BEL FUSE INC /NJ

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The condensed consolidated balance sheets and statements of operations, comprehensive income (loss), shareholders’ equity and redeemable noncontrolling interest, and cash flows for the periods presented herein have been prepared by the Company and areunaudited. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows for all periods presented have been made. The results for thethree andnine months ended* September 30, 2026* arenot necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Bel Fuse Annual Report on Form10-K for the fiscal year ended* December 31, 2025*.

Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted from these condensed consolidated financial statements pursuant to the rules and regulations, including the interim reporting requirements, of the U.S. Securities and Exchange Commission (“SEC”). The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates.

All amounts included in the tables to these notes to condensed consolidated financial statements, except per share amounts, are in thousands.

The Company’s significant accounting policies are summarized in Note1 to the consolidated financial statements of the Company included in the Company’s Annual Report on Form10-K for the fiscal year ended* December 31, 2025*.

There wereno significant changes to these accounting policies during thenine months ended* September 30, 2026*, except as discussed in this note below.

Recently Adopted Accounting Standards

In* December 2023,the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU")2023-09, Income Taxes (Topic740): Improvements to Income Tax Disclosures*, which focuses on the rate reconciliation and income taxes paid. ASU2023-09 requires a public business entity ("PBE") to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received, disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least5% of total income tax payments, net of refunds received. The Company adopted this ASU in2025.

Accounting Standards Issued ButNot Yet Adopted

In* November 2024,the FASB issued ASU2024*-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic220*-40): Disaggregation of Income Statement Expenses*, which is intended to improve disclosures about a PBE's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. Such information should allow investors to better understand an entity's performance, assess future cash flows, and compare performance over time and with other entities. The amendments will require PBEs to disclose in the notes to the financial statements, at each interim and annual reporting period, specific information about certain costs and expenses, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement, and the total amount of an entity's selling expenses. The amendments are effective for annual reporting periods beginning after* December 15, 2026,and interim reporting periods beginning after December 15, 2027,and may*be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.

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Acquisition of dataMate

On* March 5, 2026,we completed the acquisition of dataMate (“dataMate”), a provider of Ethernet and broadband connectivity solutions, from Methode Electronics, Inc. for aggregate consideration of approximately $16.0 million, subject to customary post-closing adjustments. The acquisition was funded using cash on hand and borrowings under our senior secured revolving credit facility (the "Revolver") under the Amended and Restated Credit and Security Agreement with KeyBank National Association (as amended, the "Credit Agreement" or the "CSA"). The acquisition was accounted for as a business combination under ASC805,* Business Combinations.

The acquisition is expected to broaden Bel’s customer reach and increase exposure to attractive end markets, including networking, data centers, industrial automation, smart buildings and broadband deployment, while providing R&D capabilities. Bel also believes the acquisition provides opportunities to leverage dataMate’s ongoing technology development, including solutions intended to deliver data and power over a single pair of wires, to support future product expansion.

No separate fair value step-up was recorded for inventory. Goodwill recognized in connection with the acquisition was $3.5 million, and all of the goodwill is expected to be deductible for income tax purposes, generally over a 15-year period. The intangible assets will be amortized over 10 years using the straight-line method, and these assets will be periodically reviewed for impairment.

The results of operations of dataMate have been included in our condensed consolidated financial statements from the acquisition date of* March 5, 2026.The results of dataMate are reported within the Company’s Industrial Technology & Data Solutions segment. The contribution of dataMate to our net sales was $4.8 million and $10.7 million for thethree* andnine months ended* September**30,* 2026, respectively. The contribution of dataMate to our operating income wasnot material during those periods. Acquisition-related costs were immaterial and were expensed as incurred. Bel didnot provide any material indemnifications to the seller other than customary indemnities included in the purchase agreement.

The following unaudited pro forma information presents the combined results of operations of the Company and dataMate as if the acquisition had occurred on* January 1, 2025,as applicable to the periods presented. The unaudited pro forma information is presented for illustrative purposes only and isnot* necessarily indicative of the results of operations that would have been achieved had the acquisition occurred on the assumed date, nor is it intended to be a projection of future results. The unaudited pro forma information reflects adjustments that are directly attributable to the acquisition, factually supportable, and, with respect to the statements of operations, expected to have a continuing impact. The unaudited pro forma information doesnot reflect the realization of any anticipated cost savings, synergies, or operating efficiencies that* mayresult from the acquisition, nor does it reflect any nonrecurring integration-related costs that maybe incurred. There can beno* assurance that any such benefits will be realized.

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Acquisition of Enercon

On* November 14, 2024,the Company closed on its acquisition of its majority 80% stake in Enercon, pursuant to the terms of the Share Purchase Agreement, dated as of September 19, 2024 (the “Purchase Agreement”), by and among the Company, Enercon, andFF3* Holdings, L.P., for itself and as Sellers' Representative (“FF3”), and each of the other seller parties signatory thereto (collectively withFF3, the "Sellers"). Enercon is a leading supplier of highly customized power conversion and networking solutions to aerospace and defense markets globally, providing robust and reliable solutions across air, land and sea applications. Enercon is based in Netanya, Israel with additional facilities in New Hampshire, U.S. and Haryana, India.

Under the terms of the Purchase Agreement, on the* November 14, 2024closing date (and deemed effective solely for accounting purposes as of November 1, 2024),Bel acquired from the Sellers 80% of the issued and outstanding share capital of Enercon on a fully diluted basis for (i) a cash purchase price of $320 million (subject to customary adjustments), plus (ii) up to $10 million in potential earnout payments for the2025* and2026 periods (the “Earnout Payments”). During thefirst quarter of2026, the Company paid a $5.0 million earnout related to the achievement of the fiscal2025 performance target.

Pursuant to the shareholders' agreement entered into on* November 14, 2024,the Company and the Sellers have reciprocal call and put rights with respect to the remaining 20% ownership interest in Enercon. The Company currently expects to acquire the remaining ownership interest by early2027* in accordance with the terms of those arrangements.

The acquisition resulted in a redeemable noncontrolling interest associated with the Sellers' remaining 20% ownership interest. Upon acquisition, the redeemable noncontrolling interest was initially recorded at its fair value of $72.4 million and subsequently adjusted to its redemption value at each reporting date. At* December 31, 2025,*the redeemable noncontrolling interest was reported in mezzanine equity at its redemption value of $93.2 million.

On* September 15, 2026,the Company's subsidiary, Bel Power Solutions s.r.o., entered into a letter agreement withFF3* Holdings, L.P., in its capacity as Sellers' Representative (the “Letter Agreement”), which amended certain settlement and purchase price adjustment provisions relating to the future acquisition of the remaining 20% ownership interest in Enercon. The Letter Agreement eliminated certain purchase price adjustment provisions and established specified settlement mechanics applicable to the Company's existing put and call rights and obligations relating to the remaining 20% ownership interest, and fixed the fiscal2026 earnout amount at $5.0 million.

Based on the revised contractual terms, the Company determined during thethird quarter of2026 that the redemption amount associated with the remaining 20% ownership interest had become fixed. Accordingly, the Company concluded that the obligation met the criteria for liability classification under ASC480, Distinguishing Liabilities from Equity. Immediately prior to reclassification, the redeemable noncontrolling interest was adjusted to its redemption value of $114.0 million. As of* September 30, 2026,the obligation was reclassified from mezzanine equity and is presented as redeemable noncontrolling interest liability within current liabilities in the accompanying condensed consolidated balance sheet based on the contractual settlement provisions. Based on the contractual settlement provisions, the Company expects the obligation to be settled by thefirst* quarter of2027. The reclassification hadno impact on the Company's results of operations or total shareholders' equity.

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The following table provides information about disaggregated revenue by geographic region and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments. See Note16, “Segments,” for additional information regarding the Company’s current reportable segments and the recast of prior period segment information to conform to the current presentation:

The balances of the Company’s contract assets and contract liabilities at* September 30, 2026* and* December 31, 2025* are as follows:

The change in the balance of the Company’s unbilled receivables from* December 31, 2025to September 30, 2026* primarily reflects a timing difference between (i) when the Company satisfies its performance obligation (i.e., when product is shipped to a customer-controlled hub and control transfers in accordance with the applicable contract terms) and (ii) when the Company has an unconditional right to invoice the customer under the contractual invoicing provisions (i.e., when the customer withdraws (“pulls”) product from the customer-controlled hub). Accordingly, unbilled receivables represent amounts for which revenue has been recognized but which arenot yet billable, and are expected to be billed as customers withdraw product from the hub.

The Company’s contract liabilities (deferred revenue) at* December 31, 2025and September 30, 2026* primarily relate to customer prepayments and advance billings for which revenue hasnot yet been recognized. Revenue is recognized upon shipment (or otherwise upon transfer of control) of the related goods in accordance with the Company’s revenue recognition policy. Contract liabilities are classified as current and are included in other current liabilities. For thenine months ended* September 30, 2026*, contract liabilities increased by approximately $0.7 million to $10.5 million, from $9.8 million at* December 31, 2025,*reflecting $79.7 million of customer prepayments and advance billings recorded during the period, partially offset by $78.9 million of revenue recognized that was included in contract liabilities at the beginning of the period and/or recorded during the period.

Transaction Price Allocated to Future Obligations

The aggregate amount of transaction price allocated to remaining performance obligations that havenot been fully satisfied as of* September 30, 2026* related to contracts that exceedone year in duration amounted to $7.3 million, with expected contract expiration dates that range from2027 –2031**.Based on the Company's current estimates, it is expected that approximately $1.1 million of this aggregate amount will be recognized in 2027, $1.1 million will be recognized in 2028, and $5.1 million will be recognized in the years beyond 2028. The majority of the Company's orders received (butnot yet shipped) at September 30, 2026 are related to contracts that have an original expected duration ofone year or less, for which the Company is electing to utilize the practical expedient available within the applicable guidance, and are excluded from the transaction price related to these future obligations. The Company will generally satisfy the remaining performance obligations as we transfer control of the products ordered to our customers.

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The following table sets forth the calculation of basic and diluted net earnings per common share under thetwo-class method for the three andnine months ended* September 30, 2026and2025*:

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Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based upon the best use of the asset or liability at the measurement date. Entities are required to use a fair value hierarchy which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. There arethree levels of inputs that* may*be used to measure fair value:

Level1 – Observable inputs such as quoted market prices in active markets;

Level2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level3 – Unobservable inputs about which little orno market data exists, therefore requiring an entity to develop its own assumptions.

As of* September 30, 2026* and* December 31, 2025*, our available-for-sale securities primarily consisted of investments held in a rabbi trust which are intended to fund the Company’s Supplemental Executive Retirement Plan (“SERP”) obligations. These securities are measured at fair value using quoted prices in active markets for identical assets (Level1) inputs and amounted to $0.9 million at* September 30, 2026* and$0.6 millionat* December 31, 2025*.

Throughout2026 and2025, the Company entered into a series of foreign currency forward contracts, the fair values of which were$0.3 million at* September 30, 2026* and$1.8 million at* December 31, 2025*. The estimated fair value of foreign currency forward contracts is based on quotes received from the applicable counterparty, and represents the estimated amount we would receive or pay to settle the contracts, taking into consideration current exchange rates which can be validated through readily observable data from external sources (Level2).

The Company's interest rate swap agreements, which are further described in Note9, "Derivative Instruments and Hedging Activities," were terminated effective* August 31, 2026.Accordingly,no interest rate swap assets or liabilities were outstanding as of September 30, 2026.The fair value of the interest rate swap agreements was $0.9 million as of December 31, 2025and was classified within Level2* of the fair value hierarchy.

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The fair values of our derivative financial instruments and their classifications in our condensed consolidated balance sheets as of* September 30, 2026* and* December 31, 2025* were as follows:

In connection with the acquisition of Enercon as further described in Note2,** “Acquisitions,” the Sellers are eligible to receive Earnout Payments based on the achievement of certain financial metrics for each of the fiscal2025 and2026 Earnout Periods. The fiscal2025 earnout was paid during thefirst quarter of2026. Pursuant to the Letter Agreement, the fiscal2026 earnout amount was fixed at $5.0 million during thethird quarter of2026 and is classified as a liability.

The earnout liabilities were initially recorded at a fair value of $3.3 million on the acquisition date and, prior to execution of the Letter Agreement described below, were subsequently remeasured at fair value using significant unobservable inputs and classified within Level3 of the fair value hierarchy.

In addition, as discussed in Note2, “Acquisitions,” the Company has an obligation to acquire the remaining 20% ownership interest in Enercon. On* September 15, 2026,Bel Power Solutions s.r.o., a subsidiary of the Company, entered into the Letter Agreement withFF3* Holdings, L.P., which amended certain provisions relating to the future acquisition of the remaining 20% ownership interest in Enercon.

Pursuant to the Letter Agreement, the fiscal2026 earnout obligation became fixed at $5.0 million and was therefore reclassified from Level3 to Level2 during thethird quarter of2026.

The fair value of the Company's Level3 contingent consideration liabilities consisted of the following:

The decrease in the Level3 contingent consideration liabilities during thenine months ended* September 30, 2026primarily reflects the payment of the fiscal2025* earnout of $5.0 million during thefirst quarter of2026 and the reclassification of the fiscal2026 earnout obligation from Level3 to Level2 during thethird quarter of2026.

Pursuant to the Letter Agreement, the fiscal2026 earnout consideration was established at $5.0 million. Accordingly, as of* September 30, 2026,the related liability is classified within Level2* of the fair value hierarchy and is presented within other current liabilities in the accompanying condensed consolidated balance sheet.

As discussed in Note2, "Acquisitions," the Company recorded a redeemable noncontrolling interest liability of $114.0 million as of* September 30, 2026related to its obligation to acquire the remaining 20% ownership interest in Enercon. As of September 30, 2026,the liability is classified within Level2* of the fair value hierarchy and is presented within current liabilities in the accompanying condensed consolidated balance sheet. At* December 31, 2025,*the related redeemable noncontrolling interest was reported in mezzanine equity at its redemption value of $93.2 million.

Aside from the reclassification of the fiscal2026 earnout liability and the redeemable noncontrolling interest liability from Level3 to Level2 as described above, the Company doesnot have any liabilities measured at fair value on a recurring basis categorized as Level3. There wereno other transfers in or out of Level1, Level2 or Level3 during thenine months ended* September 30, 2026* or* September 30, 2025*. There wereno changes to the Company’s valuation techniques used to measure fair values on a recurring or nonrecurring basis during thenine months ended* September 30, 2026* or* September 30, 2025*.

During2025, the Company performed its annual impairment test of indefinite-lived intangible assets and determined thatno impairment charges were required. There wereno financial assets or indefinite-lived intangible assets measured at fair value on a nonrecurring basis as of* September 30, 2026* or* December 31, 2025*.

The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, which arenot measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. The fair value of the Company’s long-term debt is estimated using a discounted cash flow method based on interest rates currently available for debt issuances with similar terms and maturities. At* September 30, 2026*, the Company hadno outstanding long-term debt, accordingly, the estimated fair value and carrying amount of total debt were $0 million and $0 million, respectively. At* December 31, 2025,the estimated fair value of total debt was $196.5 million, compared to a carrying amount of $197.5 million. The Company didnot* have any other financial liabilities within the scope of the fair value disclosure requirements as of* September 30, 2026*.

Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets and long-lived assets, are accounted for at fair value on a nonrecurring basis. These items are tested for impairment upon the occurrence of a triggering event or in the case of goodwill, on at least an annual basis. Based on the Company's assessment, it was concluded thatno triggering events occurred during thenine months ended* September 30, 2026* or* September 30, 2025*.

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The components of inventories are as follows:

Property, plant and equipment consist of the following:

Depreciation expense was $3.4 million and$3.0 million, respectively, for thethree months ended* September 30, 2026and2025* and $9.3 million and $8.9 million, respectively for thenine months ended* September 30, 2026and2025*. Depreciation expense related to our manufacturing facilities and equipment is included in cost of sales and depreciation expense associated with administrative facilities and office equipment is included in selling, general and administrative expense within the accompanying condensed consolidated statements of operations.

At* September 30, 2026*, a total of $0.8 million of properties were classified as assets held for sale on the accompanying condensed consolidated balance sheets related to properties owned by the Company in Hong Kong. During thethree months ended* September 30, 2026,the Company recorded a gain on sale related toone* of these properties in the amounts of $1.0 million.

Accrued expenses consist of the following:

The change in warranty accrual during thenine months ended* September 30, 2026* primarily related to repair costs incurred and adjustments to pre-existing warranties. The new warranty charges incurred during thenine months ended* September 30, 2026* were $0.8 million.

Restructuring Activities:

Activity and liability balances related to restructuring costs for thenine months ended* September 30, 2026* are as follows:

The balance of accrued restructuring costs at* September 30, 2026* is primarily related to remaining liabilities associated with the Company's facility consolidation project in China where multiple Industrial Technology & Data Solutions manufacturing sites were consolidated.

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Our primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk, when deemed appropriate. We enter into these contracts in the normal course of business to mitigate risks and generallynot for speculative purposes.

Foreign Currency Forward Contracts

Under our risk management strategy, we periodically use foreign currency forward contracts to manage our short-term exposures to fluctuations in operational cash flows resulting from changes in foreign currency exchange rates. These cash flow exposures result from portions of our forecasted operating expenses, primarily compensation and related expenses, which are transacted in currencies other than the U.S. dollar, most notably the Chinese renminbi, Mexican peso and Israeli shekel. These foreign currency forward contracts generally have maturities ofno longer thantwelve months, although occasionally we will execute a contract that extends beyondtwelve months, depending upon the nature of the underlying risk.

We held outstanding foreign currency forward contracts with notional amounts of$52.0 million and$49.6 million as of* September 30, 2026* and* December 31, 2025*, respectively. The Company's foreign currency forward contracts related to the Chinese renminbi are designated as cash flow hedges for accounting purposes and as such, changes in their fair value are recognized in accumulated other comprehensive loss in the consolidated balance sheet and are reclassified into the statement of operations within cost of goods sold in the period in which the hedged transaction affects earnings. Foreign currency forward contracts related to the Israeli shekel and Mexican peso are not designated as hedging instruments, and changes in their fair value are recognized in earnings within other income, net.

Interest Rate Swap Agreements

The Company previously maintained interest rate swap agreements with an aggregate notional amount of $60.0 million to partially mitigate exposure to variable interest rates on borrowings under its Credit Agreement. The swaps were designated as cash flow hedges for accounting purposes and were terminated effective* August 31, 2026.The Company hadno outstanding interest rate swap agreements as of September 30, 2026,andno* amounts related to the terminated swaps remained in accumulated other comprehensive income (loss).

Fair Values of Derivative Financial Instruments

See Note5, "Fair Value Measurements" for the gross fair values of the Company's derivative assets and liabilities as of* September 30, 2026* and* December 31, 2025*.

Derivative Financial Instruments in Cash Flow Hedging Relationships

The effects of derivative financial instruments designated as cash flow hedges on accumulated other comprehensive loss (“AOCL”) and on the condensed consolidated statements of operations for thethree andnine months ended* September 30, 2026and2025* were as follows:

The gains and losses related to the foreign currency forward contracts are included as a component of currency translation adjustment on the accompanying condensed consolidated statements of comprehensive income for thethree andnine months ended* September 30, 2026* and2025.

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Derivative Financial Instruments Not Designated as Hedging Instruments

Gains (losses) recognized on derivative financial instrumentsnot designated as hedging instruments in our condensed consolidated statements of operations for thethree andnine months ended* September 30, 2026and2025* were as follows:

During thethird quarter of2026, the Company recorded an out-of-period benefit within other income (expense), net of approximately $3.7 million, related to previously recorded foreign currency gains and losses. The Company concluded that the adjustment wasnot material to the current-period financial statements or any previously issued financial statements.

The Company's Credit Agreement provides for the Revolver with aggregate commitments of up to $400.0 million. The Revolver matures on* September 1, 2028.Borrowings under the Revolver bear interest at variable rates based on SOFR (daily simple or term) or a base rate, plus an applicable margin, as provided in the Credit Agreement, and the Company may*also be required to pay customary fees in accordance with the Credit Agreement.

On* June 4, 2026,the Company entered into a Limited Consent and Fifth Amendment Agreement to the CSA, which, among other things, (i) provided aone*-time limited consent related to certain hedge agreements and (ii) eliminated the requirement to maintain control agreements over the deposit accounts and securities accounts of the Company or any subsidiary.

At* September 30, 2026*, the Company hadno outstanding borrowings under the Revolver and $400.0 million of unused availability. At* December 31, 2025*, outstanding borrowings under the Revolver amounted to $197.5 million, and unused availability under the Revolver was $202.5 million. The Company incurred less than $0.1 million and $3.6 million of interest expense during thethree months ended* September 30, 2026* and2025, respectively, and $4.4 million and $11.8 million during thenine months ended* September 30, 2026* and2025, respectively, in connection with interest due on its outstanding borrowings under the CSA during each period, including the effects of the2021 interest rate swaps discussed in Note9, "Derivative Instruments and Hedging Activities", and amortization of deferred financing costs.

As of* December 31, 2025,the Company’s borrowings consisted of (i) a $60.0 million SOFR-based borrowing that, after giving effect to the2021* interest rate swaps, effectively bore interest at an average rate of 2.59% and (ii) a $137.5 million variable-rate tranche that bore interest at SOFR plus the applicable credit spread in accordance with the Credit Agreement. For comparability, the Company also presents the weighted-average effective interest rates on its borrowings after giving effect to the2021 interest rate swaps: the weighted-average effective rate on the variable-rate tranche was 3.63% as of* December 31, 2025,and the weighted-average effective rate on total borrowings (fixed and variable) was 4.42% as of December 31, 2025.The stated variable rate in effect at December 31, 2025 (*before the impact of the swap) was 5.21%.

Deferred financing costs incurred in connection with obtaining or modifying recognized debt obligations are capitalized and presented in the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability. These deferred costs are amortized to interest expense over the contractual term of the related debt using the effective interest method or a method that approximates the effective interest method.

The CSA contains customary representations and warranties, covenants and events of default. In addition, the CSA contains financial covenants that measure (i) the ratio of the Company’s total funded indebtedness, on a consolidated basis, less the aggregate amount of all unencumbered cash and cash equivalents, to the amount of the Company’s consolidated EBITDA, in each case as defined and calculated in accordance with the CSA, and (ii) the ratio of the amount of the Company’s consolidated EBITDA to the Company’s consolidated fixed charges (or the “Fixed Charge Coverage Ratio”), in each case as defined and calculated in accordance with the CSA. If an event of default occurs, the lenders under the CSA would be entitled to take various actions, including the acceleration of amounts due thereunder and all actions permitted to be taken by a secured creditor.

At* September 30, 2026*, the Company was in compliance with its debt covenants, including its most restrictive covenant, the Fixed Charge Coverage Ratio.

*** May 2026*Follow-on Public Offering of Class B Common Stock**

In* May 2026,*the Company completed an underwritten public offering of 1,725,000 shares of its Class B common stock at a public offering price of $266.00 per share, including the full exercise of the underwriters' option to purchase an additional 225,000 shares. Gross proceeds from the offering were approximately $458.9 million. After deducting underwriting discounts, commissions and other offering costs, net proceeds were approximately $441.6 million. Offering costs directly attributable to the offering were recorded as a reduction of additional paid-in capital.

During the quarter ended* June 30, 2026,the Company used approximately $197.5 million of the net proceeds to repay all outstanding borrowings under its revolving credit facility. There isno outstanding debt under the facility as of September 30, 2026.*

The Company currently expects to use a portion of the remaining net proceeds to fund the anticipated purchase of the remaining 20% ownership interest in Enercon and* may*use any remaining proceeds for acquisitions, investments, strategic partnerships and other general corporate purposes.

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The Company doesnot measure income tax expense for interim periods using the annual effective tax rate (“AETR”) method, as its estimated taxable income for future periods isnot determined on a legal entity basis. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company isno longer subject to U.S. federal income tax examinations for years before 2022 and state examinations for years before 2019. For foreign subsidiaries, the Company isno longer subject to examination for years before 2016 in Asia and generally 2018 in Europe.

The Company is currently under examination by the Internal Revenue Service (“IRS”) for the tax year2024. The Company is unable to reasonably estimate the amount or range of potential changes currently because the examination is in its early stages and the outcome depends on future developments, including the IRS’s final positions and timing of any resolution.

The Company is currently under examination by the state of New Jersey for the tax years2021-2024. The Company is unable to reasonably estimate the amount or range of potential changes currently because the examination is in its early stages and the outcome depends on future developments, including the state of New Jersey’s final positions and timing of any resolution.

In* June 2026,the Company received communication from local tax authorities regarding our Guangxi, China factory disputing the deduction of certain service fee expenses relating to intercompany services provided by our Dongguan, China factory. We have settled the dispute with the relevant tax authorities, which resulted in a $0.1 million additional tax expense relating to the2022*-2025 tax years.

Due to the expiration of the statutes of limitations for certain jurisdictions, it is reasonably possible that the amount of unrecognized tax benefits* maychange materially from those recorded at September 30, 2026.Liabilities for uncertain tax positions totaled $16.5 million at September 30, 2026and $17.5 million at December 31, 2025.As of September 30, 2026,approximately $1.2 million of uncertain tax positions expired and $0.8 million are expected to be resolved within the nexttwelve* months due to expiration of the related statute of limitations. If recognized, these amounts would reduce the effective tax rate.

The Company recognizes interest and penalties related to uncertain tax positions as a component of the current provision for income taxes. For thenine months ended* September 30, 2026and 2025, the Company recognized $0.2 million in each period, in interest and penalties in the condensed consolidated statements of operations. Accrued interest and penalties included in the liabilities for uncertain tax positions were $1.0 million at each of September 30, 2026and December 31, 2025.*

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The Company maintains the Bel Fuse Inc. Employees’ Savings Plan, a defined contribution plan that is intended to meet the applicable requirements for tax-qualification under sections401(a) and (k) of the Internal Revenue Code. The expense for thethree months ended* September 30, 2026and2025* amounted to $0.4 million and $0.3 million, respectively. The expense for thenine months ended* September 30, 2026and2025* amounted to $1.5 million and $1.2 million, respectively. The Company’s matching contribution is made in the form of Bel Class A common stock. As of* September 30, 2026,*the plan owned 201,813 and 41,039 shares of Bel Class A and Class B common stock, respectively.

The Company also maintains a Nonqualified Deferred Compensation Plan (the "DCP"). With certain exceptions, the Company's contributions to the DCP are discretionary and become fully vested by the participants upon reaching age 65. The expense for thethree months ended* September 30, 2026and2025* amounted to less than $0.1 million during each period. The expense for thenine months ended* September 30, 2026and2025* amounted to $0.2 million and $0.1 million, respectively. As the plan is fully funded, the assets and liabilities related to the DCP were in equal amounts of $1.9 million at* September 30, 2026* and $1.7 million at* December 31, 2025*. These amounts are included in other assets and other liabilities, respectively, on the accompanying condensed consolidated balance sheets as of each date.

The Company’s subsidiaries in Asia maintain a retirement fund that covers substantially all Hong Kong-based full-time employees. Retirement fund expense for thethree months ended* September 30, 2026* amounted to less than $0.1 million, comparedto$0.1 million for thethree months ended* September 30, 2025.The expense for thenine* months ended* September 30, 2026and2025* amounted to $0.2 million and $0.3 million, respectively.

The Company maintains a SERP, which is designed to provide a limited group of key management and other key employees of the Company with supplemental retirement and death benefits. As discussed in Note5, "Fair Value Measurements", above, the Company has investments in a rabbi trust which are intended to fund the obligations of the SERP.

The components of SERP expense are as follows:

The service cost component of net benefit cost is presented within cost of sales, research and development costs or selling, general and administrative expense on the accompanying condensed consolidated statements of operations, in accordance with where compensation cost for the related associate is reported. All other components of net benefit cost, including interest cost and net amortization noted above, are presented within other income (expense), net in the accompanying condensed consolidated statements of operations.

The following amounts are recognized net of tax in accumulated other comprehensive loss:

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The components of accumulated other comprehensive loss at* September 30, 2026* and* December 31, 2025* are summarized below:

Changes in accumulated other comprehensive loss by component during thenine months ended* September 30, 2026* are as set forth below. All amounts are net of tax:

(a) This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP. This expense is reflected in other income, net on the accompanying condensed consolidated statements of operations.

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Legal Proceedings

The Company is party to a number of legal actions and claims,none of which individually or in the aggregate, in the opinion of management, are expected to have a material adverse effect on the Company's consolidated results of operations or consolidated financial position.

In connection with the Company's2014 acquisition of the Power-One Power Solutions business ("Power Solutions") of ABB Ltd ("ABB"), there is an ongoing claim by the Arezzo Revenue Agency in Italy concerning certain tax matters related to what was then Power-One Asia Pacific Electronics Shenzhen Co. Ltd. (now Bel Power Solutions Asia Pacific Electronics Shenzhen Co. Ltd, or “BPS China”) for the years2004 to2006. In* September 2012,the Tax Court of Arezzo ruled in favor of BPS China and cancelled the claim. In February 2013,the Arezzo Revenue Agency filed an appeal of the Tax Court’s ruling. The hearing of the appeal was held on October 2, 2014.On October 13, 2014,BPS China was informed of the Regional Tax Commission of Florence ruling which was in favor of the Arezzo Revenue Agency and against BPS China. An appeal was filed on July 18, 2015before the Regional Tax Commission of Florence and rejected. On December 5, 2016,the Arezzo Revenue Agency filed an appeal with the Supreme Court and BPS China filed a counter-appeal on January 4, 2017.The Supreme Court rendered a judgment against BPS China in March 2024.BPS China filed an appeal in July 2024.The estimated liability related to this matter is approximately $12.0 million and has been included as a liability for uncertain tax positions on the accompanying condensed consolidated balance sheets at September 30, 2026* and* December 31, 2025*. As Bel is entitled to be fully indemnified in this matter per the terms of the stock purchase agreement with ABB, a corresponding other asset for indemnification is also included in other assets on the accompanying condensed consolidated balance sheets at* September 30, 2026* and* December 31, 2025*.

In connection with the Company's2021 acquisition of EOS Power ("EOS"), there is an ongoing claim asserted with respect to EOS by the Principal Commissioner of Customs (Preventive), Mumbai related to customs duties and imposed fines and penalties dating back to1994. The original demand was in the amount of approximately $1.4 million, of which EOS has paid $0.5 million. EOS filed an Appeal in2016 which is pending with the Customs, Excise and Service Tax Appellate Tribunal in Mumbai related to the $0.9 million balance of the original demand net of EOS' payment. As part of the EOS acquisition agreement entered into in* March 2021,the Company is entitled to be indemnified for this matter for a period of 7 years from the acquisition date. The Company is unable to estimate at this time what amount, if any, mayultimately be due in connection with this claim. As such,no estimate was accrued as of September 30, 2026*.

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During thefirst quarter of2026, the Company implemented a change in its internal organizational and reporting structure to better align management reporting with customer end markets. As a result, effective* March 31, 2026,the Company updated the reportable segment view used by the Company’s Chief Operating Decision Maker (“CODM”) to assess performance and allocate resources. The CODM hasnot* changed.

Following this change, the Company hastwo reportable segments: (i) Aerospace, Defense & Rugged Solutions and (ii) Industrial Technology & Data Solutions. Prior‑period segment information has been recast to conform to the current period presentation. The Aerospace, Defense & Rugged Solutions segment primarily includes the Company’s legacy Connectivity Solutions business and Enercon operations. The Industrial Technology & Data Solutions segment primarily includes the Company’s legacy Power Solutions and Protection and Magnetic Solutions operations. These segment descriptions reflect how results are reviewed by the CODM.

There areno intercompany sales between segments.

On a quarterly basis, the Company’s CODM evaluates segment performance using gross profit (a U.S. GAAP measure), which the Company has determined to be its measure of segment profit or loss under ASC280, as amended by ASU2023-07. The CODM uses segment gross profit to make commercial and operational decisions and to evaluate capital deployment opportunities. The CODM’s quarterly reporting package also includes segment revenues and cost of sales to arrive at gross profit; cost of sales is a significant segment expense and is therefore included in the segment financial data tables below.

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