HUBBELL INC

Previous wording

Hubbell is a global manufacturer of quality electrical products and utility solutions for a broad range of customer and end market applications. We provide utility and electrical solutions that enable our customers to operate critical infrastructure reliably and efficiently, and we empower and energize communities through innovative solutions supporting energy infrastructure In Front of the Meter, on The Edge, and Behind the Meter. In Front of the Meter is where utilities transmit and distribute energy to their customers. The Edge connects utilities with owner/operators and allows energy and data to be distributed back and forth. Behind the Meter is where owners and operators of buildings, and other critical infrastructure consume energy. Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the UK, Brazil, Australia, Spain, and the Republic of the Philippines. The Company also participates in joint ventures in Hong Kong and the Republic of the Philippines, and maintains offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East. The Company employed approximately 19,400 individuals worldwide as of June 30, 2026.

Current wording

Hubbell is a global manufacturer of quality electrical products and utility solutions for a broad range of customer and end market applications. We provide utility and electrical solutions that enable our customers to operate critical infrastructure reliably and efficiently, and we empower and energize communities through innovative solutions supporting energy infrastructure In Front of the Meter, on The Edge, and Behind the Meter. In Front of the Meter is where utilities transmit and distribute energy to their customers. The Edge connects utilities with owner/operators and allows energy and data to be distributed back and forth. Behind the Meter is where owners and operators of buildings, and other critical infrastructure consume energy. Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the UK, Brazil, Australia, Spain, and the Republic of the Philippines. The Company also participates in joint ventures in Hong Kong and the Republic of the Philippines, and maintains offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East. The Company employed approximately 19,600 individuals worldwide as of September 30, 2026.

Previous wording

Results for the six months ended June 30, 2026 by segment are included under “Segment Results” within this Management’s Discussion and Analysis.

Current wording

Results for the nine months ended September 30, 2026 by segment are included under “Segment Results” within this Management’s Discussion and Analysis.

Previous wording

Our goal is to have pricing and productivity programs that offset the impact of cost increases as well as pay for investments in key growth areas. Our cost structure may be subject to material and production cost increases from inflationary periods within the U.S. and global economies, and from trade and other tensions. In particular, we have been subject to recent periods of inflationary pressure in the global economy and also subject to cost increases as a result of tariff and other material cost increases from trade actions taken by the United States and other countries, as well as increasing energy costs. Because material costs are approximately half of our cost of goods sold, volatility in this area can significantly impact profitability. Our pricing and productivity programs are intended to mitigate the risk to our operating margins related to these inflationary pressures and cost increases as a result of tariffs. For additional information, please refer to the risk factor titled; "Changes in U.S. and international trade policies may adversely impact our business and operating results; changes in U.S. trade policies could have a material adverse effect on us," which is contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Current wording

Our goal is to have pricing and productivity programs that offset the impact of cost increases as well as pay for investments in key growth areas. Our cost structure may be subject to material and production cost increases from inflationary periods within the U.S. and global economies, and from trade and other tensions. In particular, we have been subject to recent periods of inflationary pressure in the global economy and also subject to cost increases as a result of tariff and other material cost increases from trade actions taken by the United States and other countries, as well as increasing energy costs. Although believed to be temporary, we have also faced recent supply chain disruption, which has impacted the Grid Automation business. Because material costs are approximately half of our cost of goods sold, volatility in this area can significantly impact profitability. Our pricing and productivity programs are intended to mitigate the risk to our operating margins related to these inflationary pressures and cost increases as a result of tariffs. For additional information, please refer to the risk factor titled; "Changes in U.S. and international trade policies may adversely impact our business and operating results; changes in U.S. trade policies could have a material adverse effect on us," which is contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Previous wording

For additional information about the NSI acquisitions, refer to Note 2 - Business Acquisitions in the Notes to the Condensed Consolidated Financial Statements as well as the Company's current reports on Form 8-K filed on May 4, 2026 and June 9, 2026.

Current wording

For additional information about the NSI Industries acquisition, refer to Note 2 - Business Acquisitions in the Notes to the Condensed Consolidated Financial Statements as well as the Company's current reports on Form 8-K filed on May 4, 2026 and June 9, 2026.

Previous wording

The following is a discussion and analysis of our business, financial condition and results of operations as of and for the three and six months ended June 30, 2026 and 2025. This discussion and analysis should be read in conjunction with our Condensed Consolidated Financial Statements and notes thereto in Item 1 of this Quarterly Report on Form 10-Q (the“Condensed Financial Statements”), and the audited consolidated financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Current wording

The following is a discussion and analysis of our business, financial condition and results of operations as of and for the three and nine months ended September 30, 2026 and 2025. This discussion and analysis should be read in conjunction with our Condensed Consolidated Financial Statements and notes thereto in Item 1 of this Quarterly Report on Form 10-Q (the“Condensed Financial Statements”), and the audited consolidated financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Previous wording

Second quarter 2026 net sales were$1,711.8 million and increased by 15.3%, driven by a 10.2% increase in organic sales due to higher volume and favorable price realization. Acquisitions contributed to a 4.8% increase in sales, driven by the acquisitions of NSI Industries in the second quarter of 2026, and the acquisitions of DMC and Nicor in the second half of 2025, while the impact of foreign exchange was a 0.3% increase.

Current wording

Third quarter 2026 net sales were$1,872.5 million and increased by 24.6%, driven by an 11.3% increase in organic sales due to higher volume and favorable price realization. Acquisitions contributed a 13.2% increase in sales, driven by the acquisition of NSI Industries in the second quarter of 2026, and the acquisitions of DMC and Nicor in the second half of 2025, while the impact of foreign exchange was a 0.1% increase.

Previous wording

Organic net sales in the Electrical Solutions segment grew by 18.3% in the second quarter of 2026 led by continued strength in the data center, light industrial and non-residential markets. In the Utility Solutions segment, organic net sales expanded 5.5% on strength in transmission and distribution markets.

Current wording

Organic net sales in the Electrical Solutions segment grew by 22.0% in the third quarter of 2026 led by continued strength in the datacenter, light industrial and utility markets. In the Utility Solutions segment, organic net sales expanded 4.9% on strength in transmission distribution and substation markets.

Previous wording

Operating margin in the second quarter of 2026 contracted by 230 basis points to 20.4% and includes the effect of amortization of acquisition-related intangibles and transaction, integration and separation costs. Adjusted operating margin, which excludes amortization of acquisition-related intangibles and transaction, integration and separation costs, was 23.9% and contracted by 50 basis points. That result includes margin expansion in the quarter, primarily driven by favorable price realization, benefits from operational productivity, and higher unit volume, and the impact of acquisitions, that was more than offset by margin contraction from material and other cost inflation, including tariff expense. See the further discussion within Segment Results below.

Current wording

Operating margin in the third quarter of 2026 contracted by 20 basis points to 21.8% and includes the effect of amortization of acquisition-related intangibles and transaction, integration & separation costs. Adjusted operating margin, which excludes amortization of acquisition-related intangibles and transaction, integration & separation costs, expanded by 160 basis points to 25.5%. That result includes margin expansion in the quarter, primarily driven by benefits from operational productivity, favorable price realization, higher unit volume, the impact of acquisitions and a net tariff benefit. The effect of those items was partially offset by margin contraction from material and other cost inflation. See the further discussion within Segment Results below.

Previous wording

On April 20, 2026, the U.S. Customs and Border Protection (CBP) launched a system to process IEEPA tariff refund claims and the Company submitted claims for IEEPA tariffs that have been previously paid. The Company has elected to use a gain contingency model to account for recoveries of previously paid IEEPA tariffs, in accordance with ASC 450-30 "Gain Contingencies". Under this model, a gain contingency is not recognized in the financial statements until the gain is realized or realizable. Tariff recoveries are reflected as a reduction of cost of goods sold for inventory that has already been sold. Subsequent to June 30, 2026, the Company received refunds for IEEPA tariffs previously paid totaling approximately $30 million, including an immaterial amount of interest. As of June 30, 2026 these amounts were not deemed to be realized or realizable and, accordingly, these amounts were not recognized in the condensed consolidated financial statements for the period ending June 30, 2026.

Current wording

On April 20, 2026, the U.S. Customs and Border Protection (CBP) launched a system to process IEEPA tariff refund claims and the Company submitted claims for IEEPA tariffs that have been previously paid. The Company has elected to use a gain contingency model to account for recoveries of previously paid IEEPA tariffs, in accordance with ASC 450-30 "Gain Contingencies". Under this model, a gain contingency is not recognized in the financial statements until the gain is realized or realizable. During the three months ended September 30, 2026, the Company received refunds for IEEPA tariffs previously paid totaling approximately $31 million, which was recognized as a reduction to cost of goods sold during the three months ended September 30, 2026.

Previous wording

Transaction costs are primarily professional services and other fees incurred to complete the transactions recognized within operating income, as well as $7.2 million of bridge financing costs in connection with the transactions recognized within interest expense. Integration and separation costs are the internal and external incremental costs directly relating to these activities for the acquired or divested business.

Current wording

Transaction costs are primarily professional services and other fees incurred to complete the transactions, recognized within operating income, as well as $7.2 million of bridge financing costs in connection with the transactions recognized within interest expense in the second quarter of 2026. Integration & separation costs are the internal and external incremental costs directly relating to these activities for the acquired or divested business.

Previous wording

The acquisition and integration of NSI, DMC Power, and the acquisitions and disposition completed by the Company in the fourth quarter of 2023 resulted in a significant increase in transaction, integration and separation costs. As a result, we believe excluding such costs relating to these transactions provides useful and more comparable information for investors to better assess our operating performance from period to period.

Current wording

The acquisition and integration of NSI, and DMC Power, and the acquisitions and disposition completed by the Company in the fourth quarter of 2023 resulted in a significant increase in transaction, integration & separation costs. As a result, we believe excluding such costs relating to these transactions provides useful and more comparable information for investors to better assess our operating performance from period to period.

Previous wording

Net sales of $1,711.8 million in the second quarter of 2026 increased by $227.5 million compared to the second quarter of 2025. Organic net sales increased by 10.2% driven by a high single digit percentage increase in unit volume and a mid single digit percentage increase in price. Net sales increased 4.8% due to acquisitions, while foreign exchange resulted in a 0.3% increase in net sales. These changes are discussed in more detail in the Segment Results section below.

Current wording

Net sales of $1,872.5 million in the third quarter of 2026 increased by $370.1 million compared to the third quarter of 2025. Organic net sales increased by 11.3% driven by a high single digit percentage increase in unit volume and a low single digit percentage increase in price. Net sales increased 13.2% due to acquisitions, while foreign exchange resulted in a 0.1% increase in net sales. These changes are discussed in more detail in the Segment Results section below.

Previous wording

As a percentage of Net sales, cost of goods sold increased by 140 basis points to 64.2% in the second quarter of 2026, resulting in gross profit margin contracting to 35.8%. Approximately five percentage points of gross profit margin expansion were driven by favorable price realization, improved operational productivity, higher volume and the impact of acquisitions, more than offset by six percentage points of gross profit margin contraction due to material and other cost inflation, including tariff expense and higher intangible amortization expense.

Current wording

As a percentage of Net sales, cost of goods sold decreased by 60 basis points to 63.2% in the third quarter of 2026, resulting in gross profit margin expanding to 36.8%. Approximately six percentage points of gross profit margin expansion was driven by improved operational productivity, favorable price realization, higher unit volume, the impact of acquisitions, and a net tariff benefit, partially offset by five percentage points of gross profit margin contraction due to material and other cost inflation, and higher intangible amortization expense.

Previous wording

S&A expense in the second quarter of 2026 was $264.4 million and increased by $48.6 million or 22.5% compared to the prior year period. This increase was driven by higher transaction and integration costs, acquisition-related intangible amortization expense, and the selling and administration expense added by our acquisitions, as well as higher employee compensation and benefits, in the current year compared to the prior year period. S&A expense as a percentage of Net sales was 15.4% in the second quarter of 2026, compared to 14.5% in the second quarter of 2025.

Current wording

S&A expense in the third quarter of 2026 was $279.5 million and increased by $65.8 million or 30.8% compared to the prior year period. This increase was driven by higher, acquisition-related intangible amortization expense, the selling and administration expense added by our acquisitions, higher employee compensation and benefits, as well as higher transaction and integration costs in the third quarter of 2026 compared to the prior year period. S&A expense as a percentage of Net sales was 15.0% in the third quarter of 2026, compared to 14.2% in the third quarter of 2025.

Previous wording

Total other expense increased by $23.8 million in the second quarter of 2026 to $44.9 million, primarily due to higher net interest expense of $24.6 million, due to higher average outstanding debt in the second quarter of 2026, primarily driven by additional debt issued to fund the NSI Industries acquisition in June 2026 and to fund the DMC acquisition in September 2025. Net interest expense in the second quarter of 2026 also includes $7.2 million of bridge financing cost relating to the NSI Industries acquisition.

Current wording

Total other expense increased by $43.9 million in the third quarter of 2026 to $63.4 million, primarily due to higher net interest expense of $44.4 million. That increase is due to higher average outstanding debt in the third quarter of 2026, primarily driven by additional debt issued to partially fund the NSI Industries acquisition in June 2026 and to partially fund the DMC acquisition in September 2025.

Previous wording

Net income attributable to Hubbell Incorporated was $240.4 million in the second quarter of 2026 and decreased 1.6% as compared to the same period of the prior year, reflecting the factors described above. As a result, earnings per diluted share in the second quarter of 2026 decreased 0.9% as compared to the second quarter of 2025. Adjusted net income attributable to Hubbell Incorporated, which excludes amortization of acquisition-related intangible assets and transaction, integration & separation costs for both periods, and a loss on disposition of a business during the second quarter of 2025 was $293.7 million in the second quarter of 2026 and increased by 11.1% as compared to the second quarter of 2025.

Current wording

Net income attributable to Hubbell Incorporated was $262.5 million in the third quarter of 2026 and increased 2.7% as compared to the same period of the prior year, reflecting the factors described above. As a result, earnings per diluted share in the third quarter of 2026 increased 3.6% as compared to the third quarter of 2025. Adjusted net income attributable to Hubbell Incorporated, which excludes amortization of acquisition-related intangible assets and transaction, integration & separation costs for both periods, was $314.3 million in the third quarter of 2026 and increased by 13.6% as compared to the third quarter of 2025.

Previous wording

Operating income in the Utility Solutions segment for the second quarter of 2026 was $233.9 million, an increase of 7.2% compared to the second quarter of 2025. Operating margin decreased by 50 basis points to 22.8% in the second quarter of 2026. Excluding amortization of acquisition-related intangible assets and transaction, integration & separation costs, the adjusted operating margin increased by 10 basis points to 25.6%. That increase includes approximately four percentage points of margin expansion due to favorable price realization, improved operational productivity, higher unit volumes and the impact of acquisitions. Those increases were partially offset by approximately four percentage points of margin contraction due to material and other cost inflation, including tariff expense.

Current wording

Operating income in the Utility Solutions segment for the third quarter of 2026 was $241.2 million, an increase of 10.0% compared to the third quarter of 2025. Operating margin increased by 30 basis points to 23.5% in the third quarter of 2026. Excluding amortization of acquisition-related intangible assets and transaction, integration & separation costs, the adjusted operating margin increased by 30 basis points to 26.0%. That increase includes approximately four percentage points of margin expansion due to improved operational productivity, favorable price realization, the impact of acquisitions, higher unit volumes and a net tariff benefit. Those factors were partially offset by approximately four percentage points of margin contraction due to material and other cost inflation.

Previous wording

Net sales in the Electrical Solutions segment in the second quarter of 2026 were $686.0 million and increased by$137.2 million, or 25.1%, as compared to the second quarter of 2025. That increase includes 18.3% growth in organic net sales, a 6.5% increase due to acquisitions and a 0.3% increase due to foreign exchange. The increase in organic net sales was driven by a low double digit percentage increase due to unit volume and a mid single digit percentage increase due to price realization. Volume growth in the second quarter of 2026 was driven primarily by strength in the data center, light industrial and non-residential markets.

Current wording

Net sales in the Electrical Solutions segment in the third quarter of 2026 were $844.7 million and increased by$286.1 million, or 51.2%, as compared to the third quarter of 2025. That increase includes 22.0% growth in organic net sales, a 29.1% increase due to acquisitions and a 0.1% increase due to foreign exchange. The increase in organic net sales was driven by a high teen percentage increase due to unit volume and a mid single digit percentage increase due to price realization. Volume growth in the third quarter of 2026 was driven primarily by strength in the datacenter, light industrial and utility markets.

Previous wording

Operating income in the Electrical Solutions segment for the second quarter of 2026 was $114.7 million and decreased by 2.9% compared to the second quarter of 2025, while operating margin in the second quarter of 2026 contracted by 480 basis points to 16.7%. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin contracted by 130 basis points to 21.2%. The decrease in operating margin was primarily due to approximately eight percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense and higher restructuring investment. Those factors were partially offset by approximately seven percentage points of margin expansion due to favorable price realization, higher unit volume, improved operational productivity and the impact of acquisitions.

Current wording

Operating income in the Electrical Solutions segment for the third quarter of 2026 was $167.5 million and increased by 50.5% compared to the third quarter of 2025, while operating margin in the third quarter of 2026 contracted by 10 basis points to 19.8%. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin expanded by 400 basis points to 24.8%. The increase in operating margin was primarily due to approximately ten percentage points of margin expansion due to higher unit volume, favorable price realization, the impact of acquisitions, improved operational productivity and a net tariff benefit. Those factors were partially offset by approximately six percentage points of margin contraction due to higher material and other cost inflation.

Previous wording

Net sales of $3,228.5 million in the first six months of 2026 increased by $379.0 million compared to the first six months of 2025. Organic net sales increased by 9.2% driven by a mid single digit percentage increase in price and a mid single digit increase in unit volume. Net sales increased 3.6% due to acquisitions, while foreign exchange resulted in a 0.4% increase in net sales. These changes are discussed in more detail in the Segment Results section below.

Current wording

Net sales of $5,101.0 million in the first nine months of 2026 increased by $749.1 million compared to the first nine months of 2025. Organic net sales increased by 9.9% driven by a mid single digit percentage increase in unit volume and a mid single digit percentage increase in price realization. Net sales increased 6.9% due to acquisitions, while foreign exchange resulted in a 0.3% increase in net sales. These changes are discussed in more detail in the Segment Results section below.

Previous wording

As a percentage of Net sales, cost of goods sold increased by 30 basis points to 65.4% in the first six months of 2026, resulting in gross profit margin contracting to 34.6%. Approximately six percentage points of gross profit margin expansion were driven by favorable price realization, improved operational productivity, higher volume, and the impact of acquisitions, partially offset by six percentage points of gross profit margin contraction due to material and other cost inflation, including tariff expense and higher intangible amortization expense.

Current wording

As a percentage of Net sales, cost of goods sold was flat at 64.6% in the first nine months of 2026, resulting in gross profit margin remaining flat at 35.4%. Approximately six percentage points of gross profit margin expansion were driven by favorable price realization, improved operational productivity, higher volume, and the impact of acquisitions, partially offset by six percentage points of gross profit margin contraction due to material and other cost inflation, including tariff expense and higher intangible amortization expense.

Previous wording

S&A expense in the first six months of 2026 was $505.9 million and increased by $77.9 million or 18.2% compared to the prior year period. This increase was driven by higher acquisition-related intangible amortization expense, higher transaction and integration costs and the selling and administration expense added by our acquisitions, higher employee compensation and benefits, and higher restructuring and related expenses in the current year compared to the prior year period. S&A expense as a percentage of Net sales was 15.6% in the first six months of 2026, compared to 15.0% in the first six months of 2025.

Current wording

S&A expense in the first nine months of 2026 was $785.4 million and increased by $143.7 million or 22.4% compared to the prior year period. This increase was driven by higher acquisition-related intangible amortization expense, higher transaction and integration costs and the selling & administration expense added by our acquisitions and higher employee compensation and benefits in the current year period compared to the prior year period. S&A expense as a percentage of Net sales was 15.4% in the first nine months of 2026, compared to 14.8% in the first nine months of 2025.

Previous wording

Total other expense increased by $32.1 million in the first six months of 2026 to $72.3 million, primarily due to higher net interest expense of $32.8 million, due to higher average outstanding debt in the second quarter of 2026, primarily driven by additional debt issued to fund the NSI Industries acquisition. Net interest expense in the second quarter of 2026 also includes $7.2 million of bridge financing cost relating to the NSI Industries acquisition.

Current wording

Total other expense increased by $76.0 million in the first nine months of 2026 to $135.7 million, primarily due to higher net interest expense of $77.2 million, due to a higher average outstanding debt balance in 2026, primarily driven by additional debt issued to fund the NSI Industries acquisition. Net interest expense in the second quarter of 2026 also includes $7.2 million of bridge financing cost relating to the NSI Industries acquisition.

Previous wording

Net income attributable to Hubbell Incorporated was $422.2 million in the first six months of 2026 and increased 3.6% as compared to the same period of the prior year, reflecting the factors described above. As a result, earnings per diluted share in the first six months of 2026 increased 4.6% as compared to the first six months of 2025. Adjusted net income attributable to Hubbell Incorporated, which excludes amortization of acquisition-related intangible assets and transaction, integration & separation costs for both periods and a loss on the disposition of a business in 2025, was $503.6 million in the first six months of 2026 and increased by 12.7% as compared to the first six months of 2025.

Current wording

Net income attributable to Hubbell Incorporated was $684.7 million in the first nine months of 2026 and increased 3.3% as compared to the same period of the prior year, reflecting the factors described above. As a result, earnings per diluted share in the first nine months of 2026 increased by 4.1% as compared to the first nine months of 2025. Adjusted net income attributable to Hubbell Incorporated, which excludes amortization of acquisition-related intangible assets and transaction, integration & separation costs for both periods and a loss on the disposition of a business in 2025, was $817.9 million in the first nine months of 2026 and increased by 13.1% as compared to the first nine months of 2025.

Previous wording

Net sales in the Utility Solutions segment in the second quarter of 2026 were $1,025.8 million, and increased by $90.3 million, or 9.7%, as compared to the second quarter of 2025. That increase was driven by a 5.5% increase in organic net sales, a 3.9% increase due to acquisitions and a 0.3% increase due to foreign exchange. The increase in organic net sales was driven by a low single digit percentage increase in price realization and a low single digit increase in unit volume. Strong substation, transmission and distribution markets drove volume growth in the quarter.

Current wording

Net sales in the Utility Solutions segment in the first nine months of 2026 were $3,002.5 million, and increased by $266.1 million, or 9.7%, as compared to the first nine months of 2025. That increase was driven by a 5.7% increase in organic net sales, a 3.7% increase due to acquisitions and a 0.3% increase due to foreign exchange. The increase in organic net sales was driven by a low single digit percentage increase in price realization and a low single digit percentage increase in unit volume. Strong distribution and substation markets drove volume growth in the first nine months of 2026, while a temporary supply chain disruption impacted the Grid Automation business during the third quarter of 2026.

Previous wording

Operating income in the Utility Solutions segment for the first six months of 2026 was $409.0 million, an increase of 10.8% compared to the first six months of 2025. Operating margin increased by 10 basis points to 20.7% in the first six months of 2026. Excluding amortization of acquisition-related intangible assets and transaction, integration & separation costs, the adjusted operating margin increased by 100 basis points to 23.8%. That increase includes approximately five percentage points of margin expansion due to favorable price realization, improved operational productivity, higher unit volume and the impact of acquisitions. Those increases were partially offset by four percentage points of margin contraction due to material and other cost inflation, including tariff expense.

Current wording

Operating income in the Utility Solutions segment for the first nine months of 2026 was $650.2 million, an increase of 10.5% compared to the first nine months of 2025. Operating margin increased by 20 basis points to 21.7% in the first nine months of 2026. Excluding amortization of acquisition-related intangible assets and transaction, integration & separation costs, the adjusted operating margin increased by 80 basis points to 24.6%. That increase includes approximately five percentage points of margin expansion due to favorable price realization, improved operational productivity, higher unit volume and the impact of acquisitions. Those increases were partially offset by four percentage points of margin contraction due to material and other cost inflation, including tariff expense.

Previous wording

Net sales in the Electrical Solutions segment in the first six months of 2026 were$1,253.8 million and increased by$196.9 million, or 18.7%, as compared to the first six months of 2025. That increase includes 14.6% growth in organic net sales, a 3.5% increase due to acquisitions, and a 0.6% increase due to foreign exchange. The increase in organic net sales was driven by a high single digit percentage increase due to unit volume and a mid single digit percentage increase in price realization. Volume growth in the first half of 2026 was driven primarily by strength in the datacenter and light industrial markets, partially offset by softness in the heavy industrial markets.

Current wording

Net sales in the Electrical Solutions segment in the first nine months of 2026 were$2,098.5 million and increased by$483.0 million, or 29.9%, as compared to the first nine months of 2025. That increase includes a 17.2% growth in organic net sales, a 12.3% increase due to acquisitions, and a 0.4% increase due to foreign exchange. The increase in organic net sales was driven by a low double digit percentage increase due to unit volume and a mid single digit percentage increase in price realization. Volume growth in the first nine months of 2026 was driven primarily by strength in the datacenter, light industrial and utilities markets.

Previous wording

Operating income in the Electrical Solutions segment for the first six months of 2026 was $203.4 million and increased by 2.9% compared to the first six months of 2025, while operating margin in the second quarter of 2026 contracted by 250 basis points to 16.2%. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin contracted by 60 basis points to 19.1%. The decrease in operating margin was primarily due to approximately ten percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense and higher restructuring investment. Those factors were partially offset by approximately nine percentage points of margin expansion due to favorable price realization, improved operational productivity, higher unit volume and the impact of acquisitions.

Current wording

Operating income in the Electrical Solutions segment for the first nine months of 2026 was $370.9 million and increased by 20.0% compared to the first nine months of 2025, while operating margin in the first nine months of 2026 contracted by 140 basis points to 17.7%. Excluding amortization of acquisition-related intangibles and transaction, integration & separation costs, the adjusted operating margin expanded by 130 basis points to 21.4%. The increase in operating margin was primarily due to approximately ten percentage points of margin expansion due to favorable price realization, improved operational productivity, higher unit volume and the impact of acquisitions. Those factors were partially offset by approximately nine percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense.

Previous wording

Cash provided by operating activities for the six months ended June 30, 2026 was$336.4 million compared to cash provided by operating activities of $298.0 million for the same period in 2025. The increase in cash provided by operations is driven by higher net income on the increase in year over year operating results, higher non-cash depreciation and amortization expense in the first six months of 2026, and an increase of $20 million due to the timing of annual pension plan contributions.

Current wording

Cash provided by operating activities for the nine months ended September 30, 2026 was$659.0 million compared to cash provided by operating activities of $582.3 million for the same period in 2025. The increase in cash provided by operations is driven by higher net income on the increase in year over year operating results, higher non-cash depreciation and amortization expense in the first nine months of 2026, and an increase of $20 million due to the timing of pension plan contributions. These increases were partially offset due to an increase in working capital to service increased sales volume and order rates.

Previous wording

Cash used by investing activities was $3,086.6 million in the six months ended June 30, 2026 compared to cash used of $140.6 million during the comparable period in 2025. This change was driven by approximately $3.0 billion of cash used in the second quarter of 2026 to acquire NSI Industries, and a$11.7 million increase in capital expenditures in the first six months of 2026 compared to 2025.

Current wording

Cash used by investing activities was $3,119.8 million in the nine months ended September 30, 2026 compared to cash used of $215.4 million during the comparable period in 2025. This change was driven by approximately $3.0 billion of cash used in the second quarter of 2026 to acquire NSI Industries, and a$23.4 million increase in capital expenditures in the first nine months of 2026 compared to the same period in 2025.

Previous wording

Cash provided by financing activities was $2,651.7 million in the six months ended June 30, 2026 as compared to cash used of $117.5 million in the comparable period of 2025. The increase in cash used by financing activities primarily reflects an increase in borrowings in 2026, including an approximately $2,787.5 million increase in long-term debt borrowings in June 2026 to fund a portion of the NSI Industries purchase price in the second quarter of 2026.

Current wording

Cash provided by financing activities was $2,319.1 million in the nine months ended September 30, 2026 as compared to cash used of $42.6 million in the comparable period of 2025. The increase in cash provided by financing activities primarily reflects an increase in borrowings in 2026, including an approximately $2,787.5 million increase in long-term debt borrowings in June 2026 to fund a portion of the NSI Industries purchase price, partially offset by lower short term borrowings in the first nine months of 2026, compared to the same period in 2025.

Previous wording

The unfavorable impact of foreign currency exchange rates on cash was $1.2 million for the six months ended June 30, 2026 and the change compared to the same prior year period is primarily related to the U.S. Dollar strengthening against the Canadian Dollar, India Rupee, and British Pound.

Current wording

The unfavorable impact of foreign currency exchange rates on cash was $2.1 million for the nine months ended September 30, 2026 and the change compared to the same prior year period is primarily related to the U.S. Dollar strengthening against the Canadian Dollar, India Rupee, and British Pound.

Previous wording

In the first six months of 2026, we completed the acquisition of NSI Industries for approximately $3.0 billion, net of cash acquired, subject to customary purchase price adjustments. NSI Industries, is a leading provider of electrical fittings, connectors, components and wire management products. NSI Industries has been added to the Electrical Solutions segment.

Current wording

In the first nine months of 2026, we completed the acquisition of NSI Industries for approximately $3.0 billion, net of cash acquired, subject to customary purchase price adjustments. NSI Industries is a leading provider of electrical fittings, connectors, components and wire management products. NSI Industries has been added to the Electrical Solutions segment.

Previous wording

In the first six months of 2026, we invested $77.6 million in capital expenditures on capacity expansion, automation, productivity initiatives and maintenance, and we also continue to invest in restructuring and related programs to maintain a competitive cost structure, to drive operational efficiencies and to mitigate the impact of rising material costs and administrative cost inflation. We expect investments in restructuring and related activities to continue in 2026 as we continue to invest in previously initiated actions and initiatives, further footprint consolidation, and other cost reduction initiatives.

Current wording

In the first nine months of 2026, we invested $119.8 million in capital expenditures on capacity expansion, automation, productivity initiatives and maintenance related activities, and we also continue to invest in restructuring and related programs to maintain a competitive cost structure, to drive operational efficiencies and to mitigate the impact of rising material costs and administrative cost inflation. We expect investments in restructuring and related activities to continue in 2026 as we continue to invest in previously initiated actions and initiatives, further footprint consolidation, and other cost reduction initiatives.

Previous wording

The table below presents the restructuring and related costs incurred in the first six months of 2026, additional expected costs, and the expected completion date of restructuring actions that have been initiated as of June 30, 2026 and in prior years (in millions):

Current wording

The table below presents the restructuring and related costs incurred in the first nine months of 2026, additional expected costs, and the expected completion date of restructuring actions that have been initiated as of September 30, 2026 and in prior years (in millions):

Previous wording

On February 12, 2025, the Board of Directors approved a stock repurchase program (the “2025 Program”) that authorizes the repurchase of up to $500.0 million of common stock and expires in February 2028. In the second quarter of 2026 the Company repurchased $29.3 million of common stock. At June 30, 2026, our remaining share repurchase authorization was $298.2 million. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.

Current wording

On February 12, 2025, the Board of Directors approved a stock repurchase program (the “2025 Program”) that authorizes the repurchase of up to $500.0 million of common stock and expires in February 2028. In the third quarter of 2026, the Company did not make any purchases of common stock under the 2025 Program. At September 30, 2026, our remaining share repurchase authorization was $298.2 million. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.

Previous wording

At June 30, 2026 and December 31, 2025, the Company had $4,803.9 million and $2,036.3 million, respectively, of long-term debt outstanding, net of the unamortized balance of capitalized debt issuance costs. At June 30, 2026, the Company had no long-term debt with maturities due within the next 12 months.

Current wording

At September 30, 2026 and December 31, 2025, the Company had $4,506.4 million and $2,036.3 million, respectively, of long-term debt outstanding, net of the unamortized balance of capitalized debt issuance costs. At September 30, 2026, the Company had $299.5 million long-term debt with maturities due within the next 12 months.

Previous wording

On May 15, 2026, the Company entered into a Term Loan Agreement (the "2026 Term Loan Agreement") with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent. On June 8, 2026, the Company borrowed $900 million under the 2026 Term Loan Agreement (the "2026 Term Loan") on an unsecured basis to finance a portion of the purchase price of the NSI Industries acquisition. The 2026 Term Loan was made in a single borrowing and will be due and payable on June 8, 2029. The 2026 Term Loan bears interest based on the Term SOFR Rate (as defined in the 2026 Term Loan Agreement), plus an applicable interest addition based on Hubbell's credit ratings. The interest rate on the 2026 Term Loan as of June 30, 2026 was 4.65%. Hubbell also paid to the lenders certain customary fees in connection with the 2026 Term Loan Agreement.

Current wording

On May 15, 2026, the Company entered into a Term Loan Agreement (the "2026 Term Loan Agreement") with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent. On June 8, 2026, the Company borrowed $900 million under the 2026 Term Loan Agreement (the "2026 Term Loan") on an unsecured basis to finance a portion of the purchase price of the NSI Industries acquisition. The 2026 Term Loan was made in a single borrowing and will be due and payable on June 8, 2029. The 2026 Term Loan bears interest based on the Term SOFR Rate (as defined in the 2026 Term Loan Agreement), plus an applicable interest addition based on Hubbell's credit ratings. The interest rate on the 2026 Term Loan as of September 30, 2026 was 4.81%. Hubbell also paid to the lenders certain customary fees in connection with the 2026 Term Loan Agreement.

Previous wording

On September 29, 2025, the Company entered into a Term Loan Agreement (the "2025 Term Loan Agreement") with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent. On October 1, 2025, the Company borrowed $600 million under the 2025 Term Loan Agreement (the "2025 Term Loan") on an unsecured basis to finance the majority of the purchase price of the DMC Power acquisition. The 2025 Term Loan was made in a single borrowing and will be due and payable on September 29, 2028. The 2025 Term Loan bears interest based on the Term SOFR Rate (as defined in the 2025 Term Loan Agreement), plus an applicable interest addition based on Hubbell's credit ratings. The interest rate on the 2025 Term Loan as of June 30, 2026 was 4.68%. Hubbell also paid to the lenders certain customary fees in connection with the 2025 Term Loan Agreement.

Current wording

On September 29, 2025, the Company entered into a Term Loan Agreement (the "2025 Term Loan Agreement") with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent. On October 1, 2025, the Company borrowed $600 million under the 2025 Term Loan Agreement (the "2025 Term Loan") on an unsecured basis to finance the majority of the purchase price of the DMC Power acquisition. The 2025 Term Loan was made in a single borrowing and will be due and payable on September 29, 2028. The 2025 Term Loan bears interest based on the Term SOFR Rate (as defined in the 2025 Term Loan Agreement), plus an applicable interest addition based on Hubbell's credit ratings. The interest rate on the 2025 Term Loan as of September 30, 2026 was 4.74%. Hubbell also paid to the lenders certain customary fees in connection with the 2025 Term Loan Agreement.

Previous wording

The carrying value of the Notes, net of unamortized discount and the unamortized balance of capitalized debt issuance costs, was $3,307.7 million and $1,437.4 million at June 30, 2026 and December 31, 2025, respectively.

Current wording

The carrying value of the Notes, net of unamortized discount and the unamortized balance of capitalized debt issuance costs, was $3,009.3 million and $1,437.4 million at September 30, 2026 and December 31, 2025, respectively.