百通 2025年度报告

2025 Annual Report Belden is at the forefront oftransforming how the worldconnects. Our strategic shiftto a solutions-driven modeluniquely positions us tocapitalize on critical markettrends, offering investors acompelling opportunity forsustainable, long-term valuecreation. We are building theessential, intelligent datainfrastructure that powers themodern, connected world. $2.7BRevenue $459MAdjusted EBITDA1 $7.54Adjusted EPS1 $219MFree Cash Flow2 ~8,000Associates Belden (NYSE: BDC)is a global leader in simpler,smarter, complete connection solutions, empoweringour customers to navigate the complexities of themodern, connected world. We are a data networkinginfrastructure company at the forefront of IT/OTconvergence, providing the essential backbone formission-critical applications across diverse, data-intensive industries. 1Adjusted results. All references to Earnings Per Share referto adjusted net income from continuing operations perdiluted share attributable to Belden stockholders. SeeAppendix for reconciliation to comparable GAAP results. 2Free cash flow is not a term defined by generally acceptedaccounting principles (GAAP) and our definition mayor may not be used consistently with other companiesthat define this term. See Appendix for reconciliation tocomparable GAAP results. Successfulsolutionstransformationdriving enhancedprofitability Belden’s strategic pivot to a solutions-first approach isyielding significant financial results. These integratedsolutions wins, which combine our broad product portfoliowith specialized services to address complex customerchallenges, now represent a meaningful and growing portionof our total revenue. This transformation fundamentallyenhances profitability, as solutions sales typically involve a richer mix of higher-margin, active products and software.Moreover, these engagements are often significantlylarger than traditional product sales, boosting revenue perengagement. This favorable mix shift, coupled with strongoperational execution, is accelerating our organic growth anddriving a multi-year improvement in our overall profitability. Uniquelypositioned tocapitalize onpowerful globalmegatrends Belden is exceptionally well aligned with powerful globalmegatrends creating new opportunities and driving significantgrowth. Fundamental shifts such as Automation, Digitization,Reindustrialization and Reshoring are transforming operationsand fueling demand for advanced infrastructure. The criticalIT/OT Convergence, in particular, is unlocking new efficienciesand enabling autonomous systems. As Physical AI applications increasingly integrate into operational environments, ourunique expertise in bridging the IT/OT worlds positionsBelden as a crucial enabler. We provide the essential networkinfrastructure required for AI systems to gather data andinteract with operational technology, placing us at the centerof a massive addressable market. ComprehensiveIT/OTportfolio &engagement modelcreating sustainablecompetitiveadvantage Our comprehensive IT/OT portfolio, coupled with adifferentiated engagement model, creates a sustainablecompetitive advantage. Our unique position stems fromcombining a broad product portfolio—from active industrial-grade switches to passive components like connectors, cablesand fiber optics—with specialized solutions capabilities. Thisintegrated approach is difficult for competitors to replicate.Our technology gives us a distinct advantage. We use proven design frameworks to ensure our solutions are consistentand scalable. Our Belden Horizon Platform helps managedata from different sources, and we partner with othertechnology leaders to enhance our offerings. This allows usto move beyond being a component supplier to an end-to-end strategic partner, solving mission-critical problems withholistic, customer-centric outcomes. Technology Investments Verticals Focus Solutions Approach Provide furtherdifferentiation Differentiated productscombined with valuecreation go-to-marketstrategy Where datageneration andusage are increasingsignificantly Robust financialhealth withdisciplined capitalallocation Belden’s robust financial health underpins our ability toexecute our strategy and deliver consistent shareholder value.Our financial metrics clearly demonstrate this, with 2025marking a record-breaking year for revenue of approximately$2.7 billion and adjusted EPS of $7.54.1This contributes to astrong track record, including a 5% Revenue CAGR and a 12% Adjusted EPS CAGR from 2019 through 2025.2Our capitalallocation priorities are clear: investing in organic growth,pursuing strategic M&A to enhance our solutions capabilitiesand returning capital to shareholders, as evidenced by therepurchase of 1.7 million shares in 2025. A messagefrom our CEO Ashish ChandPresident and Chief Executive Officer As I reflect on 2025, I am filled withpride and optimism for Belden’sfuture. This past year was a milestone,marked by record-breakingachievements that