Resideo Announces Record Second Quarter 2025 Financial Results; Raises 2025 Outlook; Initiates Third Quarter 2025 Outlook

— Record high second quarter net revenue of $1.94 billion, up 22% year-over-year and above the high-end of outlook range; up 8% on an organic basis with ADI up 10% and P&S up 5% on an organic basis(1)

— Total company second quarter gross margin was 29.3%, up 120 basis points year-over-year; Products and Solutions second quarter gross margin was 42.9%, ninth consecutive quarter of year-over-year improvement

— Second quarter net loss of $825 million, compared to net income of $30 million in the second quarter of 2024, due to the one-time expense associated with our announced agreement with Honeywell to terminate the Indemnification Agreement

— Record high second quarter Adjusted EBITDA(2) of $210 million, up 20% year-over-year, and above the high-end of outlook range

Resideo Technologies, Inc. (NYSE: REZI), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, today announced financial results for the second quarter ended June 28, 2025.

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Second Quarter 2025 Financial Highlights

— Record high net revenue of $1,943 million, up 22% compared to $1,589 million in second quarter 2024; above the high-end of the outlook range

— Net loss was $825 million, compared to net income of $30 million in second quarter 2024 due to a $882 million expense associated with our announced agreement with Honeywell to terminate the Indemnification Agreement. In addition to our normally scheduled payment of $35 million made in July 2025, the Company will make a one-time cash payment of $1.59 billion to Honeywell in the third quarter of 2025 upon the closing of the previously announced transaction.

— Record high Adjusted EBITDA of $210 million, up 20% compared to $175 million in second quarter 2024; above the high-end of the outlook range

— Fully diluted (loss) earnings per share was $(5.59) and $0.19 and Adjusted EPS(2) was $0.66 and $0.62 for second quarter 2025 and second quarter 2024, respectively; $0.66 exceeded the high-end of outlook range

— Cash provided by operating activities was $200 million

Management Remarks

“Resideo had an exceptional second quarter, reporting record high results that were above the high-end of the range for all our key financial metrics. We are pleased to report that both the ADI and Products and Solutions segments generated organic net revenue growth, gross margin expansion, and robust Adjusted EBITDA growth,” said Jay Geldmacher, Resideo's President and CEO.

“With consistent execution and our confidence that the Company will achieve the profitable growth opportunities ahead, we are raising our 2025 outlook. As we embark on the transformative action to spin off ADI, we believe the performance of both businesses is a strong proof point to the future success of each independent company.”

(1) Excludes the impact of the Snap One acquisition of $218 million for consolidated and ADI results as well as net favorable foreign currency fluctuations of $11 million, $7 million and $4 million for consolidated, ADI and P&S results, respectively.(2) This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934. Resideo management believes the use of such non-GAAP financial measures, specifically Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS, assists investors in understanding the ongoing operating performance of Resideo by presenting the financial results between periods on a more comparable basis. See reconciliations of U.S. GAAP results to adjusted results in the accompanying tables.

Products and Solutions Second Quarter 2025 Highlights

— Net revenue was $666 million, up 6% compared to second quarter 2024 and up 5% year-over-year, excluding the impact of foreign currency

— Gross margin was 42.9%, up 160 basis points compared to second quarter 2024

— Income from operations was $142 million, compared to $130 million in second quarter 2024

— Adjusted EBITDA was $167 million, or 25.1% of revenue, compared to $156 million, or 24.8% of revenue, in second quarter 2024

Products and Solutions delivered net revenue of $666 million in second quarter 2025, up 6% compared to second quarter 2024 and 5% year-over-year, excluding the impact of foreign currency. Revenue grew year-over-year across substantially all of our sales channels driven by customer demand for our new products and by price realization. Sales of our BRK products in the electrical distribution channel were strong due to a combination of increasing content per new home and the transition to UL 8th edition products. The retail channel reported record revenue growth, driven by strong point of sale volumes for our new Honeywell Home FocusPRO thermostats and First Alert SC5 connected smart smoke and carbon monoxide detectors. Products and Solutions continued its cadence of introducing new products during the quarter, with the launch of the SC5 as well as new energy and water products designed with user health and safety in mind.

Second quarter 2025gross margin was 42.9%, compared to 41.3% in the prior year, primarily driven by the continued efficient utilization of our manufacturing facilities. Selling, general and administrative expenses increased $1 million and research and development expenses increased $11 million, both compared to second quarter 2024, due to planned investments that we believe will drive future growth. Cost discipline was strong throughout second quarter 2025, and, combined with the strong gross margin expansion, helped drive operating profit of $142 million or 21.3% of revenue, up from $130 million or 20.6% of revenue in second quarter 2024. Adjusted EBITDA grew 7.1% year-over-year in second quarter 2025 to $167 million, with Adjusted EBITDA margin up 30 basis points in second quarter 2025 to 25.1%.

ADI Global Distribution Second Quarter 2025 Highlights

— Net revenue was $1,277 million, up 33% compared to second quarter 2024 and up 10% excluding the impact of the acquisition of Snap One Holdings Corp. (“Snap One”) and foreign currency

— Gross margin was 22.2%, up 280 basis points compared to second quarter 2024

— Income from operations was $71 million, compared to $62 million in second quarter 2024

— Adjusted EBITDA was $107 million, or 8.4% of revenue, compared to $77 million, or 8.0% of revenue in second quarter 2024

ADI delivered net revenue of $1,277 million, up $318 million compared to second quarter 2024. Revenue growth was driven by the contribution from Snap One, continuing commercial customer strength across most product categories, and increasing digital channel contributions. On an organic basis, which excludes $218 million of Snap One revenue and the impact of foreign currency, ADI achieved growth of 10%. Organic average daily sales growth was 10% year-over-year. Organic growth in the e-commerce channel was 19% in the second quarter 2025 compared to6% growth in the prior year period. Exclusive Brands sales grew 32% year-over-year on an organic basis.

Gross margin was 22.2%, up 280 basis points compared to second quarter 2024. The increase was driven primarily by the inclusion of Snap One, price increases, and higher margin e-commerce and Exclusive Brands sales. Selling, general and administrative and research and development expenses were $188 million in second quarter 2025, up $70 million compared to prior period, which includes expenses from the inclusion of Snap One and planned investments that we believe will drive future growth. Operating profit of $71 million for second quarter 2025 increased 15% from $62 million in second quarter 2024. Adjusted EBITDA increased to $107 million in second quarter 2025 from $77 million in second quarter 2024, primarily due to the positive contribution from Snap One.

Cash Flow and Liquidity

Net cash provided by operating activities was $200 million in second quarter 2025 compared to $92 million of cash provided by operating activities in the second quarter 2024. The generation of cash was primarily driven by strong sales and collections. At June28, 2025, Resideo had cash and cash equivalents of $753 million and total outstanding gross debt of $2.01 billion.

Outlook

The following table summarizes Resideo's initiated third quarter 2025 and raised full year 2025 outlook:

($ in millions, except per share data) Q3 2025 2025Net revenue $1,850 – $1,900 $7,450 – $7,550Non-GAAP Adjusted EBITDA $220 – $240 $845 – $885Non-GAAP Adjusted Earnings Per Share $0.70 – $0.76 $2.75 – $2.87Non-GAAP Cash Provided by Operations(3) $405 – $435(3) Excludes one-time payment to be made to Honeywell upon closing of the transactions contemplating the termination of the Indemnification Agreement.

Conference Call and Webcast Details

Resideo will hold a conference call with investors onAugust5, 2025, at 5:00 p.m. ET. An audio webcast of the call will be accessible at https://investor.resideo.com, where related materials will be posted before the call. A replay of the webcast will be available following the presentation. To join the conference call, please dial 888-660-6357 (U.S. toll-free) or 1-929-201-6127 (international), with the conference title “Resideo Second Quarter 2025 Earnings” or the conference ID: 7301399.

About Resideo

Resideo is a leading manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions new devices sold annually. For more information about Resideo and our trusted, well-established brands including First Alert, Honeywell Home, BRK, Control4, and others,visit www.resideo.com.

Contacts:Investors: Media:Christopher T. Lee Garrett TerryGlobal Head of Strategic Finance Corporate Communications Managerinvestorrelations@resideo.com garrett.terry@resideo.com

Forward-Looking Statements This release and the related conference call contain “forward-looking statements.” All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Such risks and uncertainties include, but are not limited to, (1) our ability to achieve our outlook regarding the third quarter 2025 and full year 2025, (2) our ability to recognize the expected savings from, and the timing and impact of, our existing and anticipated cost reduction actions, and our ability to optimize our portfolio and operational footprint, (3) the amount of our obligations and nature of our contractual restrictions pursuant to, and disputes that have or may hereafter arise under the agreements we entered into with Honeywell in connection with our spin-off, (4) risks related to our recently completed acquisitions, including Snap One, and our ability to achieve the targeted amount of annual cost synergies and successfully integrate the acquired operations (including successfully driving category growth in connected offerings), (5) the ability of Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (6) risks and uncertainties relating to tariffs that have been or may be imposed by the United States and other governments, (7) risks related to our anticipated separation of Resideo Technologies' Products & Solutions and ADI Global Distribution businesses into two independent publicly traded companies, including that we may experience operational or other disruptions as a result of the separation and the planning therefor, (8) risks relating to the previously announced agreement with Honeywell to terminate the Indemnification Agreement, including the risk that the transaction is not consummated (including due to the unavailability of the related debt financing) or that, if completed, the transaction does not result in the expected enhancement toResideo's strategic and financial flexibility or does not result in the expected financial benefits, and (9) the other risks described under the headings “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2024 and other periodic filings we make from time to time with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward looking statements.

Use of Non-GAAP Measures This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G thereunder. Management believes the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting the financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported results determined in accordance with U.S. GAAP.

We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP at the end of this release. A reconciliation of the forecasted range for Adjusted EBITDA, Adjusted Earnings Per Share and Non-GAAP Cash Provided by Operations for the third quarter of 2025 and for the fiscal period ending December 31, 2025 are not included in this release due to the number of variables in the projected range and because we are currently unable to quantify accurately certain amounts that would be required to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation. In addition, we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors. However, for the third quarter of 2025 and full year 2025 respectively, we anticipate the following expenses in our GAAP to non-GAAP reconciliation: depreciation and amortization of $51 million and $198 million, interest expense, net of $38 million and $136 million, and stock-based compensation expense of $15 million and $61 million.

Table 1: SUMMARY OF FINANCIAL RESULTS (UNAUDITED) Q2 2025 YTD 2025(in millions) Products ADI Global Corporate Total Products ADI Corporate Total and Distribution Company and Global Distribution Company Solutions SolutionsNet revenue $ 666 $ 1,277 $ – $ 1,943 $ 1,315 $ 2,398 $ – $ 3,713Cost of goods sold 380 994 – 1,374 760 1,873 – 2,633Gross profit 286 283 – 569 555 525 – 1,080Research and development 32 9 – 41 59 17 – 76expensesSelling, general and 104 179 36 319 205 352 68 625administrative expensesIntangible asset amortization 6 23 1 30 12 46 2 60Restructuring, impairment and 2 1 (1) 2 1 5 – 6extinguishment costsIncome (loss) from operations $ 142 $ 71 $ (36) $ 177 $ 278 $ 105 $ (70) $ 313 Q2 2024 YTD 2024(in millions) Products ADI Global Corporate Total Products ADI Global Corporate Total and Distribution Company and Distribution Company Solutions SolutionsNet revenue $ 630 $ 959 $ – $ 1,589 $ 1,250 $ 1,825 $ – $ 3,075Cost of goods sold 370 773 (1) 1,142 745 1,483 – 2,228Gross profit 260 186 1 447 505 342 – 847Research and development 21 – – 21 46 – – 46expensesSelling, general and 103 118 59 280 200 220 91 511administrative expensesIntangible asset amortization 6 6 1 13 12 9 1 22Restructuring, impairment and – – 11 11 5 2 11 18extinguishment costsIncome (loss) from operations $ 130 $ 62 $ (70) $ 122 $ 242 $ 111 $ (103) $ 250 Q2 2025 % change compared with prior YTD 2025 % change compared with period prior period Products ADI Global Corporate Total Products ADI Global Corporate Total and Distribution Company and Distribution Company Solutions SolutionsNet revenue 6% 33% N/A 22% 5% 31% N/A 21%Cost of goods sold 3% 29% (100)% 20% 2% 26% N/A 18%Gross profit 10% 52% (100)% 27% 10% 54% N/A 28%Research and development 52% N/A N/A 95% 28% N/A N/A 65%expensesSelling, general and 1% 52% (39)% 14% 3% 60% (25)% 22%administrative expensesIntangible asset amortization -% 283% -% 131% -% 411% 100% 173%Restructuring, impairment and N/A N/A (109)% (82)% (80)% 150% (100)% (67)%extinguishment costsIncome (loss) from operations 9% 15% (49)% 45% 15% (5)% (32)% 25%Table 2: CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Six Months Ended(in millions, except per share data) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024Net revenue $ 1,943 $ 1,589 $ 3,713 $ 3,075Cost of goods sold 1,374 1,142 2,633 2,228Gross profit 569 447 1,080 847Operating expenses:Research and development expenses 41 21 76 46Selling, general and administrative 319 280 625 511expensesIntangible asset amortization 30 13 60 22Restructuring, impairment and 2 11 6 18extinguishment costsTotal operating expenses 392 325 767 597Income from operations 177 122 313 250Indemnification Agreement expense (1) 882 47 972 90Other expenses, net 9 1 15 -Interest expense, net 24 15 49 28Net (loss) income before taxes (738) 59 (723) 132Provision for income taxes 87 29 96 59Net (loss) income (825) 30 (819) 73Less: preferred stock dividends 8 2 17 2Net (loss) income available to $ (833) $ 28 $ (836) $ 71common stockholders(Loss) earnings per common share:Basic $ (5.59) $ 0.19 $ (5.65) $ 0.49Diluted $ (5.59) $ 0.19 $ (5.65) $ 0.48Weighted average common sharesoutstanding:Basic 149 146 148 146Diluted 149 149 148 148(1) Represents the expense incurred pursuant to the Indemnification Agreement, which, prior to its termination, had an annual cash payment cap of $140 million. The following table summarizes information concerning the Indemnification Agreement: Three Months Ended Six Months Ended(in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024Accrual for Indemnification Agreement $ 882 $ 47 $ 972 $ 90liabilities deemed probable andreasonably estimableCash payments made to Honeywell (35) (35) (70) (70)Accrual increase, non-cash component in $ 847 $ 12 $ 902 $ 20periodTable 3: CONSOLIDATED BALANCE SHEETS (UNAUDITED)(in millions, except par value) June 28, 2025 December 31, 2024ASSETSCurrent assets:Cash and cash equivalents $ 753 $ 692Accounts receivable, net 1,135 1,023Inventories, net 1,259 1,237Other current assets 245 220Total current assets 3,392 3,172Property, plant and equipment, net 426 410Goodwill 3,126 3,072Intangible assets, net 1,137 1,176Other assets 434 369Total assets $ 8,515 $ 8,199LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable $ 1,102 $ 1,073Accrued liabilities 655 577Current obligations payable under the Indemnification Agreement 1,625 140Total current liabilities 3,382 1,790Long-term debt 1,983 1,983Non-current obligations payable under the Indemnification Agreement – 583Other liabilities 536 534Total liabilities 5,901 4,890COMMITMENTS AND CONTINGENCIESStockholders' equityPreferred stock, $0.001 par value: 100 shares authorized, 0.5 shares 482 482issued and outstanding at June28, 2025 and December31, 2024Common stock, $0.001 par value: 700 shares authorized, 156 and 149 – -shares issued and outstanding at June28, 2025, respectively, and 154and 147 shares issued and outstanding at December31, 2024,respectivelyAdditional paid-in capital 2,349 2,315Retained earnings 71 907Accumulated other comprehensive loss, net (161) (284)Treasury stock at cost (127) (111)Total stockholders' equity 2,614 3,309Total liabilities and stockholders' equity $ 8,515 $ 8,199Table 4: CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended Six Months Ended(in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024Cash Flows From Operating Activities:Net (loss) income $ (825) $ 30 $ (819) $ 73Adjustments to reconcile net (loss)income to net cash in operatingactivities:Depreciation and amortization 49 28 96 52Restructuring, impairment and 2 11 6 18extinguishment costsStock-based compensation expense 15 15 30 29Other, net 2 (4) 8 (1)Changes in assets and liabilities, net ofacquired companies:Accounts receivable, net (72) (91) (85) (57)Inventories, net (13) (11) 4 (4)Other current assets (35) 6 (26) 9Accounts payable 109 75 8 31Accrued liabilities 185 11 73 (78)Obligations payable under the 847 12 902 20Indemnification AgreementOther, net (64) 10 (62) 2Net cash provided by operating 200 92 135 94activitiesCash Flows From Investing Activities:Acquisitions, net of cash acquired – (1,334) – (1,334)Capital expenditures (20) (15) (51) (36)Other investing activities, net – 7 – 6Net cash used in investing activities (20) (1,342) (51) (1,364)Cash Flows From Financing Activities:Proceeds from issuance of long-term – 582 – 582debt, netProceeds from issuance of preferred – 482 – 482stock, net of issuance costsRepayments of long-term debt (2) (3) (2) (6)Acquisition of treasury shares to cover (1) (2) (16) (9)stock award tax withholdingPreferred stock dividend payments (8) – (17) -Other financing activities, net – 1 2 3Net cash (used in) provided by (11) 1,060 (33) 1,052financing activitiesEffect of foreign exchange rate changes 7 – 10 (5)on cash, cash equivalents and restrictedcashNet increase (decrease) in cash, cash 176 (190) 61 (223)equivalents and restricted cashCash, cash equivalents and restricted cash 578 604 693 637at beginning of periodCash, cash equivalents and restricted cash $ 754 $ 414 $ 754 $ 414at end of periodNON-GAAP FINANCIAL MEASURES ANDRECONCILIATIONSADJUSTED NET INCOME PER DILUTED COMMON SHARE ANDNET INCOME COMPARISON(Unaudited)RESIDEOTECHNOLOGIES, INC. Three Months Ended Six Months Ended(in millions, except per share data) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024GAAP Net (loss) income $ (825) $ 30 $ (819) $ 73Less: preferred stock dividends 8 2 17 2GAAP Net (loss) income available to (833) 28 (836) 71common stockholdersIndemnification Agreement accrual 847 12 902 20increase, non-cash component (1)One-time tax impact of 42 – 42 -Indemnification AgreementIntangible asset amortization 30 13 60 22Stock-based compensation expense 15 15 30 29Acquisition and integration costs 3 34 4 34Restructuring, impairment and 2 11 6 18extinguishment costsOther (2) 8 1 14 (1)Tax effect of applicable non-GAAP (15) (22) (29) (31)adjustments (3)Non-GAAP Adjusted net income $ 99 $ 92 $ 193 $ 162 Three Months Ended Six Months Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024GAAP Net (loss) income per diluted $ (5.59) $ 0.19 $ (5.65) $ 0.48common shareIndemnification Agreement accrual 5.61 0.08 5.97 0.14increase, non-cash component (1)One-time tax impact of 0.28 – 0.28 -Indemnification AgreementIntangible asset amortization 0.20 0.09 0.40 0.15Stock-based compensation expense 0.10 0.10 0.20 0.20Impact of incremental dilutive shares 0.07 – 0.11 -Acquisition and integration costs 0.02 0.23 0.03 0.23Restructuring, impairment and 0.01 0.07 0.04 0.12extinguishment costsOther (2) 0.06 0.01 0.09 (0.01)Tax effect of applicable non-GAAP (0.10) (0.15) (0.19) (0.22)adjustments (3)Non-GAAP Adjusted net income per $ 0.66 $ 0.62 $ 1.28 $ 1.09diluted common share(1) Refer to the Unaudited Consolidated Statements of Operations herein.(2) For 2025 periods, other includes net periodic benefit costs, excluding service costs, foreign exchange transaction loss (income), and miscellaneous non-operating expenses. For 2024 periods, other includes loss on sale of assets, litigation settlement, gain on sale of investments, and foreign exchange transaction loss (income).(3) In calculating the tax effect of relevant non-GAAP adjustments, we applied a flat statutory tax rate of 25% for all adjustments prior to 2025. Beginning in 2025, we adjusted our methodology to exclude the tax effect of adjustments that are non-deductible or non-taxable; however, we did not recast historical data. The impact of this change on non-GAAP adjusted net income available to common shareholders and non-GAAP adjusted net income per diluted common share would have resulted in an increase of $3 million and $0.02, respectively, for the three months ended June 29, 2024 and an increase of $5 million and $0.03, respectively, for the six months ended June 29, 2024.NON-GAAP FINANCIAL MEASURES ANDRECONCILIATIONSADJUSTED EBITDA AND NET INCOME COMPARISON(Unaudited)RESIDEOTECHNOLOGIES, INC. Three Months Ended Six Months Ended(in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024Net revenue $ 1,943 $ 1,589 $ 3,713 $ 3,075GAAP Net (loss) income $ (825) $ 30 $ (819) $ 73GAAP Net (loss) income as a % of net (42.5)% 1.9% (22.1)% 2.4%revenueProvision for income taxes 87 29 96 59GAAP (Loss) income before taxes (738) 59 (723) 132Indemnification Agreement accrual 847 12 902 20increase, non-cash component (1)Depreciation and amortization 49 28 96 52Interest expense, net 24 15 49 28Stock-based compensation expense 15 15 30 29Restructuring, impairment and 2 11 6 18extinguishment costsAcquisition and integration costs 3 34 4 34Other (2) 8 1 14 (1)Non-GAAP Adjusted EBITDA $ 210 $ 175 $ 378 $ 312Non-GAAP Adjusted EBITDA as a % 10.8% 11.0% 10.2% 10.1%of net revenue(1) Refer to the Unaudited Consolidated Statements of Operations herein.(2) For 2025 periods, other includes net periodic benefit costs, excluding service costs, foreign exchange transaction loss (income), and miscellaneous non-operating expenses. For 2024 periods, other includes loss on sale of assets, litigation settlement, gain on sale of investments, and foreign exchange transaction loss (income).NON-GAAP FINANCIAL MEASURES ANDRECONCILIATIONS(Unaudited)PRODUCTS AND SOLUTIONS SEGMENT Three Months Ended Six Months Ended(in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024Net revenue $ 666 $ 630 $ 1,315 $ 1,250GAAP Income from operations $ 142 $ 130 $ 278 $ 242GAAP Income from operations as a % 21.3% 20.6% 21.1% 19.4%of net revenueStock-based compensation expense 4 4 9 10Restructuring expenses 2 – 1 5Other (1) – 4 – 4Non-GAAP Adjusted Income from $ 148 $ 138 $ 288 $ 261OperationsDepreciation and amortization 19 18 37 35Non-GAAP Adjusted EBITDA $ 167 $ 156 $ 325 $ 296Non-GAAP Adjusted EBITDA as a % 25.1% 24.8% 24.7% 23.7%of net revenue(1) For 2024 periods, other includes litigation settlements.ADIGLOBAL DISTRIBUTION SEGMENT Three Months Ended Six Months Ended(in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024Net revenue $ 1,277 $ 959 $ 2,398 $ 1,825GAAP Income from operations $ 71 $ 62 $ 105 $ 111GAAP Income from operations as a % 5.6% 6.5% 4.4% 6.1%of net revenueStock-based compensation expense 5 3 9 5Restructuring expenses 1 – 5 2Acquisition and integration costs 3 4 4 4Other (1) (1) – – -Non-GAAP Adjusted Income from Operations $ 79 $ 69 $ 123 $ 122Depreciation and amortization 28 8 56 13Non-GAAP Adjusted EBITDA $ 107 $ 77 $ 179 $ 135Non-GAAP Adjusted EBITDA as a % 8.4% 8.0% 7.5% 7.4%of net revenue(1) For 2025 periods, other includes miscellaneous non-operating expenses.

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