A Letter to Our Shareholders

Hubbell successfully navigated through a dynamic operating environment in 2021. While the ongoing impacts of the COVID-19 pandemic and related supply chain disruption presented headwinds throughout the year, Hubbell demonstrated our resilience and commitment to execute on each of our strategic pillars. We achieved strong financial results in 2021 while reshaping our portfolio to generate value for our stakeholders and enabling Hubbell to more effectively deliver on our long-term strategy.

In 2021, Hubbell generated sales of $4.2 billion, adjusted diluted earnings per share⁽²⁾ of $8.05 and free cash flow⁽²⁾ of $424 million. We increased our dividend by 7%, the 14^th consecutive year over year increase by Hubbell.

We completed the reorganization of our Electrical Solutions Segment that we commenced in 2020 by merging three separate operating groups into a single, unified segment. We also continued to integrate and grow the acquisitions we closed in late 2020 in both our Utility Solutions and Electrical Solutions segments.

We actively managed our portfolio in 2021 to drive value for our stakeholders, most notably through the divestiture of our Commercial & Industrial (“C&I”) lighting business, which was announced in the fourth quarter and closed in February 2022 for a sale price of $350 million. This represented the largest divestiture in Hubbell’s history, and creates a more focused portfolio with higher growth and margin characteristics. The proceeds from this transaction will enable us to deploy additional capital on behalf of our shareholders at attractive returns. Hubbell has a longstanding track record of effective capital deployment, which includes the successful integration of three 2020 bolt-on acquisitions across both segments.

Going forward, Hubbell has a highly focused portfolio with leading positions across the energy infrastructure.

Strategically, we are committed to providing our customers with reliable and efficient critical infrastructure solutions in utility and electrical applications. We believe our portfolio sits at the intersection of two significant sustainability megatrends: grid modernization and electrification, and that Hubbell is uniquely positioned to assist our customers’ transition to a smarter, cleaner and more resilient electrical infrastructure.

In 2021, Hubbell issued its inaugural sustainability report (available on Hubbell.com), which showcases not just our ongoing commitment to environmental, social and governance issues, but also demonstrates how Hubbell’s products and solutions further enable sustainability initiatives for our customers.

To ensure the continued success of our employees, we focused on employee development and inclusion while increasing our investment in mental health and wellbeing programs for our employees. We transitioned our office employees to hybrid work schedules, allowing them the ability to balance their work week with both in-office and work from home days. And this summer we held an enterprise-wide Global Recharge Day – a day for our employees around the world to relax and recharge.

Hubbell was recognized by Ethisphere as one of the 2022 World’s Most Ethical Companies. This was the second time Hubbell has achieved this recognition and it reflects Hubbell employees’ commitment to doing the right thing every day.

I am excited for 2022 and the opportunities that exist for our business. I look forward to continuing to execute on our strategy and delivering for each of our key stakeholders.

Thank you for your continued support.

Gerben W. Bakker Chairman, President and Chief Executive Officer