Belden (BDC) investor relations material

Executive summary

• Achieved record Q3 2025 revenue of $698.2 million, up 7% year-over-year, with organic growth of 4% and record adjusted EPS of $1.97, both exceeding guidance.

• Automation Solutions led with 10%-14% organic revenue growth, while Smart Infrastructure Solutions declined 1% year-over-year.

• Net income for Q3 2025 was $56.7 million to $79.2 million, up from the prior year; GAAP EPS rose to $1.41–$1.43.

• Secured a $14 million multi-year solutions award with a leading utility provider and launched Physical AI solutions in partnership with Accenture and NVIDIA.

• Repurchased 1.4 million shares for $150 million year-to-date, enhancing shareholder value.

Financial highlights

• Adjusted gross margin reached 38.2%, up 40 basis points year-over-year; adjusted EBITDA was $118.6–$119 million (17% margin), up 5% year-over-year.

• Net income rose to $56.7–$79.2 million; adjusted EPS increased 16% to $1.97.

• Free cash flow for the trailing twelve months was $214 million; cash and cash equivalents at quarter-end were $314 million.

• Orders increased 7% year-over-year, with a book-to-bill ratio of 1.0.

• Operating income for Q3 2025 was $76.3 million, up 1.2% year-over-year.

Outlook and guidance

• Q4 2025 revenue expected between $690 million and $700 million; adjusted EPS guidance: $1.90–$2.00.

• Q4 assumptions: interest expense $12.1 million, tax rate 14%, share count 40.0 million.

• Management targets mid-single-digit annual revenue growth, free cash flow margin approaching 10%, and annual adjusted EPS growth of 10%-12%.

• Optimism for 2026 growth, especially in automation, industrial, and data center markets, with positive trends in reshoring and BEAD-funded broadband upgrades.

• Sufficient liquidity is expected to fund working capital, capex, share repurchases, and dividends.