Cautionary Statements This presentation is provided for general informational purposes only and it does not include every item which may be of interest, nor does it purport to present full and fair disclosure with respect to Atkore Inc. (the "Company" or "Atkore") or its operational and financial information. Atkore expressly disclaims any current intention to update any forward-looking statements contained in this presentation as a result of new information or future events or developments or otherwise, ex ...

Core Insights - Hubbell Incorporated reported strong financial performance for the fourth quarter and full year of 2025, with double-digit growth in net sales, operating profit, and diluted earnings per share [3][11] - The company anticipates continued growth in 2026, projecting total sales growth of 7-9% and organic sales growth of 5-7% [9][10] Financial Highlights - Fourth quarter net sales increased by 12% to $1.49 billion compared to $1.33 billion in the same period of 2024, with organic sales growth of 9% and contributions from acquisitions of 3% [11][25] - Operating income for the fourth quarter was $311.5 million, representing a 20.9% operating margin, up from 19.5% in the previous year [11][25] - Adjusted diluted earnings per share for the fourth quarter rose by 15% year-over-year to $4.73, while GAAP diluted earnings per share increased to $4.19 [11][7][31] Segment Performance - The Utility Solutions segment saw net sales rise by 10% to $936 million, with organic sales growth of 7% and acquisitions contributing 4% [5] - The Electrical Solutions segment reported a 14% increase in net sales to $557 million, driven by a 13% organic sales growth [6] Cash Flow and Financial Position - Net cash provided by operating activities was $447.5 million in the fourth quarter of 2025, compared to $432.4 million in the same period of 2024 [8] - Free cash flow for the fourth quarter was $388.8 million, up from $364.4 million year-over-year [8] Outlook - For 2026, Hubbell expects GAAP diluted earnings per share to be in the range of $17.30 to $18.00, with adjusted diluted earnings per share projected between $19.15 and $19.85 [9][10] - The company aims for a free cash flow conversion of 90% or greater on adjusted net income for the full year 2026 [10]

Core Viewpoint - nVent Electric plc will hold its 2026 Investor Day on February 24, where the leadership team will present updated medium-term financial objectives and the next phase of the company's growth strategy [1]. Group 1: Event Details - The Investor Day is scheduled to start at 9:30 a.m. ET and will conclude around 12:00 p.m. ET [2]. - Live and on-demand webcasts of the event and related materials will be accessible through the "Investor Relations" section of the company's website [2]. Group 2: Company Overview - nVent is a global leader in electrical connection and protection solutions, focusing on enabling safer systems and a more secure world [3]. - The company designs, manufactures, markets, installs, and services high-performance products that protect sensitive equipment, buildings, and critical processes [3]. - nVent's portfolio includes well-known brands such as nVent CADDY, ERICO, HOFFMAN, ILSCO, SCHROFF, and TRACHTE, with a history spanning over 100 years [3].

Summary of ABB Q4'25 Results Conference Call Company Overview - **Company**: ABB - **Industry**: European Capital Goods Key Points Financial Performance - **Order Growth**: - Total orders increased by 32% year-over-year (yoy) to $10.316 billion, significantly exceeding company consensus and J.P. Morgan estimates (JPMe) of $8.529 billion and $8.492 billion respectively [1][7] - Electrification orders grew by 33% yoy, with a notable performance in data centers and US commercial buildings [1] - Automation orders surged by 41% yoy, driven by strong demand from machine builders and marine automation [1] - **Revenue Performance**: - Revenues reached $9.052 billion, beating JPMe and consensus estimates of $8.724 billion and $8.726 billion respectively, reflecting a 13% yoy increase [1][7] - Organic sales growth was reported at 9%, surpassing consensus expectations of 6% [1][7] - **Profitability Metrics**: - Operational EBITA margin stood at 17.6%, in line with consensus but slightly below JPMe expectations [1][7] - Net income for the quarter was $1.273 billion, a 29% increase from $987 million in Q4'24 [7] Market Dynamics - **Regional Performance**: - Orders in the Americas grew by 43%, with the US alone increasing by 57% [5] - Europe and Asia showed growth of 25% and 23% respectively, with China orders up by 25% [5] - **Sector Insights**: - Strong demand was noted in the data center segment and commercial buildings, while residential markets remained stable in the US and Europe but weak in China [5] - The underlying activity in utilities and land transport infrastructure remained robust [1] Strategic Initiatives - **Shareholder Returns**: - ABB announced a $2 billion share buyback program, exceeding the $1 billion expected by analysts [1] - A proposed dividend increase to CHF0.94 per share from CHF0.90 last year was also highlighted [5] Future Outlook - **Guidance for FY26**: - ABB expects a book-to-bill ratio of 1.06x and comparable revenue growth of 6-9% [6] - Operational EBITA margin is anticipated to slightly improve year-over-year [6] - **Consensus Adjustments**: - Analysts expect consensus estimates for organic sales growth to increase by a low-single-digit percentage based on ABB's guidance [6] Peer Implications - **Market Positioning**: - The strong performance in Electrification is seen as a positive indicator for peers such as Siemens, Schneider, and Legrand [6] - Positive trends in data centers and utilities are expected to benefit the wider electricals subgroup [6] Valuation - **Current Valuation Metrics**: - As of January 28, 2026, ABB's stock trades at 22.7x/20.6x EV/EBITA for 2026E/2027E [6] Risks and Considerations - **Investment Risks**: - Potential risks include underperformance in growth and margin compared to peers and the impact of expensive M&A activities [12] - Upside risks include stronger-than-expected growth and effective portfolio management leading to higher earnings [12] Conclusion - ABB's Q4'25 results indicate robust growth across multiple segments, with strong order intake and revenue performance. The company's strategic initiatives, including share buybacks and dividend increases, reflect a commitment to shareholder returns. The outlook for FY26 appears positive, with expectations for continued growth and margin improvement, positioning ABB favorably within the European capital goods sector.

Important Market News - The China Securities Regulatory Commission (CSRC) is soliciting opinions on amendments to the "Administrative Measures for the Registration of Securities Issuance by Listed Companies," which includes expanding the types of strategic investors, clarifying minimum shareholding requirements, and enhancing information disclosure and regulatory requirements [1] Industry Insights - SpaceX has submitted an application to the FCC to launch up to 1 million satellites to create an orbital data center network, aimed at providing computational support for advanced AI models. The project is described as having "unprecedented computing power" and targets deployment in multiple narrow orbital layers [2] - The satellite communication industry is projected to reach between 200 billion to 400 billion yuan by 2030, with a compound annual growth rate of 10%-28%. This sector is transitioning from "concept validation" to "scaled application," driven by technological maturity and cost reduction [2] - The successful application of over 100G satellite-ground laser communication has been achieved, with a transmission rate of 120 Gbps, marking a significant advancement in China's capabilities in this area [3] - The experiment utilized a self-developed 500mm diameter satellite-ground laser communication system, achieving a significant increase in transmission capacity from 60 Gbps to 120 Gbps through on-orbit software reconstruction [4] - The global AI computing power construction is experiencing explosive growth, with transformers becoming a core infrastructure component. Many transformer factories in regions like Guangdong are operating at full capacity, with some orders extending to 2027 [5] - China's transformer industry comprises about 3,000 companies, with an expected export value of 64.6 billion yuan by 2025, reflecting a nearly 36% increase from 2024. China has become the world's largest transformer producer, accounting for approximately 60% of global capacity [5]

分组1: Federal Reserve Leadership - President Trump has appointed Kevin Worsh to lead the Federal Reserve, ending speculation about the successor to Jerome Powell [8] - Worsh, a former Fed governor, has historically been seen as a hawk but may adopt a more pragmatic approach as chair [3][10] - Market reactions indicate a cautious optimism, with expectations that Worsh may not be as hawkish as previously thought [4][15] 分组2: Apple Earnings - Apple reported a record-breaking 16% increase in first-quarter revenue, driven by a 23% year-over-year rise in iPhone sales [30] - Despite strong sales, concerns about margins persist, particularly due to rising memory chip prices [31][34] - Analysts remain optimistic about Apple's ability to manage supply chain challenges and maintain pricing power [36][37] 分组3: Energy Sector Performance - Chevron and Exxon reported their narrowest profits since 2021, impacted by lower oil prices, with Brent averaging $64 per barrel compared to $75 a year ago [96][97] - Both companies are focusing on higher return, lower cost projects to sustain operations amid pricing headwinds [98][100] - The long-term outlook for oil demand remains positive, prompting both firms to plan capital expenditures with a view towards 2035 and beyond [101][102] 分组4: Industrials Sector Outlook - The industrials sector has shown strong performance, up more than 6% in early 2026, driven by optimism around capital spending and data center buildouts [50][51] - Analysts note that while there is a recovery, it is relatively sluggish outside of data center-related growth [56][57] - Companies in the sector are expected to continue growing earnings significantly, with some trading at attractive multiples despite recent market skepticism [58][60]

Group 1 - Honeywell International Inc. is recognized as one of the 12 Best Dow Jones Dividend Stocks to Buy According to Hedge Funds [1] - JPMorgan upgraded Honeywell from Neutral to Overweight and raised its price target from $218 to $255, citing a valuation gap and a disconnect between the share price and the value of Honeywell's assets, particularly in aerospace [2] - Honeywell's majority-owned quantum computing unit, Quantinuum, plans to confidentially file draft IPO papers with US regulators, aiming to capitalize on the growing interest in quantum technology [3][4] Group 2 - Quantinuum raised approximately $600 million from investors, including Nvidia's venture capital arm, at a valuation of $10 billion, and serves notable customers such as Honeywell, Airbus, BMW Group, HSBC, and JPMorgan Chase [4] - Honeywell has restructured its business into three standalone companies focused on automation, aerospace, and advanced materials, divesting smaller units to enhance its automation segment [5] - Honeywell operates as an integrated company across various industries, supported by its Honeywell Accelerator operating system and Honeywell Forge platform [5]

Core Viewpoint - Legend Power Systems Inc. is positioned to capitalize on the growing demand for power optimization solutions due to alternative energy growth, grid issues, and increasing power costs, with a strong revenue growth outlook over the next 3-5 years [2] Financial Highlights - Q4 F2025 revenue was CAD 690,284, a decrease of 2% from CAD 705,335 in Q4 F2024; total revenue for the year ended September 30, 2025, was CAD 1,680,052, down 10% from CAD 1,872,973 in fiscal 2024 [4][5] - Cost of sales for Q4 F2025 was CAD 516,646, down 7% from CAD 558,276 in Q4 F2024; for the year, it increased by 10% to CAD 1,287,059 from CAD 1,170,121 [4] - Gross margin for Q4 F2025 improved to 25% from 21% in Q4 F2024, while the annual gross margin decreased to 23% from 38% in fiscal 2024 [4][8] - Operating expenses for Q4 F2025 were CAD 652,188, a significant reduction of 33% from CAD 976,967 in Q4 F2024; for the year, operating expenses decreased by 9% to CAD 3,670,725 from CAD 4,014,333 [4][9] - Net loss for Q4 F2025 was CAD 481,441, a 42% improvement from a loss of CAD 832,475 in Q4 F2024; the annual net loss remained stable at CAD 3,291,800 compared to CAD 3,303,509 in fiscal 2024 [4][10] Operational Highlights - The Green Proving Ground program for the U.S. General Services Administration is progressing well, with strong sales activity from both repeat and new customers [7] - The company is engaged in active sales processes with top firms in the Commercial Real Estate sector, with over 196 buildings in active sales cycles for more than 400 potential SmartGATE installations [7]

Summary of Key Points from the Conference Call on 800 VDC Shift Industry Overview - The report focuses on the **data center industry** and the transition to **800 VDC (Volts Direct Current)** architecture, driven by the increasing power demands of AI training and inference workloads [2][12][56]. Core Insights and Arguments 1. **Adoption Timeline**: - 800 VDC adoption is expected to begin with NVIDIA's new platforms, Rubin Ultra and Feynman, launching in **2027 and 2028** respectively. It is projected that **10%** of AI training additions will adopt 800 VDC in **2027**, increasing to **80%** in **2028**, and reaching **100%** from **2029** onwards [3][4]. 2. **Market Impact**: - By **2030**, it is estimated that **15%** of global data center capacity and **25%** of GW additions will feature 800 VDC. The adoption will phase in as follows: **5%** in **2027**, **35%** in **2028 & 2029**, and **45%** in **2030** [4][39]. 3. **Electrical Content Changes**: - The transition will involve three phases of electrical content change, significantly reducing reliance on legacy AC equipment. Phase 1 will see a **-40%** reduction in AC PDUs by **2030**, Phase 2 will reduce UPS for IT loads by **-60%**, and Phase 3 will replace switchgear and transformers with solid-state transformers, leading to reductions of **-25%** and **-80%** respectively [5][27]. 4. **Growth Opportunities**: - Despite the challenges, three growth opportunities are identified: - New 800 VDC equipment, including sidecars and solid-state transformers. - Liquid cooling systems that scale with power density. - Automation technologies that enhance power, thermal, and compute management [6][10]. 5. **UPS Market Outlook**: - The UPS market is expected to grow at a low double-digit CAGR over the next five years, despite a **-60%** reduction in the total addressable market (TAM) for UPS related to IT loads by **2030**. UPS for thermal loads linked to liquid cooling distribution units is projected to grow at approximately **30%** per annum [7][10]. 6. **Net Impact on Growth**: - The overall impact of the 800 VDC shift is projected to be modestly negative, with a **<2pp** annual headwind to growth by **2030**. The shift is expected to result in a **-12%** reduction in TAM, equating to **-$0.65B/GW** from an all-in **$5.5B/GW** [8][40]. Additional Important Insights 1. **Investment Implications**: - Companies with exposure to liquid cooling and UPS businesses, such as **Schneider**, **Eaton**, and **Vertiv**, are viewed positively. Automation is also highlighted as a critical area for growth due to the increasing complexity of AI data centers [10][45]. 2. **Key Players Affected**: - Companies like **Schneider**, **Eaton**, and **ABB** are expected to be significantly impacted by the 800 VDC transition, with a need to develop solid-state transformer capabilities to remain competitive [10][50]. 3. **Market Dynamics**: - The report emphasizes the importance of understanding the evolving landscape of data center architecture and the potential for new entrants and technologies to disrupt traditional suppliers [10][50]. 4. **Safety and Regulatory Considerations**: - The transition to 800 VDC presents operational and safety risks, necessitating new certifications and standards, which could impact the speed of adoption [83][84]. 5. **Future Projections**: - The report anticipates that the 800 VDC architecture will become increasingly relevant for inference workloads post-2030, primarily due to efficiency gains rather than immediate power density requirements [92][93]. This summary encapsulates the critical insights and projections regarding the shift to 800 VDC in the data center industry, highlighting both the challenges and opportunities that lie ahead.

Core Insights - Eaton's $4.3 billion business in electrical products is crucial for managing power in data centers, which are essential for the functioning of artificial intelligence [1][4]. - The company is focusing on data center construction and has recently acquired Boyd Thermal, a $1.5 billion business specializing in liquid-cooling technology for data centers [4]. - Eaton's sales increased by 10% and adjusted earnings rose by 8% in Q3 2025, with a backlog growth of 51% over the past two years, indicating strong future growth potential [5]. Company Overview - Approximately 75% of Eaton's revenue is derived from electrical products, with the remainder coming from automotive and aviation sectors [2]. - The company's offerings are designed to manage power, which is increasingly vital as global electricity demand rises [3]. Financial Performance - Eaton's stock has seen a price-to-earnings ratio of 33x, slightly above its five-year average of 32x, indicating that the stock may be considered expensive by value investors [6]. - Despite being 15% below recent highs, the stock's price-to-sales and price-to-book value ratios are also above long-term averages [6]. Investment Considerations - Eaton is viewed as a strong investment opportunity, particularly for aggressive growth investors who see potential in the expanding AI market [7]. - A significant pullback of 25% could present a more attractive buying opportunity for investors [7].