哈勃集团 2025年度报告

Annual Report and Notice ofAnnual Meeting to Shareholders At aGlance Founded in 1888, Hubbell Incorporated is a best२in२class provider of high quality, reliable electricaland utility solutions for a broad range of customer and end२market applications. $2.1B ELECTRICAL SOLUTIONSSEGMENT NET SALES UTILITY SOLUTIONS SEGMENTNET SALES $5.8B2025 Total Sales Hubbell Utility Solutions (“HUS”)consists of businesses that enable thegrid to conduct, communicate, andcontrol energy across utilityapplications. HUS provides criticalcomponents that allow the grid toreliably transmit and distribute energy,as well as the communications andcontrols technologies to make the gridsmarter and more flexible. Hubbell Electrical Solutions (“HES”)consists of businesses that are essentialto managing power across a wide rangeof industries and applications. HESprovides the critical components thatallow operators of buildings, factories,and other industrial infrastructure toconnect, protect, wire, and managepower reliably and efficiently. Operations Highlights (As of December 31, 2025) A Letter toOur Shareholders Dear Fellow Shareholders, 2025 was another year of strong shareholder value creation for Hubbell, as we made significant progress on our long२term strategy andeffectively deployed record free cash flowgeneration to high return investments.(1) We generated 4% sales growth, 80 basis points of adjusted operating marginexpansion and 10% growth in adjusted diluted earningsper share. While full year organic growth was challenged by headwinds in meters and AMI markets, we delivered strong performanceinour largest,high margin businesses within our Utility Solutions and Electrical Solutions segments.Our 2025 financial resultssuccessfully compound on a strong multi२year base of outperformance which demonstrates the quality of our business model and theeffectiveness of our long२term strategy.(1)(1) Hubbell’s strategy is guided by our four strategic pillars ofServe our Customer, Grow the Enterprise, Operate with Discipline,andDevelop our People,and we made further significant progress on these pillars in 2025. Most notably, our execution on our strategy tounify our Electrical Solutions segment to compete collectively drove above market growth in strategic vertical markets through oursolutions२oriented service model, while also driving business simplification and operational efficiencies resulting in continued marginexpansion. In Utility Solutions, we capitalized on attractive trends in load growth and grid resiliency to deliver double digit growth intransmission and substation markets, while investing in capacity initiatives and new solutions to serve highly visible future demand.Operationally,our sales,procurement,business and trade teams came together to navigate a dynamic tariff and inflationaryenvironment, maintaining strong service levels for customers and effectively mitigating the impacts to our businesses and supply chains. Hubbell remains focused on driving operational excellence in our factories and warehouses, while ensuring the safety of our employeesand delivering on key service metrics for customers. We made critical investments in 2025 to accelerate productivity and standardizeour manufacturing systems, as well as in initiatives to make our customer experience more seamless, integrated and responsive. Mostimportantly, we continued to invest in our employees and remained committed to developing our talent. On that front, in September 2025, Hubbell announced the retirement of CFO Bill Sperry effective December 31, 2025, after 17 years ofdistinguished service to the Company, including 14 years as CFO. Joe Capozzoli, the Vice President, Finance of Hubbell’s ElectricalSolutions segment was appointed to succeed Bill as CFO effective on January 1, 2026. Joe joined Hubbell in 2013, serving in varioussenior finance, strategy, and operational roles prior to his HES segment finance role. We thank Bill for all of his contributions to Hubbelland welcome Joe to his new role. We also welcomed Ed Baine to Hubbell’s Board of Directors in August 2025. Ed brings valuableexecutive leadership and a deep utility and operations background to the Board and has joined the Board’s Compensation and FinanceCommittees. Hubbell’s Board remains committed to Board refreshment as Ed is the fifth new director Hubbell has added since 2020. Record free cash flowgeneration of $875 million enabled Hubbell to return value to shareholders while also deploying capital to highreturn investments in capital expenditures and acquisitions. We acquired three new businesses in 2025, including the acquisition of DMCPower, a high growth and margin business serving attractive utility substation markets. We invested $155 million in capital expendituresto drive future growth and productivity in our facilities. We also repurchased $225 million of Hubbell stock and increased our dividendby 8%, representing our eighteenth consecutive year of increase.(1) As I look