million in 2026; however, additional contributions may be made at our discretion.

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Estimated future defined benefit pension and other postretirement benefit plan payments to plan participants for the years ending December 31 are as follows:

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| | | |
|:---|:---|:---|
| **Year** | **Pension<br>‎Benefits** | **Postretirement<br>‎Benefits** |
| 2026 | $61.3 | $4.8 |
| 2027 | 57.2 | 6.1 |
| 2028 | 59.1 | 6.3 |
| 2029 | 58.7 | 6.3 |
| 2030 | 58.4 | 6.1 |
| 2031-2035 | 282.3 | 25.3 |

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The investment objective of our Pension Plan is to ensure that there are sufficient assets to fund regular pension benefits payable to employees over the long-term life of the plan. Our Pension Plan seeks to allocate plan assets in a manner that is closely duration-matched with the actuarial projected cash flow liabilities, consistent with prudent standards for preservation of capital, tolerance of investment risk, and maintenance of liquidity. Assets of the qualified pension plan are held by U.S. Bank National Association (the "Trustee").

Our Pension Plan utilizes a liability-driven investment ("LDI") approach to help meet these objectives. The LDI strategy employs a structured fixed-income portfolio designed to reduce volatility in the plan's future funding requirements and funding status. This is accomplished by using a blend of long duration government, quasi-governmental and corporate fixed-income securities, as well as appropriate levels of equity and alternative investments designed to optimize the plan's liability hedge ratio. Derivatives may also be used on fixed-income investments to manage interest rate exposure, volatility, duration, credit exposures, and asset class allocation. Derivatives are not allowed if the position creates economic portfolio leverage beyond the portfolio's investment objectives or if used for speculative purposes. In practice, the value of an asset portfolio constructed primarily of fixed income securities is inversely correlated to changes in market interest rates, primarily offsetting changes in the value of the pension benefit obligation caused by changes in the interest rate used to discount plan liabilities.

Asset allocation information for the Pension Plan at December 31, 2025 and 2024 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment** | **2025<br>‎Actual<br>‎Allocation** | **2025<br>‎Target<br>‎Allocation<br>‎Range** | 2024<br>‎Actual<br>‎Allocation | 2024<br>‎Target<br>‎Allocation<br>‎Range |
| Equity securities - U.S. | **10%** | **7-15%** | 9% | 7-15% |
| Equity securities - International | **6%** | **3-10%** | 6% | 3-10% |
| Fixed income investments | **56%** | **40-80%** | 53% | 40-80% |
| Real assets | **2%** | **0-10%** | 5% | 0-10% |
| Private equity | **10%** | **5-15%** | 9% | 5-15% |
| Other investments | **5%** | **2-8%** | 5% | 2-8% |
| Short-term investments | **11%** | **1-10%** | 13% | 1-10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | **100%** | **100%** | 100% | 100% |

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Actual asset allocation may occasionally fall outside of the target allocation range until rebalancing occurs.

The following is a description of the valuation methodologies used for assets held by the Pension Plan measured at fair value:

**Equity securities - U.S.**

Equity securities - U.S. consist of investments in a publicly traded U.S. equity mutual fund and a collective investment trust. The U.S. equity mutual fund is primarily invested in large-capitalization stocks (defined as companies with market capitalization of more than $10 billion). The U.S. publicly traded mutual fund is valued at the closing price reported on the active public market in which the individual securities are traded and are classified as Level 1. The collective investment trust is valued at the net asset value ("NAV") of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. Audited financial statements are produced on an annual basis for the collective investment trust.

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**Equity securities - International**

Equity securities - International consist of investments in three collective investment trusts and are primarily investments within developed and emerging markets. The collective investment trusts are valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. Audited financial statements are produced on an annual basis for the collective investment trusts.

**Fixed income investments**

Fixed income investments consist of U.S. and international corporate bonds, government and government agency bonds, derivatives, U.S. Treasury securities, as well as a collective trust that invests in U.S. government debt securities. U.S. and international corporate bonds and government and government agency bonds are valued by independent pricing services using various market and industry inputs and may include, but are not limited to, interest rates, yield curves, and credit spreads. As the significant inputs used are observable market inputs, these investments are classified as Level 2. Derivatives could include, but are not limited to, instruments such as U.S. Treasury futures, total returns swaps, and credit default swaps. Derivatives are valued by independent pricing services using direct and observable market inputs and are thus classified as Level 2. U.S. Treasury securities are valued using quoted market prices obtained from active markets and are classified as Level 1. The collective trust is valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund.

**Real assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real assets consist of a limited partnership ("LP") that invests in real estate. The LP investment is valued at the NAV of units of the trust. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. Audited financial statements are produced on an annual basis for the LP investment.

**Private equity**

Private equity is an asset class that is generally characterized as requiring long-term commitments and where liquidity is typically limited. Private equity investments do not have an actively traded market with readily observable prices. The investments are limited partnerships and are diversified across typical private equity strategies including: buyouts, co-investments, secondary offerings, venture capital, and special situations. Valuations are developed using a variety of proprietary model methodologies. Valuations may be derived from publicly available sources as well as information obtained from each fund's general partner based upon public market conditions and returns. All private equity investments are classified as Level 3, other than limited partnerships valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund. Audited financial statements are produced on an annual basis for the private equity investments.

**Other investments**

Other investments consist of investments in a private debt fund and a muti-sector credit fund. The private debt fund is valued using unobservable inputs with limited trading activity, and is therefore classified as Level 3. The multi-sector credit fund is valued using the NAV based on the fair value of the underlying investments held by the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. Audited financial statements are produced on an annual basis for the private debt fund and the multi-sector credit fund.

**Short-term investments**

Short-term investments includes cash and cash equivalents in a short-term fund which is valued at the NAV of units of the fund. The NAV, as provided by the Trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund.

The methods described above may produce fair value calculations that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our Pension Plan valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

There have been no changes in the methodologies for determining fair value at December 31, 2025 or 2024.

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The following tables set forth, by level within the fair value hierarchy, the Pension Plan assets measured at fair value as of December 31, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Investment** | **Investments<br>‎Measured at<br>‎NAV** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity securities - U.S. | $**11.0** | $**44.4** | $**—** | $**—** | $**55.4** |
| Equity securities - International | **34.5** | **—** | **—** | **—** | **34.5** |
| Fixed income investments | **11.2** | **56.1** | **228.7** | **—** | **296.0** |
| Real assets | **8.3** | **—** | **—** | **—** | **8.3** |
| Private equity | **34.0** | **—** | **—** | **17.7** | **51.7** |
| Other investments | **14.9** | **—** | **—** | **11.4** | **26.3** |
| Short-term investments | **57.5** | **—** | **—** | **—** | **57.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**171.4** | $**100.5** | $**228.7** | $**29.1** | $**529.7** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investment** | **Investments<br>‎Measured at<br>‎NAV** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity securities - U.S. | $— | $42.0 | $— | $— | $42.0 |
| Equity securities - International | 27.0 |  |  |  | 27.0 |
| Fixed income investments | 11.1 | 19.7 | 225.8 |  | 256.6 |
| Real assets | 12.8 | 10.0 |  |  | 22.8 |
| Private equity | 26.3 |  |  | 19.7 | 46.0 |
| Other investments | 11.8 |  |  | 11.4 | 23.2 |
| Short-term investments | 64.2 |  |  |  | 64.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $153.2 | $71.7 | $225.8 | $31.1 | $481.8 |

---

The tables below set forth a summary of changes in the fair value of the Pension Plan's Level 3 assets for the years ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Private Equity** | **Other Investments** | **Total** |
| Balance, beginning of year | $**19.7** | $**11.4** | $**31.1** |
| Realized gains | **0.3** | **—** | **0.3** |
| Unrealized (losses) gains | **(0.6)** | **1.0** | **0.4** |
| Sales | **(1.7)** | **(1.0)** | **(2.7)** |
| Balance, end of year | $**17.7** | $**11.4** | $**29.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Private Equity** | **Other Investments** | **Total** |
| Balance, beginning of year | $22.2 | $11.4 | $33.6 |
| Unrealized gains | 0.3 | 1.2 | 1.5 |
| Sales | (2.8) | (1.2) | (4.0) |
| Balance, end of year | $19.7 | $11.4 | $31.1 |

---

**14. PROFIT SHARING AND SAVINGS PLAN**

We provide a defined contribution profit sharing and savings plan (the "Plan") covering substantially all of our eligible employees with an individual account for each participant. Employees may make voluntary before-tax and/or after-tax contributions to the saving

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portion of the Plan, ranging from 2% to 50% of pay, subject to limitations imposed by federal tax law, ERISA, and the Pension Protection Act of 2006. Substantially all employees hired or rehired after July 1, 2015 are eligible to receive a Company matching contribution beginning the first pay period after the completion of six months of service and 500 hours of service. The Company match is equal to 50% of an eligible employee's before-tax or Roth payroll contribution, up to 6% of pay per payroll period, with a maximum match per payroll period of 3%. The matching contribution expense under the Plan recognized by us was $9.7 million, $8.0 million, and $7.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Annual contributions made by us to the profit-sharing portion of the Plan are determined by the Board of Directors at its discretion, and are generally based on the profitability of the Company. Expense recognized by us under the profit-sharing portion of the Plan was $89.6 million, $67.1 million, and $56.2 million for the years ended December 31, 2025, 2024, and 2023, respectively.

**15. COMMITMENTS AND CONTINGENCIES**

We are subject to various claims, disputes, and administrative and legal matters incidental to our past and current business activities. As a result, contingencies can arise resulting from an existing condition, situation, or set of circumstances involving an uncertainty as to the realization of a possible loss.

We have in place insurance coverage for litigation defense and claim settlement costs incurred in connection with our asbestos claims. We estimate the value of probable insurance recoveries associated with our asbestos reserve based on management's interpretations and estimates surrounding the available or applicable insurance coverage. We estimate the future payments for litigation defense and claim settlement costs based on our historical liabilities and current and projected caseloads. At December 31, 2025, Graybar had $4.5 million and $42.2 million of insurance receivables recorded in other current assets and other non-current assets, respectively, and $4.5 million and $42.2 million recorded in other current liabilities and other non-current liabilities, respectively, related to our asbestos litigation defense and claims settlement reserve. At December 31, 2024, Graybar had $2.7 million and $39.6 million of insurance receivables recorded in other current assets and other non-current assets, respectively, and $2.7 million and $39.6 million recorded in other current liabilities and other non-current liabilities, respectively, related to our asbestos litigation defense and claims settlement reserve.

Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may be probable that a loss has occurred but the estimate of the loss is a wide range. If we deem an amount within the range to be a better estimate than any other amount within the range, that amount will be accrued. However, if no amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued. While we believe that none of these claims, disputes, or administrative and legal matters will have a material adverse effect on our financial position, these matters are uncertain and we cannot at this time determine whether the financial impact, if any, of these matters will be material to our results of operations in the period in which such matters are resolved or a better estimate becomes available.

**16. ACCUMULATED OTHER COMPREHENSIVE LOSS**

The components of accumulated other comprehensive loss as of December 31 are as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Currency translation | $**(16.4)** | $(26.2) |
| Pension liability | **(185.1)** | (192.7) |
| Postretirement benefits liability | **0.4** | 1.2 |
| Accumulated other comprehensive loss | $**(201.1)** | $(217.7) |

---

------

The following table represents the total amounts of actuarial losses recognized that were reclassified from accumulated other comprehensive loss for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Amortization of Pension<br>‎and Other<br>‎Postretirement Benefits Items** | **Amortization of Pension<br>‎and Other<br>‎Postretirement Benefits Items** |
|  | **Actuarial Losses<br>‎Recognized** | **Actuarial Losses<br>‎Recognized** |
| Affected Line in Consolidated<br>‎Statement of Income: |  |  |
| Non-operating expenses, net | $**9.7** | $7.6 |
| Tax benefit | **(2.5)** | (2.0) |
| Total reclassifications for the period, net of tax | $**7.2** | $5.6 |

---

The following table represents the activity included in accumulated other comprehensive loss for the years ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Foreign<br>‎Currency** | **Pension and<br>‎Other<br>‎Postretirement<br>‎Benefits** | **Total** | **Foreign<br>‎Currency** | **Pension and<br>‎Other<br>‎Postretirement<br>‎Benefits** | **Total** |
| Beginning balance January 1, | $**(26.2)** | $**(191.5)** | $**(217.7)** | $(10.6) | $(167.3) | $(177.9) |
| Other comprehensive income (loss) before reclassifications | **9.8** | **—** | **9.8** | (15.6) |  | (15.6) |
| Amounts reclassified from accumulated other comprehensive loss (net of tax ($2.5) and ($2.0)) | **—** | **7.2** | **7.2** |  | 5.6 | 5.6 |
| Actuarial loss, (net of tax $0.1 and $10.3) | **—** | **(0.4)** | **(0.4)** |  | (29.8) | (29.8) |
| Net current-period other comprehensive income (loss) | **9.8** | **6.8** | **16.6** | (15.6) | (24.2) | (39.8) |
| Ending balance December 31, | $**(16.4)** | $**(184.7)** | $**(201.1)** | $(26.2) | $(191.5) | $(217.7) |

---

**17. ACQUISITIONS**

We completed no material acquisitions in 2025.

In 2024, we completed four acquisitions for a combined purchase price of $149.3 million in cash, net of cash acquired. The acquisitions were financed using cash on hand. Additionally, during 2024, we received a post-closing working capital adjustment of $3.0 million related to a 2023 acquisition.

The following table sets forth the purchase price allocation and summarizes the estimated fair values of the assets acquired and liabilities assumed for the acquisitions in 2024.

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| | |
|:---|:---|
|  | **Fair Value** |
| &nbsp;&nbsp;Current Assets | $28.6 |
| &nbsp;&nbsp;Property | 1.5 |
| &nbsp;&nbsp;Goodwill | 56.8 |
| &nbsp;&nbsp;Intangible Assets | 73.5 |
| &nbsp;&nbsp;Current Liabilities | (11.1) |
| **Total combined purchase price** | $**149.3** |

---

The fully tax-deductible goodwill resulting from the acquisitions largely consists of our expected future product sales and synergies from combining the newly acquired subsidiaries' products and services with our existing product and service offerings. The following table sets forth the components of the identifiable intangible assets acquired and their useful lives:

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---

| | | |
|:---|:---|:---|
|  | **Weighted Average Life (in years)** | **Fair Value** |
| Customer relationships | 15.3 | $51.1 |
| Tradename | 14.3 | 21.1 |
| Non-Compete Agreements | 4.8 | 1.3 |
| **Total Intangible Assets** | **14.8** | $**73.5** |

---

The fair values of the identified customer relationships and trade name intangible assets were estimated using the multi-period excess earnings and relief-from-royalty methods, respectively. Significant inputs used to value these identifiable intangible assets included projected revenues and expected operating margins, customer attrition rates, discount rates, and royalty rates.

In 2023, we completed two acquisitions for a combined purchase price of $375.8 million in cash, net of cash acquired. The acquisitions were financed using cash on hand and short-term borrowings.

The following table sets for the purchase price allocation and summarizes the estimated fair values of the assets acquired and liabilities assumed for the acquisitions.

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| | |
|:---|:---|
|  | **Fair Value** |
| &nbsp;&nbsp;Current Assets | $153.6 |
| &nbsp;&nbsp;Property | 5.0 |
| &nbsp;&nbsp;Goodwill | 92.6 |
| &nbsp;&nbsp;Intangible Assets | 186.1 |
| &nbsp;&nbsp;Other Non-current Assets | 2.9 |
| &nbsp;&nbsp;Current Liabilities | (64.4) |
| **Total combined purchase price** | $**375.8** |

---

The fully tax-deductible goodwill resulting from the acquisitions largely consists of our expected future product sales and synergies from combining the newly acquired subsidiaries' products and services with our existing product and service offerings. The following table sets for the components of identifiable intangible assets acquired and their useful lives.

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| | | |
|:---|:---|:---|
|  | **Weighted Average Life (in years)** | **Fair Value** |
| Customer relationships | 16.5 | $148.3 |
| Tradename | 15.0 | 36.6 |
| Non-Compete Agreements | 5.0 | 1.2 |
| **Total Intangible Assets** | **16.2** | $**186.1** |

---

The fair values of the identified customer relationships and trade name intangible assets were estimated using the multi-period excess earnings and relief-from-royalty methods, respectively. Significant inputs used to value these identifiable intangible assets included projected revenues and expected operating margins, customer attrition rates, discount rates, and royalty rates.

The acquisitions above present a strategic opportunity for us to expand our reach in current geographies and provide a solid foundation for growth into new adjacent product lines and services.

**18. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)**

The following tables set forth selected quarterly financial data for the years ended December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
| **For the Quarter Ended** | March 31, | June 30, | September 30, | December 31, |
| Net sales | $2949.8 | $3369.9 | $3298.8 | $3257.1 |
| Gross margin | 575.0 | 639.8 | 638.8 | 635.1 |
| Net income attributable to the Company | 100.9 | 138.1 | 119.3 | 73.1 |
| Net income attributable to the Company<br>&nbsp;&nbsp;&nbsp;&nbsp; per share of common stock | $3.10 | $4.26 | $3.68 | $2.27 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 | 2024 |
| **For the Quarter Ended** | March 31, | June 30, | September 30, | December 31, |
| Net sales | $2732.7 | $3005.3 | $2979.5 | $2928.0 |
| Gross margin | 548.0 | 585.8 | 597.2 | 605.2 |
| Net income attributable to the Company | 105.2 | 110.4 | 110.2 | 97.3 |
| Net income attributable to the Company<br>&nbsp;&nbsp;&nbsp;&nbsp; per share of common stock | $3.24 | $3.42 | $3.42 | $3.03 |

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**Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

Our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) are designed to ensure that information required to be disclosed in the reports that we file and submit under the Exchange Act is accumulated and communicated to Company management, including our Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2025 was performed under the supervision and with the participation of management. Based on that evaluation, our management, including the Principal Executive Officer and Principal Financial Officer, concluded that our disclosure controls and procedures were effective as of December 31, 2025 to ensure that information required to be disclosed in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

Management of the Company, including its Principal Executive Officer and Principal Financial Officer, does not expect that our disclosure controls will prevent or detect all errors. A control system, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance that the control system's objective will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, have been detected. These inherent limitations include the realities that disclosure requirements may be misinterpreted and judgments in decision-making may be inexact.

*Management's Report on Internal Control Over Financial Reporting*

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Management of the Company conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in *Internal Control – Integrated Framework (2013),* issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") issued in May 2013. Based on that evaluation, management of the Company concluded that our internal control over financial reporting was effective as of December 31, 2025.

*Changes in Internal Control Over Financial Reporting*

During 2025, we completed a multi-year, strategic business transformation project, which included upgrading our ERP system. This ERP system upgrade has resulted in, and may continue to result in, changes to many of our existing operational, financial, and administrative business processes. We believe this upgrade will enhance our internal control over financial reporting due to improved operational functionality and further integration of related processes. In connection with the ERP system upgrade, we have automated, modified or implemented certain internal controls as appropriate. We will continue to monitor and modify, as needed, the design of our internal control over financial reporting processes to maintain operating effectiveness in the new environment.

Except as described above, there were no other changes in our internal control over financial reporting during the fiscal year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information**

None.

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**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

‎

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**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance**

The information with respect to the directors of the Company who are nominees for election at the 2026 annual meeting of shareholders that is required to be included pursuant to this Item 10 will be included under the caption "Proposal 1: Nominees for Election as Directors" and "Information About the Board of Directors and Corporate Governance Matters" in the Company's Definitive Information Statement relating to the 2026 Annual Meeting (the "Information Statement") to be filed with the SEC pursuant to Rule 14c-5 under the Exchange Act, and is incorporated herein by reference.

The information with respect to our audit committee and audit committee financial expert, and nominating committee required to be included pursuant to this Item 10 will be included under the caption "Information About the Board of Directors and Corporate Governance Matters" in our Information Statement and is incorporated herein by reference.

We have adopted a code of ethics that applies to our principal executive officer, principal financial officer and principal accounting officer (collectively "Covered Officers"). This code of ethics is appended to our business conduct guidelines for all employees. The business conduct guidelines and specific code for Covered Officers may be accessed at: <u>www.graybar.com/store/en/gb/cm/company/legal</u> and is also available in print without charge upon written request addressed to the Secretary of the Company at our principal executive offices.

Additionally, because there is no public trading market for our common stock, we have not adopted a separate insider trading policy governing the purchase, sale, and other dispositions of our securities by our directors, senior management, and employees or by the Company itself. However, our Code of Ethics requires that all of our employees (which covers all of our officers and directors) to comply fully with all applicable laws and governmental rules and regulations, which includes compliance with insider trading laws, rules and regulations. Moreover, our Code of Ethics provides that no employee may, either directly or indirectly through family members or third parties, purchase or sell stock of publicly-traded companies on the basis of material, non-public information received or learned while acting as a Company employee or share such information with any person to use in connection with their purchase or sale of any publicly-traded security.

**Item 11. Executive Compensation**

The information with respect to executive compensation, our advisory compensation committee, and the compensation committee interlocks and insider participation required to be included pursuant to this Item 11 will be included under the captions "Information About the Board of Directors and Corporate Governance Matters" and "Compensation Discussion and Analysis" in the Information Statement and is incorporated herein by reference.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The information with respect to the security ownership of beneficial owners of more than 5% of the Common Stock and of directors and executive officers of the Company required to be included pursuant to this Item 12, will be included under the captions "Beneficial Ownership of More Than 5% of the Outstanding Common Stock" and "Beneficial Ownership of Management" in the Information Statement and is incorporated herein by reference.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

At the date of this report, there are no reportable transactions, business relationships or indebtedness of the type required to be included pursuant to this Item 13 between the Company and any beneficial owner of more than 5% of the Common Stock, the directors or nominees for director of the Company, the executive officers of the Company or the members of the immediate families of such individuals. If there is any change in that regard prior to the filing of the Information Statement, such information will be included under the caption "Transactions with Related Persons" in the Information Statement and shall be incorporated herein by reference.

The information with respect to director independence and to corporate governance required to be included pursuant to this Item 13 will be included under the captions "Proposal 1: Nominees for Election as Directors" and "Information about the Board of Directors and Corporate Governance Matters" in the Information Statement and is incorporated herein by reference.

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**Item 14. Principal Accountant Fees and Services**

The information with respect to principal accountant fees and services required to be included pursuant to this Item 14 will be included under the caption "Relationship with Independent Registered Public Accounting Firm" in our Information Statement and is incorporated herein by reference.

Our independent registered public accounting firm is Ernst & Young LLP (PCAOB ID: 42).

‎

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**PART IV**

**Item 15. Exhibits and Financial Statement Schedules**

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| | | |
|:---|:---|:---|
| **(a)** | List of documents filed as part of this report: | List of documents filed as part of this report: |
|  | **1.** | **Financial Statements** |
|  |  | All Consolidated Financial Statements of the Company as set forth under Item 8 of this Annual Report on Form 10-K. |
|  | **2.** | **Financial Statement Schedule** |
|  |  | None. |
|  | **3.** | **Exhibits** |
|  | 3.1 | [<u>Restated Certificate of Incorporation, as amended.</u>](c402-20251231xex3_1.htm) |
|  | 3.2 | [<u>By-laws as amended through June 11, 2025, filed as Exhibit 3.2 to the Company's Current Report on Form 8-K dated June 11, 2025 (Commission File No. 000-00255) and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540225000028/c402-20250611xex3_2.htm) |
|  | 4 | [<u>Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.</u>](c402-20251231xex4.htm) |
|  | 4.2 | [<u>Voting Trust Agreement, dated as of March 3, 2017, a form of which is attached as Exhibit A to the Prospectus dated January 6, 2017, constituting a part of the Company's Registration Statement on Form S-1/A (Registration No. 333-214560), and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000162828017000010/amendmentno1to2017s-1forvo.htm) |
|  | 4.3 | [<u>Form of Voting Trust Agreement, dated as of March 6, 2026.</u>](c402-20251231xex4_3.htm) |
|  | 9.1 | Voting Trust Agreement dated as of March 3, 2017, included at Exhibit 4.2 above. |
|  | 9.2 | Form of Voting Trust Agreement dated as of March 6, 2026, included at Exhibit 4.3 above. |
|  | 10.1 | [<u>Management Incentive Plan effective January 1, 2026\*</u>](c402-20251231xex10_1.htm) |
|  | 10.2 | [<u>Graybar Electric Company, Inc. Supplemental Benefit Plan, amended and restated, entered into between the Company and certain employees effective January 1, 2024, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (Commission File No. 000-00255) and incorporated herein by reference.\*</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540223000041/c402-20230930xex10_1.htm) |
|  | 10.3 | [<u>Form of Deferral Agreement under Graybar Electric Company, Inc. Supplemental Benefit Plan filed as Exhibit 10.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (Commission File No. 000-00255) and incorporated herein by reference.\*</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540222000011/c402-20211231xex10_3.htm) |
|  | 10.4 | [<u>Graybar Long Term Incentive Plan filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (Commission File No. 000-00255) and incorporated herein by reference.\*</u>](http://www.sec.gov/Archives/edgar/data/0000205402/000020540221000016/c402-20210331xex10_1.htm) |
|  | 10.5 | [<u>Form of Award Agreement under Graybar Long Term Incentive Plan filed as Exhibit 10 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (Commission File No. 000-00255) and incorporated herein by reference.\*</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540222000020/c402-20220331xex10.htm) |
|  | 10.6 | [<u>Sixth Amendment to Credit Agreement, dated as of June 27, 2025, among the Company, as parent borrower, Graybar Canada Limited, as a borrower, the Guarantors party thereto, the Lenders party thereto, Bank of America, N.A., as Domestic Administrative Agent, Domestic Swing Line Lender and Domestic L/C Issuer and Bank of America, N.A., acting through its Canada Branch, as Canadian Administrative Agent, Canadian Swing Line Lender and Canadian L/C Issuer, filed as Exhibit 10 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (Commission File No. 000-00255) and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540225000033/c402-20250630xex10.htm) |

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------

---

| | |
|:---|:---|
| 10.7 | [<u>Private Shelf Agreement, dated September 22, 2014, between the Company and Prudential Investment Management, Inc., filed as Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 (Commission File No. 000-00255) and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540214000036/a093014-ex107.htm) |
| 10.8 | [<u>Amendment No. 1 to Private Shelf Agreement, dated August 2, 2017, between the Company and PGIM, Inc. (formerly known as Prudential Investment Management, Inc.), filed as Exhibit 10 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 (Commission File No. 000-00255) and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540217000040/exhibit10.htm) |
| 10.9 | [<u>Amendment No. 2 to Private Shelf Agreement, dated August 10, 2018, between the Company and PGIM, Inc., filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 (Commission File No. 000-00255) and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540218000040/a093018-ex102.htm) |
| 10.10 | [<u>Amendment No. 3 to Private Shelf Agreement, dated July 29, 2020, between the Company and PGIM, Inc., filed as Exhibit 10 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (Commission File No. 000-00255) and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540220000026/c402-20200630xex10.htm) |
| 10.11 | [<u>Amendment No. 4 to Private Shelf Agreement, dated August 13, 2021, between the Company and PGIM, Inc. filed as Exhibit 10.3 to the Company's Current Report on Form 8-K dated August 13, 2021 (Commission File No. 000-00255) and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540221000029/c402-20210813xex10_3.htm) |
| 10.12 | [<u>Amendment No. 5 to Private Shelf Agreement, dated July 20, 2023, between the Company and PGIM, Inc. filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (Commission File No. 000-00255) and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540223000041/c402-20230930xex10_2.htm) |
| 10.13 | [<u>Amendment No. 4 to Private Shelf Agreement, dated June 25, 2024, among the Company and MetLife Investment Management, LLC and MetLife Investment Management Limited and any MetLife affiliates filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (Commission File No. 000-00255) and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540224000030/c402-20240630xex10_2.htm) |
| 19 | [<u>Graybar Electric Company, Inc. Code of Ethics for Covered Officers filed as Exhibit 19 to the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (Commission File No. 000-00255) and incorporated herein by reference.</u>](http://www.sec.gov/Archives/edgar/data/205402/000020540225000005/c402-20241231xex19.htm) |
| 21 | [<u>List of subsidiaries of the Company</u>](c402-20251231xex21.htm) |
| 31.1 | [<u>Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Principal Executive Officer.</u>](c402-20251231xex31_1.htm) |
| 31.2 | [<u>Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Principal Financial Officer.</u>](c402-20251231xex31_2.htm) |
| 32.1 | [<u>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Principal Executive Officer.</u>](c402-20251231xex32_1.htm) |
| 32.2 | [<u>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Principal Financial Officer.</u>](c402-20251231xex32_2.htm) |
| 101.INS | XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

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    <u>104</u>   <u>Cover Page Interactive Data File (formatted in Inline XBRL contained in Exhibit 101)</u> <br>           <br>         <u>\* Compensation arrangement</u>

 <u>‎</u> 

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<u>SIGNATURES</u>

Pursuant to the requirements of Section 13 or 15(d) the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, as of the 11th day of March 2026.

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| | |
|:---|:---|
| GRAYBAR ELECTRIC COMPANY, INC. | GRAYBAR ELECTRIC COMPANY, INC. |
| By | /s/ K. M. Mazzarella |
|  | (K. M. Mazzarella, Chairman of the Board, President and Chief Executive Officer) |

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Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the Registrant in the capacities indicated, on March 11, 2026.

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| | |
|:---|:---|
| /s/ K. M. Mazzarella | Director, Chairman of the Board, President and Chief Executive Officer |
| (K. M. Mazzarella) | (Principal Executive Officer) |
| /s/ D. M. Meyer | Director, Senior Vice President and Chief Financial Officer |
| (D. M. Meyer) | (Principal Financial Officer and Principal Accounting Officer) |
| /s/ D. A. Bender | Director |
| (D. A. Bender) |  |
| /s/ B. P. Delaney | Director |
| (B. P. Delaney |  |
| /s/ D. E. DeSousa | Director |
| (D. E. DeSousa) |  |
| /s/ M. W. Geekie | Director |
| (M. W. Geekie) |  |
| /s/ R. H. Harvey | Director |
| (R. H. Harvey) |  |
| /s/ A. C. Ipson | Director |
| (A. C. Ipson) |  |
| /s/ W. P. Mansfield | Director |
| (W. P. Mansfield) |  |
| /s/ B. L. Propst | Director |
| (B. L. Propst) |  |
| /s/ D. B. Stone | Director |
| (D. B. Stone) |  |

---

## Exhibit 3.1

Exhibit 3.1

RESTATED CERTIFICATE OF INCORPORATION

OF

GRAYBAR ELECTRIC COMPANY, INC.

(a New York corporation)

FIRST: The name of the corporation is GRAYBAR ELECTRIC COMPANY, INC.

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SECOND: The purposes for which it is formed are as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) To manufacture or otherwise acquire, own, use, buy, sell, lease and deal in all kinds and descriptions of electric and other instruments, machinery, apparatus, appliances and equipment, and all materials, supplies, tools and implements appertaining thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) To carry on and conduct any and every kind of manufacturing business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) To carry on and conduct any and every kind of general contracting, construction and engineering business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) To carry on and conduct any and every kind of general purchasing, mercantile and supply business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) To mine, extract, remove or otherwise acquire and use, turn to account and dispose of coal, oil, metal, stone, minerals of every kind, and timber.

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THIRD: The aggregate number of shares that the corporation shall have authority to issue is 60,000,000, of which 10,000,000 shares of the par value of One Cent ($.01) shall be preferred stock and 50,000,000 shares of the par value of One Dollar ($1.00) each shall be common stock.

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FOURTH: The rights, preferences, and limitations of the shares of each class are as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The preferred stock shall be designated as "Preferred Stock."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Shares of Preferred Stock may be issued in one or more series, and each series shall be so designated as to distinguish the shares thereof from the shares of all other series. All shares of Preferred Stock shall be identical except as to the relative rights, preferences and limitations as are stated and expressed in the resolution or resolutions providing for the issue of a series adopted by the board of directors as hereinafter provided.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Authority is hereby expressly granted to the board of directors to fix, before the issuance of any shares of a particular series, the designation of the series, the number of shares to be included in such series, the dividend rate per annum, the amount in addition to any accrued dividends thereon that the holders of shares of such series shall be entitled to receive upon the voluntary or involuntary liquidation, dissolution or winding up of the corporation, the redemption price or prices, if any, and the terms and conditions of the redemption, any sinking fund provisions for the redemption or purchase of the shares of the series, the terms and conditions on which the shares are convertible, if they are convertible, and any other rights, preferences, and limitations pertaining to such series.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The common stock shall be designated as "Common Stock."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) No holder of Common Stock shall sell, transfer, or otherwise dispose of any shares of such stock to any party other than the corporation without first offering to sell said shares to the corporation at the price for which said shares were issued by the corporation (or in the event of any change, subdivision, combination or reclassification of said shares, then at the price for which were issued the shares so changed, subdivided, combined or reclassified into the shares so offered to the corporation) and tendering to the corporation the certificates therefor duly endorsed in proper form for transfer, and the corporation is hereby given an option to purchase all or any part of the Common Stock held by such holder at the price aforesaid good from the date of such offer and tender until the expiration of thirty (30) days after said date. Nothing in this Section B contained, however, shall be construed to prevent any holder of shares of Common Stock from transferring such shares to voting or other trustees under a voting trust agreement, or under any other agreement relating to stock of the corporation approved by the board of directors of the corporation or to prevent any subscriber to the Common Stock from causing the stock subscribed for by him from being issued direct to such voting or other trustees and in either event receiving voting trust certificates or other certificates of interest covering the shares so transferred to or issued to such voting or other trustees; and in the event that shares of Common Stock of the corporation shall be transferred to or issued to such voting or other trustees, the voting trust certificates or other certificates of interest so issued to such stockholders or subscribers shall be held by each and every owner thereof subject to the same terms and conditions as provided in this Section B for shares of Common

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Stock of the corporation; and the terms "shares," "stock," "Common Stock," "shares of stock," "shares of Common Stock," "stock certificates," or "certificates for stock" whenever used in this Section B shall be deemed to include voting trust certificates or other certificates of interest covering shares of Common Stock of the corporation unless otherwise stated, and the term "stockholder" as used in this Section B shall also be deemed to include the owner of such voting trust certificates or other certificates of interest covering shares of Common Stock of the corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The corporation is hereby given an option in the event of the death of the holder of any shares of Common Stock of the corporation to purchase from his estate all or any part of such shares at the price per share provided in paragraph (a) of this Section B, at any time from and after the expiration of one year from the date of his death until thirty (30) days after such shares shall have been offered for sale to the corporation at the said price and certificates for said shares of stock duly endorsed in proper form for transfer shall have been tendered to the corporation, accompanied by any other papers necessary or proper to effect a valid transfer. The option in this paragraph (b) given to the corporation, however, is subject to the provision that in the event the estate of any deceased stockholder shall offer to sell and shall tender to the corporation at any time before the expiration of the period of one year from the date of death of such deceased stockholder any stock held by his estate, the option shall terminate unless within thirty (30) days from the time said stock is presented to the corporation for purchase, the corporation shall purchase said stock at the said purchase price.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) In the event that any holder of Common Stock ceases to be an employee of the corporation, or of a subsidiary corporation, for any cause other than death or Retirement allowed by the corporation or by such subsidiary corporation, the corporation is hereby given an option to purchase all the Common Stock held by such stockholder at the price provided in paragraph (a) of this Section B good from the date such holder ceases to be an employee as aforesaid until the expiration of thirty (30) days after he has made an offer to the corporation to sell said stock at said price and a tender of the certificates therefor duly endorsed in proper form for transfer. As used in this Certificate, Retirement shall mean: (i) for employees last hired or rehired before July 1, 2015 or those who have commenced payment of retirement income under a pension allowed by the Corporation, retirement on a pension allowed by the Corporation (other than a deferred pension), and (ii) for employees last hired or rehired on or after July 1, 2015, (x) attainment of age 65 and completion of at least three years of company service, or (y) attainment of age 55 and completion of at least 20 years of company service.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) As to any shares of Common Stock issued after June 13, 2024, in the event such shares are held by an employee of a subsidiary corporation that subsequently becomes a Divested Subsidiary (as hereinafter defined), the corporation is hereby given an option to purchase all the Common Stock held by such stockholder at the price provided in paragraph (a) of this Section B good from the effective time that such subsidiary corporation becomes a Divested Subsidiary until the expiration of thirty (30) days after he has made an offer to the corporation to sell said stock at said price and a tender of the certificates therefor duly endorsed in proper form for transfer. As used in this Certificate, a "Divested Subsidiary" shall mean any subsidiary corporation as to which any of the following events have occurred:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) a change in the ownership of the subsidiary corporation in which any individual, corporation, partnership, trust, limited liability company, association or other entity, or one or more of the foregoing, other than the corporation, another subsidiary corporation or any voting trust of the corporation (each a "Person" and collectively, "Persons"), acquires ownership of the stock of such subsidiary corporation that, together with any other subsidiary corporation stock held by such Person constitutes more than fifty percent (50%) of the total voting power of the stock of such subsidiary corporation; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) a change in the ownership of a substantial portion of the subsidiary corporation's assets which occurs on the date that any Person or Persons acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from such subsidiary corporation that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of such subsidiary corporation (and its majority owned subsidiaries) immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (ii), the following will not constitute a change in the ownership of a substantial portion of subsidiary corporation's assets: (1) a transfer to an entity that is controlled by the corporation's stockholders immediately after the transfer, or (2) a transfer of assets by the subsidiary corporation to an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the corporation or the subsidiary corporation. For purposes of this subsection (ii), gross fair market value means the value of the assets of the subsidiary corporation, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) All offers for sale of shares to the corporation and tenders of certificates for such shares must be made at the principal office of the corporation, in the County of St. Louis, State of Missouri or such other place as the corporation shall designate by notice in writing to stockholders of record. In the event of any such offer and tender,

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the mailing of a check for the purchase price as determined pursuant to the provisions of paragraph (a) of this Section B of the shares under option to the seller at the address shown upon the books of the corporation or in the event that the seller is a holder of a voting trust certificate at the address shown upon the books of the voting trustees or at any other address furnished by the seller for such purpose at any time within the option period shall be deemed to be due exercise of the option. The corporation may at any time, whether or not such offer and tender has been made, exercise any option to purchase, redeem, or otherwise acquire any shares of stock of the corporation granted to it hereunder by mailing notice of its election so to do to the record holder of the stock covered thereby at his address as shown upon the stock books of the corporation, or in case of voting trust certificates or other certificates of interest covering stock of the corporation then at the address of the owner thereof as shown upon the books of the voting or other trustees. Said notice shall state in substance that the corporation has elected to exercise its option and that it will make payment for the stock to be thus purchased upon delivery to it at its principal office in the County of St. Louis, State of Missouri or such other place as the corporation shall designate by notice in writing to stockholders of record, of the certificates therefor, properly endorsed for transfer, accompanied by such instruments as the corporation may deem necessary, and such stockholder, or his executors or administrators as the case may be, shall forthwith surrender and deliver at said office the certificates for said stock duly endorsed in blank, accompanied by such instruments, and shall be entitled to receive payment (which payment may be by check) of the purchase price therefor as determined pursuant to the provisions of paragraph (a) of this Section B.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) In the event that the corporation shall purchase any of the Common Stock upon exercising any of the aforesaid options, the corporation may purchase such stock in the name and for the account of any employee of the corporation or of a subsidiary corporation with funds provided by any such party, or at its option, if it has funds available for the purpose, the corporation may purchase the shares for its own account and deposit them in its treasury, and may resell from time to time any or all such shares purchased for its own account for such price or prices, and to such employee or employees of the corporation or of a subsidiary corporation as the board of directors may determine, or at the option of the board of directors, any or all of such shares may be retired or cancelled in any manner permitted by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) Subject to all of the rights of the Preferred Stock, dividends may be paid upon the Common Stock if and when declared by the board of directors out of any funds of the corporation legally available therefor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) Except as otherwise provided in the certificate of incorporation as amended or in the terms of any series of Preferred Stock as fixed by the board of directors as provided herein, the holders of the Common Stock shall have exclusive voting power for the election of directors and upon all other matters that may be submitted to the stockholders for their vote or consent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C. No holder of Common Stock shall hypothecate or pledge any Common Stock except under an agreement of hypothecation or pledge with the pledgee containing the following provisions together in the following sequence:

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"In the event of the death of the pledgor or in the event that he ceases to be an employee of Graybar Electric Company, Inc. or of a subsidiary corporation for any cause other than death or Retirement, Graybar Electric Company, Inc. shall have the same right to purchase any or all of the pledged stock as it would have had if the stock had not been pledged, and may make payment therefor to the pledgee or any party presenting the certificates therefor, properly endorsed for transfer. The provisions of the certificate of incorporation of the corporation relating to the rights of the corporation to such stock and the price to be paid therefor are set forth on the back of the stock certificates pledged and the pledgee has notice thereof.

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"In the event that the pledgor shall be in default under the pledge, Graybar Electric Company, Inc. shall have an option, good until the expiration of thirty (30) days from the time written notice of such default is served upon said corporation by the pledgee, to take over the stock pledged and the debt to secure which such stock has been pledged, upon payment to the pledgee of the amount then owing on said debt, and no sale shall be made by the pledgee under said pledge until such option has expired.

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"In the event that the pledgor shall be in default under the pledge and the amount then owing on the debt shall exceed the price at which Graybar Electric Company, Inc. would be entitled to purchase stock under option given to it in case the pledgor should desire to sell same, said corporation shall have the right, good until the expiration of thirty (30) days from the time written notice is served upon said corporation by the pledgee, to redeem or purchase such stock, at said option price, and may make payment therefor to the pledgee or any party presenting the certificates therefor properly endorsed for transfer, and no sale shall be made by the pledgee until such option has expired.

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"No other provisions in the hypothecation or pledge shall in any way affect the rights given in the three preceding paragraphs, and by accepting the pledge the pledgee agrees to carry out and be bound by the provisions of the three preceding paragraphs and of the certificate of incorporation as amended of Graybar Electric Company, Inc.

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"Any right or option in the corporation to purchase, redeem, take over or otherwise acquire any stock of the corporation shall, in accordance with the provisions of the certificate of incorporation as amended, also accrue to and may be exercised by any person, persons, firm or corporation designated by the corporation to purchase or acquire such stock or any part thereof.

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"It is understood that the certificate of incorporation of Graybar Electric Company, Inc. also provides, in substance, that if any party shall claim or establish ownership of or any interest in shares of stock of the corporation and if such ownership or interest is the result of a sale or transfer in breach of the provisions of the certificate of incorporation, such shares or interest shall at the option of the corporation be subject at all times to purchase by said corporation at prices and under terms and conditions set forth in or to be determined as provided in said certificate of incorporation."

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In the event that the corporation shall have exercised any such option to take over any stock which shall have been pledged or hypothecated and the debt to secure which such stock has been pledged, the corporation shall have the right, at any time after the expiration of thirty (30) days after written notice mailed to the holder of record of the pledged stock at his address as shown on the books of the corporation, to purchase said stock by paying or tendering to the pledgor the difference, if any, between the amount paid by the corporation to the pledgee in taking over said stock, together with interest to the time of such purchase, and the price which the corporation would be required to pay to purchase said stock in case of sale by the stockholder to the corporation under the provisions of paragraph (a) of Section B; provided, however, that at any time prior to such purchase of said stock by the corporation the pledgor may redeem said stock from the corporation by paying to the corporation the amount which the corporation paid to the pledgee in taking over the said stock, together with interest thereon. All such interest shall be computed at the rate of six per cent (6%) per annum. In the event that the corporation shall have exercised its option to take over any stock which shall have been pledged or hypothecated, and the debt to secure which the stock has been pledged, the corporation shall, in addition to any rights herein granted, be subrogated to all the rights of the pledgee of said stock. No pledge or hypothecation of any stock of the corporation, except in accordance with the foregoing conditions, shall in any way affect the right of the corporation to treat the stock as if it had not been pledged, whether in the hands of the pledgee or any subsequent holder whose title is through the pledgee or through any sale or transfer resulting from the pledge.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D. All certificates of Common Stock of the corporation shall contain or have endorsed thereon the provisions of the certificate of incorporation as amended in respect of the sale, transfer and pledge of stock, and all voting trust certificates or other certificates of interest covering stock of the corporation issued under a voting trust agreement or other agreement to which the corporation may be a party shall likewise contain or have endorsed thereon said provisions. No transfers of stock shall be recorded on the books of the corporation unless effected in accordance with the provisions of the certificate of incorporation as amended. Each holder of a certificate of stock of the corporation shall be charged with notice of the provisions of the certificate of incorporation of the corporation as amended and shall by receiving any such stock certificate be deemed to assent to and be bound by all of the provisions of the certificate of incorporation as amended.

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If for any reason whatsoever any party to whom a sale or transfer has been made in breach of any of the provisions of the certificate of incorporation as amended should claim or establish ownership of or any interest in any shares of stock of the corporation, such shares shall thereupon become subject to redemption or purchase at any and all times thereafter at the option of the corporation, whether in the hands of such party or any subsequent transferee, immediate or remote, upon mailing thirty (30) days notice of the election of the corporation to redeem or purchase such shares to the then holder of record at its address as it appears upon the stock books of the corporation or the books of the voting or other trustees at the price provided in paragraph (a) of Section B hereof, and the corporation may redeem or purchase any such shares upon paying the price specified.

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The corporation shall withhold any dividends and refuse to permit the exercise of any voting right upon any shares transferred in violation of the provisions of the certificate of incorporation as amended or in regard to which there has been any default in notifying the corporation of the stockholder's desire to sell his stock in order to give the corporation opportunity to exercise its option to purchase, or default in delivery of stock after the corporation has given notice of its election to exercise any option to purchase. Whenever herein the corporation shall be given any right or option to purchase, redeem or otherwise acquire any shares of stock of the corporation in any manner whatsoever, such rights shall also accrue and may be exercised by any person, persons, firm or corporation designated by the corporation to purchase or acquire such stock or any part thereof.

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If any one or more provisions of Section A, B or C or of this Section D shall be declared to be invalid, it shall not affect the validity of any other provisions of said sections or this section or of the certificate of incorporation as amended, nor shall the fact that any shares of the corporation shall be held at any time by any party not entitled to hold the same or from whom the corporation might purchase the same under the provisions of this Section D relieve any other stockholder from compliance with the terms of the provisions of Sections A, B and C and of this Section D.

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The term "employee" as used in Sections B and C shall be deemed to include salaried officers.

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The term "subsidiary" or "subsidiary company" as used in the certificate of incorporation as amended shall be deemed to mean any company seventy-five per cent (75%) of whose outstanding shares of equity stock, as hereinafter defined, shall be owned by the corporation or by another subsidiary. The term "equity stock" as herein used means the outstanding class or classes of shares entitled upon liquidation of a company to the final distribution of all assets remaining after the payment and discharge of all obligations and after payment and distribution to all classes of shares entitled to priority on the distribution of assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E. No stockholder of any class of the corporation shall as such be entitled as of right to purchase or subscribe for stock of any class of the corporation, whether authorized by this certificate of incorporation or by any amendment to this certificate of incorporation or to purchase or subscribe for any other securities of the corporation whether or not such securities may be convertible into stock of any class of the corporation.

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FIFTH: No stockholder shall be entitled as of right to purchase or subscribe for any part of any unissued stock or of any additional stock to be issued by reason of any increase of the authorized capital stock of the corporation or of bonds, certificates of indebtedness, debentures or other securities convertible into stock of the corporation, but any such unissued stock or such additional authorized issue of new stock or of other securities convertible into stock may be issued and disposed of pursuant to resolution of the board of directors to such persons, firms, corporations or associations and upon such terms as may be deemed advisable by the board of directors in the exercise of their discretion.

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SIXTH: The Secretary of State of New York is hereby designated as the agent of the corporation upon whom process in any action or proceeding against the corporation may be served. The principal office of the corporation in the State of New York is located in the City, County and State of New York, and the address to which the Secretary of State shall mail a copy of process in any action or proceeding against the corporation which may be served upon him is c/o Corporation Service Company, 80 State Street, Albany, New York 12207-2543. The name of the registered agent upon whom and the address of the registered agent at which process against the corporation may be served is Corporation Service Company, 80 State Street, Albany, New York 12207-2543.

SEVENTH: Pursuant to Section 402(b) of the Business Corporation Law of the State of New York, the personal liability of the corporation's directors to the corporation or its stockholders for damages for breach of duty as a director shall be eliminated to the fullest extent permitted by the Business Corporation Law, as it exists on the date hereof or as it may hereafter be amended. No amendment to or repeal of this Article shall apply to or have any effect on the liability or alleged liability of any director of the corporation for or with respect to any acts or omissions of such director occurring prior to such amendment or repeal.

EIGHTH: The Board of Directors of the Corporation, when taking action, including action which may involve or relate to any offer or potential offer of another person to (a) make a tender or exchange offer for any equity security of the Corporation, (b) merge or consolidate the Corporation with another corporation, (c) purchase or otherwise acquire all or substantially all of the properties and assets of the Corporation, or (d) otherwise engage in a transaction that could result in a change of control of the Corporation, shall be entitled to consider all relevant factors, including without limitation (1) both the long-term and the short-term interests of the Corporation and its shareholders and (2) the effects that the Corporation's actions may have in the short-term or in the long-term upon any of the following:

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| | |
|:---|:---|
| &nbsp;&nbsp; (i) | &nbsp;&nbsp; the prospects for potential growth, development, productivity and profitability of the Corporation; |
|  | &nbsp;&nbsp; the Corporation's current employees; |
| &nbsp;&nbsp; (ii) | &nbsp;&nbsp; the Corporation's retired employees and other beneficiaries receiving or entitled to receive retirement, welfare or similar benefits from or pursuant to any plan sponsored, or agreement entered into, by the Corporation; |
| &nbsp;&nbsp; (iii) | &nbsp;&nbsp; the Corporation's customers and creditors; and |

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(iv) the ability of the Corporation to provide, as a going concern, goods, services, employment opportunities and employment benefits and otherwise to contribute to the communities in which it or its subsidiaries does business or are located, in each case, to the fullest extent permissible under the New York Business Corporation Law; provided, however, that nothing in this Article Eighth shall create any duties owed by any director to any person or entity to consider or afford any particular weight to any of the foregoing or abrogate any duty of the directors, either statutory or recognized by common law or court decisions.

For purposes of the foregoing, "control" shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of the Corporation, whether through the ownership of voting stock, by contract, or otherwise.

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## Ex-4

Exhibit 4

**DESCRIPTION OF THE REGISTRANT'S SECURITIES** 

**REGISTERED PURSUANT TO SECTION 12 OF THE** 

**SECURITIES EXCHANGE ACT OF 1934** 

As of March 11, 2026, Graybar Electric Company, Inc. ("Graybar") has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"): our Common Stock. The voting trust interests under the 2026 voting trust are described following the description of our Common Stock.

**Description of Common Stock**

The following description of our Common Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Restated Certificate of Incorporation, as amended (the "Certificate of Incorporation"), and our Bylaws, as amended (the "Bylaws"), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the New York Business Corporation Law for additional information.

**Authorized Capital** 

Graybar's authorized capitalization consists of 10,000,000 shares of preferred stock and 50,000,000 shares of Common Stock. The stated value of the Common Stock is $20.00 per share. No preferred stock is outstanding.

**Dividends**

Except as prohibited by law, dividends may be paid upon the Common Stock at the discretion of our board of directors.

**Voting Rights**

Except as otherwise required by law, holders of Common Stock have the exclusive right to vote in respect of the election of directors and for all other purposes requiring the approval or consent of shareholders. As a general matter, the Voting Trustees as a group possess the voting power associated with the shares held of record under the Voting Trust Agreement (which is discussed below), and such voting power is sufficient to assure the election of the persons nominated by the board of directors for election as directors and, except as provided otherwise in the Voting Trust Agreement, approval of any other matters brought before a meeting of shareholders.

**Liquidation Rights**

In the event of a voluntary or involuntary dissolution, liquidation or winding-up of Graybar, after payment in full of the amounts required to be paid to any holders of preferred stock, the holders of Common Stock are entitled to share ratably in all remaining assets.

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In such event, if any preferred stock is outstanding, the holders of preferred stock would be entitled to receive, in preference to holders of common stock, the par value of the preferred shares plus an amount equal to any dividends accrued thereon to the extent earned but unpaid to the date of payment.

**Miscellaneous**

The Common Stock has no conversion, preemptive or subscription rights, and there are no sinking fund or redemption provisions applicable to the Common Stock. The outstanding shares of our Common Stock are fully paid and non-assessable, except that under the New York Business Corporation Law, the ten largest holders of Common Stock are liable under specified conditions for debts, wages or salaries due and not paid by us to any laborers, servants or employees, other than contractors, for services performed by them for us.

**Purchase Option**

No holder of Common Stock may sell, transfer or otherwise dispose of any shares without first offering us the option to purchase those shares within 30 days after the offer for $20.00 per share.

Graybar also has the option to purchase for $20.00 per share the Common Stock of any shareholder who ceases to be an employee for any reason other than death or Retirement at any time after termination of employment until 30 days after the holder makes an offer to sell the Common Stock to us.

For purposes of the previous sentence, "Retirement" is defined in our Certificate of Incorporation to mean: (i) for employees first hired or last rehired on or before July 1, 2015, or receiving pension benefits, retirement on a service pension allowed by the Company; and (ii) for employees first hired after July 1, 2015, attainment of age 65 and three years of company service or attainment of age 55 and twenty years of company service.

As to any shares of Common Stock issued after June 13, 2024, in the event such shares are held by an employee of a subsidiary that subsequently becomes a "Divested Subsidiary" (as defined below) we also have the option to purchase for $20.00 per share the Common Stock from the time such subsidiary becomes a Divested Subsidiary until 30 days after the holder makes an offer to sell the Common Stock to us. As defined in the 2026 Voting Trust and in our Restated Certificate of Incorporation, a "Divested Subsidiary" shall mean any subsidiary corporation as to which any of the following events have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) a change in the ownership of the subsidiary corporation in which any individual, corporation, partnership, trust, limited liability company, association or other entity, or one or more of the foregoing, other than the corporation, another subsidiary corporation or any voting trust of the corporation (each a "Person" and collectively, "Persons"), acquires ownership of the stock of such subsidiary corporation that, together with any other subsidiary corporation stock held by such Person constitutes more than fifty percent (50%) of the total voting power of the stock of such subsidiary corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) a change in the ownership of a substantial portion of the subsidiary corporation's assets which occurs on the date that any Person or Persons acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from such subsidiary corporation that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of such subsidiary corporation (and its majority owned

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subsidiaries) immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (ii), the following will not constitute a change in the ownership of a substantial portion of subsidiary corporation's assets: (1) a transfer to an entity that is controlled by the corporation's stockholders immediately after the transfer, or (2) a transfer of assets by the subsidiary corporation to an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the corporation or the subsidiary corporation. For purposes of this subsection (ii), gross fair market value means the value of the assets of the subsidiary corporation, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

In the event of the death of any shareholder, we have the option to purchase all or any part of his or her Common Stock from the shareholder's estate for $20.00 per share at any time after the expiration of one year from the date of death until 30 days after the Common Stock has been offered to us. If the shareholder's estate offers to sell the shares to us within the one-year period, our option terminates 30 days from the offer.

No shareholder may hypothecate or pledge Common Stock, except under an agreement of hypothecation or pledge containing provisions permitting us to exercise the purchase option referred to above and to purchase the pledge of shares in the event of default upon payment of the lesser of the amount due on the pledge or the purchase price, and containing suitable provisions for redemption by the shareholder or payment of any balance to which the shareholder may be entitled. No shareholder may transfer or place any shares of Common Stock, or Voting Trust Interests representing shares, into a trust, except that we will, under certain circumstances, permit a transfer or placement upon receipt of a written agreement from the trustee(s) and the shareholder in a form satisfactory to us providing that the shareholder retains the right to direct the action to be taken by the trustees on any matter submitted to a vote by holders of Common Stock or Voting Trust Interests and recognizing our right to exercise the options referred to above and to purchase the shares, or Voting Trust Interests representing shares, if any party other than the holder or the trustee will claim or establish ownership of or interest in the shares, or Voting Trust Interests representing shares, and requiring the trustee(s) to comply with all provisions of our Certificate of Incorporation relating to the sale, transfer or other disposition of shares.

**Description of Voting Trust Interests**

The following description of the Voting Trust Agreement and its Voting Trust Interests representing shares of Common Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to the Voting Trust Agreement, which is incorporated by reference to Exhibit 4.3 to the Annual Report on Form 10-K of which this Exhibit 4 is a part. We encourage you to read the Voting Trust Agreement, the Description of our Common Stock and the applicable provisions of the New York Business Corporation Law for additional information.

The Voting Trust Agreement dated March 6, 2026, which we refer to as the Voting Trust Agreement, provides for the deposit into the Voting Trust of Common Stock or any security substituted for the Common Stock (as described below under "Liquidation Rights"). Common Stock deposited in the Voting Trust will be registered in the name of the Voting Trustees in their capacities as voting trustees. Voting Trust Interests issued by the Voting Trustees are uncertificated and evidenced by a book-entry system maintained by the Voting Trustees. Common Stock deposited in the Voting Trust may not

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be withdrawn by the beneficial owner before the expiration or earlier termination of the Voting Trust Agreement.

**Voting Trustees**

Voting Trustees must be regular employees of the Company. Any Voting Trustee who for any cause, including Retirement, ceases to be a regular employee of the Company automatically ceases to be a Voting Trustee. Voting Trustees may at any time resign and may be removed by holders of Voting Trust Interests representing at least 66 2/3% of the number of shares of Common Stock deposited under the Voting Trust Agreement. No Voting Trustee who has been previously removed from office may be re-designated or elected a Voting Trustee without the approval of holders of Voting Trust Interests representing at least 66 2/3% of the Common Stock deposited under the Voting Trust Agreement.

The Voting Trustees do not have any power to sell, transfer or dispose of shares deposited with them other than to return them to Participating Shareholders in accordance with the Voting Trust Agreement.

**Dividends**

All dividends payable with respect to Common Stock deposited under the Voting Trust Agreement are payable to the Voting Trustees as the owners of record of these shares. The Voting Trustees will retain, under the terms of the Voting Trust Agreement, all shares of Common Stock received as a stock dividend. The Voting Trustees will make the appropriate book-entry representing Voting Trust Interests in the shares received as a dividend for a Participating Shareholder's account. The Voting Trustees will pay or cause to be paid to the holders of Voting Trust Interests an amount equal to any cash dividends received and any distribution made to holders of Common Stock other than in cash or Common Stock or as a result of recapitalization or reclassification of the Common Stock or a reorganization of the Company.

**Voting Rights**

Holders of Voting Trust Interests have no right to vote with the holders of the Common Stock on matters submitted to the shareholders. The Voting Trustees are entitled in their discretion and using their best judgment to vote on or consent to the election of directors and, except as described below, the ratification, approval or disapproval of any other action or proposed action requiring a shareholder vote. The Voting Trustees, each of whom is currently a Company director, are specifically authorized to vote for themselves as directors under the terms of the Voting Trust Agreement. The Voting Trustees may not, without the consent of the holders of Voting Trust Interests representing at least 75% of the Common Stock then deposited under the Voting Trust Agreement, vote on or consent to the merger or consolidation of the Company into another corporation, the sale of all or substantially all of the Company's assets or the Company's liquidation and dissolution.

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The Voting Trust Agreement may be amended or modified at any time by a majority of the Voting Trustees, the Company and the holders of Voting Trust Interests representing at least 75% of the number of shares of Common Stock deposited under the Voting Trust Agreement. Any amendment or modification could affect the rights of the then existing holders of Voting Trust Interests.

The Voting Trust Agreement will expire on March 5, 2036, unless extended or sooner terminated. The Voting Trust Agreement may be terminated at any time by a majority of the Voting Trustees or by the holders of Voting Trust Interests representing at least 75% of the Common Stock deposited. At any time within six months before the expiration of the Voting Trust Agreement, holders of Voting Trust Interests may, by agreement in writing with the Voting Trustees and the Company, extend the duration of the Voting Trust Agreement for an additional period not exceeding ten years. Any extension will be binding only upon holders of Voting Trust Interests who give their consent.

**Liquidation Rights**

*Recapitalization or Reclassification of Common Stock*. In the event of a recapitalization or reclassification of the Common Stock, the Voting Trustees will hold, under the terms of the Voting Trust Agreement, shares of voting stock issued in respect of Common Stock deposited under the Voting Trust Agreement. In this case, the appropriate book entries will be made.

*Reorganization of the Company*. Depending on the terms of any agreement under which the Company may be merged or consolidated into another corporation, the Voting Trustees either will hold, under the terms of the Voting Trust Agreement, any shares of voting stock of the successor corporation issued in respect of the Common Stock deposited under the Voting Trust Agreement (in which case the appropriate book entries will be made), or will distribute those shares to the holders of Voting Trust Interests based on the Common Stock represented by their Voting Trust Interests. In any event, any other consideration received as a result of a reorganization will be distributed ratably to the holders of Voting Trust Interests.

*Dissolution of the Company*. In the event of the dissolution and liquidation of the Company, the Voting Trustees will distribute any money, securities, rights or property received by them as the record owners of Common Stock ratably to the holders of Voting Trust Interests.

**Purchase Option**

Voting Trust Interests issued under the Voting Trust Agreement are held by each holder under the same terms and conditions upon which Common Stock is held under the provisions of the Company's Certificate of Incorporation.

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## Exhibit 4.3

**Exhibit 4.3**

**GRAYBAR ELECTRIC COMPANY, INC.**

**VOTING TRUST AGREEMENT**

**Dated as of March 6 , 2026**

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| | | |
|:---|:---|:---|
| **INDEX** | **INDEX** | **INDEX** |
|  |  | <u>Page</u> |
| PARTIES | PARTIES | A-1 |
| RECITALS | RECITALS | A-1 |
| **ARTICLE I** | **ARTICLE I** | **ARTICLE I** |
| **DEFINITIONS** | **DEFINITIONS** | **DEFINITIONS** |
| **Section 1.01** | "Agent" | A-1 |
| **Section 1.02** | "Certificate of Incorporation" | A-1 |
| **Section 1.03** | "Common Stock" | A-1 |
| **Section 1.04** | "Corporation" | A-1 |
| **Section 1.05** | "Divested Subsidiary" | A-1 |
| **Section 1.06** | "Non-participating Shareholders" | A-2 |
| **Section 1.07** | "Participating Shareholders" | A-2 |
| **Section 1.08** | "Register" | A-2 |
| **Section 1.09** | "regular employee" | A-2 |
| **Section 1.10** | "Retirement" | A-2 |
| **Section 1.11** | "Shareholders" | [A-](#pageref)[2](#pageref) |
| **Section 1.12** | "Stock Certificates" | A-2 |
| **Section 1.13** | "2026 Voting Trust" | A-2 |
| **Section 1.14** | "Uncertificated Shares" | A-2 |
| **Section 1.15** | "Voting Trust Agreement" | [A-](#pageref)[2](#pageref) |
| **Section 1.16** | "Voting Trust Interests" | A-2 |
| **Section 1.17** | "Voting Trustees" | A-2 |
| **ARTICLE II** | **ARTICLE II** | **ARTICLE II** |
| **PARTICIPATION** | **PARTICIPATION** | **PARTICIPATION** |
| **Section 2.01** | Election to Participate | A-3 |
| **Section 2.02** | Voting Trust Interests | A-3 |
| **ARTICLE III** | **ARTICLE III** | **ARTICLE III** |
| **VOTING TRUST INTERESTS** | **VOTING TRUST INTERESTS** | **VOTING TRUST INTERESTS** |
| **Section 3.01** | Registration and Registration of Transfer | A-3 |
| **Section 3.02**  | Restrictions on Transfer | A-4 |
| **ARTICLE IV** | **ARTICLE IV** | **ARTICLE IV** |
| **CONCERNING THE PARTICIPATING SHAREHOLDERS** | **CONCERNING THE PARTICIPATING SHAREHOLDERS** | **CONCERNING THE PARTICIPATING SHAREHOLDERS** |
| **Section 4.01** | Rights of Participating Shareholders | A-7 |

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| | | |
|:---|:---|:---|
| **Section 4.02** | Voting | A-7 |
| **Section 4.03** | Dividends | A-7 |
| **Section 4.04** | Subscription Offers | A-8 |
| **Section 4.05** | Employee Plans | A-8 |
| **Section 4.06** | Recapitalization or Reclassification of Common Stock | A-8 |
| **Section 4.07** | Dissolution of the Corporation | A-8 |
| **Section 4.08** | Reorganization of the Corporation | A-9 |
| **Section 4.09** | Return of Common Stock | A-9 |
| **Section 4.10** | Meetings of Participating Shareholders | A-9 |
| **ARTICLE V** | **ARTICLE V** | **ARTICLE V** |
| **CONCERNING THE VOTING TRUSTEES** | **CONCERNING THE VOTING TRUSTEES** | **CONCERNING THE VOTING TRUSTEES** |
| **Section 5.01** | Appointment and Qualification; Vacancies | A-10 |
| **Section 5.02** | Rights and Powers | A-11 |
| **Section 5.03** | Limitation on Liability; Indemnification | A-12 |
| **Section 5.04** | Compensation and Expenses | A-13 |
| **ARTICLE VI** | **ARTICLE VI** | **ARTICLE VI** |
| **MISCELLANEOUS** | **MISCELLANEOUS** | **MISCELLANEOUS** |
| **Section 6.01** | Appointment of Agents | A-13 |
| **Section 6.02** | Amendment | A-14 |
| **Section 6.03** | Termination or Extension | A-14 |
| **Section 6.04** | Notices | A-14 |
| **Section 6.05** | Successors and Assigns | A-15 |
| **Section 6.06** | Counterparts | A-15 |
| **Section 6.07** | Governing Law | A-15 |
| **Section 6.08** | Severability | A-15 |
| **Section 6.09** | Headings; **Table of Contents** | A-15 |

---

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THIS VOTING TRUST AGREEMENT, dated and effective as of [●], 2026, among the owners of shares of common stock, par value $1.00 per share with a stated value of $20.00 per share (the "Common Stock"), of GRAYBAR ELECTRIC COMPANY, INC., a New York corporation (the "Corporation"), who shall become parties to this Voting Trust Agreement as hereinafter provided (the "Participating Shareholders"), David A. Bender, Richard H. Harvey, William P. Mansfield and Kathleen M. Mazzarella, as voting trustees (the "Voting Trustees"), and the Corporation.

WITNESSETH:

WHEREAS, approximately 83% of the issued and outstanding shares of Common Stock of the Corporation are owned of record by the Voting Trustees, in their capacity as voting trustees under a voting trust agreement dated as of March 15, 2017, which agreement, unless extended or earlier terminated as provided therein, will terminate on March 1, 2027; and

WHEREAS, each Participating Shareholder believes it is advisable and in the best interests of the Corporation and such shareholder to enter into this Voting Trust Agreement in order to, among other things, secure continuity and stability of policy and management of the Corporation by acting together with respect to the voting on or consenting to certain matters that may be acted upon by the beneficial owners of Common Stock.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements herein contained, the parties hereto agree as follows:

**ARTICLE I** 

**DEFINITIONS**

For all purposes of this Voting Trust Agreement, the following terms shall have the

respective meanings specified in this Article I.

**Section 1.01** "Agent" shall mean each of the individuals, and their respective successors, appointed as an Agent of the Voting Trustees pursuant to the provisions of <u>Section 6.01</u> hereof.

**Section 1.02** "Certificate of Incorporation" shall mean the Restated Certificate of Incorporation of the Corporation as amended from time to time.

**Section 1.03** "Common Stock" shall have the meaning provided therefor in the preamble to this Agreement and may be represented by Stock Certificates or Uncertificated Shares.

**Section 1.04** "Corporation" shall have the meaning provided therefor in the preamble to this Agreement and shall include its successors.

**Section 1.05**"Divested Subsidiary" shall have the meaning provided therefor in <u>Section</u> <u>3.02</u> hereof.

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**Section 1.06** "Non-participating Shareholders" shall mean the owners of shares of Common Stock who do not become parties to this Voting Trust Agreement.

**Section 1.07** "Participating Shareholders" shall mean the owners of shares of Common Stock who have become parties to this Voting Trust Agreement pursuant to the provisions of <u>Section 2.01</u> or <u>Section 2.</u>02(b) hereof.

**Section 1.08**"Register" shall have the meaning provided therefor in <u>Section 3.01(a)</u> hereof.

**Section 1.09** "regular employee" shall mean an employee who is hired to work in an established and full-time position and is eligible for participation in all employee benefit programs.

**Section 1.10** "Retirement" shall mean: (i) for employees last hired or rehired before July 1, 2015 or those who have commenced payment of retirement income under a pension allowed by the Corporation, retirement on a pension allowed by the Corporation (other than a deferred pension), and (ii) for employees last hired or rehired on or after July 1, 2015, (x) attainment of age 65 and completion of at least three years of company service, or (y) attainment of age 55 and completion of at least 20 years of company service.

**Section 1.11** "Shareholders" shall mean the Participating Shareholders and the Non- participating Shareholders.

**Section 1.12** "Stock Certificates" shall mean the certificates representing shares of Common Stock, whether or not the same shall have been deposited with the Voting Trustees pursuant to this Voting Trust Agreement.

**Section 1.13** "2026 Voting Trust" shall mean the trust established pursuant to the provisions of this Voting Trust Agreement.

**Section 1.14** "Uncertificated Shares" shall mean shares of Common Stock that are evidenced by a book-entry system maintained or caused to be maintained by the Corporation.

**Section 1.15** "Voting Trust Agreement" shall mean this Voting Trust Agreement, dated as of March 6, 2026, among the Participating Shareholders, the Voting Trustees and the Corporation, as it may hereafter be amended or modified pursuant to the provisions of <u>Section 6.02</u> hereof.

**Section 1.16** "Voting Trust Interests" shall mean the beneficial ownership of, and the rights, duties and obligations of a Participating Shareholder with respect to, the shares of Common Stock deposited by him or her in the 2026 Voting Trust and held therein as set forth in this Voting Trust Agreement, which shall be evidenced by a book-entry system maintained or caused to be maintained by the Voting Trustees.

**Section 1.17** "Voting Trustees" shall mean the persons named in the preamble to this Agreement as voting trustees and their survivors or survivor and their or his or her successors or successor, as voting trustees, appointed pursuant to the provisions of <u>Section 5.01</u> hereof.

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**ARTICLE II**

**PARTICIPATION**

**Section 2.01** *Election to Pa rticipate*. Any Shareholder may elect to participate in the 2026

Voting Trust at any time prior to its expiration or termination by (i) executing and delivering a copy of this Voting Trust Agreement, either in person or by his or her duly authorized attorney-in-fact, and (ii) depositing or causing to be deposited with the Voting Trustees the shares of Common Stock beneficially owned by such Participating Shareholder, whether represented by Stock Certificates or Uncertificated Shares.

**Section 2.02** *Voting Tru st Interests*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)Upon receipt by the Voting Trustees of (i) a copy of this Voting Trust Agreement duly executed by a Participating Shareholder or his or her duly authorized attorney-in- fact and (ii) the shares of Common Stock beneficially owned by such Participating Shareholder, the Voting Trustees will record such Participating Shareholder's ownership of the Voting Trust Interests in such shares of Common Stock in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)Upon receipt by the Voting Trustees, on behalf of a Participating Shareholder, as the record owner of shares of Common Stock beneficially owned by such Participating Shareholder, of additional shares of Common Stock, including, but not limited to, as a result of a stock dividend or stock split or pursuant to directions given to the Corporation by such Participating Shareholder or his or her duly authorized attorney-in-fact concerning shares of Common Stock purchased pursuant to a subscription offer made to eligible employees of the Corporation or otherwise, the Voting Trustees will record such Participating Shareholder's ownership of the Voting Trust Interests in such additional shares of Common Stock in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)No fractional Voting Trust Interests shall be issued by the Voting Trustees. In lieu thereof, the Voting Trustees shall deliver cash received from the Corporation as appropriate.

**ARTICLE III**

**VOTING TRUST INTERESTS**

**Section 3.01** *Registration a nd Registration of Transfer.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)Subject to the limitations on transfer set forth from time to time in the Certificate of Incorporation and in this Agreement, ownership of Voting Trust Interests may be transferred by complying with the instructions set forth in <u>Section 3.01</u>(b) hereof. Upon such transfer, the Voting Trustees will cause the transfer of ownership to be recorded in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)The Voting Trustees shall maintain, or cause to be maintained, a book-entry system (the "Register") in which, subject to such reasonable regulations as they may prescribe, the Voting Trustees shall register the original ownership of Voting Trust Interests and shall register the transfer of ownership of Voting Trust Interests pursuant to the provisions of this Voting Trust Agreement. The Register shall show the name and address of each Participating Shareholder, a list of the shares of Common Stock transferred to the Voting Trustees in respect of the Voting

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Trust Interests, the number of shares of Common Stock represented by such Voting Trust Interests, and the dates when each such Participating Shareholder became the owners thereof. A Participating Shareholder may request transfer of such ownership by sending a written instrument or instruments of transfer, in form satisfactory to the Voting Trustees, duly executed by the registered owner or by his or her duly authorized attorney-in-fact to the Voting Trustees at the executive offices of the Corporation. The Voting Trustees may appoint one or more transfer agents or registrars (who may be the Agents or other employees of the Corporation or a third-party) to maintain the Register pursuant to this <u>Section 3.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)No service charge shall be made for any registration of transfer of ownership of any Voting Trust Interest, but the Voting Trustees may, in their sole discretion, require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)Prior to receipt of a properly executed written instrument requesting transfer of Voting Trust Interests for registration of transfer on the Register, the Voting Trustees shall not be bound to recognize any equitable or other claim to or interest in any Voting Trust Interest on the part of any person other than the registered owner thereof, whether or not the Voting Trustees shall have notice of such claim or interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)The Voting Trustees may make such rules and regulations as they deem, in their sole discretion, expedient and proper concerning registration of transfer of ownership of Voting Trust Interests, and may close the Register against transfers at any time or times that the Corporation properly closes its record of shareholders against transfers of shares of Common Stock. Any record date fixed by the Corporation for the purpose of determining shareholders entitled to receive any payment or distribution shall be used by the Voting Trustees in determining Participating Shareholders entitled to receive such payment or distribution pursuant to the provisions of this Voting Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)To the extent required by section 621 of the Business Corporation Law of the State of New York (the "BCL") (or any successor statute), (i) a duplicate of this Voting Trust Agreement shall be filed with the office of the Corporation, (ii) this Voting Trust Agreement and the Register shall be open at all reasonable times to the inspection of Shareholders, in person or by agent or attorney, as are the records of the Corporation under section 624 of the BCL at the office of the Corporation or other place of which the Shareholders have been notified in writing and (iii) the Register may be in written form or any other form capable of being converted into written form within a reasonable time.

**Section 3.02** *Restrictions on Transfer*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)With respect to the sale, transfer, pledge or other disposition of ownership of Voting Trust Interests, the ownership of Voting Trust Interests shall be deemed to be, and shall be treated in all respects as if it is, ownership of shares of the Common Stock beneficially owned by the Participating Shareholder in respect of such Voting Trust Interests; and the Participating Shareholders, the Voting Trustees, the Corporation and all other persons shall be bound by and subject to the provisions of the Restated Certificate of Incorporation with respect to the sale, transfer, pledge, or other disposition of ownership of Voting Trust Interests or any right or interest

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therein in all respects as if the ownership of Voting Trust Interests was ownership of shares of Common Stock, including the options of the Corporation to purchase the Common Stock as set forth in the Corporation's Restated Certificate of Incorporation, as amended from time to time. Participating Shareholders shall receive a written statement substantially similar to the following:

**RESTRICTIONS ON TRANSFER AND RIGHT OF THE COMPANY TO PURCHASE COMMON STOCK OR VOTING TRUST INTERESTS UNDER CERTAIN CIRCUMSTANCES.**

The 2026 Voting Trust Agreement provides that Voting Trust Interests issued under the Voting Trust Agreement are held by each holder under the same terms and conditions upon which Common Stock is held under the provisions of Graybar's Restated Certificate of Incorporation, as amended from time to time. It further provides that the Voting Trustees do not need to recognize any claim of a holder of a Voting Trust Interest who has obtained a Voting Trust Interest in contravention of any of the provisions of Graybar's Restated Certificate of Incorporation, as amended from time to time, in effect at the time.

***The following is a brief summary of the provisions of the Restated Certificate of Incorporation, as amended from time to time, of Graybar Electric Company, Inc., a corporation formed under the Business Corporation Law of the State of New York, that place restrictions and limitations on the holding and sale, transfer, pledge or other disposition of Common Stock. These provisions also apply to Voting Trust Interests. This summary is qualified in its entirety by reference to a full statement of the designation, relative rights, preferences and limitations of the Common Stock, a copy of which will be furnished to you without charge upon request to Matthew W. Geekie, Senior Vice President, Secretary and General Counsel, Graybar Electric Company, Inc., P.O. Box 11607, St. Louis, Missouri 63105, telephone number (314) 573-9200 and e-mail address matthew.geekie@graybar.com.***

No holder of Common Stock may sell, transfer or otherwise dispose of any shares without first offering Graybar the option to purchase those shares within 30 days after the offer for $20.00 per share.

Graybar also has the option to purchase for $20.00 per share, adjusted for dividends, the Common Stock of any shareholder who ceases to be an employee of the Corporation, or of a subsidiary Corporation for any reason other than death or Retirement allowed by the Corporation or any such subsidiary corporation at any time after termination of employment until 30 days thereafter. In the event of the death of any shareholder, Graybar has the option to purchase all or any part of the Common Stock from the estate for $20.00 per share at any time after the expiration of one year from the date of death until 30 days thereafter. As to any shares of Common Stock issued after June 13, 2024, in the event such shares are held by an employee of a subsidiary corporation that subsequently becomes a Divested Subsidiary (as hereinafter defined), Graybar has an option to purchase all the Common Stock held by such stockholder for $20.00 from the effective time that such subsidiary corporation becomes a Divested Subsidiary until the expiration of thirty (30) days after such date. As used in this paragraph, a "Divested Subsidiary" shall mean any subsidiary corporation as to which any of the following events have occurred:

(i)a change in the ownership of the subsidiary corporation in which any individual, corporation,

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partnership, trust, limited liability company, association or other entity, or one or more of the foregoing, other than the corporation, another subsidiary corporation or any voting trust of the corporation (each a "Person" and collectively, "Persons"), acquires ownership of the stock of such subsidiary corporation that, together with any other subsidiary corporation stock held by such Person constitutes more than fifty percent (50%) of the total voting power of the stock of such subsidiary corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)a change in the ownership of a substantial portion of the subsidiary corporation's assets which occurs on the date that any Person or Persons acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from such subsidiary corporation that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of such subsidiary corporation (and its majority owned subsidiaries) immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (ii), the following will not constitute a change in the ownership of a substantial portion of subsidiary corporation's assets: (1) a transfer to an entity that is controlled by the corporation's stockholders immediately after the transfer, or (2) a transfer of assets by the subsidiary corporation to an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the corporation or the subsidiary corporation. For purposes of this subsection (ii), gross fair market value means the value of the assets of the subsidiary corporation, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

If Graybar does not exercise this option by the last day of such period, the option terminates. In the past, Graybar has always exercised these options and it expects to continue to do so for the foreseeable future.

No shareholder may hypothecate or pledge Common Stock, except under an agreement of hypothecation or pledge containing provisions permitting Graybar to exercise the purchase options referred to above and to cancel the pledge of shares in the event of default upon payment of the lesser of the amount due on the pledge or the purchase price, with suitable provisions for such cancellation by the shareholder or payment of any balance to which the shareholder may be entitled. No shareholder may transfer or place any shares of Common Stock into a trust, except that Graybar will, under certain circumstances, permit a transfer or placement upon receipt of a written agreement from the trustees and the shareholder in form satisfactory to Graybar providing that the shareholder retains the right to direct the action to be taken by the trustees on any matter submitted to a vote by holders of Common Stock and permitting Graybar to exercise the options referred to above and to purchase the shares if any party other than the holder or the trustee shall claim or establish ownership of or interest in the shares and requiring the trustees to comply with all provisions of Graybar's Restated Certificate of Incorporation, as amended from time to time, relating to the sale, transfer or other disposition of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)Voting Trust Interests may not be exchanged for shares of Common Stock (or in lieu thereof, such number of shares of voting stock of the Corporation or any successor corporation or such other property as the registered owner of these Voting Trust Interests may be entitled to receive as the result of any recapitalization or reclassification of the Common Stock or

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any merger of consolidation of the Corporation into another corporation), and no such shares shall be returned to the beneficial owner thereof, prior to the termination of this 2026 Voting Trust, which will occur on March 4, 2036 unless earlier terminated in accordance with the provisions of this Voting Trust Agreement.

**ARTICLE IV**

**CONCERNING THE PARTICIPATING SHAREHOLDERS**

**Section 4.01** *Rights of Participating Shareholders*. Except as provided in this Voting Trust Agreement, the Participating Shareholders shall have all the rights, powers and privileges of the Non- participating Shareholders, and shall be subject to and bound by the provisions of the Certificate of Incorporation to the same extent as the Non-participating Shareholders, with the same effect as if such Participating Shareholders were the record owners of shares of Common Stock in respect of their Voting Trust Interests; and the Corporation shall have the same rights with respect to the registered owners of Voting Trust Interests as are set forth in the Certificate of Incorporation with respect to the record owners of shares of Common Stock.

**Section 4.02***Voti ng*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)During the term of this Voting Trust Agreement, the Participating Shareholders shall have no rights, except as provided in <u>Section 4.02(b)</u> hereof, to vote on or consent to the election of directors of the Corporation or the ratification, approval or disapproval of any action or proposed action of the Corporation; and all such rights shall be vested in, and in their discretion be exercised by, the Voting Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)Notwithstanding the provisions of <u>Section 4.02(a)</u> hereof, the Voting Trustees shall have no right to vote on or consent to the merger or consolidation of the Corporation into another corporation, the sale of all or substantially all its assets or its dissolution and liquidation, unless Participating Shareholders with registered ownership of Voting Trust Interests representing at least 75% of the shares of Common Stock deposited with the Voting Trustees under this Voting Trust Agreement shall have consented thereto in writing or at a meeting of such Participating Shareholders duly called for such purpose pursuant to the provisions of <u>Section 4.10</u> hereof.

**Section 4.03***Divide nds*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)The Voting Trustees will (i) pay or cause to be paid to the registered owners of Voting Trust Interests amounts equal to any cash dividends paid to the Voting Trustees on shares of Common Stock deposited with the Voting Trustees hereunder on their behalf or (ii) from time to time deliver to the Corporation assignments and orders for payment of all such cash dividends to such Participating Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)If any dividend in respect of shares of Common Stock deposited under this Voting Trust Agreement is paid in Common Stock, the Voting Trustees shall hold, subject to the terms of this Voting Trust Agreement, the shares of Common Stock that are received by them on account of such dividend; and the Voting Trustees shall record the ownership of additional Voting

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Trust Interests to the registered owners of Voting Trust Interests pursuant to the provisions of <u>Section 2.02(b)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)If any dividend or other distribution in respect of shares of Common Stock deposited under this Voting Trust Agreement is paid other than in cash or Common Stock, the Voting Trustees shall distribute or cause to be distributed the same among the registered owners of Voting Trust Interests ratably in accordance with the number of shares of Common Stock represented by their respective Voting Trust Interests.

**Section 4.04** *Subscription O ffers*. If the Corporation shall offer to Shareholders the right to subscribe for shares of Common Stock, the Voting Trustees shall mail notice of such offer to the Participating Shareholders. Each Participating Shareholder who determines to subscribe for additional shares of Common Stock shall request the Voting Trustees to subscribe for such additional shares on his or her behalf. The Voting Trustees, upon timely receipt from any Participating Shareholder of a duly completed request, in a form satisfactory to the Voting Trustees, and the money required to pay for the shares of Common Stock subscribed for, will make such subscription and payment. Upon receipt of the shares of Common Stock so subscribed for, the Voting Trustees will record ownership of such additional Voting Trust Interests pursuant to the provisions of <u>Section 2.02(b)</u> hereof.

**Section 4.05***Employee Pl ans*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)If any Participating Shareholder, pursuant to the terms of any employee plan (including any Common Stock Purchase Plan of the Corporation, stock option plan or otherwise), shall acquire additional shares of Common Stock, such Participating Shareholder, in consideration of the mutual covenants of all Participating Shareholders, shall direct the Corporation to deposit such additional shares of Common Stock with the Voting Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)The Voting Trustees, upon receipt of the additional shares of Common Stock pursuant to <u>Section 4.05(a)</u> hereof, will record ownership of such additional Voting Trust Interests pursuant to the provisions of <u>Section 2.02(b)</u> hereof.

**Section 4.06** *Recapitalizat ion or Reclassification of Common Stock*. In the event of a recapitalization of the Corporation or reclassification of the Common Stock, the Voting Trustees shall hold, subject to the terms of this Voting Trust Agreement, shares of voting stock of the Corporation issued in respect of the Common Stock. Voting Trust Interests outstanding under this Voting Trust Agreement at the time of such recapitalization or reclassification shall remain outstanding. The term "Common Stock" as used herein shall include the voting stock received on account of such recapitalization or reclassification in respect of the Common Stock.

**Section 4.07** *Dissolution of the Corp oration*. In the event of the dissolution and liquidation of the Corporation, whether voluntary or involuntary, the Voting Trustees as the owners of record shall receive the money, securities, rights or property to which the beneficial owners of Common Stock are entitled in respect of the shares of Common Stock deposited under this Voting Trust Agreement and shall distribute or cause to be distributed the same among the registered owners of the Voting Trust Interests ratably in accordance with the number of shares of Common Stock represented by their respective ownership of Voting Trust Interests.

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**Section 4.08** *Reorganization of the Co rporation*. In the event the Corporation is merged or consolidated into another corporation, the Voting Trustees shall, depending on the terms of the agreement authorizing such transaction, either (i) receive and hold under the terms of this Voting Trust Agreement any shares of voting stock of the successor corporation received on account of such merger or consolidation in respect of the shares of Common Stock deposited under this Voting Trust Agreement (in which case Voting Trust Interests issued and outstanding under this Voting Trust Agreement at the time of such merger or consolidation shall remain outstanding and the terms "Common Stock" and "Corporation" as used herein shall include any shares of voting stock of the successor corporation received on account of such merger or consolidation in respect of shares of Common Stock of the Corporation and such successor corporation, respectively) and distribute or cause to be distributed any money, other securities, rights or property so received among the registered owners of Voting Trust Interests ratably in accordance with the number of shares of Common Stock represented by their respective ownership of Voting Trust Interests, or (ii) distribute or cause to be distributed such voting stock, together with any money, other securities, rights or property so received, among the registered owners of Voting Trust Interests ratably in accordance with the number of shares of Common Stock represented by their respective ownership of Voting Trust Interests.

**Section 4.09***Return of Common Stock*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)Upon termination of the 2026 Voting Trust as provided in <u>Section 6.03</u> hereof, the Voting Trustees will mail notice of such termination to the Participating Shareholders. From the date of termination specified in such notice, each owner of Voting Trust Interests shall have no rights under this Voting Trust Agreement other than the right to receive Uncertificated Shares representing the number of shares of Common Stock deposited with the Voting Trustees hereunder on his or her behalf (or into which such Common Stock may have been converted into as provided herein). Anything in the foregoing to the contrary notwithstanding, any Participating Shareholder may authorize and direct the Voting Trustees to transfer the shares of Common Stock (or into which such Common Stock may have been converted into as provided herein) deposited with the Voting Trustees hereunder for his or her account to the voting trustees of a new voting trust established as a successor to the 2026 Voting Trust, in which case such Participating Shareholder shall have no further rights under this Voting Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)Shares of Common Stock deposited with the Voting Trustees under this Voting Trust Agreement that are not delivered to Participating Shareholders pursuant to the provisions of <u>Section 4.09(a)</u> hereof within 60 days from the termination of the 2026 Voting Trust shall be deposited with the Corporation and any Participating Shareholder entitled to receive shares of Common Stock (or into which such Common Stock may have been converted into as provided herein) in return for Voting Trust Interests shall thereafter look only to the Corporation for distribution thereof, and all liability of the Voting Trustees with respect thereto shall thereupon cease.

**Section 4.10***Meetings of Participatin g Shareholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)A meeting of Participating Shareholders may be called at any time and from time to time for any of the following purposes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to consent to the amendment of this Voting Trust Agreement pursuant to the provisions of <u>Section 6.02</u> hereof, or to the termination or extension of the 2026 Voting Trust pursuant to the provisions of <u>Section 6.03</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)to consider authorizing the Voting Trustees to vote on the merger or consolidation of the Corporation into another corporation, the sale of all or substantially all its assets, or its liquidation and dissolution as provided in <u>Section 4.02(a)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)to remove any one or more of the Voting Trustees pursuant to <u>Section 5.01(d)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)A meeting of the Participating Shareholders may be called by one or more of the Voting Trustees or by the registered owners of Voting Trust Interests constituting beneficial ownership of at least 40% of the shares of Common Stock deposited with the Voting Trustees under this Voting Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)Meetings of the Participating Shareholders shall be held at the executive offices of the Corporation or at such other place designated in the notice of such meeting. Notice of every such meeting, setting forth the time and place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed by the Voting Trustees, not less than 20 nor more than 60 days prior to the date fixed for the meeting, to the Participating Shareholders at their addresses as shown on the Register. Participating Shareholders may vote by proxy at any such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)Any action permitted to be taken at a meeting of Participating Shareholders may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action to be taken, shall be signed by Participating Shareholders holding Voting Trust Interests constituting beneficial ownership of the minimum number of shares of Common Stock necessary to approve such action under the provisions of this Voting Trust Agreement.

**ARTICLE V**

**CONCERNING THE VOTING TRUSTEES**

**Section 5.01***Appointment and Qualificat ion; Vacancies*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)Each of David A. Bender, Richard H. Harvey, William P. Mansfield and Kathleen M. Mazzarella is hereby named and appointed a Voting Trustee of the 2026 Voting Trust, to hold such office until his or her resignation or earlier disqualification, removal from office or death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)No person shall be qualified to be named and appointed a Voting Trustee, and no person shall continue to hold his or her appointment as a Voting Trustee, unless such person is a regular employee of the Corporation. Any Voting Trustee who shall at any time cease to be a regular employee of the Corporation for any cause, including Retirement, shall thereupon cease to be a Voting Trustee without any action being taken hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any Voting Trustee may at any time resign by giving written notice to the other Voting Trustees and to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)The Participating Shareholders may at any time remove any Voting Trustee from office by vote at a meeting by Participating Shareholders holding Voting Trust Interests constituting beneficial ownership of at least 66 2/3% of the shares of Common Stock deposited with the Voting Trustees under this Voting Trust Agreement and by delivering notice thereof to the other Voting Trustees and the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)Vacancies in the office of Voting Trustee occurring as a result of the resignation or earlier disqualification, removal from office or death of one or more of the Voting Trustees named in <u>Section 5.01</u> hereof or a successor Voting Trustee appointed pursuant to the provisions of this <u>Section 5.01(e)</u> shall be filled by the action of a majority of the remaining Voting Trustees then in office; provided, however, that in the event that at any time there shall be less than three Voting Trustees in office, the vacancies shall be filled by the Board of Directors of the Corporation. Any Voting Trustee who has been removed by the Participating Shareholders pursuant to <u>Section 5.01(d)</u> hereof shall not thereafter be appointed a Voting Trustee without the vote at a meeting by Participating Shareholders holding Voting Trust Interests representing at least 66 2/3% of the shares of Common Stock deposited with the Voting Trustees under this Voting Trust Agreement. Any appointment of a successor Voting Trustee shall become effective upon acceptance by the successor Voting Trustee.

**Section 5.02***Rights and Powe rs*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)The Voting Trustees (i) shall surrender the shares of Common Stock deposited with them under this Voting Trust Agreement to the Corporation for cancellation, and

(ii) shall request the Corporation to record and issue shares of Common Stock in the names of the Voting Trustees representing the aggregate number of shares of Common Stock so surrendered and canceled. The Voting Trustees thereupon, as the record owners of such Common Stock, (x) shall have and may in their sole discretion exercise all rights, subject to the provisions of <u>Section 4.02(a)</u> hereof, to vote on or consent to the election of directors of the Corporation or the ratification, approval or disapproval of any action or proposed action of the Corporation and (y) shall be entitled to receive all dividends, payments and distributions in respect of the shares of Common Stock deposited hereunder, subject to the provisions of Article IV hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)In exercising the rights granted in clause (x) of <u>Section 5.02(a)</u> hereof, the Voting Trustees shall exercise their best judgment from time to time (i) in securing the election of suitable directors for the Corporation, to the end that its business and affairs properly shall be managed, and (ii) in voting on or consenting to other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)Any action required or permitted to be taken by the Voting Trustees may be taken with or without a meeting by the vote or written consent of a majority of the Voting Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)The Voting Trustees may be, and may vote for themselves as, members of the Board of Directors of the Corporation. No person shall be disqualified from acting as a Voting Trustee by reason of any personal interest, either direct or indirect, in the Corporation and any

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Voting Trustee or affiliate of a Voting Trustee may deal with the Corporation as fully as though he or she were not a Voting Trustee.

**Section 5.03***Limitation on Liabili ty; Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)The Voting Trustees will exercise their reasonable best judgment in exercising the rights and powers and in performing the duties and obligations set forth in this Voting Trust Agreement. The Voting Trustees may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys (including, without limitation, Agents, transfer agents or registrars) and the Voting Trustees shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by the Voting Trustees hereunder. No Voting Trustee or agent or attorney of such Voting Trustee (including, without limitation, Agents, transfer agents and registrars) will incur any liability with respect to any action taken or omitted by him or her in good faith and believed by him or her to be authorized or within the discretion or rights or powers conferred upon the Voting Trustees or such agents or attorneys by this Voting Trust Agreement. The Voting Trustees and their agents and attorneys (including, without limitation, Agents, transfer agents and registrars) shall not be liable to the Participating Shareholders or the Corporation except for their individual willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)No provisions of this Voting Trust Agreement shall be construed to relieve any Voting Trustee or any such agent or attorney of such Voting Trustee from liability for his or her own willful misconduct. No Voting Trustee shall be liable with respect to misconduct or negligence of any other Voting Trustee. The duties and obligations of the Voting Trustees shall be determined solely by the express provisions of this Voting Trust Agreement and no Voting Trustee shall be liable except for the performance of such duties and obligations as are specifically set forth in this Voting Trust Agreement, and no implied covenants or obligations shall be read into this Voting Trust Agreement against the Voting Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)The Corporation covenants and agrees, and in the event the Corporation shall not do so for any reason whatsoever the Participating Shareholders in consideration of the Voting Trustees having agreed to serve in that capacity for the benefit of the Participating Shareholders covenant and agree ratably in accordance with the number of shares of Common Stock represented by their respective Voting Trust Interests, to the fullest extent permitted by applicable law to indemnify each Voting Trustee and each agent or attorney of the Voting Trustees (including, without limitation, Agents, transfer agents and registrars) for, and to hold such Voting Trustee harmless against, any tax, loss, liability, judgment, claim, fine, penalty or expense incurred for any reason other than his or her own individual willful misconduct, arising out of or in connection with the acceptance or administration of the 2026 Voting Trust and the performance of his or her duties and obligations hereunder and the exercise of his or her rights and powers hereunder, including the costs and expenses of defending against any claim of liability. The obligations under this <u>Section 5.03(c)</u> of the Corporation and the Participating Shareholders to indemnify each of the Voting Trustees and each agent or attorney of the Voting Trustees (including, without limitation, Agents, transfer agents and registrars) shall be payable from any funds or other assets held by the Voting Trustees hereunder for the account of the Corporation or the Participating Shareholders, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Voting Trustees may consult with counsel, who may be counsel to the Corporation, and the written advice or opinion of counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Voting Trustees hereunder in good faith and in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)The Voting Trustees may rely and shall be protected in acting, or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper believed to be genuine and to have been signed or presented by the proper party or parties.

**Section 5.04***Compensation and Exp enses*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)Subject to <u>Section 5.04(b)</u>, the Voting Trustees shall not be entitled to receive any compensation for their services as Voting Trustees hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)The Corporation covenants and agrees, and in the event the Corporation shall not do so for any reason whatsoever, the Participating Shareholders in consideration of the Voting Trustees having agreed to serve in that capacity for the benefit of the Participating Shareholders covenant and agree ratably in accordance with the number of shares of Common Stock represented by their respective Voting Trust Interests, to pay or reimburse the Voting Trustees upon request for all reasonable expenses, disbursements or advances incurred or made by the Voting Trustees in accordance with any of the provisions of this Voting Trust Agreement (including the reasonable compensation and expenses and disbursements of their counsel and any agents or attorneys (including, without limitation, Agents, transfer agents or registrars) acting for the Voting Trustees) except any such expense, disbursement or advance as may arise from the willful misconduct of the Voting Trustees. The obligations under this <u>Section 5.04(a)</u> of the Corporation and the Participating Shareholders to pay or reimburse the Voting Trustees for expenses, disbursements and advances shall be payable from any funds or other assets held by the Voting Trustees hereunder for the account of the Corporation or the Participating Shareholders, as the case may be.

**ARTICLE VI**

**MISCELLANEOUS**

**Section 6.01***Appointment of Agents.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)The Agents shall have full power and authority to perform any of the acts set forth in Article III of this Voting Trust Agreement and to exercise any power properly delegated to such Agent by one or more of the Voting Trustees in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)No person shall be named and appointed an Agent, and no person shall continue to hold his or her appointment as an Agent, unless such person is a regular employee of the Corporation. Any Agent who shall at any time cease to be a regular employee of the Corporation for any cause, including Retirement, shall thereupon cease to be an Agent without any action being taken hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any Agent may at any time resign by giving written notice to the Voting Trustees and to the Corporation, and the Voting Trustees may at any time remove any Agent with or without cause by delivering to the Agent and the Corporation written notification to that effect.

**Section 6.02** *Ame ndment*. This Voting Trust Agreement may be amended or modified at any time and from time to time by an instrument or instruments in writing executed by the Corporation and at least a majority of the Voting Trustees and consented to by Participating Shareholders holding Voting Trust Interests constituting beneficial ownership of at least 75% of the shares of Common Stock deposited with the Voting Trustees under this Voting Trust Agreement.

**Section 6.03***Ter mination or Extension*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)Unless sooner terminated as provided in <u>Section 6.03(a)</u> hereof or extended as provided in <u>Section 6.03(c)</u> hereof, the 2026 Voting Trust will terminate on March 5, 2036.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)The 2026 Voting Trust may be terminated at any time by the affirmative vote of at least a majority of the Voting Trustees or of Participating Shareholders holding Voting Trust Interests constituting beneficial ownership of at least 75% of the shares of Common Stock deposited with the Voting Trustees under this Voting Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)Provided that the 2026 Voting Trust has not been terminated theretofore, at any time within six months prior to the termination of the 2026 Voting Trust pursuant to the provisions of <u>Section 6.03(a)</u> hereof or, if the 2026 Voting Trust shall have been extended pursuant to the provisions of this <u>Section 6.03(c)</u>, then within six months prior to such extended termination date, one or more Participating Shareholders may, by agreement in writing with the Voting Trustees and the Corporation, extend the duration of the 2026 Voting Trust for an additional period not to exceed ten years. Such agreement to extend the duration of the 2026 Voting Trust shall not be binding upon any Shareholder who is not a party thereto.

**Section 6.04** *Notic es*. All notices, consents, requests, instructions and other communications provided for herein shall be in writing and shall be deemed to have been sufficiently given or served, for all purposes, if given or served:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)to the Participating Shareholders, at their respective addresses as shown on the Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)to the Voting Trustees, addressed to the Voting Trustees, c/o Graybar Electric Company, Inc., 34 North Meramec Avenue, St. Louis, Missouri 63105- 3882, if delivered other than by mail, or P.O. Box 11607, St. Louis, Missouri 63105, if by mail; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)to the Corporation, addressed to Graybar Electric Company, Inc., 34 North Meramec Avenue, St. Louis, Missouri 63105-3882, if delivered other than by mail, or P.O. Box 11607, St. Louis, Missouri 63105, if by mail.

or at such other address as shall be furnished by any party hereto to the other parties in such manner.

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**Section 6.05** *Successors and Assigns*. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.

**Section 6.06** *Counterparts*. This Voting Trust Agreement, and any document or instrument executed and delivered pursuant to the provisions of this Voting Trust Agreement may be executed by each Participating Shareholder, the Voting Trustees and the Corporation in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts shall together constitute but one and the same instrument.

**Section 6.07** *Governing Law .* This Voting Trust Agreement shall be governed by and construed in accordance with the laws of the State of New York. The parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the State of New York for any actions, suits or proceedings arising out of or relating to this Voting Trust Agreement.

**Section 6.08** *Severability*. Any provision of this Voting Trust Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction, and the offending provision shall be reformed, to the extent necessary, to effectuate the original intent of the parties.

**Section 6.09** *Headings; Tabl e of Contents*. The headings and the table of contents in this Voting Trust Agreement are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

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IN WITNESS WHEREOF, the parties hereto have executed this Voting Trust Agreement as of the date first written above.

.

David A. Bender

Richard H. Harvey

William P. Mansfield

Kathleen M. Mazzarella

GRAYBAR ELECTRIC COMPANY, INC.

By:

Kathleen M. Mazzarella

PARTICIPATING SHAREHOLDERS

By:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. M. Probst, As Attorney-in-Fact for each of the individuals named on Schedule A annexed hereto

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**Schedule A**

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## Exhibit 10.1

**Exhibit 10.1**

G. I. 16.3

February 16, 2026

(Effective January 01, 2026)

**MANAGEMENT INCENTIVE PLAN**

**1.** GENERAL

**1.1.** The purpose of the Management Incentive Plan (MIP) is to focus management attention on the planning and execution of activities that are critical to Graybar's success and to reward individuals and units that contribute to improved corporate performance.

**1.2.** The manner in which MIP is determined and distributed to participants is set forth in this Instruction.

**1.3.** This plan shall be referred to as the Management Incentive Plan or MIP; however, since it covers Corporate, district and branch participants, it may be helpful to refer to the Corporate, district or branch incentive portion of the plan when discussing specific units or report measurements.

**2.** PARTICIPATION IN THE PLAN

**2.1.** Employees who are in positions that have MIP Guideline Incentives (as defined in the Company compensation structure) are eligible to participate in the plan and to receive an annual Incentive Award payment, with the following exceptions and limitations:

**2.1.1.** To qualify for an Incentive Award for any calendar year, the employee must remain in the service of the Company through the last business day of December of that calendar year. If an employee terminates before the last business day of December, that employee will forfeit his/her MIP payment for that year. Payment of the employee's salary through the last day of employment with the Company fully discharges the Company's obligation with respect to compensation. Exceptions will be made in the event of death or Retirement (as defined in the amended Restated Certificate of Incorporation of the Company).

**2.1.2.** An employee on an unpaid leave of absence will cease to be a participant during the leave. An employee who returns from the leave to an eligible position outlined in paragraph 2.1 above will continue participation upon their return. Applicable legal regulations and requirements will be followed.

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**2.1.3.** An employee who ceases to be a participant because of demotion or unpaid leaves of absence during the calendar year will have no claim to an Incentive Award, except for the period of active participation during the incentive year, or as granted in accordance with [paragraph 2.1.2](#p212) above.

**2.1.4.** Participants in MIP are eligible to earn an Incentive Award beginning with the first day of assignment.

**2.1.4.1.** Employees who participate in MIP and whose job/position assignment changes will continue participation in their former position through the last day of assignment and begin MIP participation in the new position on the first day of reassignment.

**2.1.5.** In cases of death or Retirement, MIP will be based on eligible compensation earned prior to the effective date of the applicable event.

**3.** DETERMINATION OF INCENTIVE AWARDS

**3.1.** Each member's Guideline Incentive will be expressed in dollars computed by multiplying the member's guideline percentage (indicated in the Company compensation structure) by the member's eligible annual base salary earnings for the incentive year. MIP employees receiving overtime will have MIP based on eligible base pay and overtime earnings. Actual incentives paid may vary from Guideline Incentive amounts based on the performance of the branch, district, or corporation.

**3.2.** Incentive Awards described in [Section 5](#s5) will be based on individual guideline incentives and the performance of the employee's organizational unit. For branch participants, the organizational unit will be the branch including its sub-branch(es) or branch group. Branch, district, and Corporate participants will be compensated under the Management Incentive Plan as outlined in the following paragraphs.

**3.3.** Participants having responsibility in more than one district or branch will have their Guideline Incentive allocated to districts or branches based on either budgeted sales or as directed by the District Vice President or appropriate Senior Vice President. (See paragraph 5.6.)

**3.4.** Upon the recommendation of the District Vice President and approval by their Senior Vice President for the Region and the President, certain expenses related to specific customer market expansion may be adjusted from a location's actual net profit when making incentive award calculations.

**3.4.1.** Such expenses shall be submitted in writing by the District Vice President to their Senior Vice President for the Region along with the market expansion plan for the applicable location.

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**3.4.2.** No expenditure to be considered for adjustment shall be made by the district until the plan has been approved by their Senior Vice President for the Region and the President.

**3.4.3.** Expenses eligible for adjustment shall be limited to the current year. Expenses associated with multi-year initiatives are reviewed and approved annually by their Senior Vice President for the Region for the current year.

**3.4.4.** The Manager Accounting & Financial Analysis shall keep complete details of eligible expenses and submit them to the Controller with a copy to the Senior Vice President for the Region as part of the year-end closing work. The Company reserves the right to reject any or all expenses submitted by the district if it is determined by the Senior Vice President for the Region that the district has failed to adequately implement the approved market expansion plan(s).

**3.4.5.** The amount of the MIP adjustment shall be limited to the total amount approved.

**3.4.6.** After review by the Controller, details outlining the adjustment shall be forwarded to the Employee Resources Center for adjustment to the applicable location's actual net profit for MIP calculation purposes. Approved adjustments may be included in branch, district, and Corporate MIP calculations.

**3.5.** Upon the recommendation of the District Vice President and approval by their Senior Vice President for the Region and the President, net profits for Districts opening a new branch(es) may be adjusted to exclude the net profits of the new branch house(s) if they have an adverse effect on MIP awards.

**4.** FINAL PERFORMANCE INDEX FOR NET PROFIT, GROSS MARGIN, AND SALES PERFORMANCE

**4.1.** For all participants, the Final Performance Index shall be calculated as determined from time to time by the Board of Directors (see G. I. 16.3 Supplement 1), provided that such calculations are communicated in accordance with Section 8 when applicable.

**5.** DETERMINATION OF INDIVIDUAL INCENTIVE AWARDS

**5.1.** Corporate

**5.1.1.** Awards to Corporate participants will be based on their Guideline Incentive (eligible salary multiplied by the applicable guideline percentage) multiplied by the Corporate Final Performance Index. The Corporate Final Performance Index shall be based on the consolidated financial performance of the Company including Graybar

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Corporate, districts, zones and all subsidiaries as determined from time to time in accordance with guidelines adopted by the Board.

**5.1.1.1.** In lieu of the award set forth in [Section 5.1.1](#p511), the Compensation Committee may designate certain Graybar Corporate departments, groups or individuals for awards that will be based on their Guideline Incentive (eligible salary multiplied by the applicable guideline percentage) multiplied by the applicable Group Final Performance Index, which shall be based on the financial performance of the Company excluding subsidiaries as determined from time to time in accordance with guidelines adopted by the Board.

**5.2.** District

**5.2.1.** Awards to district participants will be based on their Guideline Incentive (eligible salary multiplied by guideline percentage) multiplied by the Final Performance Index for their respective district(s).

**5.3.** Branch

**5.3.1.** Awards to branch participants will be based on their Guideline Incentive (eligible salary multiplied by guideline percentage) multiplied by the Branch Final Performance Index for their respective branch(es). MIP eligible earnings include overtime for MIP participants who receive overtime.

**5.4.** Participants who transfer between districts will be paid the greater of the actual MIP earned or the MIP that would have been earned had they remained in the old unit for the entire year

**5.5.** In exceptional circumstances a participant may receive a guaranteed MIP for the year, upon recommendation to and pre-approval by the Senior Vice President HR. Such participant will receive the greater of their MIP guarantee or their incentive earned under the terms of the plan. In all cases, participants must meet eligibility requirements of the MIP for payment.

**5.6.** A district or branch participant who has responsibility in more than one district or branch will have his/her Guideline Incentive allocated to the district or branch on the basis of either budgeted sales or as directed by the District Vice President or Senior Vice President for the Region. (See [paragraph 3.3.](#p33))

**5.7.** No participant will receive an award in excess of the maximum of applicable total points multiplied by his/her Guideline Incentive.

**5.8.** Awards for each year, subject to the provisions of this Plan, will be paid between February 1 and March 15 of the following year.

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**5.9.** A District Vice President and the Senior Vice President for the Region or appropriate Senior Vice President will approve all individual awards. The President will also approve all awards and may make any adjustments deemed appropriate.

**6.** PRESIDENT'S DISCRETIONARY FUNDS

**6.1.** The President will have an MIP Discretionary Fund equivalent to a set percentage of the total Guideline Incentives for all participants.

**6.2.** The President shall annually request of each Senior Vice President for the Region and the Senior Vice President recommendations for discretionary payments to any MIP participant or group of MIP participants.

**6.3.** The Senior Vice President for the Regions or appropriate Senior Vice President may recommend discretionary payments to any participant or group of participants. Such awards shall not cause any individual to exceed the maximum of applicable total points multiplied by his/her Guideline Incentive.

**6.4.** The Senior Vice President for the Region may recommend that a discretionary award, subject to limitations, be awarded to a Branch to cover unusual situations or exceptional performance.

**6.5.** It is not required that any or all Discretionary Funds be awarded. The total amount disbursed by the President will be reported to the Board of Directors.

**7.** MODIFICATION OF THE PLAN

**7.1.** The Company reserves the right to withdraw from this Plan, at any time, any line of merchandise that it sees fit for any reason. In case of the withdrawal of any line as provided for above, sales and profits will be adjusted to eliminate the line or lines of merchandise withdrawn and the adjusted sales and profits as approved by the Controller will be the sales and profits on which compensation will be based.

**7.2.** The Company reserves the right to establish different incentive targets for districts and branches that budget to produce negative or marginal net profit. Such special arrangements will be recommended by the Compensation Committee for approval by the President. Affected personnel will be notified in writing of the revised incentive targets by January 31 of the incentive year.

**7.3.** The awards as computed under this Plan will be reviewed by the appropriate District Vice President, Senior Vice President for the Region and Senior Vice Presidents, who may recommend adjustments to the President. The President is authorized to make any adjustments necessary to correct distortions in unit or individual awards.

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**7.4.** Notwithstanding any of the provisions of this Plan, the Company reserves the right to withdraw or to modify in whole or in part this Management Incentive Plan at any time. Notice of such modification or withdrawal would be given in writing to the employees covered by the Plan.

**8.** COMMUNICATION OF THE PLAN

**8.1.** District Vice Presidents will communicate this Plan to all employees who come under its provisions. As soon as the Plan has been read to or by an employee, the employee will sign a statement in Workday acknowledging that he/she fully understands the Management Incentive Plan and agrees to its provisions.

**8.2.** It is important that all participants fully understand both how their incentive pay is determined and how their performance can affect the performance of the unit. Whether understanding is achieved through group or individual meetings is at the discretion of the District Vice President.

**9.** TERM OF PLAN

**9.1.** This Plan supersedes and replaces all Management Incentive Plans previously issued. It will remain effective for each succeeding year until terminated. The procedure outlined in Section 8 above will be followed with the issuance of this Instruction and whenever a new member comes under its provisions.

**9.2.** Questions regarding interpretation or application of these instructions should be referred to the Senior Vice President-Human Resources.

**10. 409A** COMPLIANCE

1**0.1.** This plan is intended to be exempt from the requirements of section 409A of the Internal Revenue Code of 1986, as amended and the regulations promulgated there under ("Section 409A") to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4) or otherwise.

1**0.2.** To the extent Section 409A is applicable to this plan, it is intended that this plan comply with the deferral, payout and other limitations, restrictions and requirements imposed under Section 409A. Notwithstanding any other provisions of this plan to the contrary, with this plan will be interpreted, operated, and administrated in a manner consistent with such intentions.

1**0.3.** Without limiting the generality of the foregoing, and not withstanding any other provision of this plan to the contrary, with respect to any payment under this plan to which Section 409A applies, all references to this plan to the termination of an

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employee's employment or service are intended to mean the employee's "separation from service," within the meaning of Section 409A(a)(2)(A)(i).

1**0.4.** Not with standing anything contained herein to the contrary, if at the time of employee's termination date, (i) the employee is a "specified employee" as defined in Section 409A and , (ii) any of the payments of benefits provided here under may constitute "deferred compensation" under Section 409A, then, and only to the extent required by such provisions, the date of payment of such payments or benefits otherwise provided will be delayed for a period of up to six (6) months following the termination date.

K. M. MAZZARELLA

President

Approved by the Board of Directors January 29, 2026

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## Ex-21

**Exhibit 21**

GRAYBAR ELECTRIC COMPANY, INC.

<u>LIST OF SUBSIDIARIES</u>

Graybar International, Inc., a Missouri corporation

Graybar Financial Services, Inc., a Missouri corporation

Graybar Management Services, LLC, a Delaware limited liability company

GBE Sub, LLC, a Missouri limited liability company

Graybar Electric Limited, a Nova Scotia corporation

Graybar Canada Limited, a Nova Scotia corporation

Électro-Mag Inc., a Quebec corporation

Les Contrôles J.A.D. Inc., a Quebec corporation

Distribution Associates, Inc., a Missouri corporation

Graybar Business Services, Inc., a Missouri corporation

Graybar Electric Canada Limited, a Nova Scotia corporation

Graybar Newfoundland Limited, a Newfoundland and Labrador corporation

Graybar Energy Limited, an Ontario corporation

Advantage Industrial Automation, Inc., a Georgia corporation

Cape Electrical Supply LLC, a Delaware limited liability company

Lab Development, LLC (d/b/a Connexion), an Illinois limited liability company

St. Louis-Metro Electrical Supply, Inc., a Missouri corporation

Shingle & Gibb Automation, LLC, a Delaware limited liability company

Steven Engineering Incorporated, a California corporation

Process Distribution Group, a California corporation

Valin Corporation, a California corporation

USAutomation, a California corporation

Shepherd Electric Company, LLC, a Maryland limited liability company

Shepherd Electric Supply of Washington D.C., LLC, a Delaware limited liability company

Blazer Electric Supply Management Co., a Colorado corporation

Blazer Electric Supply Co. of Colorado Springs, a Colorado corporation

Blazer Electric Supply Co. of Pueblo, a Colorado corporation

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Kathleen M. Mazzarella, certify that:

1) I have reviewed this annual report on Form 10-K of Graybar Electric Company, Inc.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 11, 2026

---

| |
|:---|
| /s/ Kathleen M. Mazzarella |
| Kathleen M. Mazzarella |
| President and Chief Executive Officer<br> (Principal Executive Officer) |

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, David M. Meyer, certify that:

1) I have reviewed this annual report on Form 10-K of Graybar Electric Company, Inc.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 11, 2026

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| |
|:---|
| /s/ David M. Meyer |
| David M. Meyer |
| Senior Vice President and Chief Financial Officer<br> (Principal Financial Officer) |

---

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## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Kathleen M. Mazzarella, President and Principal Executive Officer of Graybar Electric Company, Inc. (the "Company"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Annual Report on Form 10-K of the Company for the annual period ended December 31, 2 02 5 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Kathleen M. Mazzarella |
| Kathleen M. Mazzarella |
| President and Chief Executive Officer<br> (Principal Executive Officer) |

---

March 11, 2026

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## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, David M. Meyer, Senior Vice President and Principal Financial Officer of Graybar Electric Company, Inc. (the "Company"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Annual Report on Form 10-K of the Company for the annual period ended December 31, 2 02 5 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ David M. Meyer |
| David M. Meyer |
| Senior Vice President and Chief Financial Officer <br> (Principal Financial Officer) |

---

March 11, 2026

------