Q4 2025 Vertiv Holdings Co Earnings Call

February 11, 2026

Operator: Good morning. My name is Nadia, and I'll be your conference operator today. At this time, I would like to welcome everyone to Vertiv's Q4 and full year 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. Please note that this call is being recorded. I would now like to turn the program over to your host for today's conference call, Lynne Maxeiner, Vice President of Investor Relations.

Good morning. My name is Nadia and I'll be your conference operator. Today at this time I would like to welcome everyone. To creatives fourth quarter and full year 2025 earning a conference call.

All lines have been placed on mute to prevent any background noise.

Please note that this call is being recorded.

Lynne Maxeiner: Great. Thank you, Nadia. Good morning and welcome to Vertiv's Fourth Quarter and Full Year 2025 Earnings Conference Call. Joining me today are Vertiv's Executive Chairman, Dave Cote, Chief Executive Officer, Giordano Albertazzi, and Chief Financial Officer, Craig Chamberlin. We have one hour for the call today. During the Q&A portion of the call, please be mindful of others in the queue and limit yourself to one question. And if you have a follow-up question, please rejoin the queue. Before we begin, I would like to point out that during the course of this call, we will make forward-looking statements regarding future events, including the future financial and operating performance of Vertiv. These forward-looking statements are subject to material risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.

I would now like to turn the program over to your host. For today's conference call, Lin maxonar. Vice president of investor relations.

Great. Thank you, Nadia. Good morning and welcome to verda's fourth quarter and full year 2025 earnings conference call. Joining me today are virtus executive chairman. Dave Cody, chief executive officer Gio Albert hatsy and Chief Financial Officer, Craig Chamberlain. We have 1 hour for the call today during the Q&A. Portion of the call, please be mindful of others in the queue and limit yourself to 1 question. And if you have a follow-up question, please, rejoin the cube.

Lynne Maxeiner: We refer you to the cautionary language included in today's earnings release, and you can learn more about these risks in our annual and quarterly reports and other filings made with the SEC. Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events. During this call, we will also present both GAAP and non-GAAP financial measures. Our GAAP results and GAAP to non-GAAP reconciliations can be found in our earnings press release and in the investor slide deck found on our website at investors.vertiv.com. With that, I'll turn the call over to Executive Chairman, Dave Cote.

Before we begin, I would like to point out that during the course of this call. We will make forward-looking statements regarding future events, including the future financial and operating performance of burdens. These forward-looking statements are subject to material risk and uncertainties that could cause actual results to differ materially from those. In the forward-looking statements, we refer you to the cautionary language included in today's earnings release. And you can learn more about these risks in our annual and quarterly reports and other filings made with the SEC. Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

During this call, we will also present both gaap and non-gaap financial measures. Our Gap results and gaap to non-gaap reconciliations can be found in our earnings press release and in the investor side deck found on our website at inverse at investors.com with that, I'll turn the call over to Executive chairman. Dave, Cody,

Dave Cote: Well, I am extremely pleased with how we executed in Q4 and for the full year of 2025. We delivered strong results across key metrics, and we've got tremendous momentum heading into 2026 and beyond. What you're seeing is the payoff from years of strategic investments and disciplined execution. Our focus on engineering innovation, capacity expansion, and deep customer partnerships is translating directly into results. Jio and his team are doing an outstanding job executing our strategy, and I'm impressed with how they are navigating both opportunities and challenges. The AI-driven infrastructure buildout is accelerating, and data centers are at the center of it all. We're still in the early innings of this secular growth trend. Vertiv's position in this market keeps getting stronger. Our technology leadership and global scale, along with our service and operational capabilities, aren't easily replicated, and we keep widening that gap.

David Cote: Well, I am extremely pleased with how we executed in Q4 and for the full year of 2025. We delivered strong results across key metrics, and we've got tremendous momentum heading into 2026 and beyond. What you're seeing is the payoff from years of strategic investments and disciplined execution. Our focus on engineering innovation, capacity expansion, and deep customer partnerships is translating directly into results. Jio and his team are doing an outstanding job executing our strategy, and I'm impressed with how they are navigating both opportunities and challenges. The AI-driven infrastructure buildout is accelerating, and data centers are at the center of it all. We're still in the early innings of this secular growth trend. Vertiv's position in this market keeps getting stronger. Our technology leadership and global scale, along with our service and operational capabilities, aren't easily replicated, and we keep widening that gap.

Well, I am extremely pleased with how we executed in the fourth quarter and for the full year of the 2025.

We delivered strong results across key metrics. And we've got tremendous momentum heading into 26 and Beyond

What you're seeing is the payoff from years of strategic Investments and disciplined execution.

Our focus on engineering innovation, capacity expansion, and deep customer partnerships is translating directly into results.

Q and his team are doing an outstanding job, executing our strategy. And I'm impressed with how they are navigating both opportunities and challenges.

The AI driven infrastructure buildout is accelerating and data centers are at the center of it all

We're still in the early Innings of this secular growth trend.

Verdicts positioned in this market. Keeps getting stronger.

Dave Cote: We've established a strong record. We commit to ambitious goals, and we deliver. Now, here's what excites me the most. Vertiv isn't choosing between today and tomorrow. We're winning now and winning later, positioning us to create value both now and well into the future. Said more simply, we ain't done yet. With that, I'll turn it over to Jio, our leader and architect of this most excellent day.

David Cote: We've established a strong record. We commit to ambitious goals, and we deliver. Now, here's what excites me the most. Vertiv isn't choosing between today and tomorrow. We're winning now and winning later, positioning us to create value both now and well into the future. Said more simply, we ain't done yet. With that, I'll turn it over to Jio, our leader and architect of this most excellent day.

Our technology leadership and global scale, along with our service and operational capabilities aren't easily replicated and we keep widening that Gap.

We've established a strong record.

We commit to ambitious goals, and we deliver.

Now here's what excites me, the most vert of isn't choosing between today and tomorrow where winning now and winning later.

Positioning us to create value both now and well into the future.

Said more simply, we ain't done yet.

Giordano Albertazzi: Well, thank you. Thank you very much, Dave, and welcome, everyone. We go to slide three, and I'm certainly quite pleased with how we closed 2025. Another very strong quarter and a very strong year. Organically, fourth quarter, fourth quarter orders were up 152% year over year and up 117% sequentially. Very strong, all regions, all markets. Trailing 12 months organic orders growth was 81% and would be even higher if we included our recent acquisitions. Our book-to-bill ratio was 2.9 times. Our backlog stands at $15 billion, more than double last year's. Q4 organic net sales were up 19%, primarily driven by remarkable strength in the Americas, which grew 46% organically. APAC was down 9% and EMEA down 14%. Q4 adjusted operating margin was 23.2%, up 170 basis points from Q4 2024. Adjusted operating profit was $668 million and was up 33% from prior year.

With that, I'll turn it over to go. Our leader in architect of this most excellent day.

Well, thank you. Thank you very much. Dave, and welcome, everyone. We uh go to slide 3.

And uh, I'm certainly quite pleased with how we closed the 25, another very strong quarter and a very strong year.

Giordano Albertazzi: Our fourth quarter adjusted diluted EPS was $1.36, up 37% from Q4 2024. Adjusted free cash flow for the full year was circa $1.9 billion, with an adjusted free cash flow conversion of 115%. For 2026, we are projecting adjusted diluted EPS of $6.02 on organic sales growth of 28%, with adjusted operating margin of 22.5%. But let me give you some color on what we see regionally, and for that, we go to slide four. Let's start with the Americas. Americas continues to be the primary engine of our growth. Sales in 2025 were strong and broad-based across products and customer segments. The market is accelerating. Even after the large Q4 order intake, our pipeline continues to grow. Our guidance assumes sales growth in the high 30s. Americas led our acceleration, and that momentum continues.

4 adjusted. Operating margin was 23.2% up up. 170 bips from Q4 24, adjusted operating profit was a 6638 million and was up 33% from prior year.

Our fourth quarter, adjusted diluted DPS was a 1.36 up. 37% from Q4 24, adjusted free. Cash flow for the full year was Circa 1.9 billion.

With an adjusted free cash flow conversion of 115% for 2026, we are projecting adjusted diluted DPS of 6.2 cents on organic sales growth of 28%, with an adjusted operating margin of 22.5%. But let me give you some color on what we see regionally, and for that we go to slide 4.

Let's start with the Americas America, America's continues to be the primary engine of our growth sales in 2570.

Even after the large Q4 order intake, our pipeline continues to grow our guidance assumes, a sales growth in the high 30s.

Giordano Albertazzi: If we go to EMEA, well, we can say that the coil spring is uncoiling. The market sentiment has significantly improved. Pipeline growth has accelerated. We saw strong orders in Q4, and we expect that to continue in 2026. We expect to return to sales growth in the second half of the year. When it comes to APAC, well, that is accelerating. Despite China remaining muted, we saw strong Q4 order growth, and we expect China's soft growth rate to persist in 2026. But India and rest of Asia are robustly accelerating, and we're well positioned to capture that growth. Now, let's go to slide 5, where I want to start with customer demand on the left of the slide. And I'll just say Vertiv's momentum is quite remarkable. Trailing 12 months organic orders grew 81%. Fourth quarter orders were up more than 250%.

America's lead acceleration and that momentum continues to go to a mere. Well, we can say that, the coil spring is uncoiling, the market sentiment has a significantly improved pipeline, growth has accelerated, we saw strong growth into 4 and we expect that to continue in 26. We expect to return to sales growth in the second half of the year.

When it comes to APAC, well, that is accelerating. And despite China remaining muted, we saw strong Q4 orders growth, and we expect China's soft growth rate to persist into '26. But India and the rest of Asia are robustly accelerating, and we're well positioned to capture that growth.

Giordano Albertazzi: Book-to-bill almost three times, a strong performance. We did see some large orders coming in during the quarter. These large orders reflect our customers' increasing trust in Vertiv's ability to deliver at scale and their confidence in their market. Our $15 billion backlog is more than double last year's and up 57% sequentially, strong. Worth noting, the shape of our backlog is not very different from what we saw a year ago, yet it is more elongated into the 12- to 18-month window. This is very consistent with a very strong Q4 order intake. We're seeing robust pipeline growth across all regions and all product technologies. This is testament to the health of demand and of our visibility of the market. We have confidence in capturing a significant portion of this pipeline. Orders are getting bigger. Over time, we have been vocal about the lumpy nature of orders.

Now let's go to slide 5 what I want to start with customer Demand on the left of the slide and just say vertical momentum is quite remarkable. Trailing, 12 months, organic orders grew 81%, uh, fourth quarter orders, were up more than 250%.

Booked a bill, almost 3 times, a strong performance. And we did see some large orders.

Uh, coming in during the quarter, these large orders reflect our customers' increasing trust in Vertiv's ability to deliver at scale.

And their confidence in their market.

Our 15 billion dollar backlog is more than double last year's and up 57% sequentially. Strong.

With noting, the shape of our backlog is not very different from what we saw a year ago yet. It is more elongated into the 12- to 18-month window. This is very consistent with a very strong Q4 order intake.

We're seeing robust pipeline growth, across all regions and all product Technologies. This is Testament to the health of demand and of our visibility of the market.

We have confidence in capturing a significant portion of this pipeline.

Giordano Albertazzi: This lumpiness can generate unnecessary volatility. The dynamics of the market also make orders very difficult to predict. Consistent with what we said during 2025, we have been reflecting on our orders' disclosure. We believe that currently, the best approach is to no longer report actual orders, orders forecast, or backlog with quarterly earnings. It just seems to lead to excessive volatility that is not representative of the sustained performance of the company and is not beneficial to our investors. We will continue to provide our full year historical disclosure regarding sales and backlog in our Form 10-K. We will provide our view of the market in our quarterly earnings call. We feel very good about the strength of our pipelines, our ability to win, and our prospects for growth and to lead the industry.

Orders are getting bigger over time. We have been vocal about the lumpy nature of orders. This lumpiness can generate unnecessary volatility.

Giordano Albertazzi: We had an extremely strong year in orders, and we do believe we will grow further in 2026. Pricing continues to be favorable. 2025 pricing exceeded inflation, and we expect the same in 2026. The right side of the slide, now to talk about how we're managing the current environment and positioning for growth. We're mitigating material inflation pressure through our pricing mechanisms and focused cooperation with our suppliers. On capital, we're stepping up to 3%, 4% of sales in 2026 from our historical 2% to 3%. We continue to adopt a very disciplined and forward-looking approach to enabling our growth trajectory. Our suppliers are extensions of our operations, and we're working hand in hand to ensure they're scaling with us. This combination positions us very well to capture the growth ahead while projecting our margins, while protecting our margins, which you see embedded in our guidance.

The Dynamics of the market also makes orders very difficult to predict consistent with what we said during 25. We have been reflecting on our orders disclosure, we believe that currently the best approach is to no longer report, actual orders, orders, forecast or backlog with quarterly earnings, it just seems to lead to excessive volatility. That is not representative of the sustained. Performance of the company and is not beneficial to our investors. We will continue to provide our full year, historical disclosure, regarding sales and backlog in our form 10K. We will provide our view of the market, in our quarterly earnings call. We feel very good about the strength of our pipelines. Our ability to win and our prospects for growth and to lead the industry. We had an extremely strong year in orders, and we do

We believe we will grow further in '26.

Expect the same in 26.

The right side of the slide. Now, uh, to talk about how we're managing the current environment and positioning for growth.

We're mitigating material inflation. Pressure through our pricing mechanisms and focus cooperation with our suppliers on Capital. We are stepping up to 3 4% of sales in 26 from our historical 2 to 3%. We continue to adopt a very disciplined and forward-looking approach to enabling our growth trajectory. Our suppliers are extensions of our operations and we're working hand in hand to ensure their scaling with us.

This combination positions us very well to capture the growth ahead while projecting our margins.

Giordano Albertazzi: Let's now go to slide 6. You know how passionate we are about driving rapid technological evolution. This is where Vertiv's trends really come into play. Our traditional expertise in gray space has seamlessly been augmented by and interwoven with white space infrastructure expertise. With hundreds of kilowatts per rack, the mechanical, the electrical infrastructure, and the IT stack are so intimately connected that they need to be thought of as one system. Here are two of our converged, prefabricated solutions that perfectly align to this vision. Let's start with OneCore, an end-to-end full data center solution that dramatically simplifies and accelerates the customer journey, significantly reducing time to token. Vertiv OneCore can scale to gigawatts in 12.5 megawatts building blocks. OneCore is a complete, converged, entire data center infrastructure. It's engineered and scaled to deliver for the industry with speed, simplicity, and repeatability.

While protecting our margins, which you see embedded in our guidance.

And uh let's now go to slide 6.

You know how passionate we are about driving rapid technological evolution. This is where Vertiv's trends really come into play.

Our traditional expertise in Great Space is seamlessly being augmented by, and interwoven with, white space infrastructure expertise.

With hundreds of kilowatts per rack, the mechanical, the electrical infrastructure, and the IT stack are so intimately connected that they need to be thought of as one system. Here are two of our converged, prefabricated solutions that are perfectly aligned to this vision.

Let's start with 1 core and end to end. Full data center solution, that dramatically simplifies and accelerates the customer Journey. Significantly reducing time to token.

Giordano Albertazzi: It's engineered and scaled by an industry leader with a complete portfolio. Our collaboration with Hut 8 demonstrates this perfectly. Let's now continue with the Vertiv Smart Run, a converged and prefabricated white space infrastructure solution that massively accelerates data hall fit-out and readiness. Also here, it delivers simplicity and time to token for our customers. Smart Run is flexible and scalable across multiple generations of silicon. It has been deployed across several large customers at scale, and our work with Compass Datacenters perfectly shows those capabilities. Vertiv Smart Run can be standalone or part of OneCore. We continue to actively define the market with solutions like OneCore and Smart Run. Let's go now to slide 7. Our service portfolio is a critical competitive advantage and a robust source of recurring revenue. Our lifecycle services orders growth was north of 25% year-over-year. I'm very pleased to see that.

301 cor can scale to gigawatts in 12.5, megawatts building blocks. 1 core is a complete converged, entire data center infrastructure. It's engineered and scaled to deliver for the industry with speed Simplicity and repeatability.

It's engineered and scaled by an industry leader with a complete portfolio.

Our collaboration with Hot 8 demonstrates this perfectly.

Let's now continue with the vertiv, smart run a converged and prefabricated white, space infrastructure solution that massively accelerates uh data whole fit out and Readiness. Also, here it delivers Simplicity and time to token for our customers. Smart run is flexible and scalable across multiple generations of silicon. It is being deployed across several large customers at scale and our work with compass data centers.

It perfectly shows those capabilities. Vertical run can be standalone or part of OneCore. We continue to actively define the market with solutions like OneCore and SmartRun.

Let's go now to slide 7.

Our service portfolio is a critical competitive advantage and a robust source of recurring revenue.

Giordano Albertazzi: I'm not satisfied, as you may imagine. The increasing complexity and technical challenges that characterize the market are an opportunity to demonstrate our unique service capabilities and to deepen our customer relationships. Our service business is designed to deliver customer value across every phase of the infrastructure journey. The Purge Right acquisition fits exactly within Vertiv's service paradigm. It significantly strengthens our fluid management capabilities, end to end, both the primary and the secondary fluid networks. These are very critical systems in chilled water and liquid-cooled AI data centers. Fluid management is one of the most technically demanding and financially consequential aspects of running a modern data center and AI factory. With Purge Right, Vertiv now offers one of the most comprehensive fluid management capabilities in the industry, from initial design to commissioning and then throughout decades of operational lives of the data center.

Our Life Cycle Services orders growth was north of 25% year-on-year. I'm very pleased to see that—I'm not satisfied, as you may imagine. Uh, the increasing complexity and technical challenges that characterize the market are an opportunity to demonstrate our unique service capabilities and to deepen our customer relationships.

Our service business is designed to deliver customer value across every phase of the infrastructure Journey.

The Purge right. Acquisition fits exactly within virtus service Paradigm, it's significantly strengthens our fluid management capabilities. And to end both the primary and the secondary fluid networks. These are very critical systems in chilled water and liquid cooled, AI data centers.

Fluid management is one of the most technically demanding and financially consequential aspects of running a modern data center and AI factory.

Giordano Albertazzi: We optimize flow at startup and maintain balance, ultra cleanliness, fluid performance across the life cycle of the site. Every rack gets exactly the cooling it needs with the highest levels of reliability and resilience as the environment evolves. For customers, this means fewer thermal throttles, higher compute throughput, efficiency improvement, and a dramatically reduced downtime risk on hardware worth millions of dollars per rack. We expect Purge Right's specialized expertise to scale globally through our existing services network, creating the differentiated capability that addresses a growing critical customer need. With that, over to you, Craig. But first, I'm very glad to introduce our new CFO, Craig Chamberlin, to the earnings audience. Craig, calling you new sounds quite strange, actually. I'm extremely pleased with the speed at which you're getting a strong handle on the business. We work really well together.

With Purge Wright Vive now, offers one of the most comprehensive fluid management capabilities in the industry, from initial design to commissioning, and then throughout the operational life of the data center.

we optimized flow at startup and month maintain balance.

Customers. This means fewer thermal throttles higher compute, throughput efficiency Improvement and a dramatically reduced downtime risk on Hardware worth millions of dollars per rack.

Giordano Albertazzi: It feels like we've been working together for way more than hardly 3 months or so. I'm very thrilled. So now truly, truly over to you. Thanks, Gio. Just to start, I'd like to say I'm very excited to be here as Vertiv's new CFO. In my 2-plus decades in the industrial industry, I've worked with many great companies. However, what's happening here at Vertiv really stands out to me. The strength of our market position, the quality of our technology, and the caliber of this team makes me very excited about where we're headed. What Vertiv has built, the competitive advantage, customer relationships, and operational capabilities is a result of disciplined execution and strategic vision. I'm honored to join at this inflection point, and I look forward to working with all of you as we continue to drive shareholder value. Now, let's walk through our financial results.

Giordano Albertazzi: It feels like we've been working together for way more than hardly 3 months or so. I'm very thrilled. So now truly, truly over to you.

Craig Chamberlin: Thanks, Gio. Just to start, I'd like to say I'm very excited to be here as Vertiv's new CFO. In my 2-plus decades in the industrial industry, I've worked with many great companies. However, what's happening here at Vertiv really stands out to me. The strength of our market position, the quality of our technology, and the caliber of this team makes me very excited about where we're headed. What Vertiv has built, the competitive advantage, customer relationships, and operational capabilities is a result of disciplined execution and strategic vision. I'm honored to join at this inflection point, and I look forward to working with all of you as we continue to drive shareholder value. Now, let's walk through our financial results.

We expect Purge rights, specialized expertise to scale globally through our existing Services Network creating the differentiated capability that addresses a growing critical. Customer need with that over to you Craig. Uh, but first, um, you know, very glad to introduce our new CFO Craig Chamberlain to the uh, earnings audience. Craig calling you a new sounds quite, uh, strange actually. Am I extremely pleased with the speed at which you're getting a strong handle on the business? Um, we've worked really well together, um, and, you know, it feels like we've been working together for way more than, uh, hardly 3 months or so, I'm very thrilled. So, now truly, truly over to you.

Thank you. And just to start, I'd like to say I'm very excited to be here as Vertiv's new CFO, and my two-plus decades in the industrial industry—I have worked with many great companies. However, what's happening here at Vertiv really stands out to me.

The strength of our Market position, the quality of our technology and the caliber of this team makes me very excited about where we're headed. Well voter has built the competitive Advantage customer relationships and operational capabilities is a result of disciplined execution and strategic vision.

I'm honored to join at this inflection point, and I look forward to working with all of you as we continue to drive shareholder value.

Giordano Albertazzi: Turning to slide eight, we can walk through our strong first quarter performance. Starting with adjusted diluted EPS of $1.36, up 37% year over year and $0.10 above our prior guidance, the primary driver is strong operational performance, particularly in Americas where we saw exceptional volume growth. Organic net sales were up 19%, with strong momentum continuing in Americas, up 46%, offset by APAC down 9%, and EMEA down 14%. Our adjusted operating profit of $668 million was up 33% versus the prior quarter and $29 million higher than prior guidance. Adjusted operating margin of 23.2% grew by 170 basis points versus last year. This margin expansion was driven by strong operational leverage on higher volumes, productivity gains, and favorable price cost execution. As well, we saw our incremental margins year over year continue on a positive trend as they came in at 31% for the quarter.

Craig Chamberlin: Turning to slide eight, we can walk through our strong first quarter performance. Starting with adjusted diluted EPS of $1.36, up 37% year over year and $0.10 above our prior guidance, the primary driver is strong operational performance, particularly in Americas where we saw exceptional volume growth. Organic net sales were up 19%, with strong momentum continuing in Americas, up 46%, offset by APAC down 9%, and EMEA down 14%. Our adjusted operating profit of $668 million was up 33% versus the prior quarter and $29 million higher than prior guidance. Adjusted operating margin of 23.2% grew by 170 basis points versus last year. This margin expansion was driven by strong operational leverage on higher volumes, productivity gains, and favorable price cost execution. As well, we saw our incremental margins year over year continue on a positive trend as they came in at 31% for the quarter.

Now, let's walk through our financial results.

Turning to slide 8, we can walk through our strong fourth quarter performance, starting with the adjusted diluted EPS of $1.36, up 37% year-over-year and $0.10 above our prior guidance. The primary driver is strong operational performance, particularly in the Americas, where we saw exceptional volume growth.

Organic. Net sales were up 19% with strong momentum continuing in America's up, 46% offset by aipac. Down, 9% and a media down 14%

our adjusted operating profit of 668 million was up 33% versus the prior quarter and 29 million higher than prior guidance, adjusted, operating margin of 23.2% grew by 170 basis points versus last year.

This margin expansion was driven by strong operational, leverage on, higher volumes productivity, gains and favorable price costs execution.

Giordano Albertazzi: To wrap up the fourth quarter discussion, let's hit on cash. We delivered $910 million of adjusted free cash flow, up 151% from prior year fourth quarter, driven by higher operating profit and working capital efficiency, which was partially offset by an increase in higher cash tax. The larger orders in the quarter came with corresponding larger advance payments, which benefited our Q4 cash flow. We exited the quarter with net leverage of 0.5 times, giving us significant strategic flexibility. Moving on to slide 9, let's take a look at segment performance, which further highlights some of the dynamics Gio mentioned earlier in the pitch. In Americas, the team delivered another strong performance. Sales were up 50% with 46% organic growth. This growth was driven by broad-based strength across products and customer segments, strong end market demand combined with our ability to deliver.

As well. We saw our incremental margins year-over-year continue on a positive trend as they came in at 31% for the quarter.

To wrap up the fourth quarter discussion, let's hit on cash.

We delivered $910 million of adjusted free cash flow, up 151% from the prior year fourth quarter, driven by higher operating profit and working capital efficiency, which was partially offset by an increase in higher cash taxes.

The larger orders in the quarter came with corresponding larger Advanced payments, which benefited our Q4 cash flow. We exited the quarter with net leverage a 0.5 times. Giving a significant strategic flexibility.

Moving on to slide 9, let's take a look at segment performance which further highlights some of the Dynamics Geo mentioned earlier in the pitch.

In America as the team delivered, another strong performance sales were up 50% with 46% Organic growth. This growth was driven by broad-based strength across products and customer segments.

Giordano Albertazzi: Adjusted operating profit was $568 million, up 77%, and marginally expanded by 450 basis points. The results were the outcome of strong operational leverage, positive price costs, and continued productivity. Moving to the right, APAC sales were down 10%, 9% organically, primarily due to macroeconomic conditions in China. However, the rest of Asia remains strong. Adjusted operating profit of $49 million resulted in an adjusted operating margin of 9.9%, which was down 270 basis points versus prior year, pressured primarily by volume deleverage. In EMEA, sales were down 8%, 14% organically due to continued softness in the market. However, as Gio highlighted, we are seeing signs of recovery from strong fourth quarter orders performance. We continue to expect EMEA to return to sales growth in the second half of 2026. Fourth quarter adjusted operating profit of $111 million with adjusted operating margin of 22.1%.

Strong in market demand combined, with our ability to deliver.

Adjusted operating profit was $568 million, up 77%, and margin rate expanded by 450 basis points. The results were the outcome of strong operational leverage, positive price-costs, and continued productivity.

Moving to the right, Apex sales were down. 10% 9% organically, primarily due to macroeconomic conditions in China. However, the rest of Asia, Asia remains strong,

Adjusted operating profit of 49 million resulted in adjusted operating margin of 9.9% which was down 270 basis points versus prior year pressured primarily by volume deleverage.

In Amia sales were down 8% 14%, organically due to continued softness in the market. However, as Geo highlighted, we are seeing signs of recovery from strong fourth quarter orders performance,

We continue to expect the media to return to sales growth in the second half of 2026.

Giordano Albertazzi: This is a decline from prior year's 26.6%, which was expected given the 14% organic sales decline. The margin pressure reflects lower operating leverage, and we expect this margin trend to continue into Q1. Flipping to slide 10. Here we're highlighting our four-year 2025 results in which the team delivered another outstanding performance. We saw improvements across all key financial metrics. Adjusted diluted EPS of $4.20 was up 47% and exceeded guidance by $0.10. Net sales of $10.2 billion delivered 26% organic growth and exceeded guidance by $30 million. We saw strong growth in Americas, up 41%, and APAC up 18%, with a partial offset of EMEA being down 2%. Adjusted operating profit of $2.1 billion was up 35% and $30 million above guidance. Operating margin expanded 100 basis points to 20.4%. The full-year margin expansion was driven primarily by productivity and positive price costs.

Fourth quarter, adjusted operating profit of 1111 million with adjusted operating margin of 22.1%.

This is a decline from prior years' 26.6%, which was expected given the 14% organic sales decline. The margin pressure reflects lower operating leverage, and we expect this margin trend to continue into Q1.

Flipping the side 10.

Here, we're highlighting our 4-year 2025 results in which the team delivered, another outstanding performance. We saw improvements across all key financial metrics.

37% and exceeded guidance by $0.10.

Net sales of 10.2 billion delivered, 26% organic growth and exceeded guidance by 30 million.

We saw a strong growth in America's up 41% in a pack up 18% with the partial offset of a Mia being down 2%.

Adjusted operating profit of 2.1 billion was up 35% and 30 million above guidance.

Operating margin expanded 100 basis points to 20.4%.

Giordano Albertazzi: To close out the margin discussion, I'd like to highlight that we are delivering margin expansion while investing in growth and managing inflationary headwinds. Adjusted Free Cash Flow was another strong performance. We generated approximately $1.9 billion in Adjusted Free Cash Flow, up 66%, mainly driven by higher operating profit and positive working capital, including increased advance payments from the significant order delivery in the quarter. Our cash performance gives us flexibility to invest in growth, pursue strategic M&A, and return capital to shareholders. These results demonstrate both our excellent execution and industry leadership. Now let's turn to page 11 and go through our full-year 2026 guidance. We believe this outlook underscores our confidence in the market growth and our ability to continue to drive excellent performance. We're projecting Adjusted Diluted EPS of $6.02, representing 43% growth at the midpoint.

The full-year margin expansion was driven primarily by productivity and positive price/costs.

To close out the margin discussion. I'd like to highlight that we are delivering margin expansion while investing in growth and managing inflationary headwinds.

Adjusted pre- cash flow with another strong performance. We generated approximately 1.9 billion in adjusted free cash flow up 66%, mainly driven by higher operating profit and positive working capital, including increased Advanced payments from the significant order delivery in the quarter.

our cache performance gives us flexibility to invest to invest in growth, pursue strategic, m&a, and return Capital shareholders, these results demonstrate both, our excellent execution and Industry leadership,

Now, let's turn to page 11 and go through our full year 2026 guidance. We believe this Outlook underscores, our confidence in the market growth and our ability to continue to drive. Excellent performance.

Giordano Albertazzi: This improvement continues to show strong profit growth from prior year. As we move to net sales guidance, we're projecting $13.5 billion at the midpoint, which represents 28% organic growth, with projected sales growth to be driven by continued strength in Americas at high 30% growth, with APAC at mid-20% growth, and EMEA flat to down mid-single digits. On EMEA, as we mentioned earlier in the presentation, we expect a reacceleration in the market in the second half of 2026. Moving on, we expect adjusted operating profit of $3.04 billion and 22.5% margin at the midpoint, which translates to 210 basis points of expansion. This margin expansion is expected to be largely driven by continued operating leverage and positive price costs, while we also expect to continue to invest in capacity and technology advancement.

We're projecting adjusted diluted EPS of $6.20, representing 43% growth at the midpoint.

This improvement continues to show strong profit growth from the prior year.

As we move to net sales, guidance, we're projecting 13.5 billion at the midpoint which represents 28% organic growth with projected sales growth to be driven by continued strength in Americas at high 30% growth, with aipac at Mid 20% growth and Amia flat to Downs, mid- single digits.

On a Mia. As we mentioned earlier, in the presentation, we expect to react in the market in the second half of 2026.

Giordano Albertazzi: Finally, for the year, Adjusted Free Cash Flow is expected to be $2.2 billion, representing 17% growth, reflecting anticipated strong profit growth and working capital improvements, offset by higher tax and increased CapEx to support growth. As you can see from the metrics on the page, we're confident in our ability to deliver another strong year in 2026. Flipping to slide 12, we can round out with a look at Q1 2026. For Q1 2026, we're projecting Adjusted Diluted EPS of $0.98, which represents 53% growth at the midpoint. For net sales, we expect to deliver $2.6 billion or 22% organic growth at the midpoint. This guide anticipates growth in Americas of high 30% and growth in APAC of low 20%, with anticipated offset of EMEA being down in the mid-20% range.

Moving on, we expect adjusted operating profit of 3.04, billion and 22.5% margin at the midpoint, which translates to 210 basis points of expansion. This margin expansion is expected to largely driven by continued operating leverage and positive price costs. While we also expect to continue to invest in capacity and Technology advancement

Finally, for the year.

Adjusted free cash flow is expected to be 2.2 billion representing 17% growth reflecting anticipated, strong, profit growth and working Capital Improvements all set by higher tax and increased capex to support growth.

As you can see, from the metrics on the page, we are confident in our ability to deliver another strong year in 2026.

Flipping the slide 12, we can round out with a look at 1 Q 2026.

Giordano Albertazzi: We expect adjusted operating profit of $495 million, up 47% at the midpoint, and margin rate of 19% translates to 250 basis points of expansion at the midpoint. Just as a note on tariffs, we expect on an exit rate basis to have materially offset unfavorable margin impact from tariffs as of Q1 of this year. As you can see from the metrics, we're expecting to deliver a strong start in 2026. With that, I'll send it back to you, Gio. Well, thank you, Craig. Let's wrap up. For that, we go to slide 13. Again, Q4 and full year 2025 exceeded guidance across all metrics. Orders backlog very robust, evidenced by impressive book-to-bill circa 3 times. The momentum is certainly very strong.

For 1 Q 2026. We're projecting adjusted diluted EPS of 98 cents which represents 53% growth at the midpoint for net sales. We expect to deliver 2.6 billion or 22% organic growth at the midpoint this guide anticipates growth in America's of high, 30s percent and growth in a pack of low. 20% with anticipated, offset of AIA being down in the mid 20% range.

We expected adjusted operating profit of $495 million, up 47% at the midpoint, and a margin rate of 19%, which translates to 250 basis points of expansion at the midpoint.

Just as a note on tariffs, we expect, on an exit rate basis, to have materially offset unfavorable margin impact from tariffs as of the first quarter of this year.

Giordano Albertazzi: Well, thank you, Craig. Let's wrap up. For that, we go to slide 13. Again, Q4 and full year 2025 exceeded guidance across all metrics. Orders backlog very robust, evidenced by impressive book-to-bill circa 3 times. The momentum is certainly very strong.

As you can see, from the metrics, we're expecting to deliver a strong start in 2026.

With that. I'll send it back to you go. Well thank you Craig and uh let's wrap up and for that we go to slide 13.

And again, Q4—and fully at '25 exit guidance, across all metrics.

Orders backlog variables, um, evidenced by impressive book to build Circa 3 times.

Giordano Albertazzi: We continue to strengthen our position as an industry thought leader, and this is highlighted by our product technology offering, full system approach, and our services as strength. All this is strengthened by our acquisitions, of which Purge Right is a great example. Our 2026 guidance shows a step up in all key metrics. I've never been more excited about Vertiv's future. We're leading the industry in orders. We're scaling. We are very well positioned to expand our market leadership and drive the industry forward. I'm very much looking forward to seeing as many of you as possible at our investor conference in May. With that, back to you, Nadia, and let's start the Q&A. Thank you. We will now begin the question and answer session. In order to ask a question, please press start, then the number one on your telephone keypad.

The momentum is certainly very strong.

Uh, we continue to strengthen our position as an industry, thought leader. And this is highlighted by our product. Technology offering pool system approach, and our services is a strength.

Operator: Thank you. We will now begin the question and answer session. In order to ask a question, please press start, then the number one on your telephone keypad.

At this and all this is strengthened by our Acquisitions of which Purge, right is a great example. Our 2026 guidance shows a step up in all key metrics. I've never been more excited about vertical future, we're leading the industry in orders. We're scaling, uh, we are very well positioned to expand our Market leadership and drive the industry forward. Um, very much looking forward to see is many of you as possible at our investor conference in uh in May. And uh, and with that, uh, back to you Nadia and let's start the Q&A.

Giordano Albertazzi: In the interest of time, please limit yourself to one question. If you have a follow-up question, please rejoin the queue. We'll pause for just a moment to compile the Q&A. The first question goes to Steve Tusa of JP Morgan. Please go ahead. Hi. Good morning. Morning, Steve. Morning. Yeah. Your ERP must have been busy this quarter. Probably requires a few more data centers just to handle that. So just on the dollar value of the orders, is there you guys have talked about the $3 to $3.5 million per megawatt. There's obviously a lot of megawatts coming on and being ordered, but is there any creep in that content to the upside that's bolstering these orders, or should we still think about that as the right framework for the dollar per megawatt TAN?

Operator: In the interest of time, please limit yourself to one question. If you have a follow-up question, please rejoin the queue. We'll pause for just a moment to compile the Q&A. The first question goes to Steve Tusa of JP Morgan. Please go ahead.

Answer session in order to ask a question. Please press star then the number 1 on your telephone keypad.

In the interest of time, please hit yourself to 1 question and if you have a follow-up question, please rejoin the queue. We'll pause for just a moment to compile the Q&A.

Stephen Tusa: Hi. Good morning. Morning, Steve. Morning. Yeah. Your ERP must have been busy this quarter. Probably requires a few more data centers just to handle that. So just on the dollar value of the orders, is there you guys have talked about the $3 to $3.5 million per megawatt. There's obviously a lot of megawatts coming on and being ordered, but is there any creep in that content to the upside that's bolstering these orders, or should we still think about that as the right framework for the dollar per megawatt TAN?

The first question goes to Steve Tusa of JP Morgan. Please go ahead.

Hi, good morning.

Morning.

Yeah. You're uh

Giordano Albertazzi: I would say that currently, you can just use that as a framework. Clearly, we've been vocal on other occasions, and certainly is all the more reason true as the technology evolves that the complexity of the technology and the technology trajectory, if anything, is good from a TAN per megawatt standpoint. So I think we'd be a little premature at this stage. We like what we see. I think the best is three months from now, we'll be together, and certainly, this will be an important theme. Then just quickly following up on the CapEx number, how should we think about for every $100 million of incremental CapEx? From what we've seen, whether it's Eaton or some of your other peers, it's a pretty high multiple of sales growth on that CapEx. What $100 million can what the output of that could mean.

Your Erp must have been busy this this, uh, this this quarter, um, probably requires a bit few more data centers just to handle that. Um, so um, just on, on, on, on, on the dollar value of the, um, of the orders is, is there? You know, you guys have talked about the 3 to 3 and a half million per megawatt. There's obviously a lot of like, megawatts coming on and, and being ordered, but is is, is there any, you know, creep in that content to the upside? That's that's bolstering these orders or should we still think about that as the right framework for the dollar per megawatt 10?

I I would say that currently you can just use uh that as a as a framework clearly, we've been vocal and other occasions and certainly is all the more reason true as the technology evolves that the complexity of the technology and the technology trajectory if anything is Good from uh from a ton, a tamper a megawatt.

That point. So, I think it would be a little premature at this stage. We like what we see. I think the best is, uh, you know, three months from now we'll be together, and certainly this will be an important theme.

Giordano Albertazzi: Is there some sort of multiple, I don't know, 15, 20 times on that extra $100 million that we can think about as being able to support a revenue run rate for the future? Just trying to understand how you can deliver on this and what it will take to execute on this backlog. I will give it a go and try if you want kind of a chip in. But I'd say that I think the best way of looking at it is to look at our 2 to 3 percent CapEx percent of sales moving to 3 to 4, call it 3.5. You can certainly correlate that to our growth and our trajectory. Yeah, going back to how we make it happen, as I mentioned a few minutes ago, it's about being gradual. It's about being ahead.

And then just quickly following up, on, on the capex. Number, um, how should we think about for every like 100 million of incremental capex? Um, you know, from what we've seen whether it's you know eaten or some of your other peers. It's a pretty high multiple of sales growth on on, you know, on that capex like what a hundred million dollars can what the output of that could mean. Is there some sort of multiple like, I don't know, 15 20 times on that extra 100 million that we can think about as being able to support a, you know, a revenue run rate for the future was trying to understand how how you can deliver on this, you know, and and what it will take to execute on on this backlog.

I will, uh, give it a go and cry if you want, kind of a chip in. But I'd say that I think the best way of looking at it is to look at 2 to 3%, uh, capital as percent of sales, moving to 3 to 4, probably 3.5. Um, that is, uh, uh—

Giordano Albertazzi: But again, CapEx expansion, capacity expansion doesn't happen in big steps, at least not the way we do it. We like many steps that are meaningful. But again, I think the correlation between growth and our percent CapEx is an interesting and important element. Yeah. Excellent. Thanks, guys. Thanks. The next question goes to Scott Davis of Melius Research. Scott, please go ahead. Hey, good morning, guys. And good morning, Lynne. And welcome, Craig. Congrats on an unbelievable year. Guys, I'm just kind of curious. I'm just trying to picture these orders coming in in Q4 are just massive, and I know that was the crux of Steve's question as well. But is there any? You talked about lumpiness, but were there any particularly large projects or anything unusual in the quarter?

Stephen Tusa: Excellent. Thanks, guys.

Operator: Thanks. The next question goes to Scott Davis of Melius Research. Scott, please go ahead.

Excellent. Thanks guys.

Thanks.

Scott Davis: Hey, good morning, guys. And good morning, Lynne. And welcome, Craig. Congrats on an unbelievable year. Guys, I'm just kind of curious. I'm just trying to picture these orders coming in in Q4 are just massive, and I know that was the crux of Steve's question as well. But is there any? You talked about lumpiness, but were there any particularly large projects or anything unusual in the quarter?

The next question, because she's got Davis of Melius Research. Scott, please go ahead.

Hey, good morning guys. And uh, and welcome Craig.

Congrats on an, um, unbelievable year. Um,

Giordano Albertazzi: Is there any incentive, perhaps, for folks to make an order before the end of the year in 2025 or price or otherwise, or getting ahead in the Q? I'm just trying to get my arms around these numbers, which are just absolutely massive. Well, the answer in terms of something that is unusual, let's say, from the normal course of business in terms of price and whatever else, the answer is no, very, very, very simply. I'd say that certainly is a reflection of the demand that we see in the market. Certainly, as I said, is a reflection of the belief and demonstrated ability to scale combined with our awesome technology. But the fact is, yes, there were quite a few large orders, but again, quite a few. We shouldn't look at this as something dramatically strange.

Scott Davis: Is there any incentive, perhaps, for folks to make an order before the end of the year in 2025 or price or otherwise, or getting ahead in the Q? I'm just trying to get my arms around these numbers, which are just absolutely massive.

Guys, I um, I'm just kind of curious as back. You know that, I'm just trying to picture these orders coming in in 42 or just massive. And I know that was the Crux of Steve's question as well. But is, is there any, you know, you talk about lumpiness? But were there any, particularly large projects or anything unusual in the quarter was there any, is there any incentive perhaps for folks to, uh, make an order before the end of the year in 25, for Price or otherwise or getting ahead in in the queue?

Giordano Albertazzi: Well, the answer in terms of something that is unusual, let's say, from the normal course of business in terms of price and whatever else, the answer is no, very, very, very simply. I'd say that certainly is a reflection of the demand that we see in the market. Certainly, as I said, is a reflection of the belief and demonstrated ability to scale combined with our awesome technology. But the fact is, yes, there were quite a few large orders, but again, quite a few. We shouldn't look at this as something dramatically strange.

Uh, I'm just trying to get my arms around these. These numbers are just, uh, absolutely massive.

Well uh the answer in terms of something that is unusual. Let's say from uh from the normal course of business, in terms of uh price on whatever else, the answer is. No uh, very very very simply um,

Giordano Albertazzi: This is something that's been happening in the market, and orders are becoming larger and larger and larger. So this is really orders where customers know that they need our kit, our systems, our solutions, and they know where and when. So it's not kind of a no big anomalies here. But orders can be lumpy, and sometimes they happen all in one quarter, more in one quarter and the other, etc. So the sequencing is something that is lumpy. And that's what we've been saying for quite some time. And that's why the decisions that we have made on orders, guidance, and actuals. But no, nothing unnatural. And I would think it continues to underscore what we've sorry, go ahead, Craig. No, I said it continues to underscore what we've talked about before, which is the system-level thinking.

Uh, but the but but, but the fact is, uh, um, yes, there were quite a few, uh, large orders, but again, quite quite a few shouldn't look at this as uh, as something dramatically strange. Uh, this is something we've been happening in the market and, uh, orders are becoming larger and, uh, larger and larger. So, this is really orders where customers know that they need our kit, our systems are solutions, and they know where, and when, so,

Craig Chamberlin: And I would think it continues to underscore what we've

Giordano Albertazzi: sorry, go ahead, Craig.

It's not kind of a no big anomalies here but orders can be lumpy and sometimes they happen. All in 1 quarter, you know. Uh but more in 1 quarter and the other Etc. So there's the sequencing is something that is uh um you know lumpy and that's what we've been saying for for quite some time. And that's why you know that the decisions that we have made on uh on orders. Guidance are actuals but uh no nothing. Nothing unnatural.

And I would think it okay continues to, I want...

Craig Chamberlin: No, I said it continues to underscore what we've talked about before, which is the system-level thinking.

Sorry, go ahead Craig.

Giordano Albertazzi: And I think the system-level thinking is starting to play out on a larger scale, Scott, which is making these orders bigger than what they have been in the past. Fair enough. Best of luck, guys. I appreciate the color. Thank you. Passing on. Thanks, Scott. The next question goes to Amit Daryanani of Evercore. Amit, please go ahead. Yep. Thanks a lot, and congrats on my side as well for some very impressive orders over here. If I look at the order and the backlog number that you folks have, you clearly set up for some very strong performance, I imagine, not just in 2026, but even in 2027 and beyond. So I'm wondering, Gio, if you can just kind of walk through what are the key operational steps, the key bottlenecks you think you have to solve for to convert this backlog into revenues and EPS over time.

Craig Chamberlin: And I think the system-level thinking is starting to play out on a larger scale, Scott, which is making these orders bigger than what they have been in the past.

Scott Davis: Fair enough. Best of luck, guys. I appreciate the color.

No, it says, it continues to underscore what we've talked about before, which is the system level thinking, and I think the system level thinking is starting to play out on a larger scale, Scott, which is making these orders bigger than what they have been in the past.

Giordano Albertazzi: Thank you.

Scott Davis: Passing on.

Craig Chamberlin: Thanks, Scott.

Operator: The next question goes to Amit Daryanani of Evercore. Amit, please go ahead.

Fair enough. Uh, best of luck, guys. I appreciate the color. Thank you. Pass it on. Thanks Scott.

Amit Daryanani: Yep. Thanks a lot, and congrats on my side as well for some very impressive orders over here. If I look at the order and the backlog number that you folks have, you clearly set up for some very strong performance, I imagine, not just in 2026, but even in 2027 and beyond. So I'm wondering, Gio, if you can just kind of walk through what are the key operational steps, the key bottlenecks you think you have to solve for to convert this backlog into revenues and EPS over time.

Question: Guess, who am I? Darani of Evercore. Amit, please, go ahead.

um, thanks a lot and um, congrats on my side as well from

Some very impressive orders over here.

You know.

Giordano Albertazzi: Just maybe help us understand what are you focused on, what needs to go right to convert these orders into sales and EPS in 2026 and 2027. Thank you. Yeah. Well, thank you. Thank you, Amit. We're really working, and we have been working, so it's not like something new. We have been working, and we continue to work. We're accelerating our capacity expansion. Capacity expansion always happens in two ways. One is CapEx, so-called footprint, generally speaking. Not only there is also an increase of productivity, but the other is really obtaining more output from the existing footprint. So the two-pronged approach that we talked about several times is what continues to happen. But as we speak, factory is being expanded. We have a couple of new locations coming live. And we're working very, very actively with our supply chain.

Amit Daryanani: Just maybe help us understand what are you focused on, what needs to go right to convert these orders into sales and EPS in 2026 and 2027. Thank you.

Giordano Albertazzi: Yeah. Well, thank you. Thank you, Amit. We're really working, and we have been working, so it's not like something new. We have been working, and we continue to work. We're accelerating our capacity expansion. Capacity expansion always happens in two ways. One is CapEx, so-called footprint, generally speaking. Not only there is also an increase of productivity, but the other is really obtaining more output from the existing footprint. So the two-pronged approach that we talked about several times is what continues to happen. But as we speak, factory is being expanded. We have a couple of new locations coming live. And we're working very, very actively with our supply chain.

Water and the backlog number that you folks have you clearly set up for some very strong performance by imagine not just in 26, but even in 27 and Beyond. Um, so I'm wondering do you. If you can just kind of walk through, you know, what are the key? Operational steps. The key bottlenecks. You think you have to solve for to convert this backlog into, you know, revenues and EPS over time? Um, you know, just just maybe help us understand like what are you focused on? What needs to go, right? Because what these Audits and do sales and EPS in 26 and 27? Thank you.

Yeah, we we are well, thank you, thank you mate. Um the we're really working uh and we have been working, so it's not like uh uh something new. We have been working and we continue to work, we accelerating our uh capacity expansion capacity expansion. Always happens in 2 ways 1 is uh, uh, capex. I'll call it footprint, generally speaking. Not only, there is also

Giordano Albertazzi: So it is really diligently and in a very focused manner execute on this backlog. I think we're in a good shape. We've been diligent about making capacity available gradually but rapidly for the last couple of years. And we're accelerating as our numbers say, both on CapEx and on the top line. And Amit, I think you could look at just the Q4. The acceleration in CapEx is in the financial numbers, and you'll also see that in the guide that the acceleration in CapEx is there as well, which underscores what we're doing. Most of that is in flight, meaning that we're already doing the buildouts, and we understand what we need to go do to deliver the capacity for the guide that we put out there for sales. Got it. Thank you. The next question goes to Jeff Sprague of Vertical Research Partners. Jeff, please go ahead.

Increase of, uh, uh, productivity, but the other is really, obtaining more output from the existing from the existing, uh, footprint. So, the 2 prong approach that we talked about several times is what continues to to happen. But as we speak, uh, you know, we are factories being expanded. We have, uh, a couple of new location coming coming live and, uh, you know, we're working very, very actively with our supply chain. So, uh, it is really diligently, uh, and uh, in a very focused manner, uh, execute on, uh, on this, uh, on this backlog. I think we're in a good, uh, in a good shape. Uh, we've been diligent about, uh, making capacity available, uh, gradually, but rapidly for, uh, for the last couple of years and, uh, you know, we accelerating as, uh, as as our numbers are saying.

Craig Chamberlin: And Amit, I think you could look at just the Q4. The acceleration in CapEx is in the financial numbers, and you'll also see that in the guide that the acceleration in CapEx is there as well, which underscores what we're doing. Most of that is in flight, meaning that we're already doing the buildouts, and we understand what we need to go do to deliver the capacity for the guide that we put out there for sales.

Both on capex and and the the top line. And I mean, I think you, you could look at uh, just the fourth quarter. The acceleration and capex is is in the, the financial numbers and you'll also see that in the guide that the acceleration in capex, is there as well? Which underscores what we're doing? Most of that is in flight.

Amit Daryanani: Got it. Thank you.

I mean that we're already doing the build-outs and we understand what we need to go do to deliver the capacity for the guy that we put out there for sales,

Operator: The next question goes to Jeff Sprague of Vertical Research Partners. Jeff, please go ahead.

Got it. Thank you.

The next question—go to Jeffrey of Vertical Research. Jeff, please go ahead.

Giordano Albertazzi: Hey, thank you. Good morning. Congrats on the shock-and-awe numbers here. Maybe we could just hit on Europe and Asia briefly from my standpoint. First, on Europe, things really changed on the ground in terms of the permitting bottlenecks and the like. Obviously, you said the orders are a bit better, but a slow start to the year. I'm also just curious on China specifically if you could address that. Clearly, weak economically and industrially, but I wouldn't think China would want to fall behind in the AI race. I just wonder if the weakness there is maybe some indication that Western players are not being invited to play to the same degree as they were historically, just a competitive state of things on the ground in China. I'll leave it there. Thanks. Yeah. Well, thanks, Jeff. Let's start with EMEA. Let's start with EMEA in general.

Jeffrey Sprague: Hey, thank you. Good morning. Congrats on the shock-and-awe numbers here. Maybe we could just hit on Europe and Asia briefly from my standpoint. First, on Europe, things really changed on the ground in terms of the permitting bottlenecks and the like. Obviously, you said the orders are a bit better, but a slow start to the year. I'm also just curious on China specifically if you could address that. Clearly, weak economically and industrially, but I wouldn't think China would want to fall behind in the AI race. I just wonder if the weakness there is maybe some indication that Western players are not being invited to play to the same degree as they were historically, just a competitive state of things on the ground in China. I'll leave it there. Thanks.

Hey, thank you. Good morning. Um, congrats on the shock and all numbers here. Um,

I wouldn't think China would want to fall behind in the AI race. I just wonder if the weakness there is—

Giordano Albertazzi: Yeah. Well, thanks, Jeff. Let's start with EMEA. Let's start with EMEA in general.

maybe some indication that Western players are not being invited to play this same degree as they were historically. Uh, just a competitive state of things on the ground in China. I'll leave it there. Thanks.

Giordano Albertazzi: I think it's certainly a combination of an acceleration of investment, basically. So it's not that somebody wielded a magic wand and everything kind of permit-wise became easy in EMEA. That'd be too simplistic. But I think the focus and the realization that a lot more infrastructure is needed is now palpable. And pipelines that have been there for quite a while, you remember I've been vocal about that, have been and are expanding. And the sales cycle of the various elements in the pipelines are accelerating. And then we have areas that are specifically moving well. So you take the Nordics as an example, not solely, but that's an example where that is happening.

Giordano Albertazzi: You've heard me probably talk a couple of times about the fact that with all that is happening in North America, some of the decision-makers were so concentrated in North America while still are concentrated in North America. Now, I think the realization that things need to happen beyond North America is there. And that's, I think, or at least what we see happening as a matter of fact. So quite optimistic there. See kind of a pervasiveness in the market that I haven't seen for quite some time. When it comes to Asia, I wouldn't attribute that to kind of a Western players type of dynamics. The market demand is not very strong in this moment. So clearly, there is; it's an important AI market with its own characteristics. But again, what we see is more attributable to a general market situation than a particular kind of a player.

Yeah, well thanks. Uh, thanks Jeff. Uh, let's start with, uh, with me. Yeah, let's start with uh, with me in general. Um, I think certainly combination of uh, um, and acceleration investment basically. So it's not that somebody uh, will do the magic wand and everything kind of a permit wise, became easy, edema that would be too simplistic, but I think the focus and the realization that uh, a lot. More infrastructure is needed, is now palpable and, uh, pipelines that have been there for quite a while. You remember, I've been uh, vocal about that, uh, have been and are expanding and uh, and the sales cycle uh, of the various elements in the pipelines are accelerating. And then we have areas that are specifically moving. Uh, well, so you take the nordics as an example, not solely. But that's an example where that is happening. You've heard me probably talk about a couple of times about the fact that

Uh with all that is happening in uh in North America uh some of the decision makers were so concentrated in North America while still our concentrated in North America. Now I think the realization that things need to happen Beyond North America is there. And that's, I think, uh, or at least what we see happening as a, as a matter of, of a fact. So, uh, quite uh, quite optimistic there. So, you're kind of a, a basis in the market that I, I haven't seen for quite some time. Um, when it comes to Asia, uh, I would attribute that to kind of a western players type of dynamics, that the, that the the market demand is

Giordano Albertazzi: I mean, we are a Chinese player in China. We are silicon agnostic. So yeah. But again, very happy with everything outside of China, but also very, very, very, very proud of what we're doing in China as a team, so. Great. Thank you. The next question goes to Chris Snyder of Morgan Stanley. Chris, please go ahead. Thank you. Gio, you talked about the company's deep relationship with the data center industry leaders. So I guess my question is, how much visibility do these relationships afford Vertiv into the future workflow or architecture of these data centers? Because I have to imagine that you guys need to have the solutions developed before the customers are ready for it. So also interested in how far in advance does the company start the R&D or engineering process to bring some of these future solutions to market? Thank you. Sure.

Not very strong in, uh, in this, uh, in this moment. So, uh, clearly there is, uh, you know, it's an important AI, uh, market with, uh, with its own characteristics. Uh, but, but again, what we see is, uh, more attributable to a, a general market situation than, uh, at a particular kind of a, uh, player, right? I mean, we, we, we are a Chinese player in China. We are, uh, uh, silicon agnostic. Uh, so, uh, yeah,

Jeffrey Sprague: Great. Thank you.

But again, very happy, uh, with, uh, everything outside of China. But also very, very, very, very proud of what we're doing in China as a team. So,

Operator: The next question goes to Chris Snyder of Morgan Stanley. Chris, please go ahead.

Great. Thank you.

Christopher Snyder: Thank you. Gio, you talked about the company's deep relationship with the data center industry leaders. So I guess my question is, how much visibility do these relationships afford Vertiv into the future workflow or architecture of these data centers? Because I have to imagine that you guys need to have the solutions developed before the customers are ready for it. So also interested in how far in advance does the company start the R&D or engineering process to bring some of these future solutions to market? Thank you.

The next question goes to Chris Schneider of Morgan Stanley. Chris, please go ahead.

Giordano Albertazzi: Sure.

Giordano Albertazzi: Well, thank you, Chris. I think a couple of dimensions to that. We've been always vocal about the strength of our relationship with customers, but also the other players in the ecosystem. Super important. Super important because exactly as you were saying, our technology needs to land well ahead of the most advanced silicon. But that to be the case, of course, with NVIDIA or other silicon, let's say, technology providers, then it's about looking out 2, 3 years sometimes in terms of or beyond at a higher level of, let's say, more R&D, but being 2, 3 years out in the way we work together.

Thank you, go. You talked about, um, the company's deep relationship with the data center industry leaders. So, I guess, you know, my question is, is how much visibility do these relationships. Um, afford vertiv into the future workflow or or architecture of these data centers. Um, because, you know, I have to imagine that you guys need to have the solutions developed, you know, before the customers are ready for it. So, also interested in, you know, how far in advance is the company start the R&D or Engineering Process to be uh, to bring some of these future solutions to Market. Thank you.

Sure. Well, uh, thank you, Chris. I think I think, uh, a couple of uh, Dimensions to that, we've been always vocal about the strength of our relationship with customers but also the other players in the ecosystem um super important uh super important because exactly as you were saying, our technology needs to land ahead of well ahead of uh of the most advanced uh cilic

But for that to be the case, of course, with the Nvidia or other silicon—uh, let's say, technology providers.

Giordano Albertazzi: So our roadmaps certainly extend, but the role that an aspect that I'm very proud of, and it's very important for our and especially for our customer success, so for our end of customers' success, is the work that we do with many of them, really kind of a technology partnership, looking out 1, 2, sometimes 3 years, and say, "Hey, with all that's happening from a technology standpoint, given your business model customer, what is really the technology that best suits your strategy?" And it's not being told, but it's architecting together and giving them an understanding of the possibilities that they have from a technology standpoint. I think we have a uniquely strong role in the industry in this respect. So it's working out quite well. It seems like it. Thank you. Thank you. The next question goes to Nigel Coe of Wolfe Research. Nigel, please go ahead.

Looking out uh 1 2, sometimes 3 years and say hey with all that happening from a technology standpoint.

Given your business model customer, what is really the technology that best suits?

Your strategy. Uh, and uh,

you know, it's it's not it's not being told but it's architecting together and giving them an understanding of, uh,

Christopher Snyder: It seems like it. Thank you.

The possibilities that they have from a technology standpoint, I think we have a uniquely strong role in the industry, uh, in this respect. So it's working out quite well.

Giordano Albertazzi: Thank you.

It seems like a thank you.

Operator: The next question goes to Nigel Coe of Wolfe Research. Nigel, please go ahead.

Thank you.

The next question goes to Nigel Co.

Giordano Albertazzi: Thanks. Good morning, everyone. So I guess we're not seeing too much impact yet from Dizenspace. So that's good news. So I wanted to go back to the backlog and. Oh, got it. Sorry. I couldn't hear you. There was a little bit of a blip in the line. Go ahead, Nigel. Yeah. Sorry. Let me go yeah. Can you hear me now? Yep. Yep. Great. So I want to go back to the backlog. And I think, Craig, you mentioned more system-level orders. So obviously, you've been highlighting the SmartRun product. Maybe just talk about where you're seeing that success and sort of what a share you're gaining with the data centers. And maybe, Gio, could you just maybe touch on the backlog again? It seems the guidance implies roughly 15 months of conversion of the backlog. Typically, you do 9 months.

Nigel Coe: Thanks. Good morning, everyone. So I guess we're not seeing too much impact yet from Dizenspace. So that's good news. So I wanted to go back to the backlog and.

Nigel, please go ahead.

Giordano Albertazzi: Oh, got it. Sorry. I couldn't hear you. There was a little bit of a blip in the line. Go ahead, Nigel.

Thanks. Good morning, everyone. Um, so I guess we're not seeing too much impact yet from this space. Um, so that's good news. Um, so I wanted to go back to the backlog and, um, you know,

Oh, got it. Sorry, I couldn't hear you. There was a little bit of a, of a blip in. Uh,

Nigel Coe: Yeah. Sorry. Let me go yeah. Can you hear me now?

Giordano Albertazzi: Yep.

Nigel Coe: Yep. Great. So I want to go back to the backlog. And I think, Craig, you mentioned more system-level orders. So obviously, you've been highlighting the SmartRun product. Maybe just talk about where you're seeing that success and sort of what a share you're gaining with the data centers. And maybe, Gio, could you just maybe touch on the backlog again? It seems the guidance implies roughly 15 months of conversion of the backlog. Typically, you do 9 months.

In, uh, in the line. Okay, go ahead now. Yeah, sorry, let me go. Can you, can you, can you hear me now?

Yep.

Giordano Albertazzi: So maybe just talk about, are we seeing longer-duration orders in that backlog? Thanks. Well, so let's start with the aging so I can address that. We've been already vocal quite a lot already that our customers requested lead time pretty much ranges from 12 to 18 months, especially when we talk about the bigger orders. It's never an exact size. It's always range. But I would say that 12 to 18 is a good approximation of where the large orders demand the deliveries to be. And typically, it's not even just one bulk if it is really a large order.

Nigel Coe: So maybe just talk about, are we seeing longer-duration orders in that backlog? Thanks.

Yep. Great. Um, so I want to go back to the backlog. Um, and I think Craig, you mentioned, you know, more system level orders, so you've been, you've been highlighting the smart run, um, you know, um, product maybe just talk about, you know, where you're seeing that success, and the sort of the water share, you're getting with the data centers and maybe go, could you just maybe touch on the, the backlog agent? It seems to, you know, the, the, the, the guidance implies roughly 15 months of conversion in the backlog.

Giordano Albertazzi: Well, so let's start with the aging so I can address that. We've been already vocal quite a lot already that our customers requested lead time pretty much ranges from 12 to 18 months, especially when we talk about the bigger orders. It's never an exact size. It's always range. But I would say that 12 to 18 is a good approximation of where the large orders demand the deliveries to be. And typically, it's not even just one bulk if it is really a large order.

Typically you do 9 months, so maybe just talked about, you know, are we seeing longer duration orders in that backlog? Thanks.

Giordano Albertazzi: But having said that, if you think about the structure of our order intake this year, sorry, last year, 2025, with a very, very strong second half, relative anyway to a very strong year altogether, but particularly strong in the second half and particularly strong in the last quarter, then they see that the 12 to 18 months pushes things into 2027, while we're very happy with how 2026 is covered. So again, as I said in my comments earlier, the shape of the backlog is not something different. It's just a consequence of the phasing of the orders when we receive that. So no big differences in the way the market asks and demands or expects our deliveries. When it comes to the system question, we clearly see an acceleration.

Well, um, so let's start with the Aging so that we can address that. Uh, um, we are, um, we've been already V vocal quite quite a lot already that our customers requested lead time. Pre pretty much ranges from 12 to 18 months, especially when when we talk about, uh, uh, the bigger orders. It's never an exact size. It's always range, but I would say that 12 to 18 is a good. Uh, is a good uh uh approximation of where the large orders them demand the deliveries to be in typically it's not even just 1 bulk. If it is really a large order, but having said that, if you think about the structure of our order it

Take this uh this uh sorry last year 2025 with a very, very strong uh second half uh, relative anyway to a very strong Year all together, but particularly strong in the second half and particularly, particularly strong that in the last, uh, in the last quarter. Then they see that the 12 to 18 months has pushes things uh, into into, uh, 2027 while, uh, we have, we're very happy with how 2026 is is covered.

Giordano Albertazzi: When we talk about OneCore or we talk about SmartRun, we talk about systems and solutions that start to be quite broadly adopted. Certainly, that helps the dynamics of our order intake and our backlog. But when we talk system, we don't just talk about integration. System for us is having the entire powertrain, the entire thermal chain, certainly when we deliver a prefabricated solution or a converged solution, considering all the pieces that are really designed to work together. But again, if we go back to the previous question, my answer was it's about sitting together with a customer and having an entire portfolio and having a good and a very profound understanding of a system-level and all data center-level technology and being able to talk systems with our customers. Okay. Thank you, Gio. Thank you. The next question goes to Andrew Oban of Bank of America.

So, uh, again, as I said in my, as I said in my, um, comments earlier, the shape of the backlog is not something different. It's just, uh, it's just a consequence of, uh, the phasing of the orders when we, when we receive that. So, no big difference is in the way the market asks, and, uh, and demands or expects our deliveries. When it comes to the system question, we clearly see, uh, an acceleration. Uh, when we talk about, um, 1 core or we talk about, uh,

Smart run. Um, you know we we talked about uh, systems and solutions that uh, start to be quite uh broadly um adopted uh and uh, certainly that helps uh, the Dynamics of uh, of our order intake of and our backlog.

Nigel Coe: Okay. Thank you, Gio.

But when we talk system, we don't just talk about integration, uh, systems for us, is having the entire powertrain, the entire thermal chain. Certainly, uh, when we deliver a prefabricated solution or a converged solution, considering all the pieces that really designed to work to work together. But again, if we go back to the previous question, uh, my answer was, uh, it's it's about sitting together with a customer and having an interpreter and having a good and a very profound understanding of uh, system level and all data center level technology and being able to talk systems with our customers.

Giordano Albertazzi: Thank you.

Thank you.

Operator: The next question goes to Andrew Oban of Bank of America.

Giordano Albertazzi: Andrew, please go ahead. Yes. Good morning. Morning. Good morning. Gio, Craig, Lynne, thank you. So the question I have is on services. It seems that the feedback we're getting is that the big differentiator for Vertiv is your ability not only to deliver the product, but to actually service it in the field and wrap all the sort of additional value-added stuff around that. Last quarter, you shared with us the increase in service headcount. Would you update us on what the headcount looks like as you're increasing backlog rapidly and maybe preview where the service organization is going? I'm sure you're going to talk about your analyst day, but just give us a preview of what's happening there. Thank you. Well, thank you, Andrew. One of my favorite subjects. And I have many, but this is certainly one of my favorite subjects.

Operator: Andrew, please go ahead.

Andrew Obin: Yes. Good morning. Morning. Good morning. Gio, Craig, Lynne, thank you. So the question I have is on services. It seems that the feedback we're getting is that the big differentiator for Vertiv is your ability not only to deliver the product, but to actually service it in the field and wrap all the sort of additional value-added stuff around that. Last quarter, you shared with us the increase in service headcount. Would you update us on what the headcount looks like as you're increasing backlog rapidly and maybe preview where the service organization is going? I'm sure you're going to talk about your analyst day, but just give us a preview of what's happening there. Thank you.

Thank you. The next question goes to Andrew Oen of Bank of America. Andrew, please go ahead.

Yes, good morning.

Morning morning.

Giordano Albertazzi: Well, thank you, Andrew. One of my favorite subjects. And I have many, but this is certainly one of my favorite subjects.

Joe Craig Lynn. Thank you. Um, so the question I have is, uh, on, uh, services. Uh, you know, it seems that the feedback we're getting is that the big differentiator for Vyve is your ability not only to deliver the product but to actually service it in the field and wrap, uh, all the sort of additional value-added stuff around that. Uh, last quarter you shared with us, uh, you know, the increase in service headcount. Uh, would you, uh, update us, uh, on what that headcount looks like, uh, as you increase in backlog rapidly, and maybe preview what the service organization is doing? Um, sure you're going to talk about your Analyst Day but just give us a preview of what's happening there. Thank you.

Giordano Albertazzi: And I agree, it's a big differentiation. And as you see, a big differentiator that we continue to fuel. So absolutely not static in our view. Well, we talked about headcount. I think we are approaching very, very rapidly the 5,000 field people right now. And really think in terms of our fields capacity following very similar trajectories to the delivery capacity. Now, of course, it is a function of the install base, but the install base is growing. Our services are growing. Certainly, the commissioning, the startup are very important events in the lifecycle of a data center. And we'll make sure we're there with the capacity locally to serve our customers, but also evolving our technology, not only in the, to me, great example of Purge Right, but also all the digitization that we are injecting into our services business.

Well, uh, thank you Andrew 1 of my favorite subjects, so, uh, and uh, I have many but this certainly 1 of my favorite subjects. So, uh, and I agree, it's a big differentiation and as you see it big differentiator that we continue to fuel, so absolutely not static in our view. Well, uh, we talked about headcount, I think we are uh, approaching a very, very rapidly, the the 5,000, uh field, uh uh, people right now and uh, really think in terms of uh,

Our, our Fields capacity following very similar trajectories to, uh, the delivery capacity. Now, of course, is a, is a function of the install base, but, uh, the the store base is growing, uh, our services are growing certainly, uh, the commissioning. The startup are very important, uh, event in the life cycle of a Data Center and I will make sure we're there with the capacity locally to serve our customers but also evolving our technology. Uh, not only in the uh,

To me, uh, great example of, uh, of purge, right. But also all the digitization that, uh, that, uh, that we are injecting into our services business.

Giordano Albertazzi: I mean, I would add on that I'm just as excited as Gio is on our services portfolio coming from heavy industrial companies that lived and died on services. I think this is a superpower that we're going to continue to build out, and especially when you're starting to look at what we can do with the installed base that's out there. Thank you very much. Thank you. The next question goes to Nicole DeBlase of Deutsche Bank. Nicole, please go ahead. Yeah. Thanks for the question. Good morning, everyone, and congrats on a great quarter. Just to start with the backlog, I guess, obviously, a really nice step up in backlog, sequentially and year-on-year, in Q4.

Craig Chamberlin: I mean, I would add on that I'm just as excited as Gio is on our services portfolio coming from heavy industrial companies that lived and died on services. I think this is a superpower that we're going to continue to build out, and especially when you're starting to look at what we can do with the installed base that's out there.

Andrew Obin: Thank you very much.

I mean I would add on that. Uh I'm just as excited as J is on our services portfolio coming from, you know, heavy industrial companies that lived and died on Services. I think this is a superpower that we're going to continue to build out and especially when, when you're starting to look at what we can do with the installed bases out there.

Craig Chamberlin: Thank you.

Operator: The next question goes to Nicole DeBlase of Deutsche Bank. Nicole, please go ahead.

Thank you very much.

Thank you.

Nicole DeBlase: Yeah. Thanks for the question. Good morning, everyone, and congrats on a great quarter. Just to start with the backlog, I guess, obviously, a really nice step up in backlog, sequentially and year-on-year, in Q4.

The next question goes to Nicole DeBlase of Deutsche Bank. Nicole, please go ahead.

Giordano Albertazzi: Gio, when you kind of look out over the next 12 months and with what you see in pipeline, do you expect that we will see another year-on-year increase in backlog in 2026? And then just a small follow-up on CapEx. Are we going to kind of be in this 3% to 4% CapEx to sales zone for the foreseeable future given how fast the industry is growing? Thank you. Well, I wouldn't go all the way to guiding orders, which I would do if I were to answer with many details. But if you go back if we go back to what we shared already, if you think about our directional indication that we believe our orders will be up, you probably have done the math about our orders in 2025 right now. You have our sales. So probably the answer is straightforward.

Nicole DeBlase: Gio, when you kind of look out over the next 12 months and with what you see in pipeline, do you expect that we will see another year-on-year increase in backlog in 2026? And then just a small follow-up on CapEx. Are we going to kind of be in this 3% to 4% CapEx to sales zone for the foreseeable future given how fast the industry is growing? Thank you.

Giordano Albertazzi: Well, I wouldn't go all the way to guiding orders, which I would do if I were to answer with many details. But if you go back if we go back to what we shared already, if you think about our directional indication that we believe our orders will be up, you probably have done the math about our orders in 2025 right now. You have our sales. So probably the answer is straightforward.

Yeah, thanks for the question. Good morning everyone and congrats on, um, a great quarter, um, just to start with the backlog. Um, I guess, you know, obviously a really nice step up and backlog sequentially and year-on-year in the fourth quarter, Gio, when you kind of look out over the next 12 months, and with what you see in pipeline, do you expect that? We will see another year-on-year increase in backlog in 2026 and then just a small follow up on capex. Um, are we going to kind of be in this 3 to 4% capex to sales zone for the foreseeable future given how fast the industry is growing? Thank you.

Giordano Albertazzi: We believe we'll continue to build backlog directionally. So that's certainly the case. And I think on your question, Nicole, on the CapEx. Yeah. On the CapEx, I think, again, we always want to look at a normalization around the 2% to 3% as we add, as Gio has mentioned before, prudently. So we think this year might be a little bit higher than normal, but we would always want to continue to be right around that 2% to 3% on a normalized basis. So I think that would be our answer right now. We wouldn't really put a number out there for 2027 yet until we see what the market's going to look like from an orders perspective. But the guide this year is to continue to look at that as we go forward. And again, we really hope to see you at our investor day.

Giordano Albertazzi: We believe we'll continue to build backlog directionally. So that's certainly the case.

Well, you know, I I wouldn't go all the way to, uh, guiding, uh, um, orders which, which I, which I would do if I were to answer, um, in with many details. But obviously, if you go back, if we go back to, uh, to what we shared already, if you think about our, uh, directional indication that, uh, we believe our orders will be, will be up. Uh, you, you, you probably have done the math about, uh, orders in, uh, in 25 right now we have our sales so, uh, probably the answer is straight forward. We believe we will continue to to build, uh, backlog. There are actually

Craig Chamberlin: And I think on your question, Nicole,

So uh that's a that's certainly. Um, that's certainly the case.

Nicole DeBlase: on the CapEx.

Craig Chamberlin: Yeah. On the CapEx, I think, again, we always want to look at a normalization around the 2% to 3% as we add, as Gio has mentioned before, prudently. So we think this year might be a little bit higher than normal, but we would always want to continue to be right around that 2% to 3% on a normalized basis. So I think that would be our answer right now. We wouldn't really put a number out there for 2027 yet until we see what the market's going to look like from an orders perspective. But the guide this year is to continue to look at that as we go forward.

Giordano Albertazzi: And again, we really hope to see you at our investor day.

Giordano Albertazzi: Certainly, that will be an opportunity to further elaborate on that and the long-term trajectory of the business. I wouldn't miss it. Thanks, guys. Pass it on. Thank you. The next question goes to Julian Mitchell of Barclays. Julian, please go ahead. Hi. Good morning. I just wanted to look at the orders and the sort of composition of the backlog maybe from the standpoint of cash because I suppose it was interesting that you had a large working capital cash inflow in 2025, whereas I think we've heard from some other companies that high growth is one reason for bad cash flow conversion. But for you, it's the opposite. And a lot of that is because of your deferred revenue inflows in Q4.

Giordano Albertazzi: Certainly, that will be an opportunity to further elaborate on that and the long-term trajectory of the business.

Nicole DeBlase: I wouldn't miss it. Thanks, guys. Pass it on.

To see you—to see you at our Investor Day, and certainly, that will be an opportunity to further elaborate on that, uh, and the long-term trajectory of the business.

Giordano Albertazzi: Thank you.

Operator: The next question goes to Julian Mitchell of Barclays. Julian, please go ahead.

I wouldn't miss it. Thanks guys. Pass it on. Thank you.

Julian Mitchell: Hi. Good morning. I just wanted to look at the orders and the sort of composition of the backlog maybe from the standpoint of cash because I suppose it was interesting that you had a large working capital cash inflow in 2025, whereas I think we've heard from some other companies that high growth is one reason for bad cash flow conversion. But for you, it's the opposite. And a lot of that is because of your deferred revenue inflows in Q4.

The next question goes to Julian Mitchell of Barclays. Julian, please go ahead.

Hi, good morning. Um, I just wanted to um, look at the orders uh and the

Sort of composition of the backlog, uh, maybe from the standpoint of cash.

Um because I suppose it was interesting that you had a large working capital cash inflow in 2025. Whereas I think we've heard from some other companies that

Giordano Albertazzi: So related to that, I wanted to understand, is it the type of orders you got in Q4 that generated some disproportionate amount of deferred revenue inflow? And also, when we look at slide 11, you're guiding for working capital and other to be a small use of cash in 2026. But if orders are growing and all the rest of it, is it not more likely we'd see another deferred revenue inflow helping working capital be a source of cash in 2026? And yeah, Julian, let me clarify the slide first off, and then we'll get into a little bit more. But the slide says $80 million down year-over-year. And I believe it's down year-over-year, it'll still be a working capital improvement. It should be a working capital outcome that would be positive.

Julian Mitchell: So related to that, I wanted to understand, is it the type of orders you got in Q4 that generated some disproportionate amount of deferred revenue inflow? And also, when we look at slide 11, you're guiding for working capital and other to be a small use of cash in 2026. But if orders are growing and all the rest of it, is it not more likely we'd see another deferred revenue inflow helping working capital be a source of cash in 2026?

You had cash flow conversion, but for you, it's the opposite. And a lot of that is because of your deferred revenue inflows in the fourth quarter.

So related to that, I wanted to understand.

Is it the type of orders you got in Q4 that generated some disproportionate amount of deferred revenue inflow? And also, when we look at slide 11, you're guiding for working capital and other to be—

Small, uh, use of cash.

Craig Chamberlin: And yeah, Julian, let me clarify the slide first off, and then we'll get into a little bit more. But the slide says $80 million down year-over-year. And I believe it's down year-over-year, it'll still be a working capital improvement. It should be a working capital outcome that would be positive.

In '26, um, but if orders are growing and all the rest of it, um, is it not more likely we'd see another deferred revenue inflow, helping working capital, uh, be a source of cash in 2026?

Yeah, and uh, yeah, Julian, let me clarify the slide first off, and then we'll get into a little bit more. But the slide says $80 million down year-over-year.

And I believe it's, uh, it's down year-over-year, still be a working capital improvement.

Giordano Albertazzi: So it would be just less positive than it would be year-over-year. Got it. Thank you. And are these deferred revenue balances, are they swelling because of specific very large orders, or we should think about them being proportionate to just the aggregate kind of volume of orders that you're getting? Just trying to understand it because traditionally, in low and medium voltage electrical equipment, you don't have these large prepayments. Yeah. And I would say it depends on the type of order and the mix of orders. Again, I think that we do always try to push to get some down payments and progress payments in there. But the mix would impact that a little bit, and it could be an influence in what drove up Q4 versus Q3. But I wouldn't say it's marginally different than what we've seen historically. Great. Thank you.

Craig Chamberlin: So it would be just less positive than it would be year-over-year.

Julian Mitchell: Got it. Thank you. And are these deferred revenue balances, are they swelling because of specific very large orders, or we should think about them being proportionate to just the aggregate kind of volume of orders that you're getting? Just trying to understand it because traditionally, in low and medium voltage electrical equipment, you don't have these large prepayments.

It should be a working capital outcome, that would be positive, so it would be just less positive than it would be year over year.

Craig Chamberlin: Yeah. And I would say it depends on the type of order and the mix of orders. Again, I think that we do always try to push to get some down payments and progress payments in there. But the mix would impact that a little bit, and it could be an influence in what drove up Q4 versus Q3. But I wouldn't say it's marginally different than what we've seen historically.

Got it. Thank you. And are these deferred revenue balances swelling because of specific, very large orders? Or do you think about them being proportionate to just the aggregate kind of volume of orders that you're getting? I'm just trying to understand it, because traditionally in low and medium voltage electrical equipment, you don't have these large prepayments.

Julian Mitchell: Great. Thank you.

Yeah, and I would, I would say it depends on the the type of order and the mix of orders again, I think that we, we do always try to push to get some down payments and progress payments in there. Um, but the, the mix would impact that a little bit and it could be an influence in what, drove up. Fourth quarter versus third quarter. But I wouldn't say it's marginally different than what we've seen historically.

Giordano Albertazzi: Thank you. The next question goes to Mark Delaney of Goldman Sachs. Mark, please go ahead. Yes. Good morning. Thank you very much for taking my question and congratulations on the strong results and very strong orders. I was hoping to get Vertiv's view on how its cooling product mix and business opportunity may evolve. And I asked because post-CES, there was some discussion that Rubin-raced racks may not need chillers. And conversely, post-supercompute last fall, there was a proposal from a competitor about stainless steel chillers maybe displacing CDUs. So some moving parts there. And we'd love to get your opinion on how Vertiv sees its business opportunity evolving and what this might all mean for your content per megawatt and market share. Thanks. Let's start from the thank you, Mark. Let's start from the bottom. So I go back to what we were saying.

Craig Chamberlin: Thank you.

Great. Thank you.

Operator: The next question goes to Mark Delaney of Goldman Sachs. Mark, please go ahead.

Thank you.

Mark Delaney: Yes. Good morning. Thank you very much for taking my question and congratulations on the strong results and very strong orders. I was hoping to get Vertiv's view on how its cooling product mix and business opportunity may evolve. And I asked because post-CES, there was some discussion that Rubin-raced racks may not need chillers. And conversely, post-supercompute last fall, there was a proposal from a competitor about stainless steel chillers maybe displacing CDUs. So some moving parts there. And we'd love to get your opinion on how Vertiv sees its business opportunity evolving and what this might all mean for your content per megawatt and market share. Thanks.

The next question. Go to Mark Delaney of Goldman Sachs. Mark, please go ahead.

Giordano Albertazzi: Let's start from the thank you, Mark. Let's start from the bottom. So I go back to what we were saying.

Uh, yes, good morning and thank you very much for taking my question, and congratulations on the strong results and, uh, very strong orders. I was hoping to get Vertiv's view on how its cooling product mix and business opportunity may evolve. And I ask because post-CES, there was some discussion that rear-door raised racks may not need chillers, and conversely, post-Supercomputers last fall, there was a proposal from a competitor about stainless steel chillers maybe displacing CDUs. So, some moving parts there, and would love to get your opinion on how Vertiv sees its business opportunity evolving and what this might all mean for your content per megawatt and market share. Thanks.

Giordano Albertazzi: We believe the technology evolution is certainly central to that statement, is favorable from a content standpoint. This is no exception. Clearly, there is an opportunity to run some GPUs at a higher temperature than historically done. This is pretty much what has been true for many of the more recent chips of NVIDIA. Clearly, it's advantageous, helpful. Let's all remember that that doesn't rule out heat rejection. Heat rejection will continue to exist, continue to be there. Let's not forget that there are loads that can be cooled at higher temperatures. There are loads within some data centers that require lower temperatures. If anything, whereas the overall efficiency of the system indeed improves, we're thinking more and more about a hybrid cooling and thermal chain infrastructure.

Uh, let's start from the thank you. Martin, let's start from the bottom. So, uh, I go back to what we were saying, we, we believe the, um, technology Evolutions. This is certainly a central to, to the to that statement, uh, is, uh, is, uh, favorable from uh, from a Content, uh, standpoint. This is no exception. So, um,

um,

Clearly, um, there is, uh, an opportunity to run some GPUs at a higher temperature than, uh, historically, uh, done. But this is pretty much what has been true for many of the, uh, more recent, uh, chips of, uh, of, uh, of NVIDIA.

Giordano Albertazzi: Now, clearly, the ability to reduce the number of chillers but not the net number of heat rejection technologies depends on the specific climate situation, depends on the type of loads, depends on the resiliency to various types of non-GPU or different GPU loads that a data center is designed for. When we look at this space, we are very, very encouraged by what we see in terms of a product that is now cataloged and that is very, very important for us, what we call Trim Cooler. So a chiller that is really optimized to operate high temperatures but also with a flexibility for lower temperatures that, again, coexist in systems. It's a solution that maximizes free cooling, and it's certainly very, very central to the future of the industry. So all in all, we see that design continues to be mixed. If anything, this complicates the thermal chain.

A hybrid, uh, Cooling and thermal chain infrastructure. Uh, now clearly the the, the ability to reduce the number of chillers but not the number of net. Number of, uh, heat rejection, uh, Technologies, uh, depends on the climate specific climate situation. Depends on the type of loads depends on the resiliency to various types of, uh, uh, non GPU or different GPU, loads that data center is designed for

Giordano Albertazzi: And this complexity is something that we like. As someone who has got the entire portfolio, we certainly are perfectly positioned to support our customers. And again, going back to what we're saying, enable the right choice for our customers. Cooling chips directly in other ways than through a CDU in this moment is not something that we see simply because it would in most of the cases, it will be in niche applications, probably, but in most of the cases, that would be too dangerous. Blast radius is a little bit too big, etc. So we're pretty sure that CDUs in various shapes and forms are long-term elements of the thermal chain. Thanks, Gio. I appreciate it. Sure. The next question goes to Andy Kaplowitz of Citigroup. Andy, please go ahead. Good morning, everyone. Morning. Good morning. Gio, great. Good morning.

You know, we when we look at this space, we are uh very very encouraged by what we see in terms of a product that is now catalogue. And that is very, very important for us that what we call trim cooler. So a chiller that is really optimized to operate uh, high temperatures but also with a flexibility uh, for lower temperatures that again coexist in the systems. It's a, it's a solution that maximizes, uh, free Cooling. And it's uh, it's uh, it's certainly very, very Central to, to the future of the industry. So uh, all in all we see that, uh, design continues to be mixed, uh, if anything is in this complicates the thermal chain and uh, this complexity is something that we like as uh, someone who has got the entire portfolio. Uh, we certainly are perfectly positioned to to

Mark Delaney: Thanks, Gio. I appreciate it.

Support our customers and again going back to what we're saying, enable the right choice for our customers, uh, cooling, uh, chips, uh, directly in other ways than through a a CDU. In This Moment is not something that, uh, that we see, um, simply because, uh, um, you know, it it would, uh, in most of the cases, it will be initial applications, probably, but in most of the cases, that would be too dangerous. Uh, blast radius is uh, a little bit too big, Etc. So we're pretty sure that CD use in various shapes and forms will are are a long term elements of the of the Therma chain.

Giordano Albertazzi: Sure.

Operator: The next question goes to Andy Kaplowitz of Citigroup. Andy, please go ahead.

Next to you. I appreciate it.

Sure.

Andrew Kaplowitz: Good morning, everyone.

The next question, go to Andy Katz of City Group ADI. Please go ahead.

Giordano Albertazzi: Morning.

Craig Chamberlin: Good morning.

Andrew Kaplowitz: Gio, great. Good morning.

Good morning, everyone.

Giordano Albertazzi: If I look at core incrementals that you're modeling, I think you've got pretty close to 30% dialed in. It's kind of the low end of your long-term range for Q1 and 2026. But I would guess the scale of some of these contracts could be your friend because they should maximize your ability to leverage your sales. So is it possible to generate higher incrementals given potential operating leverage, or do we need to be a bit more conservative regarding supply chain, and/or do you just need a higher level of growth investment to fund all of your revenue growth? Yeah. I'll start out by saying you're exactly right there. There is a higher level of investment. We are still guiding at that lower end of the 30% to 35% that we've said in the past.

Andrew Kaplowitz: If I look at core incrementals that you're modeling, I think you've got pretty close to 30% dialed in. It's kind of the low end of your long-term range for Q1 and 2026. But I would guess the scale of some of these contracts could be your friend because they should maximize your ability to leverage your sales. So is it possible to generate higher incrementals given potential operating leverage, or do we need to be a bit more conservative regarding supply chain, and/or do you just need a higher level of growth investment to fund all of your revenue growth?

Craig Chamberlin: Yeah. I'll start out by saying you're exactly right there. There is a higher level of investment. We are still guiding at that lower end of the 30% to 35% that we've said in the past.

Morning, morning, morning, Geographic, good morning. If I look at uh, core incremental that you're modeling, I think you've got pretty close to 30% dialed in, you know, kind of the low end of your long term range for q1 and 26. But I would guess the scale of some of these contracts could be your friend because they should maximize your ability to leverage your sales. So is it possible to generate higher incremental given potential operating leverage or do we need to be a bit more conservative regarding supply chain? And and or do you just need a higher level of growth investment to fund all of your Revenue growth?

Giordano Albertazzi: I think as we get through the year and the investment that we are putting into place, we can continue to see those go up in our longer-term guidance. And we'll reiterate that in the investor day of what we see as that goes forward. But I think you're exactly spot on. Some of the investments that we're doing and, I'd say, the ramp-up of those has a little bit of pressure on us as we drive those incremental margins. Yeah. I would say that the long-term trajectory is absolutely unchanged. So feel good about it. All right. Thanks, guys. Thank you. The next question goes to Michael Elias of TD Cowen. Michael, please go ahead. Great. Thanks for squeezing me in here. And congrats on the order quarter. Great to see you guys capturing the market share out there. Gio, question for you.

Craig Chamberlin: I think as we get through the year and the investment that we are putting into place, we can continue to see those go up in our longer-term guidance. And we'll reiterate that in the investor day of what we see as that goes forward. But I think you're exactly spot on. Some of the investments that we're doing and, I'd say, the ramp-up of those has a little bit of pressure on us as we drive those incremental margins.

Giordano Albertazzi: Yeah. I would say that the long-term trajectory is absolutely unchanged. So feel good about it.

Yeah, I'll start off by saying, you're exactly right there. There is a there is a higher level of investment. Uh, we are still um you know, guiding that that lower end of the the 30 to 35% that we've said in the past. Um, I think as we get through the year and the investment that we are putting into place, we can continue to see those go up in our longer term guidance. And we we we reiterate that in the the investor day of what we see as that goes forward. But I think your exactly spot-on some of the Investments that we're doing. Uh, and the I say the the ramp up of those uh, has a little bit of pressure on us as we we drive those incremental margins.

Andrew Kaplowitz: All right. Thanks, guys.

Yeah, I would say that the, the long, the long-term trajectory is, uh, is absolutely unchanged. Yep. So, feel good about it?

Giordano Albertazzi: Thank you.

Operator: The next question goes to Michael Elias of TD Cowen. Michael, please go ahead.

All right. Thanks guys.

Thank you.

Michael Elias: Great. Thanks for squeezing me in here. And congrats on the order quarter. Great to see you guys capturing the market share out there. Gio, question for you.

The next question goes to Michael Elliott of TD Cohen. Michael, please go ahead.

Thanks for speaking with me.

Giordano Albertazzi: I'm sure you came out of PTC with a similar sense. That demand is rocking and rolling. As we think about going forward, could you just give us an update on the utilization of your existing production capacity? And maybe as part of that, the evolution that you're seeing on the product lead time front for things like Switchgear and how they may have evolved over the last three months given the demand strength. Thanks. Hey, Mike. Thanks. Yes. Certainly, demand is there and in very rude health, as one would say. And we're very happy we capture that. Again, utilization of capacity, clearly, we're pretty satisfied. In general, I always talked about having a wiggle room in the way we load our capacity in our factories. It's still true. So we are using this wiggle room if needed sometimes to accelerate growth.

Michael Elias: I'm sure you came out of PTC with a similar sense. That demand is rocking and rolling. As we think about going forward, could you just give us an update on the utilization of your existing production capacity? And maybe as part of that, the evolution that you're seeing on the product lead time front for things like Switchgear and how they may have evolved over the last three months given the demand strength. Thanks.

Giordano Albertazzi: Hey, Mike. Thanks. Yes. Certainly, demand is there and in very rude health, as one would say. And we're very happy we capture that. Again, utilization of capacity, clearly, we're pretty satisfied. In general, I always talked about having a wiggle room in the way we load our capacity in our factories. It's still true. So we are using this wiggle room if needed sometimes to accelerate growth.

Here and congrats on the, uh, order quarter. Great to see you guys capturing the, uh, the market share out there. You know, go question for you. I'm sure you came out of PCC with a similar sense that demand is rocking and rolling. You know, as we think about going forward, you know, can you just give us an update on the utilization of your existing production capacity and maybe as part of that, the evolution that you're seeing on the product lead, time front for things like switch gear and how they may have evolved over the last 3 months given the demand strength. Thanks.

Hey, back, thanks. Uh, uh, yes, certainly, certainly, demand is there and, uh, in, uh, in very rude health as, uh, as well, I would say, and we're very happy, uh, we capture that. Um,

Giordano Albertazzi: But again, we like to continue to design our capacity with that wiggle room that is 20, 25, 20, 25%. So the same way of looking at the long-term capacity applies here. And that's how we decide on capacity increments as reflected in our CapEx numbers. When it comes to lead times, yes, there has been some expansion a little bit in some product lines. But again, pretty much on customer and market lead time in general across the majority of products. So again, quite happy with our evolution in this respect. We like the growth. We like the capacity utilization. Great. Thanks. I'm looking forward to seeing what's to come. All right. I think we have time for one more. The last question goes to Amit Marotra of UBS. Amit, please go ahead. Thanks. Maybe just bat and clean up here a little bit.

Michael Elias: Great. Thanks. I'm looking forward to seeing what's to come.

Wiggle room, too, if needed sometimes to accelerate, uh, uh, growth. But, but again, um, we, we like to continue to design our capacity with that wiggle room—that is, 125% to 202%. So, um, the same way of looking at the long-term capacity applies here. And that's how we, uh, decide on capacity increments, uh, as reflected in our, in our capex numbers. When it comes to lead times, um, yes, there has been some, uh, extension a little bit in, uh, in some product lines. Uh, but again, pretty much, uh, on, um, customer and market—and market lead time in general across the majority of products. So again, uh, quite happy, uh, quite happy with, uh, with our, uh, evolution in this respect. We, we like, we like the growth. We like the capacity utilization.

Giordano Albertazzi: All right. I think we have time for one more.

Great, thanks. I'm looking forward to seeing what's to come.

Operator: The last question goes to Amit Marotra of UBS. Amit, please go ahead.

All right, I think we have time for one more.

Amit Mehrotra: Thanks. Maybe just bat and clean up here a little bit.

The last question, Amit Marottta or UBS. Amit, please go ahead.

Giordano Albertazzi: So I wanted to ask about pipeline because obviously, pipeline leads orders. I would imagine if you're more than doubling your orders sequentially from Q3 to Q4, your pipeline is depleted. It doesn't seem that's the case based on how you talk about the pipeline. So just talk about that. And then the last, just a clarification, just remind us what has to happen, what hurdles do you have to pass for an order to make it into your backlog from a deposits or delivery certainty visibility perspective? If you can just remind us on that, that'd be great. Okay. So the pipeline has not depleted. If anything, despite certainly the very strong order intake in the last quarter, we are seeing the pipeline to grow quarter to quarter. So again, very satisfied about that. It's not just the market. It's our visibility of the market.

Amit Mehrotra: So I wanted to ask about pipeline because obviously, pipeline leads orders. I would imagine if you're more than doubling your orders sequentially from Q3 to Q4, your pipeline is depleted. It doesn't seem that's the case based on how you talk about the pipeline. So just talk about that. And then the last, just a clarification, just remind us what has to happen, what hurdles do you have to pass for an order to make it into your backlog from a deposits or delivery certainty visibility perspective? If you can just remind us on that, that'd be great.

Thanks, um, maybe just, um, adding cleanup here a little bit. So, so, um, I wanted to ask about pipeline because obviously pipeline leads orders, I would imagine, if you're

Giordano Albertazzi: Okay. So the pipeline has not depleted. If anything, despite certainly the very strong order intake in the last quarter, we are seeing the pipeline to grow quarter to quarter. So again, very satisfied about that. It's not just the market. It's our visibility of the market.

more than doubling your order sequentially from 32 to 4 q. Your pipeline is depleted. It doesn't seem. That's the case. Based on, based on how you talk about the pipeline. So just talk about that. And then the last just a clarification, just remind us, what what has to happen, What hurdles do you have to pass for an order to make it into your backlog? From a deposits or delivery certainty visibility perspective if you can just remind us on that that'd be great.

Giordano Albertazzi: So just want to reiterate it. It has not depleted. When it comes to what makes an opportunity backlog, it is a binding purchase order. Everything in backlog at Vertiv is a binding purchase order. The majority very often with advance payment. But it is the nature of the PO, a legally binding purchase order. Got it. Okay. Thank you. Appreciate it. Thank you. Thank you. This concludes our question and answer session. I would now like to turn the conference back over to Giordano Albertazzi for any closing remarks. Well, thank you very much. Thank you all for the questions. And thank you for your time today. Of course, I'm very pleased with what we delivered in 2025 and very pleased how we positioned entering 2026. Certainly very proud about the job that the entire Vertiv team has done.

Okay. So uh, so the pipeline, the pipeline has not depleted if anything, uh, you know, despite certainly the the, the very strong good, uh, um, intake in the, in the last, uh, in the last quarter, we have seen uh, the, the pipeline, uh, to to, to grow, uh, a quarter to quarter. So, um, again, very satisfied about that. It's not just the market is, uh, visibility of the market. So, um, just want to reiterate it has not depleted when it comes to what makes a an opportunity uh backlog. It is a binding,

Amit Mehrotra: Got it. Okay. Thank you. Appreciate it.

Purchase order everything. Backlog advertising is a binding purchase order. Uh, the majority of the very often with, uh, with advanced payment, but, uh, it is the nature of the P.O., a binding, legally binding, uh, purchase order.

Giordano Albertazzi: Thank you.

Operator: Thank you. This concludes our question and answer session. I would now like to turn the conference back over to Giordano Albertazzi for any closing remarks.

Got it. Okay, thank you. Appreciate it.

Thank you.

Giordano Albertazzi: Well, thank you very much. Thank you all for the questions. And thank you for your time today. Of course, I'm very pleased with what we delivered in 2025 and very pleased how we positioned entering 2026. Certainly very proud about the job that the entire Vertiv team has done.

Thank you. This concludes our question and answer session. I would now like to turn the conference back over to you for any closing remarks.

Giordano Albertazzi: And I'm super grateful for the collaboration with our customers and partners. We're pleased with our progress. You know me by now. We're certainly never satisfied. I am certainly never satisfied. We continue and we will continue to invest ahead of curve, maintain our technology leadership, and execute with speed and precision. More confident today than I absolutely ever been about Vertiv's trajectory. Very encouraged. And I want to thank you all and wish you all a great rest of your day. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Well, uh, thank you very much. Thank you, uh, all for the questions and, uh, and thank you for your time today. Uh, of course, I'm very pleased with what we delivered in ’25, and, uh, and very pleased now with how we're positioned entering ’26. Certainly, very proud about the job that the entire V Team has done, and I'm super grateful for the collaboration with our customers and, uh, and partners. Uh, we're pleased with our progress. You know me by now—while we're certainly never satisfied, I am certainly never satisfied.

uh,

We continue, and we will continue, to invest ahead of the curve, maintain our technology leadership, and execute with speed and precision.

Uh, more confident today than I absolutely have been about Vertiv's trajectory, very encouraged, and, uh, I want to thank you all and wish you all a great rest of your day.

Operator: Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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