Littelfuse Reports Second Quarter Results for 2026

Second Quarter Highlights:

(Year-over-year comparisons unless otherwise noted)

Net sales of $739 million, +20%; organic growth contributed +14% Cash flow from operations of $146 million; free cash flow of $127 million, +75% YTD Cash flow from operations of $226 million; free cash flow of $193 million, +68% GAAP diluted earnings per share of $3.49; Adjusted diluted earnings per share of $4.19 GAAP operating margin of 16.2%, +110 bps; Adjusted EBITDA margin of 23.6%, +220 bps Cash dividend of $0.80 per share, annualized to $3.20 per share, +7%

CHICAGO, July 29, 2026--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a leader in developing smart solutions that enable safe and efficient electrical energy transfer, today reported financial results for its second quarter ended June 27, 2026:

"We delivered strong second quarter results, with performance exceeding our expectations reflecting broad-based demand strength and disciplined execution across the portfolio," said Greg Henderson, Littelfuse President and Chief Executive Officer. "We drove growth across our segments as our teams continued to make progress on our strategic priorities while leveraging our leadership position in safe and efficient electrical energy transfer. We remain focused on scaling our high growth opportunities, partnering with our market leading customers, enhancing operational excellence, and deploying capital with discipline as we execute our long‑term strategy."

"Looking ahead to the third quarter, we expect approximately 26% total revenue growth versus the prior year, supported by record bookings, continued customer momentum, and contributions from the Basler acquisition. We continue to partner closely with our customers to drive the ongoing evolution to higher power and higher energy density solutions."

Third Quarter of 2026*

Based on current market conditions, for the third quarter the company expects,

Net sales in the range of $780 - $800 million, adjusted diluted EPS in the range of $4.85 – $5.05 and an adjusted effective tax rate of approximately 23% - 24%.

*Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

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Second Quarter 2026 Segment Performance Highlights

Electronics Segment

Net sales for the second quarter 2026 increased +21%. Organic sales increased +20% driven by improved passive products (+26% organic) sales. Semiconductor product (+15% organic) sales also contributed to growth driven by increased protection and power semiconductor volumes. Favorable FX contributed +1% to growth. Adjusted EBITDA margin for the second quarter 2026 increased to 26.3% (+470 bps) due to volume leverage, favorable mix, and operational execution in both passive products and semiconductor products.

Transportation Segment

Net sales for the second quarter 2026 increased +2% as organic sales increased +1% while favorable FX contributed +1% to growth. Organic sales growth benefited from improved commercial vehicle sales (+4% organic), which offset lower passenger vehicle organic sales (-2%). Commercial vehicle sales growth benefited from improved truck, construction and agricultural equipment demand. Passenger vehicle sales were impacted by lower global passenger car builds and auto sensor product declines. Adjusted EBITDA margin for the second quarter 2026 decreased to 18.6% (-190 bps) driven by lower commercial vehicle profitability which more than offset passenger vehicle margin expansion.

Industrial Segment

Net sales for the second quarter 2026 increased +52%. Organic sales increased +16% driven by improved data center, HVAC, industrial automation, and construction demand. The Basler acquisition contributed +36% to growth. Adjusted EBITDA margin for the second quarter 2026 increased to 22.6% (+50 bps) driven by favorable volume leverage and mix.

Dividend

The company will pay a cash dividend of $0.80 per share on its common stock, a 7% increase from the prior quarter dividend of $0.75 per share. The dividend will be paid on September 3, 2026, to shareholders of record as of August 20, 2026.

Conference Call and Webcast Information

Littelfuse will host a conference call on Wednesday, July 29, 2026, at 8:00 a.m. Central Time to discuss the results. The call will be broadcast and available for replay at Littelfuse.com. A slide presentation is available in the Investor Relations section of the company's website at Littelfuse.com.

About Littelfuse

Littelfuse, Inc. (NASDAQ: LFUS) is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 20 countries, and with approximately 18,000 global associates, we partner with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, our products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day. Learn more at Littelfuse.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

The statements in this press release that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act. Such statements are based on Littelfuse, Inc.'s ("Littelfuse" or the "Company") current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, risks and uncertainties relating to general economic conditions; product demand and market acceptance; economic conditions; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; cybersecurity matters; failure of an indemnification for environmental liability; changes in import and export duty and tariff rates; exchange rate fluctuations; commodity price fluctuations; the effect of the Company's accounting policies; labor disputes and shortages; restructuring costs in excess of expectations; pension plan asset returns less than assumed; uncertainties related to political or regulatory changes; integration of acquisitions may not be achieved in a timely manner, or at all; limited realization of the expected benefits from investment and strategic plans; the risk that expected benefits, synergies and growth prospects of the transaction with Basler may not be achieved in a timely manner, or at all; and other risks which may be detailed in the company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This release should be read in conjunction with information provided in the financial statements appearing in the company's Annual Report on Form 10-K for the year ended December 27, 2025.

Further discussion of the risk factors of the company can be found under the caption "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 27, 2025, and in other filings and submissions with the SEC, each of which are available free of charge on the company's investor relations website at investor.littelfuse.com and on the SEC's website at www.sec.gov. These forward-looking statements are made as of the date hereof. The company does not undertake any obligation to update, amend or clarify these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the availability of new information.

Non-GAAP Financial Measures

The information included in this press release and other materials filed with the SEC may include non-GAAP financial measures including organic net sales (decline) growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, adjusted effective tax rate, free cash flow, net debt, consolidated EBITDA, and consolidated net leverage ratio (as defined in the credit agreement). Many of these non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in the attached schedules. The company believes that organic net sales (decline) growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor's overall understanding of the company's core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of its fundamental business operations or were not part of the company's business operations during a comparable period. The company believes that free cash flow is a useful measure of its ability to generate cash. The company believes that net debt, consolidated EBITDA, and consolidated net leverage ratio are useful measures of its credit position. The company believes that all of these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that the company's definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.

LFUS-F

LITTELFUSE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share data) June 27,
2026 December 27,
2025 ASSETS Current assets: Cash and cash equivalents $ 628,224 $ 563,391 Short-term investments 367 287 Trade receivables, less allowances of $86,865 and $77,073 at June 27, 2026 and December 27, 2025, respectively 423,590 363,215 Inventories 433,755 416,472 Prepaid income taxes and income taxes receivable 4,044 6,137 Prepaid expenses and other current assets 93,629 85,832 Total current assets 1,583,609 1,435,334 Net property, plant, and equipment 513,160 540,640 Intangible assets, net of amortization 553,511 594,907 Goodwill 1,203,861 1,211,411 Investments 11,923 20,010 Deferred income taxes 4,977 5,255 Right of use lease assets 81,729 86,263 Other long-term assets 59,709 62,976 Total assets $ 4,012,479 $ 3,956,796 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 248,972 $ 211,079 Accrued liabilities 191,873 199,271 Accrued income taxes 32,667 26,186 Current portion of long-term debt 100,000 96,233 Total current liabilities 573,512 532,769 Long-term debt, less current portion 529,660 706,394 Deferred income taxes 110,081 102,335 Accrued post-retirement benefits 40,062 38,733 Non-current lease liabilities 68,146 71,765 Other long-term liabilities 72,658 78,766 Total equity 2,618,360 2,426,034 Total liabilities and equity $ 4,012,479 $ 3,956,796

LITTELFUSE, INC.

CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) Three Months Ended Six Months Ended (in thousands, except per share data) June 27,
2026 June 28,
2025 June 27,
2026 June 28,
2025 Net sales $ 738,781 $ 613,413 $ 1,395,750 $ 1,167,720 Cost of sales 432,717 381,359 835,537 728,410 Gross profit 306,064 232,054 560,213 439,310 Selling, general, and administrative expenses 120,578 95,517 219,903 183,225 Research and development expenses 31,037 26,401 60,774 52,449 Amortization of intangibles 14,704 14,852 31,204 29,183 Restructuring, impairment, and other charges 20,021 2,506 27,443 11,525 Total operating expenses 186,340 139,276 339,324 276,382 Operating income 119,724 92,778 220,889 162,928 Interest expense 5,739 8,568 12,716 17,443 Foreign exchange (gain) loss (160 ) 10,448 (2,573 ) 15,291 Other income, net (2,919 ) (4,452 ) (3,049 ) (7,967 ) Income before income taxes 117,064 78,214 213,795 138,161 Income taxes 27,659 20,872 49,243 37,248 Net income $ 89,405 $ 57,342 $ 164,552 $ 100,913 Earnings per share: Basic $ 3.53 $ 2.32 $ 6.53 $ 4.08 Diluted $ 3.49 $ 2.30 $ 6.44 $ 4.05 Weighted-average shares and equivalent shares outstanding: Basic 25,305 24,755 25,190 24,760 Diluted 25,620 24,905 25,534 24,938 Comprehensive income $ 83,699 $ 155,255 $ 139,672 $ 236,423

LITTELFUSE, INC.

CONDENSEDCONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) Six Months Ended (in thousands) June 27, 2026 June 28, 2025 OPERATING ACTIVITIES Net income $ 164,552 $ 100,913 Adjustments to reconcile net income to net cash provided by operating activities: 105,753 86,758 Changes in operating assets and liabilities: Trade receivables (65,720 ) (52,635 ) Inventories (21,254 ) 23,316 Accounts payable 39,159 (7,001 ) Accrued liabilities and income taxes 2,147 (14,425 ) Prepaid expenses and other assets 1,837 11,299 Net cash provided by operating activities 226,474 148,225 INVESTING ACTIVITIES Acquisitions of businesses, net of cash acquired (2,818 ) (57,417 ) Purchases of property, plant, and equipment (33,021 ) (32,999 ) Net proceeds from sale of property, plant and equipment, and other 9,115 712 Net cash used in investing activities (26,724 ) (89,704 ) FINANCING ACTIVITIES Net payments of credit facility (166,250 ) (57,500 ) Repurchases of common stock — (27,553 ) Cash dividends paid (37,872 ) (34,677 ) All other cash provided by financing activities 72,179 (813 ) Net cash used in financing activities (131,943 ) (120,543 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (3,035 ) 22,468 Increase (decrease) in cash, cash equivalents, and restricted cash 64,772 (39,554 ) Cash, cash equivalents, and restricted cash at beginning of period 565,104 726,437 Cash, cash equivalents, and restricted cash at end of period $ 629,876 $ 686,883

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited) Second Quarter Year-to-Date (in thousands) 2026 2025 %
Growth/Decline 2026 2025 %
Growth Net sales Electronics $ 406,420 $ 335,666 21.1 % $ 769,195 $ 642,915 19.6 % Transportation 182,411 179,400 1.7 % 352,792 341,262 3.4 % Industrial 149,950 98,347 52.5 % 273,763 183,543 49.2 % Total net sales $ 738,781 $ 613,413 20.4 % $ 1,395,750 $ 1,167,720 19.5 % Operating income Electronics $ 86,916 $ 49,861 74.3 % $ 157,195 $ 96,627 62.7 % Transportation 25,691 28,074 (8.5 )% 49,794 46,991 6.0 % Industrial 27,474 18,863 45.7 % 48,235 31,937 51.0 % Other (a) (20,357 ) (4,020 ) N.M. (34,335 ) (12,627 ) N.M. Total operating income $ 119,724 $ 92,778 29.0 % $ 220,889 $ 162,928 35.6 % Operating Margin 16.2 % 15.1 % 15.8 % 14.0 % Interest expense 5,739 8,568 12,716 17,443 Foreign exchange (gain) loss (160 ) 10,448 (2,573 ) 15,291 Other income, net (2,919 ) (4,452 ) (3,049 ) (7,967 ) Income before income taxes $ 117,064 $ 78,214 49.7 % $ 213,795 $ 138,161 54.7 % (a) "Other" typically includes non-GAAP adjustments such as acquisition-related and integration costs, purchase accounting inventory adjustments, and restructuring and impairment charges. See Supplemental Financial Information for details. N.M. - Not meaningful

Second Quarter Year-to-Date (in thousands) 2026 2025 %
Growth/Decline 2026 2025 %
Growth Operating Margin Electronics 21.4 % 14.9 % 6.5 % 20.4 % 15.0 % 5.4 % Transportation 14.1 % 15.6 % (1.5 )% 14.1 % 13.8 % 0.3 % Industrial 18.3 % 19.2 % (0.9 )% 17.6 % 17.4 % 0.2 %

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(In millions of USD except per share amounts - unaudited) Non-GAAP EPS reconciliation Q2-26 Q2-25 YTD-26 YTD-25 GAAP diluted EPS $ 3.49 $ 2.30 $ 6.44 $ 4.05 EPS impact of Non-GAAP adjustments (below) 0.70 0.55 1.06 ...

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