# EDGAR Filing Document

**Accession Number:** 0000913142
**File Stem:** 0000913142-25-000033
**Filing Date:** 2025-10
**Character Count:** 124510
**Document Hash:** f6db95dac2e2cce2daac53426b7bfd42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913142-25-000033.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0000913142-25-000033

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20250928

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BELDEN INC.
- **CENTRAL INDEX KEY:** 0000913142
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRAWING AND INSULATING NONFERROUS WIRE [3357]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 363601505
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12561
- **FILM NUMBER:** 251434512

**BUSINESS ADDRESS:**
- **STREET 1:** 1 NORTH BRENTWOOD BLVD
- **STREET 2:** 15TH FLOOR
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63105
- **BUSINESS PHONE:** 314-854-8000

**MAIL ADDRESS:**
- **STREET 1:** 1 NORTH BRENTWOOD BLVD
- **STREET 2:** 15TH FLOOR
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BELDEN CDT INC.
- **DATE OF NAME CHANGE:** 20040716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CABLE DESIGN TECHNOLOGIES CORP
- **DATE OF NAME CHANGE:** 19931006

?xml version='1.0' encoding='ASCII'? bdc-20250928

 **UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________________________________________

**FORM 10-Q** 

_________________________________________________

**(Mark One)**

☑ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 28, 2025** 

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from _____ to _____.**

**Commission File No. 001-12561** 

____________________________________

**BELDEN INC.** 

**(Exact name of registrant as specified in its charter)**

_____________________________________________

---

| | |
|:---|:---|
| **Delaware** | **36-3601505** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |

---

**1 North Brentwood Boulevard, 15th Floor, St. Louis, Missouri 63105** 

**(Address of principal executive offices)**

**(314) 854-8000** 

**Registrant's telephone number, including area code**

_________________________________________________

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Act 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 ☑ No ☐.

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 ☑ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.

Large accelerated filer ☑ Accelerated filer ☐&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer ☐&nbsp;&nbsp;&nbsp;&nbsp; Smaller reporting company ☐&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbols** | **Name of each exchange on which registered** |
| **Common stock, $0.01 par value** | **BDC** | **New York Stock Exchange** |

---

As of October 23, 2025, the Registrant had 39,300,209 outstanding shares of common stock.

------

**PART I&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**BELDEN INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| | **September 28, 2025** | **December 31, 2024** |
| | **(Unaudited)** | |
| | **(In thousands)** | **(In thousands)** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $314257 | $370302 |
| &nbsp;&nbsp;&nbsp;Receivables, net | 461338 | 409711 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 393911 | 343099 |
| &nbsp;&nbsp;&nbsp;Other current assets | 89825 | 73117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1259331 | 1196229 |
| Property, plant and equipment, less accumulated depreciation | 537510 | 495625 |
| Operating lease right-of-use assets | 110798 | 118551 |
| Goodwill | 1036666 | 1018677 |
| Intangible assets, less accumulated amortization | 405660 | 419074 |
| Deferred income taxes | 17101 | 16353 |
| Other long-lived assets | 69789 | 63429 |
|  | $3436855 | $3327938 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $308797 | $315724 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 322650 | 306980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 631447 | 622704 |
| Long-term debt | 1284433 | 1130101 |
| Postretirement benefits | 69484 | 63260 |
| Deferred income taxes | 81404 | 77333 |
| Long-term operating lease liabilities | 91376 | 100049 |
| Other long-term liabilities | 36584 | 39755 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 503 | 503 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 858679 | 839755 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1339666 | 1176036 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (89204) | (3532) |
| &nbsp;&nbsp;&nbsp;Treasury stock | (867517) | (718026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1242127 | 1294736 |
|  | $3436855 | $3327938 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

------

**BELDEN INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** |
| Revenues | $698221 | $654926 | $1995074 | $1794937 |
| Cost of sales | (435023) | (410922) | (1227468) | (1122531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 263198 | 244004 | 767606 | 672406 |
| Selling, general and administrative expenses | (139415) | (126976) | (402859) | (357241) |
| Research and development expenses | (33859) | (27941) | (96216) | (83397) |
| Amortization of intangibles | (13636) | (13738) | (40381) | (34487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 76288 | 75349 | 228150 | 197281 |
| Interest expense, net | (11562) | (10855) | (33866) | (27454) |
| Non-operating pension benefit (cost) | (398) | 286 | (1203) | 747 |
| Loss related to revolver refinancing | (76) |  | (76) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before taxes | 64252 | 64780 | 193005 | 170574 |
| Income tax expense | (7562) | (11091) | (23372) | (30542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 56690 | 53689 | 169633 | 140032 |
| Less: Net loss attributable to noncontrolling interest |  | (3) |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Belden stockholders | $56690 | $53692 | $169633 | $140049 |
| Weighted average number of common shares and equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 39516 | 40798 | 39728 | 40825 |
| &nbsp;&nbsp;&nbsp;Diluted | 40137 | 41417 | 40324 | 41371 |
| Basic income per share attributable to Belden stockholders | $1.43 | $1.32 | $4.27 | $3.43 |
| Diluted income per share attributable to Belden stockholders | $1.41 | $1.30 | $4.21 | $3.39 |
| Comprehensive income attributable to Belden | $48064 | $23760 | $83961 | $126175 |
| Common stock dividends declared per share | $0.05 | $0.05 | $0.15 | $0.15 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

------

**BELDEN INC.**

**CONDENSED CONSOLIDATED CASH FLOW STATEMENTS**

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $169633 | $140032 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 95414 | 84039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 22613 | 22079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | (36689) | 3244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (40334) | 8918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (15128) | (53664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (7357) | (24410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (1492) | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (3796) | (5766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 11612 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 194476 | 177357 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (97034) | (70759) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of tangible assets | 168 | 106 |
| &nbsp;&nbsp;&nbsp;Cash from business acquisitions | 7744 | (295591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | (89122) | (366244) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Payments under share repurchase program, including excise tax | (150967) | (77954) |
| &nbsp;&nbsp;&nbsp;Payments on revolving credit facility | (50000) |  |
| &nbsp;&nbsp;&nbsp;Withholding tax payments for share-based payment awards | (20514) | (8930) |
| &nbsp;&nbsp;&nbsp;Cash dividends paid | (6000) | (6154) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs paid | (3178) |  |
| &nbsp;&nbsp;&nbsp;Payments under financing lease obligations | (1341) | (694) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 11628 | 8917 |
| &nbsp;&nbsp;&nbsp;Borrowings on revolving credit facility | 50000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (170372) | (84815) |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 8973 | (360) |
| &nbsp;&nbsp;Decrease in cash and cash equivalents | (56045) | (274062) |
| Cash and cash equivalents, beginning of period | 370302 | 597044 |
| &nbsp;&nbsp;Cash and cash equivalents, end of period | $314257 | $322982 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

------

**BELDEN INC.**

**CONDENSED CONSOLIDATED STOCKHOLDERS' EQUITY STATEMENTS**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | |
| | **Common Stock** | **Common Stock** | | | **Treasury Stock** | **Treasury Stock** | | |
| | **Shares** | **Amount** | **Additional**<br>**Paid-In**<br>**Capital** |<br>**Retained**<br>**Earnings** | **Shares** | **Amount** | **Accumulated<br>Other**<br>**Comprehensive**<br>**Loss** |<br><br>**Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at December 31, 2024 | 50335 | $503 | $839755 | $1176036 | (10124) | $(718026) | $(3532) | $1294736 |
| Net income |  |  |  | 51937 |  |  |  | 51937 |
| Other comprehensive loss, net of tax |  |  |  |  |  |  | (37150) | (37150) |
| Common stock issuance |  |  | 2083 |  | 48 | 1735 |  | 3818 |
| Retirement Savings Plan stock contributions |  |  | 1454 |  | 20 | 705 |  | 2159 |
| Exercise of stock options, net of tax withholding forfeitures |  |  | (445) |  | 6 | (198) |  | (643) |
| Conversion of restricted stock units into common stock, net of tax withholding forfeitures |  |  | (10058) |  | 162 | (2970) |  | (13028) |
| Share repurchase including excise tax |  |  |  |  | (810) | (85074) |  | (85074) |
| Share-based compensation |  |  | 7776 |  |  |  |  | 7776 |
| Common stock dividends ($0.05 per share) |  |  |  | (2024) |  |  |  | (2024) |
| Balance at March 30, 2025 | 50335 | $503 | $840565 | $1225949 | (10698) | $(803828) | $(40682) | $1222507 |
| Net income |  |  |  | 61006 |  |  |  | 61006 |
| Other comprehensive loss, net of tax |  |  |  |  |  |  | (39896) | (39896) |
| Retirement Savings Plan stock contributions |  |  | 1391 |  | 21 | 737 |  | 2128 |
| Exercise of stock options, net of tax withholding forfeitures |  |  | (272) |  | 5 | (1) |  | (273) |
| Conversion of restricted stock units into common stock, net of tax withholding forfeitures |  |  | (779) |  | 20 | 566 |  | (213) |
| Share repurchase including excise tax |  |  |  |  | (153) | (15616) |  | (15616) |
| Share-based compensation |  |  | 6827 |  |  |  |  | 6827 |
| Common stock dividends ($0.05 per share) |  |  |  | (1995) |  |  |  | (1995) |
| Balance at June 29, 2025 | 50335 | $503 | $847732 | $1284960 | (10805) | $(818142) | $(80578) | $1234475 |
| Net income |  |  |  | 56690 |  |  |  | 56690 |
| Other comprehensive loss, net of tax |  |  |  |  |  |  | (8626) | (8626) |
| Common stock issuance |  |  | 4905 |  | 81 | 2904 |  | 7809 |
| Retirement Savings Plan stock contributions |  |  | 1716 |  | 20 | 711 |  | 2427 |
| Exercise of stock options, net of tax withholding forfeitures |  |  | (449) |  | 8 | (181) |  | (630) |
| Conversion of restricted stock units into common stock, net of tax withholding forfeitures |  |  | (3235) |  | 44 | (2492) |  | (5727) |
| Share repurchase including excise tax |  |  |  |  | (387) | (50317) |  | (50317) |
| Share-based compensation |  |  | 8010 |  |  |  |  | 8010 |
| Common stock dividends ($0.05 per share) |  |  |  | (1984) |  |  |  | (1984) |
| Balance at September 28, 2025 | 50335 | $503 | $858679 | $1339666 | (11039) | $(867517) | $(89204) | $1242127 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | **Belden Inc. Stockholders** | | |
| | | | | | | | | **Non-controlling** | |
| | **Common Stock** | **Common Stock** | | | **Treasury Stock** | **Treasury Stock** | | **Non-controlling** | |
| | **Shares** | **Amount** | **Additional**<br>**Paid-In**<br>**Capital** |<br>**Retained**<br>**Earnings** | **Shares** | **Amount** | **Accumulated<br>Other**<br>**Comprehensive**<br>**Income (Loss)** | **Interests** |<br><br>**Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at December 31, 2023 | 50335 | $503 | $818663 | $985807 | (9208) | $(597437) | $(41279) | $45 | $1166302 |
| Net income (loss) |  |  |  | 37313 |  |  |  | (4) | 37309 |
| Other comprehensive income, net of tax |  |  |  |  |  |  | 9148 |  | 9148 |
| Common stock issuance |  |  | 477 |  | 48 | 2675 |  |  | 3152 |
| Retirement Savings Plan stock contributions |  |  | 641 |  | 22 | 1187 |  |  | 1828 |
| Exercise of stock options, net of tax withholding forfeitures |  |  | (483) |  | 8 | 99 |  |  | (384) |
| Conversion of restricted stock units into common stock, net of tax withholding forfeitures |  |  | (10991) |  | 138 | 3454 |  |  | (7537) |
| Share repurchase including excise tax |  |  |  |  | (675) | (58270) |  |  | (58270) |
| Share-based compensation |  |  | 6397 |  |  |  |  |  | 6397 |
| Common stock dividends ($0.05 per share) |  |  |  | (2059) |  |  |  |  | (2059) |
| Balance at March 31, 2024 | 50335 | $503 | $814704 | $1021061 | (9667) | $(648292) | $(32131) | $41 | $1155886 |
| Net income (loss) |  |  |  | 49044 |  |  |  | (10) | 49034 |
| Other comprehensive income, net of tax |  |  |  |  |  |  | 6912 |  | 6912 |
| Retirement Savings Plan stock contributions |  |  | 1206 |  | 22 | 793 |  |  | 1999 |
| Exercise of stock options, net of tax withholding forfeitures |  |  | (194) |  | 4 | 97 |  |  | (97) |
| Conversion of restricted stock units into common stock, net of tax withholding forfeitures |  |  | (757) |  | 20 | 665 |  |  | (92) |
| Adjustment to share repurchase excise tax |  |  |  |  |  | 42 |  |  | 42 |
| Share-based compensation |  |  | 8246 |  |  |  |  |  | 8246 |
| Common stock dividends ($0.05 per share) |  |  |  | (2053) |  |  |  |  | (2053) |
| Balance at June 30, 2024 | 50335 | $503 | $823205 | $1068052 | (9621) | $(646695) | $(25219) | $31 | $1219877 |
| Net income (loss) |  |  |  | 53692 |  |  |  | (3) | 53689 |
| Other comprehensive loss, net of tax |  |  |  |  |  |  | (29934) |  | (29934) |
| Common stock issuance |  |  | 2613 |  | 88 | 3152 |  |  | 5765 |
| Retirement Savings Plan stock contributions |  |  | 940 |  | 15 | 527 |  |  | 1467 |
| Exercise of stock options, net of tax withholding forfeitures |  |  | (735) |  | 13 | (77) |  |  | (812) |
| Conversion of restricted stock units into common stock, net of tax withholding forfeitures |  |  | (10) |  |  | 2 |  |  | (8) |
| Share repurchase including excise tax |  |  |  |  | (181) | (20181) |  |  | (20181) |
| Share-based compensation |  |  | 7436 |  |  |  |  |  | 7436 |
| Common stock dividends ($0.05 per share) |  |  |  | (2060) |  |  |  |  | (2060) |
| Balance at September 29, 2024 | 50335 | $503 | $833449 | $1119684 | (9686) | $(663272) | $(55153) | $28 | $1235239 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

------

**BELDEN INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Note 1: Summary of Significant Accounting Policies**

<u>Basis of Presentation</u>

The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation. The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are prepared from the books and records without audit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are prepared in accordance with the instructions for Form 10-Q and do not include all of the information required by accounting principles generally accepted in the United States for complete statements, but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial statements.

These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Supplementary Data contained in our 2024 Annual Report on Form 10-K.

<u>Business Description</u>

Belden Inc. (the Company, us, we, or our) is a leading global supplier of complete connection solutions built around two global

businesses - Smart Infrastructure Solutions and Automation Solutions. We sell our products to distributors, end-users, installers,

and directly to original equipment manufacturers (OEMs). We have manufacturing and other operating facilities in the U.S., Canada, China, India, Mexico, Tunisia, and various countries in Europe.

<u>Reporting Periods</u>

Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was March 30, 2025, the 89th day of our fiscal year 2025. Our fiscal second and third quarters each have 91 days. The nine months ended September 28, 2025 and September 29, 2024 included 271 and 273 days, respectively.

<u>Fair Value Measurement</u>

Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

As of and during the three and nine months ended September 28, 2025 and September 29, 2024, we utilized Level 1 inputs to determine the fair value of cash equivalents. We did not have any transfers between Level 1 and Level 2 fair value measurements during the three or nine months ended September 28, 2025 and September 29, 2024.

<u>Cash and Cash Equivalents</u>

We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. As of September 28, 2025, we did not have any such cash equivalents on hand. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes.

------

<u>Contingent Liabilities</u>

We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. Historically, these lawsuits have primarily involved claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a material adverse effect on our financial position, results of operations, or cash flow. As of September 28, 2025, we were party to surety bonds, standby letters of credit, and bank guaranties totaling $13.0 million, $9.8 million, and $6.0 million, respectively.

<u>Revenue Recognition</u>

We recognize revenue consistent with the principles as outlined in the following five step model: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) each performance obligation is satisfied. See Note 2.

<u>Subsequent Events</u>

We evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure.

<u>Current Year Adoption of Accounting Pronouncements</u>

None of the accounting pronouncements that became effective during 2025 had a material impact to our condensed consolidated financial statements or disclosures.

<u>Pending Adoption of Recent Accounting Pronouncements</u>

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures (ASU 2023-09) enhancing the transparency and decision usefulness of income tax disclosures. ASU 2023-09 addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in ASU 2023-09 are applied on a prospective basis, though retrospective application is permitted. We did not early adopt this pronouncement and are in the process of evaluating its impact on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued guidance to improve the disclosure of expenses in commonly presented expense captions. The new guidance requires a public entity to provide tabular disclosure, on an annual and interim basis, of amounts for the following expense categories: (1) purchases of inventory, (2) employee compensation, (3) depreciation and (4) intangible asset amortization, as included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement that contains any of the expense categories noted. Additionally, on an annual and interim basis, a qualitative description is required for amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The guidance also requires certain amounts that are currently required to be disclosed to be included in the same tabular disclosure as these disaggregation requirements. Furthermore, on an annual and interim basis, a public entity is required to separately disclose selling expenses and annually, disclose a description of the selling expenses. The guidance is effective for 2027 annual reporting, and in the first quarter of 2028 for interim reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. We will adopt the guidance when it becomes effective, in our 2027 annual reporting and each quarter thereafter, on a prospective basis.

**Note 2: Revenues**

Revenues are recognized when control of the promised goods or services is transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Taxes collected from customers and remitted to governmental authorities are not included in our revenues. The following tables present our revenues disaggregated by major product category.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Broadband<br> Solutions** | **Automation Solutions** | **Smart Buildings Solutions** | **Total <br>Revenues** |
|<br>**Three Months Ended September 28, 2025** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smart Infrastructure Solutions | $166695 | $— | $150218 | $316913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automation Solutions |  | 381308 |  | 381308 |
| Total | $166695 | $381308 | $150218 | $698221 |
| **Three Months Ended September 29, 2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smart Infrastructure Solutions | $174467 | $— | $145180 | $319647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automation Solutions |  | 335279 |  | 335279 |
| Total | $174467 | $335279 | $145180 | $654926 |
| **Nine Months Ended September 28, 2025** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smart Infrastructure Solutions | $468727 | $— | $428255 | $896982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automation Solutions |  | 1098092 |  | 1098092 |
| Total | $468727 | $1098092 | $428255 | $1995074 |
| **Nine Months Ended September 29, 2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smart Infrastructure Solutions | $422588 | $— | $401621 | $824209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automation Solutions |  | 970728 |  | 970728 |
| Total | $422588 | $970728 | $401621 | $1794937 |

---

The following tables present our revenues disaggregated by geography, based on the location of the customer purchasing the product.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Americas** | **EMEA** | **APAC** | **Total Revenues** |
|<br>**Three Months Ended September 28, 2025** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smart Infrastructure Solutions | $251324 | $46045 | $19544 | $316913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automation Solutions | 217064 | 96662 | 67582 | 381308 |
| Total | $468388 | $142707 | $87126 | $698221 |
| **Three Months Ended September 29, 2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smart Infrastructure Solutions | $243759 | $45480 | $30408 | $319647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automation Solutions | 196326 | 87733 | 51220 | 335279 |
| Total | $440085 | $133213 | $81628 | $654926 |
| **Nine Months Ended September 28, 2025** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smart Infrastructure Solutions | $709552 | $128348 | $59082 | $896982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automation Solutions | 635678 | 275368 | 187046 | 1098092 |
| Total | $1345230 | $403716 | $246128 | $1995074 |
| **Nine Months Ended September 29, 2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smart Infrastructure Solutions | $610992 | $133547 | $79670 | $824209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automation Solutions | 578101 | 248606 | 144021 | 970728 |
| Total | $1189093 | $382153 | $223691 | $1794937 |

---

We generate revenues primarily by selling products and delivering solutions that make the digital journey simpler, smarter, and secure. We also generate revenues from providing support and professional services. We sell our products to distributors, end-users, installers, and directly to OEMs. At times, we enter into arrangements that involve the delivery of multiple performance obligations. For these arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price and recognized when or as each performance obligation is satisfied. Generally, we determine relative standalone selling price using the prices charged separately to customers on a standalone basis. Typically, payments are due after control transfers.

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Most of our performance obligations related to the sale of products are satisfied at a point in time when control of the product is transferred to the customer, which generally occurs when the product has been shipped or delivered from our facility to our customers, the customer has legal title to the product, and we have a present right to payment for the product. We also consider any customer acceptance clauses in determining when control has transferred to the customer and typically, these clauses are not substantive.

The amount of consideration we receive and revenue we recognize varies due to rebates, returns, and price adjustments. We estimate the expected rebates, returns, and price adjustments based on an analysis of historical experience, anticipated sales demand, and trends in product pricing. For example, our estimate of price adjustments is based on our historical price adjustments as a percentage of revenues and the average time between the original sale and the issuance of the price adjustment. We adjust our estimate of revenue for variable consideration at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. We adjust other current assets and cost of sales for the estimated level of returns. Adjustments to revenue for performance obligations satisfied in prior periods were not significant during the three and nine months ended September 28, 2025 and September 29, 2024. The following table presents estimated and accrued variable consideration:

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| | | |
|:---|:---|:---|
| | **September 28, 2025** | **December 31, 2024** |
| | **(in thousands)** | **(in thousands)** |
| Accrued rebates included in accrued liabilities | $64723 | $51063 |
| Accrued returns included in accrued liabilities | 10264 | 15950 |
| Price adjustments recognized against gross accounts receivable | 32362 | 29100 |

---

Depending on the terms of an arrangement, we may defer the recognition of a portion of the consideration received because we have to satisfy a future performance obligation. Consideration allocated to support services under a support and maintenance contract is typically paid in advance and recognized ratably over the term of the service. Consideration allocated to professional services is recognized when or as the services are performed depending on the terms of the arrangement. Our contract terms for support, maintenance, and professional services typically require payment within one year or less of when the services will be provided. As of September 28, 2025, total deferred revenue was $46.0 million, and of this amount, $35.4 million is expected to be recognized within the next twelve months, and the remaining $10.6 million is long-term and is expected to be recognized over a period greater than twelve months. The following table presents deferred revenue activity during the three and nine months ended September 28, 2025 and September 29, 2024, respectively:

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| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| | **(In thousands)** | **(In thousands)** |
| Beginning balance at January 1 | $40128 | $31062 |
| &nbsp;&nbsp;New deferrals | 13735 | 6280 |
| &nbsp;&nbsp;Revenue recognized | (10420) | (7392) |
| Balance at the end of Q1 | $43443 | $29950 |
| &nbsp;&nbsp;New deferrals | 16225 | 11058 |
| &nbsp;&nbsp;Revenue recognized | (14062) | (11395) |
| Balance at the end of Q2 | $45606 | $29613 |
| &nbsp;&nbsp;New deferrals | 17812 | 14714 |
| &nbsp;&nbsp;Acquisitions |  | 46 |
| &nbsp;&nbsp;Revenue recognized | (17388) | (15240) |
| Balance at the end of Q3 | $46030 | $29133 |

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Service-type warranties represent $15.7 million of the deferred revenue balance at September 28, 2025, and of this amount $7.7 million is expected to be recognized in the next twelve months, and the remaining $8.0 million is long-term and will be recognized over a period greater than twelve months. As of September 28, 2025 and December 31, 2024, we did not have any material contract assets recorded in the Condensed Consolidated Balance Sheets.

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We expense sales commissions as incurred when the duration of the related revenue arrangement is one year or less. We capitalize sales commissions when the original duration of the related revenue arrangement is longer than one year, and we amortize it over the related revenue arrangement period. Capitalized sales commissions as of September 28, 2025 and December 31, 2024 were not material. The following table presents sales commissions that are recorded within selling, general and administrative expenses:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Sales commissions | $7442 | $6865 | $20795 | $18036 |

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**Note 3: Acquisitions**

On June 30, 2024, we acquired Precision Optical Technologies (Precision) and accounted for it as a business combination. During the nine months ended September 28, 2025, we received $7.9 million related to an adjustment of the consideration paid. Including this adjustment, the total consideration paid for Precision, net of cash acquired, was $281.7 million and was funded with cash on hand. Precision, based in New York, is a leading supplier of value-added optical transceivers with proprietary software, firmware configurations, and related components. Precision is reported within the Smart Infrastructure Solutions segment.

The following table summarizes the fair values of the assets acquired and liabilities assumed for Precision as of the acquisition date (in thousands):

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| | |
|:---|:---|
| Receivables | $23928 |
| Inventory | 7098 |
| Other current assets | 1486 |
| Property, plant and equipment | 4737 |
| Intangible assets | 194100 |
| Goodwill | 114629 |
| Operating lease right-of-use assets | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | $348709 |
| Accounts payable | $11662 |
| Accrued liabilities | 10093 |
| Deferred income taxes | 42551 |
| Long-term operating lease liabilities | 2468 |
| Other long-term liabilities | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | $66996 |
| Net assets | $281713 |

---

The fair value of acquired receivables is $23.9 million, which is equivalent to its gross contractual amount. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. If actual results are materially different than the assumptions we used to determine fair value of the assets and liabilities acquired, it is possible that adjustments to the carrying values of such assets and liabilities will have an impact on our net earnings. In particular, the valuation of the customer relationships intangible asset was complex and required significant judgment. We used the multi-period excess earnings method under the income approach to measure the customer relationships intangible asset. The key assumptions utilized in the valuation include discount rates, revenue growth rates, and profitability levels of forecasted results. These assumptions are forward-looking and could be affected by future economic and market conditions. For purposes of the above allocation, we based our estimate of the fair values for intangible assets on valuation studies performed by a third party valuation firm. We used various valuation methods including lost income, excess earnings, and relief from royalty to estimate the fair value of the identifiable intangible assets (Level 3 valuation). Goodwill and other intangible assets reflected above were determined to meet the criteria for recognition apart from tangible assets acquired and liabilities assumed. The goodwill is primarily attributable to the expansion of Belden's solution selling capabilities, particularly the ability to offer more complete fiber infrastructure solutions. Our tax basis in the acquired goodwill is zero.

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The intangible assets related to the acquisition consisted of the following:

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| | | |
|:---|:---|:---|
| | **Fair Value** | **Amortization Period** |
| | **(In thousands)** | **(In years)** |
| Intangible assets subject to amortization: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Developed technologies | $24700 | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | 161900 | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trademarks | 3000 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compete agreements | 4500 | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets subject to amortization | $194100 |  |
| Intangible assets not subject to amortization: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | $114629 | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets not subject to amortization | $114629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total intangible assets | $308729 |  |
| Weighted average amortization period |  | 17.5 |

---

The amortizable intangible assets reflected in the table above were determined by us to have finite lives. The useful life for the developed technology intangible asset was based on the estimated time that the technology provides us with a competitive advantage and thus approximates the period and pattern of consumption of the intangible asset. The useful life for the customer relationship intangible asset was based on our forecasts of estimated sales from recurring customers. The useful life for the trademarks was based on the period of time we expect to continue to go to market using the trademarks. The useful life for the non-compete agreements was based on the terms of such arrangements.

The following table illustrates the unaudited pro forma effect on operating results as if the Precision acquisition had been completed as of January 1, 2023.

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| | | |
|:---|:---|:---|
| | **Three Months Ended**<br>**September 29, 2024** | **Nine Months Ended**<br>**September 29, 2024** |
| | **(In thousands, except per share data)** | **(In thousands, except per share data)** |
| | **(Unaudited)** | **(Unaudited)** |
| Revenues | $654926 | $1865778 |
| Net income attributable to Belden stockholders | 57021 | 140744 |
| Diluted income per share attributable to Belden stockholders | $1.38 | $3.40 |

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The above unaudited pro forma financial information is presented for informational purposes only and does not purport to represent what our results of operations would have been had we completed the acquisition on the date assumed, nor is it necessarily indicative of the results that may be expected in future periods. Pro forma adjustments exclude cost savings from any synergies resulting from the acquisition.

**Note 4: Reportable Segments**

We are organized around two global businesses: Smart Infrastructure Solutions and Automation Solutions. Each of the global businesses represents a reportable segment. Our chief operating decision maker is our President and Chief Executive Officer. The key measure of segment profit or loss used by him to review segment operating results is Segment EBITDA. Segment EBITDA excludes certain items, including depreciation expense; amortization of intangibles; asset impairment; severance, restructuring, and acquisition integration costs; adjustments related to acquisitions and divestitures; and other costs. We allocate corporate expenses to the segments for purposes of measuring Segment EBITDA. Corporate expenses are allocated on the basis of each segment's relative EBITDA prior to the allocation. Segment revenues represent non-affiliate revenues. Our measure of segment assets does not include cash, goodwill, intangible assets, deferred tax assets, or corporate assets. All goodwill is allocated to reporting units of our segments for purposes of impairment testing.

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<u>Operating Segment Information</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| ***Smart Infrastructure Solutions*** | | | | |
| Segment Revenues | $316913 | $319647 | $896982 | $824209 |
| Affiliate Revenues | 65 | 37 | 158 | 130 |
| Segment Cost of Sales | (217389) | (219225) | (608224) | (570785) |
| Segment Selling, General and Administrative Expenses | (49115) | (50792) | (149621) | (129204) |
| Segment Research and Development Expenses | (10664) | (9220) | (32126) | (26659) |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment EBITDA | $39810 | $40447 | $107169 | $97691 |
| Segment assets | $713472 | $686960 | $713472 | $686960 |
| Items excluded from segment measures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | $8134 | $6758 | $21634 | $19277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 8574 | 8738 | 25786 | 19479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of software development intangible assets | 82 |  | 100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance, restructuring, and acquisition integration costs | 4190 | 4619 | 6894 | 8518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to acquisitions and divestitures |  | 263 |  | 263 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| ***Automation Solutions*** | | | | |
| Segment Revenues | $381308 | $335279 | $1098092 | $970728 |
| Affiliate Revenues | 230 | 155 | 863 | 656 |
| Segment Cost of Sales | (204956) | (179661) | (583721) | (516159) |
| Segment Selling, General and Administrative Expenses | (74852) | (65989) | (221819) | (202806) |
| Segment Research and Development Expenses | (22444) | (17965) | (62558) | (54118) |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment EBITDA | $79286 | $71819 | $230857 | $198301 |
| Segment assets | $881670 | $772740 | $881670 | $772740 |
| Items excluded from segment measures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | $8722 | $7897 | $24772 | $22420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 5062 | 5000 | 14595 | 15008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of software development intangible assets | 2990 | 2678 | 8528 | 7855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance, restructuring, and acquisition integration costs | 4988 | 644 | 6821 | 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to acquisitions and divestitures | 11 | 298 | 595 | 894 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| ***Total Segments*** | | | | |
| Segment Revenues | $698221 | $654926 | $1995074 | $1794937 |
| Affiliate Revenues | 295 | 192 | 1021 | 786 |
| Segment Cost of Sales | (422345) | (398886) | (1191945) | (1086944) |
| Segment Selling, General and Administrative Expenses | (123967) | (116781) | (371440) | (332010) |
| Segment Research and Development Expenses | (33108) | (27185) | (94684) | (80777) |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment EBITDA | $119096 | $112266 | $338026 | $295992 |
| Segment assets | $1595142 | $1459700 | $1595142 | $1459700 |
| Items excluded from segment measures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | $16856 | $14655 | $46406 | $41697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 13636 | 13738 | 40381 | 34487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of software development intangible assets | 3072 | 2678 | 8628 | 7855 |
| &nbsp;&nbsp;&nbsp; Severance, restructuring, and acquisition integration costs | 9178 | 5263 | 13715 | 13468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to acquisitions and divestitures | 11 | 561 | 595 | 1157 |

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The following table is a reconciliation of the total of the reportable segments' Revenues and EBITDA to consolidated revenues and consolidated income before taxes, respectively.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Total Segment and Consolidated Revenues | $698221 | $654926 | $1995074 | $1794937 |
| Total Segment EBITDA | $119096 | $112266 | $338026 | $295992 |
| &nbsp;&nbsp;&nbsp; Depreciation expense | (16856) | (14655) | (46406) | (41697) |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles | (13636) | (13738) | (40381) | (34487) |
| &nbsp;&nbsp;&nbsp; Severance, restructuring, and acquisition integration costs (1) | (9178) | (5263) | (13715) | (13468) |
| &nbsp;&nbsp;&nbsp; Amortization of software development intangible assets | (3072) | (2678) | (8628) | (7855) |
| &nbsp;&nbsp;&nbsp; Adjustments related to acquisitions and divestitures (2) | (11) | (561) | (595) | (1157) |
| &nbsp;&nbsp;&nbsp; Eliminations | (55) | (22) | (151) | (47) |
| Consolidated operating income | 76288 | 75349 | 228150 | 197281 |
| &nbsp;&nbsp;&nbsp; Interest expense, net | (11562) | (10855) | (33866) | (27454) |
| &nbsp;&nbsp;&nbsp;Loss related to revolver refinancing | (76) |  | (76) |  |
| &nbsp;&nbsp;&nbsp; Total non-operating pension benefit (cost) | (398) | 286 | (1203) | 747 |
| Consolidated income before taxes | $64252 | $64780 | $193005 | $170574 |

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(1) Includes costs associated with acquisitions and manufacturing footprint actions.

(2) Adjustments related to acquisitions and divestitures include fair value adjustments of acquired assets.

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**Note 5: Income per Share**

The following table presents the basis for the income per share computations:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Numerator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $56690 | $53689 | $169633 | $140032 |
| &nbsp;&nbsp;&nbsp;Less: Net loss attributable to noncontrolling interest |  | (3) |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Belden stockholders | $56690 | $53692 | $169633 | $140049 |
| Denominator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding, basic | 39516 | 40798 | 39728 | 40825 |
| &nbsp;&nbsp;&nbsp;Effect of dilutive common stock equivalents | 621 | 619 | 596 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average shares outstanding, diluted | 40137 | 41417 | 40324 | 41371 |

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For each of the three and nine months ended September 28, 2025 and September 29, 2024, diluted weighted average shares outstanding did not include outstanding equity awards of 0.1 million because they were anti-dilutive.

In addition, for the three months ended September 28, 2025 and September 29, 2024, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million because the related performance conditions have not been satisfied. For the nine months ended September 28, 2025 and September 29, 2024, diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million because the related performance conditions have not been satisfied.

For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent. Necessary conditions are not satisfied until the vesting date, at which time holders of our restricted stock units receive shares of our common stock. For purposes of calculating diluted earnings per share, unvested restricted stock units are included to the extent that they are dilutive. In determining whether unvested restricted stock units are dilutive, each issuance of restricted stock units is considered separately. Once a restricted stock unit has vested, it is included in the calculation of both basic and diluted weighted average shares outstanding.

**Note 6: Credit Losses** 

We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. Provisions and recoveries are included in selling, general and administrative expenses.

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The following table presents the activity in the trade receivables allowance for doubtful accounts for the three and nine months ended September 28, 2025 and September 29, 2024, respectively:

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| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| | **(In thousands)** | **(In thousands)** |
| Beginning balance at January 1 | $25257 | $23114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current period provision | 72 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fx impact | 143 | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries collected | (146) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs | (674) | (96) |
| Q1 ending balance | $24652 | $23420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current period provision | 373 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fx impact | 219 | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries collected | (19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs | (106) | (5) |
| Q2 ending balance | $25119 | $24059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current period provision | 283 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fx impact | 12 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries collected | (32) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs | (708) | (48) |
| Q3 ending balance | $24674 | $24229 |

---

**Note 7: Inventories**

The following table presents the major classes of inventories as of September 28, 2025 and December 31, 2024, respectively:

---

| | | |
|:---|:---|:---|
| | **September 28, 2025** | **December 31, 2024** |
| | **(In thousands)** | **(In thousands)** |
| Raw materials | $230031 | $187530 |
| Work-in-process | 49270 | 40442 |
| Finished goods | 189176 | 186237 |
| &nbsp;&nbsp;&nbsp;Gross inventories | 468477 | 414209 |
| Excess and obsolete reserves | (74566) | (71110) |
| &nbsp;&nbsp;&nbsp;Net inventories | $393911 | $343099 |

---

**Note 8: Leases**

We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms within 1 to 20 years; some of which include extension and termination options. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. We have a few short-term operating leases with terms less than twelve months - these leases are not recorded on our balance sheet and the overall rent expense is not material.

We also have certain lease contracts that contain both lease and non-lease components. We have elected the practical expedient to account for these components together as a single, combined lease component. The rate implicit in most of our leases is not readily determinable. As a result, we utilize the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset.

------

Our lease agreements do not contain material residual value guarantees. Our variable lease expense was approximately $0.8 million and $2.4 million for the three and nine months ended September 28, 2025, respectively, and $0.9 million and $2.7 million for the three and nine months ended September 29, 2024, respectively.

The components of lease expense were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Operating lease cost | $7195 | $6893 | $21365 | $20686 |
| Finance lease cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use asset | $417 | $188 | $1320 | $572 |
| &nbsp;&nbsp;&nbsp;Interest on lease liabilities | 142 | 167 | 346 | 385 |
| Total finance lease cost | $559 | $355 | $1666 | $957 |

---

Supplemental cash flow information related to leases was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | $5310 | $4423 | $15740 | $15926 |

---

Operating cash flows from finance leases were not material during the three and nine months ended September 28, 2025 and September 29, 2024.

Supplemental balance sheet information related to leases was as follows:

---

| | | |
|:---|:---|:---|
| | **September 28, 2025** | **December 31, 2024** |
| | **(In thousands)** | **(In thousands)** |
| Operating leases: |  |  |
| &nbsp;&nbsp;&nbsp;Total operating lease right-of-use assets | $110798 | $118551 |
| Accrued liabilities | $20756 | $19437 |
| Long-term operating lease liabilities | 91376 | 100049 |
| &nbsp;&nbsp;&nbsp;Total operating lease liabilities | $112132 | $119486 |

---

---

| | | |
|:---|:---|:---|
| Finance leases: |  |  |
| Other long-lived assets, at cost | $13500 | $12257 |
| Accumulated depreciation | (3586) | (2322) |
| &nbsp;&nbsp;&nbsp;Other long-lived assets, net | $9914 | $9935 |
| Accrued liabilities | $1964 | $1648 |
| Other long-term liabilities | 8356 | 8845 |
| &nbsp;&nbsp;&nbsp;Total finance lease liabilities | $10320 | $10493 |

---

------

---

| | | |
|:---|:---|:---|
| | **September 28, 2025** | **December 31, 2024** |
| Weighted Average Remaining Lease Term |  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | 10 years | 10 years |
| &nbsp;&nbsp;&nbsp;Finance leases | 6 years | 6 years |
| Weighted Average Discount Rate |  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | 6.2% | 6.2% |
| &nbsp;&nbsp;&nbsp;Finance leases | 4.9% | 4.8% |

---

In addition, we guaranteed the lease payments for certain property leases of a former subsidiary with expiration dates extending out to 2035. These lease guarantees were retained by Belden and not transferred to the buyer of the former subsidiary. As of September 28, 2025 and December 31, 2024, the fixed, remaining base rent payments were approximately $19 million and $20 million, respectively. As of September 28, 2025 and December 31, 2024, we had a liability for expected, future payments of $11.1 million and $12.3 million, respectively. The liability is based on certain assumptions that we continually reassess on an ongoing basis. We will update the estimated liability balance for changes in assumptions as needed.

**Note 9: Long-Lived Assets**

*Depreciation and Amortization Expense*

We recognized depreciation expense of $16.9 million and $14.7 million in the three months ended September 28, 2025 and September 29, 2024, respectively, and $46.4 million and $41.7 million in the nine months ended September 28, 2025 and September 29, 2024, respectively. We recognized amortization expense of $16.7 million and $16.4 million in the three months ended September 28, 2025 and September 29, 2024, respectively, and $49.0 million and $42.3 million in the nine months ended September 28, 2025 and September 29, 2024, respectively.

**Note 10: Long-Term Debt and Other Borrowing Arrangements**

The carrying values of our long-term debt were as follows:

---

| | | |
|:---|:---|:---|
| | **September 28, 2025** | **December 31, 2024** |
| | **(In thousands)** | **(In thousands)** |
| Revolving credit agreement due 2030 | $— | $— |
| Senior subordinated notes: |  |  |
| &nbsp;&nbsp;3.375% Senior subordinated notes due 2027  | 528255 | 465795 |
| &nbsp;&nbsp;3.875% Senior subordinated notes due 2028 | 410865 | 362285 |
| &nbsp;&nbsp;3.375% Senior subordinated notes due 2031  | 352170 | 310530 |
| Total senior subordinated notes | 1291290 | 1138610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less unamortized debt issuance costs | (6857) | (8509) |
| Long-term debt | $1284433 | $1130101 |

---

<u>Revolving Credit Agreement due 2030</u>

On July 18, 2025, we refinanced our revolving credit facility (the Revolver) extending the maturity date to July 18, 2030 and increasing the borrowing capacity from $300.0 million to $400.0 million. The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the United States, Belgium, Canada, Germany, the Netherlands, and United Kingdom. Interest on outstanding borrowings is variable, based upon SOFR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25% - 1.75%, depending upon our leverage position. Outstanding borrowings in the U.S. and Canada may also, at our election, be priced on a base rate plus a spread that ranges from 0.25% - 0.75%, depending on our leverage position. We pay a commitment fee on the total commitments of 0.25%. In the event that we borrow more than 90% of our combined borrowing base or our borrowing base availability is less than $27.0 million, we are subject to a fixed charge coverage ratio covenant. In connection with the refinancing, we recognized a $0.1 million loss for unamortized debt issuance costs associated with creditors no longer participating in the Revolver. When we refinanced the Revolver, we paid approximately $3.2 million of fees, which are being amortized over the remaining term of the Revolver. As of September 28, 2025, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $386.1 million.

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<u>Senior Subordinated Notes</u>

We have outstanding €450.0 million aggregate principal amount of 3.375% senior subordinated notes due 2027 (the 2027 Notes). The carrying value of the 2027 Notes as of September 28, 2025 is $528.3 million. The 2027 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2027 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2028 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year.

We have outstanding €350.0 million aggregate principal amount of 3.875% senior subordinated notes due 2028 (the 2028 Notes). The carrying value of the 2028 Notes as of September 28, 2025 is $410.9 million. The 2028 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2028 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2027 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on March 15 and September 15 of each year.

We have outstanding €300.0 million aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). The carrying value of the 2031 Notes as of September 28, 2025 is $352.2 million. The 2031 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2031 Notes rank equal in right of payment with our senior subordinated notes due 2028 and 2027 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year.

<u>Fair Value of Long-Term Debt</u>

The fair value of our senior subordinated notes as of September 28, 2025 was approximately $1,280.6 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair value of our senior subordinated notes with a carrying value of $1,291.3 million as of September 28, 2025.

**Note 11: Net Investment Hedge**

All of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of September 28, 2025, €567.8 million of our outstanding foreign denominated debt is designated as a net investment hedge on the foreign currency risk of our net investment in our euro foreign operations. The objective of the hedge is to protect the net investment in the foreign operation against adverse changes in the euro exchange rate. The transaction gain or loss is reported in the translation adjustment section of other comprehensive income. For the three and nine months ended September 28, 2025, the transaction loss associated with the net investment hedge reported in other comprehensive income was $6.5 million and $79.5 million, respectively. For the three and nine months ended September 29, 2024, the transaction loss associated with the net investment hedge reported in other comprehensive income was $27.7 million and $6.7 million, respectively.

**Note 12: Income Taxes**

For the three and nine months ended September 28, 2025, we recognized income tax expense of $7.6 million and $23.4 million, respectively, representing effective tax rates of 11.8% and 12.1%, respectively. For the three and nine months ended September 29, 2024, we recognized income tax expense of $11.1 million and $30.5 million, respectively, representing effective tax rates of 17.1% and 17.9%, respectively.

The effective tax rates were primarily impacted by the release of uncertain tax position reserves related to tax credits, the results of tax audits, and by the effect of our foreign operations, including statutory tax rate differences and foreign tax credits. The Organization for Economic Cooperation and Development is actively implementing changes to existing tax laws, including a global minimum tax of 15% which went into effect in 2024. This legislation has not materially impacted our provision for income taxes, but we will continually monitor and evaluate the potential impact on the countries in which we do business in future periods.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, which includes international tax changes, permanent extensions of most expiring Tax Cuts and Jobs Act provisions, and changes in the treatment of research and development and amortization expense deductions. As a result, during the three and nine months ended September 28, 2025, we recorded a corresponding adjustment to deferred taxes and taxes payable. We are still evaluating the impacts of the act on our consolidated financial statements and disclosures.

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**Note 13: Pension and Other Postretirement Obligations**

The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Obligations** | **Pension Obligations** | **Other Postretirement Obligations** | **Other Postretirement Obligations** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
|<br><br>**Three Months Ended** | | | | |
| Service cost | $870 | $797 | $8 | $10 |
| Interest cost | 3901 | 3723 | 231 | 235 |
| Expected return on plan assets | (4012) | (4147) |  |  |
| Amortization of prior service cost | 40 | 46 |  |  |
| Actuarial losses (gains) | 322 | (27) | (84) | (116) |
| &nbsp;&nbsp;&nbsp;Net periodic benefit cost | $1121 | $392 | $155 | $129 |
| **Nine Months Ended** |  |  |  |  |
| Service cost | $2514 | $2284 | $23 | $30 |
| Interest cost | 11501 | 11059 | 684 | 708 |
| Expected return on plan assets | (11810) | (12221) |  |  |
| Amortization of prior service cost | 116 | 135 |  |  |
| Actuarial losses (gains) | 962 | (79) | (250) | (349) |
| &nbsp;&nbsp;&nbsp;Net periodic benefit cost | $3283 | $1178 | $457 | $389 |

---

**Note 14: Comprehensive Income and Accumulated Other Comprehensive Income (Loss)**

The following table summarizes total comprehensive income:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Net income | $56690 | $53689 | $169633 | $140032 |
| Foreign currency translation adjustments, net of tax | (8838) | (29859) | (86305) | (13653) |
| Adjustments to pension and postretirement liability, net of tax | 212 | (73) | 633 | (221) |
| Total comprehensive income | 48064 | 23757 | 83961 | 126158 |
| &nbsp;&nbsp;&nbsp;Less: Comprehensive loss attributable to noncontrolling interests |  | (3) |  | (17) |
| Comprehensive income attributable to Belden | $48064 | $23760 | $83961 | $126175 |

---

The tax impacts of the foreign currency translation adjustments and pension liability adjustments in the table above are not material. The accumulated balances related to each component of other comprehensive loss, net of tax, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Foreign <br>Currency Translation Component** | **Pension and <br>Other<br> Postretirement<br>Benefit Plans** | **Accumulated Other <br>Comprehensive Loss** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Balance at December 31, 2024** | $3129 | $(6661) | $(3532) |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss attributable to Belden before reclassifications | (86305) |  | (86305) |
| &nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss |  | 633 | 633 |
| &nbsp;&nbsp;&nbsp;Net current period other comprehensive loss attributable to Belden | (86305) | 633 | (85672) |
| **Balance at September 28, 2025** | $(83176) | $(6028) | $(89204) |

---

------

The following table summarizes the effects of reclassifications from accumulated other comprehensive loss for the nine months ended September 28, 2025:

---

| | | |
|:---|:---|:---|
| | **Amounts <br>Reclassified from Accumulated Other Comprehensive Loss** | **Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income** |
| | **(In thousands)** | |
| Amortization of pension and other postretirement benefit plan items: |  |  |
| &nbsp;&nbsp;&nbsp;Actuarial losses | $712 | (1) |
| &nbsp;&nbsp;&nbsp;Prior service cost | 116 | (1) |
| Total before tax | 828 |  |
| &nbsp;&nbsp;&nbsp;Tax benefit | (195) |  |
| Total net of tax | $633 |  |

---

(1) The amortization of these accumulated other comprehensive loss components are included in the computation of net periodic benefit costs (see Note 13).

**Note 15: Share Repurchase**

We have a share repurchase program which allows us to purchase our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. This program is funded with cash on hand and cash flows from operating activities. As of September 28, 2025, we had $190.0 million of authorizations remaining under the program. This share repurchase authorization does not have an expiration date.

During the three months ended September 28, 2025, we repurchased 0.4 million shares of our common stock for an aggregate cost of $50.0 million at an average price per share of $129.24. During the nine months ended September 28, 2025, we repurchased 1.4 million shares of our common stock for an aggregate cost of $150.0 million at an average price per share of $111.06.

During the three months ended September 29, 2024, we repurchased 0.2 million shares of our common stock for an aggregate cost of $20.1 million at an average price per share of $110.84. During the nine months ended September 29, 2024, we repurchased 0.9 million shares of our common stock for an aggregate cost of $78.0 million at an average price per share of $90.98.

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**Item 2: &nbsp;&nbsp;&nbsp;&nbsp; Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Overview**

Belden Inc. (the Company, us, we, or our) is a leading global supplier of complete connection solutions built around two global businesses - Smart Infrastructure Solutions and Automation Solutions.

Belden is a leading global supplier of complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120-plus year history we have evolved as a company, but making connections remains our purpose. Our long-term business goals are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieve mid-single-digit annual revenue growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliver incremental Adjusted EBITDA margins between 25% to 30%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generate free cash flow margin approaching 10%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execute a disciplined capital allocation strategy with long-term net leverage around 1.5x; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Realize annual Adjusted EPS growth of 10% to 12%.

<u>Trends and Events</u>

The following trends and events during 2025 have had varying effects on our financial condition, results of operations, and cash flows.

*Foreign Currency*

Our exposure to currency rate fluctuations primarily relates to exchange rate movements between the U.S. dollar and the euro, Canadian dollar, Hong Kong dollar, Chinese yuan, Mexican peso, Australian dollar, British pound, Indian rupee and Swiss franc. Generally, as the U.S. dollar strengthens against these foreign currencies, our revenues and earnings are negatively impacted as our foreign denominated revenues and earnings are translated into U.S. dollars at a lower rate. Conversely, as the U.S. dollar weakens against foreign currencies, our revenues and earnings are positively impacted. Approximately 43% of our consolidated revenues during the quarter ended September 28, 2025 were to customers outside of the U.S.

In addition to the translation impact described above, currency rate fluctuations have an economic impact on our financial results. As the U.S. dollar strengthens or weakens against foreign currencies, it results in a relative price increase or decrease for certain of our products that are priced in U.S. dollars in a foreign location.

*Global Trade Volatility*

During 2025, there has been significant volatility in previously stable global trade agreements. Sharp and sudden increases in tariff rates have the potential to increase the input costs for our products and impact our ability to compete in certain jurisdictions. We closely monitor the global trade landscape and take appropriate measures in our supply chain and pricing strategies to mitigate the impact of increased tariffs.

*Inflation*

During periods of inflation, if we are unable to raise prices timely and sufficiently to recover our material costs, our earnings could decline. Furthermore, inflation may impact labor, energy, and other costs. We monitor inflation pressures and proactively implement selling price increases or cost control measures as appropriate.

*Commodity Prices*

Our operating results can be affected by changes in prices of commodities, primarily copper and compounds, which are components in some of the products we sell. Generally, as the costs of inventory purchases increase due to higher commodity prices, we raise selling prices to customers to cover the increase in costs, resulting in higher sales revenue but a lower gross profit percentage. Conversely, a decrease in commodity prices would result in lower sales revenue but a higher gross profit percentage. Selling prices of our products are affected by many factors, including end market demand, capacity utilization, overall economic conditions, and commodity prices. There is no exact measure of the effect of changing commodity prices, as there are thousands of transactions in any given quarter, each of which has various factors involved in the individual pricing decisions. Therefore, all references to the effect of copper prices or other commodity prices are estimates.

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*Channel Inventory*

Our operating results also can be affected by the levels of Belden products purchased and held as inventory by our channel partners and customers. Our channel partners and customers purchase and hold the products they bought from us in their inventory in order to meet the service and on-time delivery requirements of their customers. Generally, as our channel partners and customers change the level of products they buy from us and hold in their inventory, it impacts our revenues. Comparisons of our results between periods can be impacted by changes in the levels of channel inventory. We use information provided to us by our channel partners and make certain assumptions based on our sales to them to determine the amount of products they bought from us and hold in their inventory. As such, all references to the effect of channel inventory changes are estimates.

*Market Growth and Market Share*

The markets in which we operate can generally be characterized as highly competitive and highly fragmented, with many players. We monitor available data regarding market growth, including independent market research reports, publicly available indices, and the financial results of our direct and indirect peer companies, in order to estimate the extent to which our served markets grew or contracted during a particular period. We generally expect that our unit sales volume will increase or decrease consistently with the market growth rate. Our strategic goal is to transition to a solutions provider and target faster growing geographies, applications, and trends within our end markets, in order to achieve growth that is higher than the general market growth rate. To the extent that we exceed the market growth rates, we consider it to be the result of capturing market share.

*Revolver Refinancing*

During the three months ended September 28, 2025, we refinanced the Revolver extending the maturity date to July 18, 2030 and increasing the borrowing capacity from $300.0 million to $400.0 million. We recognized a loss of $0.1 million when we refinanced the Revolver and paid approximately $3.2 million of fees, which are being amortized over the remaining term of the Revolver. See Note 10.

*Share Repurchase Program*

During the nine months ended September 28, 2025, we repurchased 1.4 million shares of our common stock for an aggregate cost of $150.0 million at an average price per share of $111.06. See Note 15.

<u>Off-Balance Sheet Arrangements</u>

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, results of operations, or cash flows that are or would be considered material to investors.

<u>Critical Accounting Policies</u>

During the nine months ended September 28, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;• We did not change any of our existing critical accounting policies from those listed in our 2024 Annual Report on Form 10-K;

&nbsp;&nbsp;&nbsp;&nbsp;• No existing accounting policies became critical accounting policies because of an increase in the materiality of associated transactions or changes in the circumstances to which associated judgments and estimates relate; and

&nbsp;&nbsp;&nbsp;&nbsp;• There were no significant changes in the manner in which critical accounting policies were applied or in which related judgments and estimates were developed.

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**Results of Operations**

<u>Consolidated Income before Taxes</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **% Change** | **Nine Months Ended** | **Nine Months Ended** | **% Change** |
| | **September 28, 2025** | **September 29, 2024** | **% Change** | **September 28, 2025** | **September 29, 2024** | **% Change** |
| | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Revenues | $698221 | $654926 | 6.6% | $1995074 | $1794937 | 11.2% |
| Gross profit | 263198 | 244004 | 7.9% | 767606 | 672406 | 14.2% |
| Selling, general and administrative expenses | (139415) | (126976) | 9.8% | (402859) | (357241) | 12.8% |
| Research and development expenses | (33859) | (27941) | 21.2% | (96216) | (83397) | 15.4% |
| Amortization of intangibles | (13636) | (13738) | (0.7)% | (40381) | (34487) | 17.1% |
| Operating income | 76288 | 75349 | 1.2% | 228150 | 197281 | 15.6% |
| Interest expense, net | (11562) | (10855) | 6.5% | (33866) | (27454) | 23.4% |
| Non-operating pension benefit (cost) | (398) | 286 | (239.2)% | (1203) | 747 | (261.0)% |
| Loss related to revolver refinancing | (76) |  | n/a | (76) |  | n/a |
| Income before taxes | 64252 | 64780 | (0.8)% | 193005 | 170574 | 13.2% |

---

Revenues increased $43.3 million and $200.1 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024 due to the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher sales volume contributed $28.4 million and $119.9 million in revenues, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Copper pass-through pricing had a $9.7 million and $23.1 million favorable impact on revenues, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency translation had a $6.8 million and $4.5 million favorable impact on revenues, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisitions had a $0.4 million and $54.6 million favorable impact on revenues, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Divestitures had a $2.0 million and $2.0 million unfavorable impact on revenues, respectively.

Gross profit increased $19.2 million and $95.2 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024 primarily due to the increases in revenues discussed above. Gross profit margins were robust, expanding 40 basis points and 100 basis points from 37.3% to 37.7% and 37.5% to 38.5%, respectively.

Selling, general and administrative expenses increased $12.4 million and $45.6 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024 primarily due to expenses from the operations of companies acquired in 2024 and strategic investments.

Research and development expenses increased $5.9 million and $12.8 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024 primarily due to strategic investments.

Amortization of intangibles decreased $0.1 million and increased $5.9 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024 primarily due to certain intangible assets becoming fully amortized and acquisitions, respectively.

Operating income increased $0.9 million and $30.9 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024 primarily due to the increase in revenues, partially offset by the increase in selling, general and administrative expenses and research and development expenses discussed above.

Net interest expense increased $0.7 million and $6.4 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024 due to fluctuations in interest income and foreign currency translation.

Income before taxes decreased $0.5 million and increased $22.4 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024 primarily due to the changes in operating income and interest expense discussed above.

------

<u>Income Taxes</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **% Change** | **Nine Months Ended** | **Nine Months Ended** | **% Change** |
| | **September 28, 2025** | **September 29, 2024** | **% Change** | **September 28, 2025** | **September 29, 2024** | **% Change** |
| | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Income before taxes | $64252 | $64780 | (0.8)% | $193005 | $170574 | 13.2% |
| Income tax expense | 7562 | 11091 | (31.8)% | 23372 | 30542 | (23.5)% |
| *&nbsp;&nbsp;&nbsp;&nbsp; Effective tax rate* | *11.8 %* | *17.1 %* |  | *12.1 %* | *17.9 %* |  |

---

For the three and nine months ended September 28, 2025, we recognized income tax expense of $7.6 million and $23.4 million, respectively, representing effective tax rates of 11.8% and 12.1%, respectively. The effective tax rates for both periods were primarily impacted by the release of uncertain tax position reserves related to tax credits, the results of tax audits, and by the effect of our foreign operations, including statutory tax rate differences and foreign tax credits. On July 4, 2025, the OBBBA was enacted, which includes international tax changes, permanent extensions of most expiring Tax Cuts and Jobs Act provisions, and changes in the treatment of research and development and amortization expense deductions. As a result, during the three and nine months ended September 28, 2025, we recorded a corresponding adjustment to deferred taxes and taxes payable. We are still evaluating the potential impacts of the act on our consolidated financial statements and disclosures. See Note 12.

<u>Consolidated Adjusted EBITDA</u> 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **% Change** | **Nine Months Ended** | **Nine Months Ended** | **% Change** |
| | **September 28, 2025** | **September 29, 2024** | **% Change** | **September 28, 2025** | **September 29, 2024** | **% Change** |
| | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Revenues | $698221 | $654926 | 6.6% | $1995074 | $1794937 | 11.2% |
| Adjusted EBITDA | 118643 | 112530 | 5.4% | 336672 | 296692 | 13.5% |
| &nbsp;&nbsp;&nbsp;*as a percent of revenues* | *17.0 %* | *17.2 %* |  | *16.9 %* | *16.5 %* |  |

---

Adjusted EBITDA increased $6.1 million and $40.0 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024 primarily due to the increases in revenues discussed above and favorable mix, partially offset by an increase in strategic investments.

*Use of Non-GAAP Financial Information*

Adjusted EBITDA, Adjusted EBITDA margin, and free cash flow are non-GAAP financial measures. In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; acquisition-related expenses, such as the adjustment of acquired inventory to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and assets; amortization of intangible assets; gains (losses) related to revolver refinancing; certain gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for acquisition-related expenses, such as amortization of intangibles and impacts of fair value adjustments because they generally are not related to the acquired business' core operating performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.

------

Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States. The following tables reconcile our GAAP results to our non-GAAP financial measures:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Revenues | $698221 | $654926 | $1995074 | $1794937 |
| GAAP net income | $56690 | $53689 | $169633 | $140032 |
| &nbsp;&nbsp;Depreciation expense | 16856 | 14655 | 46406 | 41697 |
| &nbsp;&nbsp;Amortization of intangible assets | 13636 | 13738 | 40381 | 34487 |
| &nbsp;&nbsp;Income tax expense | 7562 | 11091 | 23372 | 30542 |
| &nbsp;&nbsp;Interest expense, net | 11562 | 10855 | 33866 | 27454 |
| &nbsp;&nbsp;Severance, restructuring, and acquisition integration costs (1) | 9178 | 5263 | 13715 | 13468 |
| &nbsp;&nbsp;Loss related to revolver refinancing | 76 |  | 76 |  |
| &nbsp;&nbsp;Amortization of software development intangible assets | 3072 | 2678 | 8628 | 7855 |
| &nbsp;&nbsp;Adjustments related to acquisitions and divestitures (2) | 11 | 561 | 595 | 1157 |
| Adjusted EBITDA | $118643 | $112530 | $336672 | $296692 |
| *GAAP net income margin* | *8.1 %* | *8.2 %* | *8.5 %* | *7.8 %* |
| *Adjusted EBITDA margin* | *17.0 %* | *17.2 %* | *16.9 %* | *16.5 %* |

---

(1) Includes costs associated with acquisitions and manufacturing footprint actions.

(2) Adjustments related to acquisitions and divestitures include fair value adjustments of acquired assets.

<u>Segment Results of Operations</u>

For additional information regarding our segment measures, see Note 4 to the Condensed Consolidated Financial Statements.

<u>Smart Infrastructure Solutions</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **% Change** | **Nine Months Ended** | **Nine Months Ended** | **% Change** |
| | **September 28, 2025** | **September 29, 2024** | **% Change** | **September 28, 2025** | **September 29, 2024** | **% Change** |
| | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Segment Revenues | $316913 | $319647 | (0.9)% | $896982 | $824209 | 8.8% |
| Segment EBITDA | 39810 | 40447 | (1.6)% | 107169 | 97691 | 9.7% |
| &nbsp;&nbsp;&nbsp; *as a percent of segment revenues* | *12.6 %* | *12.7 %* |  | *11.9 %* | *11.9 %* |  |

---

Smart Infrastructure Solutions revenues decreased $2.7 million and increased $72.8 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024. The decrease in revenues in the three months ended September 28, 2025 was primarily due to a decline in volume and a divestiture of $4.1 million and $2.0 million, respectively, partially offset by favorable currency translation and higher copper pass-through pricing of $1.7 million and $1.7 million, respectively. The increase in revenues in the nine months ended September 28, 2025 was primarily due to acquisitions, increases in volume, higher copper pass-through pricing, and favorable currency translation of $51.4 million, $15.7 million, $5.5 million, and $0.2 million, respectively.

Smart Infrastructure Solutions EBITDA decreased $0.6 million and increased $9.5 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024 primarily due to the changes in revenues discussed above.

------

<u>Automation Solutions</u> 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **% Change** | **Nine Months Ended** | **Nine Months Ended** | **% Change** |
| | **September 28, 2025** | **September 29, 2024** | **% Change** | **September 28, 2025** | **September 29, 2024** | **% Change** |
| | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Segment Revenues | $381308 | $335279 | 13.7% | $1098092 | $970728 | 13.1% |
| Segment EBITDA | 79286 | 71819 | 10.4% | 230857 | 198301 | 16.4% |
| &nbsp;&nbsp;&nbsp; *as a percent of segment revenues* | *20.8 %* | *21.4 %* |  | *21.0 %* | *20.4 %* |  |

---

Automation Solutions revenues increased $46.0 million and $127.4 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024. The increase in revenues in the three months ended September 28, 2025 was primarily due to increases in volume, higher copper pass-through pricing, favorable currency translation, and acquisitions of $32.5 million, $8.0 million, $5.1 million, and $0.4 million, respectively. The increase in revenues in the nine months ended September 28, 2025 was primarily due to increases in volume, higher copper pass-through pricing, favorable currency translation, and acquisitions of $104.2 million, $17.6 million, $4.3 million, and $1.3 million, respectively.

Automation Solutions EBITDA increased $7.5 million and $32.6 million in the three and nine months ended September 28, 2025, respectively, from the comparable periods of 2024 primarily as a result of the increase in revenues discussed above, partially offset by an increase in strategic investments.

**Liquidity and Capital Resources**

Significant factors affecting our cash liquidity include (1) cash from operating activities, (2) disposals of businesses and tangible assets, (3) cash used for acquisitions, restructuring actions, capital expenditures, share repurchases, dividends, and senior subordinated note repurchases, and (4) our available credit facilities and other borrowing arrangements. We expect our operating activities to generate cash in 2025 and believe our sources of liquidity are sufficient to fund current working capital requirements, capital expenditures, contributions to our retirement plans, share repurchases, senior subordinated note repurchases, quarterly dividend payments, and our short-term operating strategies. However, we may require external financing in the event we complete a significant acquisition. Our ability to continue to fund our future needs from business operations could be affected by many factors, including, but not limited to: economic conditions worldwide, customer demand, competitive market forces, customer acceptance of our product offerings, and commodities pricing. The following table is derived from our Condensed Consolidated Cash Flow Statements:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 28, 2025** | **September 29, 2024** |
| | **(In thousands)** | **(In thousands)** |
| Net cash provided by (used for): |  |  |
| &nbsp;&nbsp;&nbsp;Operating activities | $194476 | $177357 |
| &nbsp;&nbsp;&nbsp;Investing activities | (89122) | (366244) |
| &nbsp;&nbsp;&nbsp;Financing activities | (170372) | (84815) |
| Effects of currency exchange rate changes on cash and cash equivalents | 8973 | (360) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in cash and cash equivalents | (56045) | (274062) |
| Cash and cash equivalents, beginning of period | 370302 | 597044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of period | $314257 | $322982 |

---

Net cash provided by operating activities increased to $194.5 million in the nine months ended September 28, 2025 from $177.4 million in the year ago period due to an increase in earnings, partially offset by unfavorable changes in operating assets and liabilities.

Net cash used for investing activities totaled $89.1 million in the nine months ended September 28, 2025 compared to $366.2 million in the year ago period. Investing activities for the nine months ended September 28, 2025 included capital expenditures of $97.0 million, partially offset by cash from business acquisitions and asset sales of $7.7 million and $0.2 million, respectively. Investing activities for the nine months ended September 29, 2024 included cash from business acquisitions of $295.5 million and capital expenditures of $70.8 million, partially offset by asset sales of $0.1 million. The increase in capital expenditures is attributable to our continued investment in capitalized software and the expansion of manufacturing facilities.

------

Net cash used for financing activities totaled $170.4 million for the nine months ended September 28, 2025 compared to $84.8 million in the year ago period. Financing activities for the nine months ended September 28, 2025 included $151.0 million of payments under our share repurchase program, including excise tax; $50.0 million of payments on our revolving credit facility; $20.5 million of payments related to share based compensation activities; $6.0 million of cash dividend payments; $3.2 million of debt issuance cost payments; and $1.3 million of financing lease payments; partially offset by $50.0 million and $11.6 million of borrowings on our revolving credit facility and proceeds from the issuance of common stock under our Employee Stock Purchase Plan, respectively. Financing activities for the nine months ended September 29, 2024 included $77.9 million of payments under our share repurchase program, $8.9 million of payments related to share based compensation activities, $6.2 million of cash dividend payments, and $0.7 million of financing lease payments, partially offset by $8.9 million of proceeds from the issuance of common stock under our Employee Stock Purchase Plan.

Our cash and cash equivalents balance was $314.3 million as of September 28, 2025. Of the total cash balance, $204.2 million was held outside of the U.S. in our foreign operations. Substantially all of the foreign cash and cash equivalents are readily convertible into U.S. dollars or other foreign currencies. Our strategic plan does not require the repatriation of foreign cash in order to fund our operations in the U.S., and it is our current intention to permanently reinvest the foreign cash outside of the U.S. If we were to repatriate the foreign cash to the U.S., we may be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation.

Our outstanding debt obligations as of September 28, 2025 consisted of $1,291.3 million of senior subordinated notes. Additional discussion regarding our various borrowing arrangements is included in Note 10 to the Condensed Consolidated Financial Statements.

**Forward-Looking Statements**

Statements in this report other than historical facts are "forward-looking statements." Forward-looking statements include statements regarding future financial performance (including revenues, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. These forward-looking statements reflect management's current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements based on a number of factors. These factors include, among others, those set forth in Part II, Item 1A and in other documents that we file with the SEC. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

**Item 3:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures about Market Risks**

The following table provides information about our financial instruments that are sensitive to changes in interest rates. The table presents principal amounts by expected maturity dates and fair values as of September 28, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal Amount by Expected Maturity** | **Principal Amount by Expected Maturity** | **Principal Amount by Expected Maturity** | |
| | **2025** | **Thereafter** | **Total** | **Fair**<br>**Value** |
| | **(In thousands, except interest rates)** | **(In thousands, except interest rates)** | **(In thousands, except interest rates)** | **(In thousands, except interest rates)** |
| €450.0 million fixed-rate senior subordinated notes due 2027 | $— | $528255 | $528255 | $527595 |
| Average interest rate |  | 3.375% |  |  |
| €350.0 million fixed-rate senior subordinated notes due 2028 | $— | $410865 | $410865 | $411379 |
| Average interest rate |  | 3.875% |  |  |
| €300.0 million fixed-rate senior subordinated notes due 2031 | $— | $352170 | $352170 | $341605 |
| Average interest rate |  | 3.375% |  |  |
| Total |  |  | $1291290 | $1280579 |

---

Item 7A of our 2024 Annual Report on Form 10-K provides information as to the practices and instruments that we use to manage market risks. There were no material changes in our exposure to market risks since December 31, 2024.

**Item 4:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

As of the end of the period covered by this report, we conducted an evaluation, under the supervision and with the participation of the principal executive officer and principal financial officer, of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on this evaluation, the principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report. There was no change in our internal control over financial reporting during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

------

**PART II OTHER INFORMATION**

**Item 1:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings**

We are a party to various legal proceedings and administrative actions that are incidental to our operations. In our opinion, the proceedings and actions in which we are involved should not, individually or in the aggregate, have a material adverse effect on our financial condition, operating results, or cash flows. However, since the trends and outcome of this litigation are inherently uncertain, we cannot give absolute assurance regarding the future resolution of such litigation, or that such litigation may not become material in the future.

**Item 1A: &nbsp;&nbsp;&nbsp;&nbsp; Risk Factors**

There have been no material changes with respect to risk factors as previously disclosed in our Form 10-K filed on February 13, 2025. There may be additional risks that impact our business that we currently do not recognize as, or that are not currently, material to our business.

**Item 2: Unregistered Sales of Equity Securities and Use of Proceeds**

Set forth below is information regarding our stock repurchases for the three months ended September 28, 2025 (in thousands, except per share amounts).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number<br>of Shares<br>Purchased** | **Average Price<br>Paid per<br>Share** | **Total Number of shares Repurchased as Part of Publicly Announced Plans or Programs (1)** | **Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs** |
| Balance at June 29, 2025 |  |  |  | $240000 |
| June 30, 2025 through August 3, 2025 |  | $— |  | 240000 |
| August 4, 2025 through August 31, 2025 | 187 | 129.11 | 187 | 215830 |
| September 1, 2025 through September 28, 2025 | 200 | 129.37 | 200 | 190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 387 | $129.24 | 387 | $190000 |

---

(1) We have a share repurchase program which allows us to purchase our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. This program is funded with cash on hand and cash flows from operating activities. The program does not have an expiration date and may be suspended at any time at the discretion of the Company. During the three months ended September 28, 2025, we repurchased 0.4 million shares of our common stock for an aggregate cost of $50.0 million at an average price per share of $129.24. See Note 15.

**Item 5: &nbsp;&nbsp;&nbsp;&nbsp; Other Information**

*Rule 10b5-1 Trading Plans*

The adoption, modification, or termination of contracts for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended September 28, 2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act ("Rule 10b5-1 Plan"), were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Name** | **Title** | **Action** | **Date <br>Adopted** | **Expiration Date** | **Total<br> SARs** | **Total Shares** |
| (1) | Brian Lieser | Executive Vice President, Industrial Automation Solutions | Adoption | 8/11/2025 | 12/31/2026 | 6664 | 9705 |
| (2) | Leah Tate | Senior Vice President, Human Resources | Adoption | 8/11/2025 | 4/30/2026 |  | 5508 |
| (3) | Ashish Chand | President and Chief Executive Officer | Adoption | 8/11/2025 | 8/14/2026 | 2503 | 19598 |
| (3) | Ashish Chand | President and Chief Executive Officer | Amendment | 8/12/2025 | 8/14/2026 | 26599 | 19598 |
| (4) | Douglas Zink | Vice President and Chief Accounting Officer | Adoption | 8/12/2025 | 2/20/2026 | 5018 | 4000 |
| (5) | Hiran Bhadra | Senior Vice President, Strategy and Technology | Adoption | 8/15/2025 | 12/31/2026 | 4847 |  |

---

------

(1) Brian Lieser, Executive Vice President, Industrial Automation Solutions, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on August 11, 2025. Mr. Lieser's plan provides for the exercise of up to 6,664 stock appreciation rights and the sale of up to 9,705 shares of Belden common stock. The plan expires on December 31, 2026, or upon the earlier completion of all authorized transactions under the plan.

(2) Leah Tate, Senior Vice President, Human Resources, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on August 11, 2025. Mrs. Tate's plan provides for the sale of up to 5,508 shares of Belden common stock. The plan expires on April 30, 2026, or upon the earlier completion of all authorized transactions under the plan.

(3) Ashish Chand, President and Chief Executive Officer, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on August 11, 2025, which he later amended on August 12, 2025. Mr. Chand's plan provides for the exercise of up to 26,599 stock appreciation rights and the sale of up to 19,598 shares of Belden common stock. The plan expires on August 14, 2026, or upon the earlier completion of all authorized transactions under the plan.

(4) Douglas Zink, Vice President and Chief Accounting Officer, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on August 12, 2025. Mr. Zink's plan provides for the exercise of up to 5,018 stock appreciation rights and the sale of up to 4,000 shares of Belden common stock. The plan expires on February 20, 2026, or upon the earlier completion of all authorized transactions under the plan.

(5) Hiran Bhadra, Senior Vice President, Strategy and Technology, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on August 15, 2025. Mr. Bhadra's plan provides for the exercise of up to 4,847 stock appreciation rights. The plan expires on December 31, 2026, or upon the earlier completion of all authorized transactions under the plan.

**Item 6:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

*Exhibits*

---

| | |
|:---|:---|
| Exhibit 31.1 | <u>[Certificate of the Chief Executive Officer pursuant to § 302 of the Sarbanes-Oxley Act of 2002.](ex311q32025.htm)</u> |
| Exhibit 31.2 | <u>[Certificate of the Chief Financial Officer pursuant to § 302 of the Sarbanes-Oxley Act of 2002.](ex312q32025.htm)</u> |
| Exhibit 32.1 | <u>[Certificate of the Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002.](ex321q32025.htm)</u> |
| Exhibit 32.2 | <u>[Certificate of the Chief Financial Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002.](ex322q32025.htm)</u> |
| Exhibit 101.SCH | Schema Document |
| Exhibit 101.CAL | Calculation Linkbase Document |
| Exhibit 101.DEF | Definition Linkbase Document |
| Exhibit 101.LAB | Labels Linkbase Document |
| Exhibit 101.PRE | Presentation Linkbase Document |

---

------

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | BELDEN INC. | BELDEN INC. |
| Date:&nbsp;&nbsp;&nbsp;&nbsp; | October 30, 2025 | By:&nbsp;&nbsp;&nbsp;&nbsp; | /s/ Ashish Chand |
|  |  |  | Ashish Chand |
|  |  |  | President and Chief Executive Officer |
| Date: | October 30, 2025 | By: | /s/ Jeremy Parks |
|  |  |  | Jeremy Parks |
|  |  |  | Senior Vice President, Finance, and Chief Financial Officer |
| Date: | October 30, 2025 | By: | /s/ Douglas R. Zink |
|  |  |  | Douglas R. Zink |
|  |  |  | Vice President and Chief Accounting Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATE PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Ashish Chand, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Belden 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 circumstances under which the 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 we have:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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.

October 30, 2025

---

| |
|:---|
| /s/ Ashish Chand |
| Ashish Chand |
| President and Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATE PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

I, Jeremy Parks, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Belden 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 circumstances under which the 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 we have:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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.

October 30, 2025

---

| |
|:---|
| /s/ Jeremy Parks |
| Jeremy Parks |
| Senior Vice President, Finance, and Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATE PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Belden Inc. (the "Company") on Form 10-Q for the period ended September 28, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ashish Chand, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

<u>/s/ Ashish Chand</u> 

Ashish Chand

President and Chief Executive Officer

October 30, 2025

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATE PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Belden Inc. (the "Company") on Form 10-Q for the period ended September 28, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jeremy Parks, Senior Vice President, Finance, and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

<u>/s/ Jeremy Parks</u> 

Jeremy Parks

Senior Vice President, Finance, and Chief Financial Officer

October 30, 2025

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