European Capital Goods: Read X from Hammond Power Solutions CFO meeting

Research evidence excerpt

European Capital Goods: Read X from Hammond Power Solutions CFO meeting

Equity Research

European Capital Goods

22 May 2026

Read X from Hammond Power

Solutions CFO meeting Industry Update

Demand remains strong, especially in DCs; HPS expanding European Capital Goods

offering into other power infrastructure (e.g. UPS and NEUTRAL

potentially SST); Capacity expansion economics still European Capital Goods

George Featherstone, CFA

exceptionally strong, with lead times further reducing; +44 (0)20 3555 8585

implications for electricals. george.featherstone@barclays.com

Barclays, UK

Vlad Sergievskii

The following listed companies are not under coverage by Barclays Research: Hammond Power

+44 (0)20 7116 1117

Solutions. Information about these companies is being provided for information purposes only and vlad.sergievskii@barclays.com

is not an investment recommendation by Barclays Research. Barclays, UK

Below we include key feedback from our meeting with Hammond Power Solutions CFO Richard Timothy Lee, CFA

+44 (0)20 7773 6879Vollering (not covered). Hammond Power solutions is a provider of MV and LV transformers.

timothy.lee@barclays.com

•• AEG acquisition strategically important and supports future solid-state transformer Barclays, UK

(SST) optionality. Management highlighted the strategic importance of the AEG acquisition, Rajesh Patki

which provides access to the UPS market, expanding HPS’s exposure to power infrastructure. +44 (0)20 3555 5193

Interestingly, AEG has meaningfully higher R&D intensity vs Hammond Power Solutions, rajesh.patki@barclays.com

particularly in power conversion technologies and supports development of solid-state Barclays, UK

transformer (SST) capability, positioning HPS for next-gen data center architectures. Amit Batra

+91 (0)22 6175 1682