lfus-20230801

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION


WASHINGTON, D.C. 20579

FORM 8-K


CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: August 1, 2023

(Date of earliest event reported)

LITTELFUSE, INC.

(Exact name of registrant as specified in its charter)


Delaware	0-20388	36-3795742
(State of other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

8755 W. Higgins Road, Suite 500, Chicago, IL 60631

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (773) 628-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of Each Class

Trading Symbol

Name of exchange on which registered

Common Stock, par value $0.01 per share

LFUS

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐


Item 2.02			Results of Operations and Financial Condition

The information contained within Item 2.02 of this Form 8-K and the Exhibits attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

On August 1, 2023, Littelfuse, Inc. (the “Company”) issued a press release announcing the results of its operations for the quarter ended July 1, 2023. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and incorporated by reference to this Item 2.02 as if fully set forth herein. A copy of the press release will also be available on the Company’s website.


Item 7.01			Regulation FD Disclosure

To supplement the information in the attached press release, the Company has also prepared a presentation, which will be available on the Company’s website at https://investor.littelfuse.com/events-and-presentations and is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K.

The information contained in the press release and investor presentation attached to this Form 8-K includes forward-looking statements that are intended to be covered by the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to comments with respect to the objectives and strategies, financial condition, results of operations and business of the Company. These forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not be achieved. The Company cautions you not to place undue reliance on these forward-looking statements as a number of important factors could cause actual future results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements.

A copy of the press release is also posted on the Company's website.


Item 9.01			Financial Statements and Exhibits.


(d)			Exhibits
			The following exhibit is furnished with this Form 8-K:
			99.1 Press Release, dated August 1 , 2023
			99.2 Littelfuse Presentation dated August 1 , 2023
			104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signature

Pursuant to the requirements 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.


			Littelfuse, Inc.


Date: August 1, 2023			By: /s/ Meenal A. Sethna
			Meenal A. Sethna Executive Vice President and Chief Financial Officer

Exhibit 99.1



NEWS RELEASE			Littelfuse Inc. 8755 West Higgins Road, Suite 500 Chicago, Illinois 60631 p: (773) 628-1000 f: (773) 628-0802 www.littelfuse.com

LITTELFUSE REPORTS SECOND QUARTER RESULTS FOR 2023

Resilient business model continues to deliver strong year-to-date performance

CHICAGO, August 1, 2023 - Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the second quarter ended July 1, 2023:

•Net sales of $612.0 million were down 1% versus the prior year period, and down 8% organically

•GAAP diluted EPS was $2.79; adjusted diluted EPS was $3.12

•Cash flow from operations was $98.2 million and free cash flow was $82.4 million

•On June 28, the company entered into a purchase agreement to acquire a 200mm wafer fab from Elmos Semiconductor SE, enhancing its power semiconductor capabilities to support long-term business opportunities in high-growth industrial end markets

•The company’s Board of Directors approved an 8% increase in the quarterly cash dividend from $0.60 to $0.65; this equates to an annualized dividend of $2.60 per share

•On July 28, the company released its 2022 Sustainability Report on littelfuse.com/about-us/sustainability

“We delivered solid results in the second quarter driven by our strong operating fundamentals, within an ongoing dynamic environment,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “During the quarter, we secured significant new business in sustainability, connectivity, and safety applications, and continued to advance our strategic investments in high-growth end markets. Our strong overall performance to date, in 2023, reflects the resiliency of our business model. Looking ahead, our diverse technologies and capabilities, and the strength of our execution, continue to position us to deliver on our long-term growth strategy.”

Third Quarter of 2023*

Based on current market conditions, for the third quarter the company expects,

•Net sales in the range of $570 to $595 million, adjusted diluted EPS in the range of $2.48 to $2.72 and an adjusted effective tax rate of approximately 19.5%

*Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

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Dividend

•The company will pay a cash dividend on its common stock of $0.65 per share on September 7, 2023, to shareholders of record as of August 24, 2023

Conference Call and Webcast Information

Littelfuse will host a conference call on Wednesday, August 2, 2023, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast and available for replay at Littelfuse.com. A slide presentation is available in the Investor Relations section of the company’s website at Littelfuse.com.

About Littelfuse

Littelfuse, Inc. (NASDAQ: LFUS) is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 20 countries, and with approximately 18,000 global associates, we partner with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, our products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day. Learn more at Littelfuse.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

The statements in this press release that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act. Such statements are based on Littelfuse, Inc.’s (“Littelfuse” or the “Company”) current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties, include, but are not limited to, risks and uncertainties relating to general economic conditions; the severity and duration of the COVID-19 pandemic and the measures taken in response thereto and the effects of those items on the company’s business; product demand and market acceptance; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; cybersecurity matters; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity and other raw material price fluctuations; the effect of Littelfuse's accounting policies; labor disputes; restructuring costs in excess of expectations; pension plan asset returns less than assumed; integration of acquisitions; uncertainties related to political or regulatory changes; and other risks which may be detailed in the company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This release should be read in conjunction with information provided in the financial statements appearing in the company's Annual Report on Form 10-K for the year ended December 31, 2022. Further discussion of the risk factors of the company can be found under the caption "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2022, and in other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at investor.littelfuse.com and on the SEC’s website at www.sec.gov. These forward-looking statements are made as of the date hereof. The company does not undertake any obligation to update, amend or clarify these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the availability of new information.

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Non-GAAP Financial Measures

The information included in this press release includes the non-GAAP financial measures of organic net sales (decline) growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, adjusted effective tax rate, free cash flow, net debt, consolidated EBITDA, and consolidated net leverage ratio (as defined in the credit agreement). Many of these non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations.

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in the attached schedules.

The company believes that organic net sales (decline) growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor’s overall understanding of our core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of our fundamental business operations or were not part of our business operations during a comparable period. The company believes that free cash flow is a useful measure of its ability to generate cash. The company believes that net debt, consolidated EBITDA, and consolidated net leverage ratio are useful measures of its credit position. The company believes that all of these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that our definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.

CONTACT: Trisha Tuntland

Head of Investor Relations

(773) 628-2163

LFUS-F

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LITTELFUSE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	(Unaudited)
(in thousands)	July 1, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	480,743	$	562,588
Short-term investments	84		84
Trade receivables, less allowances of $86,968 and $83,562 at July 1, 2023 and December 31, 2022, respectively	339,637		306,578
Inventories	527,151		547,690
Prepaid income taxes and income taxes receivable	3,407		7,215
Prepaid expenses and other current assets	90,324		87,641
Total current assets	1,441,346		1,511,796











Net property, plant, and equipment	481,567		481,110
Intangible assets, net of amortization	628,333		593,970
Goodwill	1,289,188		1,186,922
Investments	25,248		24,121
Deferred income taxes	13,394		14,367
Right of use lease assets, net	56,379		57,382
Other long-term assets	40,259		34,066
Total assets	$	3,975,714	$	3,903,734
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	173,353	$	208,571



Accrued liabilities	143,843		187,057
Accrued income taxes	41,049		41,793
Current portion of long-term debt	137,435		134,874
Total current liabilities	495,680		572,295
Long-term debt, less current portion	864,223		866,623
Deferred income taxes	104,121		100,230
Accrued post-retirement benefits	30,038		28,037
Non-current operating lease liabilities	43,571		45,661
Other long-term liabilities	80,830		79,510








Total equity	2,357,251		2,211,378
Total liabilities and equity	$	3,975,714	$	3,903,734

Page 5

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)


	Three Months Ended				Six Months Ended
(in thousands, except per share data)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Net sales	$	611,997	$	618,436	$	1,221,779	$	1,241,766
Cost of sales	377,165		355,465		741,990		720,199
Gross profit	234,832		262,971		479,789		521,567

Selling, general, and administrative expenses	94,543		93,093		182,853		168,601

Research and development expenses	24,496		23,488		51,786		43,044
Amortization of intangibles	16,885		11,592		33,751		24,316
Restructuring, impairment, and other charges	6,855		634		8,705		852
Total operating expenses	142,779		128,807		277,095		236,813
Operating income	92,053		134,164		202,694		284,754

Interest expense	10,056		4,368		19,702		8,670
Foreign exchange (gain) loss	(1,404)		14,124		(3,079)		21,860
Other (income) expense, net	(2,050)		6,060		(8,283)		10,487
Income before income taxes	85,451		109,612		194,354		243,737
Income taxes	15,380		22,596		35,538		39,203
Net income	$	70,071	$	87,016	$	158,816	$	204,534

Earnings per share:
Basic	$	2.82	$	3.52	$	6.40	$	8.28
Diluted	$	2.79	$	3.48	$	6.33	$	8.19

Weighted-average shares and equivalent shares outstanding:
Basic	24,839		24,734		24,810		24,712
Diluted	25,095		24,985		25,078		24,986

Comprehensive income	$	55,160	$	55,667	$	157,188	$	170,982

Page 6

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six Months Ended
(in thousands)	July 1, 2023		July 2, 2022
OPERATING ACTIVITIES
Net income	$	158,816	$	204,534
Adjustments to reconcile net income to net cash provided by operating activities:	83,347		114,659















Changes in operating assets and liabilities:
Trade receivables	(30,562)		(76,807)
Inventories	26,638		(70,285)
Accounts payable	(33,796)		9,153



Accrued liabilities and income taxes	(57,790)		(23,107)
Prepaid expenses and other assets	4,980		7,175
Net cash provided by operating activities	151,633		165,322

INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	(158,260)		(9,758)


Purchases of property, plant, and equipment	(41,501)		(56,151)
Net proceeds from sale of property, plant and equipment, and other	741		542
Net cash used in investing activities	(199,020)		(65,367)

FINANCING ACTIVITIES
Net payments of credit facility	(3,750)		275,000










Cash dividends paid	(29,790)		(26,201)
All other cash provided by (used in) financing activities	854		(3,782)
Net cash (used in) provided by financing activities	(32,686)		245,017
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(1,772)		(15,511)
(Decrease) increase in cash, cash equivalents, and restricted cash	(81,845)		329,461
Cash, cash equivalents, and restricted cash at beginning of period	564,939		482,836
Cash, cash equivalents, and restricted cash at end of period	$	483,094	$	812,297

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LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)


	Second Quarter						Year-to-Date
(in thousands)	2023			2022			% Growth / (Decline)		2023			2022			% Growth /(Decline)
Net sales
Electronics	$	350,147		$	358,176		(2.2)	%	$	708,740		$	723,997		(2.1)	%
Transportation	172,048			182,027			(5.5)	%	338,689			366,531			(7.6)	%
Industrial	89,802			78,233			14.8	%	174,350			151,238			15.3	%
Total net sales	$	611,997		$	618,436		(1.0)	%	$	1,221,779		$	1,241,766		(1.6)	%

Operating income
Electronics	$	79,844		$	105,958		(24.6)	%	$	170,006		$	226,535		(25.0)	%
Transportation	7,789			18,309			(57.5)	%	16,321			44,617			(63.4)	%
Industrial	15,108			15,285			(1.2)	%	32,249			27,790			16.0	%
Other(a)	(10,688)			(5,388)			N.M.		(15,882)			(14,188)			N.M.
Total operating income	$	92,053		$	134,164		(31.4)	%	$	202,694		$	284,754		(28.8)	%
Operating Margin	15.0		%	21.7		%			16.6		%	22.9		%

Interest expense	10,056			4,368					19,702			8,670
Foreign exchange (gain) loss	(1,404)			14,124					(3,079)			21,860
Other (income) expense, net	(2,050)			6,060					(8,283)			10,487
Income before income taxes	$	85,451		$	109,612		(22.0)	%	$	194,354		$	243,737		(20.3)	%

(a) "other" typically includes non-GAAP adjustments such as acquisition-related and integration costs, purchase accounting inventory adjustments and restructuring and impairment charges. (See Supplemental Financial Information for details.)

N.M. - Not meaningful


	Second Quarter						Year-to-Date
(in thousands)	2023		2022		% (Decline)		2023		2022		% Growth /(Decline)
Operating Margin
Electronics	22.8	%	29.6	%	(6.8)	%	24.0	%	31.3	%	(7.3)	%
Transportation	4.5	%	10.1	%	(5.6)	%	4.8	%	12.2	%	(7.4)	%
Industrial	16.8	%	19.5	%	(2.7)	%	18.5	%	18.4	%	0.1	%

Page 8

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(In millions of USD except per share amounts - unaudited)


Non-GAAP EPS reconciliation
	Q2-23		Q2-22		YTD-23		YTD-22
GAAP diluted EPS	$	2.79	$	3.48	$	6.33	$	8.19
EPS impact of Non-GAAP adjustments (below)	0.33		0.78		0.42		1.06
Adjusted diluted EPS	$	3.12	$	4.26	$	6.75	$	9.25


Non-GAAP adjustments - (income) / expense
	Q2-23		Q2-22		YTD-23		YTD-22
Acquisition-related and integration costs (a)	$	3.8	$	4.8	$	7.2	$	8.6

Purchase accounting inventory adjustments (b)	—		—		—		4.8
Restructuring, impairment and other charges (c)	6.9		0.6		8.7		0.8


Non-GAAP adjustments to operating income	10.7		5.4		15.9		14.2
Other income, net (d)	—		(0.5)		(0.2)		(0.5)
Non-operating foreign exchange (gain) loss	(1.4)		14.1		(3.1)		21.9
Non-GAAP adjustments to income before income taxes	9.3		19.0		12.6		35.6
Income taxes (e)	1.0		(0.4)		1.9		9.1
Non-GAAP adjustments to net income	$	8.3	$	19.4	$	10.7	$	26.5

Total EPS impact	$	0.33	$	0.78	$	0.42	$	1.06


Adjusted operating margin / Adjusted EBITDA reconciliation
	Q2-23			Q2-22			YTD-23			YTD-22
Net sales	$	612.0		$	618.4		$	1,221.8		$	1,241.8
GAAP operating income	$	92.1		$	134.2		$	202.7		$	284.8
Add back non-GAAP adjustments	10.7			5.4			15.9			14.2
Adjusted operating income	$	102.8		$	139.6		$	218.6		$	299.0
Adjusted operating margin	16.8		%	22.6		%	17.9		%	24.1		%
Add back amortization	16.9			11.6			33.8			24.3
Add back depreciation	18.0			15.7			35.6			31.3
Adjusted EBITDA	$	137.7		$	166.9		$	288.0		$	354.6
Adjusted EBITDA margin	22.5		%	27.0		%	23.6		%	28.6		%


Adjusted EBITDA by Segment	Q2-23									Q2-22
	Electronics			Transportation			Industrial			Electronics			Transportation			Industrial
GAAP operating income	$	79.8		$	7.8		$	15.1		$	106.0		$	18.3		$	15.3
Add:
Add back amortization	10.1			4.2			2.7			6.1			4.3			1.2
Add back depreciation	9.7			6.9			1.4			8.4			6.3			1.0

Adjusted EBITDA	$	99.6		$	18.9		$	19.2		$	120.5		$	28.9		$	17.5
Adjusted EBITDA Margin	28.5		%	11.0		%	21.4		%	33.6		%	15.9		%	22.3		%

Page 9


Adjusted EBITDA by Segment	YTD-23									YTD-22
	Electronics			Transportation			Industrial			Electronics			Transportation			Industrial
GAAP operating income	$	170.0		$	16.3		$	32.2		$	226.5		$	44.6		$	27.8
Add:
Add back amortization	20.3			8.6			4.9			12.8			9.0			2.5
Add back depreciation	19.5			13.6			2.5			17.1			12.3			1.9

Adjusted EBITDA	$	209.9		$	38.5		$	39.6		$	256.4		$	65.9		$	32.2
Adjusted EBITDA Margin	29.6		%	11.4		%	22.8		%	35.4		%	18.0		%	21.3		%


Net sales reconciliation	Q2-23 vs. Q2-22
	Electronics		Transportation		Industrial		Total
Net sales (decline) growth	(2)	%	(5)	%	15	%	(1)	%
Less:
Acquisitions	11	%	1	%	6	%	7	%


FX impact	—	%	—	%	—	%	—	%
Organic net sales (decline) growth	(13)	%	(6)	%	9	%	(8)	%


Net sales reconciliation	YTD-23 vs. YTD-22
	Electronics		Transportation		Industrial		Total
Net sales (decline) growth	(2)	%	(8)	%	15	%	(2)	%
Less:
Acquisitions	12	%	—	%	5	%	7	%


FX impact	(1)	%	(1)	%	(1)	%	(1)	%
Organic net sales (decline) growth	(13)	%	(7)	%	11	%	(8)	%


Income tax reconciliation
	Q2-23			Q2-22			YTD-23			YTD-22
Income taxes	$	15.4		$	22.6		$	35.5		$	39.2
Effective rate	18.0		%	20.6		%	18.3		%	16.1		%
Non-GAAP adjustments - income taxes	1.0			(0.4)			1.9			9.1
Adjusted income taxes	$	16.4		$	22.2		$	37.4		$	48.3
Adjusted effective rate	17.4		%	17.3		%	18.1		%	17.3		%
Free cash flow reconciliation
	Q2-23			Q2-22			YTD-23			YTD-22
Net cash provided by operating activities	$	98.2		$	113.6		$	151.6		$	165.3
Less: Purchases of property, plant and equipment	(15.8)			(26.4)			(41.5)			(56.2)
Free cash flow	$	82.4		$	87.2		$	110.1		$	109.1

Page 10


Consolidated Total Debt	As of July 1, 2023


Consolidated Total Debt	$	1,001.7
Unamortized debt issuance costs	4.3
Consolidated funded indebtedness	1,006.0
Cash held in U.S. (up to $400 million)	127.4
Net debt	$	878.6

Consolidated EBITDA	Twelve Months Ended July 1, 2023
Net Income	$	327.4
Interest expense	37.2
Income taxes	66.1
Depreciation	69.3
Amortization	65.1
Non-cash additions:
Stock-based compensation expense	24.6
Purchase accounting inventory step-up charge	10.8
Unrealized loss on investments	0.8
Impairment charges	8.5
Other	19.4
Consolidated EBITDA (1)	$	629.2

Consolidated Net Leverage Ratio (as defined in the Credit Agreement) *	1.4x

* Our Credit Agreement and Private Placement Note with maturities ranging from 2023 to 2032, contain financial ratio covenants providing that if, as of the last day of each fiscal quarter, the Consolidated Net Leverage ratio at such time for the then most recently concluded period of four consecutive fiscal quarters of the Company exceeds 3.50:1.00, an Event of Default (as defined in the Credit Agreement and Private Placement Senior Notes) is triggered.

The Credit Agreement and Private Placement Senior Notes were amended in Q2 2022 and now allow for the addition of acquisition and integration costs up to 15% of Consolidated EBITDA and the netting of up to $400M of Available Cash (Cash held by US Subsidiaries).

(1) Represents Consolidated EBITDA as defined in our Credit Agreement and Private Placement Senior Notes and is calculated using the most recently concluded period of four consecutive quarters.

Note: Total will not always foot due to rounding.

(a) reflected in selling, general and administrative expenses ("SG&A").

(b) reflected in cost of sales.

(d) reflected YTD gain of $0.2 million from the sale of a building within the Electronics segment in the first quarter of 2023. 2022 amount included $0.5 million gain from the sale of a building within Transportation segment.

(e) reflected the tax impact associated with the non-GAAP adjustments, and 2022 amount includes the one-time net benefit of $7.2 million that resulted from the dissolution of one of the Company’s affiliates.

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1 Q2 2023 EARNINGS RELEASE August 1, 2023

2Littelfuse, Inc. © 2023 Important Information About Littelfuse, Inc. This presentation does not constitute or form part of, and should not be construed as, an offer or solicitation to purchase or sell securities of Littelfuse, Inc. and no investment decision should be made based upon the information provided herein. Littelfuse strongly urges you to review its filings with the Securities and Exchange Commission, which can be found at investor.littelfuse.com. This website also provides additional information about Littelfuse. “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995. The statements in this presentation that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act. Such statements are based on Littelfuse, Inc.’s ("Littelfuse" or the "Company") current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward- looking statements. These risks and uncertainties, include, but are not limited to, risks and uncertainties relating to general economic conditions; the severity and duration of the COVID-19 pandemic and the measures taken in response thereto and the effects of those items on the company’s business; product demand and market acceptance; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; cybersecurity matters; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity and other raw material price fluctuations; the effect of Littelfuse accounting policies; labor disputes; restructuring costs in excess of expectations; pension plan asset returns less than assumed; integration of acquisitions; uncertainties related to political or regulatory changes; and other risks which may be detailed in the company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This presentation should be read in conjunction with information provided in the financial statements appearing in the company's Annual Report on Form 10-K for the year ended December 31, 2022. Further discussion of the risk factors of the company can be found under the caption "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2022, and in other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at investor.littelfuse.com and on the SEC’s website at http://www.sec.gov. These forward-looking statements are made as of the date hereof. The company does not undertake any obligation to update, amend or clarify these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the availability of new information. Non-GAAP Financial Measures. The information included in this presentation includes the non-GAAP financial measures of organic net sales (decline) growth, adjusted operating margin, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted effective tax rate, free cash flow, and consolidated net leverage ratio (as defined in the credit agreement). A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the appendix. The company believes that these non-GAAP financial measures provide useful information to investors regarding its operational performance, ability to generate cash and its credit position enhancing an investor’s overall understanding of its core financial performance. The company believes that these non-GAAP financial measures are commonly used by financial analysts and provide useful information to analysts. Management uses these measures when assessing the performance of the business and for business planning purposes. Note that the definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies. DISCLAIMERS

BUSINESS UPDATE Dave Heinzmann, President & CEO

4Littelfuse, Inc. © 2023 Q2 2023 HIGHLIGHTS  Solid financial results  Revenue $612m  Adj. Operating Margin 16.8%  Adj. Diluted EPS $3.12  Adj. EBITDA 22.5%  Advanced strategic investments in high-growth end markets  Entered into purchase agreement to acquire 200mm wafer fab from Elmos Semiconductor SE  Will complement current footprint; adds highly-skilled technology team & high-quality wafer operation  Significant design wins in renewables, industrial automation & safety, medical, power supplies, cloud computing to support AI, electrification of vehicles & charging infrastructure  Robust opportunity pipeline across sustainability, connectivity, & safety applications  Strong overall performance year to date reflects resiliency of business model & strength of execution

6Littelfuse, Inc. © 2023 2022 SUSTAINABILITY REPORT HIGHLIGHTS Our Purpose We empower a sustainable, connected, and safer world 22% decrease in Scope 2 GHG emissions intensity Environment Social Governance 138% increase in renewable energy 12% decrease in overall energy intensity 84% manufacturing sites ISO 14001 certified 70% of our generated waste is recycled ~ 5,000 Hours of Cybersecurity and Data Privacy training globally Refined values to support long-term growth strategy ~ 20% reduced total injury incident rate significant suppliers screened from ESG perspective Initiated U.S. pay equity analysis 2.5 Hours per Employee of annual Ethics & Compliance training 99% Average completion Expanded Enterprise Risk Management, formed climate-related risk and opportunities committee and implemented supplier assessments Formal ESG Policy Manufacturing site sustainability team Central ESG software to manage and internally audit our ESG data Cobalt & Mica Included in supply chain due diligence America’s Best Midsize Employer Recognition from Forbes 574 Framework & Disclosure Programs:

7Littelfuse, Inc. © 2023 INDUSTRIAL END MARKETS POSITIONED FOR ACCELERATED GROWTH  Leading technologies critical for empowering greater sustainability & safety  High-performing solutions driving significant new business wins in renewables, industrial safety, HVAC, & motor drives  Solar, battery storage systems, safety applications for major retail chains & restaurants  Substantial new business opportunities related to government funded initiatives & infrastructure investments supporting electrification  Multiple technology wins for battery plant construction project with major automotive manufacturer Q2 2023 Highlights

8Littelfuse, Inc. © 2023 TRANSPORTATION END MARKETS EXTENDING OUR LEADERSHIP POSITION  Continued double-digit content outgrowth across passenger vehicle product portfolio  Robust new design wins driven by technical expertise & range of reliable products  Electrification: on-board charging, high-voltage power distribution, battery management systems, drive applications  Electronification: in-cabin cameras, hands-on-detection applications  Commercial vehicle design wins across broad range of applications  Electrification: construction equipment & two/three-wheelers  Agriculture equipment  Broad technology portfolio, enhanced with Western Automation solutions, expands presence in charging infrastructure Q2 2023 Highlights

9Littelfuse, Inc. © 2023 ELECTRONICS END MARKETS EXPANDING OUR LEADERSHIP  Global reach & superior design support accelerating design wins for next generation applications  Safety – critical lifesaving medical devices  Wearable defibrillators, implantable devices  Connectivity – datacenters, communications infrastructure to support machine learning & AI  Sustainability – LED lighting, rechargeable power tools  Continue to unlock opportunities for C&K switches portfolio; cross selling to Littelfuse customers  Pipeline of new business opportunities reflects growing electronics content across diverse applications Q2 2023 Highlights

FINANCIAL UPDATE Meenal Sethna, EVP & CFO

11Littelfuse, Inc. © 2023  Revenue (-1%) / (-8%) organic, vs PY  Acquisitions +7%  GAAP op margin 15.0%; adj. op margin 16.8%  YTD margins: GAAP operating 16.6%; adj. operating 17.9% & adj. EBITDA 23.6%...aligned with targets  Non-operating items reduced EPS 9 cents  Operating cash flow $98m; free cash flow $82m  YTD: operating cash flow $152m, free cash flow $110m, 69% conversion  Capital structure strength; net debt/EBITDA leverage 1.4x  8% increase in quarterly cash dividend, $2.60 annualized rate  12% CAGR since inception Q2 2023 TOTAL COMPANY FINANCIAL PERFORMANCE GAAP EPS $3.48 $2.79 Adj. EPS $4.26 $3.12 Adj. EBITDA% 27.0% 22.5% $618 $612 Q2-22 Q2-23 Revenue(in millions) See appendix for GAAP to non-GAAP reconciliation Highlights

12Littelfuse, Inc. © 2023 $358 $350 Q2-22 Q2-23 Q2 2023 ELECTRONICS SEGMENT FINANCIAL PERFORMANCE Revenue  Revenue (-2%) / organic (-13%), vs PY  +11% C&K acquisition  Organic strength in margin performance within transitory destocking environment  Continued momentum across portfolio  Growth areas…industrial, medical, renewable applications, auto electrification themes (in millions) Op Margin 29.6% 22.8% Adj. EBITDA% 33.6% 28.5% Highlights See appendix for GAAP to non-GAAP reconciliation

13Littelfuse, Inc. © 2023 $182 $172 Q2-22 Q2-23 Q2 2023 TRANSPORTATION SEGMENT FINANCIAL PERFORMANCE Revenue  Revenue (-5%) / organic (-6%), vs PY  Passenger vehicle growth +7%  Significant driver of company-wide double-digit content outgrowth  Commercial vehicle business organic (-17%)  Higher than anticipated transitory inventory destocking despite end market growth  Continued focus on improved op margin trajectory to mid-teens  Additional cost reductions  Expanded operational footprint shifts  Product/customer profitability optimization  Ongoing Carling integration initiatives (in millions) Op Margin 10.1% 4.5% Adj. EBITDA% 15.9% 11.0% See appendix for GAAP to non-GAAP reconciliation Highlights

14Littelfuse, Inc. © 2023 $78 $90 Q2-22 Q2-23 Q2 2023 INDUSTRIAL SEGMENT FINANCIAL PERFORMANCE Revenue  Revenue +15% / organic +9%, vs PY  Western Automation acquisition +6%  Wins across higher-growth and newer end markets  Renewables, energy storage, industrial automation, & safety  Continuation of robust margin profile, aligned with target (in millions) Op Margin 19.5% 16.8% Adj. EBITDA% 22.3% 21.4% See appendix for GAAP to non-GAAP reconciliation Highlights

15Littelfuse, Inc. © 2023 Q3 2023 GUIDANCE  Macro view  Continued growth in renewables, industrial, medical, cloud/AI, electrification themes  Ongoing inventory destocking across Electronics & Transportation segments through this year  Q3 Sales $570 - $595m  (-12%) vs PY; (-5%) sequentially  By segment: growth in Industrial, decline in Electronics & Transportation  Q3 EPS $2.48 - $2.72  Impact from sales volume de-leverage  Adj. tax rate ~19.5% (in millions) See appendix for GAAP to non-GAAP reconciliation $659 $612 $595 - $570 Q3-22 Q2-23 Q3-23 Revenue Adj. EPS $4.28 $3.12 $2.48 - $2.72 GAAP EPS $3.02 $2.79 - Highlights

16Littelfuse, Inc. © 2023 FULL YEAR 2023 CONSIDERATIONS / EXPECTATIONS  F/X (-$0.35) EPS impact, neutral to sales at current F/X rates  Expect to maintain company adjusted operating margins in high-teens  Other Assumptions  $66m amortization expense  $40m interest expense at current rates  Adj. tax rate 18 – 19%  Investing $100 - $110m in capital expenditures  Acquisition of Dortmund semiconductor fab  Expected close early fiscal 2025  Not expected to have a material impact to 2023 / 2024 financial results

17Littelfuse, Inc. © 2023 DIVERSIFICATION OF TECHNOLOGIES, END MARKETS & GEOGRAPHIES DELIVERS DOUBLE-DIGIT REVENUE & EARNINGS CAGR $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 $2,500 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 EP S Sa le s Revenue (M$) Adjusted EPS Resilient business model & strong growth strategy  Expanded market leadership & profitability  Playbook to successfully manage through dynamic environments  Prioritizing long-term strategic investments & managing cost structure  Experienced global teams *15-yr: 2007 - 2022; 10-yr: 2012 - 2022; 5-yr: 2017 - 2022 15-, 10-, 5-yr CAGRs* Sales +11% to +16% Adj EPS +17%