GNRC: Capacity Buildout Reinforces Strong Data Center Demand

Research evidence excerpt

GNRC: Capacity Buildout Reinforces Strong Data Center Demand

Equity Research

Flash Comment — June 15, 2026

Clean Energy

Generac Holdings Inc.

Capacity Buildout Reinforces Strong Data Center Demand Overweight

Price Target: $280.00

Ticker GNRC

Our Call Upside/(Downside) to Target 3.7%

GNRC acquires Belvidere facility to expand large MW capacity given strong data center Price (06/15/2026) $269.89

demand. We estimate the site adds ~$250MM of incremental capacity, signaling room for 52 Week Range $123.66 - 294.18

new deals & upside to 2027 data center rev estimates if fully utilized. Market Cap (MM) $15,986

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Generac Expands Capacity To Meet Growing Large MW C&I Demand. GNRC is acquiring Praneeth Satish

a Belvidere, Illinois facility to increase packaging capacity for large megawatt generators, Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

driven by strong demand from data centers. Opening in Q1 2027, the investment

strengthens Generac’s domestic manufacturing footprint. Michael Blum

Equity Analyst | Wells Fargo Securities, LLC

Michael.J.Blum@wellsfargo.com | 212-214-5037

Capacity Expansion Signals Incremental Demand Potential. Generac’s Belvidere Ned Baramov, CFA

acquisition reinforces strong demand visibility and suggests upside beyond current Equity Analyst | Wells Fargo Securities, LLC

commitments. GNRC currently has ~$1B of existing domestic capacity supporting one Ned.Baramov@wellsfargo.com | 212-214-8021

hyperscaler ($600MM) and collocation ($400MM) deals, the added site implies room for Eric Shiu

additional wins. Associate Equity Analyst | Wells Fargo Securities, LLC