NXT: Announces Acquisition of Zimmermann PV Steel Group

Research evidence excerpt

NXT: Announces Acquisition of Zimmermann PV Steel Group

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Christopher Dendrinos, CFA (Analyst)

Laura Deng (Senior Associate)

June 22, 2026

Nextpower Inc.

Announces Acquisition of Zimmermann PV Steel Group

NASDAQ: NXT | USD 125.90 | Outperform | Price Target USD 149.00

Sentiment: Neutral

Our view. Zimmermann's portfolio includes fixed tilt, carports, high-density trackers, agriPV, and floating PV, and further bolsters

NXT's supply chain and adds scale to the company's presence in Europe. Total consideration for the acquisition is $378mm (cash

& stock), equating to ~7.3x EBITDA or ~1x revenue. Zimmermann's product portfolio is predominantly fixed tilt solutions and

enables NXT's participation across ground mount in Germany. BESS installations are growing at >20% CAGR through 2030 in Europe

and Zimmermann's market footprint provides NXT with an incremental go-to-market channel. We believe the acquisition makes

strategic sense and is consistent with the company's vertical/horizontal integration strategy. At FY4Q26, NXT was in a strong

position to internally fund future acquisitions, with nearly $1bn of unrestricted cash and no debt. The acquisition follows the May

28 acquisition of Prevalon (here) and acquisition of power conversion systems from Zigor (here).

NXT announces agreement to acquire Zimmermann PV-Steel Group. This morning NXT announced an agreement to acquire

Zimmermann PV-Steel Group, a Germany-based solar company. The acquisition will extend NXT's regional presence across Europe,

will broaden the portfolio to include Zimmermann's structural solutions including fixed tilt, carports, high-density trackers, agriPV

solutions, and floating PV, and add Zimmermann's engineering experience to the company.