Slides
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Third Quarter 2026 Results October 28, 2026
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings 2 Cautionary Statement Regarding Forward-Looking Statements This presentation, and other statements that Vertiv may make in connection therewith, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Vertiv’s future financial or business performance, strategies or expectations, and as such are not historical facts. This includes, without limitation, statements regarding Vertiv’s financial position, capital structure, indebtedness, business strategy and plans and objectives of Vertiv management for future operations, as well as statements regarding growth, anticipated demand for our products and services and our business prospects during 2026, as well as expected impacts from our pricing actions, statements regarding our guidance for fourth quarter and full year 2026, outlook for 2027 and beyond, and statements regarding tariffs, global trade and any actions we may take in response thereto. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Vertiv cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this presentation, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Vertiv’s control) or other assumptions, which may change over time, and that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Vertiv has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports, including those set forth in the Form 10-K for the year ended December 31, 2025 filed on February 13, 2026. These risk factors and those identified elsewhere in this presentation, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: risks relating to a continued growth of our customers’ markets; long sales cycles for certain Vertiv products and solutions offerings, as well as unpredictable placing or cancelling of customer orders; failure to realize sales expected from our backlog of orders and contracts; disruption of or consolidation in our customers’ markets, or categorical shifts in customer technology spending; less leverage with large customer contract terms; failure to mitigate risks associated with long-term fixed price contracts; competition in the industry in which we operate; failure to obtain performance and other guarantees from financial institutions; risks associated with governmental contracts; failure to properly manage production cost changes and supply chain; failure to anticipate market change and competition in the infrastructure technologies; risks associated with information technology disruption or cyber-security incidents; risks associated with the implementation and enhancement of information systems; failure to realize the expected benefit from any rationalization, restructuring, and improvement efforts; disruption of, or changes in, Vertiv’s independent sales representatives, distributors and original equipment manufacturers; increase of variability in our effective tax rate costs or liabilities associated with product liability due to global operations subjecting us to income and other taxes in the United States (“U.S.”) and numerous foreign entities; costs or liabilities associated with product liability and damage to our reputation and brands; the global scope of Vertiv’s operations, especially in emerging markets; failure to benefit from future significant corporate transactions; risks associated with Vertiv’s sales and operations and expanding global production facilities; risks associated with future legislation and regulation of Vertiv’s customers’ markets; our ability to comply with various laws and regulations, including, but not limited to, laws and regulations relating to data protection and data privacy; failure to properly address legal compliance issues, particularly those related to imports/exports, anti-corruption laws, and foreign operations; risks associated with foreign trade policy, including tariffs or global trade conflicts; risks associated with litigation or claims against the Company, including the risk of adverse outcomes in any such legal claims or proceedings; our ability to protect or enforce our proprietary rights on which our business depends; third-party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; failure to achieve environmental, social and governance goals; failure to realize the value of goodwill and intangible assets; exposure to fluctuations in foreign currency exchange rates; failure to remediate material weaknesses in our internal controls over financial reporting; our level of indebtedness and ability to comply with the covenants and restrictions contained in our credit agreements; our ability to access funds through capital markets; resales of Vertiv securities may cause volatility in the market price of our securities; our organizational documents contain provisions that may discourage unsolicited takeover proposals; our certificate of incorporation includes a forum selection clause, which could discourage or limit stockholders’ ability to make a claim against it; the ability of our subsidiaries to pay dividends; factors relating to the business, operations and financial performance of Vertiv and its subsidiaries, including: global economic weakness and uncertainty; our ability to attract, train and retain key members of our leadership team and other qualified personnel; the adequacy of our insurance coverage; fluctuations in interest rates materially affecting our financial results and increasing the risk our counterparties default on our interest rate hedges; our incurrence of significant costs and devotion of substantial management time as a result of operating as a public company; the timing and consummation of our proposed acquisitions; the risks that the closings of our acquisitions do not occur; expected expenses related to integration of our acquisitions; the possible diversion of management time on issues related to integration of our acquired businesses; the ability of Vertiv to maintain relationships with customers and suppliers of our acquired businesses; and the ability of Vertiv to retain management and key employees of our acquired businesses and other risks and uncertainties indicated in Vertiv’s SEC reports or documents filed or to be filed with the SEC by Vertiv. This presentation also includes certain non-GAAP financial measures, such as organic net sales growth, adjusted operating profit, adjusted operating margin, adjusted diluted EPS and adjusted free cash flow, that may not be directly comparable to other similarly titled measures used by other companies and therefore may not be comparable among companies. The Company has provided reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures on pages 13-21 of this presentation and our current earnings release dated October 28, 2026, which are available on the Company’s website at investors.vertiv.com. Information reconciling certain forward-looking GAAP measures to non-GAAP measures related to fourth quarter and full year 2026 guidance, including organic net sales growth, adjusted operating margin, and adjusted free cash flow is not available without unreasonable effort due to high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations. For the same reasons, we are unable to compute the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Third quarter 2026 key messages 3 Third quarter net sales up ~61% vs third quarter 2025 driven by continued strength in the Americas (up 75%), APAC (up 50%) and EMEA showing strong sales growth (up 23%). Organic net sales up ~55%(1) vs prior year (~6% M&A). Third quarter net sales up ~61% vs third quarter 2025 driven by continued strength in the Americas (up 75%), APAC (up 50%) and EMEA showing strong sales growth (up 23%). Organic net sales up ~55%(1) vs prior year (~6% M&A). Third quarter adjusted operating margin of 25.2%, up 290 bps vs third quarter 2025 and exceeding guidance. Disciplined operational execution drove margin performance delivering adjusted operating profit of $1,087M, up 83% vs prior year third quarter. Third quarter adjusted operating margin of 25.2%, up 290 bps vs third quarter 2025 and exceeding guidance. Disciplined operational execution drove margin performance delivering adjusted operating profit of $1,087M, up 83% vs prior year third quarter. Third quarter adjusted diluted earnings per share of $2.21, up ~78% from third quarter 2025 primarily driven by higher sales volume and operating productivity. Third quarter adjusted diluted earnings per share of $2.21, up ~78% from third quarter 2025 primarily driven by higher sales volume and operating productivity. Raising full year adjusted free cash flow guidance to $2,700M at midpoint. Third quarter adjusted free cash flow of $652M up ~50% vs third quarter 2025 driven by higher operating profit. Free cash flow conversion on plan to deliver ~95% conversion for full year. Net cash position and net leverage (0.2x) at quarter-end. Raising full year adjusted free cash flow guidance to $2,700M at midpoint. Third quarter adjusted free cash flow of $652M up ~50% vs third quarter 2025 driven by higher operating profit. Free cash flow conversion on plan to deliver ~95% conversion for full year. Net cash position and net leverage (0.2x) at quarter-end. (1) Adjusted for foreign exchange and acquisitions. Note: see “Non-GAAP Financial Measures” beginning on slide 13 of the Appendix. Adjusted free cash flow equals cash from operations less capital expenditures and investments in capitalized software. Raising full year 2026 net sales guidance by $650M at midpoint with organic growth expected to be ~38%. Raising full year adjusted diluted EPS guidance to $7.15 (+70% from 2025) and adjusted operating profit guidance to $3,515M (+68% from 2025), both at midpoint. Full year adjusted operating margin expected to be 24.0%, ~360 bps higher than full year 2025. Raising full year 2026 net sales guidance by $650M at midpoint with organic growth expected to be ~38%. Raising full year adjusted diluted EPS guidance to $7.15 (+70% from 2025) and adjusted operating profit guidance to $3,515M (+68% from 2025), both at midpoint. Full year adjusted operating margin expected to be 24.0%, ~360 bps higher than full year 2025. Strong 3Q vs same period prior year: Net Sales +61%, adjusted operating profit +83%, adjusted diluted EPS +78%, and adjusted free cash flow +50%. Raising full year guidance across all metrics.
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Business dynamics 4 • Remarkably strong pipeline momentum: pipeline continues growth across all regions, increasing visibility to 2027 and beyond • AMER market remains very strong: broad-based strength across end markets continues to support the long-term growth trajectory • EMEA momentum increasingly compelling: accelerating demand with particular strength in the Nordics reinforces confidence in growth • APAC continues to show strength: India and Rest of Asia are experiencing remarkable demand acceleration, with encouraging green shoots emerging in China supporting continued regional expansion • Commercial execution remains strong: positive price-cost expected in 2026 Market environmentMarket environment Manufacturing and supply chainManufacturing and supply chain Continued leadership in a strong and growing market harnessing capacity and supply chain to deliver above-market growth • Sequential and year-over-year revenue growth reflects strategic capacity expansion, utilization improvement, and strong backlog execution, positioning for a strong finish to 2026 and continued momentum into 2027 • Capital expenditures expected at ~4% of 2026 sales with continued capacity expansions to support near and long-term customer demand across the portfolio • Continuing to invest across portfolio in manufacturing footprint and technology to enable growth and reinforce market leadership • Extending supply chain capacity agreements in key commodities to secure scalable capabilities for rapid growth
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Vertiv Targets Up to 30% More Cumulative AI Token Output in First 12 Months 1 Using NVIDIA DSX, Polar Deploys Approach at Norway Site 5 AI factory approach that combines rapid configuration and virtual validation of pre-engineered reference architectures with factory-built deployment to deliver productive capacity and tokens sooner (1) Modeled. First 12 months measured from design kickoff: 317 vs. 245 productive days at equal installed capacity (3 + 45 vs. 30 + 90 days). Actual results will vary. (2) Modeled. Time to an initial integrated design, configured and validated in the digital twin: 3 days vs. a 30-day conventional design process. Results vary by project. (3) Modeled. On-site power and cooling deployment with Vertiv factory-built infrastructure: 45 days vs. a 90-day conventional on-site baseline. Results vary by project. DESIGN CONFIGURE & VALIDATE IN THE TWIN Up to 10x faster 2 with pre-engineered reference designs DEPLOY FROM THE FACTORY Up to half the time 3 for infrastructure deployment LIVE IN THE FIELD Polar Data Centers Herøya, Norway
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Third quarter 2026 financial results 6 Strong growth, margin expansion and cash generation highlight continued executional strength $Millions; deltas to midpoint of guidance range $1.24 $2.21 Q3 2026 (1) Adjusted for foreign exchange and acquisition; (2) See additional details on slide 21 of the Appendix. Note: see “Non-GAAP Financial Measures” beginning on slide 13 of the Appendix. Adjusted free cash flow equals cash from operations less capital expenditures and investments in capitalized software. Adj. Diluted EPS + ~$1.05 after-tax adj. op. profit(2) • Increased revenue • AOP rate expansion − ~($0.08) other Up ~$0.97 Up ~78% vs. prior year Up ~$0.41 vs. guidance Q3 2025 Net Sales Adj. Operating Profit • Organic sales ~55%(1), M&A ~6% • Organic sales growth: AMER ~66%, APAC ~48% and EMEA ~19% Net Sales Adj. Operating Margin Up ~$491M Up ~83% vs. prior year Up ~$169M vs. guidance Up ~290 bps Up ~70 bps vs. guidance 2,676 4,313 Q3 2025 Q3 2026 596 1,087 Q3 2025 Q3 2026 22.3% 25.2% Q3 2025 Q3 2026 Up ~$1,637M Up ~61% vs. prior year Up ~$563M vs. guidance Adj. Free Cash Flow + Higher adj. op profit − Working capital − Higher capex Up ~$216M Up ~50% vs. prior year 436 652 Q3 2025 Q3 2026 Net leverage: ~(0.2x) • Adjusted operating margin percentage up 290 bps on strong organic sales growth, operational leverage, and manufacturing productivity offsetting mix impact • Ongoing investment in capacity and ER&D, supporting business growth
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings 11,,771122 22,,998899 AAmmeerriiccaass 550022 887777 AAmmeerriiccaass 6699 8844 113322 115522 AAPPAACC EEMMEEAA 29.3% 13.2% 18.8%29.4% 17.0% 28.0% 552200 444444 777799 554455 AAPPAACC EEMMEEAA Third quarter 2026 financial results $Millions Three months ended September 30, 2025 September 30, 2026 Net sales Adjusted operating profit & margin • Full year outlook positive, driven by strong end-market demand and continued commercial execution • Margin expansion primarily attributable to operating leverage APAC Up 75% Organic +66% Up 23% Organic +19% Note: see “Non-GAAP Financial Measures” beginning on slide 13 of the Appendix. Adj. Operating Profit Adj. Operating Margin • Organic sales growth reflecting capacity expansion and disciplined backlog execution across entire portfolio • Higher adjusted operating margin resulting from operational leverage offsetting mix impact • Strong organic sales growth reflects robust pipeline conversion, delivering anticipated second-half growth and reinforcing momentum into 2027. • Year-over-year margin expansion primarily driven by improved operational leverage, productivity and commercial execution EMEA AmericasUp 50% Organic +48% 7
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Fourth quarter 2026 financial guidance 8 Increasing guidance across all key metrics. Adjusted diluted EPS projected 65% higher than prior year. $Millions; deltas to midpoint of guidance range • Organic sales ~50%(1) , M&A ~3% • Organic sales growth: AMER mid-50s, APAC mid-50s and EMEA low-20s Up ~$470M Up ~70% vs. prior year Up ~260 bps 2,880 4,413 Q4 2025 Q4 2026E 668 1,138 Q4 2025 Q4 2026E 23.2% 25.8% Q4 2025 Q4 2026E Up ~$1,533M Up ~53% vs. prior year Range: $4,313M - $4,513M Range: $1,118M - $1,158M Range: 25.3% - 26.3% + ~$0.98 after-tax adj. op. profit(2) • Increased revenue • AOP rate expansion − ~($0.09) other Up ~$0.89 Up ~65% vs. prior year Range: $2.22 - $2.28 $1.36 $2.25 Q4 2025 Q4 2026E • Adjusted operating margin percentage up 260 bps on strong organic sales growth and operational leverage offsetting mix impact • Ongoing investment in capacity and ER&D, supporting business growth (1) Adjusted for foreign exchange and acquisitions; (2) See additional details on slide 21 of the Appendix. Note: See “Non-GAAP Financial Measures” beginning on slide 13 of the Appendix. Adj. Diluted EPS Adj. Operating ProfitNet Sales Adj. Operating Margin
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Net Sales Full year 2026 financial guidance 9 Strong 2026 demonstrates significant momentum for 2027 and beyond $Millions; deltas to midpoint of guidance range $4.20 $7.15 FY 2026E + ~$2.99 after-tax adj. op. profit(2) • Increased revenue • AOP rate expansion − ~($0.04) other Up ~$2.95 Up ~70% vs. prior year Up ~$0.45 vs. prior guidance FY 2025 • Organic sales ~38%(1), M&A ~4%, FX ~1% • Organic sales growth: AMER high-40s, APAC mid-30s and EMEA low to mid single digits Up ~$1,425M Up ~68% vs. prior year Up ~$190M vs. prior guidance Up ~360 bps Up ~20 bps vs. prior guidance 10,230 14,650 FY 2025 FY 2026E 2,090 3,515 FY 2025 FY 2026E 20.4% 24.0% FY 2025 FY 2026E Up ~$4,420M Up ~43% vs. prior year Up ~$650M vs. prior guidance + Higher adj. op profit − Higher cash taxes − Higher capex Up ~$813M Up ~43% vs. prior year Up ~$200M vs. prior guidance 1,887 2,700 FY 2025 FY 2026E • Adjusted operating margin showing continued expansion on higher sales growth and operational leverage • Expecting continued strong productivity and price-cost positive position, offsetting tariff headwind Range: $14,450M - $14,850M Range: $3,475M - $3,555M Range: 23.5% - 24.5%Range: $7.10 - $7.20 Range: $2,600M - $2,800M (1) Adjusted for foreign exchange and acquisitions; (2) See additional details on slide 21 of the Appendix. Note: See “Non-GAAP Financial Measures” beginning on slide 13 of the Appendix. Adjusted free cash flow equals cash from operations less capital expenditures and investments in capitalized software. Adj. Diluted EPS Adj. Operating Profit Adj. Operating Margin Adj. Free Cash Flow
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© 2026 Vertiv. All Rights Reserved.Q3 2026 Earnings Data center demand is accelerating with global, multi-year, GW-scale buildouts – global AI-driven compute requirements are compounding. We are monitoring pacing factors such as power, permitting, moratoriums and skilled labor. Data center demand is accelerating with global, multi-year, GW-scale buildouts – global AI-driven compute requirements are compounding. We are monitoring pacing factors such as power, permitting, moratoriums and skilled labor. Looking ahead to 2027 10 With a robust backlog and strong pipeline visibility, we expect continued significant above-market organic sales growth in 2027 – reflecting sustained share gains With a robust backlog and strong pipeline visibility, we expect continued significant above-market organic sales growth in 2027 – reflecting sustained share gains We are investing in R&D for the next-generation technology, expanding capacity, and scaling our supply chain and services to widen our competitive advantage and meet our customers’ demands. We are investing in R&D for the next-generation technology, expanding capacity, and scaling our supply chain and services to widen our competitive advantage and meet our customers’ demands. Despite ongoing inflationary pressures and dynamic regulatory environment, we expect continued margin expansion powered by productivity and strong commercial execution. Despite ongoing inflationary pressures and dynamic regulatory environment, we expect continued margin expansion powered by productivity and strong commercial execution. We expect to continue generating significant adjusted free cash flow, enabling strategic reinvestment in ER&D, while expanding capacity to meet demand, and pursue targeted acquisitions that drive shareholder value We expect to continue generating significant adjusted free cash flow, enabling strategic reinvestment in ER&D, while expanding capacity to meet demand, and pursue targeted acquisitions that drive shareholder value We are well positioned to capitalize on the market growth with industry-leading technology, enhanced operational capabilities, and differentiated customer engagements We are well positioned to capitalize on the market growth with industry-leading technology, enhanced operational capabilities, and differentiated customer engagements Expect AI-driven data center demand to remain strong in 2027. Expect robust growth across key financial metrics.
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Key takeaways 11 STRONG Q3 PERFORMANCE: Exceeded guidance on Net Sales • Adjusted diluted EPS • Adjusted operating margin • Adjusted operating profit STRONG Q3 PERFORMANCE: Exceeded guidance on Net Sales • Adjusted diluted EPS • Adjusted operating margin • Adjusted operating profit RAISED 2026 GUIDANCE: Adjusted diluted EPS • Net sales • Adjusted operating profit • Adjusted operating margin • Adjusted free cash flow RAISED 2026 GUIDANCE: Adjusted diluted EPS • Net sales • Adjusted operating profit • Adjusted operating margin • Adjusted free cash flow ACQUISITIONS TO EXPAND POWER TRAIN & GLOBAL FLUID MANAGEMENT: UtilityInnovation Group1 to add microgrid solutions, advance power controls, behind-the-meter power design, and King Environmental Services Ltd2 to expand fluid management and load-testing services in Europe ACQUISITIONS TO EXPAND POWER TRAIN & GLOBAL FLUID MANAGEMENT: UtilityInnovation Group1 to add microgrid solutions, advance power controls, behind-the-meter power design, and King Environmental Services Ltd2 to expand fluid management and load-testing services in Europe Strong 2026 performance – Strategically positioned for multi-year growth Vertiv enables BCEI and EdgeConneX large campus deployments at speed with complete portfolio of solutions • Long-tenured customer continues expansion globally with Vertiv as preferred end-to-end power train, thermal chain, and services partner • Vertiv’s innovation, quality, and reliability enables 24 facilities globally CUSTOMER SPOTLIGHT • SGC Energy and KT Cloud collaborate with Vertiv on the Gunsan AI Data Center Project to enable scalable, high-density AI environments • The project will deploy Vertiv OneCore, Vertiv SmartRun, Vertiv PowerNexus, and Vertiv CoolChip CDU 2300 to reduce on-site deployment time and deliver power and cooling efficiency CUSTOMER SPOTLIGHT AI Data Center infrastructure collaboration in South Korea aims to maximize efficiency and scalability (1) On October 26, 2026, Vertiv completed its acquisition of UtilityInnovation Group. (2) On October 23, 2026, Vertiv completed its acquisition of King Environmental Services Ltd. Note: See “Non-GAAP Financial Measures” beginning on slide 13 of the Appendix. INVESTING FOR GROWTH: Ongoing investments across capacity, innovation and services to continually scale with demand and support long-term growth INVESTING FOR GROWTH: Ongoing investments across capacity, innovation and services to continually scale with demand and support long-term growth
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© 2026 Vertiv. All Rights Reserved. Non-GAAP financial reconciliations 12
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Non-GAAP financial measures – third quarter results 13 Note: Segment operating profit (loss) is the measure of profitability disclosed in Note 11 to the consolidated financial statements for the quarter ended September 30, 2026. (1) Segment net sales are presented excluding intercompany sales. (2) Organic basis is adjusted to exclude foreign currency exchange rate and the change in acquisition sales impact. Reconciliation from operating profit (loss) margin to adjusted operating profit (loss) margin 3Q253Q26($M | 3rd QUARTER) $1,637.0$2,675.8$4,312.8Net sales 467.1516.7983.8Operating profit 3.5%19.3%22.8%Operating margin 17.148.265.3Amortization of intangibles 34.1-34.1Contingent consideration (30.7)30.7-Restructuring costs – global programs 3.7-3.7Mergers and acquisition costs 491.3595.61,086.9Adjusted operating profit 2.9%22.3%25.2%Adjusted operating margin Reconciliation of segment operating profit (loss) to operating profit (loss) and adjusted operating profit (loss) 3Q253Q26($M | 3rd QUARTER) $501.8$877.3Americas 68.5132.4Asia Pacific 83.5152.3Europe, Middle East & Africa $653.8$1,162.0Total reportable segments (0.9)(7.1)Foreign currency gain (loss) (88.0)(105.8)Corporate (88.9)(112.9)Total corporate and other (48.2)(65.3)Amortization of intangibles $516.7$983.8Operating profit (loss) 48.265.3Amortization of intangibles -34.1Contingent consideration 30.7-Restructuring costs – global programs -3.7Mergers and acquisition costs $595.6$1,086.9Adjusted operating profit (loss) Net sales and organic net sales change by segment(1) Organic %(2)%3Q253Q26($M | 3rd QUARTER) 66.2%74.5%$1,712.4$2,988.8Americas 48.3%49.9%519.8779.3APAC 19.3%22.8%443.6544.7EMEA 55.0%61.2%$2,675.8$4,312.8Total Reconciliation of net cash provided by (used for) operating activities to adjusted free cash flow 3Q253Q26($M | 3rd QUARTER) $482.7$794.0Net cash provided by (used for) operating activities (45.2)(139.1)Less: Capital expenditures (1.5)(2.7)Less: Investments in capitalized software $436.0$652.2Adjusted free cash flow
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Non-GAAP financial measures – third quarter results (cont.) 14 Source: Management estimates (1) Diluted EPS and adjusted diluted EPS is calculated using 392.7 million shares (includes 385.0 million basic shares and 7.7 million potential dilutive equity awards). (2) Contingent consideration associated with acquisitions. (3) Diluted EPS and adjusted diluted EPS is calculated using 390.9 million shares (includes 382.0 million basic shares and 8.9 million potential dilutive equity awards). (4) Costs associated with the August 12, 2025 amendment of the Term Loan due 2032. Reconciliation of diluted EPS to adjusted diluted EPS and operating profit (loss) to adjusted operating profit (loss) Diluted EPS(1)Net income (loss) Income tax expense (benefit) Other non- operating expense (income) Interest expense (income), net Operating profit (loss)($M, except EPS | 3rd QUARTER 2026) $1.95$764.5$230.3($17.4)$6.4$983.8GAAP 0.1665.3---65.3Amortization of intangibles 0.0934.1---34.1Contingent consideration(2) 0.013.7---3.7Mergers and acquisition costs $2.21$867.6$230.3($17.4)$6.4$1,086.9Non-GAAP Adjusted 392.7Diluted Shares (in millions) Reconciliation of diluted EPS to adjusted diluted EPS and operating profit (loss) to adjusted operating profit (loss) Diluted EPS(3)Net income (loss) Income tax expense (benefit) Loss on extinguishment of debt Interest expense, net Operating profit (loss)($M, except EPS | 3rd QUARTER 2025) $1.02$398.5$93.7$1.7$22.8$516.7GAAP 0.1248.2---48.2Amortization of intangibles 0.0830.7---30.7Restructuring costs 0.027.9-(1.7)(6.2)-Term loan due 2032 amendment expense(4) $1.24$485.3$93.7$-$16.6$595.6Non-GAAP Adjusted 390.9Diluted shares (in millions)
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Non-GAAP financial measures – fourth quarter 2026 guidance 15 Source: Management estimates (1) Diluted EPS and adjusted diluted EPS is calculated using 392.6 million shares (includes 385.1 million basic shares and 7.5 million potential dilutive equity awards). (2) Diluted EPS and adjusted diluted EPS is based on 391.7 million shares (includes 382.5 million basic shares and 9.2 million potential dilutive equity awards). Reconciliation of diluted EPS to adjusted diluted EPS and operating profit (loss) to adjusted operating profit (loss) Diluted EPS(1)Net income (loss) Income tax expense (benefit) Interest expense (income), net Operating profit (loss)($M, except EPS | 4th QUARTER 2026) $2.08$818.0$240.8$14.8$1,073.6GAAP 0.1763.9--63.9Amortization of intangibles $2.25$881.9$240.8$14.8$1,137.5Non-GAAP Adjusted 392.6Diluted Shares (in millions) At midpoint of guidance range Reconciliation of diluted EPS to adjusted diluted EPS and operating profit (loss) to adjusted operating profit (loss) Diluted EPS(2)Net income (loss) Income tax expense (benefit) Interest expense, net Operating profit (loss)($M, except EPS | 4th QUARTER 2025) $1.14$445.6$117.6$16.7$579.9GAAP 0.1559.3--59.3Amortization of intangibles 0.0518.8--18.8Restructuring costs – global programs 0.014.9--4.9Contingent consideration 0.015.2--5.2Mergers and acquisition costs $1.36$533.8$117.6$16.7$668.1Non-GAAP Adjusted 391.7Diluted shares (in millions)
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings 16 (1) Diluted EPS and adjusted diluted EPS based on 392.6 million shares (includes 384.4 million basic shares and 8.2 million potential dilutive equity awards). (2) Contingent consideration associated with acquisitions (3) Costs associated with the March 3, 2026 repayment of the Term loan credit agreement, the gain recognized in "Interest expense (income), net" and the related tax impact associated with the interest rate swaps being settled. (4) Diluted EPS and adjusted diluted EPS based on 390.7 million shares (includes 381.7 million basic shares and 9.0 million potential dilutive equity awards). (5) Nonrecurring tax benefit including $39.5 million of valuation allowance release as a result of the Company's updated assessment of the realization of deferred tax assets in certain countries. (6) Costs associated with the August 12, 2025 amendment of the Term loan due 2032. Reconciliation of diluted EPS to adjusted diluted EPS and operating profit (loss) to adjusted operating profit (loss) Diluted EPS(1) Net income (loss) Income tax expense (benefit) Other non-operating expense (income) Loss on extinguishment of debt Interest expense (income), net Operating profit (loss)($M, except EPS | FULL YEAR 2026) $6.29$2,470.4$641.5($16.9)$6.2$34.2$3,135.4GAAP 0.72280.5----280.5Amortization of intangibles 0.2496.1----96.1Contingent consideration(2) (0.01)(3.9)----(3.9)Restructuring costs – global programs 0.026.9----6.9Mergers and acquisitions costs (0.11)(42.3)25.6-(6.2)22.9-Term loan credit agreement repayment(3) $7.15$2,807.7$667.1($16.9)$-$57.1$3,515.0Non-GAAP Adjusted 392.6Diluted Shares (in millions) Source: Management estimates At midpoint of guidance range Reconciliation of diluted EPS to adjusted diluted EPS and operating profit (loss) to adjusted operating profit (loss) Diluted EPS(4) Net income (loss) Income tax expense (benefit) Loss on extinguishment of debt Interest expense, net Operating profit (loss)($M, except EPS | FULL YEAR 2025) $3.41$1,332.8$409.1$1.7$86.1$1,829.7GAAP 0.52200.4---200.4Amortization of intangibles 0.1349.5---49.5Restructuring costs – global programs 0.014.9---4.9Contingent consideration 0.015.2---5.2Mergers and acquisition costs 0.1039.5(39.5)---Nonrecurring tax benefit, net(5) 0.027.9-(1.7)(6.2)-Term loan due 2032 amendment expense(6) $4.20$1,640.2$369.6$-$79.9$2,089.7Non-GAAP Adjusted 390.7Diluted shares (in millions) Non-GAAP financial measures – FY 2026 guidance
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Non-GAAP financial measures: Q1 2025 – Q3 2026 results 17 Adjusted operating profit (loss)(2) 3Q262Q261Q26FY254Q253Q252Q251Q25($M) $877.3$571.4$490.2$1,714.3$568.2$501.8$384.6$259.7Americas 132.495.667.4222.148.768.559.245.7Asia Pacific 152.3124.253.5377.4111.083.5104.278.7Europe, Middle East & Africa (75.1)(52.8)(58.9)(224.1)(59.8)(58.2)(58.7)(47.4)Corporate(3) $1,086.9$738.4$552.2$2,089.7$668.1$595.6$489.3$336.7Adjusted operating profit (loss) Total Net Sales(1) 3Q262Q261Q26FY254Q253Q252Q251Q25($M) $2,988.8$2,070.8$1,814.4$6,386.3$1,886.3$1,712.4$1,602.3$1,185.3Americas 779.3719.9513.72,019.2492.0519.8560.2447.2Asia Pacific 544.7483.6321.41,824.4501.7443.6475.6403.5EMEA $4,312.8$3,274.3$2,649.5$10,229.9$2,880.0$2,675.8$2,638.1$2,036.0Total (1) Segment net sales are presented excluding intercompany sales. (2) Adjusted operating profit (loss) is only adjusted at the Corporate segment. There are no adjustments at the reportable segment level between operating profit (loss) and adjusted operating profit (loss). (3) Corporate costs consist of headquarters management costs, asset impairments, and costs that support centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, Legal, and Human Resources. (4) Adjusted operating margins calculated as adjusted operating profit (loss) divided by net sales. Adjusted operating margins(4) 3Q262Q261Q26FY254Q253Q252Q251Q25($M) 29.4%27.6%27.0%26.8%30.1%29.3%24.0%21.9%Americas 17.0%13.3%13.1%11.0%9.9%13.2%10.6%10.2%Asia Pacific 28.0%25.7%16.6%20.7%22.1%18.8%21.9%19.5%Europe, Middle East & Africa 25.2%22.6%20.8%20.4%23.2%22.3%18.5%16.5%Vertiv
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Non-GAAP financial measures: Q1 2025 – Q3 2026 results 18 Reconciliation from operating profit (loss) margin to adjusted operating profit (loss) margin 3Q262Q261Q26FY254Q253Q252Q251Q25($M) $4,312.8$3,274.3$2,649.5$10,229.9$2,880.0$2,675.8$2,638.1$2,036.0Net sales 983.8637.9440.11,829.7579.9516.7442.4290.7Operating profit 22.8%19.5%16.6%17.9%20.1%19.3%16.8%14.3%Operating margin 65.373.777.6200.459.348.246.946.0Amortization of intangibles 34.128.833.24.94.9---Contingent consideration -(3.9)-49.518.830.7--Restructuring costs – global programs 3.71.91.35.25.2---Mergers and acquisition costs 1,086.9738.4552.22,089.7668.1595.6489.3336.7Adjusted operating profit 25.2%22.6%20.8%20.4%23.2%22.3%18.5%16.5%Adjusted operating margin Reconciliation of net cash provided by (used for) operating activities to adjusted free cash flow 3Q262Q261Q26FY254Q253Q252Q251Q25($M) $794.0$1,099.8$766.8$2,113.8$1,004.9$482.7$322.9$303.3Net cash provided by (used for) operating activities (139.1)(173.3)(112.6)(220.0)(93.3)(45.2)(45.0)(36.5)Less: Capital expenditures (2.7)(1.2)(1.4)(6.4)(1.7)(1.5)(0.9)(2.3)Less: Investments in capitalized software $652.2$925.3$652.8$1,887.4$909.9$436.0$277.0$264.5Adjusted free cash flow
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Non-GAAP financial measures: Q1 2025 – Q3 2026 results 19 Reconciliation of segment operating profit (loss) to operating profit (loss) and adjusted operating profit (loss) 3Q262Q261Q26FY254Q253Q252Q251Q25($M) $877.3$571.4$490.2$1,714.3$568.2$501.8$384.6$259.7Americas 132.495.667.4222.148.768.559.245.7Asia Pacific 152.3124.253.5377.4111.083.5104.278.7Europe, Middle East & Africa $1,162.0$791.2$611.1$2,313.8$727.9$653.8$548.0$384.1Total reportable segments (7.1)(3.9)1.6(12.0)(6.2)(0.9)(2.3)(2.6)Foreign currency gain (loss) (105.8)(75.7)(95.0)(271.7)(82.5)(88.0)(56.4)(44.8)Corporate (112.9)(79.6)(93.4)(283.7)(88.7)(88.9)(58.7)(47.4)Total corporate and other (65.3)(73.7)(77.6)(200.4)(59.3)(48.2)(46.9)(46.0)Amortization of intangibles $983.8$637.9$440.1$1,829.7$579.9$516.7$442.4$290.7Operating profit (loss) 65.373.777.6200.459.348.246.946.0Amortization of intangibles 34.128.833.24.94.9---Contingent consideration -(3.9)-49.518.830.7--Restructuring costs – global programs 3.71.91.35.25.2---Mergers and acquisition costs $1,086.9$738.4$552.2$2,089.7$668.1$595.6$489.3$336.7Adjusted operating profit (loss) Net sales and organic net sales change by segment(1) Organic %%3Q253Q26($M | 3rd QUARTER) 66.2%74.5%$1,712.4$2,988.8Americas 48.3%49.9%519.8779.3APAC 19.3%22.8%443.6544.7EMEA 55.0%61.2%$2,675.8$4,312.8Total (1) Segment net sales are presented excluding intercompany sales.
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Non-GAAP financial measures – organic net sales growth reconciliation 20 Reconciliation of change in net sales to organic change in net sales (1) The change in acquisition sales include all acquisition sales for the three months ended September 30, 2026. (2) Organic growth percentage change is calculated as organic growth divided by net sales for the three months ended September 30, 2025. Organic Δ %(2)Organic growthAcquisition Δ(1)FX ΔNet Sales Δ ($M | 3rd QUARTER 2026) Americas: 66.2%$1,133.9($139.3)($3.2)$1,276.4 48.3%251.3-(8.2)259.5Asia Pacific: 19.3%85.8(17.6)2.3101.1EMEA: 55.0%$1,471.0($156.9)($9.1)$1,637.0Total:
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© 2026 Vertiv. All Rights Reserved. Q3 2026 Earnings Tax Assumptions Guidance assumptions 21 $Millions unless otherwise specified 2H26 Assumption 1H26 Avg Rate Avg 2025 6.696.847.15CNY / USD 1.121.151.14USD / EUR 1.331.331.33USD / GBP 94.8593.8687.69INR / USD 3.7%1-mo SOFR (1) Excludes FX transaction gain / (loss) FX translation impact(1) 2026 vs. 2025 FYQ4Q3Q2Q1 ~89~(13)~9~36~57Sales ~(2)~(10)~(3)~5~6Adj. OP Our Adjusted ETR for 3Q26 was 23% in line with prior guidance. Our guidance for 4Q26 and FY26 assumes adjusted ETR of 23% and 21%, respectively. The ETR remains subject to variability from stock-based award and exercise activity and geographic mix of earnings.