Watts Happening: Takeaways from European Investor Meetings

Research evidence excerpt

Watts Happening: Takeaways from European Investor Meetings

TD SECURITIES (USA) LLC WEEKLY REPORT

July 10, 2026

■Sustainability Watts Happening: Takeaways from European

Investor Meetings

Jeff Osborne THE TD COWEN INSIGHT

646 562 1391

Our meetings with investors in Europe reflected improved sentiment for the sector. RUN

jeff.osborne@tdsecurities.com

continued its focus on monetizing its power generation assets through an AI compute

Jeffrey Rossetti pilot. BE's scandium supply drew investor attention following a short report which appears

646 562 1335 overblown post the company's response. We look at potential impact on the U.S. inverter

jeffrey.rossetti@tdsecurities.com

market in the event of a ban on Chinese inverters.

John-Anthony Di Tullio

646 562 1432 Most significant number of inbounds this week: BE, ENS, FCEL, FSLR, ITRI, LAND SW, NXT, ORA,

ja.ditullio@tdsecurities.com SEDG, SHLS

Common Investor Questions or Concerns This Week

Marketing takeaways. From our marketing meetings with investors in Europe this week,

there was increased generalist interest in the clean tech sector with a focus on solar and

wind. Sentiment has been favorable on Nextpower, Enphase, and Bloom. Overall, inflows

into sustainability funds have been supported by positioning around power demand and the

energy transition.

Investors appear cautious on Itron viewing potential risk to consensus for 2027 revenue.

We recently lowered our estimates for 2027 following our expert call with the Northeast

Group HERE which forecasts a steady AMI replacement cycle over the next decade. Based

on our checks, we remain constructive on Itron bookings accelerating from utilities including

Centerpoint, SCE, SDG&E, PG&E in late 4Q26 or early 1Q27.

U.S. utility-scale demand.