BDC 10-Q Quarterly Report June 29, 2025

BELDEN INC.

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bdc-20250629

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 June 29, 2025

☐ 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 ☐ Non-accelerated filer ☐ Smaller reporting company ☐ 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 o f July 24, 2025, the Registrant h ad 39,619,837 out standing shares of common stock.

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	June 29, 2025		December 31, 2024

	(Unaudited)
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	301,486	$	370,302
Receivables, net	454,684		409,711
Inventories, net	388,787		343,099
Other current assets	77,682		73,117

Total current assets	1,222,639		1,196,229
Property, plant and equipment, less accumulated depreciation	525,385		495,625
Operating lease right-of-use assets	116,426		118,551
Goodwill	1,034,870		1,018,677
Intangible assets, less accumulated amortization	415,336		419,074
Deferred income taxes	17,970		16,353
Other long-lived assets	67,031		63,429
	$	3,399,657	$	3,327,938

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	303,868	$	315,724
Accrued liabilities	311,726		306,980

Total current liabilities	615,594		622,704
Long-term debt	1,271,338		1,130,101
Postretirement benefits	69,308		63,260
Deferred income taxes	70,133		77,333
Long-term operating lease liabilities	96,861		100,049
Other long-term liabilities	41,948		39,755
Stockholders’ equity:
Common stock	503		503
Additional paid-in capital	847,732		839,755
Retained earnings	1,284,960		1,176,036
Accumulated other comprehensive loss	( 80,578 )		( 3,532 )
Treasury stock	( 818,142 )		( 718,026 )


Total stockholders’ equity	1,234,475		1,294,736
	$	3,399,657	$	3,327,938

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

-1-

BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024

	(In thousands, except per share data)
Revenues	$	671,992	$	604,336	$	1,296,853	$	1,140,011
Cost of sales	( 413,424 )		( 377,530 )		( 792,445 )		( 711,609 )
Gross profit	258,568		226,806		504,408		428,402
Selling, general and administrative expenses	( 131,922 )		( 119,497 )		( 263,444 )		( 230,265 )
Research and development expenses	( 33,940 )		( 28,457 )		( 62,357 )		( 55,456 )
Amortization of intangibles	( 13,470 )		( 9,940 )		( 26,745 )		( 20,749 )


Operating income	79,236		68,912		151,862		121,932
Interest expense, net	( 12,200 )		( 9,017 )		( 22,304 )		( 16,599 )
Non-operating pension benefit (cost)	( 364 )		230		( 805 )		461

Income before taxes	66,672		60,125		128,753		105,794
Income tax expense	( 5,666 )		( 11,091 )		( 15,810 )		( 19,451 )



Net income	61,006		49,034		112,943		86,343
Less: Net loss attributable to noncontrolling interest	—		( 10 )		—		( 14 )
Net income attributable to Belden stockholders	$	61,006	$	49,044	$	112,943	$	86,357

Weighted average number of common shares and equivalents:
Basic	39,511		40,690		39,835		40,838
Diluted	40,002		41,204		40,418		41,348





Basic income per share attributable to Belden stockholders	$	1.54	$	1.21	$	2.84	$	2.11





Diluted income per share attributable to Belden stockholders	$	1.53	$	1.19	$	2.79	$	2.09

Comprehensive income attributable to Belden	$	21,110	$	55,956	$	35,897	$	102,417

Common stock dividends declared per share	$	0.05	$	0.05	$	0.10	$	0.10

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

-2-

BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)


	Six Months Ended
	June 29, 2025		June 30, 2024

	(In thousands)
Cash flows from operating activities:
Net income	$	112,943	$	86,343
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	61,851		52,968
Share-based compensation	14,603		14,643




Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:
Receivables	( 31,773 )		30,880
Inventories	( 35,758 )		204
Accounts payable	( 23,462 )		( 90,025 )
Accrued liabilities	( 14,314 )		( 16,788 )
Income taxes	( 4,355 )		2,097
Other assets	( 3,674 )		1,728
Other liabilities	13,409		3,630
Net cash provided by operating activities	89,470		85,680
Cash flows from investing activities:
Capital expenditures	( 57,353 )		( 46,246 )
Proceeds from disposal of tangible assets	115		60
Cash from business acquisitions	7,918		526


Net cash used for investing activities	( 49,320 )		( 45,660 )
Cash flows from financing activities:
Payments under share repurchase program, including excise tax	( 100,967 )		( 57,865 )
Payments on revolving credit facility	( 50,000 )		—
Withholding tax payments for share-based payment awards	( 14,157 )		( 8,110 )
Cash dividends paid	( 4,024 )		( 4,119 )
Payments under financing lease obligations	( 878 )		( 455 )

Proceeds from issuance of common stock	3,818		3,152
Borrowings on revolving credit facility	50,000		—
Net cash used for financing activities	( 116,208 )		( 67,397 )
Effect of foreign currency exchange rate changes on cash and cash equivalents	7,242		( 4,916 )
Decrease in cash and cash equivalents	( 68,816 )		( 32,293 )
Cash and cash equivalents, beginning of period	370,302		597,044
Cash and cash equivalents, end of period	$	301,486	$	564,751

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

-3-

BELDEN INC.

CONDENSED CONSOLIDATED STOCKHOLDERS’ EQUITY STATEMENTS

(Unaudited)


	Belden Inc. Stockholders
				Additional							Accumulated Other
	Common Stock			Paid-In		Retained		Treasury Stock			Comprehensive
	Shares	Amount		Capital		Earnings		Shares	Amount		Loss		Total
	(In thousands)
Balance at December 31, 2024	50,335	$	503	$	839,755	$	1,176,036	( 10,124 )	$	( 718,026 )	$	( 3,532 )	$	1,294,736
Net income	—	—		—		51,937		—	—		—		51,937
Other comprehensive loss, net of tax	—	—		—		—		—	—		( 37,150 )		( 37,150 )
Common stock issuance	—	—		2,083		—		48	1,735		—		3,818
Retirement Savings Plan stock contributions	—	—		1,454		—		20	705		—		2,159
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	—	—		( 10,058 )		—		162	( 2,970 )		—		( 13,028 )
Share repurchase including excise tax	—	—		—		—		( 810 )	( 85,074 )		—		( 85,074 )
Share-based compensation	—	—		7,776		—		—	—		—		7,776
Common stock dividends ($ 0.05 per share)	—	—		—		( 2,024 )		—	—		—		( 2,024 )
Balance at March 30, 2025	50,335	$	503	$	840,565	$	1,225,949	( 10,698 )	$	( 803,828 )	$	( 40,682 )	$	1,222,507
Net income	—	—		—		61,006		—	—		—		61,006
Other comprehensive loss, net of tax	—	—		—		—		—	—		( 39,896 )		( 39,896 )
Retirement Savings Plan stock contributions	—	—		1,391		—		21	737		—		2,128
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 )	( 15,616 )		—		( 15,616 )
Share-based compensation	—	—		6,827		—		—	—		—		6,827
Common stock dividends ($ 0.05 per share)	—	—		—		( 1,995 )		—	—		—		( 1,995 )
Balance at June 29, 2025	50,335	$	503	$	847,732	$	1,284,960	( 10,805 )	$	( 818,142 )	$	( 80,578 )	$	1,234,475

-4-


	Belden Inc. Stockholders
				Additional							Accumulated Other		Non-controlling
	Common Stock			Paid-In		Retained		Treasury Stock			Comprehensive
	Shares	Amount		Capital		Earnings		Shares	Amount		Income (Loss)		Interests		Total
	(In thousands)
Balance at December 31, 2023	50,335	$	503	$	818,663	$	985,807	( 9,208 )	$	( 597,437 )	$	( 41,279 )	$	45	$	1,166,302
Net income (loss)	—	—		—		37,313		—	—		—		( 4 )		37,309
Other comprehensive income, net of tax	—	—		—		—		—	—		9,148		—		9,148
Common stock issuance	—	—		477		—		48	2,675		—		—		3,152
Retirement Savings Plan stock contributions	—	—		641		—		22	1,187		—		—		1,828
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	—	—		( 10,991 )		—		138	3,454		—		—		( 7,537 )
Share repurchase including excise tax	—	—		—		—		( 675 )	( 58,270 )		—		—		( 58,270 )
Share-based compensation	—	—		6,397		—		—	—		—		—		6,397
Common stock dividends ($ 0.05 per share)	—	—		—		( 2,059 )		—	—		—		—		( 2,059 )
Balance at March 31, 2024	50,335	$	503	$	814,704	$	1,021,061	( 9,667 )	$	( 648,292 )	$	( 32,131 )	$	41	$	1,155,886

Net income (loss)	—	—		—		49,044		—	—		—		( 10 )		49,034
Other comprehensive income, net of tax	—	—		—		—		—	—		6,912		—		6,912

Retirement Savings Plan stock contributions	—	—		1,206		—		22	793		—		—		1,999
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	—	—		8,246		—		—	—		—		—		8,246
Common stock dividends ($ 0.05 per share)	—	—		—		( 2,053 )		—	—		—		—		( 2,053 )
Balance at June 30, 2024	50,335	$	503	$	823,205	$	1,068,052	( 9,621 )	$	( 646,695 )	$	( 25,219 )	$	31	$	1,219,877

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

-5-

BELDEN INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Summary of Significant Accounting Policies

Basis of Presentation

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:

• Are prepared from the books and records without audit, and

• 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

• 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.

Business Description

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.

Reporting Periods

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 six months ended June 29, 2025 and June 30, 2024 included 180 and 182 days, respectively.

Fair Value Measurement

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:

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

• 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

• 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 six months ended June 29, 2025 and June 30, 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 six months ended June 29, 2025 and June 30, 2024.

Cash and Cash Equivalents

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 June 29, 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.

-6-

Contingent Liabilities

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 June 29, 2025, we were party to surety bonds, standby letters of credit, and bank guaranties totaling $ 11.7 million, $ 9.5 million, and $ 6.3 million, respectively.

Revenue Recognition

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.

Subsequent Events

We evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure. See Note 16.

Current Year Adoption of Accounting Pronouncements

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

Pending Adoption of Recent Accounting Pronouncements

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.

-7-


	Broadband Solutions		Automation Solutions		Smart Buildings Solutions		Total Revenues

Three Months Ended June 29, 2025	(In thousands)
Smart Infrastructure Solutions	$	155,385	$	—	$	150,634	$	306,019
Automation Solutions	—		365,973		—		365,973
Total	$	155,385	$	365,973	$	150,634	$	671,992

Three Months Ended June 30, 2024
Smart Infrastructure Solutions	$	136,020	$	—	$	134,453	$	270,473
Automation Solutions	—		333,863		—		333,863
Total	$	136,020	$	333,863	$	134,453	$	604,336

Six Months Ended June 29, 2025
Smart Infrastructure Solutions	$	302,032	$	—	$	278,037	$	580,069
Automation Solutions	—		716,784		—		716,784
Total	$	302,032	$	716,784	$	278,037	$	1,296,853

Six Months Ended June 30, 2024
Smart Infrastructure Solutions	$	248,120	$	—	$	256,442	$	504,562
Automation Solutions	—		635,449		—		635,449
Total	$	248,120	$	635,449	$	256,442	$	1,140,011

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


	Americas		EMEA		APAC		Total Revenues

Three Months Ended June 29, 2025	(In thousands)
Smart Infrastructure Solutions	$	238,775	$	42,999	$	24,245	$	306,019
Automation Solutions	209,836		92,908		63,229		365,973
Total	$	448,611	$	135,907	$	87,474	$	671,992

Three Months Ended June 30, 2024
Smart Infrastructure Solutions	$	200,904	$	42,379	$	27,190	$	270,473
Automation Solutions	198,884		83,017		51,962		333,863
Total	$	399,788	$	125,396	$	79,152	$	604,336

Six Months Ended June 29, 2025
Smart Infrastructure Solutions	$	458,228	$	82,303	$	39,538	$	580,069
Automation Solutions	418,614		178,706		119,464		716,784
Total	$	876,842	$	261,009	$	159,002	$	1,296,853

Six Months Ended June 30, 2024
Smart Infrastructure Solutions	$	367,233	$	88,067	$	49,262	$	504,562
Automation Solutions	381,774		160,873		92,802		635,449
Total	$	749,007	$	248,940	$	142,064	$	1,140,011

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.

-8-

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 six months ended June 29, 2025 and June 30, 2024 . The following table presents estimated and accrued variable consideration:


	June 29, 2025		December 31, 2024

	(in thousands)
Accrued rebates included in accrued liabilities	$	50,891	$	51,063
Accrued returns included in accrued liabilities	15,098		15,950
Price adjustments recognized against gross accounts receivable	31,040		29,100

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 wh en 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 June 29, 2025, total deferred revenue was $ 45.6 million, and of this amount, $ 33.6 million is expected to be recognized within the next twelve months, and the remaining $ 12.0 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 six months ended June 29, 2025 and June 30, 2024, respectively:


	2025		2024

	(In thousands)
Beginning balance at January 1	$	40,128	$	31,062
New deferrals	13,735		6,280

Revenue recognized	( 10,420 )		( 7,392 )
Balance at the end of Q1	$	43,443	$	29,950
New deferrals	16,225		11,058
Revenue recognized	( 14,062 )		( 11,395 )
Balance at the end of Q2	$	45,606	$	29,613

Service-type warra nties represent $ 16.4 million of the deferred revenue balance at June 29, 2025, and of this amount $ 6.9 million is expected to be recognized in the next twelve months, and the remaining $ 9.5 million is long-term and will be recognized over a period greater than twelve months. As of June 29, 2025 and December 31, 2024, we did not have any material contract assets recorded in the Condensed Consolidated Balance Sheets.

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 June 29, 2025 and December 31, 2024 were not material.

-9-

The following table presents sales commissions that are recorded within selling, general and administrative expenses:


	Three Months Ended				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024

	(In thousands)
Sales commissions	$	7,367	$	5,848	$	13,353	$	11,171

Note 3: Acquisitions

On June 30, 2024, we acquired Precision Optical Technologies (Precision) and accounted for it as a business combination. During the six months ended June 29, 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):


Receivables	$	23,928
Inventory	7,098
Other current assets	1,486
Property, plant and equipment	4,737
Intangible assets	194,100
Goodwill	114,629
Operating lease right-of-use assets	2,731
Total assets acquired	$	348,709

Accounts payable	$	11,662
Accrued liabilities	10,093
Deferred income taxes	42,551
Long-term operating lease liabilities	2,468
Other long-term liabilities	222
Total liabilities assumed	$	66,996

Net assets	$	281,713

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 .

-10-

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


	Fair Value		Amortization Period
	(In thousands)		(In years)
Intangible assets subject to amortization:
Developed technologies	$	24,700	5.0
Customer relationships	161,900		20.0
Trademarks	3,000		2.5
Non-compete agreements	4,500		5.0
Total intangible assets subject to amortization	$	194,100

Intangible assets not subject to amortization:
Goodwill	$	114,629	n/a
Total intangible assets not subject to amortization	$	114,629

Total intangible assets	$	308,729
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 following table illustrates the unaudited pro forma effect on operating results as if the Precision acquisition had been completed as of January 1, 2023.


	Three Months Ended		Six Months Ended
	June 30, 2024		June 30, 2024
	(In thousands, except per share data)
	(Unaudited)
Revenues	$	636,138	$	1,210,852
Net income attributable to Belden stockholders	46,626		82,018
Diluted income per share attributable to Belden stockholders	$	1.13	$	1.98

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.

-11-

Operating Segment Information


	Three Months Ended				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024
	(In thousands)
Smart Infrastructure Solutions

Segment Revenues	$	306,019	$	270,473	$	580,069	$	504,562
Affiliate Revenues	63		54		93		93
Segment Cost of Sales	( 208,827 )		( 188,135 )		( 390,835 )		( 351,560 )
Segment Selling, General and Administrative Expenses	( 50,114 )		( 41,338 )		( 100,506 )		( 78,412 )
Segment Research and Development Expenses	( 10,917 )		( 9,598 )		( 21,462 )		( 17,439 )
Segment EBITDA	$	36,224	$	31,456	$	67,359	$	57,244

Segment assets	$	703,484	$	671,250	$	703,484	$	671,250

Items excluded from segment measures:
Depreciation expense	$	6,928	$	6,214	$	13,500	$	12,519
Amortization of intangibles	8,556		5,022		17,212		10,741
Amortization of software development intangible assets	—		—		18		—
Severance, restructuring, and acquisition integration costs	1,747		2,309		2,704		3,899


	Three Months Ended				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024
	(In thousands)
Automation Solutions

Segment Revenues	$	365,973	$	333,863	$	716,784	$	635,449
Affiliate Revenues	305		102		633		501
Segment Cost of Sales	( 192,814 )		( 177,420 )		( 378,765 )		( 336,498 )
Segment Selling, General and Administrative Expenses	( 72,843 )		( 70,400 )		( 146,967 )		( 136,817 )
Segment Research and Development Expenses	( 22,375 )		( 18,408 )		( 40,114 )		( 36,153 )
Segment EBITDA	$	78,246	$	67,737	$	151,571	$	126,482

Segment assets	$	850,170	$	762,736	$	850,170	$	762,736

Items excluded from segment measures:
Depreciation expense	$	8,726	$	7,363	$	16,050	$	14,523
Amortization of intangibles	4,914		4,918		9,533		10,008
Amortization of software development intangible assets	2,943		2,464		5,538		5,177
Severance, restructuring, and acquisition integration costs	1,092		1,684		1,833		4,306
Adjustments related to acquisitions and divestitures	286		298		584		596

-12-


	Three Months Ended				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024
	(In thousands)
Total Segments




Segment Revenues	$	671,992	$	604,336	$	1,296,853	$	1,140,011
Affiliate Revenues	368		156		726		594
Segment Cost of Sales	( 401,641 )		( 365,555 )		( 769,600 )		( 688,058 )
Segment Selling, General and Administrative Expenses	( 122,957 )		( 111,738 )		( 247,473 )		( 215,229 )
Segment Research and Development Expenses	( 33,292 )		( 28,006 )		( 61,576 )		( 53,592 )
Segment EBITDA	$	114,470	$	99,193	$	218,930	$	183,726

Segment assets	$	1,553,654	$	1,433,986	$	1,553,654	$	1,433,986

Items excluded from segment measures:
Depreciation expense	$	15,654	$	13,577	$	29,550	$	27,042
Amortization of intangibles	13,470		9,940		26,745		20,749
Amortization of software development intangible assets	2,943		2,464		5,556		5,177
Severance, restructuring, and acquisition integration costs	2,839		3,993		4,537		8,205
Adjustments related to acquisitions and divestitures	286		298		584		596

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.


	Three Months Ended				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024

	(In thousands)
Total Segment and Consolidated Revenues	$	671,992	$	604,336	$	1,296,853	$	1,140,011



Total Segment EBITDA	$	114,470	$	99,193	$	218,930	$	183,726

Depreciation expense	( 15,654 )		( 13,577 )		( 29,550 )		( 27,042 )
Amortization of intangibles	( 13,470 )		( 9,940 )		( 26,745 )		( 20,749 )
Severance, restructuring, and acquisition integration costs (1)	( 2,839 )		( 3,993 )		( 4,537 )		( 8,205 )
Amortization of software development intangible assets	( 2,943 )		( 2,464 )		( 5,556 )		( 5,177 )
Adjustments related to acquisitions and divestitures (2)	( 286 )		( 298 )		( 584 )		( 596 )
Eliminations	( 42 )		( 9 )		( 96 )		( 25 )

Consolidated operating income	79,236		68,912		151,862		121,932
Interest expense, net	( 12,200 )		( 9,017 )		( 22,304 )		( 16,599 )

Total non-operating pension benefit (cost)	( 364 )		230		( 805 )		461
Consolidated income before taxes	$	66,672	$	60,125	$	128,753	$	105,794

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

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

-13-

Note 5: Income per Share

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


	Three Months Ended				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024

	(In thousands)
Numerator:
Net income	$	61,006	$	49,034	$	112,943	$	86,343
Less: Net loss attributable to noncontrolling interest	—		( 10 )		—		( 14 )



Net income attributable to Belden stockholders	$	61,006	$	49,044	$	112,943	$	86,357
Denominator:
Weighted average shares outstanding, basic	39,511		40,690		39,835		40,838
Effect of dilutive common stock equivalents	491		514		583		510
Weighted average shares outstanding, diluted	40,002		41,204		40,418		41,348

For each of the three and six months ended June 29, 2025 and June 30, 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 June 29, 2025 and June 30, 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 six months ended June 29, 2025 and June 30, 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 and future 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.

-14-

The following table presents the activity in the trade receivables allowance for doubtful accounts for the three and six months ended June 29, 2025 and June 30, 2024, respectively:


	2025		2024

	(In thousands)
Beginning balance at January 1	$	25,257	$	23,114
Current period provision	72		459

Recoveries collected	( 146 )		( 6 )
Write-offs	( 674 )		( 96 )
Fx impact	143		( 51 )
Q1 ending balance	$	24,652	$	23,420
Current period provision	373		688

Recoveries collected	( 19 )		—
Fx impact	219		( 44 )
Write-offs	( 106 )		( 5 )
Q2 ending balance	$	25,119	$	24,059

Note 7: Inventories

The following table presents the major classes of inventories as of June 29, 2025 and December 31, 2024 , respectively:


	June 29, 2025		December 31, 2024

	(In thousands)
Raw materials	$	217,114	$	187,530
Work-in-process	50,212		40,442
Finished goods	198,639		186,237
Gross inventories	465,965		414,209
Excess and obsolete reserves	( 77,178 )		( 71,110 )
Net inventories	$	388,787	$	343,099

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. T he 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 $ 1.6 million for the three and six months ended June 29, 2025, respectively, and $ 0.9 million and $ 1.8 million for the three and six months ended June 30, 2024, respectively.

-15-

The components of lease expense were as follows:


	Three Months Ended				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024

	(In thousands)
Operating lease cost	$	7,288	$	6,918	$	14,170	$	13,793

Finance lease cost
Amortization of right-of-use asset	$	436	$	190	$	903	$	384
Interest on lease liabilities	191		109		204		218
Total finance lease cost	$	627	$	299	$	1,107	$	602

Supplemental cash flow information related to leases was as follows:


	Three Months Ended				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,400	$	4,776	$	10,430	$	11,503

Operating cash flows from finance leases were not material during the three and six months ended June 29, 2025 and June 30, 2024 .

Supplemental balance sheet information related to leases was as follows:


	June 29, 2025		December 31, 2024

	(In thousands)
Operating leases:
Total operating lease right-of-use assets	$	116,426	$	118,551

Accrued liabilities	$	20,909	$	19,437
Long-term operating lease liabilities	96,861		100,049
Total operating lease liabilities	$	117,770	$	119,486





Finance leases:
Other long-lived assets, at cost	$	13,226	$	12,257
Accumulated depreciation	( 3,167 )		( 2,322 )
Other long-lived assets, net	$	10,059	$	9,935

Accrued liabilities	$	1,906	$	1,648
Other long-term liabilities	8,628		8,845
Total finance lease liabilities	$	10,534	$	10,493

-16-


	June 29, 2025		December 31, 2024

Weighted Average Remaining Lease Term
Operating leases	10 years		10 years
Finance leases	6 years		6 years

Weighted Average Discount Rate
Operating leases	6.2	%	6.2	%
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 up to 2035. These lease guarantees were retained by Belden and not transferred to the buyer of the former subsidiary. As of June 29, 2025 and December 31, 2024, the fixed, remaining base rent payments were approximately $ 19 million and $ 20 million, respectively. As of June 29, 2025 and December 31, 2024, we had a liability for expected, future payments of $ 12.0 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 $ 15.7 million and $ 13.6 million in the three months ended June 29, 2025 and June 30, 2024, respectively, and $ 29.6 million and $ 27.0 million in the six months ended June 29, 2025 and June 30, 2024, respectively.

We recognized amortization expense of $ 16.4 million and $ 12.4 million in the three months ended June 29, 2025 and June 30, 2024, respectively, and $ 32.3 million and $ 25.9 million in the six months ended June 29, 2025 and June 30, 2024, respectively.

Note 10: Long-Term Debt and Other Borrowing Arrangements

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


	June 29, 2025		December 31, 2024

	(In thousands)
Revolving credit agreement due 2026	$	—	$	—
Senior subordinated notes:
3.375 % Senior subordinated notes due 2027	523,125		465,795
3.875 % Senior subordinated notes due 2028	406,875		362,285
3.375 % Senior subordinated notes due 2031	348,750		310,530
Total senior subordinated notes	1,278,750		1,138,610

Less unamortized debt issuance costs	( 7,412 )		( 8,509 )
Long-term debt	$	1,271,338	$	1,130,101

Revolving Credit Agreement due 2026

As of June 29, 2025, we had a $ 300.0 million multi-currency asset-based revolving credit facility (the Revolver) that was set to mature June 2, 2026. On July 18, 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. 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 $ 20.0 million, we are subject to a fixed charge coverage ratio covenant. As of June 29, 2025, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $ 285.8 million. During the three months ended June 29, 2025, we borrowed and subsequently repaid $ 50.0 million on our Revolver at a rate of 5.7 %. See Note 16.

-17-

Senior Subordinated Notes

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 June 29, 2025 is $ 523.1 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 June 29, 2025 is $ 406.9 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 June 29, 2025 is $ 348.8 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 guarantor s, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year.

Fair Value of Long-Term Debt

The fair value of our senior subordinated notes as of June 29, 2025 was approximately $ 1,262.8 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 $ 1,278.8 million as of June 29, 2025.

Note 11: Net Investment Hedge

All of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of June 29, 2025, € 567.8 million o f 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 six months ended June 29, 2025, the transaction loss associated with the net investment hedge reported in other comprehensive income was $ 48.1 million and $ 73.0 million, respectively. For the three and six months ended June 30, 2024, the transaction gain associated with the net investment hedge reported in other comprehensive income was $ 8.3 million and $ 21.0 million, respectively.

Note 12: Income Taxes

For the three and six months ended June 29, 2025, we recognized income tax expense of $ 5.7 million and $ 15.8 million , respectively, representing effective tax rates of 8.5 % and 12.3 %, respectively . For the three and six months ended June 30, 2024 , we recognized income tax expense of $ 11.1 million and $ 19.5 million, respectively, representing an effective tax rate of 18.4 % for both periods.

The effective tax rates were primarily impacted by the release of an uncertain tax position reserve related to certain foreign tax credits 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 permanent extensions of most expiring Tax Cuts and Jobs Act provisions and international tax changes. We are still evaluating the potential impacts of the act on our consolidated financial statements and disclosures.

-18-

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				Other Postretirement Obligations
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024

	(In thousands)
Three Months Ended
Service cost	$	882	$	739	$	8	$	10
Interest cost	3,832		3,660		230		235
Expected return on plan assets	( 3,974 )		( 4,027 )		—		—
Amortization of prior service cost	39		44		—		—
Actuarial losses (gains)	321		( 26 )		( 84 )		( 116 )

Net periodic benefit cost	$	1,100	$	390	$	154	$	129

Six Months Ended
Service cost	$	1,644	$	1,487	$	15	$	20
Interest cost	7,600		7,336		453		473
Expected return on plan assets	( 7,798 )		( 8,074 )		—		—
Amortization of prior service cost	76		89		—		—
Actuarial losses (gains)	640		( 52 )		( 166 )		( 233 )

Net periodic benefit cost	$	2,162	$	786	$	302	$	260

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

The following table summarizes total comprehensive income:


	Three Months Ended				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024

	(In thousands)
Net income	$	61,006	$	49,034	$	112,943	$	86,343
Foreign currency translation adjustments, net of tax	( 40,107 )		6,986		( 77,467 )		16,208
Adjustments to pension and postretirement liability, net of tax	211		( 74 )		421		( 148 )
Total comprehensive income	21,110		55,946		35,897		102,403
Less: Comprehensive loss attributable to noncontrolling interests	—		( 10 )		—		( 14 )
Comprehensive income attributable to Belden	$	21,110	$	55,956	$	35,897	$	102,417

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 Currency Translation Component		Pension and Other Postretirement Benefit Plans		Accumulated Other Comprehensive Loss

	(In thousands)
Balance at December 31, 2024	$	3,129	$	( 6,661 )	$	( 3,532 )
Other comprehensive loss attributable to Belden before reclassifications	( 77,467 )		—		( 77,467 )
Amounts reclassified from accumulated other comprehensive loss	—		421		421
Net current period other comprehensive loss attributable to Belden	( 77,467 )		421		( 77,046 )
Balance at June 29, 2025	$	( 74,338 )	$	( 6,240 )	$	( 80,578 )

-19-

The following table summarizes the effects of reclassifications from accumulated other comprehensive loss for the six months ended June 29, 2025:


	Amounts 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:

Actuarial losses	$	474	(1)
Prior service cost	76		(1)
Total before tax	550
Tax benefit	( 129 )
Total net of tax	$	421

(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 June 29, 2025, we had $ 240.0 million of authorizations remaining under the program. This share repurchase authorization does not have an expiration date.

During the three months ended June 29, 2025, we repurchased 0.2 million shares of our common stock for an aggregate cost of $ 15.5 million at an average price per share of $ 101.06 . During the six months ended June 29, 2025, we repurchased 1.0 million shares of our common stock for an aggregate cost of $ 100.0 million at an average price per share of $ 103.76 .

During the three months ended June 30, 2024, we did not repurchase shares of our common stock. During the six months ended June 30, 2024, we repurchased 0.7 million shares of our common stock for an aggregate cost of $ 57.9 million at an average price per share of $ 85.66 .

Note 16: Subsequent Events

On July 18, 2025, we refinanced the Revolver extending the maturity date to July 18, 2030 and increasing the multicurrency asset-based revolving credit facility commitments from $ 300.0 million to $ 400.0 million. See Note 10.

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Item 2: 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:

• Achieve mid-single-digit annual revenue growth;

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

• Generate free cash flow margin approaching 10%;

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

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

Trends and Events

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 June 29, 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

D uring 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. T here 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.

-21-

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.

Borrowings on Revolver

During the three months ended June 29, 2025 , we borrowed $50.0 million under our revolver for general business purposes, and then subsequently repaid the entire $50.0 million during the quarter. See Note 10.

Share Repurchase Program

During the six months ended June 29, 2025 , we repurchased 1.0 million shares of our common stock for an aggregate cost of $100.0 million at an average price per share of $103.76. See Note 15.

Off-Balance Sheet Arrangements

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.

Critical Accounting Policies

During the six months ended June 29, 2025:

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

• 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

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

-22-

Results of Operations

Consolidated Income before Taxes


	Three Months Ended				% Change		Six Months Ended				% Change
	June 29, 2025		June 30, 2024				June 29, 2025		June 30, 2024

	(In thousands, except percentages)
Revenues	$	671,992	$	604,336	11.2	%	$	1,296,853	$	1,140,011	13.8	%
Gross profit	258,568		226,806		14.0	%	504,408		428,402		17.7	%
Selling, general and administrative expenses	(131,922)		(119,497)		10.4	%	(263,444)		(230,265)		14.4	%
Research and development expenses	(33,940)		(28,457)		19.3	%	(62,357)		(55,456)		12.4	%
Amortization of intangibles	(13,470)		(9,940)		35.5	%	(26,745)		(20,749)		28.9	%
Operating income	79,236		68,912		15.0	%	151,862		121,932		24.5	%
Interest expense, net	(12,200)		(9,017)		35.3	%	(22,304)		(16,599)		34.4	%
Non-operating pension benefit (cost)	(364)		230		(258.3)	%	(805)		461		(274.6)	%

Income before taxes	66,672		60,125		10.9	%	128,753		105,794		21.7	%

Revenues increased $67.7 million and $156.8 million in the three and six months ended June 29, 2025, respectively, from the comparable periods of 2024 due to the following factors:

• Higher sales volume contributed $31.8 million and $91.5 million in revenues, respectively.

• Acquisitions contributed $27.5 million and $54.2 million in revenues, respectively.

• Copper pass-through pricing had a $3.8 million and $13.4 million favorable impact on revenues, respectively.

• Currency translation had a $4.6 million favorable and $2.3 million unfavorable impact on revenues, respectively.

Gross profit increased $31.8 million and $76.0 million in the three and six months ended June 29, 2025, respectively, from the comparable periods of 2024 primarily due to the increases in revenues discussed above. Gross profit margins were robust, expanding 100 basis points and 130 basis points from 37.5% to 38.5% and 37.6% to 38.9%, respectively.

Selling, general and administrative expenses increased $12.4 million and $33.2 million in the three and six months ended June 29, 2025, respectively, from the comparable periods of 2024 primarily due to expenses from the operations of companies acquired in 2024.

Research and development expenses increased $5.5 million and $6.9 million in the three and six months ended June 29, 2025, respectively, from the comparable periods of 2024 primarily due to strategic investments.

Amortization of intangibles increased $3.5 million and $6.0 million in the three and six months ended June 29, 2025, respectively, from the comparable periods of 2024 primarily due to acquisitions.

Operating income increased $10.3 million and $29.9 million in the three and six months ended June 29, 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 $3.2 million and $5.7 million in the three and six months ended June 29, 2025, respectively, from the comparable periods of 2024 due to fluctuations in interest income and foreign currency translation.

Income before taxes increased $6.5 million and $23.0 million in the three and six months ended June 29, 2025, respectively, from the comparable periods of 2024 primarily due to the changes in operating income discussed above.

-23-

Income Taxes


	Three Months Ended						% Change		Six Months Ended						% Change
	June 29, 2025			June 30, 2024					June 29, 2025			June 30, 2024

	(In thousands, except percentages)
Income before taxes	$	66,672		$	60,125		10.9	%	$	128,753		$	105,794		21.7	%
Income tax expense	5,666			11,091			(48.9)	%	15,810			19,451			(18.7)	%
Effective tax rate	8.5		%	18.4		%			12.3		%	18.4		%

For the three and six months ended June 29, 2025, we recognized income tax expense of $5.7 million and $15.8 million, respectively, representing effective tax rates of 8.5% and 12.3%, respectively. The effective tax rates for both periods were primarily impacted by the release of an uncertain tax position reserve related to certain foreign tax credits 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 permanent extensions of most expiring Tax Cuts and Jobs Act provisions and international tax changes. We are still evaluating the potential impacts of the act on our consolidated financial statements and disclosures. See Note 12.

Consolidated Adjusted EBITDA


	Three Months Ended						% Change		Six Months Ended						% Change
	June 29, 2025			June 30, 2024					June 29, 2025			June 30, 2024

	(In thousands, except percentages)
Revenues	$	671,992		$	604,336		11.2	%	$	1,296,853		$	1,140,011		13.8	%
Adjusted EBITDA	114,064			99,414			14.7	%	218,029			184,162			18.4	%
as a percent of revenues	17.0		%	16.5		%			16.8		%	16.2		%

Adjusted EBITDA increased $14.7 million and $33.9 million in the three and six months ended June 29, 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 incentive compensation and strategic investments. Accordingly, adjusted EBITDA margins expanded 50 basis points and 60 basis points to 17.0% and 16.8%, respectively.

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) on debt extinguishment; 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.

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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						Six Months Ended
	June 29, 2025			June 30, 2024			June 29, 2025			June 30, 2024

	(In thousands, except percentages)
Revenues	$	671,992		$	604,336		$	1,296,853		$	1,140,011



GAAP net income	$	61,006		$	49,034		$	112,943		$	86,343
Depreciation expense	15,654			13,577			29,550			27,042
Amortization of intangible assets	13,470			9,940			26,745			20,749
Income tax expense	5,666			11,091			15,810			19,451
Interest expense, net	12,200			9,017			22,304			16,599
Severance, restructuring, and acquisition integration costs (1)	2,839			3,993			4,537			8,205

Amortization of software development intangible assets	2,943			2,464			5,556			5,177

Adjustments related to acquisitions and divestitures (2)	286			298			584			596

Adjusted EBITDA	$	114,064		$	99,414		$	218,029		$	184,162

GAAP net income margin	9.1		%	8.1		%	8.7		%	7.6		%
Adjusted EBITDA margin	17.0		%	16.5		%	16.8		%	16.2		%

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

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

Segment Results of Operations

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

Smart Infrastructure Solutions


	Three Months Ended						% Change		Six Months Ended						% Change
	June 29, 2025			June 30, 2024					June 29, 2025			June 30, 2024

	(In thousands, except percentages)
Segment Revenues	$	306,019		$	270,473		13.1	%	$	580,069		$	504,562		15.0	%
Segment EBITDA	36,224			31,456			15.2	%	67,359			57,244			17.7	%
as a percent of segment revenues	11.8		%	11.6		%			11.6		%	11.3		%

Smart Infrastructure Solutions revenues increased $35.5 million and $75.5 million in the three and six months ended June 29, 2025, respectively, from the comparable periods of 2024. The increase in revenues in the three months ended June 29, 2025 was primarily due to acquisitions, increases in volume, favorable currency translation, and higher copper pass-through pricing of $27.2 million, $6.6 million, $0.9 million, and $0.8 million, respectively. The increase in revenues in the six months ended June 29, 2025 was primarily due to acquisitions, increases in volume, and higher copper pass-through pricing of $53.4 million, $19.8 million, and $3.8 million, respectively, partially offset by unfavorable currency translation of $1.5 million.

Smart Infrastructure Solutions EBITDA increased $4.8 million and $10.1 million in the three and six months ended June 29, 2025, respectively, from the comparable periods of 2024 primarily due to the the increase in revenues discussed above and favorable mix, partially offset by an increase in incentive compensation and strategic investments. Accordingly, adjusted EBITDA margins expanded 20 basis points and 30 basis points to 11.8% and 11.6%, respectively.

-25-

Automation Solutions


	Three Months Ended						% Change		Six Months Ended						% Change
	June 29, 2025			June 30, 2024					June 29, 2025			June 30, 2024

	(In thousands, except percentages)
Segment Revenues	$	365,973		$	333,863		9.6	%	$	716,784		$	635,449		12.8	%
Segment EBITDA	78,246			67,737			15.5	%	151,571			126,482			19.8	%
as a percent of segment revenues	21.4		%	20.3		%			21.1		%	19.9		%

Automation Solutions revenues increased $32.1 million and $81.3 million in the three and six months ended June 29, 2025, respectively, from the comparable periods of 2024. The increase in revenues in the three months ended June 29, 2025 was primarily due to increases in volume, favorable currency translation, higher copper pass-through pricing, and acquisitions of $25.1 million, $3.7 million, $3.0 million, and $0.3 million, respectively. The increase in revenues in the six months ended June 29, 2025 was primarily due to increases in volume, higher copper pass-through pricing, and acquisitions of $71.7 million, $9.6 million, and $0.8 million, respectively, partially offset by unfavorable currency translation of $0.8 million.

Automation Solutions EBITDA increased $10.5 million and $25.1 million in the three and six months ended June 29, 2025 from the comparable periods of 2024 primarily as a result of the increase in revenues discussed above and favorable mix, partially offset by an increase in incentive compensation and strategic investments. Accordingly, adjusted EBITDA margins expanded 110 basis points and 120 basis points to 21.4% and 21.1%, respectively.

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:


	Six Months Ended
	June 29, 2025		June 30, 2024

	(In thousands)
Net cash provided by (used for):
Operating activities	$	89,470	$	85,680
Investing activities	(49,320)		(45,660)
Financing activities	(116,208)		(67,397)
Effects of currency exchange rate changes on cash and cash equivalents	7,242		(4,916)
Decrease in cash and cash equivalents	(68,816)		(32,293)
Cash and cash equivalents, beginning of period	370,302		597,044
Cash and cash equivalents, end of period	$	301,486	$	564,751

Net cash provided by operating activities totaled $89.5 million in the six months ended June 29, 2025 compared to $85.7 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 $49.3 million in the six months ended June 29, 2025 compared to $45.7 million in the year ago period. Investing activities for the six months ended June 29, 2025 included capital expenditures of $57.4 million, partially offset by cash from business acquisitions and asset sales of $7.9 million and $0.1 million, respectively. Investing activities for the six months ended June 30, 2024 included capital expenditures of $46.2 million, partially offset by asset sales of $0.5 million.

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Net cash used for financing activities totaled $116.2 million for the six months ended June 29, 2025 compared to $67.4 million in the year ago period. Financing activities for the six months ended June 29, 2025 included payments under our share repurchase program, including excise tax of $100.9 million; payments on our revolving credit facility of $50.0 million; payments related to share based compensation activities of $14.2 million; cash dividend payments of $4.0 million; and financing lease payments of $0.9 million; partially offset by borrowings on our revolving credit facility and proceeds from the issuance of common stock of $50.0 million and $3.8 million, respectively. Financing activities for the six months ended June 30, 2024 included payments under our share repurchase program of $57.9 million, payments related to share based compensation activities of $8.1 million, cash dividend payments of $4.1 million, financing lease payments of $0.4 million, and proceeds from the issuance of common stock of $3.1 million.

Our cash and cash equivalents balance was $301.5 million as of June 29, 2025. Of the total cash balance, $180.8 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 June 29, 2025 consisted of $1,278.8 million of senior subordinated notes. Additional discussion regarding our various borrowing arrangements is included in Notes 10 and 16 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: 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 June 29, 2025.


	Principal Amount by Expected Maturity							Fair
	2025		Thereafter			Total		Value

	(In thousands, except interest rates)
€450.0 million fixed-rate senior subordinated notes due 2027	$	—	$	523,125		$	523,125	$	520,509
Average interest rate			3.375		%
€350.0 million fixed-rate senior subordinated notes due 2028	$	—	$	406,875		$	406,875	$	408,401
Average interest rate			3.875		%
€300.0 million fixed-rate senior subordinated notes due 2031	$	—	$	348,750		$	348,750	$	333,928
Average interest rate			3.375		%
Total						$	1,278,750	$	1,262,838

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: 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.

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PART II OTHER INFORMATION

Item 1: 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: 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 June 29, 2025 (in thousands, except per share amounts).


Period	Total Number of Shares Purchased	Average Price Paid per 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 March 30, 2025					$	255,508
March 31, 2025 through May 4, 2025	153	$	101.06	153	240,000
May 5, 2025 through June 1, 2025	—	—		—	240,000
June 2, 2025 through June 29, 2025	—	—		—	240,000
Total	153	$	101.06	153	$	240,000

(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 June 29, 2025, we repurchased 0.2 million shares of our common stock for an aggregate cost of $15.5 million at an average price per share of $101.06. See Note 15.

Item 5: Other Information

Rule 10b5-1 Trading Plans

None of the Company’s directors or officers adopted , modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule

10b5-1 trading arrangement during the three months ended June 29, 2025.

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Item 6: Exhibits

Exhibits


Exhibit 4.1						Second Supplemental Indenture (2027 Notes New Guarantor)

Exhibit 4.2						First Supplemental Indenture (2028 Notes New Guarantor)

Exhibit 4.3						First Supplemental Indenture (2031 Notes New Guarantor)

Exhibit 31.1						Certificate of the Chief Executive Officer pursuant to § 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.2						Certificate of the Chief Financial Officer pursuant to § 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1						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.

Exhibit 32.2						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.

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

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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.

Date:

July 31, 2025

By:

/s/ Ashish Chand

Ashish Chand

President and Chief Executive Officer

Date:

July 31, 2025

By:

/s/ Jeremy Parks

Jeremy Parks

Senior Vice President, Finance, and Chief Financial Officer

Date:

July 31, 2025

By:

/s/ Douglas R. Zink

Douglas R. Zink

Vice President and Chief Accounting Officer

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TABLE OF CONTENTS

Part I Financial Information Item 1. Financial Statements Note 1: Summary Of Significant Accounting Policies Note 2: Revenues Note 3: Acquisitions Note 4: Reportable Segments Note 5: Income Per Share Note 6: Credit Losses Note 7: Inventories Note 8: Leases Note 9: Long-lived Assets Note 10: Long-term Debt and Other Borrowing Arrangements Note 11: Net Investment Hedge Note 12: Income Taxes Note 13: Pension and Other Postretirement Obligations Note 14: Comprehensive Income and Accumulated Other Comprehensive Income (loss)Note 15: Share Repurchase Note 16: Subsequent Events Item 2: Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 3: Quantitative and Qualitative Disclosures About Market Risks Item 4: Controls and Procedures Part II Other Information Item 1: Legal Proceedings Item 1A: Risk Factors Item 2: Unregistered Sales Of Equity Securities and Use Of Proceeds Item 5: Other Information Item 6: Exhibits

Exhibits

Exhibit 4.1 Second Supplemental Indenture (2027 Notes New Guarantor) Exhibit 4.2 First Supplemental Indenture (2028 Notes New Guarantor) Exhibit 4.3 First Supplemental Indenture (2031 Notes New Guarantor) Exhibit 31.1 Certificate of the Chief Executive Officer pursuant to 302 of the Sarbanes-Oxley Act of 2002. Exhibit 31.2 Certificate of the Chief Financial Officer pursuant to 302 of the Sarbanes-Oxley Act of 2002. Exhibit 32.1 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. Exhibit 32.2 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.

BDC 10-Q Quarter ended June 29, 2025

Exhibits