Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal quarter ended ~~September~~March 3031, ~~2024~~2025

☐ Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

for the Transition Period From ________To _______

Commission file number 0-31164

Preformed Line Products Company

(Exact name of registrant as specified in its charter)


Ohio						34-0676895
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)


660 Beta Drive Mayfield Village, Ohio						44143
(Address of Principal Executive Office)						(Zip Code)


(440) 461‑5200
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $2 par value per share	PLPC	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding as of ~~October~~April 18, ~~2024~~2025: 4,~~897~~940,~~596~~265.

Table of Contents

Page

Part I – Financial Information

Item 1.

Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

Part II – Other Information

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Page

Part I – Financial Information

Item 1.

Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

Part II – Other Information

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Item 6.

Exhibits

SIGNATURES

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PREFORMED LINE PRODUCTS COMPANY

CONSOLIDATED BALANCE SHEETS

	September 30, 2024		December 31, 2023
	March 31, 2025		December 31, 2024
(Thousands of dollars, except share and per share data)	(Unaudited)
ASSETS
Cash, cash equivalents and restricted cash	$	4754,~~498~~835	$	5357,~~607~~244
Accounts receivable, net	~~110~~118,~~888~~504		~~106~~111,~~892~~402
Inventories, net	~~142~~135,~~726~~098		~~148~~129,~~814~~913
Prepaid expenses	1312,~~053~~261		811,~~246~~720
Other current assets	6,~~479~~024		75,~~256~~514
TOTAL CURRENT ASSETS	~~320~~326,~~644~~722		~~324~~315,~~815~~793
Property, plant and equipment, net	~~201~~203,~~194~~083		~~207~~195,~~892~~086
Operating lease, right-of-use assets	10,~~742~~138		1110,~~671~~117
Goodwill	2827,~~672~~746		2926,~~497~~685
Other intangible assets, net	109,~~983~~736		129,~~981~~656
Deferred income taxes	96,~~502~~284		76,~~109~~546
Other assets	108,~~216~~742		9,~~186~~994
TOTAL ASSETS	$	~~591~~592,~~953~~451	$	~~603~~573,~~151~~877
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade accounts payable	$	4245,~~426~~252	$	3741,~~788~~951
Notes payable to banks	85,~~006~~845		67,~~968~~782
Operating lease liabilities, current	1,~~611~~751		1,~~671~~588
Current portion of long-term debt	23,~~618~~378		62,~~486~~430
Accrued compensation and other benefits	2920,~~499~~788		2825,~~018~~904
Accrued expenses and other liabilities	26,~~229~~608		2725,~~414~~503
Dividends payable	1,~~257~~146		1,~~300~~293
Income taxes payable	21,~~353~~149		1,~~672~~962
TOTAL CURRENT LIABILITIES	~~113~~105,~~999~~917		~~111~~108,~~317~~413
Long-term debt, less current portion	2425,~~582~~682		4818,~~796~~357
Operating lease liabilities, noncurrent	6,~~992~~455		76,~~892~~538
Deferred income taxes	23,~~837~~017		3,~~536~~766
Other noncurrent liabilities	1415,~~556~~559		1514,~~454~~479
SHAREHOLDERS' EQUITY
Common shares – $2 par value per share, 15,000,000 shares authorized, 4,897,450 and 4,908,413 issued and outstanding, at September 30, 2024 and December 31, 2023	13,715		13,607
Common shares – $2 par value per share, 15,000,000 shares authorized, 4,940,131 and 4,913,621 issued and outstanding, at March 31, 2025 and December 31, 2024	13,820		13,752
Common shares issued to rabbi trust, 222,741 and 243,118 shares at September 30, 2024 and December 31, 2023, respectively	(9,557)		(10,183)
Common shares issued to rabbi trust, 223,034 and 222,887 shares at March 31, 2025 and December 31, 2024, respectively	(9,594)		(9,575)
Deferred compensation liability	9,~~557~~594		109,~~183~~575
Paid-in capital	6362,~~108~~205		6065,~~958~~093
Retained earnings	~~543~~563,~~743~~678		~~520~~553,~~154~~179
Treasury shares, at cost, 1,959,512 and 1,894,419 shares at September 30, 2024 and December 31, 2023, respectively	(126,503)		(118,249)
Treasury shares, at cost, 1,969,354 and 1,961,772 shares at March 31, 2025 and December 31, 2024, respectively	(127,812)		(126,800)
Accumulated other comprehensive loss	(6576,~~092~~115)		(6082,~~306~~909)
TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS' EQUITY	~~428~~435,~~971~~776		~~416~~422,~~164~~315
Noncontrolling interest	1645		~~(8)~~9
TOTAL SHAREHOLDERS' EQUITY	~~428~~435,~~987~~821		~~416~~422,~~156~~324
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	~~591~~592,~~953~~451	$	~~603~~573,~~151~~877

See notes to consolidated financial statements (unaudited).

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PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED INCOME

(UNAUDITED)

	Three Months Ended September 30,								Nine Months Ended September 30,
			Three Months Ended March 31,
	2024				2023				2024		2023
			2025				2024
(Thousands of dollars, except per share data)
(Thousands, except per share data)
Net sales	$	~~146,973~~	$	148,541	$	~~160,438~~	$	140,904	$	~~426,597~~	$	~~524,076~~
Cost of products sold	~~101,195~~		99,870		~~106,301~~		96,773		~~292,415~~		~~337,328~~
GROSS PROFIT	~~45,778~~		48,671		~~54,137~~		44,131		~~134,182~~		~~186,748~~
Costs and expenses
Selling	~~12,318~~		12,181		~~12,732~~		11,900		~~36,146~~		~~38,133~~
General and administrative	~~16,414~~		17,626		~~17,794~~		16,608		~~48,272~~		~~54,624~~
Research and engineering	~~5,545~~		5,479		~~5,840~~		5,431		~~16,334~~		~~16,793~~
Other operating expense (income), net	~~1,109~~		255		~~(2,307)~~		(1,367)		~~186~~		~~(10)~~
	35,386				34,059				100,938		109,540
			35,541				32,572
OPERATING INCOME	~~10,392~~		13,130		~~20,078~~		11,559		~~33,244~~		~~77,208~~
Other income (expense)
Interest income	~~538~~		510		~~478~~		972		~~1,856~~		~~1,201~~
Interest expense	~~(564)~~		(376)		~~(998)~~		(708)		~~(1,840)~~		~~(3,198)~~
Other income, net	64		407		18		35		~~189~~		~~165~~
	38				(502)				205		(1,832)
			541				299
INCOME BEFORE INCOME TAXES	~~10,430~~		13,671		~~19,576~~		11,858		~~33,449~~		~~75,376~~
Income tax expense	~~2,734~~		2,118		~~4,431~~		2,255		~~6,783~~		~~18,348~~
NET INCOME	$	~~7,696~~	$	11,553	$	~~15,145~~	$	9,603	$	~~26,666~~	$	~~57,028~~
Net income attributable to noncontrolling interests	~~(16)~~		(36)		~~(15)~~		(7)		~~(24)~~		~~(28)~~
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	~~7,680~~	$	11,517	$	~~15,130~~	$	9,596	$	~~26,642~~	$	~~57,000~~
AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING:
Basic	~~4,904~~		4,928		~~4,906~~		4,915		~~4,911~~		~~4,929~~
Diluted	~~4,977~~		4,950		~~4,990~~		4,944		~~4,959~~		~~5,006~~
EARNINGS PER SHARE OF COMMON STOCK ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS:
Basic	$	~~1.57~~	$	2.34	$	~~3.08~~	$	1.95	$	~~5.42~~	$	~~11.56~~
Diluted	$	~~1.54~~	$	2.33	$	~~3.03~~	$	1.94	$	~~5.37~~	$	~~11.39~~

See notes to consolidated financial statements (unaudited).

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PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

(UNAUDITED)

	Three Months Ended September 30,								Nine Months Ended September 30,
			Three Months Ended March 31,
	2024				2023				2024		2023
			2025				2024
(Thousands of dollars)
Net income	$	~~7,696~~	$	11,553	$	~~15,145~~	$	9,603	$	~~26,666~~	$	~~57,028~~
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	~~7,483~~		6,671		~~(6,934)~~		(6,565)		~~(5,053)~~		~~(711)~~
Recognized net actuarial gain	89				89				267		267
Pension adjustment, net of tax			123				89
Other comprehensive income (loss), net of tax	~~7,572~~		6,794		~~(6,845)~~		(6,476)		~~(4,786)~~		~~(444)~~
Comprehensive income attributable to noncontrolling interests	~~(16)~~		(36)		~~(15)~~		(7)		~~(24)~~		~~(28)~~
COMPREHENSIVE INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	~~15,252~~	$	18,311	$	~~8,285~~	$	3,120	$	~~21,856~~	$	~~56,556~~

See notes to consolidated financial statements (unaudited).

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PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

(UNAUDITED)

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2024		2023
	2025		2024
(Thousands of dollars)
OPERATING ACTIVITIES
Net income	$	2611,~~666~~553	$	579,~~028~~603
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	155,~~982~~397		135,~~602~~414
Deferred income taxes	(~~3,012~~479)		(~~2,837~~386)
Share-based compensation expense	~~1,949~~892		~~4,090~~383
Gain on sale of property and equipment	(~~1,939~~37)		(21,~~457~~843)
Other, net	~~999~~(228)		61,~~218~~230
Changes in operating assets and liabilities	2(11,~~768~~443)		12(8,~~710~~648)
NET CASH PROVIDED BY OPERATING ACTIVITIES	435,~~413~~655		885,~~354~~753
INVESTING ACTIVITIES
Capital expenditures	(1110,~~220~~976)		(273,~~118~~918)
Proceeds from the sale of property and equipment	~~3,493~~91		23,~~506~~237
Acquisition of businesses, net of cash	-		(12,089)
Proceeds from sale of investments	1,679		—
NET CASH USED IN INVESTING ACTIVITIES	(7,727)		(36,701)
Purchases of investments	(451)		—
NET CASH USED IN INVESTING ACTIVITIES	(9,657)		(681)
FINANCING ACTIVITIES
Proceeds (payments) of notes payable to banks	914		(6,792)
Payments of notes payable to banks	(1,966)		(5,307)
Proceeds from long-term debt	948,~~023~~628		~~131~~33,~~716~~232
Payments of long-term debt	(~~122,075~~777)		(~~150~~33,~~965~~069)
Dividends paid	(31,~~097~~164)		(31,~~126~~130)
Proceeds from issuance of common shares	~~160~~68		~~2,020~~60
Purchase of common shares for treasury	(113)		(728)
Stock incentive plan payments	(3,799)		—
Purchase of common shares for treasury from related parties	(8,141)		(17,671)
Purchase of common shares for treasury	(131)		—
Other	(2,473)		-
Purchase of common shares for treasury from related parties	(881)		(5,452)
NET CASH USED IN FINANCING ACTIVITIES	(~~40,802~~22)		(4511,~~546~~666)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	~~(993)~~1,615		~~390~~(1,154)
Net decrease in cash, cash equivalents and restricted cash	(62,~~109~~409)		6(7,~~497~~748)
Cash, cash equivalents and restricted cash at beginning of year	5357,~~607~~244		3753,~~239~~607
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	4754,~~498~~835	$	4345,~~736~~859

See notes to consolidated financial statements (unaudited).

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PREFORMED LINE PRODUCTS COMPANY

STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY

													Accumulated OtherComprehensive Income(Loss)
(In thousands, except share and per share data)	Common Shares		Common Shares Issued to Rabbi Trust		Deferred Compensation Liability		Paid in Capital		Retained Earnings		Treasury Shares		Cumulative Translation Adjustment		Unrecognized Pension Benefit Cost		Total Preformed Line Products Company Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2024	$	13,752	$	(9,575)	$	9,575	$	65,093	$	553,179	$	(126,800)	$	(77,536)	$	(5,373)	$	422,315	$	9	$	422,324
Net income									11,517								11,517		36		11,553
Foreign currency translation adjustment													6,671				6,671				6,671
Pension adjustment, net of tax															123		123				123
Total comprehensive income																	18,311		36		18,347
Purchase of 860 common shares											(131)						(131)				(131)
Stock incentive plan activity	68						(2,888)				(881)						(3,701)				(3,701)
Common shares issued to rabbi trust of 147, net			(19)		19												—				—
Cash dividends declared – $0.20 per share									(1,018)								(1,018)				(1,018)
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
													Accumulated Other Comprehensive Income (Loss)
	Common Shares		Common Shares Issued to Rabbi Trust		Deferred Compensation Liability		Paid in Capital		Retained Earnings		Treasury Shares		Cumulative Translation Adjustment		Unrecognized Pension Benefit Cost		Total Preformed Line Products Company Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2023	$	13,607	$	(10,183)	$	10,183	$	60,958	$	520,154	$	(118,249)	$	(55,828)	$	(4,478)	$	416,164	$	(8)	$	416,156
Net income									9,596								9,596		7		9,603
Foreign currency translation adjustment													(6,565)				(6,565)				(6,565)
Pension adjustment, net of tax															89		89				89
Total comprehensive income																	3,120		7		3,127
Share-based compensation							383										383				383
Stock incentive plan activity	104						450				(5,452)						(4,898)				(4,898)
Purchase of 42,731 common shares											(5,452)						(5,452)				(5,452)
Issuance of 52,354 common shares	104						67										171				171
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
Share-based compensation							934										934				934
Purchase of 4,540 common shares											(568)						(568)				(568)
Issuance of 146 common shares	-						19										19				19
Common shares issued to 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
Share-based compensation							632										632				632
Purchase of 17,822 common shares											(2,234)						(2,234)				(2,234)
Issuance of 1,776 common shares	4						115										119				119
Common shares distributed from rabbi trust of 16,046, net			676		(676)												—				—
Cash dividends declared – $0.20 per share									(1,016)								(1,016)				(1,016)
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

See notes to consolidated financial statements (unaudited).

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PREFORMED LINE PRODUCTS COMPANY

													Accumulated Other Comprehensive Income (Loss)
(In thousands, except share and per share data)	Common Shares		Common Shares Issued to Rabbi Trust		Deferred Compensation Liability		Paid in Capital		Retained Earnings		Treasury Shares		Cumulative Translation Adjustment		Unrecognized Pension Benefit Cost		Total Preformed Line Products Company Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2022	$	13,351	$	(10,261)	$	10,261	$	53,646	$	460,930	$	(99,303)	$	(65,495)	$	(4,492)	$	358,637	$	(13)	$	358,624
Net income									21,398								21,398		21		21,419
Foreign currency translation adjustment													3,922				3,922				3,922
Pension adjustment, net of tax															89		89				89
Total comprehensive income																	25,409		21		25,430
Share-based compensation							1,066										1,066				1,066
Purchase of 41,573 common shares											(3,740)						(3,740)				(3,740)
Issuance of 72,477 common shares	140						244										384				384
Common shares distributed from rabbi trust of 3,541, net			185		(185)												—				—
Cash dividends declared – $0.20 per share									(1,050)								(1,050)				(1,050)
Balance at March 31, 2023	$	13,491	$	(10,076)	$	10,076	$	54,956	$	481,278	$	(103,043)	$	(61,573)	$	(4,403)	$	380,706	$	8	$	380,714
Net income									20,472								20,472		(8)		20,464
Foreign currency translation adjustment													2,301				2,301				2,301
Pension adjustment, net of tax															89		89				89
Total comprehensive income																	22,862		(8)		22,854
Share-based compensation							1,725										1,725				1,725
Purchase of 40,078 common shares											(6,100)						(6,100)				(6,100)
Issuance of 9,655 common shares	18						262										280				280
Common shares distributed from rabbi trust of 502, net			37		(37)												—				—
Cash dividends declared – $0.20 per share									(1,024)								(1,024)				(1,024)
Balance at June 30, 2023	$	13,509	$	(10,039)	$	10,039	$	56,943	$	500,726	$	(109,143)	$	(59,272)	$	(4,314)	$	398,449	$	-	$	398,449
Net income									15,130								15,130		15		15,145
Foreign currency translation adjustment													(6,934)				(6,934)				(6,934)
Pension adjustment, net of tax															89		89				89
Total comprehensive income																	8,285		15		8,300
Share-based compensation							1,299										1,299				1,299
Purchase of 50,717 common shares											(8,559)						(8,559)				(8,559)
Issuance of 26,285 common shares	50						1,306										1,356				1,356
Common shares distributed from rabbi trust of 185, net			(30)		30												—				—
Cash dividends declared – $0.20 per share									(1,018)								(1,018)				(1,018)
Balance at September 30, 2023	$	13,559	$	(10,069)	$	10,069	$	59,548	$	514,838	$	(117,702)	$	(66,206)	$	(4,225)	$	399,813	$	15	$	399,828

See notes to consolidated financial statements (unaudited).

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PREFORMED LINE PRODUCTS COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(Tables in thousands of dollars, except share and per share data, unless specifically noted)

NOTE 1 –- SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements of Preformed Line Products Company and subsidiaries (the “Company” or “PLPC”) have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. This Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for the year ended December 31, ~~2023~~2024 filed on March 8 13, ~~2024~~2025 with the Securities and Exchange Commission. ~~The interim period results are not necessarily indicative of the results to be expected for the full year.~~ Management has evaluated subsequent events through the date this Form 10-Q was filed with the Securities and Exchange Commission.

The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from these estimates. 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~~March 3031, ~~2024~~2025 are not necessarily indicative of the results to be expected for the full-year ending December 31, ~~2024~~2025.

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. As a result, investments in noncontrolling interests are reported as equity in the Company’s consolidated financial statements. Additionally, the Company’s consolidated financial statements include 100% of a controlled subsidiary’s earnings, rather than only its share. 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

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 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this ASU and expects the standard will only impact its segment disclosures with no material impact to the consolidated financial statements.Adopted

In ~~December~~November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-0907, “~~Income~~Segment ~~Taxes~~Reporting (Topic ~~740~~280): Improvements to ~~Income~~Reportable ~~Tax~~Segment Disclosures.” This ASU enhances ~~income~~reportable ~~tax~~segment disclosures byon ~~providing~~both ~~information~~an toannual ~~better~~and ~~assess~~interim ~~how~~basis anprimarily ~~entity's~~in ~~operations,~~regards ~~related~~to ~~tax~~the ~~risks,~~disclosure ~~tax~~of ~~planning~~significant ~~and~~segment ~~operational~~expenses ~~opportunities~~that ~~affect~~are ~~its~~regularly ~~tax~~provided ~~rate~~to the chief operating decision maker ("CODM") and ~~prospects~~included ~~for~~within ~~future~~the ~~cash~~reported ~~flows~~measure(s) of segment profit or loss. ~~This~~In addition, the ASU requires ~~additional~~disclosure, ~~disclosures~~by tosegment, of other items included in the ~~annual~~reported ~~effective~~measure(s) ~~tax~~of ~~rate~~segment ~~reconciliation~~profit or loss, including ~~specific~~qualitative ~~categories~~information describing the composition, nature and ~~further~~type ~~disaggregated~~of ~~reconciling~~each ~~items~~item. ~~that~~The ~~meet~~ASU ~~the~~also ~~quantitative~~expands ~~threshold.~~disclosure ~~Additionally~~requirements related to the CODM, including how the ~~ASU~~reported ~~requires~~measure(s) ~~disclosures~~of ~~relating~~segment profit or loss are used to ~~income~~assess ~~tax~~segment ~~expense~~performance and ~~payments~~allocate ~~made~~resources, the method used to ~~federal,~~allocate ~~state,~~overhead ~~local~~for significant segment expenses and ~~foreign~~others. ~~jurisdictions~~Lastly, all current required annual segment reporting disclosures under Topic 280 are now effective for interim periods. ~~This~~The ASU iswas effective for the Company's 2024 fiscal ~~years~~year and interim periods beginning ~~after~~with ~~December~~the 15quarter ended March 31, ~~2024~~2025. The ~~Company~~adoption isof ~~evaluating~~this ~~the~~new ~~impact~~standard ofdid ~~adopting~~not ~~this~~have ~~ASU~~a ~~and~~material ~~expects~~impact on the ~~standard~~consolidated ~~will~~financial ~~only~~statements, ~~impact~~other ~~its~~than ~~income~~the ~~tax~~updated segment disclosures ~~with~~included nowithin ~~material~~Note ~~impact~~13, to"Segment ~~the consolidated financial statements~~Information".

~~NOTE~~Not 2Yet ~~– REVENUE~~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. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU improves disclosures about a public business entity’s expenses and addresses requests from investors for more detailed information about the types of expenses commonly presented in expense captions. 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. The Company is evaluating the impact of adopting this ASU.

NOTE 2 - REVENUE

Revenue Recognition

Sales are recognized when obligations under the terms of the contract are satisfied and control of promised goods or services have transferred to our customers. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services and is primarily based on shipping terms. Sales are measured as the amount of consideration the Company expects to receive in exchange for transferring products.

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goods or services and is primarily based on shipping terms. Sales are measured as the amount of consideration the Company expects to receive in exchange for transferring products.

Disaggregated Revenue

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

	Three Months Ended September 30, 2024
	Three Months Ended March 31, 2025
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	6160%	7984%	7175%	7876%	7069%
Communications	3235%	1815%	2422%	3%	2325%
Special Industries	75%	31%	53%	1921%	76%
Total	100%	100%	100%	100%	100%
	Three Months Ended September 30, 2023
	Three Months Ended March 31, 2024
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	6867%	8074%	6070%	7576%	6970%
Communications	28%	1825%	3524%	3%	23%
Special Industries	45%	21%	56%	2221%	87%
Total	100%	100%	100%	100%	100%
	Nine Months Ended September 30, 2024
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	64%	78%	71%	77%	71%
Communications	30%	20%	24%	3%	22%
Special Industries	6%	2%	5%	20%	7%
Total	100%	100%	100%	100%	100%
	Nine Months Ended September 30, 2023
Product Type	PLP-USA	The Americas	EMEA	Asia-Pacific	Consolidated
Energy	62%	73%	44%	72%	61%
Communications	34%	25%	52%	3%	32%
Special Industries	4%	2%	4%	25%	7%
Total	100%	100%	100%	100%	100%

Credit Losses for Receivables

The Company maintains an allowance for credit losses for estimated losses resulting from the inability of its customers to make required payments. The Company uses a current expected credit loss model in order to immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments, mainly trade receivables. 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. 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,
	2024		2023
	2025		2024
Allowance for credit losses, beginning of period	$	86,~~260~~958	$	58,~~021~~260
(Reductions) additions charged to costs and expenses	(~~1,165~~67)		~~1,349~~66
Write-offs	~~(209)~~—		(216)
Foreign exchange and other	~~(203)~~13		(17131)
Allowance for credit losses, end of period	$	6,~~683~~904	$	68,~~332~~189

109

~~Table~~NOTE of3 ~~Contents~~- INVENTORIES, NET

NOTE 3 – INVENTORIES, NET

Inventories, net

Inventory is carried at lower of cost or net realizable value. The components of inventory are as follows:

	September 30, 2024		December 31, 2023
	March 31, 2025		December 31, 2024
Raw materials	$	9074,~~653~~990	$	9875,~~708~~138
Work-in-process	1315,~~927~~475		1412,~~397~~225
Finished products	4955,~~335~~379		4652,~~250~~792
Inventories, net of excess and obsolete inventory reserve	~~153~~145,~~915~~844		~~159~~140,~~355~~155
Excess of current cost over LIFO cost	(1110,~~189~~746)		(10,~~541~~242)
Inventories at LIFO cost	$	~~142~~135,~~726~~098	$	~~148~~129,~~814~~913

Costs for inventories of certain material, mainly in the U.S., are determined using the Last-In First-Out ("LIFO") method and totaled approximately $4842.84 million at ~~September~~March 3031, ~~2024~~2025 and $6046.15 million at December 31, ~~2023~~2024. 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. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. 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~~March 3031, ~~2024~~2025 and ~~2023~~2024, the net change in LIFO inventories resulted in an expense of $0.25 million and $0.62 million, respectively, to Cost of products sold. ~~During the nine-month periods ended September 30, 2024 and 2023, the net change in LIFO inventories resulted in expense of $0.6 million and of $1.7 million, respectively, to Cost of products sold.~~ The Company’s reserves for ~~slow~~excess ~~moving~~ and obsolete inventory were $1816.6 million at ~~September~~March 3031, ~~2024~~2025 and $17.67 million at December 31, ~~2023~~2024.

NOTE 4 –- PROPERTY AND EQUIPMENT, NET

Major classes of property, plant and equipment are ~~stated at cost and were~~ as follows:

	September 30, 2024		December 31, 2023
	March 31, 2025		December 31, 2024
Land and improvements	$	2125,~~267~~927	$	2120,~~374~~204
Buildings and improvements	~~127~~128,~~834~~288		~~129~~125,~~369~~076
Machinery, equipment and aircraft	~~253~~259,~~850~~943		~~238~~252,~~868~~759
Construction in progress	149,~~721~~557		2210,~~619~~884
Property, plant and equipment, gross	~~417~~423,~~672~~715		~~412~~408,~~230~~923
Less accumulated depreciation	(~~216~~220,~~478~~632)		(~~204~~213,~~338~~837)
Property, plant and equipment, net	$	~~201~~203,~~194~~083	$	~~207~~195,~~892~~086

NOTE 5 –- CONTINGENT AND OTHER 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. The Company has liability insurance to cover many of these claims. Although the outcomes of these matters are not predictable with certainty, the Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In the event the Company determines that a loss is not probable, but is reasonably possible, and the likelihood to develop what the Company believes to be a reasonable range of potential loss exists, the Company will include disclosure related to such matters. To the extent that there is a reasonable possibility the losses could exceed amounts already accrued, the Company will adjust the accrual in the period in which the determination is made, disclose an estimate of the additional loss or range of loss and if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made.

~~Although~~The ~~the outcomes of these matters are not predictable with certainty, the~~ Company ~~records a liability when it~~ is ~~both~~not ~~probable that~~ a ~~liability~~party ~~has~~to ~~been~~any ~~incurred~~pending ~~and~~legal ~~the~~proceedings ~~amount of the loss can be reasonably estimated. In the event the Company determines~~ that ~~a loss is not probable, but is reasonably possible, and~~ the ~~likelihood to develop what the~~ Company believes ~~to be a reasonable range of potential loss exists~~would, ~~the~~individually ~~Company~~or ~~will~~in ~~include disclosure related to such matters. To~~ the ~~extent~~aggregate, ~~that~~have ~~there is~~ a ~~reasonable~~material ~~possibility~~adverse ~~the~~effect ~~losses~~on ~~could~~its ~~exceed~~financial ~~amounts already accrued~~condition, ~~the~~results ~~Company will adjust the accrual in the period in which the determination is made, disclose an estimate~~ of ~~the~~operations ~~additional loss~~ or ~~range~~cash offlow. ~~loss~~As ~~and if the amount~~ of ~~such~~March 31, ~~adjustment~~2025 ~~cannot~~and beDecember 31, ~~reasonably estimated~~2024, ~~disclose~~there ~~that~~were anzero ~~estimate~~reserves ~~cannot~~for beknown ~~made~~global legal matters.

InAs ~~November~~of ~~2016~~March 31, ~~the~~2025 ~~Company~~ and ~~its subsidiaries Helix Uniformed Ltd. (“Helix”) and Preformed Line Products (Canada) Limited (“PLPC Canada”)~~December 31, ~~were each named~~2024, ~~jointly~~the ~~and~~Company ~~severally,~~has ~~with~~included ~~each~~$9.3 ofmillion ~~SNC-Lavalin~~and ~~ATP, Inc~~$6.7 ~~(“SNC~~million, ~~ATP”)~~respectively, HDof ~~Supply~~advanced ~~Canada~~payments ~~Inc.,~~ by ~~its~~customers ~~trade~~for ~~names~~future HDprojects ~~Supply~~in ~~Power~~Accrued ~~Solutions~~expenses and HDother ~~Supply~~liabilities ~~Utilities~~on ~~(“HD Supply”), and Anixter Power Solutions Canada Inc. (~~the ~~corporate~~Consolidated ~~successor~~Balance ~~to HD Supply, “Anixter”) and, together with the Company, PLPC Canada, Helix, SNC ATP and HD~~ Sheet.

1110

~~Table~~NOTE of6 ~~Contents~~- PENSION PLANS

~~Supply~~The ~~(the~~Company ~~“Defendants”),~~uses in a ~~complaint~~December 31 ~~filed~~measurement bydate ~~Altalink,~~for ~~L.P.~~the Preformed Line Products Company Employees’ Retirement Plan (the “~~Plaintiff~~U.S. Plan”). inNet ~~the~~periodic ~~Court~~pension ofexpense ~~Queen’s~~for ~~Bench~~the ofU.S. ~~Alberta~~Plan infor ~~Alberta,~~the ~~Canada~~three-month inperiods ~~November~~ended ~~2016~~March 31, ~~(the~~2025 ~~“Complaint”).~~and 2024, respectively, follows:

The Complaint stated that the Plaintiff engaged SNC ATP to design, engineer, procure and construct numerous power distribution and transmission facilities in Alberta (the “Projects”) and that through SNC ATP and HD Supply (now Anixter), spacer dampers manufactured by Helix were procured and installed in the Projects. The Complaint alleged that the spacer dampers have and may continue to become loose, open and detach from the conductors, resulting in damage and potential injury and a failure to perform the intended function of providing spacing and damping to the Projects. The Plaintiff was seeking damages jointly and severally from the Defendants representing the costs of monitoring and replacing the spacer dampers and remediating property damage, due to alleged defects in the design and construction of, and supply of materials for, the Projects by SNC ATP and HD Supply/Anixter and in the design of the spacer dampers by Helix.


	Three Months Ended March 31,
	2025		2024
Interest cost	$	395	$	387
Expected return on plan assets	(351)		(485)
Recognized net actuarial loss	161		117
Net periodic pension expense	$	205	$	19

OnThere ~~September~~were ~~26,~~no ~~2023,~~contributions to the ~~Defendants~~U.S. ~~and~~Plan during the ~~Plaintiff~~three ~~entered~~months ~~into~~ended aMarch ~~settlement~~31, ~~agreement~~2025 ~~which~~and ~~dismissed~~2024. ~~the~~The ~~action~~Company ~~against~~is ~~all~~evaluating ~~Defendants~~whether ~~with~~to ~~prejudice.~~make ~~Net~~additional ofcontributions ~~insurance,~~to the ~~total~~U.S. ~~settlement~~Plan ~~amount~~during ~~paid~~2025. byIn ~~the~~August ~~Company~~2023, in the ~~fourth~~Board ~~quarter~~ of ~~2023~~Directors ~~was~~of ~~$4.3~~the ~~million~~Company ~~Canadian~~approved ~~dollars~~a ~~($3.2~~resolution ~~million~~to USterminate ~~dollars)~~the U.S. ~~The~~Plan ~~settlement~~and ~~reflects~~certain ~~the~~administrative ~~Company’s~~actions ~~desire~~have tobeen ~~eliminate~~undertaken ~~the~~to ~~burden,~~proceed ~~expense,~~with ~~distraction~~the ~~and~~termination. ~~further~~Components ~~uncertainties~~ of ~~litigation,~~pension ~~and~~expense ~~the~~are ~~settlement~~included ~~does~~in ~~not~~Other ~~constitute an admission of liability~~income, ~~wrongdoing~~net orin ~~fault by~~ the ~~Company~~Consolidated ~~and~~Statements ~~its~~of ~~subsidiaries~~Income.

~~The~~NOTE ~~Company~~7 is- ~~not~~ACCUMULATED aOTHER ~~party~~COMPREHENSIVE toINCOME 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, 2024 and December 31, 2023, there were zero reserves for known global legal matters. ("AOCI")

NOTE 6 – PENSION PLANS

The Company uses a December 31 measurement date for the Preformed Line Products Company Employees’ Retirement Plan (the “U.S. Plan”). Net periodic pension expense for the U.S. Plan for the three and nine month periods ended September 30, 2024 and 2023, respectively, follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest cost	$	387	$	392	$	1,162	$	1,178
Expected return on plan assets	(485)		(501)		(1,456)		(1,502)
Recognized net actuarial loss	117		117		351		349
Net periodic pension expense	$	19	$	8	$	57	$	25

There were no contributions to the U.S. Plan during the nine months ended September 30, 2024 and 2023. The Company is evaluating whether to make additional contributions to the U.S. Plan during 2024. In August 2023, the Board of Directors of the Company approved a resolution to terminate the U.S. Plan and certain administrative actions have been undertaken to proceed with the termination. Components of pension expense are included in Other income, net in the Consolidated Statements of Income.

NOTE 7 – ACCUMULATED OTHER COMPREHENSIVE INCOME (“AOCI”)

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

	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
	UnrecognizedBenefit Cost		CumulativeTranslationAdjustment		Total		UnrecognizedBenefit Cost		CumulativeTranslationAdjustment		Total
Balance at June 30	$	(4,300)	$	(68,364)	$	(72,664)	$	(4,314)	$	(59,272)	$	(63,586)
Balance at January 1	$	(5,373)	$	(77,536)	$	(82,909)	$	(4,478)	$	(55,828)	$	(60,306)
Other comprehensive income before reclassifications:
Foreign currency translation adjustment	—		76,~~483~~671		76,~~483~~671		—		(6,~~934~~565)		(6,~~934~~565)
Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain (a)	89		—		89		89		—		89
Amortization of defined benefit pension actuarial loss (a)	123		—		123		89		—		89
Net current period other comprehensive income (loss)	89123		76,~~483~~671		76,~~572~~794		89		(6,~~934~~565)		(6,~~845~~476)
Balance at September 30	$	(4,211)	$	(60,881)	$	(65,092)	$	(4,225)	$	(66,206)	$	(70,431)
Balance at March 31	$	(5,250)	$	(70,865)	$	(76,115)	$	(4,389)	$	(62,393)	$	(66,782)

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	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	UnrecognizedBenefit Cost		CumulativeTranslationAdjustment		Total		UnrecognizedBenefit Cost		CumulativeTranslationAdjustment		Total
Balance at January 1	$	(4,478)	$	(55,828)	$	(60,306)	$	(4,492)	$	(65,495)	$	(69,987)
Other comprehensive income before reclassifications:
Foreign currency translation adjustment	—		(5,053)		(5,053)		—		(711)		(711)
Amounts reclassified from AOCI:
Amortization of defined benefit pension actuarial gain (a)	267		—		267		267		—		267
Net current period other comprehensive income (loss)	267		(5,053)		(4,786)		267		(711)		(444)
Balance at September 30	$	(4,211)	$	(60,881)	$	(65,092)	$	(4,225)	$	(66,206)	$	(70,431)

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

NOTE 8 –- DEBT AND CREDIT ARRANGEMENTS

The Company maintains a credit facility (the "Facility") with a capacity of $90.0 million. ~~that~~On ~~expires~~ March 14, 22025, ~~2026. The interest rate for U.S. borrowing is defined as~~ the ~~Secured~~Company ~~Overnight~~amended ~~Financing Rate (“SOFR”) plus 1.125% unless~~ the ~~Company’s~~Facility ~~funded debt~~ to ~~Earnings~~extend ~~before~~the ~~Interest,~~maturity ~~Taxes~~date ~~and~~from ~~Depreciation ratio exceeds~~ March 2~~.25~~, 2026 to 1June 30, ~~at which point the SOFR spread becomes 1~~2028.~~500%.~~ AtIn ~~September 30~~addition, ~~2024,~~ the ~~Company~~amendment ~~had~~increased ~~utilized~~the ~~$12.7~~amount ~~million~~of ~~with~~unsecured ~~$77.2~~borrowings ~~million~~that ~~available on~~ the ~~Facility.~~Company ~~There~~is ~~were~~permitted noto ~~long-term~~incur ~~outstanding~~outside ~~letters~~ of ~~credit on~~ the Facility asfrom ~~of September 30, 2024~~$40.0 ~~Our~~million ~~bank debt~~ to ~~equity percentage was 8~~$60.~~2%.~~0 ~~The~~million ~~Facility~~and ~~contains,~~included ~~among~~APRESA ~~other~~– ~~provisions~~PLP Spain, ~~requirements for maintaining levels of net worth and profitability~~S.A. Atas ~~September 30,~~an ~~2024,~~additional ~~the Company was in compliance with these covenants~~borrower.

OnThe ~~January 19,~~interest ~~2021,~~rate ~~the Company received funding~~ for aU.S. ~~term~~borrowing ~~loan~~is ~~from~~defined ~~PNC~~as ~~Equipment~~the ~~Finance,~~Secured ~~LLC~~Overnight inFinancing ~~the~~Rate ~~principal~~(“SOFR”) ~~amount~~plus ~~of $20~~1.5225% ~~million~~unless ~~for~~ the ~~full~~Company’s ~~amount~~funded ofdebt ~~the~~to ~~purchase~~Earnings ~~price~~before ~~for~~Interest, aTaxes ~~new~~and ~~corporate~~Depreciation ~~aircraft.~~ratio ~~The~~exceeds ~~term~~2.25 ofto ~~the~~1, ~~loan is 120 months~~ at awhich ~~fixed~~point ~~interest~~the ~~rate~~SOFR ofspread 2becomes 1.~~744~~600%. ~~The~~At ~~loan~~March 31, is2025, ~~payable~~the inCompany ~~119~~had ~~equal~~utilized ~~monthly~~$7.5 ~~installments,~~million ~~which~~with ~~commenced~~$82.5 million available on ~~March~~the 1,Facility. ~~2021~~There ~~with~~were ano ~~final~~long-term ~~payment~~outstanding letters of ~~any~~credit ~~outstanding~~on ~~principal~~the ~~and~~Facility ~~accrued~~as ~~interest~~of ~~due~~March 31, ~~and~~2025. ~~payable~~Our onbank ~~the~~debt ~~final~~to ~~monthly~~equity ~~payment~~percentage ~~date~~was 8.0%. OfThe ~~the~~Facility ~~$13.2~~contains, ~~million~~among ~~outstanding~~other onprovisions, ~~this~~requirements ~~debt~~for ~~facility~~maintaining atlevels ~~September 30,~~of ~~2024,~~net ~~$2.1~~worth ~~million~~and ~~was~~profitability. ~~classified~~At asMarch 31, ~~current.~~2025, ~~The~~the ~~loan~~Company iswas ~~secured~~in bycompliance ~~the~~with ~~aircraft~~these covenants.

~~The~~On January 19, 2021, the Company ~~has~~received ~~other~~funding ~~borrowing~~for ~~facilities~~a atterm ~~certain~~loan offrom ~~its~~PNC ~~foreign~~Equipment ~~subsidiaries~~Finance, ~~which~~LLC ~~consist~~in the principal amount of ~~overdraft~~$20.5 ~~lines,~~million ~~working~~for ~~capital~~the ~~credit~~full ~~lines,~~amount ~~and~~of ~~facilities~~the purchase price for ~~the~~a ~~issuance~~new ofcorporate ~~letters~~aircraft. The term of ~~credit~~the ~~and~~loan ~~short-term~~is ~~borrowing~~120 ~~needs~~months at a fixed interest rate of 2.744%. AtThe ~~September 30~~loan is payable in 119 equal monthly installments, ~~2024~~which commenced on March 1, 2021 with a final payment of any outstanding principal and ~~December 31,~~accrued ~~2023,~~interest $9due and payable on the final monthly payment date.3 ~~million~~Of ~~and~~the $1312.31 million ~~were~~ outstanding, ofon ~~which~~this ~~$8.6~~debt ~~million~~facility ~~and~~at March 31, 2025, $112.41 million ~~were~~was classified as current~~, respectively~~. ~~These~~The ~~facilities~~aircraft ~~support~~has ~~commitments~~been ~~made~~pledged inas ~~the~~collateral ~~ordinary~~against ~~course~~the ~~of business~~loan.

The Company's Asia-Pacific segment had $0.1 million and $0.2 million in restricted cash used to secure bank guarantees at September 30, 2024 and December 31, 2023, respectively. The restricted cash is shown on the Company’s Consolidated Balance Sheets in Cash, cash equivalents and restricted cash.11

~~NOTE~~The 9Company –has ~~INCOME~~other ~~TAXES~~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 March 31, 2025, and December 31, 2024, $15.3 million and $8.8 million were outstanding, of which $7.2 million and $8.2 million were classified as current, respectively. These facilities support commitments made in the ordinary course of business.

~~For~~The ~~the three-month period ended September 30, 2024 and 2023, the~~ Company’'s ~~effective~~Asia-Pacific ~~tax~~segment ~~rate~~had ~~was 26% and 23%, respectively~~$0.1 ~~The~~million ~~higher~~in ~~effective~~restricted ~~tax~~cash ~~rate~~used ~~for~~to ~~the~~secure ~~three~~bank ~~months~~guarantees ~~ended~~at ~~September~~March 3031, ~~2024~~2025 ~~compared~~and ~~to the three months ended September~~December 3031, ~~2023 was~~2024. ~~primarily~~The ~~due~~restricted tocash ~~limitations~~is onshown ~~the deductibility of compensation and a lower excess tax benefit~~ on ~~share-based compensation which was partially offset by~~ the ~~favorable~~Company’s ~~impact~~Consolidated ~~from~~Balance ~~the~~Sheets ~~mix~~in ofCash, ~~earned~~cash ~~income~~equivalents inand ~~certain~~restricted ~~foreign jurisdictions~~cash.

~~For~~NOTE ~~the~~9 ~~nine~~-~~month~~ ~~period~~INCOME ended September 30, 2024 and 2023, the Company’s effective tax rate was 20% and 24%, respectively. The lower effective tax rate for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily due to the favorable impact from discrete benefits recorded as a result of amending prior year federal tax returns and an increase in excess tax benefits on share-based compensation in relation to overall lower pre-tax book income.TAXES

~~The~~For ~~Company~~the ~~provides~~three-month ~~valuation~~period ~~allowances~~ended ~~against~~March 31, ~~deferred~~2025 ~~tax~~and ~~assets~~2024, ~~when~~the itCompany’s iseffective ~~more~~tax ~~likely~~rate ~~than~~was ~~not~~16% ~~that~~and ~~some~~19%, ~~portion~~respectively. orThe ~~all~~lower ofeffective ~~its~~tax ~~deferred~~rate ~~tax~~for ~~assets~~the ~~will~~three ~~not~~months beended ~~realized.~~March ~~During~~31, 2025 compared to the ~~period~~three months ended ~~September~~March 3031, 2024, ~~the~~was ~~Company~~primarily ~~did~~due ~~not~~to ~~record~~the ~~any~~favorable ~~additional~~impact ~~valuation~~from ~~allowances~~the increase in ~~various~~excess ~~jurisdictions~~tax benefits on ~~its~~share-based ~~deferred~~compensation, ~~tax~~the ~~assets~~decrease of nondeductible compensation, and favorable impact from the mix of earned income in certain foreign jurisdictions.

~~For~~The ~~the~~Company ~~nine-month~~provides ~~periods~~valuation ~~ending~~allowances ~~September 30,~~against ~~2024~~deferred ~~and~~tax ~~2023~~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 March 31, 2025, the Company did not record any ~~new~~additional ~~uncertain~~valuation allowances in various jurisdictions on its deferred tax ~~positions~~assets.

13For the three-month periods ending March 31, 2025 and 2024, the Company did not record any new uncertain tax positions.

~~Table~~NOTE of10 ~~Contents~~- COMPUTATION OF EARNINGS PER SHARE

NOTE 10 – COMPUTATION OF EARNINGS PER SHARE

Basic earnings per share were computed by dividing net income by the weighted-average number of common shares outstanding for each respective period. 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~~March 3031, was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
	2024		2023		2024		2023
	2025		2024
Numerator
Net income	$	711,~~680~~517	$	159,~~130~~596	$	~~26,642~~	$	~~57,000~~
Denominator
Determination of shares (in thousands)
Weighted-average common shares outstanding	4,~~904~~928		4,~~906~~915		~~4,911~~		~~4,929~~
Dilutive effect – share-based awards	7322		8429		48		77
Diluted weighted-average common shares outstanding	4,~~977~~950		4,~~990~~944		~~4,959~~		~~5,006~~
Earnings per common share
Basic	$	12.5734	$	31.0895	$	~~5.42~~	$	~~11.56~~
Diluted	$	12.5433	$	31.0394	$	~~5.37~~	$	~~11.39~~

For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, there were 7,500 and zero share-based awards, respectively, excluded from the calculation of diluted earnings per share as ~~there~~the ~~was~~effect nowould have been anti-dilutive ~~effect~~ .

~~NOTE 11 – GOODWILL AND OTHER INTANGIBLES~~12

NOTE 11 - GOODWILL AND OTHER INTANGIBLES

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

September 30, 2024

December 31, 2023

March 31, 2025

December 31, 2024

Gross CarryingAmount

AccumulatedAmortization

Gross CarryingAmount

AccumulatedAmortization

Finite-lived intangible assets

Patents

4,806

(4,806)

4,806

(4,806)

Land use rights

679

(~~129~~132)

~~1,109~~637

(~~307~~122)

Trademark

1,~~959~~924

(1,~~699~~694)

1,~~988~~910

(1,~~682~~685)

Technology

76,~~081~~777

(4,~~095~~151)

76,~~104~~582

(3,~~738~~933)

Customer relationships

1817,~~627~~882

(11,~~440~~549)

1917,~~240~~399

(1011,~~733~~132)

3332,~~152~~068

(22,~~169~~332)

3431,~~247~~334

(21,~~266~~678)

Indefinite-lived intangible assets

Goodwill

2827,~~672~~746

2926,~~497~~685

The Company’s measurement date for its annual impairment test for goodwill is October 1st of each year. The Company performs additional interim impairment assessments as circumstances warrant. There were no indicators of impairment noted for the period ending ~~September~~March 3031, ~~2024~~2025.

The Company may use both quantitative and qualitative approaches when testing goodwill for impairment. For selected reporting units where the qualitative approach is utilized, a qualitative evaluation of events and circumstances impacting the reporting unit is performed to determine if it is more likely than not that the fair value of the reporting unit exceeds its carrying amount. If that determination is made, no further evaluation is necessary. Otherwise, the Company performs a quantitative impairment test on the reporting unit.

For the quantitative approach, the Company uses a combination of the income approach, which uses a discounted cash flow methodology, and the market approach, which uses comparable market multiples in computing fair value by reporting unit. The Company then compares the fair value of the reporting unit with its carrying value to assess if goodwill has been impaired. The fair value estimates are subjective and sensitive to significant assumptions, such as revenue growth rates, operating margins, the weighted average cost of capital, and estimated market multiples, of which are affected by expectations of future market or economic conditions. The Company believes that the methodologies, significant assumptions, and weightings used are reasonable and result in appropriate fair values of the reporting units.

Table of Contents

average cost of capital, and estimated market multiples, of which are affected by expectations of future market or economic conditions. The Company believes that the methodologies, significant assumptions, and weightings used are reasonable and result in appropriate fair values of the reporting units.

The Company’s only intangible asset with an indefinite life is goodwill. The Company’s goodwill is not deductible for tax purposes. Changes in the carrying amount of goodwill by reporting unit are shown in the following table:

	PLP-USA		The Americas		EMEA		Asia-Pacific		Total
Balance at January 1, 2024	$	3,078	$	10,582	$	15,837	$	—	$	29,497
Balance at January 1, 2025	$	3,078	$	8,858	$	14,749	$	—	$	26,685
Currency translation	—		~~(826)~~387		1674		—		~~(825)~~1,061
Balance at September 30, 2024	$	3,078	$	9,756	$	15,838	$	—	$	28,672
Balance at March 31, 2025	$	3,078	$	9,245	$	15,423	$	—	$	27,746

NOTE 12 –- FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

Fair value is measured based on an exit price, representing the amount that would be received to sell an asset or paid to satisfy a liability in an orderly transaction between market participants. The Company measures and records certain assets and liabilities at fair value. A fair value hierarchy is used for those assets and liabilities measured at fair value that distinguishes between assumptions based on market data (observable inputs), and the Company’s assumptions (unobservable inputs). The hierarchy consists of the following three levels: (Level 1 Inputs) quoted market prices in active markets for identical assets or liabilities; (Level 2 Inputs) observable market-based inputs or unobservable inputs that are corroborated by market data; 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, 2024 and December 31, 2023:~~13

Description	Balance as ofSeptember 30, 2024		Quoted Prices in Active Markets forIdentical Assets or Liabilities(Level 1)		Significant Other Observable Inputs(Level 2)		Significant Unobservable Inputs(Level 3)
Assets:
Foreign currency forward contracts	$	95	$	—	$	95	$	—
Total assets	$	95	$	—	$	95	$	—
Liabilities:
Foreign currency forward contracts	$	4	$	—	$	4	$	—
Supplemental profit sharing plan	9,087		—		9,087		—
Total liabilities	$	9,091	$	—	$	9,091	$	—

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

Description	Balance as ofofMarch ~~December~~ 31, ~~2023~~2025		Quoted Prices in Active Markets forIdentical Assets or Liabilities(Level 1)		Significant Other Observable Inputs(Level 2)		Significant Unobservable Inputs(Level 3)
Assets:
Foreign currency forward contracts	$	158	$	—	$	158	$	—
Total assets	$	158	$	—	$	158	$	—
Liabilities:
Foreign currency forward contracts	$	—	$	—	$	—	$	—
Supplemental profit sharing plan	8,222		—		8,222		—
Fixed income investments	—		—		—		—
Total liabilities	$	8,222	$	—	$	8,222	$	—
Total assets	$	—	$	—	$	—	$	—
Liabilities:
Foreign currency forward contracts	$	5	$	—	$	5	$	—
Supplemental profit sharing plan	9,462		—		9,462		—
Total liabilities	$	9,467	$	—	$	9,467	$	—

The Company operates internationally and enters into intercompany transactions denominated in foreign currencies. Consequently, the Company is subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and


Description	Balance as of December 31, 2024		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Foreign currency forward contracts	$	65	$	—	$	65	$	—
Fixed income investments	1,142		1,142		—		—
Total assets	$	1,207	$	1,142	$	65	$	—

Liabilities:
Foreign currency forward contracts	$	71	$	—	$	71	$	—
Supplemental profit sharing plan	9,031		—		9,031		—
Total liabilities	$	9,102	$	—	$	9,102	$	—

15The Company operates internationally and enters into intercompany transactions denominated in foreign currencies. Consequently, the Company is subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. The Company currently uses foreign currency forward contracts to reduce the risk related to some of these transactions. These contracts usually have maturities of 90 days or less and generally require an exchange of foreign currencies for U.S. dollars at maturity at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the foreign currency forward contracts are recognized in each accounting period in Other operating expense (income), net on the Consolidated Statements of Income together with the transaction gain or loss from the related balance sheet position. For the three months ended March 31, 2025, and 2024, the Company recognized a net gain of $0.1 million and a net loss of $0.2 million, respectively, on foreign currency forward contracts.

~~Table~~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 $9.5 million at March 31, 2025 and $9.0 million at December 31, 2024. 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. 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 ~~Contents~~the Supplemental Profit Sharing Plan liability using the market values of the participants’ underlying investment accounts.

~~the dates they are settled.~~ The Company ~~currently~~had ~~uses~~zero ~~foreign~~fixed ~~currency~~income ~~forward~~investments ~~contracts~~as ~~to reduce the risk related to some~~ of ~~these~~March 31, ~~transactions~~2025. ~~These~~The ~~contracts~~Company’s ~~usually~~fixed ~~have~~income ~~maturities~~investments ofas ~~90 days or less and generally require an exchange~~ of ~~foreign currencies for U.S. dollars at maturity at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly~~December 31, ~~the~~2024 ~~changes in the fair value~~ of ~~the~~$1.1 ~~foreign~~million ~~currency forward contracts~~ are ~~recognized~~recorded in ~~each accounting period in~~ Other ~~operating~~assets ~~expense, net~~ on the Consolidated ~~Statements~~Balance ofSheet ~~Income~~and ~~together~~are ~~with~~valued ~~the~~using ~~transaction gain or loss from~~ the ~~related~~closing ~~balance~~price ~~sheet~~on ~~position. For~~ the ~~three~~active ~~and~~market ~~nine~~on ~~months~~which ~~ended September 30, 2024,~~ the ~~Company~~securities ~~recognized~~are ~~net~~traded. ~~losses~~There ofwere ~~zero~~no ~~and~~unrealized ~~$0.2~~gains ~~million, respectively,~~ on ~~foreign~~the ~~currency~~fixed ~~forward~~income ~~contracts.~~investments ~~For~~for the ~~three~~periods ~~and nine months~~ ended ~~September~~March 3031, ~~2023,~~2025 ~~the Company recognized net losses of $0.5 million~~ and $02024.~~9 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 $9.1 million at September 30, 2024 and $8.2 million at December 31, 2023. 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. 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. 14

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~~March 3031, ~~2024~~2025 and December 31, ~~2023~~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. Based on the analysis performed, the fair value and the carrying value of the Company’s long-term debt are as follows:

September 30, 2024

December 31, 2023

March 31, 2025

December 31, 2024

Fair Value

Carrying Value

Fair Value

Carrying Value

Long-term debt and related current maturities

2325,~~984~~848

2729,~~200~~060

5117,~~786~~474

5520,~~282~~787

NOTE 13 –- SEGMENT INFORMATION

~~Operating~~The Company reports its segments ~~are~~in ~~defined~~four asgeographic ~~components~~regions: PLP-USA, The Americas, EMEA (Europe, Middle East & Africa) and Asia-Pacific in accordance with accounting standards codified in FASB ASC 280, "Segment Reporting". Each segment distributes a full range of anthe ~~enterprise~~Company’s ~~about~~primary ~~which~~products. ~~separate~~The ~~financial~~PLP-USA ~~information~~segment is ~~available~~comprised ~~that~~of isU.S. ~~evaluated~~operations bymanufacturing the ~~CODM~~Company’s traditional products primarily supporting domestic energy, ortelecommunications ~~decision~~and ~~making~~special ~~group~~industries products. The other three segments, inThe ~~deciding~~Americas, ~~how~~EMEA toand ~~allocate~~Asia-Pacific, ~~resources~~support tothe anCompany’s ~~individual~~energy, ~~segment~~telecommunications, data communication and special industries products in ~~assessing~~each ~~performance~~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 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.

The amount of each segment’s performance reported to the CODM is for purposes of making decisions about allocating resources to the segment and assessing its performance. The Company evaluates segment performance and allocates resources based on several factors primarily based on gross sales and income before income taxes.

The CODM uses both gross sales and income before income taxes for each segment predominantly in the annual budget and forecasting process as well as monitoring actual results. The CODM considers forecast-to-actual and actual to prior period variances for both measures when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment 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 months ended March 31, 2025 and 2024. Financial results for the PLP-USA segment include the elimination of all segments’ intercompany profit in inventory.


	Three Months Ended March 31, 2025
	PLP-USA		The Americas		EMEA		Asia-Pacific		Total
Gross sales	$	76,420	$	24,458	$	31,577	$	25,005	$	157,460
Intersegment sales	(2,414)		(2,179)		(1,584)		(2,742)		(8,919)
Net sales	74,006		22,279		29,993		22,263		148,541
Less:
Cost of products sold	47,168		15,192		21,116		16,394		99,870
Gross profit	26,838		7,087		8,877		5,869		48,671
Costs and expenses	17,154		5,488		7,350		5,549		35,541
Operating income	9,684		1,599		1,527		320		13,130
Interest income	79		338		55		38		510
Interest expense	(85)		(7)		(151)		(133)		(376)
Other (expense) income, net	(199)		31		22		553		407
Income before income taxes	9,479		1,961		1,453		778		13,671
Income tax expense	1,042		565		229		282		2,118
Total noncontrolling interest	—		—		(36)		—		(36)
Total net income attributable to Preformed Line Products Company shareholders	$	8,437	$	1,396	$	1,188	$	496	$	11,517


	Three Months Ended March 31, 2024
	PLP-USA		The Americas		EMEA		Asia-Pacific		Total
Gross sales	$	73,083	$	20,825	$	30,028	$	26,919	$	150,855
Intersegment sales	(2,346)		(2,467)		(1,374)		(3,764)		(9,951)
Net sales	70,737		18,358		28,654		23,155		140,904
Less:
Cost of products sold	46,041		13,393		20,336		17,003		96,773
Gross profit	24,696		4,965		8,318		6,152		44,131
Costs and expenses	18,164		4,721		6,129		3,558		32,572
Operating income	6,532		244		2,189		2,594		11,559
Interest income	—		915		37		20		972
Interest expense	(433)		(11)		(157)		(107)		(708)
Other (expense) income, net	(10)		18		26		1		35
Income before income taxes	6,089		1,166		2,095		2,508		11,858
Income tax expense	772		269		509		705		2,255
Total noncontrolling interest	—		—		(7)		—		(7)
Total net income attributable to Preformed Line Products Company shareholders	$	5,317	$	897	$	1,579	$	1,803	$	9,596


	Three Months Ended March 31,
	2025		2024
Expenditure for long-lived assets
PLP-USA	$	702	$	2,293
The Americas	1,082		705
EMEA	8,757		768
Asia-Pacific	435		152
Total expenditure for long-lived assets	$	10,976	$	3,918


Depreciation and amortization
PLP-USA	$	3,099	$	2,785
The Americas	805		1,371
EMEA	905		875
Asia-Pacific	751		761
Total depreciation and amortization	$	5,560	$	5,792


	March 31, 2025		December 31, 2024
Identifiable assets
PLP-USA	$	243,401	$	245,388
The Americas	108,370		103,456
EMEA	141,811		125,013
Asia-Pacific	98,869		100,020
Total identifiable assets	$	592,451	$	573,877


Long-lived assets
PLP-USA	$	117,245	$	119,114
The Americas	21,374		20,446
EMEA	30,215		21,243
Asia-Pacific	34,249		34,283
Total long-lived assets	$	203,083	$	195,086

~~Table~~NOTE of14 ~~Contents~~- ACQUISITION OF BUSINESSES

~~The~~Subsequent ~~following~~Event ~~tables present a summary of the Company’s reportable operating segments for the three and nine months ended September 30, 2024 and 2023. Financial results for the PLP~~-~~USA~~ ~~segment~~Acquisition ~~include the elimination~~ of ~~all~~JAP ~~segments’ intercompany profit in inventory.~~ Telecom

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net sales
PLP-USA	$	65,554	$	81,727	$	196,191	$	275,882
The Americas	19,852		22,790		60,026		66,852
EMEA	32,937		28,798		93,630		105,138
Asia-Pacific	28,630		27,124		76,750		76,205
Total net sales	$	146,973	$	160,438	$	426,597	$	524,076
Intersegment sales
PLP-USA	$	2,720	$	4,083	$	7,877	$	25,058
The Americas	2,118		4,515		6,532		13,024
EMEA	1,396		3,514		4,194		6,470
Asia-Pacific	4,068		5,611		11,333		18,714
Total intersegment sales	$	10,302	$	17,723	$	29,936	$	63,266
Gross profit
PLP-USA	$	21,383	$	30,672	$	66,821	$	114,012
The Americas	6,770		8,053		18,448		24,239
EMEA	9,327		7,434		27,009		26,199
Asia-Pacific	8,298		7,977		21,904		22,298
Total gross profit	$	45,778	$	54,137	$	134,182	$	186,748
Net income attributable to Preformed Line Products Company shareholders
PLP-USA	$	3,059	$	9,080	$	11,720	$	40,761
The Americas	1,574		1,411		4,268		6,050
EMEA	1,337		1,137		5,893		4,675
Asia-Pacific	1,710		3,502		4,761		5,514
Total net income attributable to Preformed Line Products Company shareholders	$	7,680	$	15,130	$	26,642	$	57,000

On May 1, 2025, the Company acquired all issued and outstanding shares of J.A.P. Industria De Materiais Para Telefonia Ltda., (JAP Telecom) an entity headquartered in Pedreira, Brazil. JAP Telecom is a leading Brazilian designer, manufacturer, and supplier of connectivity solutions for the South American telecommunications infrastructure market with a product portfolio including fiber optic splice closures, connectivity devices, and infrastructure accessories tailored to the specific needs of the local market. JAP Telecom's annual sales for the year ending December 31, 2024 were approximately $4.6 million (R$26.1 million). The acquisition expands the Company's operational capabilities in the region and strengthens the Company's position in the global communications market. The purchase price was approximately $5.8 million (R$33.0 million), net of cash as of the closing date.

NOTE 14 – ACQUISITIONS OF BUSINESSES

Acquisition of Pilot Plastics

On February 1, 2023, the Company acquired substantially all of the assets of Pilot Plastics, headquartered in Akron, Ohio. Pilot Plastics is an injection molding manufacturer and the acquisition expanded the Company's injection molding capabilities and further enhanced the Company's domestic manufacturing footprint. The purchase price was approximately $13.8 million, net of cash as of the closing date. The purchase price is subject to a holdback of approximately $1.7 million. To fund the Pilot Plastics acquisition, the Company borrowed on the Facility.

The acquisition of Pilot Plastics is accounted for using the acquisition method of accounting, which requires the assets acquired and liabilities assumed to be recognized at their respective fair values on the acquisition date. The process of estimating the fair values of certain tangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates.

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During the measurement period, opening balance sheet adjustments were made to finalize the fair value estimates based on the final valuations received, which are summarized in the table below.

	Final Allocation
Accounts receivable	$	970
Inventory	585
Property, plant and equipment and other assets	13,628
Accounts payable	(1,299)
Other current liabilities	(71)
Total identifiable net assets	13,813
Total consideration, net of cash received	$	13,813

Due to the consideration transferred equaling the fair value of the assets acquired, no residual goodwill was recognized.

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.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the readers of our financial statements better understand our results of operations, financial condition and present business environment. The MD&A is provided as a supplement to, and should be read in conjunction with, our unaudited consolidated financial statements and related notes included elsewhere in this report.

OVERVIEW

Preformed Line Products Company (the “Company”, “PLPC”, “we”, “us”, or “our”) was incorporated in Ohio in 1947. We are an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operators, information (data communication), and other similar industries. Our primary products support, protect, connect, terminate, and secure cables and wires. We provide helical solutions, connectors, fiber optic and copper splice closures, solar hardware mounting applications, and electric vehicle charging station foundations. We also provide aerial drone inspection services for utility assets including transmission and distribution power lines, substations, and generation facilities. We are respected around the world for quality, dependability and market-leading customer service. Our goal is to continue to achieve profitable growth as a leader in the research, innovation, development, manufacture, and marketing of technically advanced products and services related to energy, communications and cable systems and to take advantage of this leadership position to sell additional quality products in familiar markets. We have sales and manufacturing operations in 20 different countries.

We report our segments in four geographic regions: PLP-USA (including corporate), The Americas (includes operations in North and South America, excluding PLP-USA), EMEA (Europe, Middle East & Africa) and Asia-Pacific, in accordance with accounting standards codified in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280, “Segment Reporting”. Each segment distributes a full range of our primary products. Our PLP-USA segment is comprised of our U.S. operations manufacturing our traditional products primarily supporting our domestic energy, telecommunications, solar framing products and inspection services. Our other three segments, The Americas, EMEA and Asia-Pacific, support our energy, telecommunications, data communication, solar and other products in each respective geographical region.

The segment managers responsible for each region report directly to the Company’s Executive Chairman, who is the chief operating decision maker, 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 operating segment and the Company rather than the results of any individual business component of the segment.

We evaluate segment performance and allocate resources based on several factors primarily based on gross sales and ~~net~~income before income taxes.

PREFACE

The following discussion describes our results of operations for the three ~~and nine~~ months ended ~~September 30~~March 31, ~~2024~~2025 and ~~2023~~2024. Our consolidated financial statements are prepared in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP"). Our discussions of the financial results include non-GAAP measures (e.g., foreign currency impact) to provide additional information concerning our financial results and provide information that we believe is useful to the readers of our financial statements in the assessment of our performance and operating trends.

Net sales of $~~147~~148.~~0 million decreased $13.~~5 million ~~for~~increased ~~the three months ended September 30, 2024 year-over-year and net sales of~~ $~~426~~7.6 million ~~decreased $97.5 million~~ for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 year-over-year, mainly due to ~~the~~an ~~continued~~increase ~~inventory~~in ~~destocking~~energy atand ~~PLP-USA~~communication ~~communications~~sales ~~markets'~~for ~~customers~~the ~~and distributors~~quarter. ~~The~~While inflationary ~~headwinds~~pressures wehave ~~experienced in 2022 and early 2023 related to raw materials~~subsided, ~~specifically~~recently ~~plastic~~enacted ~~resins,~~tariffs ~~aluminum~~or ~~and~~other ~~sand~~trade ~~(grit),~~matters ~~have~~may ~~generally~~give ~~subsided.~~rise ~~Costs related~~ to ~~shipping~~further ~~and~~inflationary ~~freight~~pressures, ~~have~~which ~~similarly~~may ~~fallen~~require ~~from~~further ~~their~~price ~~2022~~adjustments ~~peak.~~to ~~Decreases~~maintain inprofit ~~these~~margin, ~~underlying~~and ~~costs~~any ~~along with the impacts of our previous~~ price increases ~~benefited~~may ~~gross margins in 2023 and~~ have ~~not~~a ~~meaningfully~~negative ~~impacted~~effect ~~the~~on ~~results~~demand. ~~for~~While ~~the~~our ~~third~~significant ~~quarter~~domestic ormanufacturing ~~nine~~footprint ~~months~~provides ~~ended~~a ~~September~~competitive ~~30,~~advantage ~~2024.~~in Ifthe ~~inflationary~~current ~~pressures~~high ~~increase~~tariff ~~again~~environment, itraw ~~may~~materials ~~require~~imports, ~~further~~particularly ~~price~~steel ~~adjustments~~and ~~to maintain profit margin~~aluminum, ~~and~~will ~~any~~be ~~price~~most ~~increases may have a negative effect on demand~~impacted.

Our financial statements are subject to fluctuations in the exchange rates of foreign currencies in relation to the U.S. dollar. ~~The~~PLPC's ~~fluctuations of~~ foreign ~~currencies~~currency ~~during~~exchange ~~the~~gains ~~three~~or ~~and~~(losses) ~~nine~~were ~~months~~primarily ~~ended~~related ~~September 30,~~to ~~2024~~translating ~~had~~into aU.S. ~~unfavorable~~dollars ~~impact~~its onforeign ~~net~~currency ~~sales~~denominated ofloans, ~~$0.8~~trade ~~million~~receivables and ~~$1.1~~payables ~~million~~from its foreign subsidiaries at the March 31, ~~respectively~~2025 exchange rates. The fluctuations onof foreign currencies during the three ~~and nine~~ months ended ~~September 30~~March 31, 2025 and March 31, 2024 had an unfavorable impact on net ~~income~~sales of $04.14 million and favorable impact of $0.27 million, respectively. The ~~fluctuations~~effect of ~~foreign~~currency ~~currencies~~translation ~~during~~had ~~the~~an ~~three~~unfavorable ~~and~~impact ~~nine~~of ~~months~~$0.2 ~~ended~~million ~~September 30,~~and ~~2023 had~~ a ~~favorable~~de minimis impact on net ~~sales~~income ofduring ~~$1.4~~the ~~million~~three ~~and~~months ~~unfavorable~~ended ~~impact~~March on31, ~~net~~2025 ~~sales~~and ~~of $5.6 million~~2024, respectively. ~~The~~On ~~fluctuations~~a onreportable ~~foreign~~segment ~~currencies~~basis, ~~during~~ the ~~three~~impact ~~and~~of ~~nine~~foreign ~~months~~currency ~~ended~~translation ~~September 30,~~on ~~2023~~net ~~had~~sales anand ~~unfavorable impact on~~ net income offor ~~$0.1~~the ~~million~~three ~~and~~months ~~$0.7~~ended ~~million~~March 31, ~~respectively.~~2025, Onwas aas ~~reportable~~ follows:

1918

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	Foreign Currency Translation Impact
	Net Sales				Net Income
(Thousands of dollars)	2025		2024		2025		2024
The Americas	$	(3,204)	$	805	$	(206)	$	33
EMEA	(440)		788		30		39
Asia-Pacific	(751)		(844)		(47)		(73)
Total	$	(4,395)	$	749	$	(223)	$	(1)

~~segment~~While ~~basis~~uncertainty remains in the global economy due to tariffs and trade matters, we believe our business portfolio, including our significant U.S. manufacturing footprint and our financial position are sound and strategically well-positioned. We remain focused on assessing our global market opportunities and overall manufacturing capacity in conjunction with the ~~impact~~requirements of ~~foreign~~local ~~currency~~manufacturing ~~translation~~in onthe ~~net~~markets that we serve. As necessary, we will modify redundant processes and further utilize our global manufacturing network to manage costs, including tariff-related impacts, increase sales volume and ~~net~~deliver ~~income~~value to our customers. Period cost containment continues to be a priority for the ~~three~~Company in 2025, and ~~nine~~we ~~months~~continue ~~ended~~to ~~September~~monitor and control discretionary spending where necessary. We have continued to invest in the business to expand into new markets for the Company, evaluate strategic mergers and acquisitions, improve efficiency, develop new products and increase our capacity. As of March 3031, ~~2024~~2025, ~~was~~our asliquidity ~~follows:~~remains strong with our bank debt to equity percentage at 8.0%. We can borrow needed funds at a competitive interest rate under the Facility.

	Foreign Currency Translation Impact
	Three Months Ended September 30, 2024				Nine Months Ended September 30, 2024
(Thousands of dollars)	Net Sales		Net Income		Net Sales		Net Income
The Americas	$	(1,668)	$	(131)	$	(1,283)	$	(136)
EMEA	576		(6)		1,422		69
Asia-Pacific	283		9		(1,266)		(105)
Total	$	(809)	$	(128)	$	(1,127)	$	(172)

Although elevated inventory levels in the PLP-USA communications markets and other market headwinds have impacted our 2024 results, we believe our business portfolio and our financial position are sound and strategically well-positioned. We remain focused on assessing our global market opportunities and overall manufacturing capacity in conjunction with the requirements of local manufacturing in the markets that we serve. As necessary, we will modify redundant processes and further utilize our global manufacturing network to manage costs, increase sales volume and deliver value to our customers. Period cost containment has been a priority for the Company in 2024, shown through a reduction in costs and expenses. We have continued to invest in the business to expand into new markets for the Company, evaluate strategic mergers and acquisitions, improve efficiency, develop new products and increase our capacity. As of September 30, 2024, our liquidity remains strong with our bank debt to equity percentage at 8.2%. We can borrow needed funds at a competitive interest rate under the Facility.

RESULTS OF OPERATIONS

~~THREE~~The ~~MONTHS~~following ~~ENDED~~table ~~SEPTEMBER~~sets forth a summary of the Company’s Statements of Consolidated Income and the percentage of net sales for the three months ended March 3031, 2025 and 2024. ~~COMPARED~~The TOCompany’s ~~THREE~~past ~~MONTHS~~operating ~~ENDED~~results ~~SEPTEMBER 30,~~are ~~2023~~not necessarily indicative of future operating results.

The following table sets forth a summary of the Company’s Statements of Consolidated Income and the percentage of net sales for the three months ended September 30, 2024 and 2023. The Company’s past operating results are not necessarily indicative of future operating results.


	Three Months Ended March 31,
(Thousands of dollars)	2025				2024
Net sales	$	148,541	100.0	%	$	140,904	100.0	%	$	7,637
Cost of products sold	99,870		67.2		96,773		68.7		3,097
GROSS PROFIT	48,671		32.8		44,131		31.3		4,540
Costs and expenses	35,541		23.9		32,572		23.1		2,969
OPERATING INCOME	13,130		8.8		11,559		8.2		1,571
Other income, net	541		0.4		299		0.2		242
INCOME BEFORE INCOME TAXES	13,671		9.2		11,858		8.4		1,813
Income taxes	2,118		1.4		2,255		1.6		(137)
NET INCOME	11,553		7.8		9,603		6.8		1,950
Net income attributable to noncontrolling interests	(36)		0.0		(7)		0.0		(29)
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	11,517	7.8	%	$	9,596	6.8	%	$	1,921

	Three Months Ended September 30,
(Thousands of dollars)	2024				2023
Net sales	$	146,973	100.0	%	$	160,438	100.0	%	$	(13,465)
Cost of products sold	101,195		68.9		106,301		66.3		(5,106)
GROSS PROFIT	45,778		31.1		54,137		33.7		(8,359)
Costs and expenses	35,386		24.1		34,059		21.2		1,327
OPERATING INCOME	10,392		7.1		20,078		12.5		(9,686)
Other income (expense), net	38		0.0		(502)		(0.3)		540
INCOME BEFORE INCOME TAXES	10,430		7.1		19,576		12.2		(9,146)
Income taxes	2,734		1.9		4,431		2.8		(1,697)
NET INCOME	7,696		5.2		15,145		9.4		(7,449)
Net (income) loss attributable to noncontrolling interests	(16)		0.0		(15)		0.0		(1)
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	7,680	5.2	%	$	15,130	9.4	%	$	(7,450)

Net sales. In 2025, net sales were $148.5 million, an increase of $7.6 million, or 5%, compared to 2024. Excluding the effect of currency translation, net sales increased 9% as summarized in the following table:


	Three Months Ended March 31,
(Thousands of dollars)	2025		2024		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Net sales
PLP-USA	$	74,006	$	70,737	$	3,269	$	—	$	3,269	5	%
The Americas	22,279		18,358		3,921		(3,204)		7,125		39	%
EMEA	29,993		28,654		1,339		(440)		1,779		6	%
Asia-Pacific	22,263		23,155		(892)		(751)		(141)		(1)	%
Consolidated	$	148,541	$	140,904	$	7,637	$	(4,395)	$	12,032	9	%

The increase in PLP-USA net sales of $3.3 million, or 5%, was primarily due to higher volumes in communications sales. International net sales for the three months ended March 31, 2025 were unfavorably affected by $4.4 million when local currencies were converted to U.S. dollars. The following discussion of changes in net sales excludes the effect of currency translation. The Americas net sales of $22.3 million increased $7.1 million, or 39%, primarily due to higher volumes in energy product sales, partially offset by lower communications sales. EMEA net sales of $30.0 million increased $1.8 million, or 6%, primarily due to higher volume in energy product sales. Asia-Pacific net sales of $22.3 million decreased $0.1 million, or 1%, primarily due to lower volumes in energy product sales.

Gross profit. Gross profit of $48.7 million for 2025 increased $4.5 million, or 10%, compared to 2024. Excluding the effect of currency translation, gross profit increased $5.9 million, or 13%, as summarized in the following table:


	Three Months Ended March 31,
(Thousands of dollars)	2025		2024		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Gross profit
PLP-USA	$	26,838	$	24,696	$	2,142	$	—	$	2,142	9	%
The Americas	7,087		4,965		2,122		(1,026)		3,148		63	%
EMEA	8,877		8,318		559		(81)		640		8	%
Asia-Pacific	5,869		6,152		(283)		(208)		(75)		(1)	%
Consolidated	$	48,671	$	44,131	$	4,540	$	(1,315)	$	5,855	13	%

PLP-USA gross profit of $26.8 million increased by $2.1 million, or 9%, compared to the same period in 2024, primarily due to higher sales volumes and favorable product mix. International gross profit for the period ended March 31, 2025 was unfavorably impacted by $1.3 million when local currencies were translated to U.S. dollars. The following discussion of gross profit changes excludes the effects of currency translation. The Americas gross profit increased $3.1 million, or 63%, which was primarily the result of higher sales volume and enhanced fixed cost leverage. EMEA gross profit increased $0.6 million, or 8%, primarily due to higher sales volumes and favorable product mix. Asia-Pacific gross profit decreased $0.1 million, or 1%, which was primarily driven by lower sales volumes and unfavorable product mix.

Costs and expenses. Costs and expenses of $35.5 million for the three months ended March 31, 2025 increased $3.0 million, or 9%, when compared to 2024. Excluding the effect of currency translation, costs and expenses increased $3.8 million, or 12%, as summarized in the following table:


	Three Months Ended March 31,
(Thousands of dollars)	2025		2024		Change		Change Due to Currency Translation		Change Due to Intercompany Transactions		Change Excluding Currency and Intercompany Transactions		% Change
Costs and expenses
PLP-USA	$	17,154	$	18,164	$	(1,010)	$	—	$	(1,799)	$	789	4	%
The Americas	5,488		4,721		767		(617)		954		430		9	%
EMEA	7,350		6,129		1,221		(115)		473		863		14	%
Asia-Pacific	5,549		3,558		1,991		(131)		372		1,750		49	%
Consolidated	$	35,541	$	32,572	$	2,969	$	(863)	$	—	$	3,832	12	%

Excluding intercompany transactions, PLP-USA costs and expenses increased $0.8 million, or 4% year-over-year primarily due to higher selling costs and personnel costs. International costs and expenses for the three months ended March 31, 2025 were favorably impacted by $0.9 million when local currencies were translated to U.S. dollars and unfavorably impacted by intercompany transactions with PLP-USA. The following discussion of costs and expenses excludes the effect of currency translation and intercompany transactions. The Americas costs and expenses of $5.5 million increased $0.4 million primarily due to increased selling costs. EMEA costs and expenses of $7.4 million increased by $0.9 million primarily due to increased selling, general, and administrative costs. Asia-Pacific costs and expenses of $5.5 million increased $1.8 million primarily due to a gain on the sale of capital assets in the first quarter of 2024 that did not recur.

Other Income, net. Other income, net of $0.5 million for the three months ended March 31, 2025 was favorable by $0.2 million when compared to Other income, net for the three months ended March 31, 2024 of $0.3 million. The favorable movement was due to lower interest expense from reduced debt balances and a government incentive received in the first quarter of 2025 related to our new facility in China, offset by lower interest income for the three months ended March 31, 2025.

~~Table~~Income taxes. Income taxes for the three months ended March 31, 2025 and 2024 were $2.1 million and $2.3 million based on pre-tax income of ~~Contents~~$13.7 million and $11.9 million, respectively. The tax rate for the three months ended March 31, 2025 and 2024 was 16% and 19%, respectively. The effective tax rate for the three months ended March 31, 2025 was lower than the effective tax rate for the same period in 2024 mainly due to the favorable impact from the increase in excess tax benefits on share-based compensation, the decrease of nondeductible compensation, and a favorable impact from the mix of earned income in certain foreign jurisdictions.

Net ~~sales~~income. InAs ~~2024~~a result of the preceding items, net ~~sales~~income ~~were~~for ~~$147.0~~the ~~million,~~three amonths ~~decrease~~ended ofMarch 31, 2025 was $1311.5 million, ~~or 8%,~~ compared to ~~2023~~$9.6 million for 2024. Excluding the effect of currency translation, net ~~sales~~income ~~decreased~~increased 8%$2.0 million as summarized in the following table. The increase in net income was due to increases in operating income described above as well as lower interest expense and lower tax expense:

Three Months Ended September 30,

Three Months Ended March 31,

(Thousands of dollars)

~~2024~~2025

~~2023~~2024

Change

Change Due to Currency Translation

Change Excluding Currency Translation

% Change

Net sales

Net income (loss)

PLP-USA

658,~~554~~437

815,~~727~~317

~~(16~~3,~~173)~~120

—

~~(16~~3,~~173)~~120

~~(20)~~59

The Americas

191,~~852~~396

~~22,790~~897

~~(2,938)~~499

(~~1,668~~206)

~~(1,270)~~705

~~(6)~~79

EMEA

321,~~937~~188

281,~~798~~579

~~4,139~~(391)

~~576~~30

~~3,563~~(421)

12(27)

Asia-Pacific

~~28,630~~496

271,~~124~~803

(1,~~506~~307)

~~283~~(47)

(1,~~223~~260)

5(70)

Consolidated

~~146~~11,~~973~~517

~~160~~9,~~438~~596

~~(13~~1,~~465)~~921

(~~809~~223)

~~(12~~2,~~657)~~144

~~(8)~~22

The decrease in PLP-USA net sales of $16.2 million, or 20%, was primarily due to lower volumes in communications and energy product sales. International net sales for the three months ended September 30, 2024 were unfavorably affected by $0.8 million when local currencies were converted to U.S. dollars. The following discussion of changes in net sales excludes the effect of currency translation. The Americas net sales of $19.9 million decreased $1.3 million, or 6%, primarily due to lower volumes in energy product sales. EMEA net sales of $32.9 million increased $3.6 million, or 12%, primarily due to higher volume in energy product sales. Asia-Pacific net sales of $28.6 million increased $1.2 million, or 5%, primarily due to higher volumes in energy product sales.

Gross profit. Gross profit of $45.8 million for 2024 decreased $8.4 million, or 15%, compared to 2023. Excluding the effect of currency translation, gross profit decreased $8.0 million, or 15%, as summarized in the following table:

	Three Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Gross profit
PLP-USA	$	21,383	$	30,672	$	(9,289)	$	—	$	(9,289)	(30)	%
The Americas	6,770		8,053		(1,283)		(591)		(692)		(9)	%
EMEA	9,327		7,434		1,893		127		1,766		24	%
Asia-Pacific	8,298		7,977		321		83		238		3	%
Consolidated	$	45,778	$	54,137	$	(8,359)	$	(381)	$	(7,977)	(15)	%

PLP-USA gross profit of $21.4 million decreased by $9.3 million, or 30%, compared to the same period in 2023, primarily due to lower sales volumes and unfavorable product mix. International gross profit for the period ended September 30, 2024 was unfavorably impacted by $0.4 million when local currencies were translated to U.S. dollars. The following discussion of gross profit changes excludes the effects of currency translation. The Americas gross profit decreased $0.7 million, or 9%, which was primarily the result of lower sales volume. EMEA gross profit increased $1.8 million, or 24%, primarily due to higher sales volumes and favorable product mix. Asia-Pacific gross profit increased $0.2 million, or 3%, which was primarily driven by favorable product mix.

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Costs and expenses. Costs and expenses of $35.4 million for the three months ended September 30, 2024 increased $1.3 million, or 4%, when compared to 2023. Excluding the effect of currency translation, costs and expenses increased $1.6 million, or 5%, as summarized in the following table:

	Three Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Costs and expenses
PLP-USA	$	17,358	$	19,205	$	(1,847)	$	—	$	(1,847)	(10)	%
The Americas	4,980		5,873		(893)		(442)		(451)		(8)	%
EMEA	7,224		5,742		1,482		115		1,367		24	%
Asia-Pacific	5,824		3,238		2,586		69		2,517		78	%
Consolidated	$	35,386	$	34,058	$	1,328	$	(258)	$	1,586	5	%

PLP-USA costs and expenses of $17.4 million decreased $1.8 million, or 10% year-over-year. PLP-USA’s decrease was primarily attributable to lower selling costs and lower personnel costs, primarily as a result of cost containment efforts. International costs and expenses for the three months ended September 30, 2024 were favorably impacted by $0.3 million when local currencies were translated to U.S. dollars. The following discussion of costs and expenses excludes the effect of currency translation. The Americas costs and expenses of $5.0 million decreased $0.5 million primarily due to a one-time legal settlement in the third quarter of 2023. EMEA costs and expenses of $7.2 million increased by $1.4 million primarily due to increased selling, general, and administrative costs and the impact of foreign currency remeasurement. Asia-Pacific costs and expenses of $5.8 million increased $2.5 million primarily due to a one-time gain of $2.5 million on the sale of capital assets in the third quarter of 2023.

Other income (expense), net. Other income, net for the three months ended September 30, 2024 was favorable by $0.5 million when compared to Other expense, net for the three months ended September 30, 2023 of $0.5 million. The favorable movement was due to lower interest expense from reduced debt balances and higher interest income earned on cash balances in certain international jurisdictions.

Income taxes. Income taxes for the three months ended September 30, 2024 and 2023 were $2.7 million and $4.4 million based on pre-tax income of $10.4 million and $19.6 million, respectively. The tax rate for the three months ended September 30, 2024 and 2023 was 26% and 23%, respectively. The effective tax rate for the three months ended September 30, 2024 was higher than the effective tax rate for the same period in 2023 mainly due to limitations on the deductibility of compensation and a lower excess tax benefit on share-based compensation which was partially offset by the favorable impact from the mix of earned income in certain foreign jurisdictions.

Net income. As a result of the preceding items, net income for the three months ended September 30, 2024 was $7.7 million, compared to $15.1 million for 2023. Excluding the effect of currency translation, net income decreased $7.3 million as summarized in the following table. The decrease in net income was due to decreases in operating income described above, partially offset by lower interest expense and lower tax expense:

	Three Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Net income (loss)
PLP-USA	$	3,059	$	9,080	$	(6,021)	$	—	$	(6,021)	(66)	%
The Americas	1,574		1,411		163		(131)		294		21	%
EMEA	1,337		1,137		200		(6)		206		18	%
Asia-Pacific	1,710		3,502		(1,792)		9		(1,801)		(51)	%
Consolidated	$	7,680	$	15,130	$	(7,450)	$	(128)	$	(7,322)	(48)	%

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NINE MONTHS ENDED SEPTEMBER 30, 2024 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2023

The following table sets forth a summary of the Company’s Statements of Consolidated Income and the percentage of net sales for the nine months ended September 30, 2024 and 2023. The Company’s past operating results are not necessarily indicative of future operating results.

	Nine Months Ended September 30, 2024
(Thousands of dollars)	2024				2023				Change
Net sales	$	426,597	100.0	%	$	524,076	100.0	%	$	(97,479)
Cost of products sold	292,415		68.5		337,328		64.4		(44,913)
GROSS PROFIT	134,182		31.5		186,748		35.6		(52,566)
Costs and expenses	100,938		23.7		109,540		20.9		(8,602)
OPERATING INCOME	33,244		7.8		77,208		14.7		(43,964)
Other income (expense), net	205		0.0		(1,832)		(0.3)		2,037
INCOME BEFORE INCOME TAXES	33,449		7.8		75,376		14.4		(41,927)
Income taxes	6,783		1.6		18,348		3.5		(11,565)
NET INCOME	26,666		6.3		57,028		10.9		(30,362)
Net income attributable to noncontrolling interests	(24)		0.0		(28)		0.0		4
NET INCOME ATTRIBUTABLE TO PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS	$	26,642	6.2	%	$	57,000	10.9	%	$	(30,358)

Net sales. In 2024, net sales were $426.6 million, a decrease of $97.5 million, or 19%, compared to 2023. Excluding the effect of currency translation, net sales decreased 18% as summarized in the following table:

	Nine Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Net sales
PLP-USA	$	196,191	$	275,882	$	(79,691)	$	—	$	(79,691)	(29)	%
The Americas	60,026		66,852		(6,826)		(1,283)		(5,543)		(8)	%
EMEA	93,630		105,138		(11,508)		1,422		(12,930)		(12)	%
Asia-Pacific	76,750		76,205		545		(1,266)		1,811		2	%
Consolidated	$	426,597	$	524,076	$	(97,479)	$	(1,127)	$	(96,353)	(18)	%

The decrease in PLP-USA net sales of $79.7 million, or 29%, was primarily due to lower volumes in communications and energy product sales. International net sales for the nine months ended September 30, 2024 were unfavorably affected by $1.1 million when local currencies were converted to U.S. dollars. The following discussion of changes in net sales excludes the effect of currency translation. The Americas net sales of $60.0 million decreased $5.5 million, or 8%, primarily due to lower volumes in communications sales and energy product sales. EMEA net sales of $93.6 million decreased $12.9 million, or 12%, primarily due to lower volume in communications sales, partially offset by increased volumes in energy product sales. Asia-Pacific net sales of $76.8 million increased $1.8 million, or 2%, primarily due to volume increases in energy product sales and special industries sales.

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Gross profit. Gross profit of $134.2 million for 2024 decreased $52.6 million, or 28%, compared to 2023. Excluding the effect of currency translation, gross profit decreased $52.1 million, or 28%, as summarized in the following table:

	Nine Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Gross profit
PLP-USA	$	66,821	$	114,012	$	(47,191)	$	—	$	(47,191)	(41)	%
The Americas	18,448		24,239		(5,791)		(466)		(5,325)		(22)	%
EMEA	27,009		26,199		810		336		474		2	%
Asia-Pacific	21,904		22,298		(394)		(331)		(63)		—	%
Consolidated	$	134,182	$	186,748	$	(52,566)	$	(461)	$	(52,105)	(28)	%

PLP-USA gross profit of $66.8 million decreased by $47.2 million, or 41%, compared to the same period in 2023, primarily due to lower sales volumes and unfavorable product mix, partially offset by cost containment measures. International gross profit for the period ended September 30, 2024 was unfavorably impacted by $0.5 million when local currencies were translated to U.S. dollars. The following discussion of gross profit changes excludes the effects of currency translation. The Americas gross profit decreased $5.3 million, or 22%, which was primarily the result of lower sales volumes. EMEA gross profit increased $0.5 million, or 2%, primarily due to a favorable resolution of a warranty claim and lower freight costs, offset by an increase in labor costs. Asia-Pacific gross profit decreased $0.1 million, which was primarily driven by favorable product mix.

Costs and expenses. Costs and expenses of $100.9 million for the nine months ended September 30, 2024 decreased $8.6 million, or 8%, when compared to 2023. Excluding the effect of currency translation, costs and expenses decreased $8.4 million, or 8%, as summarized in the following table:

	Nine Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Costs and expenses
PLP-USA	$	52,461	$	59,570	$	(7,109)	$	—	$	(7,109)	(12)	%
The Americas	14,344		16,331		(1,987)		(268)		(1,719)		(11)	%
EMEA	18,742		19,255		(513)		214		(727)		(4)	%
Asia-Pacific	15,391		14,385		1,006		(196)		1,202		8	%
Consolidated	$	100,938	$	109,540	$	(8,602)	$	(250)	$	(8,353)	(8)	%

PLP-USA costs and expenses of $52.5 million decreased $7.1 million, or 12% year-over-year. PLP-USA’s decrease was primarily attributable to lower selling costs and lower personnel and professional services costs, primarily as a result of cost containment efforts. International costs and expenses for the nine months ended September 30, 2024 was unfavorably impacted by $0.3 million when local currencies were translated to U.S. dollars. The following discussion of costs and expenses excludes the effect of currency translation. The Americas costs and expenses of $14.3 million decreased $1.7 million primarily due to a one-time legal settlement in the third quarter of 2023 and the impact of foreign currency remeasurement. EMEA costs and expenses of $18.7 million decreased by $0.7 million primarily due to lower personnel costs and bad debt expenses. Asia-Pacific costs and expenses of $15.4 million increased $1.2 million primarily due to the net impact of the sale of capital assets year over year and foreign currency remeasurement.

Other income (expense), net. Other income, net of $0.2 million for the nine months ended September 30, 2024 was favorable by $2.0 million when compared to Other expense, net for the nine months ended September 30, 2023 of $1.8 million. The favorable movement was due to higher interest income earned on cash balances in certain international jurisdictions and lower interest expense from reduced debt balances for the nine months ended September 30, 2024.

Income taxes. Income taxes for the nine months ended September 30, 2024 and 2023 were $6.8 million and $18.3 million based on pre-tax income of $33.4 million and $75.4 million, respectively. The tax rate for the nine months ended September 30, 2024 and 2023 was 20% and 24%, respectively. The effective tax rate for the nine months ended September 30, 2024 was lower than the effective tax rate for the same period in 2023 mainly due to the favorable impact from discrete benefits recorded as a result of amending prior year federal tax returns and an increase in excess tax benefits on share-based compensation in relation to overall lower pre-tax book income.

Net income. As a result of the preceding items, net income for the nine months ended September 30, 2024 was $26.6 million, compared to $57.0 million for 2023. Excluding the effect of currency translation, net income decreased $30.2 million as summarized

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in the following table. The decrease in net income was due to decreases in operating income described above, partially offset by higher interest income, lower interest expense, and lower tax expense:

	Nine Months Ended September 30,
(Thousands of dollars)	2024		2023		Change		Change Due to Currency Translation		Change Excluding Currency Translation		% Change
Net income (loss)
PLP-USA	$	11,720	$	40,761	$	(29,041)	$	—	$	(29,041)	(71)	%
The Americas	4,268		6,050		(1,782)		(136)		(1,646)		(27)	%
EMEA	5,893		4,675		1,218		69		1,149		25	%
Asia-Pacific	4,761		5,514		(753)		(105)		(648)		(12)	%
Consolidated	$	26,642	$	57,000	$	(30,358)	$	(172)	$	(30,186)	(53)	%

APPLICATION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our critical accounting policies are consistent with the information set forth in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Form 10-K for the year ended December 31, ~~2023~~2024 filed on March 813, ~~2024~~2025 with the Securities and Exchange Commission and are, therefore, not presented herein.

WORKING CAPITAL, LIQUIDITY AND CAPITAL RESOURCES

Management Assessment of Liquidity

We measure liquidity on the basis of our ability to meet short-term and long-term operating needs, repay debt, fund additional investments, including acquisitions, and make dividend payments to shareholders. Significant factors affecting the management of liquidity are cash flows from operating activities, capital expenditures, cash dividends, business acquisitions and access to bank lines of credit.

Our investments include expenditures required for equipment and facilities as well as expenditures in support of our strategic initiatives. During the first ~~nine~~three months of ~~2024~~2025, we used cash of $11.20 million for capital expenditures. We ended the first ~~nine~~three months of ~~2024~~2025 with $4754.58 million of cash, cash equivalents and restricted cash (collectively, “Cash”). Our Cash is held in various locations throughout the world. At ~~September~~March 3031, ~~2024~~2025, the majority of our Cash was held outside the U.S. We expect most accumulated non-U.S. Cash balances will remain outside of the U.S. and that we will meet U.S. liquidity needs through future operating cash flows, use of U.S. Cash balances, external borrowings, or some combination of these sources. We complete comprehensive reviews of our significant customers and their creditworthiness by analyzing financial statements for customers where we have identified a measure of increased risk. We closely monitor payments and developments which may signal possible customer credit issues. We currently have not identified any potential material impact on our liquidity from customer credit issues.

Total debt, including notes payable, at ~~September~~March 3031, ~~2024~~2025 was $3534.29 million. AtThe ~~September 30,~~Company ~~2024,~~maintains ~~our~~a ~~unused availability under our~~ credit facility (the "Facility") ~~was~~with a capacity of $7790.20 million. ~~and~~On ~~our~~March ~~bank~~14, ~~debt~~2025, the Company amended the Facility to ~~equity~~extend ~~percentage~~the ~~was~~maturity 8.date from March 2%., ~~The~~2026 ~~Facility~~to ~~contains~~June 30, ~~among~~2028. ~~other~~In ~~provisions~~addition, ~~requirements~~the ~~for~~amendment ~~maintaining~~increased ~~levels~~the amount of ~~net~~unsecured ~~worth~~borrowings ~~and~~that ~~profitability.~~the AtCompany ~~September 30,~~is ~~2024,~~permitted to incur outside of the ~~Company~~Facility ~~was~~from in$40.0 ~~compliance~~million ~~with~~to ~~these~~$60.0 ~~covenants~~million and included APRESA – PLP Spain, S.A. as an additional borrower

~~Our~~At ~~Asia-Pacific~~March 31, ~~segment~~2025, ~~had~~our ~~$0.1~~unused ~~million~~availability ~~and~~under the Facility was $082.25 million inand ~~restricted~~our ~~cash~~bank ~~for~~debt ~~the~~to ~~periods~~equity ~~ended~~percentage ~~September 30,~~was ~~2024~~8.0%. ~~and~~The ~~December~~Facility 31contains, ~~2023,~~among ~~respectively.~~other ~~The~~provisions, ~~restricted~~requirements ~~cash~~for ~~was~~maintaining ~~used~~levels toof ~~secure~~net ~~bank~~worth ~~guarantees~~ and isprofitability. ~~included~~At inMarch 31, ~~Cash~~2025, ~~cash~~the ~~equivalents~~Company ~~and~~was ~~restricted~~in ~~cash~~compliance onwith ~~the~~these ~~Consolidated Balance Sheets~~covenants.

OnOur ~~January~~Asia-Pacific ~~19,~~segment ~~2021,~~had ~~the~~$0.1 ~~Company~~million ~~received funding for a term loan from PNC Equipment Finance, LLC~~ in ~~the~~restricted ~~principal~~cash ~~amount of $20.5 million~~ for the ~~full~~periods ~~amount~~ended ofMarch 31, ~~the~~2025 ~~purchase~~and ~~price~~December ~~for~~31, a2024, ~~new corporate aircraft~~respectively. The ~~term~~restricted ofcash ~~the~~was ~~loan~~used isto ~~120~~secure ~~months~~bank atguarantees aand ~~fixed interest rate of 2.744%. The loan~~ is ~~payable~~included in ~~119 equal monthly installments~~Cash, ~~which~~cash ~~commenced~~equivalents ~~on March 1, 2021 with a final payment of any outstanding principal~~ and ~~accrued~~restricted ~~interest~~cash ~~due and payable~~ on the ~~final~~Consolidated ~~monthly~~Balance ~~payment date~~Sheets. ~~Of the $13.2 million outstanding on this debt facility at September 30, 2024, $2.1 million was classified as current. The loan is secured by the aircraft.~~

WeOn ~~expect~~January ~~that~~19, ~~our~~2021, ~~major~~the ~~source~~Company ofreceived funding for ~~2024~~a ~~and~~term ~~beyond~~loan ~~will~~from bePNC ~~our~~Equipment ~~operating cash flows~~Finance, ~~our~~LLC ~~existing~~in ~~Cash~~the asprincipal ~~well~~amount asof ~~our Facility agreement~~$20.5 ~~Except~~million for ~~current~~the ~~earnings~~full inamount ~~certain~~of ~~jurisdictions,~~the ~~our~~purchase ~~operating~~price ~~income~~for ~~is deemed to be indefinitely reinvested in foreign jurisdictions. We currently do not intend nor foresee~~ a ~~need~~new tocorporate ~~repatriate these funds~~aircraft. WeAs ~~believe~~of ~~our future operating cash flows will be more than sufficient to cover debt repayments~~March 31, ~~other contractual obligations~~2025, ~~capital expenditures and dividends for the next~~ $12 ~~months and thereafter for the foreseeable future~~.1 Inmillion ~~addition,~~was we believe our borrowing capacity provides substantial financial resources, if needed, to supplement funding of capital expenditures and/or acquisitions. We also believe that we can further expand our borrowing capacity, if necessary; however, we do not believe we would increase our debt to a level that would have a material adverse impact upon results of operations or financial condition.

2521

~~Table~~outstanding on this debt facility, of ~~Contents~~which $2.1 million was classified as current. The aircraft has been pledged as collateral against the loan.

We expect that our major source of funding for 2025 and beyond will be our operating cash flows, our existing Cash as well as our Facility agreement. Except for current earnings in certain jurisdictions, our operating income is deemed to be indefinitely reinvested in foreign jurisdictions. We currently do not intend nor foresee a need to repatriate these funds. We believe our future operating cash flows will be more than sufficient to cover debt repayments, other contractual obligations, capital expenditures and dividends for the next 12 months and thereafter for the foreseeable future. In addition, we believe our borrowing capacity provides substantial financial resources, if needed, to supplement funding of capital expenditures and/or acquisitions. We also believe that we can further expand our borrowing capacity, if necessary; however, we do not believe we would increase our debt to a level that would have a material adverse impact upon results of operations or financial condition.

Sources and Uses of Cash

Net cash provided by operating activities for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 was $435.47 million compared to $885.48 million in the comparable prior year ~~nine~~three-month period. The $~~45.~~0.1 million decrease was primarily a result of achanges ~~decrease~~ in ~~net~~operating ~~income~~assets and ~~changes~~liabilities inoffset ~~operating~~by ~~assets~~an ~~and~~increase ~~liabilities~~in net income.

Net cash used in investing activities for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 was $79.7 million compared to $360.7 million in the comparable prior year ~~nine~~three-month period. The $299.0 million change was primarily a result of ~~decreases~~an increase in ~~acquisition activity and~~ capital expenditures during the current period, primarily related to the acquisition of new land and a building in Spain.

Net cash used in financing activities for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 was less than $400.81 million compared to $4511.57 million in the comparable prior year ~~nine~~three-month period. The $411.7 million change was primarily the result of ~~increased~~a ~~net~~reduction ~~payments~~in of long-term debt ~~and decreased purchases of common shares from related parties~~.

We have commitments under operating leases primarily for office and manufacturing space, transportation equipment, office and computer equipment and finance leases primarily for equipment. At ~~September~~March 3031, ~~2024~~2025, we had $1.68 million of current operating lease liabilities and $76.05 million of noncurrent operating lease liabilities. Total liabilities related to finance lease obligations were less than $0.6 million at ~~September~~March 3031, ~~2024~~2025.

As of ~~September~~March 3031, ~~2024~~2025, the Company had total outstanding guarantees of $1214.2 million. Additionally, certain domestic and foreign customers require the Company to issue letters of credit or performance bonds as a condition of placing an order. As of ~~September~~March 3031, ~~2024~~2025, the Company had total outstanding letters of credit of $1.02 million.

The Company has 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~~March 3031, ~~2024~~2025, and December 31, ~~2023~~2024, $915.3 million and $138.38 million was outstanding, of which $87.62 million and $118.42 million were classified as current, respectively. These facilities support commitments made in the ordinary course of business.

FORWARD LOOKING STATEMENTS

Cautionary Statement for “Safe Harbor” Purposes Under The Private Securities Litigation Reform Act of 1995

This Form 10-Q and other documents we file with the SEC contain forward-looking statements regarding the Company’s and management’s beliefs and expectations. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. As a general matter, forward-looking statements are those focused upon future plans, objectives or performance (as opposed to historical items) and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Use of words such “anticipates,” “believes,” “may,” “should,” “will,” “would,” “could,” “plans,” “projects,” “expects,” “estimates,” “predicts,” “targets,” “forecasts,” “intends,” “contemplates,” and similar words may identify forward-looking statements. Such forward-looking statements are subject to uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control. Such uncertainties and factors could cause the Company’s actual results to differ materially from those matters expressed in or implied by such forward-looking statements.

The following factors, among others, could affect the Company’s future performance and cause the Company’s actual results to differ materially from those expressed or implied by forward-looking statements made in this report:

•The overall demand for cable anchoring and control hardware for electrical transmission and distribution lines on a worldwide basis, which has a slow growth rate in mature markets such as the United States (“U.S.”), Canada, Australia and Western Europe and may grow slowly or experience prolonged delay in developing regions despite expanding power needs;

•The potential impact of global economic conditions, including the impact of inflation, recently enacted tariffs, and rising interest rates, on the Company’s ongoing profitability and future growth opportunities in the Company’s core markets in the U.S. and other foreign countries, which may experience continued or further instability due to political and economic conditions, social unrest, acts of war, military conflict (including the ongoing Russian-Ukrainian and Israeli-Palestinian conflicts), international hostilities or the perception that hostilities may be imminent, terrorism, changes in diplomatic and trade relationships and public health concerns (including viral outbreaks such as COVID-19);

•The ability of the Company’s customers to raise funds needed to build the infrastructure projects their customers require;

•Technological developments that affect longer-term trends for communication lines, such as wireless communication;

•The decreasing demand for product supporting copper-based infrastructure due to the introduction of products using new technologies or adoption of new industry standards;

•The Company’s success at continuing to develop proprietary technology and maintaining high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations;

•The Company’s success in strengthening and retaining relationships with the Company’s customers, growing sales at targeted accounts and expanding geographically;

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•The extent to which the Company is successful at expanding the Company’s product line or production facilities into new areas or implementing efficiency measures at existing facilities;

•The effects of fluctuation in currency exchange rates upon the Company’s foreign subsidiaries’ operations and reported results from international operations, together with non-currency risks of investing in and conducting significant operations in foreign countries, including those relating to political, social, economic, trade and regulatory factors;

•The Company’s ability to identify, complete, obtain funding for and integrate acquisitions for profitable growth;

•The potential impact of consolidation, deregulation and bankruptcy among the Company’s suppliers, competitors and customers and of any legal or regulatory claims;

•The relative degree of competitive and customer price pressure on the Company’s products;

•The cost, availability and quality of raw materials required for the manufacture of products and any tariffs that may be associated with the purchase of these products or components of these products. The Company’s supply chain could face disruptions and constraints from such tariffs, inflationary pressures and ongoing wars and military conflicts, which could have a material, adverse effect on the ability to secure raw materials and supplies;

•Strikes, labor disruptions and other fluctuations in labor costs;

•Changes and uncertainty in significant government regulations, including those affecting environmental compliance or ~~other~~regulatory ~~compliance~~ or third-party litigation matters;

•Security breaches or other disruptions to the Company’s information technology structure;

•The telecommunication market’s continued deployment of Fiber-to-the-Premises;

•The impact of any failure to timely implement and maintain adequate financial, information technology and management processes and controls and procedures; and

•Those factors described under the heading “Risk Factors” in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024 which was filed on March 813, ~~2024~~2025.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company operates manufacturing facilities and offices around the world and uses fixed and floating rate debt to finance the Company’s global operations. As a result, the Company is subject to business risks inherent in non-U.S. activities, including political and economic uncertainty, import and export limitations and market risk related to changes in interest rates and foreign currency exchange rates. The Company believes that the political and economic risks related to the Company’s international operations are mitigated due to the geographic diversity in which the Company’s international operations are located.

There have been no material changes in the Company’s disclosed exposure to market risk since December 31, ~~2023~~2024. See “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s Principal Executive Officer and Principal Accounting Officer have concluded that the Company’s disclosure controls and procedures, as defined in Rule 13a-15(e) or Rule 15d-15(e) of the Securities Exchange Act of 1934, as amended, were effective as of ~~September~~March 3031, ~~2024~~2025.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting as defined in Rule 13a-15(f) and 15d-15(f) of the Securities and Exchange Act of 1934, as amended, during the ~~nine~~three-month period ended ~~September~~March 3031, ~~2024~~2025 that materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Information regarding the Company’s current legal proceedings is presented in Note 5 of the Notes to the Consolidated Financial Statements.

ITEM 1A. RISK FACTORS

27There were no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 13, 2025. In addition, the escalating tariffs between the U.S. and other countries could potentially exacerbate other risks discussed, any of which could have a material adverse effect on the Company. The situation continues to change, and additional impacts may arise that the Company is not aware of currently.

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There were no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 8, 2024. In addition, the ongoing conflicts between Russia and Ukraine as well as Israel and Palestine could potentially exacerbate other risks discussed, any of which could have a material adverse effect on the Company. The situation continues to change, and additional impacts may arise that the Company is not aware of currently.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On November 1, 2023, the Board of Directors authorized a new plan to repurchase up to an additional 212,952 of Preformed Line Products Company common shares, resulting in a total of 250,000 shares available for repurchase with no expiration date. The following table reflects repurchases for the three-month period ended ~~September~~March 3031, ~~2024~~2025.

Period	Total Number of Shares Purchased	AveragePrice Paidper Share ($)		Total Number ofShares Purchased asPart of PubliclyAnnounced Plans orPrograms	Maximum Numberof Shares that mayyet be Purchased under the Plans orPrograms
July	—	—		—	199,579
January	6,722	$	131.09	6,722	172,775
August	17,822	$	125.33	17,822	181,757
February	—	$	—	—	172,775
September	—	—		—	181,757
March	860	$	152.34	860	171,915
Total	177,~~822~~582

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ExhibitNumber						Exhibit
10.1						Joinder and Amendment No. 8 dated March 14, 2025 to Amended and Restated Loan Agreement dated September 24, 2015, as amended, between the Company and PNC Bank, National Association, filed herewith.
10.2						Fourtheenth Amended and Restated Line of Credit Note, dated March 14, 2025, between the Company and PNC, National Association, filed herewith.
31.1						Certification of the Principal Executive Officer, Robert G. Ruhlman, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2						Certification of the Principal Accounting Officer, Andrew S. Klaus, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.1						Certification of the Principal Executive Officer, Robert G. Ruhlman, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished.
32.2						Certification of the Principal Accounting Officer, Andrew S. Klaus, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished.
101.INS						Inline XBRL Instance Document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
104						Cover Page Interactive Data File (embedded within the inline XBRL document)

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						Preformed Line Products Company
October 31, 2024						/s/ Robert G. Ruhlman
May 2, 2025						/s/ Robert G. Ruhlman
						Robert G. Ruhlman
						Executive Chairman
						(principal executive officer)
October 31, 2024						/s/ Andrew S. Klaus
May 2, 2025						/s/ Andrew S. Klaus
						Andrew S. Klaus
						Chief Financial Officer
						(principal financial and accounting officer)

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Filing Compare · PREFORMED LINE PRODUCTS CO