Financial Analysis

Commitments and Contingencies The Company is subject to various legal proceedings arising in the normal course of its business. These proceedings include claims for damages arising out of use of the Companys products, intellectual property, workers compensation and environmental matters. The Company is self-insured up to specified limits for certain types of claims, including product liability and workers compensation, and is fully self-insured for certain other types of claims, including environmental and intellectual property matters. The Company recognizes a liability for any contingency that in managements judgment is probable of occurrence and can be reasonably estimated. We continually reassess the likelihood of adverse judgments and outcomes in these matters, as well as estimated ranges of possible losses based upon an analysis of each matter which includes advice of outside legal counsel and, if applicable, other experts. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt and Financing Arrangements Long-term debt consists of the following (in millions): Maturity June 30, 2026 December 31, 2025 Senior notes at 3.15% 2027 $ 299.4 $ 299.1 Senior notes at 3.50% 2028 448.8 448.5 Senior notes at 2.300% 2031 297.9 297.7 Senior notes at 4.650% 2031 492.5 Senior notes at 4.900% 2033 688.9 Senior notes at 4.800% 2035 392.6 392.1 Senior notes at 5.150% 2036 687.6 Term Loan 2025 2028 599.1 598.9 Term Loan 2026 2029 897.1 TOTAL LONG-TERM DEBT (a) $ 4,803.9 $ 2,036.3 (a) Long-term debt is presented net of debt issuance costs and unamortized discounts. 2026 Term Loan 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. The 2026 Term Loan Agreement contains representations and …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents disaggregated revenue by business group. In September 2025, we internally reorganized certain businesses within our Electrical Solutions segment. The re-organization streamlines the organization and aligns the organization to better serve our customers. This change had no impact to our reportable segments. In conjunction with this change, prior period amounts have been reclassified to conform to the current organizational structure. Three Months Ended June 30, Six Months Ended June 30, in millions 2026 2025 2026 2025 Net sales Grid Infrastructure $ 785.5 $ 698.7 $ 1,512.6 $ 1,316.4 Grid Automation 240.3 236.8 462.1 476.2 Total Utility Solutions $ 1,025.8 $ 935.5 $ 1,974.7 $ 1,792.6 Electrical Products $ 275.6 $ 225.4 $ 507.8 $ 431.1 Industrial 410.4 323.4 746.0 625.8 Total Electrical Solutions $ 686.0 $ 548.8 $ 1,253.8 $ 1,056.9 TOTAL $ 1,711.8 $ 1,484.3 $ 3,228.5 $ 2,849.5 The following table presents disaggregated third-party Net sales by geographic location (the Company defines international as operations based outside of the United States and its possessions): Three Months Ended June 30, Six Months Ended June 30, in millions 2026 2025 2026 2025 Net sales United States $ 989.4 $ 891.3 $ 1,900.2 $ 1,709.4 International 36.4 44.2 74.5 83.2 Total Utility Solutions $ 1,025.8 $ 935.5 $ 1,974.7 $ 1,792.6 United States $ 608.4 $ 478.5 $ 1,104.2 $ 921.3 International 77.6 70.3 149.6 135.6 Total Electrical Solutions $ 686.0 $ 548.8 $ 1,253.8 $ 1,056.9 T …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation As of June 30, 2026, the Company had various stock-based awards outstanding which were issued to executives and other key employees. The Company recognizes the grant-date fair value of all stock-based awards to employees over their respective requisite service periods (generally equal to an awards vesting period), net of estimated forfeitures. A stock-based award is considered vested for expense attribution purposes when the employees retention of the award is no longer contingent on providing subsequent service. For those awards that vest immediately upon retirement eligibility, the Company recognizes compensation cost immediately for retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. The Companys long-term incentive program for awarding stock-based compensation includes a combination of restricted stock, stock appreciation rights (SARs), and performance shares of the Companys common stock pursuant to the Hubbell Incorporated Incentive Award Plan (the Award Plan). Under the Award Plan, the Company may authorize up to 10.3 million shares of common stock to settle awards of restricted stock, performance shares, or SARs. The Company issues new shares to settle stock-based awards. During the three months ended March 31, 2026, the Company's grant of stock-based awards included restricted stock, SARs and performance shares. There were no material awa …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurement Financial Instruments Financial instruments which potentially subject the Company to significant concentrations of credit loss risk consist of trade receivables, cash equivalents and investments. The Company grants credit terms in the normal course of business to its customers. Due to the diversity of its product lines, the Company has an extensive customer base, including electrical distributors and wholesalers, electric utilities, equipment manufacturers, electrical contractors, telecommunication companies and retail and hardware outlets. As part of its ongoing procedures, the Company monitors the credit worthiness of its customers. Bad debt write-offs have historically been minimal. The Company places its cash and cash equivalents with financial institutions and limits the amount of exposure in any one institution. At June 30, 2026, our accounts receivable balance was $1,150.9 million, net of allowances of $17.0 million. During the six months ended June 30, 2026, our allowances increased by approximately $3.1 million. Investments At June 30, 2026 and December 31, 2025, the Company had $82.1 million and $78.4 million, respectively, of available-for-sale municipal debt securities. These investments had an amortized cost of $82.0 million and $78.0 million, respectively. No allowance for credit losses related to our available-for-sale debt securities was recorded for the six months ended June 30, 2026 or June 30, 2025. As of June 30, 2026 and December 31 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets, net Changes in the carrying values of goodwill for the six months ended June 30, 2026, by segment, were as follows (in millions): Segment Utility Solutions Electrical Solutions Total BALANCE AT DECEMBER 31, 2025 $ 2,384.0 $ 676.8 $ 3,060.8 Prior year acquisitions (1) 4.0 4.0 Current year acquisitions (1) 1,288.7 1,288.7 Foreign currency translation 1.5 (0.9) 0.6 BALANCE AT JUNE 30, 2026 $ 2,389.5 $ 1,964.6 $ 4,354.1 (1) Refer to Note 2 - Business Acquisitions for additional information. The carrying value of other intangible assets included in Other intangible assets, net in the Condensed Consolidated Balance Sheets is as follows (in millions): June 30, 2026 December 31, 2025 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Definite-lived: Patents, tradenames and trademarks $ 315.0 $ (110.6) $ 250.0 $ (104.7) Customer relationships 3,424.3 (560.0) 1,633.6 (517.6) Developed technology and other 277.9 (190.4) 278.6 (179.4) TOTAL DEFINITE-LIVED INTANGIBLES $ 4,017.2 $ (861.0) $ 2,162.2 $ (801.7) Indefinite-lived: Tradenames and other 33.7 33.8 TOTAL OTHER INTANGIBLE ASSETS $ 4,050.9 $ (861.0) $ 2,196.0 $ (801.7) Amortization expense associated with definite-lived intangible assets was $32.3 million and $24.8 million during the three months ended June 30, 2026 and 2025, respectively, and $60.2 million and $49.3 million during the six months ended June 30, 2026 and 2025, respectively. Future amortization expense asso …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires additional disclosure of the nature of expenses included in the income statement. The standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements are required to be adopted prospectively with the option for retrospective application. The Company is assessing the impact of adopting this standard on its financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, ""Targeted Improvements to the Accounting for Internal-Use Software"", which modernizes the accounting for software costs. The ASU is effective for public entities for fiscal years beginning after December 15, 2027, and interim periods for fiscal years beginning after December 15, 2027. The Company is assessing the impact of adopting this standard on its financial statements and disclosures. In October 2025, the FASB issued ASU 2025-10, ""Accounting for Government Grants Received by Business Entities"", which establishes the accounting for business entities on the recognition, measurement, presentation, and disclosure of government gr …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension and Other Benefits The following table sets forth the components of net pension and other benefit costs for the three and six months ended June 30, 2026 and 2025 (in millions): Pension Benefits Other Benefits 2026 2025 2026 2025 Three Months Ended June 30, Service cost $ 0.1 $ 0.1 $ $ Interest cost 8.4 8.8 0.2 0.2 Expected return on plan assets (7.5) (7.1) Amortization of prior service cost 0.1 0.1 Amortization of actuarial losses (gains) 2.5 2.8 (0.2) (0.2) NET PERIODIC BENEFIT COST $ 3.6 $ 4.7 $ $ Six Months Ended June 30, Service cost $ 0.2 $ 0.2 $ $ Interest cost 16.7 17.6 0.4 0.4 Expected return on plan assets (15.0) (14.2) Amortization of prior service cost 0.2 0.2 Amortization of actuarial losses (gains) 5.0 5.9 (0.4) (0.3) NET PERIODIC BENEFIT COST $ 7.1 $ 9.7 $ $ 0.1 Employer Contributions The Company made no contributions to its U.S. qualified plans and $1.4 million to its foreign pension plans during the six months ended June 30, 2026. Although not required by ERISA and the Internal Revenue Code, the Company may elect to make voluntary contributions to its qualified domestic defined benefit pension plan in 2026. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring Costs and Other In the three and six months ended June 30, 2026, we incurred costs for restructuring actions initiated in 2026 as well as costs for restructuring actions initiated in prior years. Our restructuring actions are associated with cost reduction efforts that include the consolidation of manufacturing and distribution facilities, as well as workforce reductions. Restructuring costs include severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. These costs are predominantly settled in cash from our operating activities and are generally settled within one year, with the exception of asset impairments, which are non-cash. Pre-tax restructuring costs incurred in each of our reporting segments and the location of the costs in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2026 and 2025 are as follows (in millions): Three Months Ended June 30, 2026 2025 2026 2025 2026 2025 Cost of goods sold Selling & administrative expense Total Utility Solutions $ $ 2.2 $ $ $ $ 2.2 Electrical Solutions 1.5 0.6 1.5 0.6 Total Pre-Tax Restructuring Costs $ 1.5 $ 2.8 $ $ $ 1.5 $ 2.8 Six Months Ended June 30, 2026 2025 2026 2025 2026 2025 Cost of goods sold Selling & administrative expense Total Utility Solutions $ 0.3 $ 3.4 $ $ 0.1 $ 0.3 $ 3.5 Electrical Solutions 5.8 1.0 0.7 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied, which generally occurs, for products, upon the transfer of control in accordance with the contractual terms and conditions of the sale. The majority of the Companys revenue associated with products is recognized at a point in time when the product is shipped to the customer, with a relatively small amount of transactions, primarily in the Utility Solutions segment, recognized upon delivery of the product at the destination. The Company also has performance obligations, primarily within the Utility Solutions segment, that are recognized over time due to the customized nature of the product and the Company's enforceable right to receive payment for work performed to date in the event of a cancellation. The Company uses an input measure to determine the extent of progress towards completion of the performance obligation, which the Company believes best depicts the transfer of control to the customer. Under this method, revenue recognition is primarily based upon the ratio of costs incurred to date compared with estimated total costs to complete. Revenue from service contracts and post-shipment performance obligations is approximately one percent of total annual consolidated net revenue and those service contracts and post-shipment obligations are primarily within the Utility Solutions segment. Revenue from service contracts and post-shipme …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Company's results are reported in the following two business segments, Utility Solutions and Electrical Solutions. These segments reflect how the Company's businesses are managed, the type of products sold and the end markets served. For further information regarding the Company's segment operations, see Note 20 Industry Segments and Geographic Area Information within the Companys audited consolidated financial statements set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The chief operating decision maker is the Chairman of the Board, President and Chief Executive Officer (CODM). The Company's method for measuring profitability on a reportable segment basis and used by the CODM to assess performance and allocate resources is operating income. This measure is used to monitor performance compared to prior period, forecasted results, and the annual plan. The following tables set forth financial information by reporting segment (in millions). When reading the data, the following items should be noted: Segment Net sales comprise sales to unaffiliated customers - inter-segment and inter-area sales are not significant and are eliminated in consolidation. Segment operating income consists of Net sales less operating expenses, including total corporate expenses, which are generally allocated to each segment on the basis of the segment's percentage of consolidated Net sales. Interest expense and investment income and other …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Total Equity A summary of changes in total equity for the three and six months ended June 30, 2026 and the three and six months ended June 30, 2025 is provided below (in millions, except per share amounts): Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Hubbell Shareholders' Equity Non- controlling interest BALANCE AT DECEMBER 31, 2025 $ 0.6 $ 6.4 $ 4,155.7 $ (314.8) $ 3,847.9 $ 10.0 Net income 181.8 181.8 1.2 Other comprehensive income 0.6 0.6 Stock-based compensation 14.4 14.4 Acquisition/surrender of common shares (1) (20.7) (179.8) (200.5) Cash dividends declared ($1.42 per share) (75.5) (75.5) Dividends to noncontrolling interest (0.6) Directors deferred compensation (0.1) (0.1) BALANCE AT MARCH 31, 2026 $ 0.6 $ $ 4,082.2 $ (314.2) $ 3,768.6 $ 10.6 Net income 240.4 240.4 1.8 Other comprehensive income 5.0 5.0 Stock-based compensation 7.5 7.5 Acquisition/surrender of common shares (1) (5.0) (29.6) (34.6) Cash dividends declared ($1.42 per share) (75.2) (75.2) Dividends to noncontrolling interest (1.3) Directors deferred compensation 0.2 0.2 BALANCE AT JUNE 30, 2026 $ 0.6 $ 2.7 $ 4,217.8 $ (309.2) $ 3,911.9 $ 11.1 Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Hubbell Shareholders' Equity Non- controlling interest BALANCE AT DECEMBER 31, 2024 $ 0.6 $ 2.6 $ 3,779.5 $ (386.5) $ 3,396.2 $ 14.4 Net income 163.2 163.2 1.3 Other comprehensive income 19.5 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing