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• Hubbell is like **Eaton**, but specifically focused on electrical components and utility infrastructure.
• Hubbell is like a more focused **Siemens** or **ABB** for electrical products and power grid solutions.

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• Electrical Products: Hubbell manufactures a wide range of electrical components, including wiring devices, industrial controls, and power quality solutions for commercial, industrial, and residential applications.
• Lighting Products: The company provides comprehensive indoor and outdoor lighting solutions, including LED luminaires, emergency lighting, and lighting controls for various environments.
• Utility Solutions: Hubbell offers products for the electric utility industry, such as transmission and distribution components, connectors, insulators, arresters, and smart grid solutions.
• Harsh & Hazardous Electrical Products: They produce specialized electrical products designed for challenging and hazardous environments, including industrial plants, offshore platforms, and wastewater treatment facilities.

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Major Customers of Hubbell (Symbol: HUBB)

• Electrical Distributors: These companies purchase Hubbell's electrical products (such as wiring devices, lighting, and specialized harsh and hazardous products) and resell them to electrical contractors, industrial users, and commercial customers. Examples of such distributors (though not specifically identified as "major" by Hubbell) include large national and regional electrical wholesalers.
• Utility Companies: Hubbell provides a wide array of solutions for power transmission and distribution, communications, and water infrastructure. Its customers in this category include both investor-owned utilities (IOUs) and public power utilities across North America.
• Electrical Contractors: These are companies involved in the installation and maintenance of electrical systems for residential, commercial, industrial, and utility projects. They procure Hubbell's products for their various construction and service activities.
• Telecommunication Companies: Hubbell supplies components and systems used in telecommunications infrastructure.
• Original Equipment Manufacturers (OEMs): Some of Hubbell's products are sold to other manufacturers who integrate them into their own equipment or systems.
• Data Centers: Hubbell offers solutions tailored for the specific electrical and power management needs of data center facilities.

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Gerben W. Bakker President and Chief Executive Officer

Mr. Bakker has served as President, Chairman, and Chief Executive Officer of Hubbell since 2021. He was previously President and Chief Executive Officer and a Director of Hubbell starting in October 2020. Before that, he held the position of President and Chief Operating Officer from June 2019 to October 2020. He also served as President of Hubbell Power Systems from 2014 until June 2019. Mr. Bakker began his career with Hubbell in 1988 as a manufacturing engineer. He currently serves as a Director of Regal Rexnord Corp and a Member of the Board of Trustees of Manufacturers Alliance.

William R. Sperry Executive Vice President and Chief Financial Officer

Mr. Sperry has been the Chief Financial Officer and Executive Vice President of Hubbell since 2021. He will retire from his role as CFO on December 31, 2025, after 17 years with the company, including 14 years as CFO. Prior to joining Hubbell in 2008, Mr. Sperry held positions as Managing Director, Industrials Coverage, for Lehman Brothers, Inc., and Managing Director and Vice President of Mergers and Acquisitions for JPMorgan Chase & Co.. He also served as a Senior Engagement Manager for McKinsey & Company, Inc. and Assistant Treasurer, Corporate Banking for Credit Suisse Securities LLC. Mr. Sperry currently serves as a Director for MSA Safety Inc..

Joseph Capozzoli Senior Vice President and Chief Financial Officer (Incoming)

Mr. Capozzoli has been appointed to succeed Bill Sperry as Senior Vice President and Chief Financial Officer, effective January 1, 2026. He joined Hubbell in April 2013 as Vice President and Controller, serving as the Principal Accounting Officer until January 2021. Following this, he was Vice President of Business Transformation before leading finance for the Electrical Solutions segment in January 2023. Before joining Hubbell, Mr. Capozzoli spent over 15 years in leadership positions at various multinational corporations. He holds an MBA in Finance from Villanova University and is a certified public accountant.

Alyssa R. Flynn Chief Human Resources Officer

Ms. Flynn has been the Chief Human Resources Officer of Hubbell since 2022. Her previous roles at the company include Vice President of Compensation, Benefits & HR Systems, and Chief of Staff to the Chief Executive Officer.

Alexis P. Bernard Chief Technology Officer

Mr. Bernard serves as Hubbell's Chief Technology Officer.

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The most significant risk to Hubbell is the impact of **changing tax laws, international trade policies, and geopolitical instability**. The dynamic nature of tax regulations across various jurisdictions could materially affect the company's financial results. Additionally, the imposition of new tariffs and shifts in trade policies, particularly with key partners like Canada, Mexico, and China, could lead to increased costs and disruptions in the supply chain. Global geopolitical events, such as conflicts in Ukraine and the Middle East, also contribute to volatility in energy costs and create broader economic uncertainty, potentially decreasing demand for Hubbell's products or hindering delivery.

Another major risk is **inflation and rising operating costs**. Hubbell has experienced significant inflationary pressures, including higher raw material and labor costs, which can impact profit margins. While the company has implemented pricing adjustments to mitigate these effects, there is no guarantee that such measures will fully offset continued cost increases, posing a threat to its financial stability.

Finally, **cybersecurity risks** represent a critical threat to Hubbell's operations. The company's reliance on information technology systems makes it vulnerable to cyber threats, network disruptions, and data breaches. Such incidents could lead to operational interruptions, compromise data integrity and confidentiality, and harm Hubbell's reputation, despite its established cybersecurity measures and risk management programs.

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Addressable Markets for Hubbell's Main Products and Services

• Electric Power Infrastructure (Utility Solutions)
  • The global electric power infrastructure market was valued at approximately USD 219.29 billion in 2023 and is projected to expand to USD 407.89 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.9%.
  • The global power distribution component market was estimated at USD 287.7 billion in 2024. The U.S. power distribution component market is predicted to reach USD 71.8 billion by 2034.
  • North America is expected to be a significant and fast-growing region within the electric power infrastructure market.
• Wiring Devices (Electrical Solutions)
  • The global wiring devices market size was estimated at USD 59.04 billion in 2024 and is predicted to increase to approximately USD 104.05 billion by 2034, expanding at a CAGR of 5.83% from 2025 to 2034.
  • The Asia-Pacific region led the global wiring devices market in 2024, while the North American market has been expanding rapidly.
• Lighting Solutions (Electrical Solutions)
  • The global lighting market size reached USD 141.5 billion in 2024 and is expected to reach USD 219.7 billion by 2033, exhibiting a CAGR of 5.01%.
  • Specifically, the global LED lighting solution market size is estimated to be valued at US$ 87.82 billion in 2024 and is estimated to expand to US$ 230.16 billion by 2034.
  • The North America LED lighting solution market is expected to be US$ 25.12 billion in 2024. The United States' share of the North America LED lighting solution market is expected to be 81.5% in 2024, valued at US$ 20.47 billion.
• Data Communications Infrastructure
  • The global data communication systems market was valued at $80.5 billion in 2024 and is expected to reach $161.4 billion by 2033, growing at a CAGR of 11.70%.
  • The global enterprise communication infrastructure market was valued at USD 92.10 billion in 2024 and is expected to reach USD 252.09 billion by 2030, at a CAGR of 17.65%. North America dominated the enterprise communication infrastructure market in 2022 and is expected to maintain its dominance.

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Hubbell Incorporated (HUBB) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Grid Modernization and Electrification: Hubbell is strategically positioned to benefit from the ongoing secular trends of grid modernization and electrification. This is anticipated to drive sustained growth in its Utility Solutions segment, particularly in transmission, substation, and grid automation markets, as utility customers invest in infrastructure upgrades to accommodate electrification-driven load growth and integrate new renewable energy sources.
2. Growth in Data Centers and Renewables: Within the Electrical Solutions segment, Hubbell is experiencing robust project activity and strong demand from data center and renewable energy markets. The company's vertical market strategy is specifically tailored to serve these high-growth areas.
3. Industrial Reshoring/Onshoring: The trend of industrial reshoring, or onshoring, is identified as an important factor contributing to demand within Hubbell's Electrical Solutions segment. This trend supports broad-based strength across industrial markets.
4. Strategic Acquisitions: Hubbell's capital allocation strategy includes acquiring high-growth, high-margin businesses in attractive markets that offer strong strategic fit and product differentiation. Acquisitions, such as the DMC Power acquisition, are expected to contribute to sales growth and enhance future earnings.
5. Price Realization and Operational Efficiencies: The company consistently emphasizes its focus on proactive price/cost/productivity management. Successful pricing realization, coupled with ongoing productivity improvements in factories and supply chain, are expected to contribute to profitable growth.

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Share Repurchases

• Hubbell's Board of Directors approved a new share repurchase program of up to $500 million in February 2025, set to expire in February 2028.
• As of December 31, 2024, an existing share repurchase program had $260 million remaining authorization, scheduled to expire in October 2025.
• The company repurchased $40 million of its common stock in 2024, $30 million in 2023, and $182 million in 2022.

Share Issuance

• No significant third-party share issuances were identified for the purpose of raising capital.
• The total fair value of restricted stock awards vested for employees and non-employee directors was $10.4 million in 2024, $9.7 million in 2023, and $8.4 million in 2022.

Outbound Investments

• Hubbell acquired DMC Power for $825 million, with the transaction closing in October 2025 (August 2025 in another source), financed partly by a $600 million unsecured term loan and commercial paper.
• In October 2023, Hubbell announced the acquisition of Systems Control (Northern Star Holdings Inc.) for $1.1 billion in cash, which was anticipated to close by the end of 2023, aimed at enhancing its utility portfolio.
• The company divested its Residential Lighting business for an initial price of $131 million, with the sale closing in the first quarter of 2024.

Capital Expenditures

• Hubbell invested $180 million in capital expenditures in 2024, with a focus on footprint optimization, automation, and productivity initiatives.
• Capital expenditures for the first nine months of 2021 amounted to $66.5 million, an increase from 2020 due to selective spending during the COVID-19 pandemic.
• The company's strategic focus on grid modernization and electrification trends indicates continued capital investment in its operations.