Gerben W. Bakker

Chairman, President and Chief Executive Officer
Hubbell Incorporated

Fellow Shareholders,

2024 was another successful year for Hubbell, one where we achieved significant progress across each of our key strategic pillars while also demonstrating our ability to compound off a strong multi-year base of financial outperformance.

We continued to reshape our portfolio in 2024, most notably successfully integrating our 2023 Systems Control acquisition while also closing on the divestiture of the Residential Lighting business. We realized significant growth in strategic vertical markets, aided by successful new product introductions. We delivered accelerated productivity through lean and procurement initiatives, while driving improvement in key safety and service metrics. We invested in talent development and took action on employee feedback to drive improved engagement across the organization.

Importantly, we delivered financial results above the high end of our initial commitments in 2024, despite having to navigate pockets of challenges from telecommunication markets and customer inventory management. On a full year basis, we achieved mid-single digit sales growth, 9% adjusted operating profit growth⁽¹⁾, 90 basis points of adjusted operating margin⁽¹⁾ expansion and double digit growth in free cash flow⁽¹⁾.

We continued to invest in our business while returning value to shareholders in 2024, supported by a strong balance sheet and record free cash flow⁽¹⁾ generation of $811 million. We invested $180 million in capital expenditures to drive future growth and productivity in our facilities, while repurchasing $40 million of Hubbell stock and increasing our dividend by 8%, representing the seventeenth consecutive year of increase.

In November 2024, Hubbell added a new independent Director to our Board, Garrick Rochow, to succeed former Director John Russell, who retired in May 2024. Garrick brings strong operations, strategy, risk management and utility industry experience to Hubbell and has joined both our Audit and Finance Committees.

We also continued to invest in our employees in 2024, launching a refreshed Mission, Vision and Hubbell brand intended to align our organization around a common purpose while better connecting our employees, customers and shareholders to our enterprise strategy. Our Mission is simple, but powerful: We electrify economies and energize communities. Our Vision is aspirational, but attainable: A reliable, resilient, and renewable energy infrastructure built on a backbone of Hubbell solutions. We brought this refreshed Mission and Vision to life for our employees through an interactive learning campaign across our entire enterprise, enabling all employees to work in small groups to learn how each of Hubbell’s businesses and functions connects to our overall strategy and business goals.

Looking ahead, I am excited for Hubbell’s future. As we outlined at our Investor Day in June 2024, we are confident in the strength of our business model and in our playbook to deliver sustained outperformance for our key stakeholders. Hubbell is uniquely positioned at the intersection of attractive megatrends in grid modernization and electrification. Energy infrastructure is evolving rapidly as the emergence of artificial intelligence, renewable energy, industrial reshoring and grid modernization combine to drive a long-term investment cycle in our industries. Our people and our service levels are our key differentiators, and with continued focus and execution across each of our strategic pillars we will ensure that Hubbell remains at the forefront in providing best-in-class critical infrastructure solutions for our utility and electrical customers.

Thank you for your continued support and investment in Hubbell.

Sincerely,

Gerben W. Bakker Chairman, President and Chief Executive Officer March 24, 2025