Vertiv Holdings Co.: VRT looks well set as System-level approach may triumph amidst higher voltages, liquid cooling in Datacenters; MI implications

Research evidence excerpt

Vertiv Holdings Co.: VRT looks well set as System-level approach may triumph amidst higher voltages, liquid cooling in Datacenters; MI implications

Equity Research

U.S. Multi-Industry

20 May 2026

Vertiv Holdings Co.

VRT looks well set as System-level

approach may triumph amidst

VRT OVERWEIGHThigher voltages, liquid cooling in

U.S. Multi-Industry NEUTRAL

Price Target USD 412.00Datacenters; MI implications

Price (19-May-26) USD 322.63

The future Datacenter may have much less chiller / LV Potential Upside/Downside +27.7%

content, with more SST / BESS / liquid cooling content. Net Source: Bloomberg, Barclays Research

$/MW should rise for VRT, although it may not rise for all MI U.S. Multi-Industry

names. Julian Mitchell

+1 212 526 1661

julian.mitchell@barclays.com

Earlier this morning, we attended VRT's technology presentation, as part of its two-day 2026 BCI, US

Investor Conference. For our thoughts from day 1 / impressions of 2030 targets, see our 'first

Jimmy Yunhao Jianglook' here. Our thoughts on VRT post-Q1 earnings are summarized here.

+1 212 526 6042

jimmy.jiang@barclays.comThere was a lot to absorb at 8am, but the Tech presentation provided a very lucid synopsis

BCI, US

of the myriad evolutionary paths for Datacenter architectures.

Haemaru Chung

It was far more detailed / comprehensive than any such material we have seen from other +1 212 526 4758

power equipment and cooling equipment MI companies. haemaru.chung@barclays.com

VRT's $/MW should grow in both Power and Cooling through 2030, given its high R&D

Drew Smith

spend and broad product portfolio. +1 212 526 1325

drew.smith@barclays.com

Key points: BCI, US

• The main point is that amidst evolving Power (higher voltages in Datacenters, MW voltage, DC