Nextpower Inc.: NXT Acquires Zimmerman PV-Steel Group

Research evidence excerpt

Nextpower Inc.: NXT Acquires Zimmerman PV-Steel Group

Global Research

22 June 2026ab

Nextpower Inc. Equities

United StatesNXT Acquires Zimmerman PV-Steel Group

Electric Utilities

12-month rating Buy

Expanding the international TAM

On 22-Jun-2026, Nextpower announced it would acquire Zimmerman PV-Steel Group 12m price target US$170.00

for 330mn euros (~$378mn) with transaction close expected in FY2H27 (CY4Q26-

1Q27). The deal would allow NXT to enter the fixed-tilt market, which still accounts for

Price (18 Jun 2026) US$125.90

~50% of Europe's solar installations, and creates incremental cross-selling opportunities

for NXT's other product segments, in our view. RIC: NXT.O BBG: NXT US

Trading data and key metrics

The announcement follows NXT's recently announced 2P tracker product launch aimed 52-wk range US$156.40-53.80

at expanding the company's international product portfolio. We view the Market cap. US$18.7b

announcement as a positive given Nextpower's continued ability to identify significant

Shares o/s 148m (COM)

growth opportunities and expand its international TAM.

Free float 70%

Avg. daily volume ('000) 2,215

In our view, the acquisition marks a continuation of NXT's broader capital Avg. daily value (m) US$277.9

redeployment strategy of leveraging its leading U.S. tracker market position to capture

Common s/h equity (03/27E) US$2.18b

greater relative share of 45X tax credits to expand into tangential product segments

P/BV (03/27E) 8.4x

through M&A.

Net debt to EBITDA (03/27E) NM

10-Oct-2025: A Wallet Share Story

EPS (UBS, diluted) (USD)

Financial details 03/27E

UBS Cons.

Nextpower expects the deal to be accretive based on 300mn euros in revenue and 45mn

Q1E 1.11 1.06

euros of adj. EBITDA at annual run-rate following transaction close.

Q2E 1.19 1.17