VRT: Sets Upside 2030 Targets: 20%-22% Organic Sales, +27% EBIT Margin, $28B Capital Optionality

Research evidence excerpt

VRT: Sets Upside 2030 Targets: 20%-22% Organic Sales, +27% EBIT Margin, $28B Capital Optionality

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Deane Dray, CFA (Co-Head of Global Industrials

Research)

Kenny Sim, CFA (AVP)

Jeffrey Reive, CFA (Analyst)

Thomas Wisnewski, CFA (Senior Associate)

May 19, 2026

Vertiv Holdings Co

Sets Upside 2030 Targets: 20%-22% Organic Sales, +27% EBIT Margin, $28B Capital

Optionality

NYSE: VRT | USD 339.73 | Outperform | Price Target USD 435.00

Sentiment: Positive

Our view: Outperform-rated Vertiv is hosting an in-person investor meeting today in Greenville, South Carolina (see our Preview

here). Today is the first day of the two-day event, starting with management presentation at 2:30-5:00pm ET today focusing on

strategy and financials. From our speed-read of the slides, Vertiv is setting upside 2030 targets vs. consensus (but largely in-line

with our expectations). These metrics include 20%-22% organic sales CAGR vs. consensus at high-teens and our 20%-25% estimate

and +27% adjusted operating margins (consistent with consensus and our expectations), implying ~30% incremental margins vs.

consensus at ~30% and our expectations for 25%-30%. FCF framework for 95%-100% was reiterated from the 2024 investor day,

leading to +$28 billion capital optionality through 2030 (targeting net leverage of 1.0x-2,0x). Additionally, Vertiv’s revenue per

MW opportunity estimate was positively raised from $2.75-$3.5 million to ~$3.25-$3.75 million (up 10%-15% from the previous

estimate), reflecting integrated, modular building solutions (OneCore, SmartRun) and higher-compute architecture solutions. All

in, we expect Vertiv’s positive 2030 targets to reaffirm investor confidence in the durability of the ongoing AI infrastructure upcycle.