Belden Inc. Q4 FY2025 earnings call

• Record fourth quarter revenue of $720,000,000 and full year revenue of approximately $2,700,000,000, with adjusted EPS at record levels. - Solutions wins as a percentage of total revenue crossed 15% in 2025. - Transitioned to a unified functional operating model effective 01/01/2026 to align with solutions transformation. - Highlighted solutions wins with a U.S. grocery chain and urban transit system, demonstrating evolution from component supplier to comprehensive solutions partner. - Strong order momentum, with fourth quarter orders up 12% year over year and 5% quarter over quarter, and healthy free cash flow generation.

For the full year 2025, the Automation Solutions segment had revenue nearly $1,500,000,000, a 14% improvement year over year, with EBITDA increasing 16% and margins improving by 50 basis points to 21%. Order trends were robust, up 16% year over year, driving 11% organic growth across all regions. The Smart Infrastructure Solutions segment had revenue over $1,200,000,000, a 7% improvement year over year, with EBITDA increasing 6% but margins decreasing by 10 basis points to 12.1%. Smart buildings within this segment grew 5% organically, while broadband had a softer back half of 2025 but is expected to rebound in 2026.

• First quarter 2026 revenue expected between $675,000,000 and $690,000,000, adjusted EPS between $1.65 and $1.75. - Long-term goal of solutions wins to reach at least 20% by 2028, with progress already made from the 15% achieved in 2025.

• Market uncertainties that could impact near-term variability. - Volatility in commodity prices, particularly copper, which could affect supply chain and costs. - Potential impact of supply chain issues on product availability and pricing.

Q: Update on data center gray area opportunity and FX impact on 1Q guide?

A: Data center opportunity is a top growth area with expanded team and positive pilots/negotiations. FX expected to be a 2% revenue benefit in 1Q 2026.

Q: Broadband solutions opportunity and solutions sales split?

A: Broadband operates independently but technologies available to solutions teams. Automation solutions sales at over 20%, smart buildings solutions sales at mid single digits, with growth in hospitality, health care, etc.