Vertiv Holdings Co - Ordinary Shares - Class A

Q2 performance beat expectations (growth + margins + cash): Net sales $3.274B (+24% YoY); organic +18% (plus ~5% acquisitions and ~1% favorable FX). Adjusted operating margin 22.6% (+410 bps YoY, above guidance) with adjusted operating profit $738M (+51% YoY). Adjusted diluted EPS $1.52 (+60% YoY; +$0.12 vs guidance). Adjusted free cash flow $925M (+234% YoY) with >150% free cash flow conversion and net cash position at quarter-end.

Full-year 2026 outlook raised across key metrics: Management raised guidance—Net sales $14.0B (midpoint; +37% YoY), Adjusted diluted EPS $6.70 (midpoint; +60% YoY), Adjusted operating profit $3.325B (midpoint; +59% YoY) and Adjusted operating margin 23.8% (midpoint; +~340 bps vs 2025). Adjusted free cash flow $2.5B (midpoint; +~182% YoY). Capex guidance revised to upper end of ~4% of 2026 sales to expand capacity into 2027.

Forward demand backdrop is strong; pipeline accelerating (broad-based): Executives highlighted robust orders growth expectations for the year, with pipeline momentum remaining very strong and pipeline “speed” accelerating (faster sales cycle). Demand signals described as broad-based across hyperscalers, enterprise, and colo/neocloud, and across regions. Regionally: Americas strong, APAC strong, and EMEA returned to positive net sales growth (+2% YoY; organic -2%, but improving).