What changed in this filing

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Item 1. Financial Statements

2026-04-30 compared with 2025-10-30 · 98 added, 249 removed, 429 unchanged (45% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Thousands of dollars, except share and per share data) (Unaudited)

27 unchanged sentences

SHAREHOLDERS' EQUITY

Common shares $ 2 par value per share, 15,000,000 shares authorized, 4,901,871 and 4,913,621 issued and outstanding, at September 30, 2025 and December 31, 2024

Common shares $ 2 par value per share, 15,000,000 shares authorized, 4,888,012 and 4,907,787 issued and outstanding, at March 31, 2026 and December 31, 2025

13,890 13,860

Common shares issued to rabbi trust, 222,506 and 222,887 shares at September 30, 2025 and December 31, 2024, respectively

Common shares issued to rabbi trust, 222,506 and 222,506 shares at March 31, 2026 and December 31, 2025, respectively

( 9,586 ) ( 9,586 )

2 unchanged sentences

Retained earnings 593,869 584,360

Treasury shares, at cost, 2,013,240 and 1,961,772 shares at September 30, 2025 and December 31, 2024, respectively

Treasury shares, at cost, 2,056,379 and 2,021,940 shares at March 31, 2026 and December 31, 2025, respectively

( 145,492 ) ( 136,554 )

7 unchanged sentences

STATEMENTS OF CONSOLIDATED INCOME

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Thousands, except per share data)

6 unchanged sentences

Research and engineering 6,736 5,479

Other operating expense, net 1,134 1,109 2,212 186

Other operating (income) expense, net ( 54 ) 255

41,504 35,541

3 unchanged sentences

Interest expense ( 232 ) ( 376 )

Pension termination expense ( 11,657 ) — ( 11,657 ) —

Other income, net 69 407

( 10,776 ) 38 ( 10,053 ) 205

INCOME BEFORE INCOME TAXES 14,330 13,671

Income tax (benefit) expense ( 263 ) 2,734 6,461 6,783

Income tax expense 3,781 2,118

NET INCOME $ 10,549 $ 11,553

Net expense (income) attributable to noncontrolling interests 7 ( 16 ) ( 24 ) ( 24 )

Net income attributable to noncontrolling interests ( 25 ) ( 36 )

NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS $ 10,524 $ 11,517

8 unchanged sentences

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(Thousands of dollars)

Net income $ 10,549 $ 11,553

Other comprehensive income (loss), net of tax:

Other comprehensive (loss) income, net of tax:

Foreign currency translation adjustment ( 1,425 ) 6,671

Pension adjustment, net of tax - 123

Other comprehensive income (loss), net of tax 6,835 7,572 27,433 ( 4,786 )

Comprehensive expense (income) attributable to noncontrolling interests 7 ( 16 ) ( 24 ) ( 24 )

Other comprehensive (loss) income, net of tax ( 1,425 ) 6,794

Comprehensive income attributable to noncontrolling interests ( 25 ) ( 36 )

COMPREHENSIVE INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS $ 9,099 $ 18,311

2 unchanged sentences

STATEMENTS OF CONSOLIDATED CASH FLOWS

Nine Months Ended September 30,

Three Months Ended March 31,

(Thousands of dollars)

5 unchanged sentences

Share-based compensation expense 2,345 892

Pension termination expense 11,657 —

Loss (gain) on sale of property and equipment 27 ( 37 )

1 unchanged sentence

Changes in operating assets and liabilities ( 13,799 ) ( 11,443 )

Contributions to company pension plan ( 2,872 ) —

Other, net ( 9,351 ) 2,768

NET CASH PROVIDED BY OPERATING ACTIVITIES 6,047 5,655

4 unchanged sentences

Purchases of investments — ( 451 )

Acquisition of businesses, net of cash ( 4,746 ) —

NET CASH USED IN INVESTING ACTIVITIES ( 9,944 ) ( 9,657 )

FINANCING ACTIVITIES

(Payments) proceeds of notes payable to banks ( 5,025 ) 914

Proceeds (payments) of notes payable to banks 186 ( 1,966 )

Proceeds from long-term debt 5,003 8,628

5 unchanged sentences

Purchase of common shares for treasury from related parties ( 8,286 ) ( 881 )

Other ( 1,474 ) ( 2,473 )

NET CASH USED IN FINANCING ACTIVITIES ( 9,962 ) ( 22 )

Effects of exchange rate changes on cash, cash equivalents and restricted cash ( 78 ) 1,615

Net increase (decrease) in cash, cash equivalents and restricted cash 15,702 ( 6,109 )

Net decrease in cash, cash equivalents and restricted cash ( 13,937 ) ( 2,409 )

Cash, cash equivalents and restricted cash at beginning of year 83,389 57,244

15 unchanged sentences

Common shares issued to rabbi trust of 0 , net

( 19 ) 19 — —

Cash dividends declared – $ 0.21 per share

1 unchanged sentence

Balance at March 31, 2026 $ 13,890 $ ( 9,586 ) $ 9,586 $ 66,047 $ 593,869 $ ( 145,492 ) $ ( 54,790 ) $ — $ 473,524 $ 58 $ 473,582

Net income 12,705 12,705 ( 5 ) 12,700

Foreign currency translation adjustment 13,681 13,681 13,681

Pension adjustment, net of tax 123 123 123

Total comprehensive income 26,509 ( 5 ) 26,504

Purchase of 17,028 common shares

( 2,351 ) ( 2,351 ) ( 2,351 )

Stock incentive plan activity 3 1,814 1,817 1,817

Common shares issued to rabbi trust of 134 , net

( 19 ) 19 — —

Cash dividends declared – $ 0.20 per share

( 1,015 ) ( 1,015 ) ( 1,015 )

Balance at June 30, 2025 $ 13,823 $ ( 9,613 ) $ 9,613 $ 64,019 $ 575,368 $ ( 130,163 ) $ ( 57,184 ) $ ( 5,127 ) $ 460,736 $ 40 $ 460,776

Net income 2,626 2,626 ( 7 ) 2,619

Foreign currency translation adjustment 1,708 1,708 1,708

Pension adjustment, net of tax 5,127 5,127 5,127

Total comprehensive income 9,461 ( 7 ) 9,454

Purchase of 26,858 common shares

( 4,513 ) ( 4,513 ) ( 4,513 )

Stock incentive plan activity 8 1,622 1,630 1,630

Common shares distributed from rabbi trust of 662 , net

27 ( 27 ) — —

Cash dividends declared – $ 0.20 per share

( 1,009 ) ( 1,009 ) ( 1,009 )

Balance at September 30, 2025 $ 13,831 $ ( 9,586 ) $ 9,586 $ 65,641 $ 576,985 $ ( 134,676 ) $ ( 55,476 ) $ — $ 466,305 $ 33 $ 466,338

Accumulated Other Comprehensive Income (Loss)

5 unchanged sentences

Total comprehensive income 18,311 36 18,347

Stock incentive plan activity

104 450 ( 5,452 ) ( 4,898 ) ( 4,898 )

Common shares distributed from rabbi trust of 4,477 , net

( 31 ) 31 — —

Cash dividends declared – $ 0.20 per share

( 1,017 ) ( 1,017 ) ( 1,017 )

Balance at March 31, 2024 $ 13,711 $ ( 10,214 ) $ 10,214 $ 61,408 $ 528,733 $ ( 123,701 ) $ ( 62,393 ) $ ( 4,389 ) $ 413,369 $ ( 1 ) $ 413,368

Net income 9,366 9,366 1 9,367

Foreign currency translation adjustment ( 5,971 ) ( 5,971 ) ( 5,971 )

Pension adjustment, net of tax 89 89 89

Total comprehensive income 3,484 1 3,485

Stock incentive plan activity — 953 953 953

Purchase of 860 common shares

( 131 ) ( 131 ) ( 131 )

Common shares distributed from rabbi trust of 146 , net

( 19 ) 19 — —

Cash dividends declared – $ 0.20 per share

( 1,020 ) ( 1,020 ) ( 1,020 )

Balance at June 30, 2024 $ 13,711 $ ( 10,233 ) $ 10,233 $ 62,361 $ 537,079 $ ( 124,269 ) $ ( 68,364 ) $ ( 4,300 ) $ 416,218 $ — $ 416,218

Net income 7,680 7,680 16 7,696

Foreign currency translation adjustment 7,483 7,483 7,483

Pension adjustment, net of tax 89 89 89

Total comprehensive income 15,252 16 15,268

Stock incentive plan activity

Purchase of 17,822 common shares

68 ( 2,888 ) ( 881 ) ( 3,701 ) ( 3,701 )

3 unchanged sentences

( 1,018 ) ( 1,018 ) ( 1,018 )

Balance at September 30, 2024 $ 13,715 $ ( 9,557 ) $ 9,557 $ 63,108 $ 543,743 $ ( 126,503 ) $ ( 60,881 ) $ ( 4,211 ) $ 428,971 $ 16 $ 428,987

Balance at March 31, 2025 $ 13,820 $ ( 9,594 ) $ 9,594 $ 62,205 $ 563,678 $ ( 127,812 ) $ ( 70,865 ) $ ( 5,250 ) $ 435,776 $ 45 $ 435,821

See notes to consolidated financial statements (unaudited).

10 unchanged sentences

In the opinion of management, these consolidated financial statements contain all estimates and adjustments, consisting of normal recurring accruals, required to fairly present the financial position, results of operations, and cash flows for the interim periods.

Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2025.

Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2026.

Noncontrolling interests are presented in the Company’s consolidated financial statements as if parent company investors (controlling interests) and other minority investors (noncontrolling interests) in partially-owned subsidiaries have similar economic interests in a single entity.

2 unchanged sentences

Transactions between the parent company and noncontrolling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control.

Certain prior year amounts have been reclassified to conform to the current year presentation.

Recently Adopted or Issued Accounting Pronouncements and Regulations

In November 2023, the FASB issued Accounting Standards Update ("ASU") No.

2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within the reported measure(s) of segment profit or loss.

In addition, the ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative information describing the composition, nature and type of each item.

The ASU also expands disclosure requirements related to the CODM, including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, the method used to allocate overhead for significant segment expenses and others.

Lastly, all current required annual segment reporting disclosures under Topic 280 are now effective for interim periods.

The ASU was effective for the Company's 2024 fiscal year and interim periods beginning with the quarter ended March 31, 2025.

The adoption of this new standard did not have a material impact on the consolidated financial statements, other than the updated segment disclosures included within Note 13, "Segment Information".

Not Yet Adopted

In December 2023, the FASB issued Accounting Standards Update No.

2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity's operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows.

This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold.

Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions.

This ASU is effective for fiscal years beginning after December 15, 2024.

The Company is evaluating the impact of adopting this ASU and expects the standard will only impact its income tax disclosures with no material impact to the consolidated financial statements.

In November 2024, the FASB issued Accounting Standards Update No.

2 unchanged sentences

Coupled with recent standards that enhanced the disaggregation of revenue and income tax information, the disaggregated expense information required by the amendments in this ASU will enable investors to better understand the major components of an entity’s income statement.

This ASU is effective for annual reporting

periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted.

This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted.

The Company is evaluating the impact of adopting this ASU.

9 unchanged sentences

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

The Company is currently assessing the OBBBA's impact on the consolidated financial statements.

The implementation of OBBBA resulted in an expected cash tax savings of approximately $ 3.0 million for the Company's 2025 fiscal year end.

Management is currently evaluating the potential impact of the provisions for the 2026 fiscal year.

NOTE 2 - REVENUE

5 unchanged sentences

The Company’s revenues by segment and product type are as follows:

Three Months Ended September 30, 2025

Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated

Energy 60 % 84 % 75 % 73 % 69 %

Communications 34 % 15 % 20 % 2 % 23 %

Special Industries 6 % 1 % 5 % 25 % 8 %

Total 100 % 100 % 100 % 100 % 100 %

Three Months Ended September 30, 2024

Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated

Energy 61 % 79 % 71 % 78 % 70 %

Communications 32 % 18 % 24 % 3 % 23 %

Special Industries 7 % 3 % 5 % 19 % 7 %

Total 100 % 100 % 100 % 100 % 100 %

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated

3 unchanged sentences

Total 100 % 100 % 100 % 100 % 100 %

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Product Type PLP-USA The Americas EMEA Asia-Pacific Consolidated

7 unchanged sentences

Additionally, the allowance is based upon identified delinquent accounts, customer payment patterns and other analyses of historical data trends.

Receivable balances

are written off against an allowance for credit losses after a final determination has been made.

Receivable balances are written off against an allowance for credit losses after a final determination has been made.

The change in the allowance for credit losses includes expense and net write-offs, which are identified in the following table:

Nine Months Ended September 30,

Three Months Ended March 31,

Allowance for credit losses, beginning of period $ 5,797 $ 6,958

7 unchanged sentences

The components of inventory are as follows:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Raw materials $ 98,094 $ 95,988

4 unchanged sentences

Inventories at LIFO cost $ 151,810 $ 148,730

Costs for inventories of certain material, mainly in the U.S., are determined using the Last-In First-Out ("LIFO") method and totaled approximately $ 39.6 million at September 30, 2025 and $ 46.5 million at December 31, 2024.

Costs for inventories of certain material, mainly in the U.S., are determined using the Last-In First-Out ("LIFO") method and totaled approximately $ 45.3 million at March 31, 2026 and $ 45.8 million at December 31, 2025.

An actual valuation of inventories under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time.

1 unchanged sentence

Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.

During the three-month periods ended September 30, 2025 and 2024, the net change in LIFO inventories resulted in expense of $ 3.8 million and $ 0.2 million, respectively, to Cost of products sold.

During the nine-month periods ended September 30, 2025 and 2024, the net change in LIFO inventories resulted in expense of $ 6.2 million and of $ 0.6 million, respectively, to Cost of products sold.

The Company’s reserves for slow moving and obsolete inventory were $ 17.9 million at September 30, 2025 and $ 17.7 million at December 31, 2024.

During the three-month periods ended March 31, 2026 and 2025, the net change in LIFO inventories resulted in an expense of $ 0.6 million and $ 0.5 million, respectively, to Cost of products sold.

The Company’s reserves for excess and obsolete inventory were $ 16.9 million at March 31, 2026 and $ 17.7 million at December 31, 2025.

NOTE 4 - PROPERTY AND EQUIPMENT, NET

Major classes of property, plant and equipment are as follows:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Land and improvements $ 26,902 $ 27,293

5 unchanged sentences

Property, plant and equipment, net $ 225,279 $ 222,781

NOTE 5 - CONTINGENT AND OTHER LIABILITIES

NOTE 5 - CONTINGENCIES AND OTHER LIABILITIES

Contingent Liabilities

The Company can be party to a variety of pending legal proceedings and claims arising in the normal course of business, including, but not limited to, litigation relating to employment, workers’ compensation, product liability, environmental and intellectual property.

4 unchanged sentences

The Company is not a party to any pending legal proceedings that the Company believes would, individually or in the aggregate, have a material adverse effect on its financial condition, results of operations or cash flow.

As of September 30, 2025 and December 31, 2024, there were zero reserves for known global legal matters.

As of September 30, 2025 and December 31, 2024, the Company has included $ 6.7 million of advanced payments by customers for future projects in Accrued expenses and other liabilities on the Consolidated Balance Sheets.

For the period ending March 31, 2026 and the year ending December 31, 2025, there were no reserves for known global legal matters.

Advanced Customer Payments

As of March 31, 2026 and December 31, 2025, the Company has included $ 11.4 million and $ 4.7 million, respectively of advanced payments by customers for future projects in Accrued expenses and other liabilities on the Consolidated Balance Sheets.

Tariff Considerations

In February 2026, the U.S.

Supreme Court ruled that certain tariffs under the International Emergency Economic Powers Act (“IEEPA”) were invalid, and in March 2026, the U.S.

Court of International Trade ruled that the U.S.

Customs and Border Protection (“CBP”) must refund duties imposed under IEEPA.

The Company continues to monitor the refund process, which remains uncertain.

As such, the Company has not recorded any amounts in the consolidated financial statements related to any potential refunds for the period ended March 31, 2026.

NOTE 6 - PENSION PLANS

In 2024, the Company used a December 31 measurement date for the Preformed Line Products Company Employees’ Retirement Plan (the “U.S.

The Company completed its previously announced U.S.

Plan termination in the third quarter of 2025 through the purchase of a group annuity contract.

The Company completed the termination of the Preformed Line Products Company Employees’ Retirement Plan (the “U.S.

Plan”) in the third quarter of 2025 through the purchase of a group annuity contract.

Prior to the termination, the U.S.

3 unchanged sentences

Plan and purchased an annuity contract through a financial institution for approximately $ 18.0 million to fully liquidate the U.S.

Due to the termination of the U.S.

Plan in August 2025, the Company remeasured the U.S.

Plan at August 31, 2025.

In the third quarter, the Company recorded a total non-cash pre-tax charge associated with the U.S.

As of the year ended December 31, 2025, the Company recorded a total non-cash pre-tax charge associated with the U.S.

Plan termination of $ 11.7 million, of which $ 8.8 million represents the acceleration of deferred charges previously accrued in accumulated other comprehensive loss and $ 2.9 million represents the actuarial loss.

This non-cash pre-tax charge is recognized within the pension termination expense line item on the Statement of Consolidated Income.

Excluding the pension termination charges, net periodic pension expense for the U.S.

Plan for the three- and nine-month periods ended September 30, 2025 and 2024, respectively, follows:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Due to the termination of the U.S.

Plan in August 2025, there was no net periodic pension expense for three months ended March 31, 2026.

The following is the net periodic pension expense for the U.S.

Plan for three-month period ended March 31, 2025:

Three Months Ended

March 31, 2025

Interest cost $ 395

2 unchanged sentences

Net periodic pension expense $ 205

The Company made no contribution to the U.S.

Plan for the three-month periods ended March 31, 2026 and March 31, 2025.

Components of the recurring pension expense are included in Other income, net in the Consolidated Statements of Income.

1 unchanged sentence

The following tables set forth the total changes in AOCI by component, net of tax:

Three Months Ended September 30, 2025 Three Months Ended September 30, 2024

Benefit Cost Cumulative

Adjustment Total

Benefit Cost Cumulative

Adjustment Total

Balance at June 30 $ ( 5,127 ) $ ( 57,184 ) $ ( 62,311 ) $ ( 4,300 ) $ ( 68,364 ) $ ( 72,664 )

Other comprehensive income (loss) before reclassifications:

Foreign currency translation adjustment — 1,708 1,708 — 7,483 7,483

Amounts reclassified from AOCI:

Amortization of defined benefit pension activity (a) 435 — 435 89 — 89

Recognition of deferred losses from pension termination (a) 4,692 — 4,692 — — —

Net current period other comprehensive income 5,127 1,708 6,835 89 7,483 7,572

Balance at September 30 $ — $ ( 55,476 ) $ ( 55,476 ) $ ( 4,211 ) $ ( 60,881 ) $ ( 65,092 )

Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024

Three Months Ended March 31, 2026 Three Months Ended March 31, 2025

Benefit Cost Cumulative

7 unchanged sentences

Amortization of defined benefit pension activity (a) — — — 123 — 123

Recognition of deferred losses from pension termination (a) 4,692 — 4,692 — — —

Net current period other comprehensive income (loss) 5,373 22,060 27,433 267 ( 5,053 ) ( 4,786 )

Balance at September 30 $ — $ ( 55,476 ) $ ( 55,476 ) $ ( 4,211 ) $ ( 60,881 ) $ ( 65,092 )

Net current period other comprehensive (loss) income — ( 1,425 ) ( 1,425 ) 123 6,671 6,794

Balance at March 31 $ — $ ( 54,790 ) $ ( 54,790 ) $ ( 5,250 ) $ ( 70,865 ) $ ( 76,115 )

(a) This AOCI component is included in the computation of net periodic pension expense as noted in Note 6 – Pension Plans.

1 unchanged sentence

PNC Bank Credit Facility

As of September 30, 2025, the Company maintained a credit facility (the "Facility") with PNC Bank, National Association ("PNC") with a capacity of $ 60.0 million.

On March 14, 2025, the Company amended the Facility to extend the maturity date from March 2, 2026 to June 30, 2028.

In addition, the amendment increased the amount of unsecured borrowings that the Company is permitted to incur outside of the Facility from $ 40.0 million to $ 60.0 million and included PLP Spain as an additional borrower.

On July 30, 2025, the Company amended the Facility to reduce the borrowing capacity from $ 90.0 million to $ 60.0 million as well as increase the permitted indebtedness limit secured by mortgages, security interests or other liens from $ 35.0 million to $ 55.0 million.

There were no other material changes to the Facility.

The interest rate for U.S.

borrowing is defined as the Secured Overnight Financing Rate (“SOFR”) plus 1.225 % unless the Company’s funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 3.00 to 1, at which point the SOFR spread becomes 1.600 %.

At September 30, 2025, the Company had utilized $ 7.9 million with $ 52.1 million available on the Facility.

There were no long-term outstanding letters of credit on the Facility as of September 30, 2025.

As of March 31, 2026, the Company maintained a credit facility (the "Facility") with PNC Bank, National Association ("PNC") with a capacity of $ 60.0 million and a maturity date of June 30, 2028.

The interest rate is defined as the Secured Overnight Financing Rate (“SOFR”) plus 1.225 % unless the Company’s funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 3.00 to 1, at which point the SOFR spread becomes 1.600 %.

At March 31, 2026, the Company had utilized $ 7.1 million with $ 52.9 million available on the Facility.

There were no long-term outstanding letters of credit on the Facility as of March 31, 2026.

Our bank debt to equity percentage was 8.9 %.

The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability.

At September 30, 2025, the Company was in compliance with these covenants.

At March 31, 2026, the Company was in compliance with these covenants.

Corporate Aircraft Term Loan

2 unchanged sentences

The loan is payable in 119 equal monthly installments, which commenced on March 1, 2021 with a final payment of any outstanding principal and accrued interest due and payable on the final monthly payment date.

Of the $ 11.1 million outstanding on this debt facility at September 30, 2025, $ 2.1 million was classified as current.

Of the $ 10.1 million outstanding on this debt facility at March 31, 2026, $ 2.1 million was classified as current.

The aircraft has been pledged as collateral against the loan.

1 unchanged sentence

The Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs.

At September 30, 2025, and December 31, 2024, $ 19.9 million and $ 8.8 million were outstanding, of which $ 5.5 million and $ 8.2 million were classified as current, respectively.

At March 31, 2026, and December 31, 2025, $ 24.8 million and $ 20.9 million were outstanding, of which $ 5.2 million and $ 4.6 million were classified as current, respectively.

Of the $ 24.8 million outstanding at March 31, 2026, $ 16.5 million is attributable to the Poland subsidiary and $ 7.5 million is attributable to the Spain subsidiary.

These facilities support commitments made in the ordinary course of business.

On July 16, 2025, PLP Poland (Belos) S.A.

("PLP Poland"), a subsidiary of the Company, entered into a non-revolving investment loan with Bank Polska Kasa Opieki Spolka Akcynja ("Bank Pekao S.A") to finance the construction of a new manufacturing plant for an amount up to PLN 100.3 million ($ 27.6 million).

("PLP Poland"), a subsidiary of the Company, entered into a non-revolving investment loan with Bank Polska Kasa Opieki Spółka Akcyjna ("Bank Pekao S.A") to finance the construction of a new manufacturing plant for an amount up to PLN 100.3 million ($ 26.9 million).

The maturity date of the loan is January 31, 2035 and is payable in annual installments in the amounts of PLN 5.3 million ($ 1.4 million) in 2026, PLN 9.0 million ($ 2.4 million) in 2027, PLN 9.6 million ($ 2.6 million) in 2028 through 2034, and PLN 18.8 million ($ 4.9 million) in 2035.

1 unchanged sentence

The current manufacturing plant owned by PLP Poland, the plant under construction and all fixed assets within the plants are pledged as collateral against the loan.

The loan also is guaranteed by the Company.

The loan is guaranteed by the Company.

Restricted Cash

The Company's Asia-Pacific segment had $ 0.1 million in restricted cash used to secure bank guarantees at September 30, 2025 and December 31, 2024.

The Company's Asia-Pacific segment had $ 0.3 million and $ 0.1 million in restricted cash used to secure bank guarantees at March 31, 2026 and December 31, 2025, respectively.

The restricted cash is shown on the Company’s Consolidated Balance Sheets in Cash, cash equivalents and restricted cash.

NOTE 9 - INCOME TAXES

For the three-month period ended September 30, 2025 and 2024, the Company’s effective tax rate was ( 11 )% and 26 %, respectively.

The lower effective tax rate for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was due to the decrease in income before income taxes attributable to the pension termination charges recorded in the third quarter of 2025 and a discrete tax benefit recorded related to the release of amounts in OCI attributed to the pension termination.

For the nine-month period ended September 30, 2025 and 2024, the Company’s effective tax rate was 19 % and 20 %, respectively.

The lower effective tax rates for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was due to a discrete tax benefit recorded in the third quarter related to the release of amounts in OCI attributed to the pension termination, partially offset by increased foreign withholding taxes in the same period in 2024.

For the three-month period ended March 31, 2026 and 2025, the Company’s effective tax rate was 26 % and 16 %, respectively.

The higher effective tax rate for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was mainly due to a valuation allowance of approximately $ 1.3 million recorded on deferred tax assets related to the Company's French subsidiary.

The Company provides valuation allowances against deferred tax assets when it is more likely than not that some portion or all of its deferred tax assets will not be realized.

During the period ended September 30, 2025, the Company did not record any additional valuation allowances in various jurisdictions on its deferred tax assets.

For the nine-month periods ending September 30, 2025 and 2024, the Company did not record any new uncertain tax positions.

During the period ended March 31, 2026, no other valuation allowances were recorded other than the amount recorded related to the Company's French subsidiary.

For the three-month periods ending March 31, 2026 and 2025, the Company did not record any new uncertain tax positions.

NOTE 10 - COMPUTATION OF EARNINGS PER SHARE

1 unchanged sentence

Diluted earnings per share were calculated by dividing net income by the weighted-average of all potentially dilutive common shares that were outstanding during the periods presented.

The calculation of basic and diluted earnings per share for the three and nine months ended September 30, was as follows:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

The calculation of basic and diluted earnings per share for the three months ended March 31, was as follows:

Three Months Ended March 31,

Net income $ 10,524 $ 11,517

6 unchanged sentences

Diluted $ 2.14 $ 2.33

For the three and nine months ended September 30, 2025 and 2024, there were 7,500 and zero share-based awards, respectively, excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.

For the three months ended March 31, 2026 and 2025, there were 1,000 and 7,500 share-based awards, respectively, excluded from the calculation of diluted earnings per share as the effect would have been anti-dilutive.

NOTE 11 - GOODWILL AND OTHER INTANGIBLES

The Company’s finite and indefinite-lived intangible assets consist of the following:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Gross Carrying

11 unchanged sentences

The Company performs additional interim impairment assessments as circumstances warrant.

There were no indicators of impairment noted for the period ending March 31, 2026.

The Company may use both quantitative and qualitative approaches when testing goodwill for impairment.

6 unchanged sentences

The Company believes that the methodologies, significant assumptions, and weightings used are reasonable and result in appropriate fair values of the reporting units.

As a result of actual performance for the EMEA reporting unit falling short of internal forecasts, combined with an increase in projected capital expenditures related to the construction of a new manufacturing facility in 2025 and 2026, management identified a potential indicator of impairment as of September 30, 2025.

The Company performed an interim impairment assessment and based on this review, the estimated fair value of the EMEA reporting unit exceeded its carrying amount by approximately 30 %.

The interim impairment assessment was performed using the same methodologies as the annual assessments discussed above and included revised forecasts, which are subject to various risks and uncertainties, including forecasted revenue, expenses and cash flows.

Accordingly, management concluded that no impairment of goodwill was required for the EMEA reporting unit as of September 30, 2025.

No indicators of impairment were identified for the Company's other reporting units for the period ending September 30, 2025.

The Company’s only intangible asset with an indefinite life is goodwill.

3 unchanged sentences

Balance at January 1, 2026 $ 3,078 $ 10,626 $ 16,980 $ — $ 30,684

Acquisitions — 720 — — 720

Acquisition Adjustments — ( 79 ) — — ( 79 )

Currency translation — 265 ( 519 ) — ( 254 )

Balance at September 30, 2025 $ 3,078 $ 10,515 $ 16,887 $ — $ 30,480

Balance at March 31, 2026 $ 3,078 $ 10,812 $ 16,461 $ — $ 30,351

NOTE 12 - FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

6 unchanged sentences

and (Level 3 Inputs) unobservable inputs that are not corroborated by market data.

The following table summarizes the Company’s assets and liabilities, recorded and measured at fair value, in the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024:

As of March 31, 2026 and December 31, 2025 the Company had no assets, recorded and measured at fair value, in the Consolidated Balance Sheet.

The following table summarizes the Company’s liabilities, recorded and measured at fair value, in the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025:

Description Balance as of

September 30, 2025 Quoted Prices in Active Markets for

March 31, 2026 Quoted Prices in Active Markets for

Identical Assets or Liabilities

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Foreign currency forward contracts $ 50 $ — $ 50 $ —

Fixed income investments

Total assets $ — $ — $ — $ —

Foreign currency forward contracts $ 14 $ — $ 14 $ —

Supplemental profit sharing plan 11,087 — 11,087 —

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Foreign currency forward contracts $ 97 $ — $ 97 $ —

Fixed income investments

1,142 1,142 — —

Total assets $ 1,207 $ 1,142 $ 65 $ —

Foreign currency forward contracts $ 71 $ — $ 71 $ —

Supplemental profit sharing plan 10,785 — 10,785 —

7 unchanged sentences

Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in Other income, net on the Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position.

For the three and nine months ended September 30, 2025, the Company recognized net losses of zero and net gains of $ 0.1 million, respectively, on foreign currency forward contracts.

For the three and nine months ended September 30, 2024, the Company recognized net losses of zero and $ 0.2 million, respectively, on foreign currency forward contracts.

For the three months ended March 31, 2026 and March 31, 2025, the Company recognized net gains of $ 0.2 million and $ 0.1 million, respectively, on foreign currency forward contracts.

The Company has a non-qualified supplemental profit sharing plan for its executives (the "Supplemental Profit Sharing Plan").

The liability for the unfunded Supplemental Profit Sharing Plan was $ 10.6 million at September 30, 2025 and $ 9.0 million at December 31, 2024.

The liability for the unfunded Supplemental Profit Sharing Plan was $ 11.1 million at March 31, 2026 and $ 10.8 million at December 31, 2025.

These amounts are recorded within Other noncurrent liabilities on the Company’s Consolidated Balance Sheets.

The Supplemental Profit Sharing Plan allows participants the ability to hypothetically invest their proportionate award into various investment options, which primarily includes mutual funds.

Supplemental Profit Sharing Plan allows participants the ability to hypothetically invest their proportionate award into various investment options, which primarily includes mutual funds.

The Company credits earnings, gains and losses to the participants’ deferred compensation account balances based on the investments selected by the participants.

The Company measures the fair value of the Supplemental Profit Sharing Plan liability using the market values of the participants’ underlying investment accounts.

The Company had zero fixed income investments as of September 30, 2025.

The Company’s fixed income investments as of December 31, 2024 of $ 1.1 million are recorded in Other assets on the Consolidated Balance Sheet and are valued using the closing price on the active market on which the securities are traded.

There were no unrealized gains on the fixed income investments for the periods ended September 30, 2025 and 2024.

The carrying value of the Company’s current financial instruments, which include cash, cash equivalents and restricted cash, accounts receivable, accounts payable and short-term debt, approximates fair value because of the short-term maturity of these instruments.

At September 30, 2025 and December 31, 2024, the fair value of the Company’s long-term debt was estimated using discounted cash flows analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements that are considered to be Level 2 inputs.

At March 31, 2026 and December 31, 2025, the fair value of the Company’s long-term debt was estimated using discounted cash flows analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements that are considered to be Level 2 inputs.

Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt are as follows:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Carrying Value Fair Value Carrying Value

7 unchanged sentences

The other three segments, The Americas, EMEA and Asia-Pacific, support the Company’s energy, telecommunications, data communication and special industries products in each respective geographical region.

The segment managers responsible for each region report directly to the Company’s Executive Chairman, who is the CODM, and are accountable for the financial results and performance of their entire segment for which they are responsible.

The segment managers responsible for each region report directly to the Company’s Executive Chairman, who is the chief operating decision maker ("CODM"), and are accountable for the financial results and performance of their entire segment for which they are responsible.

The business components within each segment are managed to maximize the results of the entire Company rather than the results of any individual business component of the segment.

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The CODM also uses segment gross sales and income before income taxes for the performance of each segment by comparing the results of each segment with one another and in determining the incentive compensation of certain employees.

The following tables present a summary of the Company’s reportable segments for the three- and nine-month periods ended September 30, 2025 and 2024.

The following tables present a summary of the Company’s reportable segments for the three-month period ended March 31, 2026 and 2025.

Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory.

Three Months Ended September 30, 2025

PLP-USA The Americas EMEA Asia-Pacific Total

Gross sales $ 82,814 $ 32,032 $ 39,564 $ 35,142 $ 189,552

Intersegment sales ( 1,997 ) ( 2,700 ) ( 1,491 ) ( 5,277 ) ( 11,465 )

Net sales 80,817 29,332 38,073 29,865 178,087

Cost of products sold 57,143 20,269 25,663 22,163 125,238

Gross profit 23,674 9,063 12,410 7,702 52,849

Costs and expenses 16,264 7,474 8,272 7,707 39,717

Operating Income (Loss) 7,410 1,589 4,138 ( 5 ) 13,132

Interest income 165 381 110 27 683

Interest expense ( 78 ) ( 6 ) ( 164 ) ( 64 ) ( 312 )

Other (expense) income, net ( 11,780 ) 61 37 535 ( 11,147 )

(Loss) Income before income taxes ( 4,283 ) 2,025 4,121 493 2,356

Income tax (benefit) expense ( 2,599 ) 570 1,141 625 ( 263 )

Total noncontrolling interest — — 7 — 7

Total net (loss) income attributable to Preformed Line Products Company shareholders $ ( 1,684 ) $ 1,455 $ 2,987 $ ( 132 ) $ 2,626

Three Months Ended September 30, 2024

Three Months Ended March 31, 2026

PLP-USA The Americas EMEA Asia-Pacific Total

8 unchanged sentences

Interest expense ( 23 ) ( 13 ) ( 160 ) ( 36 ) ( 232 )

Other (expense) income, net ( 10 ) 51 29 ( 6 ) 64

Income before income taxes 3,883 2,207 2,016 2,324 10,430

Income tax expense 824 633 663 614 2,734

Total noncontrolling interest — — ( 16 ) — ( 16 )

Total net income attributable to Preformed Line Products Company shareholders $ 3,059 $ 1,574 $ 1,337 $ 1,710 $ 7,680

Nine Months Ended September 30, 2025

PLP-USA The Americas EMEA Asia-Pacific Total

$ 240,937 $ 87,346 $ 104,716 $ 94,820 $ 527,819

Intersegment sales

( 6,824 ) ( 7,228 ) ( 4,739 ) ( 12,799 ) ( 31,590 )

234,113 80,118 99,977 82,021 496,229

Cost of products sold

155,538 55,545 69,179 59,048 339,310

78,575 24,573 30,798 22,973 156,919

Costs and expenses 50,832 19,697 23,572 19,432 113,533

Operating income

27,743 4,876 7,226 3,541 43,386

Interest income

346 901 235 95 1,577

Interest expense

( 173 ) ( 39 ) ( 479 ) ( 315 ) ( 1,006 )

Other (expense) income, net ( 12,183 ) 134 307 1,118 ( 10,624 )

Other income, net 16 18 32 3 69

Income before income taxes 10,836 1,327 1,231 936 14,330

2 unchanged sentences

Total noncontrolling interest — — ( 25 ) — ( 25 )

— — ( 24 ) — ( 24 )

Total net income attributable to Preformed Line Products Company shareholders

$ 14,497 $ 4,153 $ 5,542 $ 2,656 $ 26,848

Nine Months Ended September 30, 2024

Total net income (loss) attributable to Preformed Line Products Company shareholders $ 9,723 $ 682 $ ( 532 ) $ 651 $ 10,524

Three Months Ended March 31, 2025

PLP-USA The Americas EMEA Asia-Pacific Total

13 unchanged sentences

Total net income attributable to Preformed Line Products Company shareholders $ 8,437 $ 1,396 $ 1,188 $ 496 $ 11,517

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Expenditure for long-lived assets

10 unchanged sentences

Total depreciation and amortization $ 6,166 $ 5,560

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Identifiable assets

21 unchanged sentences

The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates.

The opening balance sheet is preliminary, and no material measurement period adjustments have been recorded as of September 30, 2025.

Future adjustments are not expected to have a material impact to the Consolidated Statements of Income.

From the date of the acquisition through September 30, 2025, the Company’s consolidated financial statements included JAP Telecom sales of approximately $ 2.3 million and is reported in The Americas segment.

The fair value of the identifiable net assets as acquired was $ 4.9 million.

Goodwill is calculated as the excess of the consideration transferred over the net identifiable assets recognized and represents the anticipated synergies of acquiring JAP Telecom.

The goodwill recognized of $ 0.8 million is not deductible for tax purposes.

All measurement period adjustments were completed within a year from the acquisition date, and such adjustments did not have a material impact on the Company's results of operations and financial position.

For the period ended March 31, 2026, the Company’s consolidated financial statements included JAP Telecom sales of approximately $ 1.9 million and is reported in The Americas segment.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements