Date: October 27, 2026 NEWS RELEASE
• Q3 operating margin of 21.8%; adjusted operating margin of 25.5% (up 160 bps y/y)
• FY 2026 diluted EPS expected range of $17.30-$17.50; raising adj. diluted EPS to $20.40-$20.60 SHELTON, CT. (October 27, 2026) – Hubbell Incorporated (NYSE: HUBB) today reported operating results for the third quarter ended September 30, 2026.
“Hubbell delivered strong financial performance in the third quarter, with double digit growth in organic sales, adjusted operating profit, adjusted earnings per share and free cash flow” said Gerben Bakker, Chairman, President and CEO.
Mr. Bakker continued, “Third quarter results were highlighted by >20% organic growth in Electrical Solutions, led by strong datacenter markets and bolstered by content gains and capacity expansion investments. NSI results were strong in the quarter, and performance and integration efforts are trending ahead of our initial expectations. Utility Solutions delivered solid organic growth in the quarter, led by distribution, transmission and substation markets. Orders and end market demand remained strong, driving continued backlog build in the quarter, and we remain focused on proactively investing in capacity expansion to serve our customers in high growth areas.”
Mr. Bakker concluded, "We are raising our full year 2026 outlook, primarily driven by stronger anticipated Electrical Solutions growth." 1 Certain terms used in this release, including “net debt”, “free cash flow”, “organic net sales”, “organic net sales growth”, “restructuring-related costs”, “Adjusted EBITDA”, and certain other “adjusted” measures, are defined under the section entitled “Non-GAAP Definitions.” See page 11 for more information. 2
The comments and year-over-year comparisons in this segment review are based on third quarter results in 2026 and 2025.
Utility Solutions segment net sales in the third quarter of 2026 increased 9% to $1,028 million compared to $944 million reported in the third quarter of 2025. Organic net sales increased approximately 5 % in the quarter compared to the third quarter of 2025. Grid Infrastructure net sales increased approximately 13% and Grid Automation net sales decreased approximately 4%. Segment operating income in the third quarter of 2026 was $241 million, or 23.5% of net sales, compared to $219 million, or 23.2% of net sales, in the same period of 2025. Adjusted operating income was $267 million, or 26.0% of net sales, in the third quarter of 2026 as compared to $242 million, or 25.7% of net sales, in the same period of the prior year. Changes in operating income and operating margin were primarily due to volume growth, the impact of acquisitions, favorable price realization, productivity and a net tariff benefit, partially offset by higher cost inflation and raw material costs.
Electrical Solutions segment net sales in the third quarter of 2026 increased 51% to $845 million compared to $559 million reported in the third quarter of 2025. Organic net sales increased 22% in the quarter, while acquisitions added 29%. Segment operating income in the third quarter of 2026 was $168 million, or 19.8% of net sales, compared to $111 million, or 19.9% of net sales, in the same period of 2025. Adjusted operating income was $210 million, or 24.8% of net sales, in the third quarter of 2026 as compared to $116 million, or 20.8% of net sales, in the same period of the prior year. Changes in operating income and operating margin were driven primarily by volume growth, the impact of acquisitions, favorable price realization, productivity and a net tariff benefit, partially offset by higher cost inflation and raw material costs.
Adjusted diluted EPS in the third quarter of 2026 excluded $0.89 of amortization of acquisition-related intangible assets and $0.08 of transaction, integration & separation costs. Adjusted diluted EPS in the third quarter of 2025 excluded $0.35 of amortization of acquisition-related intangible assets and $0.05 of transaction, integration, & separation costs. 3 Net cash provided by operating activities was $323 million in the third quarter of 2026 versus net cash provided by operating activities of $284 million in the same period in 2025. Free cash flow was $280 million in the third quarter of 2026 versus $254 million in the comparable period of 2025. 4
For the full year 2026, Hubbell anticipates total sales growth of 18-19%, including organic sales growth of 10-11%. Hubbell expects 2026 GAAP diluted earnings per share in the range of $17.30 to $17.50 and adjusted diluted earnings per share (“Adjusted EPS”) in the range of $20.40 to $20.60. For the full year, Adjusted EPS excludes amortization of acquisition-related intangible assets, which the Company expects to be approximately $2.50 per share, and transaction, integration, and separation costs, which the Company expects to be approximately $0.60 per share. The Company believes Adjusted EPS is a useful measure of underlying performance in light of our acquisition strategy.
The diluted earnings per share and Adjusted EPS ranges are based on an adjusted tax rate of 22.0% to 22.5% and include approximately $20 million of anticipated restructuring and related investment. The Company expects full year 2026 free cash flow conversion of approximately 90% on adjusted net income. 5
Hubbell will conduct an earnings conference call to discuss its third quarter 2026 financial results today, October 27, 2026 at 10:00 a.m. ET. A live audio of the conference call will be available and can be accessed by visiting Hubbell's "Investor Relations - Events/Presentations" section of www.hubbell.com. Audio replays will also be available at the conclusion of the call by visiting www.hubbell.com and selecting "Investors" from the options at the bottom of the page and then "Events/Presentations" from the drop-down menu. 6
Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements generally relate to our expectations and beliefs regarding our financial results, condition and outlook, projections of future performance, anticipated growth and end markets, changes in operating results, market conditions and economic conditions, expected capital resources, liquidity, financial performance, pension funding and results of operations, plans, strategies, opportunities, developments and productivity initiatives, competitive positioning, and trends in particular markets or industries. In addition, statements related to our outlook for the fourth quarter and full year 2026 and beyond, and all statements set forth in the “Summary & Outlook” section above, as well as other statements that are not strictly historic in nature, are forward-looking. These statements may be identified by the use of forward- looking words or phrases such as “believe”, “expect”, “anticipate”, “intend”, “depend”, “plan”, “estimated”, “predict”, “target”, “should”, “could”, “may”, “subject to”, “continues”, “growing”, “prospective”, “forecast”, “projected”, “purport”, “might”, “if”, “contemplate”, “potential”, “pending”, “goals”, “scheduled”, “will”, “will likely be”, and similar words and phrases. Such forward-looking statements are based on our current expectations and involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or the Company’s achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the impact of and substantial uncertainty regarding the duration of existing and newly announced trade tariffs, import quotas or other trade actions, restrictions or measures taken by the United States, China, Mexico, the United Kingdom, member states of the European Union, and other countries, including the recent and ongoing potential changes in U.S. trade policies, that may be made by the current or a future presidential administration and changes in trade policies in other countries made in response to changes in the U.S. trade policies; the timing of and eligibility for anticipated additional International Emergency Economic Power Act (IEEPA) tariff refunds; the general impact of inflation on our business, including the impact on raw materials costs, elevated interest rates and increased energy costs and our ability to implement and maintain pricing actions that we have taken to cover higher costs and protect our margin profile; economic and business conditions in particular industries, markets or geographic regions, as well the potential for macro-economic effects of the U.S. government federal deficit, and continued inflation, a significant economic slowdown, stagflation or recession; effects of unfavorable foreign currency exchange rates and the potential use of hedging instruments to hedge the exposure to fluctuating rates of foreign currency exchange on inventory purchases; supply chain disruptions and availability, 7 costs and quantity of raw materials, purchased components, energy and freight; changes in demand for our products, market conditions, product quality, or product availability adversely affecting sales levels; ability to effectively develop and introduce new products; changes in markets or competition adversely affecting realization of price increases; continued strength in datacenter markets, notwithstanding certain opposition; continued softness in the heavy industrial and residential markets of Electrical Solutions; failure to achieve projected levels of efficiencies, and maintain cost savings and cost reduction measures, including those expected as a result of our lean initiatives and strategic sourcing plans; failure to comply with import and export laws; changes relating to impairment of our goodwill and other intangible assets; inability to access capital markets or failure to maintain our credit ratings; changes in expected or future levels of operating cash flow, indebtedness and capital spending; regulatory issues, and extensive worldwide changes to the taxation of multinational enterprises, including global minimum tax rules under the Organisation for Economic Co-operation and Development’s Pillar Two initiative and potential modifications to corporate taxation by the U.S. government, including adjustments to tax rates, deduction limitations, cross-border tax provisions, and administrative guidance; a major disruption in one or more of our manufacturing or distribution facilities or headquarters, including the impact of plant consolidations and relocations; changes in our relationships with, or the financial condition or performance of, key distributors and other customers, agents or business partners which could adversely affect our results of operations; impact of productivity improvements on lead times, quality and delivery of product; anticipated future contributions and assumptions including increases in interest rates and changes in plan assets with respect to pensions and other retirement benefits, as well as pension withdrawal liabilities; adjustments to product warranty accruals in response to claims incurred, historical experiences and known costs; unexpected costs or charges, certain of which might be outside of our control; changes in strategy due to economic conditions or other conditions outside of our control affecting anticipated future global product sourcing levels; ability to carry out future acquisitions and strategic investments in our core businesses as well as the acquisition related costs; the ability to successfully manage and integrate acquired businesses, such as the acquisitions of NSI Electrical Buyer, Inc. (the NSI Industries business), Alliance USAcqCo 2, Inc. (the Ventev business), Nicor, Inc. (the Nicor business), and Power Rose Acquisition, Inc. (the DMC Power business), as well as the failure to realize expected synergies and benefits anticipated when we make an acquisition due to potential adverse reactions or changes to business or employee relationships resulting from completion of the transaction, competitive responses to the transaction, the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of an acquired business, diversion of management’s attention from ongoing business operations and opportunities, and litigation relating to the transaction; the impact of certain divestitures, including the benefits and costs of the sale of the residential lighting business; 8 the ability to effectively implement Enterprise Resource Planning systems without disrupting operational and financial processes; the ability of government customers to meet their financial obligations; political unrest and military actions in foreign countries, including the conflicts in Ukraine and the Middle East and trade tensions with China, as well as the impact on world markets and energy supplies and prices resulting therefrom, including the U.S.-Israel-Iran conflict, which has had substantial effects on global trade, the energy markets and the financial markets; the impact of potential natural disasters or additional public health emergencies on our financial condition and results of operations; failure of information technology systems, cybersecurity breaches, cyber threats, malware, phishing attacks, break-ins and similar events resulting in unauthorized disclosure of confidential information or disruptions or damage to information technology systems that could cause interruptions to our operations or adversely affect our internal control over financial reporting, including the impact of issues that may arise from the use of artificial intelligence technologies; incurring significant and/or unexpected costs to avoid, manage, defend and litigate intellectual property matters; future repurchases of common stock under our common stock repurchase program; changes in accounting principles, interpretations, or estimates; failure to comply with any laws and regulations, including those related to data privacy and information security, environmental laws and those relating to conflict-free minerals; the outcome of environmental, legal and tax contingencies or costs compared to amounts provided for such contingencies, including contingencies or costs with respect to pension withdrawal liabilities; improper conduct by any of our employees, agents or business partners that damages our reputation or subjects us to civil or criminal liability; our ability to hire, retain and develop qualified personnel; and other factors described in our Securities and Exchange Commission filings, including in the “Business”, “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Forward-Looking Statements” and “Quantitative and Qualitative Disclosures about Market Risk” sections in our annual and quarterly reports filed with Securities and Exchange Commission. Any such forward-looking statements are not guarantees of future performance and actual results, developments and business decisions may differ from those contemplated by such forward-looking statements. The Company disclaims any duty to update any forward-looking statement, all of which are expressly qualified by the foregoing, other than as required by law. 9
Hubbell Incorporated is a leading manufacturer of utility and electrical solutions enabling customers to operate critical infrastructure safely, reliably and efficiently. With 2025 revenues of $5.8 billion, Hubbell solutions electrify economies and energize communities. The corporate headquarters is located in Shelton, CT. Contact:
Dan Innamorato Hubbell Incorporated 40 Waterview Drive P.O. Box 1000 Shelton, CT 06484 (475) 882-4000
References to "adjusted" operating measures exclude the impact of certain costs, gains or losses. Management believes these adjusted operating measures provide useful information regarding our underlying performance from period to period and an understanding of our results of operations without regard to items we do not consider a component of our core operating performance. Adjusted operating measures are non-GAAP measures, and include adjusted operating income, adjusted operating margin, adjusted net income attributed to Hubbell Incorporated, adjusted net income available to common shareholders, adjusted earnings per diluted share, and Adjusted EBITDA. These non-GAAP measures exclude, where applicable:
• Amortization of all intangible assets associated with our business acquisitions, including inventory step-up amortization associated with those acquisitions. The intangible assets associated with our business acquisitions arise from the allocation of the purchase price using the acquisition method of accounting in accordance with Accounting Standards Codification 805, “Business Combinations.” These assets consist primarily of customer relationships, developed technology, trademarks and tradenames, and patents, as reported in Note 6—Goodwill and Other Intangible Assets, under the heading “Total Definite- Lived Intangibles,” within the Company’s audited Consolidated Financial Statements set forth in its Annual Report on Form 10-K for fiscal year ended December 31, 2025. The Company believes that the exclusion of these non-cash expenses (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of our financial results over multiple periods, and (iii) provides more relevant comparisons of our results with the results of other companies as the amortization expense associated with these assets may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions. Although we exclude amortization of these acquired intangible assets and inventory step-up from our non-GAAP results, we believe that it is important for investors to understand that revenue generated, in part, from such intangibles is included within revenue in determining adjusted net income attributable to Hubbell Incorporated. 11 • Transaction, integration, and separation costs associated with our business acquisitions and divestitures. The effect that acquisitions and divestitures may have on our results can fluctuate significantly based on the timing, size, and number of transactions, and therefore result in significant volatility in the costs to complete transactions and integrate or separate the businesses. 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 during the second quarter of 2026. Integration and separation costs are the internal and external incremental costs directly relating to these activities for the acquired or divested business. 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.
• Gains or losses on disposition of a business. The Company excludes these gains or losses because we believe they enhance management's and investors' ability to analyze underlying business performance and facilitates comparisons of our financial results over multiple periods. In the second quarter of 2025 the Company recognized a $0.4 million pre-tax loss on the disposition of a product line in the Electrical Solutions segment.
• Income tax effects of the above adjustments, which are calculated using the statutory tax rate, taking into consideration the nature of the item and the relevant taxing jurisdiction, unless otherwise noted.
Adjusted EBITDA is a non-GAAP measure that excludes the items noted above and also excludes the Other income (expense), net, Interest expense, net, and Provision for income taxes captions of the Condensed Consolidated Statement of Income, as well as depreciation and amortization expense .
Net debt (defined as total debt less cash and investments) to total capital is a non-GAAP measure that we believe is a useful measure for evaluating the Company's financial leverage and the ability to meet its funding needs.
Free cash flow is a non-GAAP measure that we believe provides useful information regarding the Company's ability to generate cash without reliance on external financing. In addition, management uses free cash flow to evaluate the resources available for investments in the business, strategic acquisitions and further strengthening the balance sheet. 12 In connection with our restructuring and related actions, we have incurred restructuring costs as defined by U.S. GAAP, which are primarily 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. We also incur restructuring-related costs, which are costs associated with our business transformation initiatives, including the consolidation of back-office functions and streamlining our processes, and certain other costs and gains associated with restructuring actions. We refer to these costs on a combined basis as "restructuring and related costs", which is a non-GAAP measure.
Organic net sales, a non-GAAP measure, represents Net sales according to U.S. GAAP, less Net sales from acquisitions and divestitures during the first twelve months of ownership or divestiture, respectively, less the effect of fluctuations in Net sales from foreign currency exchange. The period-over-period effect of fluctuations in Net sales from foreign currency exchange is calculated as the difference between local currency Net sales of the prior period translated at the current period exchange rate as compared to the same local currency Net sales translated at the prior period exchange rate. We believe this measure provides management and investors with a more complete understanding of the underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. When comparing Net sales growth between periods excluding the effects of acquisitions, business dispositions and currency exchange rates, those effects are different when comparing results for different periods. For example, because Net sales from acquisitions are considered inorganic from the date we complete an acquisition through the end of the first year following the acquisition, Net sales from such acquisitions are reflected as organic net sales thereafter.
There are limitations to the use of non-GAAP measures. Non-GAAP measures do not present complete financial results. We compensate for this limitation by providing a reconciliation between our non-GAAP financial measures and the respective most directly comparable financial measure calculated and presented in accordance with GAAP. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported GAAP financial results, and should be viewed in conjunction with the most comparable GAAP financial measures and the provided reconciliations thereto. We believe, however, that these non-GAAP financial measures, when viewed together with our GAAP results and related reconciliations, provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure. 13 Reconciliations of each of these non-GAAP measures to the most directly comparable GAAP measure can be found in the tables below. When we provide our expectations for organic net sales, adjusted effective tax rate, adjusted diluted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected net sales, effective tax rate, diluted EPS and net cash flows provided by operating activities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, certain financing costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. 14
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Cash and cash equivalents $ 334.5 $ 482.5 Short-term investments 20.5 15.4 Accounts receivable (net of allowances 1,228.8 856.9 of $19.4 and $13.9) Inventories, net 1,327.2 1,083.8 Other current assets 174.5 155.4 TOTAL CURRENT ASSETS 3,085.5 2,594.0 Property, plant and 913.2 841.2 equipment, net Investments 100.5 98.4 Goodwill 4,368.2 3,060.8 Other intangible assets, 3,143.4 1,394.3 net Other long-term assets 287.5 240.1 TOTAL ASSETS $ 11,898.3 $ 8,228.8 LIABILITIES AND EQUITY Short-term debt and current portion of $ 613.8 $ 289.1 long-term debt Accounts payable 662.4 570.5 Accrued salaries, wages and employee 161.2 115.4 benefits Accrued insurance 83.4 83.0 Other accrued liabilities 497.8 450.7 TOTAL CURRENT LIABILITIES 2,018.6 1,508.7 Long-term debt 4,506.4 2,036.3 Deferred tax liabilities 819.1 420.1 Other non-current 436.4 405.8 liabilities TOTAL LIABILITIES 7,780.5 4,370.9 Hubbell Incorporated Shareholders' 4,105.6 3,847.9 Equity Noncontrolling interest 12.2 10.0 TOTAL EQUITY 4,117.8 3,857.9 TOTAL LIABILITIES AND $ 11,898.3 $ 8,228.8 EQUITY
Nine Months Ended Cash Flows From September 30, Operating Activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income attributable to $ 684.7 $ 662.9 Hubbell Depreciation and 220.1 144.6 amortization Deferred income taxes -3.6 -8.2 Stock-based 30.0 27.0 compensation expense Loss on disposition of — 0.4 business Loss on sale of assets 2.2 0.9 Changes in assets and liabilities, net of acquisitions Accounts receivable, -253.1 -147.7 net Inventories, net -148.4 -37.9 Accounts payable 79.5 -10.9 Current liabilities 36.7 -38.8 Other assets and 3.0 11.2 liabilities, net Contributions to defined benefit -1.4 -21.4 pension plans Other, net 9.3 0.2 Net cash provided by operating 659.0 582.3 activities Cash Flows From Investing Activities Capital expenditures -119.8 -96.4 Acquisition of businesses, net of -3,005.7 -129.1 cash acquired Proceeds from disposal of business, net — 2.6 of cash Purchases of available-for-sale -15.5 -17.6 investments Proceeds from sales of available-for-sale 11.3 12.7 investments Other, net 9.9 12.4 Net cash used in -3,119.8 -215.4 investing activities Cash Flows From Financing Activities Issuance of long-term 2,787.5 — debt Borrowing of 25.2 426.3 short-term debt, net Payment of dividends -225.4 -211.1 Debt issuance costs -21.4 — Repurchase of common -203.5 -225.0 shares Other, net -43.3 -32.8 Net cash provided by (used in) financing 2,319.1 -42.6 activities Effect of foreign exchange rate changes -2.1 13.0 on cash and cash equivalents (Decrease) increase in cash, cash -143.8 337.3 equivalents and restricted cash Cash and cash equivalents, beginning 482.5 329.1 of year Restricted cash, included in other 1.8 2.5 assets, beginning of year Less: Restricted cash, 6.0 2.1 included in other assets Cash and cash equivalents, end of $ 334.5 $ 666.8 quarter
Restruct… and related costs included Three Nine in Cost Months Months of goods Ended Ended sold September September (non-GAAP 30, 30, measure) 2026 2025 2026 2025 ────────────────────────────────────────────────────────────────────────────── Utility $ 0.4 $ 1.8 $ 1.3 $ 5.9 Solutions Electric… 0.7 2.4 7.8 5.2 Solutions Total $ 1.1 $ 4.2 $ 9.1 $ 11.1 Restruct… and related costs included in Selling & administ… expenses (non-GAAP measure) Utility $ — $ 0.7 $ — $ 0.8 Solutions Electric… 1.6 1.8 4.2 1.6 Solutions Total $ 1.6 $ 2.5 $ 4.2 $ 2.4 Impact on Income before income $ 2.7 $ 6.7 $ 13.3 $ 13.5 taxes (non-GAAP measure) Impact on Net income available to 2.1 5.1 10.1 10.3 Hubbell common sharehol… (non-GAAP measure) Impact on Diluted earnings $ 0.04 $ 0.09 $ 0.19 $ 0.19 per share (non-GAAP measure)
Full text with the tables
Exhibit 99.1
Date: October 27, 2026 NEWS RELEASE
─────────────────────────────────────────────────
Hubbell Incorporated
40 Waterview Drive
Shelton, CT 06484
475-882-4000
HUBBELL REPORTS THIRD QUARTER 2026 RESULTS
• Q3 diluted EPS of $4.94; adjusted diluted EPS of $5.91 (up 14% y/y)
• Q3 net sales +25% (organ ic +11% ; M&A +13 %)
• Q3 operating margin of 21.8%; adjusted operating margin of 25.5% (up 160 bps
y/y)
• FY 2026 diluted EPS expected range of $17.30-$17.50; raising adj. diluted EPS
to $20.40-$20.60
SHELTON, CT. (October 27, 2026) – Hubbell Incorporated (NYSE: HUBB) today
reported operating results for the third quarter ended September 30, 2026.
“Hubbell delivered strong financial performance in the third quarter, with
double digit growth in organic sales, adjusted operating profit, adjusted
earnings per share and free cash flow” said Gerben Bakker, Chairman, President
and CEO.
Mr. Bakker continued, “Third quarter results were highlighted by >20% organic
growth in Electrical Solutions, led by strong datacenter markets and bolstered
by content gains and capacity expansion investments. NSI results were strong in
the quarter, and performance and integration efforts are trending ahead of our
initial expectations. Utility Solutions delivered solid organic growth in the
quarter, led by distribution, transmission and substation markets. Orders and
end market demand remained strong, driving continued backlog build in the
quarter, and we remain focused on proactively investing in capacity expansion to
serve our customers in high growth areas.”
Mr. Bakker concluded, "We are raising our full year 2026 outlook, primarily
driven by stronger anticipated Electrical Solutions growth."
1
Certain terms used in this release, including “net debt”, “free cash flow”,
“organic net sales”, “organic net sales growth”, “restructuring-related costs”,
“Adjusted EBITDA”, and certain other “adjusted” measures, are defined under the
section entitled “Non-GAAP Definitions.” See page 11 for more information.
2
THIRD QUARTER FINANCIAL HIGHLIGHTS
The comments and year-over-year comparisons in this segment review are based on
third quarter results in 2026 and 2025.
Utility Solutions segment net sales in the third quarter of 2026 increased 9% to
$1,028 million compared to $944 million reported in the third quarter of 2025.
Organic net sales increased approximately 5 % in the quarter compared to the
third quarter of 2025. Grid Infrastructure net sales increased approximately 13%
and Grid Automation net sales decreased approximately 4%. Segment operating
income in the third quarter of 2026 was $241 million, or 23.5% of net sales,
compared to $219 million, or 23.2% of net sales, in the same period of 2025.
Adjusted operating income was $267 million, or 26.0% of net sales, in the third
quarter of 2026 as compared to $242 million, or 25.7% of net sales, in the same
period of the prior year. Changes in operating income and operating margin were
primarily due to volume growth, the impact of acquisitions, favorable price
realization, productivity and a net tariff benefit, partially offset by higher
cost inflation and raw material costs.
Electrical Solutions segment net sales in the third quarter of 2026 increased
51% to $845 million compared to $559 million reported in the third quarter of
2025. Organic net sales increased 22% in the quarter, while acquisitions added
29%. Segment operating income in the third quarter of 2026 was $168 million, or
19.8% of net sales, compared to $111 million, or 19.9% of net sales, in the same
period of 2025. Adjusted operating income was $210 million, or 24.8% of net
sales, in the third quarter of 2026 as compared to $116 million, or 20.8% of net
sales, in the same period of the prior year. Changes in operating income and
operating margin were driven primarily by volume growth, the impact of
acquisitions, favorable price realization, productivity and a net tariff
benefit, partially offset by higher cost inflation and raw material costs.
Adjusted diluted EPS in the third quarter of 2026 excluded $0.89 of amortization
of acquisition-related intangible assets and $0.08 of transaction, integration &
separation costs. Adjusted diluted EPS in the third quarter of 2025 excluded
$0.35 of amortization of acquisition-related intangible assets and $0.05 of
transaction, integration, & separation costs.
3
Net cash provided by operating activities was $323 million in the third quarter
of 2026 versus net cash provided by operating activities of $284 million in the
same period in 2025. Free cash flow was $280 million in the third quarter of
2026 versus $254 million in the comparable period of 2025.
4
SUMMARY & OUTLOOK
For the full year 2026, Hubbell anticipates total sales growth of 18-19%,
including organic sales growth of 10-11%. Hubbell expects 2026 GAAP diluted
earnings per share in the range of $17.30 to $17.50 and adjusted diluted
earnings per share (“Adjusted EPS”) in the range of $20.40 to $20.60. For the
full year, Adjusted EPS excludes amortization of acquisition-related intangible
assets, which the Company expects to be approximately $2.50 per share, and
transaction, integration, and separation costs, which the Company expects to be
approximately $0.60 per share. The Company believes Adjusted EPS is a useful
measure of underlying performance in light of our acquisition strategy.
The diluted earnings per share and Adjusted EPS ranges are based on an adjusted
tax rate of 22.0% to 22.5% and include approximately $20 million of anticipated
restructuring and related investment. The Company expects full year 2026 free
cash flow conversion of approximately 90% on adjusted net income.
5
CONFERENCE CALL
Hubbell will conduct an earnings conference call to discuss its third quarter
2026 financial results today, October 27, 2026 at 10:00 a.m. ET. A live audio of
the conference call will be available and can be accessed by visiting Hubbell's
"Investor Relations - Events/Presentations" section of www.hubbell.com. Audio
replays will also be available at the conclusion of the call by visiting
www.hubbell.com and selecting "Investors" from the options at the bottom of the
page and then "Events/Presentations" from the drop-down menu.
6
FORWARD-LOOKING STATEMENTS
Certain statements contained herein may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements generally relate to our expectations and beliefs regarding our
financial results, condition and outlook, projections of future performance,
anticipated growth and end markets, changes in operating results, market
conditions and economic conditions, expected capital resources, liquidity,
financial performance, pension funding and results of operations, plans,
strategies, opportunities, developments and productivity initiatives,
competitive positioning, and trends in particular markets or industries. In
addition, statements related to our outlook for the fourth quarter and full year
2026 and beyond, and all statements set forth in the “Summary & Outlook” section
above, as well as other statements that are not strictly historic in nature, are
forward-looking. These statements may be identified by the use of forward-
looking words or phrases such as “believe”, “expect”, “anticipate”, “intend”,
“depend”, “plan”, “estimated”, “predict”, “target”, “should”, “could”, “may”,
“subject to”, “continues”, “growing”, “prospective”, “forecast”, “projected”,
“purport”, “might”, “if”, “contemplate”, “potential”, “pending”, “goals”,
“scheduled”, “will”, “will likely be”, and similar words and phrases. Such
forward-looking statements are based on our current expectations and involve
numerous assumptions, known and unknown risks, uncertainties and other factors
which may cause actual and future performance or the Company’s achievements to
be materially different from any future results, performance, or achievements
expressed or implied by such forward-looking statements. Such factors include,
but are not limited to: the impact of and substantial uncertainty regarding the
duration of existing and newly announced trade tariffs, import quotas or other
trade actions, restrictions or measures taken by the United States, China,
Mexico, the United Kingdom, member states of the European Union, and other
countries, including the recent and ongoing potential changes in U.S. trade
policies, that may be made by the current or a future presidential
administration and changes in trade policies in other countries made in response
to changes in the U.S. trade policies; the timing of and eligibility for
anticipated additional International Emergency Economic Power Act (IEEPA) tariff
refunds; the general impact of inflation on our business, including the impact
on raw materials costs, elevated interest rates and increased energy costs and
our ability to implement and maintain pricing actions that we have taken to
cover higher costs and protect our margin profile; economic and business
conditions in particular industries, markets or geographic regions, as well the
potential for macro-economic effects of the U.S. government federal deficit, and
continued inflation, a significant economic slowdown, stagflation or recession;
effects of unfavorable foreign currency exchange rates and the potential use of
hedging instruments to hedge the exposure to fluctuating rates of foreign
currency exchange on inventory purchases; supply chain disruptions and
availability,
7
costs and quantity of raw materials, purchased components, energy and freight;
changes in demand for our products, market conditions, product quality, or
product availability adversely affecting sales levels; ability to effectively
develop and introduce new products; changes in markets or competition adversely
affecting realization of price increases; continued strength in datacenter
markets, notwithstanding certain opposition; continued softness in the heavy
industrial and residential markets of Electrical Solutions; failure to achieve
projected levels of efficiencies, and maintain cost savings and cost reduction
measures, including those expected as a result of our lean initiatives and
strategic sourcing plans; failure to comply with import and export laws; changes
relating to impairment of our goodwill and other intangible assets; inability to
access capital markets or failure to maintain our credit ratings; changes in
expected or future levels of operating cash flow, indebtedness and capital
spending; regulatory issues, and extensive worldwide changes to the taxation of
multinational enterprises, including global minimum tax rules under the
Organisation for Economic Co-operation and Development’s Pillar Two initiative
and potential modifications to corporate taxation by the U.S. government,
including adjustments to tax rates, deduction limitations, cross-border tax
provisions, and administrative guidance; a major disruption in one or more of
our manufacturing or distribution facilities or headquarters, including the
impact of plant consolidations and relocations; changes in our relationships
with, or the financial condition or performance of, key distributors and other
customers, agents or business partners which could adversely affect our results
of operations; impact of productivity improvements on lead times, quality and
delivery of product; anticipated future contributions and assumptions including
increases in interest rates and changes in plan assets with respect to pensions
and other retirement benefits, as well as pension withdrawal liabilities;
adjustments to product warranty accruals in response to claims incurred,
historical experiences and known costs; unexpected costs or charges, certain of
which might be outside of our control; changes in strategy due to economic
conditions or other conditions outside of our control affecting anticipated
future global product sourcing levels; ability to carry out future acquisitions
and strategic investments in our core businesses as well as the acquisition
related costs; the ability to successfully manage and integrate acquired
businesses, such as the acquisitions of NSI Electrical Buyer, Inc. (the NSI
Industries business), Alliance USAcqCo 2, Inc. (the Ventev business), Nicor,
Inc. (the Nicor business), and Power Rose Acquisition, Inc. (the DMC Power
business), as well as the failure to realize expected synergies and benefits
anticipated when we make an acquisition due to potential adverse reactions or
changes to business or employee relationships resulting from completion of the
transaction, competitive responses to the transaction, the possibility that the
anticipated benefits of the transaction are not realized when expected or at
all, including as a result of the impact of, or problems arising from, the
integration of an acquired business, diversion of management’s attention from
ongoing business operations and opportunities, and litigation relating to the
transaction; the impact of certain divestitures, including the benefits and
costs of the sale of the residential lighting business;
8
the ability to effectively implement Enterprise Resource Planning systems
without disrupting operational and financial processes; the ability of
government customers to meet their financial obligations; political unrest and
military actions in foreign countries, including the conflicts in Ukraine and
the Middle East and trade tensions with China, as well as the impact on world
markets and energy supplies and prices resulting therefrom, including the
U.S.-Israel-Iran conflict, which has had substantial effects on global trade,
the energy markets and the financial markets; the impact of potential natural
disasters or additional public health emergencies on our financial condition and
results of operations; failure of information technology systems, cybersecurity
breaches, cyber threats, malware, phishing attacks, break-ins and similar events
resulting in unauthorized disclosure of confidential information or disruptions
or damage to information technology systems that could cause interruptions to
our operations or adversely affect our internal control over financial
reporting, including the impact of issues that may arise from the use of
artificial intelligence technologies; incurring significant and/or unexpected
costs to avoid, manage, defend and litigate intellectual property matters;
future repurchases of common stock under our common stock repurchase program;
changes in accounting principles, interpretations, or estimates; failure to
comply with any laws and regulations, including those related to data privacy
and information security, environmental laws and those relating to conflict-free
minerals; the outcome of environmental, legal and tax contingencies or costs
compared to amounts provided for such contingencies, including contingencies or
costs with respect to pension withdrawal liabilities; improper conduct by any of
our employees, agents or business partners that damages our reputation or
subjects us to civil or criminal liability; our ability to hire, retain and
develop qualified personnel; and other factors described in our Securities and
Exchange Commission filings, including in the “Business”, “Risk Factors”,
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations”, “Forward-Looking Statements” and “Quantitative and Qualitative
Disclosures about Market Risk” sections in our annual and quarterly reports
filed with Securities and Exchange Commission. Any such forward-looking
statements are not guarantees of future performance and actual results,
developments and business decisions may differ from those contemplated by such
forward-looking statements. The Company disclaims any duty to update any
forward-looking statement, all of which are expressly qualified by the
foregoing, other than as required by law.
9
About the Company
Hubbell Incorporated is a leading manufacturer of utility and electrical
solutions enabling customers to operate critical infrastructure safely, reliably
and efficiently. With 2025 revenues of $5.8 billion, Hubbell solutions electrify
economies and energize communities. The corporate headquarters is located in
Shelton, CT.
Contact:
Dan Innamorato
Hubbell Incorporated
40 Waterview Drive
P.O. Box 1000
Shelton, CT 06484
(475) 882-4000
#######
10
NON-GAAP DEFINITIONS
References to "adjusted" operating measures exclude the impact of certain costs,
gains or losses. Management believes these adjusted operating measures provide
useful information regarding our underlying performance from period to period
and an understanding of our results of operations without regard to items we do
not consider a component of our core operating performance. Adjusted operating
measures are non-GAAP measures, and include adjusted operating income, adjusted
operating margin, adjusted net income attributed to Hubbell Incorporated,
adjusted net income available to common shareholders, adjusted earnings per
diluted share, and Adjusted EBITDA. These non-GAAP measures exclude, where
applicable:
• Amortization of all intangible assets associated with our business
acquisitions, including inventory step-up amortization associated with those
acquisitions. The intangible assets associated with our business acquisitions
arise from the allocation of the purchase price using the acquisition method of
accounting in accordance with Accounting Standards Codification 805, “Business
Combinations.” These assets consist primarily of customer relationships,
developed technology, trademarks and tradenames, and patents, as reported in
Note 6—Goodwill and Other Intangible Assets, under the heading “Total Definite-
Lived Intangibles,” within the Company’s audited Consolidated Financial
Statements set forth in its Annual Report on Form 10-K for fiscal year ended
December 31, 2025. The Company believes that the exclusion of these non-cash
expenses (i) enhances management’s and investors’ ability to analyze underlying
business performance, (ii) facilitates comparisons of our financial results over
multiple periods, and (iii) provides more relevant comparisons of our results
with the results of other companies as the amortization expense associated with
these assets may fluctuate significantly from period to period based on the
timing, size, nature, and number of acquisitions. Although we exclude
amortization of these acquired intangible assets and inventory step-up from our
non-GAAP results, we believe that it is important for investors to understand
that revenue generated, in part, from such intangibles is included within
revenue in determining adjusted net income attributable to Hubbell Incorporated.
11
• Transaction, integration, and separation costs associated with our business
acquisitions and divestitures. The effect that acquisitions and divestitures may
have on our results can fluctuate significantly based on the timing, size, and
number of transactions, and therefore result in significant volatility in the
costs to complete transactions and integrate or separate the businesses.
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 during the second quarter of 2026. Integration and
separation costs are the internal and external incremental costs directly
relating to these activities for the acquired or divested business. 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.
• Gains or losses on disposition of a business. The Company excludes these gains
or losses because we believe they enhance management's and investors' ability to
analyze underlying business performance and facilitates comparisons of our
financial results over multiple periods. In the second quarter of 2025 the
Company recognized a $0.4 million pre-tax loss on the disposition of a product
line in the Electrical Solutions segment.
• Income tax effects of the above adjustments, which are calculated using the
statutory tax rate, taking into consideration the nature of the item and the
relevant taxing jurisdiction, unless otherwise noted.
Adjusted EBITDA is a non-GAAP measure that excludes the items noted above and
also excludes the Other income (expense), net, Interest expense, net, and
Provision for income taxes captions of the Condensed Consolidated Statement of
Income, as well as depreciation and amortization expense .
Net debt (defined as total debt less cash and investments) to total capital is a
non-GAAP measure that we believe is a useful measure for evaluating the
Company's financial leverage and the ability to meet its funding needs.
Free cash flow is a non-GAAP measure that we believe provides useful information
regarding the Company's ability to generate cash without reliance on external
financing. In addition, management uses free cash flow to evaluate the resources
available for investments in the business, strategic acquisitions and further
strengthening the balance sheet.
12
In connection with our restructuring and related actions, we have incurred
restructuring costs as defined by U.S. GAAP, which are primarily 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. We also incur restructuring-related
costs, which are costs associated with our business transformation initiatives,
including the consolidation of back-office functions and streamlining our
processes, and certain other costs and gains associated with restructuring
actions. We refer to these costs on a combined basis as "restructuring and
related costs", which is a non-GAAP measure.
Organic net sales, a non-GAAP measure, represents Net sales according to U.S.
GAAP, less Net sales from acquisitions and divestitures during the first twelve
months of ownership or divestiture, respectively, less the effect of
fluctuations in Net sales from foreign currency exchange. The period-over-period
effect of fluctuations in Net sales from foreign currency exchange is calculated
as the difference between local currency Net sales of the prior period
translated at the current period exchange rate as compared to the same local
currency Net sales translated at the prior period exchange rate. We believe this
measure provides management and investors with a more complete understanding of
the underlying operating results and trends of established, ongoing operations
by excluding the effect of acquisitions, dispositions and foreign currency, as
these activities can obscure underlying trends. When comparing Net sales growth
between periods excluding the effects of acquisitions, business dispositions and
currency exchange rates, those effects are different when comparing results for
different periods. For example, because Net sales from acquisitions are
considered inorganic from the date we complete an acquisition through the end of
the first year following the acquisition, Net sales from such acquisitions are
reflected as organic net sales thereafter.
There are limitations to the use of non-GAAP measures. Non-GAAP measures do not
present complete financial results. We compensate for this limitation by
providing a reconciliation between our non-GAAP financial measures and the
respective most directly comparable financial measure calculated and presented
in accordance with GAAP. Because non-GAAP financial measures are not
standardized, it may not be possible to compare these financial measures with
other companies’ non-GAAP financial measures having the same or similar names.
These financial measures should not be considered in isolation from, as
substitutes for, or alternative measures of, reported GAAP financial results,
and should be viewed in conjunction with the most comparable GAAP financial
measures and the provided reconciliations thereto. We believe, however, that
these non-GAAP financial measures, when viewed together with our GAAP results
and related reconciliations, provide a more complete understanding of our
business. We strongly encourage investors to review our consolidated financial
statements and publicly filed reports in their entirety and not rely on any
single financial measure.
13
Reconciliations of each of these non-GAAP measures to the most directly
comparable GAAP measure can be found in the tables below. When we provide our
expectations for organic net sales, adjusted effective tax rate, adjusted
diluted EPS and free cash flow on a forward-looking basis, a reconciliation of
the differences between the non-GAAP expectations and the corresponding GAAP
measures (expected net sales, effective tax rate, diluted EPS and net cash flows
provided by operating activities) generally is not available without
unreasonable effort due to potentially high variability, complexity and low
visibility as to the items that would be excluded from the GAAP measure in the
relevant future period, such as unusual gains and losses, fluctuations in
foreign currency exchange rates, the impact and timing of potential acquisitions
and divestitures, certain financing costs, and other structural changes or their
probable significance. The variability of the excluded items may have a
significant, and potentially unpredictable, impact on our future GAAP results.
14
HUBBELL INCORPORATED
Condensed Consolidated Statement of Income
(unaudited)
(in millions, except per share amounts)
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 1,87… $ 1,50… $ 5,10… $ 4,35…
sal…
Cost
of 1,18… 958.1 3,29… 2,81…
goo…
sold
Gro… 688.2 544.3 1,80… 1,53…
pro…
Sel…
& 279.5 213.7 785.4 641.7
adm…
exp…
Ope… 408.7 330.6 1,02… 897.3
inc…
Ope…
inc…
as a 21.8 % 22.0 % 20.0 % 20.6 %
% of
Net
sal…
Loss
on
dis… — — — -0.4
of
bus…
Int…
exp… -58.0 -13.6 -119… -41.9
net
Oth…
exp… -5.4 -5.9 -16.6 -17.4
net
Tot…
oth… -63.4 -19.5 -135… -59.7
exp…
net
Inc…
bef… 345.3 311.1 885.4 837.6
inc…
tax…
Pro…
for 80.7 54.4 195.6 170.9
inc…
tax…
Net 264.6 256.7 689.8 666.7
inc…
Les…
Net
inc…
att… -2.1 -1.2 -5.1 -3.8
to
non…
int…
Net
inc…
att… $ 262.5 $ 255.5 $ 684.7 $ 662.9
to
Hub…
Inc…
Ear…
Per
Sha…
Bas…
ear… $ 4.96 $ 4.80 $ 12.92 $ 12.42
per
sha…
Dil…
ear… $ 4.94 $ 4.77 $ 12.86 $ 12.35
per
sha…
15
HUBBELL INCORPORATED
Condensed Consolidated Balance Sheet
(unaudited)
(in millions)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Cash and cash equivalents $ 334.5 $ 482.5
Short-term investments 20.5 15.4
Accounts receivable (net of
allowances 1,228.8 856.9
of $19.4 and $13.9)
Inventories, net 1,327.2 1,083.8
Other current assets 174.5 155.4
TOTAL CURRENT ASSETS 3,085.5 2,594.0
Property, plant and 913.2 841.2
equipment, net
Investments 100.5 98.4
Goodwill 4,368.2 3,060.8
Other intangible assets, 3,143.4 1,394.3
net
Other long-term assets 287.5 240.1
TOTAL ASSETS $ 11,898.3 $ 8,228.8
LIABILITIES AND EQUITY
Short-term debt and current
portion of $ 613.8 $ 289.1
long-term debt
Accounts payable 662.4 570.5
Accrued salaries, wages and
employee 161.2 115.4
benefits
Accrued insurance 83.4 83.0
Other accrued liabilities 497.8 450.7
TOTAL CURRENT LIABILITIES 2,018.6 1,508.7
Long-term debt 4,506.4 2,036.3
Deferred tax liabilities 819.1 420.1
Other non-current 436.4 405.8
liabilities
TOTAL LIABILITIES 7,780.5 4,370.9
Hubbell Incorporated
Shareholders' 4,105.6 3,847.9
Equity
Noncontrolling interest 12.2 10.0
TOTAL EQUITY 4,117.8 3,857.9
TOTAL LIABILITIES AND $ 11,898.3 $ 8,228.8
EQUITY
16
HUBBELL INCORPORATED
Condensed Consolidated Statement of Cash Flows
(unaudited)
(in millions)
Nine Months Ended
Cash Flows From September 30,
Operating Activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income
attributable to $ 684.7 $ 662.9
Hubbell
Depreciation and 220.1 144.6
amortization
Deferred income taxes -3.6 -8.2
Stock-based 30.0 27.0
compensation expense
Loss on disposition of — 0.4
business
Loss on sale of assets 2.2 0.9
Changes in assets and
liabilities, net
of acquisitions
Accounts receivable, -253.1 -147.7
net
Inventories, net -148.4 -37.9
Accounts payable 79.5 -10.9
Current liabilities 36.7 -38.8
Other assets and 3.0 11.2
liabilities, net
Contributions to
defined benefit -1.4 -21.4
pension
plans
Other, net 9.3 0.2
Net cash provided by
operating 659.0 582.3
activities
Cash Flows From
Investing Activities
Capital expenditures -119.8 -96.4
Acquisition of
businesses, net of -3,005.7 -129.1
cash
acquired
Proceeds from disposal
of business, net — 2.6
of cash
Purchases of
available-for-sale -15.5 -17.6
investments
Proceeds from sales of
available-for-sale 11.3 12.7
investments
Other, net 9.9 12.4
Net cash used in -3,119.8 -215.4
investing activities
Cash Flows From
Financing Activities
Issuance of long-term 2,787.5 —
debt
Borrowing of 25.2 426.3
short-term debt, net
Payment of dividends -225.4 -211.1
Debt issuance costs -21.4 —
Repurchase of common -203.5 -225.0
shares
Other, net -43.3 -32.8
Net cash provided by
(used in) financing 2,319.1 -42.6
activities
Effect of foreign
exchange rate changes -2.1 13.0
on cash and cash
equivalents
(Decrease) increase in
cash, cash -143.8 337.3
equivalents and
restricted cash
Cash and cash
equivalents, beginning 482.5 329.1
of
year
Restricted cash,
included in other 1.8 2.5
assets, beginning of
year
Less:
Restricted cash, 6.0 2.1
included in other
assets
Cash and cash
equivalents, end of $ 334.5 $ 666.8
quarter
17
HUBBELL INCORPORATED
Earnings Per Share
(unaudited)
(in millions, except per share amounts)
T… Ni…
M… Mo…
E… En…
S… Se…
2… 3… 20… Ch… 2… 30, 2… Ch…
──────────────────────────────────────────────────────────────────────────────
…
…
…
… $ 2… $ 2… 3 % $ 68… $ 66… 3 %
…
…
…
…
…
… 6… 2… 13… 74…
…
…
…
…
& 5… 3… 37… 4.2
…
…
…
…
… — — — 0.4
…
…
… $ 3… $ 2… $ 85… $ 74…
…
… 1… 6… 38… 18…
…
…
… $ 3… $ 2… 14 % $ 81… $ 72… 13 %
…
…
…
…
…
… $ 2… $ 2… $ 68… $ 66…
…
…
…
…
…
… -… -… -0… -1…
…
…
…
…
…
…
… $ 2… $ 2… 3 % $ 68… $ 66… 3 %
…
…
…
…
…
… $ 3… $ 2… $ 81… $ 72…
…
…
…
… -… -… -1… -…
…
…
…
…
…
…
… $ 3… $ 2… 14 % $ 81… $ 72… 13 %
…
…
…
…
…
…
… 5… 5… 52… 53…
…
…
…
…
… 0… 0… 0.2 0.3
…
…
…
… 5… 5… 53… 53…
…
…
…
…
…
…
…
…
… $ 4… $ 4… $ 12… $ 12…
/
… $ 4… $ 4… 4 % $ 12… $ 12… 4 %
/
…
…
…
… $ 5… $ 5… 14 % $ 15… $ 13… 14 %
…
/
18
HUBBELL INCORPORATED
Segment Information
(unaudited)
(in millions)
… N…
… M…
… E…
H… … S…
I… 2… … 2… C… … 3… … …
──────────────────────────────────────────────────────────────────────────────
… $ … $ … … % $ 5… $ 4… 17 %
…
…
…
… $ … $ … … % $ 1… $ 8… 14 %
…
…
…
… … … 1… 7…
…
…
…
…
& … … 3… 4…
…
…
…
… $ … $ … … % $ 1… $ 9… 22 %
…
…
…
… -… …
… … % … % b… 2… % 2… % …
/
…
… … % … % +… 2… % 2… % …
… b… …
/
… N…
… M…
… E…
U… … S…
S… 2… … 2… C… … 3… … …
──────────────────────────────────────────────────────────────────────────────
… $ … $ … 9 % $ 3… $ 2… 10 %
…
…
…
… $ … $ … … % $ 6… $ 5… 11 %
…
…
…
… … … 7… 5…
…
…
…
…
& … … 9… 3…
…
…
…
… $ … $ … … % $ 7… $ 6… 13 %
…
…
…
… +… …
… … % … % b… 2… % 2… % …
/
…
… … % … % +… 2… % 2… % …
… b… …
/
… N…
… M…
… E…
E… … S…
S… 2… … 2… C… … 3… … …
──────────────────────────────────────────────────────────────────────────────
… $ … $ … … % $ 2… $ 1… 30 %
…
…
…
… $ … $ … … % $ 3… $ 3… 20 %
…
…
…
… … … 5… 1…
…
…
…
…
& … — 2… 0…
…
…
…
… $ … $ … … % $ 4… $ 3… 38 %
…
…
…
… -… …
… … % … % b… 1… % 1… % …
/
…
… … % … % +… 2… % 2… % …
… b… …
/
19
HUBBELL INCORPORATED
Organic Net Sales Growth
(unaudited)
(in millions and percentage change)
T… N…
M… M…
E… E…
H… S… S…
I… 2… 3… … … … … 3… … … …
──────────────────────────────────────────────────────────────────────────────
…
…
… $ 3… 2… $ 5… 4… $ 7… 1… $ 5… 1…
…
…
…
…
… 1… 1… 1… 0… 3… 6… 2… 0…
…
…
… — — — — — — -… -…
…
…
… 2… 0… 1… 0… 1… 0… -… -…
…
…
…
…
… $ 1… 1… $ 4… 3… $ 4… 9… $ 6… 1…
…
…
…
T… N…
M… M…
E… E…
U… S… S…
S… 2… 3… … … … … 3… … … …
──────────────────────────────────────────────────────────────────────────────
…
…
… $ 8… 8… $ 1… 1… $ 2… 9… $ -… -…
…
…
…
…
… 3… 3… 5… 0… 1… 3… 5… 0…
…
…
… — — — — — — — —
…
…
… 1… 0… 0… 0… 8… 0… -… -…
…
…
…
…
… $ 4… 4… $ 4… 0… $ 1… 5… $ -… -…
…
…
…
T… N…
M… M…
E… E…
E… S… S…
S… 2… 3… … … … … 3… … … …
──────────────────────────────────────────────────────────────────────────────
…
…
… $ 2… 5… $ 4… 9… $ 4… 2… $ 7… 4…
…
…
…
… 1… 2… 6… 1… 1… 1… 1… 1…
…
…
… — — — — — — -… -…
…
…
… 0… 0… 0… 0… 6… 0… -… -…
…
…
…
… $ 1… 2… $ 4… 8… $ 2… 1… $ 8… 5…
…
…
…
20
HUBBELL INCORPORATED
Adjusted EBITDA
(unaudited)
(in millions)
Three Months Ended
September 30, 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Net income $ 264.6 $ 256.7 3 %
Provision for income 80.7 54.4
taxes
Interest expense, 58.0 13.6
net
Other expense, net 5.4 5.9
Depreciation and 92.3 49.4
amortization
Loss on disposition — —
of business
Transaction and
integration costs in 5.9 3.1
operating income
Subtotal 242.3 126.4
Adjusted EBITDA $ 506.9 $ 383.1 32 %
Nine Months Ended
September 30, 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Net income $ 689.8 $ 666.7 3 %
Provision for 195.6 170.9
income taxes
Interest expense, 119.1 41.9
net
Other expense, 16.6 17.4
net
Depreciation and 220.1 144.6
amortization
Loss on
disposition of — 0.4
business
Transaction and
integration costs 30.2 4.2
in
operating income
Subtotal 581.6 379.4
Adjusted EBITDA $ 1,271.4 $ 1,046.1 22 %
21
HUBBELL INCORPORATED
Restructuring and Related Costs Included in Consolidated Results
(unaudited)
(in millions, except per share amounts)
Th…
Mo…
En…
Se…
30,
20…
Co…
of 2026
go… S&A 2026
so… 20… exp… 20… Tot… 20…
──────────────────────────────────────────────────────────────────────────────
R…
c… $ 0.4 $ 3.8 $ 0.3 $ 1.9 $ 0.7 $ 5.7
(…
M…
R…
r… 0.7 0.4 1.3 0.6 2.0 1.0
c…
R…
a…
r… $ 1.1 $ 4.2 $ 1.6 $ 2.5 $ 2.7 $ 6.7
c…
(…
m…
Ni…
Mo…
En…
Se…
30,
20…
Co…
of 20…
go… S&A 2026
so… 20… ex… 20… Tot… 2025
──────────────────────────────────────────────────────────────────────────────
R…
c… $ 6.5 $ 8.2 $ 1.0 $ 2.0 $ 7.5 $ 10…
(…
M…
R…
r… 2.6 2.9 3.2 0.4 5.8 3.3
c…
R…
a…
r… $ 9.1 $ 11… $ 4.2 $ 2.4 $ 13… $ 13…
c…
(…
m…
Restruct…
and
related
costs
included Three Nine
in Cost Months Months
of goods Ended Ended
sold September September
(non-GAAP 30, 30,
measure) 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Utility $ 0.4 $ 1.8 $ 1.3 $ 5.9
Solutions
Electric… 0.7 2.4 7.8 5.2
Solutions
Total $ 1.1 $ 4.2 $ 9.1 $ 11.1
Restruct…
and
related
costs
included
in
Selling &
administ…
expenses
(non-GAAP
measure)
Utility $ — $ 0.7 $ — $ 0.8
Solutions
Electric… 1.6 1.8 4.2 1.6
Solutions
Total $ 1.6 $ 2.5 $ 4.2 $ 2.4
Impact on
Income
before
income $ 2.7 $ 6.7 $ 13.3 $ 13.5
taxes
(non-GAAP
measure)
Impact on
Net
income
available
to 2.1 5.1 10.1 10.3
Hubbell
common
sharehol…
(non-GAAP
measure)
Impact on
Diluted
earnings $ 0.04 $ 0.09 $ 0.19 $ 0.19
per share
(non-GAAP
measure)
22
HUBBELL INCORPORATED
Additional Non-GAAP Financial Measures
(unaudited)
(in millions)
Ratios of Total Debt to Total Capital and Net Debt to Total Capital
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Total Debt (GAAP $ 5,120.2 $ 2,325.4
measure)
Total Hubbell 4,105.6 3,847.9
Shareholders’ Equity
Total Capital $ 9,225.8 $ 6,173.3
Total Debt to Total
Capital (GAAP 55 % 38 %
measure)
Less: Cash and $ 455.5 $ 596.3
Investments
Net Debt (non-GAAP $ 4,664.7 $ 1,729.1
measure)
Net Debt to Total
Capital (non-GAAP 51 % 28 %
measure)
Free Cash Flow Reconciliation
Free Cash Flow Reconciliation
Flow Reconciliation
Three Nine
Months Months
Ended Ended
September September
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net cash
provided
by
operati… $ 322.6 $ 284.3 $ 659.0 $ 582.3
activit…
(GAAP
measure)
Less:
Capital -42.2 -30.5 -119.8 -96.4
expendi…
Free
cash
flow $ 280.4 $ 253.8 $ 539.2 $ 485.9
(non-GA…
measure)
23