Moving higher with NSI Industries

Research evidence excerpt

Moving higher with NSI Industries

Industrials | Electrical Equipment & Multi-Industry

June 16, 2026

Hubbell Inc. Alexander Virgo Gustavo Gonzalez 44 20 7847 3520 212-653-8998

HUBB | $476.89 Alexander.Virgo@evercoreisi.com Gustavo.Gonzalez@evercoreisi.com

Outperform | Target Price/Base Case: $605.00 (from Kriti Vardineni

$585.00) 212-801-3882

Company Update Kriti.Vardineni@evercoreisi.com

Company Statistics HUBB closed its acquisition of NSI Industries on June 9th, 2026, so we

Dividend Yield 1.3% adjust our numbers for the deal and tweak our underlying estimates

Expected Total Return 21.3% ahead of Q2’26 results to reflect stronger demand in D/C and T&D;

Market Capitalization (M) $25,200 overall we raise our estimates 10-12% for 2027-28E, driving our PT to

52-Week Range $380.86 - $565.50

Fiscal Year End Dec $605. With the stock in line with SPX and c15% rel underperformance

vs electrical peers, we think the market underappreciates the changes

in the portfolio from M&A and the stronger growth outlook from T&D &

D/C spend. With >90% revenue derived in N Am, we also think HUBB

Earnings Summary

screens well if macro-economic weakness develops in Europe/Asia as

2025 2026E 2027E a consequence of events in the Middle East. Reiterate OP.

Sales (M) Q1 $1,365 $1,517A ..

Q2 $1,484 $1,694 .. Revisiting the Buy thesis in the context of the NSI closure

Q3 $1,502 $1,811 ..

Q4 $1,493 $1,754 .. 1) We estimate organic growth will re-accelerate… we think

FY $5,845 $6,776 $7,515 HUS organic growth should accelerate as T&D spending picks

EBITDA (M) Q1 $278 $324A .. up (see our recent NOats on Hitachi & our colleagues Oscar

Q2 $385 $406 .. Sloterbeck’s Utilities capex survey), which should drive group

Q3 $380 $426 .. organic growth of c8% avg 2026-28E (vs c2% in 2024/25 and

Q4 $373 $368 ..