Exhibit 99.3

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

Transaction Background

On September 18, 2024, Bel Fuse Inc. (“Bel”, the “Company”, “we”, “us” or “our”) entered into a Share Purchase Agreement, dated as of September 19, 2024 (the “Purchase Agreement”), with Enercon Technologies, Ltd. (“Enercon”), FF3 Holdings, L.P., for itself and as Sellers’ Representative (“FF3”), and each of the other seller parties signatory thereto (together with FF3, each a “Seller” and collectively, the “Sellers”). The transaction contemplated by the Purchase Agreement (referred to collectively herein as the “Transaction” or the “acquisition”) closed on November 14, 2024 (the “Closing Date”). Under the terms of the Purchase Agreement, on the Closing Date (and deemed effective solely for accounting purposes as of November 1, 2024), Bel acquired from the Sellers 80% of the issued and outstanding share capital of Enercon on a fully-diluted basis for (i) a cash purchase price of $320 million (subject to customary adjustments), plus (ii) up to $10 million in potential earnout payments for the 2025-2026 period (the “Earnout Payments”), as further described below.  Bel may acquire the remaining 20% stake in Enercon and has the current intention to so purchase such remaining interest by early 2027 in accordance with the terms and subject to the conditions of the Shareholders’ Agreement.

At the closing, Bel paid an aggregate of approximately $324.1 million in cash in respect of the cash purchase price (after giving effect to estimated adjustments taken at closing including for Enercon’s cash, indebtedness, net working capital and unpaid transaction costs, and subject to further adjustment post-closing) and Enercon recognized a seller note of $4.9 million. Bel funded the closing of the Transaction through cash on hand of approximately $85.6 million and with approximately $238.5 million provided through incremental borrowings under the Company’s revolving credit facility, as amended in connection with the Transaction.

The potential Earnout Payments may become payable of up to $5 million for each of the fiscal 2025 and fiscal 2026 earnout periods (each, an “Earnout Period”), subject to Enercon’s achievement of certain specified EBITDA targets for each respective Earnout Period, as calculated and determined in accordance with the Purchase Agreement.  In the event that (i) the target for the respective Earnout Period has been achieved, the full $5 million Earnout Payment for the Earnout Period shall be payable, or (ii) achievement for the respective Earnout Period is at least 90% of the target level but less than 100% of the target level, then the amount payable in respect of the Earnout Payment for such Earnout Period shall be $2.5 million. In the event that achievement for the respective Earnout Period is less than 90% of the target level, no Earnout Payment shall be due for such period.

Unaudited Pro Forma Condensed Combined Financial Information

The unaudited pro forma condensed combined financial information below has been prepared to illustrate the effect of Bel’s acquisition of Enercon, as further described above. The following pro forma financial information is based on our historical consolidated financial statements and the historical financial statements of Enercon and is intended to provide you with information about how the Transaction might have affected our historical consolidated statement of operations and balance sheet had the Transaction closed as of January 1, 2023.  Our preliminary purchase price has been allocated to the respective assets and liabilities based on current estimates and currently available information and is subject to revision based on final determinations of fair value and the final allocation of purchase price to the assets and liabilities of Enercon.

The following unaudited pro forma condensed combined statements of operations for the year ended December 31, 2023 and for the nine month period ended September 30, 2024, give effect to the acquisition and the financing obtained to fund the acquisition as if the transaction had occurred on January 1, 2023. The pro forma balance sheet as of September 30, 2024 gives effect to the acquisition and the financing obtained to fund the acquisition as if the transaction had occurred on September 30, 2024.  The historical consolidated financial information has been adjusted in the unaudited pro forma condensed combined financial information to give effect to or remove the effect of events that are directly attributable to the acquisition and are factually supportable.  The unaudited pro forma condensed combined statements of operations do not reflect any of Bel management’s expectations for revenue enhancements, cost savings from the combined companies’ operating efficiencies, synergies or other restructurings, or the costs and related liabilities that would be incurred to achieve such revenue enhancements, cost savings from operating efficiencies, synergies or restructurings, which could result from the acquisition.

The accompanying notes are an integral part of the pro forma condensed combined financial information. Such notes describe the assumptions and estimates related to the unaudited adjustments to the pro forma condensed combined financial information.

The pro forma financial information below is based on available information and assumptions that we believe are reasonable.  The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had the Transaction occurred on the date indicated.  The pro forma financial information also should not be considered representative of our future financial condition or results of operations.

Notes to the Unaudited Pro Forma Condensed Combined Financial Information

Note 1. Basis of Presentation

The historical financial statements have been adjusted in the pro forma combined financial information to give effect to certain transaction accounting adjustments to reflect the accounting for the acquisition of Enercon, as discussed further in Notes 2 and 3.

The acquisition of Enercon was accounted for under the acquisition method of accounting in accordance with FASB Accounting Standards Codification (ASC) Topic 805, Business Combinations. Bel is the acquirer for accounting purposes and has therefore estimated the fair value of Enercon’s assets acquired and liabilities assumed. The pro forma financial information contained herein has been prepared in accordance with Article 11 of Regulation S-X.

The historical financial statements of Enercon, a foreign business under Securities and Exchange Commission rules, were prepared under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS-IASB”), and are presented elsewhere in this Form 8-K/A in compliance with IFRS-IASB as permitted by Regulation S-X Rule 3-05(c). In order to present the pro forma financial information contained herein in accordance with U.S. GAAP, the Company assessed the impact of the change in accounting basis from IFRS-IASB to U.S. GAAP and noted material adjustments identified in that conversion process on the face of the pro forma balance sheet and the pro forma statements of operations contained herein in the column titled “U.S. GAAP Adjustments”. Under IFRS 16, a lessee may elect to apply a recognition exemption for leases of “low-value” assets, even if such leases are material in the aggregate. Under U.S. GAAP, there is no exemption for leases of low-value assets. The U.S. GAAP Adjustments shown in the accompanying pro forma balance sheet and statements of income includes the financial impacts related to the previously excluded vehicle leases on Enercon’s financials. The Company assessed other differences in IFRS-IASB accounting policies as compared to U.S. GAAP and no other significant financial impact was identified.

Note 2. Preliminary Estimated Purchase Price Allocation

The total preliminary estimated purchase price (consideration transferred) has been allocated to Enercon’s tangible and intangible assets and liabilities in the unaudited pro forma condensed combined financial information on the basis of their estimated fair values as of October 31, 2024. Goodwill is calculated as the difference between the preliminary estimate of fair value of the consideration transferred and the preliminary estimates of fair value assigned to the assets acquired and liabilities assumed.

The total preliminary estimated purchase price was allocated as follows:

Working capital accounts were valued at their respective carrying amounts because Enercon believes that these amounts approximate the current fair values. The preliminary estimate of fair value of the customer relationships and other intangible assets was determined by Bel with the assistance of a third-party valuation expert. The purchase price allocation adjustments are preliminary and have been made solely to provide unaudited pro forma condensed combined financial information. Bel will determine the final purchase price allocation after thoroughly assessing the fair value of Enercon’s tangible assets and liabilities and identifiable intangible assets and liabilities. As a result, the final acquisition transaction accounting adjustments could differ materially from the pro forma adjustments presented herein. Any increase or decrease in the fair value of Enercon’s tangible and identifiable intangible assets and liabilities as compared with the information shown herein would also change the portion of the purchase price allocable to goodwill.

Note 3. Unaudited Pro Forma Adjustments

The pro forma adjustments are preliminary and are subject to change. The unaudited pro forma balance sheet and unaudited pro forma income statements reflect:

Bel incurred $4.3 million of transaction costs during the nine months ended September 30, 2024. These costs are included in Bel’s historical statement of operations for the nine-month period ended September 30, 2024.