SPXC – Quick Take – Live from the Truist Securities Industrials Conference

Research evidence excerpt

SPXC – Quick Take – Live from the Truist Securities Industrials Conference

ket—the Marley OlympusV Max—which allows

customers to optimize between water and power usage as it can run either dry (using no

water) or in adiabatic mode. SPXC had $50M of bookings for that product alone in 2025 and

4 Page Document continues to see opportunity for growth in 2026 and beyond, including one larger customer

who has locked up multiple years of demand. SPXC believes it is the #1 global player in

wet/packaged cooling and believes it will capture significant market share in dry/adiabatic

Reasons for this report as those solutions become more widely used.

✓ Truist Securities Hosted Event Takeaways Trends in HVAC ex-data centers are mixed but healthy in aggregate: SPXC continues

✓ Quick Reaction to Newsflow/Volatility to see MSD% growth this year in HVAC outside of data centers, and spoke to strength

in healthcare, pharma, and power offset by softer demand in commercial real estate and

industrial tech. Excluding data centers, ~70% of HVAC revenue is replacement vs new build.

Acquisitions have accelerated growth and helped SPXC expand margins: SPXC has

a solid track record of successful acquisition selection and integration; acquisitions have

also accelerated growth and largely been margin accretive. For example, SPXC’s Ingenia

sales have more than doubled over the past two years, and TAMCO sales have tripled since

acquisition. SPXC continues to see a strong pipeline of opportunities to continue to grow in

its core products and markets, new products in existing markets, and new/adjacent markets.

The company has the appetite and balance sheet to do more deals this year.

Bottom line: SPXC is on track to achieve financial targets early, and we believe the