Hubbell Inc.

Q2 results: strong growth across the board (and broadly better execution than comps) - Net sales: $1.712B, +15% YoY ( +10% organic ); Adjusted EPS: $5.52, +12% YoY. - Adjusted operating profit: $409M, +13% YoY; Adjusted margin 23.9% (a modest contraction vs. a strong prior-year comp). - Operational driver: strong volume in higher-margin areas plus acquisitions; management said price + productivity are keeping pace with cost inflation.

Segment momentum: Utilities strong visibility; Electrical accelerating (data center a major tailwind) - Utility Solutions: $1.026B sales, +10% YoY ( +6% organic, +4% acquisitions ); Grid infra +7% organic; Transmission & substation solid and expected to accelerate. - Order visibility: first-half book-to-bill ~1.2x for Utility Solutions, with particularly strong transmission/substation quoting. - Electrical Solutions: $686M sales, +25% YoY ( +18% organic ); Data center sales ~+65% YoY, supported by capacity additions, new products, and “content” gains. - Electrical margin pressure: 21.2% operating margin, -130 bps YoY, attributed to inflation/product mix, ~60 bps restructuring-related investment, partially offset by price/productivity actions.

Forecast / guidance raised for full-year 2026 (midpoint: double-digit growth maintained) - Sales outlook raised: from ~+8% to +11% previously to +16% to +18% now (higher acquisition contribution from NSI plus stronger organic). - Organic growth outlook raised: to +9% to +11% (from +6% to +9%), driven by stronger volumes and modest incremental price. - Adjusted operating margin outlook: 23.1% to 23.4% (40–70 bps expansion YoY at midpoint), assuming improving price-cost productivity in 2H. - Adjusted EPS outlook raised: to $20.25 to $20.55 (from $19.30 to $19.85), ~+4% at midpoint. - Free cash flow conversion: guided to ~90% conversion of free cash flow to adjusted net income in 2026 (conversion impacted by increased CapEx and NSI acquisition costs).