Executive Overview of the Business 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. The Company’s reporting segments consist of the Utility Solutions segment and Electrical Solutions segment. Results for the six months ended June 30, 2026 by segment are included under “Segment Results” within this Management’s Discussion and Analysis. The Company's long-term strategy is to serve its customers with reliable and innovative electrical and related infrastructure solutions with desired brands and high-quality service, delivered through a competitive cost structure; to complement organic revenue growth with acquisitions that enhance its product offerings; and to allocate capital effectively to create shareholder value. Our strategy to complement organic revenue growth with acquisitions is focused on acquiring assets that extend our capabilities, expand our product offerings, and present opportunities to compete in core, adjacent or complementary markets. We believe our acquisition strategy also provides the opportunity to advance our revenue growth objectives during periods of weakness or inconsistency in our end-markets. Our strategy to deliver products through a competitive cost structure has resulted in an ongoing program of restructuring and related activities. Our restructuring and related efforts include the consolidation of manufacturing and distribution facilities, and workforce actions, as well as streamlining and consolidating our back-office functions. The primary objectives of our restructuring and related activities are to optimize our manufacturing footprint, cost structure, and effectiveness and the efficiency of our workforce. 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. Our sales are subject to market conditions that may cause customer demand for our products to be volatile. Product demand can be affected by fluctuations in domestic and international economic conditions, as well as currency fluctuations, commodity costs, and a variety of other factors. Although inflation has generally moderated since its high point in 2022, we continue to be affected by ongoing inflationary pressures. We could also be affected by additional inflationary pressures resulting from energy market and other disruptive conditions resulting from ongoing hostilities in the Middle East. Accordingly, there can be no assurance that we will be able to maintain our margins in response to further changes in inflationary pressures. HUBBELL INCORPORATED-Form 10-Q 37 Back to Contents Acquisition of NSI Industries On June 9, 2026 (the "NSI Industries Closing Date"), the Company acquired all of the issued and outstanding equity of NSI Electrical Buyer, Inc., a Delaware corporation ("NSI Industries") for approximately $3.0 billion, net of cash acquired, subject to customary adjustments related to cash, indebtedness, working capital and transaction expenses. NSI Industries is a leading provider of electrical fittings, connectors, components and wire management products. 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. HUBBELL INCORPORATED-Form 10-Q 38 Back to Contents Results of Operations – Second Quarter of 2026 compared to the Second Quarter of 2025 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. Overview 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. 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. 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. Global Trade Policy On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Power Act ("IEEPA") exceeded presidential authority and were therefore invalid. The IEEPA tariffs were immediately replaced with tariffs under alternative statutory authority, although the scope and duration of future tariffs remain uncertain. 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. HUBBELL INCORPORATED-Form 10-Q 39 Back to Contents SUMMARY OF CONDENSED CONSOLIDATED RESULTS (IN MILLIONS, EXCEPT PER SHARE DATA): Three Months Ended June 30, 2026 % of Net sales 2025 % of Net sales Net sales $ 1,711.8 $ 1,484.3 Cost of goods sold 1,098.8 64.2 % 932.2 62.8 % Gross profit 613.0 35.8 % 552.1 37.2 % Selling & administrative (“S&A”) expense 264.4 15.4 % 215.8 14.5 % Operating income 348.6 20.4 % 336.3 22.7 % Net income 242.2 14.1 % 245.5 16.5 % Less: Net income attributable to non-controlling interest (1.8) (0.1) % (1.3) — % Net income attributable to Hubbell Incorporated 240.4 14.0 % 244.2 16.5 % Less: Earnings allocated to participating securities (0.3) (0.4) Net income available to common shareholders $ 240.1 $ 243.8 Average number of diluted shares outstanding 53.1 53.5 DILUTED EARNINGS PER SHARE $ 4.52 $ 4.56 In the following discussion of results of operations, we refer to “adjusted” operating measures. We believe those adjusted measures, which exclude the impact of certain costs, gains and losses, may provide investors with useful information regarding our underlying performance from period to period and allow investors to understand our results of operations without regard to items that, in management's judgment, significantly affect the comparability of operating results, or we do not consider a component of our core operating performance. Significant items impacting comparability comprise the following: Transaction, integration and separation costs 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 to 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. 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 Certain of the Company's adjusted measures exclude these gains or losses because we believe they enhance management's and investors' ability to analyze underlying business performance and facilitate 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. The loss and the related income tax expense are excluded from our adjusted operating measures. Amortization of intangible assets Adjusted operating measures also exclude non-cash 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 the fiscal year ended December 31, 2025. HUBBELL INCORPORATED-Form 10-Q 40 Back to Contents 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. Adjusted results also exclude the 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. The Company excludes these non-core items because we believe it enhances management’s and investors’ ability to analyze underlying business performance and facilitates comparisons of our financial results over multiple periods. Refer to the reconciliation of non-GAAP measures presented below and Note 2 – Business Acquisitions to the Condensed Consolidated Financial Statements for additional information. Organic net sales (or organic net sales growth), 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. HUBBELL INCORPORATED-Form 10-Q 41 Back to Contents 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 condensed consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure. The following table reconciles Adjusted operating income, a non-GAAP measure, to Operating income, the directly comparable GAAP financial measure (in millions): Three Months Ended June 30, 2026 % of Net sales 2025 % of Net sales Operating income (GAAP measure) $ 348.6 20.4 % $ 336.3 22.7 % Amortization of acquisition-related intangible assets 39.1 2.3 % 25.2 1.7 % Transaction, integration & separation costs 20.8 1.2 % 0.7 — % Adjusted operating income (non-GAAP measure) $ 408.5 23.9 % $ 362.2 24.4 % The following table reconciles Adjusted net income attributable to Hubbell Incorporated, Adjusted net income available to common shareholders, and the diluted per share amounts thereof, each a non-GAAP measure, to the directly comparable GAAP financial measures (in millions, except per share data). Three Months Ended June 30, 2026 Diluted Per Share 2025 Diluted Per Share Net income attributable to Hubbell Incorporated (GAAP measure) $ 240.4 $ 4.52 $ 244.2 $ 4.56 Amortization of acquisition-related intangible assets 39.1 0.74 25.2 0.47 Transaction, integration & separation costs 28.0 0.53 0.7 0.02 Loss on disposition of business — — 0.4 0.01 Subtotal $ 307.5 $ 5.79 $ 270.5 $ 5.06 Income tax effects(1) 13.8 0.26 6.2 0.12 Adjusted net income attributable to Hubbell Incorporated (non-GAAP measure) $ 293.7 $ 5.53 $ 264.3 $ 4.94 Less: Earnings allocated to participating securities (0.4) (0.01) (0.5) (0.01) Adjusted net income available to common shareholders (non-GAAP measure) $ 293.3 $ 5.52 $ 263.8 $ 4.93 (1) The income tax effects are calculated using the statutory tax rate, taking into consideration the nature of the item and the relevant taxing jurisdiction, unless otherwise noted. HUBBELL INCORPORATED-Form 10-Q 42 Back to Contents The following table reconciles our organic net sales to the directly comparable GAAP financial measure (in millions and percentage change): Three Months Ended June 30, 2026 Inc/(Dec) % 2025 Inc/(Dec) % Net sales growth (decline) (GAAP measure) $ 227.5 15.3 $ 31.8 2.2 Impact of acquisitions 71.5 4.8 4.9 0.3 Impact of divestitures — — — — Foreign currency exchange 4.7 0.3 (2.1) (0.1) Organic net sales growth (decline) (non-GAAP measure) $ 151.3 10.2 $ 29.0 2.0 Net Sales 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. Cost of Goods Sold and Gross Profit 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. Selling & Administrative Expenses 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. Total Other Expense 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. Income Taxes The effective tax rate in the second quarter of 2026 decreased to 20.3% as compared to 22.1% in the second quarter of 2025, primarily due to the release of a valuation allowance and the recognition of benefits associated with an advance energy project credit. These benefits more than offset the unfavorable impact of transaction-related costs in the second quarter of 2026 when compared to 2025. Net Income Attributable to Hubbell Incorporated and Earnings Per Diluted Share 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. HUBBELL INCORPORATED-Form 10-Q 43 Back to Contents Segment Results UTILITY SOLUTIONS The following table reconciles our Utility Solutions segment adjusted operating income and adjusted operating margin to the directly comparable GAAP financial measures (in millions and percentage change): Three Months Ended June 30, (In millions) 2026 2025 Net sales $ 1,025.8 $ 935.5 Operating income (GAAP measure) 233.9 218.2 Amortization of acquisition-related intangible assets 26.2 20.0 Transaction, integration & separation costs 2.7 0.5 Adjusted operating income (non-GAAP measure) $ 262.8 $ 238.7 Operating margin (GAAP measure) 22.8 % 23.3 % Adjusted operating margin (non-GAAP measure) 25.6 % 25.5 % The following table reconciles our Utility Solutions segment organic net sales to the directly comparable GAAP financial measure (in millions and percentage change): Three Months Ended June 30, Utility Solutions 2026 Inc/(Dec) % 2025 Inc/(Dec) % Net sales growth (decline) (GAAP measure) $ 90.3 9.7 $ 9.0 0.9 Impact of acquisitions 36.1 3.9 — — Impact of divestitures — — — — Foreign currency exchange 3.2 0.3 (1.4) (0.2) Organic net sales growth (decline) (non-GAAP measure) $ 51.0 5.5 $ 10.4 1.1 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. 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. HUBBELL INCORPORATED-Form 10-Q 44 Back to Contents ELECTRICAL SOLUTIONS The following table reconciles our Electrical Solutions segment adjusted operating income and adjusted operating margin to the directly comparable GAAP financial measures (in millions and percentage change): Three Months Ended June 30, (In millions) 2026 2025 Net sales $ 686.0 $ 548.8 Operating income (GAAP measure) 114.7 118.1 Amortization of acquisition-related intangible assets 12.9 5.2 Transaction, integration & separation costs 18.1 0.2 Adjusted operating income (non-GAAP measure) $ 145.7 $ 123.5 Operating margin (GAAP measure) 16.7 % 21.5 % Adjusted operating margin (non-GAAP measure) 21.2 % 22.5 % The following table reconciles our Electrical Solutions segment organic net sales to the directly comparable GAAP financial measure (in millions and percentage change): Three Months Ended June 30, Electrical Solutions 2026 Inc/(Dec) % 2025 Inc/(Dec) % Net sales growth (GAAP measure) $ 137.2 25.1 $ 22.8 4.3 Impact of acquisitions 35.4 6.5 4.9 0.9 Impact of divestitures — — — — Foreign currency exchange 1.5 0.3 (0.7) (0.1) Organic net sales growth (non-GAAP measure) $ 100.3 18.3 $ 18.6 3.5 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. 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. HUBBELL INCORPORATED-Form 10-Q 45 Back to Contents Results of Operations – Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025 SUMMARY OF CONDENSED CONSOLIDATED RESULTS (IN MILLIONS, EXCEPT PER SHARE DATA): Six Months Ended June 30, 2026 2026 % of Net sales 2025 % of Net sales Net sales $ 3,228.5 $ 2,849.5 Cost of goods sold 2,110.2 65.4 % 1,854.8 65.1 % Gross profit 1,118.3 34.6 % 994.7 34.9 % Selling & administrative (“S&A”) expense 505.9 15.6 % 428.0 15.0 % Operating income 612.4 19.0 % 566.7 19.9 % Net income 425.2 13.2 % 410.0 14.4 % Less: Net income attributable to non-controlling interest (3.0) (0.1) % (2.6) (0.1) % Net income attributable to Hubbell Incorporated 422.2 13.1 % 407.4 14.3 % Less: Earnings allocated to participating securities (0.5) (0.7) Net income available to common shareholders $ 421.7 $ 406.7 Average number of diluted shares outstanding 53.2 53.7 DILUTED EARNINGS PER SHARE $ 7.93 $ 7.58 The following table reconciles Adjusted operating income, a non-GAAP measure, to Operating income, the directly comparable GAAP financial measure (in millions): Six Months Ended June 30, 2026 2026 % of Net sales 2025 % of Net sales Operating income (GAAP measure) $ 612.4 19.0 % $ 566.7 19.9 % Amortization of acquisition-related intangible assets 72.5 2.2 % 49.9 1.8 % Transaction, integration & separation costs 24.3 0.8 % 1.1 — % Adjusted operating income (non-GAAP measure) $ 709.2 22.0 % $ 617.7 21.7 % The following table reconciles Adjusted net income attributable to Hubbell Incorporated, Adjusted net income available to common shareholders, and the diluted per share amounts thereof, each a non-GAAP measure, to the directly comparable GAAP financial measures (in millions, except per share data). Six Months Ended June 30, 2026 2026 Diluted Per Share 2025 Diluted Per Share Net income attributable to Hubbell Incorporated (GAAP measure) $ 422.2 $ 7.93 $ 407.4 $ 7.58 Amortization of acquisition-related intangible assets 72.5 1.36 49.9 0.93 Transaction, integration & separation costs 31.5 0.60 1.1 0.02 Loss on disposition of business — — 0.4 0.01 Subtotal $ 526.2 $ 9.89 $ 458.8 $ 8.54 Income tax effects(1) 22.6 0.43 12.1 0.22 Adjusted net income attributable to Hubbell Incorporated (non-GAAP measure) $ 503.6 $ 9.46 $ 446.7 $ 8.32 Less: Earnings allocated to participating securities (0.7) (0.01) (0.8) (0.01) Adjusted net income available to common shareholders (non-GAAP measure) $ 502.9 $ 9.45 $ 445.9 $ 8.31 (1) The income tax effects are calculated using the statutory tax rate, taking into consideration the nature of the item and the relevant taxing jurisdiction, unless otherwise noted. HUBBELL INCORPORATED-Form 10-Q 46 Back to Contents The following table reconciles our organic net sales to the directly comparable GAAP financial measure (in millions and percentage change): Six Months Ended June 30, 2026 2026 Inc/(Dec) % 2025 Inc/(Dec) % Net sales growth (decline) (GAAP measure) $ 379.0 13.2 $ (2.1) (0.1) Impact of acquisitions 103.0 3.6 9.4 0.3 Impact of divestitures — — (21.1) (0.7) Foreign currency exchange 12.6 0.4 (10.7) (0.4) Organic net sales growth (decline) (non-GAAP measure) $ 263.4 9.2 $ 20.3 0.7 Net Sales 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. Cost of Goods Sold and Gross Profit 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. Selling & Administrative Expenses 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. Total Other Expense 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. Income Taxes The effective tax rate in the first six months of 2026 decreased to 21.3% as compared to 22.1% in the first six months of 2025. The decrease is primarily attributable to the release of a valuation allowance and the recognition of benefits associated with an advance energy project credit during the second quarter of 2026. These favorable items are partially offset by transaction-related costs and tax audit reserves in the first six months 2026 when compared to the corresponding period in 2025. Net Income Attributable to Hubbell Incorporated and Earnings Per Diluted Share 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. HUBBELL INCORPORATED-Form 10-Q 47 Back to Contents Segment Results UTILITY SOLUTIONS The following table reconciles our Utility Solutions segment adjusted operating income and adjusted operating margin to the directly comparable GAAP financial measures (in millions and percentage change): Six Months Ended June 30, 2026 (In millions) 2026 2025 Net sales $ 1,974.7 $ 1,792.6 Operating income (GAAP measure) 409.0 369.0 Amortization of acquisition-related intangible assets 54.9 39.8 Transaction, integration & separation costs 6.2 0.6 Adjusted operating income (non-GAAP measure) $ 470.1 $ 409.4 Operating margin (GAAP measure) 20.7 % 20.6 % Adjusted operating margin (non-GAAP measure) 23.8 % 22.8 % The following table reconciles our Utility Solutions segment organic net sales to the directly comparable GAAP financial measure (in millions and percentage change): Six Months Ended June 30, 2026 Utility Solutions 2026 Inc/(Dec) % 2025 Inc/(Dec) % Net sales growth (decline) (GAAP measure) $ 182.1 10.2 $ (27.9) (1.5) Impact of acquisitions 66.3 3.7 — — Impact of divestitures — — — — Foreign currency exchange 6.6 0.4 (5.6) (0.3) Organic net sales growth (decline) (non-GAAP measure) $ 109.2 6.1 $ (22.3) (1.2) Net sales in the Utility Solutions segment in the first six months of 2026 were $1,974.7 million, and increased by $182.1 million, or 10.2%, as compared to the first six months of 2025. That increase was driven by a 6.1% increase in organic net sales, a 3.7% increase due to acquisitions and a 0.4% 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, and distribution markets drove volume growth in the first half of 2026, which was partially offset by a decrease in volume within Grid Automation products from weak advanced metering infrastructure and meter project activity compared to the prior year. 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. HUBBELL INCORPORATED-Form 10-Q 48 Back to Contents ELECTRICAL SOLUTIONS The following table reconciles our Electrical Solutions segment adjusted operating income and adjusted operating margin to the directly comparable GAAP financial measures (in millions and percentage change): Six Months Ended June 30, 2026 (In millions) 2026 2025 Net sales $ 1,253.8 $ 1,056.9 Operating income (GAAP measure) 203.4 197.7 Amortization of acquisition-related intangible assets 17.6 10.1 Transaction, integration & separation costs 18.1 0.5 Adjusted operating income (non-GAAP measure) $ 239.1 $ 208.3 Operating margin (GAAP measure) 16.2 % 18.7 % Adjusted operating margin (non-GAAP measure) 19.1 % 19.7 % The following table reconciles our Electrical Solutions segment organic net sales to the directly comparable GAAP financial measure (in millions and percentage change): Six Months Ended June 30, 2026 Electrical Solutions 2026 Inc/(Dec) % 2025 Inc/(Dec) % Net sales growth (GAAP measure) $ 196.9 18.7 $ 25.8 2.5 Impact of acquisitions 36.7 3.5 9.4 0.9 Impact of divestitures — — (21.1) (2.0) Foreign currency exchange 6.0 0.6 (5.1) (0.5) Organic net sales growth (non-GAAP measure) $ 154.2 14.6 $ 42.6 4.1 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. 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. HUBBELL INCORPORATED-Form 10-Q 49 Back to Contents Financial Condition, Liquidity and Capital Resources Cash Flow Three Months Ended June 30, (In millions) 2026 2025 Net cash provided by (used in): Operating activities $ 336.4 $ 298.0 Investing activities (3,086.6) (140.6) Financing activities 2,651.7 (117.5) Effect of foreign currency exchange rate changes on cash and cash equivalents (1.2) 13.1 NET CHANGE IN CASH AND CASH EQUIVALENTS $ (99.7) $ 53.0 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. 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. 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. 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. Investments in the Business Investments in our business include cash outlays for the acquisition of businesses, and investments in capacity and innovation, as well as for expenditures on productivity initiatives and to maintain the operation of our equipment and facilities and invest in restructuring activities. 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. 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. 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, and accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. We also incurred restructuring-related costs, which are costs associated with our business transformation initiatives, including the consolidation of back-office functions and streamlining of 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. We believe this non-GAAP measure provides investors with useful information regarding our underlying performance from period to period. Restructuring 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. HUBBELL INCORPORATED-Form 10-Q 50 Back to Contents 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): Costs incurred in the six months ended June 30, 2026 Additional expected costs Expected completion date 2026 Restructuring Actions $ 4.6 $ 5.0 2027 2025 and Prior Restructuring Actions 2.2 0.3 2026 Total Restructuring cost (GAAP measure) $ 6.8 $ 5.3 Restructuring-related costs 3.8 3.4 Restructuring and related costs (Non-GAAP measure) $ 10.6 $ 8.7 Stock Repurchase Program 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. Debt to Capital 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. 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 warranties and affirmative and negative covenants customary for an unsecured financing of this type, as well as a financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of June 30, 2026. 2025 Term Loan 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. The 2025 Term Loan Agreement contains representations and warranties and affirmative and negative covenants customary for an unsecured financing of this type, as well as a financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of June 30, 2026. HUBBELL INCORPORATED-Form 10-Q 51 Back to Contents 2025 Credit Facility On March 25, 2025, the Company, as borrower, and each foreign subsidiary borrower from time to time party thereto (collectively, the “Foreign Subsidiary Borrowers”) entered into a five-year credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provides for a $1.0 billion committed unsecured revolving credit facility (the “Revolving Credit Agreement”). The obligations of the Foreign Subsidiary Borrowers (if any) under the Revolving Credit Agreement are guaranteed by the Company. Commitments under the Revolving Credit Agreement may be conditionally increased to an aggregate amount not to exceed $1.5 billion. The Revolving Credit Agreement includes a $50.0 million sub-limit for the issuance of letters of credit. The sum of the dollar amount of loans and letters of credit to the Foreign Subsidiary Borrowers under the Revolving Credit Agreement may not exceed $100.0 million. The interest rate applicable to borrowings under the Revolving Credit Agreement is either (i) the alternate base rate (as defined in the Revolving Credit Agreement) or (ii) the term SOFR rate (as defined in the Revolving Credit Agreement) plus an applicable margin based on the Company's credit ratings. All revolving loans outstanding under the Revolving Credit Agreement will be due and payable on March 25, 2030. The Revolving Credit Agreement provides for up to two one-year maturity extensions. As of June 30, 2026, the credit facility was undrawn. The Revolving Credit Agreement contains a sole financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of June 30, 2026. Unsecured Senior Notes On June 8, 2026, the Company completed a public offering of $500 million aggregate principal amount of its 4.650% Senior Notes due 2031 (the "2031 Notes"), $700 million aggregate principal amount of its 4.900% Senior Notes due 2033 (the "2033 Notes"), and $700 million aggregate principal amount of its 5.150% Senior Notes due 2036 (the "2036 Notes"). The net proceeds from the offering of the Notes were approximately $1,868.9 million, after deducting the underwriting discount and estimated offering expenses payable by the Company. The 2031 Notes will mature on June 15, 2031, the 2033 Notes will mature on June 15, 2033 and the 2036 Notes will mature on June 15, 2036. Interest on the Notes will be payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2026. The Company used the net proceeds from the offerings, along with the proceeds from the 2026 Term Loan and issuance of commercial paper to fund the purchase of NSI Industries. On November 14, 2025, the Company completed a public offering of $400 million aggregate principal amount of its 4.800% Senior Notes due 2035 (the “2035 Notes”). The net proceeds from the offering were approximately $392.7 million after deducting the underwriting discount and estimated offering expenses payable by the Company. The 2035 Notes bear interest at a rate of 4.800% per annum from November 14, 2025. Interest on the 2035 Notes is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2026. The 2035 Notes will mature on November 15, 2035. The Company used the net proceeds from the offering of the 2035 Notes, together with cash on hand, on December 1, 2025 to redeem in full all of the Company’s outstanding 3.350% Senior Notes due in 2026 for an aggregate principal amount of $400 million, which had a stated maturity date of March 1, 2026 (the "2026 Notes"), and to pay the accrued interest in respect thereof. At June 30, 2026, the Company had outstanding unsecured, senior notes (the “Notes”) in principal amounts of $300 million due in 2027, $450 million due in 2028, $300 million due in 2031, $500 million due in 2031, $700 million due in 2033, $400 million due in 2035 and $700 million due in 2036. At December 31, 2025, the Company had outstanding unsecured, senior notes in principal amounts of $300 million due in 2027, $450 million due in 2028, $300 million due in 2031, and $400 million due in 2035. 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. The Notes are callable at any time at specified prices and are only subject to accelerated payment prior to maturity upon customary events of default, or upon a change in control triggering event as defined in the indenture governing the Notes, as supplemented. The Company was in compliance with all covenants (none of which are financial) as of June 30, 2026. HUBBELL INCORPORATED-Form 10-Q 52 Back to Contents Short-term Debt The Company had $568.7 million and $289.1 million of short-term debt at June 30, 2026 and December 31, 2025, respectively, composed of the following: •$567.0 million of commercial paper borrowings outstanding at June 30, 2026, and $287.0 million of commercial paper borrowings outstanding at December 31, 2025. •$1.7 million and $2.1 million of other short term debt outstanding at June 30, 2026 and December 31, 2025, respectively, which consisted of amounts outstanding under our commercial card program. Net debt, defined as total debt less cash and investments, is a non-GAAP measure that may not be comparable to definitions used by other companies. We consider net debt to be a useful measure of our financial leverage for evaluating the Company’s ability to meet its funding needs. (In millions) June 30, 2026 December 31, 2025 Total Debt (GAAP measure) $ 5,372.6 $ 2,325.4 Hubbell Incorporated Shareholders’ Equity 3,911.9 3,847.9 TOTAL CAPITAL (GAAP measure) $ 9,284.5 $ 6,173.3 Total Debt to Total Capital (GAAP measure) 58 % 38 % Cash and Investments 498.4 596.3 Net Debt (non-GAAP measure) $ 4,874.2 $ 1,729.1 Net Debt to Total Capital (non-GAAP measure) 52 % 28 % Liquidity We measure liquidity on the basis of our ability to meet short-term and long-term operational funding needs, to fund additional investments in our business, including acquisitions, and to make dividend payments to shareholders. Significant factors affecting the management of liquidity are cash flows from operating activities, capital expenditures, cash dividend payments, stock repurchases, access to bank lines of credit and our ability to attract long-term capital with satisfactory terms. In the first six months of 2026, we returned capital to our shareholders by paying $150.4 million of dividends on our common stock and using $203.5 million of cash for share repurchases. We also require cash outlays to fund our operations, capital expenditures, and working capital requirements to accommodate anticipated levels of business activity, as well as our rate of cash dividends, and potential future acquisitions. We have contractual obligations for long-term debt, operating leases, purchase obligations, and certain other long-term liabilities that are summarized in the Financial Condition, Liquidity and Capital Resources section in our Annual Report on Form 10-K for the year ended December 31, 2025. Our sources of funds and available resources to meet these funding needs are as follows: ◦Cash flows from operating activities and existing cash resources: In addition to cash flows from operating activities, we also had $378.6 million of cash and cash equivalents at June 30, 2026, of which approximately 35% was held inside the United States and the remainder held internationally. ◦Our Revolving Credit Agreement provides a $1.0 billion committed revolving credit facility and commitments under the Revolving Credit Agreement may be increased (subject to certain conditions) to an aggregate amount not to exceed $1.5 billion. Annual commitment fees to support availability under the Revolving Credit Agreement are not material. Although not the principal source of liquidity, we believe our Revolving Credit Agreement is capable of providing significant financing flexibility at reasonable rates of interest and is an attractive alternative source of funding in the event that commercial paper markets experience disruption. However, an increase in usage of the Revolving Credit Agreement related to growth or a significant deterioration in the results of our operations or cash flows could cause our borrowing costs to increase and/or our ability to borrow could be restricted. We have not entered into any guarantees that could give rise to material unexpected cash requirements. The full $1.0 billion of borrowing capacity under the Revolving Credit Agreement was available to the Company at June 30, 2026. ◦In addition to our commercial paper program and existing revolving credit facility, we also have the ability to obtain additional financing through the issuance of long-term debt. Considering our current credit rating, historical earnings performance, and financial position, we believe that we would be able to obtain additional long-term debt financing on attractive terms. HUBBELL INCORPORATED-Form 10-Q 53 Back to Contents Critical Accounting Estimates A summary of our critical accounting estimates is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2025. We are required to make estimates and judgments in the preparation of our financial statements that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures. We continually review these estimates and their underlying assumptions to ensure they are appropriate for the circumstances. Changes in the estimates and assumptions we use could have a material impact on our financial results. During the six months ended June 30, 2026, there were no material changes in our estimates and critical accounting policies. HUBBELL INCORPORATED-Form 10-Q 54 Back to Contents Forward-Looking Statements Some of the information included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, and elsewhere in this Form 10-Q, contain “forward-looking statements” as defined by 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, results of operations, plans, strategies, opportunities, developments and productivity initiatives, competitive positioning, and trends in particular markets or industries. In addition, all statements regarding the expected financial impact of the integration of acquisitions, adoption of updated accounting standards and any expected effects of such adoption, and intent to continue repurchasing shares of common stock, as well as other statements that are not strictly historic in nature, are forward-looking. Forward-looking statements may be identified by the use of words, such as “believe”, “expect”, “anticipate”, “intend”, “depend”, “should”, “plan”, “estimated”, “predict”, “could”, “may”, “subject to”, “continues”, “growing”, “prospective”, “forecast”, “projected”, “purport”, “might”, “if”, “contemplate”, “potential”, “pending,” “target”, “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: •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, as well as eligibility for and the timing of anticipated 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, 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. •The ability to effectively develop and introduce new products. •Changes in markets or competition adversely affecting realization of price increases. •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. •The 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. •The ability to carry out future acquisitions and strategic investments in our core businesses as well as the acquisition-related costs. HUBBELL INCORPORATED-Form 10-Q 55 Back to Contents •The ability to successfully manage and integrate acquired businesses, such as the acquisitions of NSI Industries, Ventev, Nicor, and DMC Power, 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 the 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. •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 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. •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. •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”, and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and in this report, where applicable. Any such forward-looking statements are not guarantees of future performances 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.