Vertiv Holdings Co

“Vertiv is a global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments.”

“We manage our business across three reportable segments based on our main geographic regions—the Americas, Asia Pacific and Europe, Middle East & Africa.”

“We primarily serve customers across three main end markets: (1) data centers (including hyperscale/cloud, colocation, neocloud and enterprise), (2) communication networks and (3) commercial and industrial applications.”

“Our broad range of offerings includes AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, software for managing IT equipment and services.”

“For the year ended December 31, 2025, Vertiv’s net sales was $10,229.9, of which 62% was transacted in the Americas; 20% was transacted in Asia Pacific; and 18% was transacted in Europe, Middle East & Africa.”

“Primary commodity exposures are price fluctuations on forecasted purchases of copper and aluminum and related products.”

“As of December 31, 2025 and 2024 there are some currency hedges not designated in hedge accounting relationships. Accordingly, the Company recognized mark-to-market losses of $2.9, $2.5, and $0.8 for the years ended December 31, 2025, 2024, and 2023”

“Our global footprint comprises engineering, manufacturing, operations, sales and service locations in more than 40 countries across the Americas, Asia Pacific and Europe, Middle East & Africa.”

“In August 2025, we acquired the Great Lakes Data Racks & Cabinets family of companies ("Great Lakes") for approximately $200 million”

“our acquisition of Purge Rite Intermediate, LLC ("PurgeRite") in December 2025 expands our thermal services capabilities, supporting system cleanliness, reliability, and performance, particularly in liquid-cooled and hybrid cooling applications.”

“Since late 2021, Vertiv has more than doubled its manufacturing capacity for switchgear, busbar and integrated power solutions through the opening of new facilities and capacity increases at existing operations worldwide.”

“Artificial Intelligence: Increased maturity and adoption of AI and high-performance compute is currently impacting the data center industry and driving technology innovation leading to increased demand.”

“We continue to see attractive opportunities in our services business as customers increasingly prioritize reliability, performance optimization, and lifecycle management across more complex and mission-critical digital infrastructure environments.”

“Our investment and expansion efforts are directed at capturing new technologies across the entire thermal chain from chip to heat rejection, re-use, and more to meet growing demands.”

“Our most prominent brands include Vertiv, Liebert, NetSure, Geist, Energy Labs, ERS, Albér, and Avocent.”

“Our businesses are focused on the following strategic priorities: ■Maintain Customer Focus”

“Our partnership with NVIDIA supports the development of advanced power and thermal infrastructure aligned with next-generation AI and high-performance computing architectures, while our collaboration with Oklo reflects exploration of alternative energy solutions”

“Continued pressures relating to global supply chain constraints, inflationary or tariff-related impacts on component parts and raw materials, higher overhead costs as a percentage of revenue, higher interest expense, and labor shortages have resulted”

“The Company designated certain interest rate swaps with a notional amount of $1,000.0 as cash flow hedges. These swaps hedge our Term Loan Credit Agreement due 2032 until they mature in March 2027.”

“The global trade and economic environment continues to evolve rapidly with the imposition of new U.S. tariffs and retaliatory tariffs being imposed by foreign countries.”

“Vertiv’s estimated combined order backlog was $15.0 billion and $7.2 billion as of December 31, 2025 and 2024, respectively”

“A substantial portion of our business depends on the continued growth of our current and potential customers’ data centers and communication infrastructure demand.”

“Large customers, such as larger communication network, cloud/hyperscale, neocloud, and colocation data center providers, comprise a material portion of our customer base and generally have greater purchasing power than smaller customers.”

“Our customers have the right in some circumstances, usually with penalties or other termination consequences, to reduce or defer firm orders in backlog.”

“A customer’s decision to purchase certain of our products or solutions, particularly products new to the market or long-term end-to-end solutions, may involve a lengthy contracting, design and qualification process.”

“including potential control from China on rare earth elements, may increase our costs, and may restrict our business practices”

“Long-term, fixed-price contracts (including but not limited to turnkey projects) may have a duration greater than twelve months that involve substantial risks, which may result in excess costs and penalties.”

“The industries and markets in which we operate are highly competitive, and we experience competitive pressures from numerous and varied competitors.”

“Our manufacturing facilities and operations could be disrupted by natural disasters, labor strikes, shortages in suppliers, components and parts, war, political unrest, terrorist activity, economic upheaval”

“Borrowings under the Senior Secured Credit Facilities are subject to variable rates of interest and expose us to interest rate risk.”

“There are anticipated regulations forthcoming in the U.S. and other countries where our customers operate in the areas of cybersecurity, data privacy and data security, artificial intelligence, and critical infrastructure construction, permitting and energy consumption, any of which could impact us and our customers.”

“We are subject to various anti-corruption laws, including the U.S. Foreign Corrupt Practices Act ("FCPA")”

“including, the General Data Protection Regulation ("GDPR") in Europe, the California Privacy Rights and Enforcement Act of 2020 ("CPRA") in the U.S., and the Personal Information Protection Law ("PIPL") in China.”

“The growth of the enterprise market, based on data centers and square footage, has generally been flat for the past three years.”