false 2026 Q1 0000913142 12/31 1 http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent xbrli:shares iso4217:USD iso4217:USD xbrli:shares bdc:segment xbrli:pure iso4217:EUR 0000913142 2026-01-01 2026-03-29 0000913142 2026-04-23 0000913142 2026-03-29 0000913142 2025-12-31 0000913142 2025-01-01 2025-03-30 0000913142 2024-12-31 0000913142 2025-03-30 0000913142 us-gaap:CommonStockMember 2025-12-31 0000913142 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0000913142 us-gaap:RetainedEarningsMember 2025-12-31 0000913142 us-gaap:TreasuryStockCommonMember 2025-12-31 0000913142 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0000913142 us-gaap:RetainedEarningsMember 2026-01-01 2026-03-29 0000913142 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-03-29 0000913142 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-03-29 0000913142 us-gaap:TreasuryStockCommonMember 2026-01-01 2026-03-29 0000913142 us-gaap:CommonStockMember 2026-03-29 0000913142 us-gaap:AdditionalPaidInCapitalMember 2026-03-29 0000913142 us-gaap:RetainedEarningsMember 2026-03-29 0000913142 us-gaap:TreasuryStockCommonMember 2026-03-29 0000913142 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-03-29 0000913142 us-gaap:CommonStockMember 2024-12-31 0000913142 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000913142 us-gaap:RetainedEarningsMember 2024-12-31 0000913142 us-gaap:TreasuryStockCommonMember 2024-12-31 0000913142 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000913142 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-30 0000913142 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-03-30 0000913142 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-30 0000913142 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-03-30 0000913142 us-gaap:CommonStockMember 2025-03-30 0000913142 us-gaap:AdditionalPaidInCapitalMember 2025-03-30 0000913142 us-gaap:RetainedEarningsMember 2025-03-30 0000913142 us-gaap:TreasuryStockCommonMember 2025-03-30 0000913142 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-30 0000913142 us-gaap:SuretyBondMember 2026-03-29 0000913142 us-gaap:StandbyLettersOfCreditMember 2026-03-29 0000913142 us-gaap:GuaranteeObligationsMember 2026-03-29 0000913142 2026-01-01 2026-01-01 0000913142 bdc:BroadbandSolutionsMember 2026-01-01 2026-03-29 0000913142 bdc:BroadbandSolutionsMember 2025-01-01 2025-03-30 0000913142 bdc:AutomationSolutionsMember 2026-01-01 2026-03-29 0000913142 bdc:AutomationSolutionsMember 2025-01-01 2025-03-30 0000913142 bdc:SmartBuildingsSolutionsMember 2026-01-01 2026-03-29 0000913142 bdc:SmartBuildingsSolutionsMember 2025-01-01 2025-03-30 0000913142 srt:AmericasMember 2026-01-01 2026-03-29 0000913142 srt:AmericasMember 2025-01-01 2025-03-30 0000913142 us-gaap:EMEAMember 2026-01-01 2026-03-29 0000913142 us-gaap:EMEAMember 2025-01-01 2025-03-30 0000913142 srt:AsiaPacificMember 2026-01-01 2026-03-29 0000913142 srt:AsiaPacificMember 2025-01-01 2025-03-30 0000913142 2025-01-01 2025-12-31 0000913142 bdc:ServiceTypeWarrantiesMember 2026-03-29 0000913142 srt:MinimumMember 2026-03-29 0000913142 srt:MaximumMember 2026-03-29 0000913142 bdc:PropertyLeasesOfFormerSubsidiaryMember 2026-03-29 0000913142 bdc:PropertyLeasesOfFormerSubsidiaryMember 2025-12-31 0000913142 us-gaap:RevolvingCreditFacilityMember bdc:RevolvingCreditFacilityMature2030Member us-gaap:LineOfCreditMember 2026-03-29 0000913142 us-gaap:RevolvingCreditFacilityMember bdc:RevolvingCreditFacilityMature2030Member us-gaap:LineOfCreditMember 2025-12-31 0000913142 bdc:A3.375SeniorSubordinatedNotesDue2027Member us-gaap:SeniorSubordinatedNotesMember 2026-03-29 0000913142 bdc:A3.375SeniorSubordinatedNotesDue2027Member us-gaap:SeniorSubordinatedNotesMember 2025-12-31 0000913142 bdc:A3.875SeniorSubordinatedNotesDue2028Member us-gaap:SeniorSubordinatedNotesMember 2026-03-29 0000913142 bdc:A3.875SeniorSubordinatedNotesDue2028Member us-gaap:SeniorSubordinatedNotesMember 2025-12-31 0000913142 bdc:A3375SeniorSubordinatedNotesDue2031Member us-gaap:SeniorSubordinatedNotesMember 2026-03-29 0000913142 bdc:A3375SeniorSubordinatedNotesDue2031Member us-gaap:SeniorSubordinatedNotesMember 2025-12-31 0000913142 bdc:A4.250SeniorSubordinatedNotesDue2033Member us-gaap:SeniorSubordinatedNotesMember 2026-03-29 0000913142 bdc:A4.250SeniorSubordinatedNotesDue2033Member us-gaap:SeniorSubordinatedNotesMember 2025-12-31 0000913142 us-gaap:RevolvingCreditFacilityMember bdc:RevolvingCreditFacilityMature2030Member us-gaap:LineOfCreditMember 2025-07-17 0000913142 us-gaap:RevolvingCreditFacilityMember bdc:RevolvingCreditFacilityMature2030Member us-gaap:LineOfCreditMember 2025-07-18 0000913142 us-gaap:RevolvingCreditFacilityMember bdc:RevolvingCreditFacilityMature2030Member srt:MinimumMember us-gaap:LineOfCreditMember 2026-01-01 2026-03-29 0000913142 us-gaap:RevolvingCreditFacilityMember bdc:RevolvingCreditFacilityMature2030Member srt:MaximumMember us-gaap:LineOfCreditMember 2026-01-01 2026-03-29 0000913142 us-gaap:RevolvingCreditFacilityMember bdc:RevolvingCreditFacilityMature2030Member bdc:OutsideU.S.CanadaMember srt:MinimumMember us-gaap:LineOfCreditMember 2026-01-01 2026-03-29 0000913142 us-gaap:RevolvingCreditFacilityMember bdc:RevolvingCreditFacilityMature2030Member bdc:OutsideU.S.CanadaMember srt:MaximumMember us-gaap:LineOfCreditMember 2026-01-01 2026-03-29 0000913142 us-gaap:RevolvingCreditFacilityMember bdc:RevolvingCreditFacilityMature2030Member us-gaap:LineOfCreditMember 2026-01-01 2026-03-29 0000913142 us-gaap:RevolvingCreditFacilityMember bdc:RevolvingCreditFacilityMature2030Member srt:MaximumMember us-gaap:LineOfCreditMember 2026-03-29 0000913142 bdc:A3.375SeniorSubordinatedNotesDue2027Member us-gaap:SeniorSubordinatedNotesMember 2026-02-01 2026-02-28 0000913142 bdc:A4.250SeniorSubordinatedNotesDue2033Member us-gaap:SeniorSubordinatedNotesMember 2026-01-31 0000913142 bdc:A4.250SeniorSubordinatedNotesDue2033Member us-gaap:SeniorSubordinatedNotesMember 2026-01-01 2026-03-29 0000913142 us-gaap:SeniorSubordinatedNotesMember 2026-03-29 0000913142 us-gaap:SeniorSubordinatedNotesMember 2026-01-01 2026-03-29 0000913142 us-gaap:SeniorSubordinatedNotesMember 2025-01-01 2025-03-30 0000913142 us-gaap:PensionPlansDefinedBenefitMember 2026-01-01 2026-03-29 0000913142 us-gaap:PensionPlansDefinedBenefitMember 2025-01-01 2025-03-30 0000913142 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2026-01-01 2026-03-29 0000913142 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2025-01-01 2025-03-30 0000913142 us-gaap:AccumulatedTranslationAdjustmentMember 2025-12-31 0000913142 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-12-31 0000913142 us-gaap:AccumulatedTranslationAdjustmentMember 2026-01-01 2026-03-29 0000913142 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2026-01-01 2026-03-29 0000913142 us-gaap:AccumulatedTranslationAdjustmentMember 2026-03-29 0000913142 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2026-03-29 0000913142 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2026-01-01 2026-03-29 0000913142 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2026-01-01 2026-03-29 0000913142 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2026-01-01 2026-03-29 0000913142 bdc:RuckusNetworksMember us-gaap:SubsequentEventMember 2026-04-29 2026-04-29
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 March 29, 2026
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____.
Commission File No. 001-12561
____________________________________
BELDEN INC.
(Exact name of registrant as specified in its charter)
_____________________________________________

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

1 North Brentwood Boulevard, 15th Floor, St. Louis, Missouri 63105
(Address of principal executive offices)
(314) 854-8000
Registrant’s telephone number, including area code
_________________________________________________
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐.
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑ Accelerated filer ☐ 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 April 23, 2026, the Registrant h ad 38,944,040 out standing shares of common stock.

PART I FINANCIAL INFORMATION
Item 1. Financial Statements
BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

| March 29, 2026 |  | December 31, 2025
| (Unaudited) |  |
| (In thousands)
ASSETS
Current assets: |  |  |
Cash and cash equivalents | $ | 272,151 |  |  | $ | 389,887 |
Receivables, net | 499,090 |  |  | 462,845 |
Inventories, net | 423,124 |  |  | 402,345 |
Other current assets | 85,522 |  |  | 94,303 |
Total current assets | 1,279,887 |  |  | 1,349,380 |
Property, plant and equipment, less accumulated depreciation | 569,389 |  |  | 566,020 |
Operating lease right-of-use assets | 105,749 |  |  | 113,033 |
Goodwill | 1,034,037 |  |  | 1,036,821 |
Intangible assets, less accumulated amortization | 392,431 |  |  | 399,799 |
Deferred income taxes | 14,099 |  |  | 14,512 |
Other long-lived assets | 63,832 |  |  | 64,056 |
| $ | 3,459,424 |  |  | $ | 3,543,621 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |
Accounts payable | $ | 326,931 |  |  | $ | 361,432 |
Accrued liabilities | 286,703 |  |  | 336,067 |
Total current liabilities | 613,634 |  |  | 697,499 |
Long-term debt | 1,260,359 |  |  | 1,285,666 |
Postretirement benefits | 62,767 |  |  | 63,598 |
Deferred income taxes | 112,458 |  |  | 98,060 |
Long-term operating lease liabilities | 89,874 |  |  | 94,372 |
Other long-term liabilities | 37,331 |  |  | 40,002 |
Stockholders’ equity: |  |  |
Common stock | 503 |  |  | 503 |
Additional paid-in capital | 862,720 |  |  | 867,457 |
Retained earnings | 1,454,639 |  |  | 1,405,572 |
Accumulated other comprehensive loss | (95,715) |  |  | (97,204) |
Treasury stock | (939,146) |  |  | (911,904) |
Total stockholders’ equity | 1,283,001 |  |  | 1,264,424 |
| $ | 3,459,424 |  |  | $ | 3,543,621 |

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 |  |
| March 29, 2026 |  | March 30, 2025 |  |  |  |
| (In thousands, except per share data)
Revenues | $ | 696,375 |  |  | $ | 624,861 |  |  |  |  |
Cost of sales | (438,287) |  |  | (379,021) |  |  |  |  |
Gross profit | 258,088 |  |  | 245,840 |  |  |  |  |
Selling, general and administrative expenses | (138,652) |  |  | (131,522) |  |  |  |  |
Research and development expenses | (30,089) |  |  | (28,417) |  |  |  |  |
Amortization of intangibles | (11,388) |  |  | (13,275) |  |  |  |  |
Operating income | 77,959 |  |  | 72,626 |  |  |  |  |
Interest expense, net | (13,459) |  |  | (10,104) |  |  |  |  |
Non-operating pension cost | (456) |  |  | (441) |  |  |  |  |
Loss on debt extinguishment | (1,273) |  |  | — |  |  |  |  |
Income before taxes | 62,771 |  |  | 62,081 |  |  |  |  |
Income tax expense | (11,744) |  |  | (10,144) |  |  |  |  |
Net income | $ | 51,027 |  |  | $ | 51,937 |  |  |  |  |
Weighted average number of common shares and equivalents: |  |  |  |  |  |  |
Basic | 38,814 |  |  | 40,166 |  |  |  |  |
Diluted | 39,395 |  |  | 40,844 |  |  |  |  |
Basic income per share | $ | 1.31 |  |  | $ | 1.29 |  |  |  |  |
Diluted income per share | $ | 1.30 |  |  | $ | 1.27 |  |  |  |  |
Comprehensive income | $ | 52,516 |  |  | $ | 14,787 |  |  |  |  |
Common stock dividends declared per share | $ | 0.05 |  |  | $ | 0.05 |  |  |  |  |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
-2-

BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)

| Three Months Ended
| March 29, 2026 |  | March 30, 2025
| (In thousands)
Cash flows from operating activities: |  |  |
Net income | $ | 51,027 |  |  | $ | 51,937 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |
Depreciation and amortization | 32,456 |  |  | 29,784 |
Share-based compensation | 9,161 |  |  | 7,776 |
Loss on debt extinguishment | 1,273 |  |  | — |
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals: |  |  |
Receivables | (37,906) |  |  | (5,934) |
Inventories | (21,883) |  |  | (26,676) |
Accounts payable | (19,431) |  |  | (8,612) |
Accrued liabilities | (36,679) |  |  | (40,913) |
Income taxes | 2,393 |  |  | 6,813 |
Other assets | 5,594 |  |  | (3,634) |
Other liabilities | (4,671) |  |  | (3,100) |
Net cash provided by (used for) operating activities | (18,666) |  |  | 7,441 |
Cash flows from investing activities: |  |  |
Capital expenditures | (44,392) |  |  | (32,202) |
Proceeds from disposal of tangible assets | — |  |  | 106 |
Cash from business acquisitions | — |  |  | 7,918 |
Net cash used for investing activities | (44,392) |  |  | (24,178) |
Cash flows from financing activities: |  |  |
Payments under borrowing arrangements | (535,860) |  |  | — |
Payments under share repurchase program, including excise tax | (30,381) |  |  | (84,492) |
Withholding tax payments for share-based payment awards | (17,700) |  |  | (13,671) |
Debt issuance costs paid | (8,630) |  |  | — |
Cash dividends paid | (1,970) |  |  | (2,017) |
Payments under financing lease obligations | (492) |  |  | (422) |
Proceeds from issuance of common stock | 4,696 |  |  | 3,818 |
Borrowings under credit arrangements | 537,255 |  |  | — |
Net cash used for financing activities | (53,082) |  |  | (96,784) |
Effect of foreign currency exchange rate changes on cash and cash equivalents | (1,596) |  |  | 2,216 |
Decrease in cash and cash equivalents | (117,736) |  |  | (111,305) |
Cash and cash equivalents, beginning of period | 389,887 |  |  | 370,302 |
Cash and cash equivalents, end of period | $ | 272,151 |  |  | $ | 258,997 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
-3-

BELDEN INC.
CONDENSED CONSOLIDATED STOCKHOLDERS’ EQUITY STATEMENTS
(Unaudited)

|  |  |  |  | Additional |  |  |  |  |  | Accumulated Other |  |
| Common Stock |  | Paid-In |  | Retained |  | Treasury Stock |  | Comprehensive |  |
| Shares |  | Amount |  | Capital |  | Earnings |  | Shares |  | Amount |  | Income (Loss) |  | Total
| (In thousands)
Balance at December 31, 2025 | 50,335 |  |  | $ | 503 |  |  | $ | 867,457 |  |  | $ | 1,405,572 |  |  | (11,388) |  |  | $ | (911,904) |  |  | $ | (97,204) |  |  | $ | 1,264,424 |
Net income | — |  |  | — |  |  | — |  |  | 51,027 |  |  | — |  |  | — |  |  | — |  |  | 51,027 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,489 |  |  | 1,489 |
Common stock issuance | — |  |  | — |  |  | 2,999 |  |  | — |  |  | 47 |  |  | 1,697 |  |  | — |  |  | 4,696 |
Retirement Savings Plan stock contributions | — |  |  | — |  |  | 1,235 |  |  | — |  |  | 18 |  |  | 1,010 |  |  | — |  |  | 2,245 |
Exercise of stock options, net of tax withholding forfeitures | — |  |  | — |  |  | (414) |  |  | — |  |  | 5 |  |  | 91 |  |  | — |  |  | (323) |
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | — |  |  | — |  |  | (17,718) |  |  | — |  |  | 179 |  |  | 341 |  |  | — |  |  | (17,377) |
Share repurchase including excise tax | — |  |  | — |  |  | — |  |  | — |  |  | (260) |  |  | (30,381) |  |  | — |  |  | (30,381) |
Share-based compensation | — |  |  | — |  |  | 9,161 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,161 |
Common stock dividends ($0.05 per share) | — |  |  | — |  |  | — |  |  | (1,960) |  |  | — |  |  | — |  |  | — |  |  | (1,960) |
Balance at March 29, 2026 | 50,335 |  |  | $ | 503 |  |  | $ | 862,720 |  |  | $ | 1,454,639 |  |  | (11,399) |  |  | $ | (939,146) |  |  | $ | (95,715) |  |  | $ | 1,283,001 |

|  |  |  |  | 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 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
-4-

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, 2025:
•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 2025 Annual Report on Form 10-K.
Business Description
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. 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.
Effective January 1, 2026, we realigned our organizational structure, moving to a unified functional operating model designed to accelerate our solutions-first strategy, enhance operational agility, and capitalize on the increasing convergence of IT and OT. As a result of this organizational structure realignment, we are now a single reportable segment entity that is managed on a consolidated basis. Our chief operating decision maker is our President and Chief Executive Officer. He regularly reviews operating results and allocates resources on a consolidated basis. This new organizational structure enables us to drive our solutions transformation within key verticals, leveraging our combined offerings to solve customers' most pressing problems.
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 29, 2026, the 88th day of our fiscal year 2026. Our fiscal second and third quarters each have 91 days. The three months ended March 29, 2026 and March 30, 2025 included 88 and 89 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 months ended March 29, 2026 and March 30, 2025, 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 months ended March 29, 2026 and March 30, 2025.
-5-

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 March 29, 2026, 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.
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 March 29, 2026, we were party to surety bonds, standby letters of credit, and bank guaranties totaling $15.5 million, $9.9 million, and $4.5 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.
Current Year Adoption of Accounting Pronouncements
None of the accounting pronouncements that became effective during 2026 had a material impact to our condensed consolidated financial statements or disclosures.
Pending Adoption of Recent Accounting Pronouncements
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.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the timing and method of adoption of ASU 2025-06.
-6-

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 market.

| Three Months Ended |  |
| March 29, 2026 |  | March 30, 2025 |  |  |  |
| (In thousands)
Broadband | $ | 155,282 |  |  | $ | 146,647 |  |  |  |  |
Automation | 387,009 |  |  | 350,811 |  |  |  |  |
Smart Buildings | 154,084 |  |  | 127,403 |  |  |  |  |
Total Revenues | $ | 696,375 |  |  | $ | 624,861 |  |  |  |  |

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

| Three Months Ended |  |
| March 29, 2026 |  | March 30, 2025 |  |  |  |
| (In thousands)
Americas | $ | 472,733 |  |  | $ | 428,231 |  |  |  |  |
EMEA | 142,952 |  |  | 125,102 |  |  |  |  |
APAC | 80,690 |  |  | 71,528 |  |  |  |  |
Total Revenues | $ | 696,375 |  |  | $ | 624,861 |  |  |  |  |

We generate revenues primarily by selling products and delivering solutions that make the digital journey simpler, smarter, and secure. 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.
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.
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 months ended March 29, 2026 and March 30, 2025. The following table presents estimated and accrued variable consideration:
-7-

|  | March 29, 2026 |  | December 31, 2025
|  | (in thousands)
Accrued rebates included in accrued liabilities |  | $ | 67,943 |  |  | $ | 76,789 |
Accrued returns included in accrued liabilities |  | 12,828 |  |  | 11,892 |
Price adjustments recognized against gross accounts receivable |  | 31,908 |  |  | 33,258 |

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 March 29, 2026, total deferred revenue was $41.5 million, and of this amount, $32.9 million is expected to be recognized within the next twelve months, and the remaining $8.6 million is long-term and is expected to be recognized over a period greater than twelve months. The following table presents deferred revenue activity during the three months ended March 29, 2026 and March 30, 2025, respectively:

|  | 2026 |  | 2025 |  |
|  | (In thousands)
Beginning balance at January 1 |  | $ | 49,728 |  |  | $ | 40,128 |  |  |
New deferrals |  | 19,030 |  |  | 13,735 |  |  |
Revenue recognized |  | (27,267) |  |  | (10,420) |  |  |
Balance at the end of Q1 |  | $ | 41,491 |  |  | $ | 43,443 |  |  |

Service-type warra nties represent $16.9 million of the deferred revenue balance at March 29, 2026, and of this amount $10.9 million is expected to be recognized in the next twelve months, and the remaining $6.0 million is long-term and will be recognized over a period greater than twelve months. As of March 29, 2026 and December 31, 2025, 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 March 29, 2026 and December 31, 2025 were not material. The following table presents sales commissions that are recorded within selling, general and administrative expenses:

|  | Three Months Ended |  |
|  | March 29, 2026 |  | March 30, 2025 |  |  |  |
|  | (In thousands)
Sales commissions |  | $ | 5,750 |  |  | $ | 5,986 |  |  |  |  |

Note 3: Income per Share
The following table presents the basis for the income per share computations:

| Three Months Ended |  |
| March 29, 2026 |  | March 30, 2025 |  |  |  |
| (In thousands)
Numerator: |  |  |  |  |  |  |
Net income | $ | 51,027 |  |  | $ | 51,937 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted average shares outstanding, basic | 38,814 |  |  | 40,166 |  |  |  |  |
Effect of dilutive common stock equivalents | 581 |  |  | 678 |  |  |  |  |
Weighted average shares outstanding, diluted | 39,395 |  |  | 40,844 |  |  |  |  |

-8-

For each of the three months ended March 29, 2026 and March 30, 2025, 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 March 29, 2026 and March 30, 2025, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million and 0.3 million, respectively, 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 4: Credit Losses
We are exposed to credit losses primarily through sales of products and services. Our expected loss allowance methodology for accounts receivable is developed using historical collection experience, current economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. Provisions and recoveries are included in selling, general and administrative expenses.
The following table presents the activity in the trade receivables allowance for doubtful accounts for the three months ended March 29, 2026 and March 30, 2025, respectively:

|  | 2026 |  | 2025 |  |
|  | (In thousands)
Beginning balance at January 1 |  | $ | 24,500 |  |  | $ | 25,257 |  |  |
Current period provision |  | 838 |  |  | 72 |  |  |
Fx impact |  | 91 |  |  | 143 |  |  |
Recoveries collected |  | (40) |  |  | (146) |  |  |
Write-offs |  | (8,416) |  |  | (674) |  |  |
Q1 ending balance |  | $ | 16,973 |  |  | $ | 24,652 |  |  |

Write-offs were primarily due to deterioration of certain customers' financial condition such that we determined the previously reserved balances to be uncollectible.
Note 5: Inventories
The following table presents the major classes of inventories as of March 29, 2026 and December 31, 2025, respectively:

| March 29, 2026 |  | December 31, 2025
| (In thousands)
Raw materials | $ | 245,918 |  |  | $ | 238,417 |
Work-in-process | 51,422 |  |  | 46,721 |
Finished goods | 199,677 |  |  | 191,302 |
Gross inventories | 497,017 |  |  | 476,440 |
Excess and obsolete reserves | (73,893) |  |  | (74,095) |
Net inventories | $ | 423,124 |  |  | $ | 402,345 |

-9-

Note 6: 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 19 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 for both the three months ended March 29, 2026 and March 30, 2025, respectively.
The components of lease expense were as follows:

|  | Three Months Ended |  |
|  | March 29, 2026 |  | March 30, 2025 |  |  |  |
|  | (In thousands)
Operating lease cost |  | $ | 7,180 |  |  | $ | 6,882 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use asset |  | $ | 425 |  |  | $ | 467 |  |  |  |  |
Interest on lease liabilities |  | 128 |  |  | 13 |  |  |  |  |
Total finance lease cost |  | $ | 553 |  |  | $ | 480 |  |  |  |  |

Supplemental cash flow information related to leases was as follows:

|  | Three Months Ended |  |
|  | March 29, 2026 |  | March 30, 2025 |  |  |  |
|  | (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 5,443 |  |  | $ | 5,030 |  |  |  |  |

Operating cash flows from finance leases were not material during the three months ended March 29, 2026 and March 30, 2025.
Supplemental balance sheet information related to leases was as follows:

|  | March 29, 2026 |  | December 31, 2025
|  | (In thousands)
Operating leases: |  |  |  |
Total operating lease right-of-use assets |  | $ | 105,749 |  |  | $ | 113,033 |
Accrued liabilities |  | $ | 17,530 |  |  | $ | 20,159 |
Long-term operating lease liabilities |  | 89,874 |  |  | 94,372 |
Total operating lease liabilities |  | $ | 107,404 |  |  | $ | 114,531 |

-10-

Finance leases: |  |  |  |
Other long-lived assets, at cost |  | $ | 13,567 |  |  | $ | 13,565 |
Accumulated depreciation |  | (4,428) |  |  | (4,014) |
Other long-lived assets, net |  | $ | 9,139 |  |  | $ | 9,551 |
Accrued liabilities |  | $ | 1,988 |  |  | $ | 1,987 |
Other long-term liabilities |  | 7,421 |  |  | 7,914 |
Total finance lease liabilities |  | $ | 9,409 |  |  | $ | 9,901 |

|  | March 29, 2026 |  | December 31, 2025
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 10 years |  | 10 years
Finance leases |  | 5 years |  | 5 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 6.1 | % |  | 6.1 | %
Finance leases |  | 4.8 | % |  | 4.9 | %

In addition, we guaranteed the lease payments for certain property leases of a former subsidiary with expiration dates extending out to 2035. These lease guarantees were retained by Belden and not transferred to the buyer of the former subsidiary. As of both March 29, 2026 and December 31, 2025, the fixed, remaining base rent payments were approximately $17 million. As of March 29, 2026 and December 31, 2025, we had a liability for expected, future payments of $9.6 million and $10.7 million, respectively. The liability is based on certain assumptions, including potential settlements with landlords that we continually reassess on an ongoing basis. We will update the estimated liability balance for changes in assumptions as needed.
Note 7: Long-Lived Assets
Depreciation and Amortization Expense
We recognized depreciation expense of $17.7 million and $13.9 million in the three months ended March 29, 2026 and March 30, 2025, respectively. We recognized amortization expense of $14.8 million and $15.9 million in the three months ended March 29, 2026 and March 30, 2025, respectively.
Note 8: Long-Term Debt and Other Borrowing Arrangements
The carrying values of our long-term debt were as follows:

| March 29, 2026 |  | December 31, 2025
| (In thousands)
Revolving credit agreement due 2030 | $ | — |  |  | $ | — |
Senior subordinated notes: |  |  |
3.375% Senior subordinated notes due 2027 | — |  |  | 528,525 |
3.875% Senior subordinated notes due 2028 | 405,125 |  |  | 411,075 |
3.375% Senior subordinated notes due 2031 | 347,250 |  |  | 352,350 |
4.250% Senior subordinated notes due 2033 | 520,875 |  |  | — |
Total senior subordinated notes | 1,273,250 |  |  | 1,291,950 |
Less unamortized debt issuance costs | (12,891) |  |  | (6,284) |
Long-term debt | $ | 1,260,359 |  |  | $ | 1,285,666 |

-11-

Revolving Credit Agreement due 2030
On July 18, 2025, we refinanced our revolving credit facility (the Revolver) extending the maturity date to July 18, 2030 and increasing the borrowing capacity from $300.0 million to $400.0 million. The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the United States, Belgium, Canada, Germany, the Netherlands, and United Kingdom. Interest on outstanding borrowings is variable, based upon SOFR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25% - 1.75%, depending upon our leverage position. Outstanding borrowings in the U.S. and Canada may also, at our election, be priced on a base rate plus a spread that ranges from 0.25% - 0.75%, depending on our leverage position. We pay a commitment fee on the total commitments of 0.25%. In the event that we borrow more than 90% of our combined borrowing base or our borrowing base availability is less than $27.0 million, we are subject to a fixed charge coverage ratio covenant. As of March 29, 2026, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $374.9 million.
Senior Subordinated Notes
We had outstanding €450.0 million aggregate principal amount of 3.375% senior subordinated notes due 2027 (the 2027 Notes). In February 2026, we repurchased the 2027 Notes for cash consideration of €450.0 million ($535.9 million), and recognized a $1.3 million loss on debt extinguishment for the write-off of unamortized debt issuance costs.
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 March 29, 2026 is $405.1 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 2033 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 March 29, 2026 is $347.3 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 2033 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.
In January 2026, we completed an offering for €450.0 million ($537.3 million at issuance) aggregate principal amount of 4.250% senior subordinated notes due 2033 (the 2033 Notes). The carrying value of the 2033 Notes as of March 29, 2026 is $520.9 million. The 2033 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2033 Notes rank equal in right of payment with our senior subordinated notes due 2028 and 2031 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 February 1 and August 1 of each year, commencing August 1, 2026. We paid approximately $8.6 million of fees associated with the issuance of the 2033 Notes, which will be amortized over the life of the 2033 Notes using the effective interest method. We used the net proceeds from this offering, along with cash on hand, to fund the full redemption of the 2027 Notes - see further discussion above.
Fair Value of Long-Term Debt
The fair value of our senior subordinated notes as of March 29, 2026 was approximately $1,233.5 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 $1,273.3 million as of March 29, 2026.
Note 9: Net Investment Hedge
All of our euro denominated notes were issued by Belden Inc., a USD functional currency entity. As of March 29, 2026, €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 months ended March 29, 2026 and March 30, 2025, the transaction gain (loss) associated with the net investment hedge reported in other comprehensive income was $9.7 million and $(24.9) million, respectively.
-12-

Note 10: Income Taxes
For the three months ended March 29, 2026 and March 30, 2025, we recognized income tax expense of $11.7 million and $10.1 million representing effective tax rates of 18.7% and 16.3%, respectively. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rate differences and foreign tax credits. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, which includes international tax changes, permanent extensions of most expiring Tax Cuts and Jobs Act provisions, and changes in the treatment of research and development and amortization expense deductions. We have included the impact of international tax changes effective from January 1, 2026 and continue to evaluate the impact of the act on our consolidated financial statements and disclosures.
Note 11: 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
|  | March 29, 2026 |  | March 30, 2025 |  | March 29, 2026 |  | March 30, 2025
|  | (In thousands)
Three Months Ended |  |  |  |  |  |  |  |
Service cost |  | $ | 808 |  |  | $ | 762 |  |  | $ | 8 |  |  | $ | 7 |
Interest cost |  | 3,909 |  |  | 3,768 |  |  | 228 |  |  | 223 |
Expected return on plan assets |  | (4,031) |  |  | (3,824) |  |  | — |  |  | — |
Amortization of prior service cost |  | 79 |  |  | 37 |  |  | — |  |  | — |
Actuarial losses (gains) |  | 355 |  |  | 319 |  |  | (84) |  |  | (82) |
Net periodic benefit cost |  | $ | 1,120 |  |  | $ | 1,062 |  |  | $ | 152 |  |  | $ | 148 |

Note 12: Comprehensive Income and Accumulated Other Comprehensive Income (Loss)
The following table summarizes total comprehensive income:

| Three Months Ended |  |
| March 29, 2026 |  | March 30, 2025 |  |  |  |
| (In thousands)
Net income | $ | 51,027 |  |  | $ | 51,937 |  |  |  |  |
Foreign currency translation adjustments, net of tax | 1,219 |  |  | (37,360) |  |  |  |  |
Adjustments to pension and postretirement liability, net of tax | 270 |  |  | 210 |  |  |  |  |
Total comprehensive income | $ | 52,516 |  |  | $ | 14,787 |  |  |  |  |

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, 2025 | $ | (91,808) |  |  | $ | (5,396) |  |  | $ | (97,204) |
Other comprehensive income | 1,219 |  |  | — |  |  | 1,219 |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 270 |  |  | 270 |
Net current period other comprehensive income | 1,219 |  |  | 270 |  |  | 1,489 |
Balance at March 29, 2026 | $ | (90,589) |  |  | $ | (5,126) |  |  | $ | (95,715) |

As of March 29, 2026 and December 31, 2025, there was tax of $16.4 million and $14.1 million, respectively, included in accumulated other comprehensive loss in the table above.
-13-

The following table summarizes the effects of reclassifications from accumulated other comprehensive loss for the three months ended March 29, 2026:

| 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 | $ | 271 |  |  | (1)
Prior service cost | 79 |  |  | (1)
Total before tax | 350 |  |  |
Tax benefit | (80) |  |  |
Total net of tax | $ | 270 |  |  |

(1) The amortization of these accumulated other comprehensive loss components are included in the computation of net periodic benefit costs (see Note 11).
Note 13: 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. During the three months ended March 29, 2026, we repurchased 0.3 million shares of our common stock for an aggregate cost of $30.4 million at an average price per share of $117.05. During the three months ended March 30, 2025, we repurchased 0.8 million shares of our common stock for an aggregate cost of $84.5 million at an average price per share of $104.28. As of March 29, 2026, we had $115.0 million of authorizations remaining under the program. This share repurchase authorization does not have an expiration date.
Note 14: Subsequent Events
On April 29, 2026, we entered into a definitive agreement to acquire certain entities that comprise Ruckus Networks (“Ruckus”) for approximately $1.846 billion, which we expect to fund through additional debt. Ruckus, based in California, provides wireless networks for enterprises and service providers. Product offerings include indoor cellular solutions such as indoor and outdoor Wi-Fi and long-term evolution access points, access and aggregation switches; an Internet of Things suite, on-premises and cloud-based control and management systems; and software and software-as-a-service applications addressing security, location, reporting and analytics. The acquisition of Ruckus is expected to close in the second half of 2026.
-14-

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
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 2026 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 41% of our consolidated revenues during the quarter ended March 29, 2026 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 periods of significant volatility in 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.
-15-

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.
Tariffs
In February 2026, the U.S. Supreme Court issued a ruling addressing the validity of certain tariffs implemented under the International Emergency Economic Powers Act (“IEEPA”). In March 2026, the U.S. Court of International Trade Court issued an additional ruling stating importers that paid tariffs under IEEPA are due refunds. While we have paid tariffs on certain imported products and materials that were subject to these IEEPA‑based duties, the nature, timing, and extent of any refunds are uncertain as of the date of this filing.
Realignment of Organization Structure
Effective January 1, 2026, we realigned our organizational structure, moving to a unified functional operating model designed to accelerate our solutions-first strategy, enhance operational agility, and capitalize on the increasing convergence of IT and OT. As a result of this organizational structure realignment, we are now a single reportable segment entity that is managed on a consolidated basis. Our chief operating decision maker is our President and Chief Executive Officer. He regularly reviews operating results and allocates resources on a consolidated basis. This new organizational structure enables us to drive our solutions transformation within key verticals, leveraging our combined offerings to solve customers' most pressing problems. See Note 1.
Senior Subordinated Notes Issuance and Redemption
During the three months ended March 29, 2026, we issued €450 million aggregate principal amount of 4.250% Senior Subordinated Notes due 2033 (the 2033 Notes), which are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2033 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2028, and interest is payable semiannually on February 1 and August 1 of each year, beginning August 1, 2026. With the proceeds from this offering, we repurchased the 2027 Notes for cash consideration of €450.0 million ($535.9 million), and recognized a $1.3 million loss on debt extinguishment for the write-off of unamortized debt issuance costs. See Note 8.
Share Repurchase Program
During the three months ended March 29, 2026, we repurchased 0.3 million shares of our common stock for an aggregate cost of $30.4 million at an average price per share of $117.05. See Note 13.
Acquisitions
On April 29, 2026, in our fiscal second quarter, we entered into a definitive agreement to acquire Ruckus for approximately $1.846 billion, which we expect to fund through additional debt. Ruckus, based in California, provides wireless networks for enterprises and service providers. The acquisition of Ruckus is expected to close in the second half of 2026. See Note 14.
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.
-16-

Critical Accounting Policies
During the three months ended March 29, 2026:
•We did not change any of our existing critical accounting policies from those listed in our 2025 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.
Results of Operations
Consolidated Income before Taxes

| Three Months Ended |  | % Change |  |  |  |
| March 29, 2026 |  | March 30, 2025 |  |  |  |  |  |
| (In thousands, except percentages)
Revenues | $ | 696,375 |  |  | $ | 624,861 |  |  | 11.4 | % |  |  |  |  |  |
Gross profit | 258,088 |  |  | 245,840 |  |  | 5.0 | % |  |  |  |  |  |
Selling, general and administrative expenses | (138,652) |  |  | (131,522) |  |  | 5.4 | % |  |  |  |  |  |
Research and development expenses | (30,089) |  |  | (28,417) |  |  | 5.9 | % |  |  |  |  |  |
Amortization of intangibles | (11,388) |  |  | (13,275) |  |  | (14.2) | % |  |  |  |  |  |
Operating income | 77,959 |  |  | 72,626 |  |  | 7.3 | % |  |  |  |  |  |
Interest expense, net | (13,459) |  |  | (10,104) |  |  | 33.2 | % |  |  |  |  |  |
Non-operating pension cost | (456) |  |  | (441) |  |  | 3.4 | % |  |  |  |  |  |
Loss on debt extinguishment | (1,273) |  |  | — |  |  | n/a |  |  |  |  |  |
Income before taxes | 62,771 |  |  | 62,081 |  |  | 1.1 | % |  |  |  |  |  |

Revenues increased $71.5 million in the three months ended March 29, 2026 from the comparable period of 2025 due to the following factors:
•Higher sales volume contributed $42.4 million in revenues.
•Copper pass-through pricing had a $15.4 million favorable impact on revenues.
•Currency translation had a $13.7 million favorable impact on revenues.
Gross profit increased $12.2 million in the three months ended March 29, 2026 from the comparable period of 2025 primarily due to the increases in revenues discussed above.
Selling, general and administrative expenses increased $7.1 million in the three months ended March 29, 2026 from the comparable period of 2025 primarily due to higher selling expenses consistent with the increase in revenues, currency translation, and strategic investments.
Research and development expenses increased $1.7 million in the three months ended March 29, 2026 from the comparable period of 2025 primarily due to strategic investments.
Amortization of intangibles decreased $1.9 million in the three months ended March 29, 2026 from the comparable period of 2025 primarily due to certain intangible assets becoming fully amortized.
Operating income increased $5.3 million in the three months ended March 29, 2026 from the comparable period of 2025 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 $3.4 million in the three months ended March 29, 2026 due to the debt refinancing in 2026 and currency translation. During the three months ended March 29, 2026, we issued €450 million aggregate principal amount of 4.250% Senior Subordinated Notes (the 2033 Notes) and repurchased the 3.375% Senior Subordinated Notes (the 2027 Notes) for cash consideration of €450.0 million. See Note 8.
-17-

We incurred a loss on debt extinguishment of $1.3 million in the three months ended March 29, 2026 due to the write-off of unamortized debt issuance costs associated with the 2027 Notes repurchased for cash consideration of €450.0 million ($535.9 million) during the quarter. See Note 8.
Income before taxes increased $0.7 million in the three months ended March 29, 2026 from the comparable period of 2025 primarily due to the changes in operating income and interest expense discussed above.
Income Taxes

| Three Months Ended |  | % Change |  |  |  |
| March 29, 2026 |  | March 30, 2025 |  |  |  |  |  |
| (In thousands, except percentages)
Income before taxes | $ | 62,771 |  |  | $ | 62,081 |  |  | 1.1 | % |  |  |  |  |  |
Income tax expense | 11,744 |  |  | 10,144 |  |  | 15.8 | % |  |  |  |  |  |
Effective tax rate | 18.7 | % |  | 16.3 | % |  |  |  |  |  |  |  |

For the three months ended March 29, 2026, we recognized income tax expense of $11.7 million representing an effective tax rate of 18.7%. The effective tax rates were primarily impacted by the effect of our foreign operations, including statutory tax rate differences and foreign tax credits. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, which includes international tax changes, permanent extensions of most expiring Tax Cuts and Jobs Act provisions, and changes in the treatment of research and development and amortization expense deductions. We have included the impact of international tax changes effective from January 1, 2026 and continue to evaluate the impact of the act on our consolidated financial statements and disclosures.
The increase in effective tax rate for the three months ended March 29, 2026 compared with the effective tax rate for the three months ended March 30, 2025 is mainly due to the tax benefit related to the impact of audit settlements for the three months ended March 31, 2025.
Consolidated Adjusted EBITDA

| Three Months Ended |  | % Change |  |  |  |
| March 29, 2026 |  | March 30, 2025 |  |  |  |  |  |
| (In thousands, except percentages)
Revenues | 696,375 |  | — |  | 624,861 |  |  | 11.4 | % |  |  |  |  |  |
Adjusted EBITDA | 118,056 |  |  | 103,965 |  |  | 13.6 | % |  |  |  |  |  |
as a percent of revenues | 17.0 | % |  | 16.6 | % |  |  |  |  |  |  |  |

Adjusted EBITDA increased $14.1 million in the three months ended March 29, 2026 from the comparable period of 2025 primarily due to the increase in revenues discussed above, partially offset by an increase in operating expenses. Accordingly, Adjusted EBITDA margins expanded 40 basis points to 17.0%.
Use of Non-GAAP Financial Information
Adjusted EBITDA, Adjusted EBITDA margin, and free cash flow are non-GAAP financial measures. In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; acquisition-related expenses, such as the adjustment of acquired inventory to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and assets; amortization of intangible assets; gains (losses) related to revolver refinancing; loss 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.
-18-

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

| Three Months Ended |  |
| March 29, 2026 |  | March 30, 2025 |  |  |  |
| (In thousands, except percentages)
Revenues | $ | 696,375 |  |  | $ | 624,861 |  |  |  |  |
GAAP net income | $ | 51,027 |  |  | $ | 51,937 |  |  |  |  |
Depreciation expense | 17,696 |  |  | 13,896 |  |  |  |  |
Amortization of intangible assets | 11,388 |  |  | 13,275 |  |  |  |  |
Income tax expense | 11,744 |  |  | 10,144 |  |  |  |  |
Interest expense, net | 13,459 |  |  | 10,104 |  |  |  |  |
Severance, restructuring, and acquisition integration costs (1) | 9,052 |  |  | 1,698 |  |  |  |  |
Loss on debt extinguishment | 1,273 |  |  | — |  |  |  |  |
Amortization of software development intangible assets | 3,372 |  |  | 2,613 |  |  |  |  |
Adjustments related to acquisitions and divestitures (2) | (955) |  |  | 298 |  |  |  |  |
Adjusted EBITDA | $ | 118,056 |  |  | $ | 103,965 |  |  |  |  |
GAAP net income margin | 7.3 | % |  | 8.3 | % |  |  |  |
Adjusted EBITDA margin | 17.0 | % |  | 16.6 | % |  |  |  |

(1) Includes costs associated with acquisitions and manufacturing footprint actions.
(2) Adjustments related to acquisitions and divestitures include fair value adjustments of acquired assets and a non-recurring gain related to an equity method investment.
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 2026 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:
-19-

| Three Months Ended
| March 29, 2026 |  | March 30, 2025
| (In thousands)
Net cash provided by (used for): |
Operating activities | $ | (18,666) |  |  | $ | 7,441 |
Investing activities | (44,392) |  |  | (24,178) |
Financing activities | (53,082) |  |  | (96,784) |
Effects of currency exchange rate changes on cash and cash equivalents | (1,596) |  |  | 2,216 |
Decrease in cash and cash equivalents | (117,736) |  |  | (111,305) |
Cash and cash equivalents, beginning of period | 389,887 |  |  | 370,302 |
Cash and cash equivalents, end of period | $ | 272,151 |  |  | $ | 258,997 |

Net cash used for operating activities was $18.7 million in the three months ended March 29, 2026 compared to a source of cash of $7.4 million in the year ago period. Operating cash flows decreased $26.1 million compared to the year ago period due to unfavorable changes in operating assets and liabilities. Growth in receivables contributed to higher cash usage in 2026 as compared to 2025 due to the increase in days sales outstanding from 60 days in Q1 2025 to 63 days in Q1 2026.
Net cash used for investing activities totaled $44.4 million in the three months ended March 29, 2026 compared to $24.2 million in the year ago period. Investing activities for the three months ended March 29, 2026 included capital expenditures of $44.4 million. Investing activities for the three months ended March 30, 2025 included capital expenditures of $32.2 million, partially offset by cash from business acquisitions and asset sales of $7.9 million and $0.1 million, respectively.
Net cash used for financing activities totaled $53.1 million for the three months ended March 29, 2026 compared to $96.8 million in the year ago period. Financing activities for the three months ended March 29, 2026 included $535.9 million of payments under borrowing arrangements, $30.4 million of payments under our share repurchase program, $17.7 million of payments related to share based compensation activities, $8.6 million of debt issuance cost payments, $2.0 million of cash dividend payments, and $0.5 million of financing lease payments, partially offset by $537.3 million and $4.7 million of borrowings under credit arrangements and proceeds from the issuance of common stock under our Employee Stock Purchase Plan, respectively. Financing activities for the three months ended March 30, 2025 included payments under our share repurchase program of $84.5 million, payments related to share based compensation activities of $13.7 million, cash dividend payments of $2.0 million, financing lease payments of $0.4 million, and proceeds from the issuance of common stock of $3.8 million.
Our cash and cash equivalents balance was $272.2 million as of March 29, 2026. Of the total cash balance, $191.7 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 March 29, 2026 consisted of $1,273.3 million of senior subordinated notes. Additional discussion regarding our various borrowing arrangements is included in Note 8 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.
-20-

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 March 29, 2026.

| Principal Amount by Expected Maturity |  | Fair
| 2026 |  | Thereafter |  | Total |  | Value
| (In thousands, except interest rates)
€350.0 million fixed-rate senior subordinated notes due 2028 | $ | — |  |  | $ | 405,125 |  |  | $ | 405,125 |  |  | $ | 402,087 |
Average interest rate |  |  | 3.875 | % |  |  |  |
€300.0 million fixed-rate senior subordinated notes due 2031 | $ | — |  |  | $ | 347,250 |  |  | $ | 347,250 |  |  | $ | 329,453 |
Average interest rate |  |  | 3.375 | % |  |  |  |
€450.0 million fixed-rate senior subordinated notes due 2033 | $ | — |  |  | $ | 520,875 |  |  | $ | 520,875 |  |  | $ | 501,993 |
Average interest rate |  |  | 4.250 | % |  |  |  |
Total |  |  |  |  | $ | 1,273,250 |  |  | $ | 1,233,533 |

Item 7A of our 2025 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, 2025.
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.
-21-

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 17, 2026. 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 March 29, 2026 (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 January 1, 2026 |  |  |  |  |  |  |  | $ | 145,381 |
January 1, 2026 through February 1, 2026 |  | 260 |  |  | $ | 117.05 |  |  | 260 |  |  | 115,000 |
February 2, 2026 through March 1, 2026 |  | — |  |  | — |  |  | — |  |  | 115,000 |
March 2, 2026 through March 29, 2026 |  | — |  |  | — |  |  | — |  |  | 115,000 |
Total |  | 260 |  |  | $ | 117.05 |  |  | 260 |  |  | $ | 115,000 |

(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 March 29, 2026, we repurchased 0.3 million shares of our common stock for an aggregate cost of $30.4 million at an average price per share of $117.05. See Note 13.
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 March 29, 2026.
-22-

Item 6: Exhibits
Exhibits

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

-23-

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: | April 30, 2026 |  | By: |  | /s/ Ashish Chand
|  |  |  |  | Ashish Chand
|  |  |  |  | President and Chief Executive Officer
Date: | April 30, 2026 |  | By: |  | /s/ Jeremy Parks
|  |  |  |  | Jeremy Parks
|  |  |  |  | Executive Vice President and Chief Financial Officer
Date: | April 30, 2026 |  | By: |  | /s/ Douglas R. Zink
|  |  |  |  | Douglas R. Zink
|  |  |  |  | Vice President and Chief Accounting Officer

-24-