2Q26 Overseas Liquid Cooling Performance Tracking: Vertiv

English summary

2Q26 results: Net sales of $3.274B, approximately RMB 22.232B (converted at 2Q26 exchange rate of USD 1 = RMB 6.79, same below), +24.1% YoY; adjusted operating profit of $738M, approximately RMB 5.014B, +50.9% YoY; adjusted operating margin of 22.6%, +410 bps YoY, exceeding guidance, mainly due to improved operational efficiency. Strong cash flow: adjusted free cash flow of $925M in 2Q26, +234% YoY, driven by operating profit growth, improved working capital efficiency, and higher customer prepayments; free cash flow conversion rate exceeded 150%.