Belden (BDC) Investor presentation summary

Strategic transformation and market positioning

• Transitioned from a product-based to a solutions-led model, scaling solutions from 0% in 2020 to ~15% of revenue in 2025, targeting 20%+ by 2028.

• Positioned to capitalize on global megatrends like IT/OT convergence, Industry 4.0, reshoring, and physical AI, driving sustained demand across mission-critical verticals.

• End-to-end portfolio spans passive and active networking, edge connectivity, and software, enabling comprehensive data infrastructure solutions.

• Solutions-led engagement increases project scope, deepens customer relationships, and drives repeat business.

Financial performance and growth

• Achieved $2.7B in revenue, $459M in adjusted EBITDA, $7.54 adjusted EPS, and $219M in free cash flow for 2025.

• Revenue grew at a 5% CAGR and adjusted EPS at a 12% CAGR since 2019, with EBITDA margins expanding to ~17% in 2025.

• Solutions mix is margin-accretive, with incremental adjusted EBITDA margins of 25–30% as the solutions share expands.

• Over $700M returned to shareholders via share repurchases since 2019.

RUCKUS acquisition and integration

• RUCKUS acquisition expected to close in the second half of 2026, adding Wi-Fi 7 and enterprise switching capabilities.

• Acquisition accelerates solutions mix beyond 20%, expands enterprise TAM, and is immediately accretive to EPS, gross margins, and EBITDA.

• Combined entity will deliver a complete active networking solution for enterprise campuses, public venues, and industrial facilities.

• RUCKUS's high free cash flow conversion supports rapid deleveraging, with net leverage projected to fall from ~3.6x in 2026 to ~1.5x by 2029.