Sunday Workaholics Weekly

Research evidence excerpt

Sunday Workaholics Weekly

J P M O R G A N North America Equity Research

28 June 2026

EE/MI

This weekly product is meant to streamline investors’ weekend work by providing the Electrical Equipment & Multi-

tools/dashboard to help prepare for the week ahead. Industry

Chigusa Katoku AC

• Data point of the week. In this week’s datapoint, we provide key takeaways (1-212) 622-0855

from AYI’s F3Q results as a read through for non-res. Revenues came ~2% chigusa.katoku@jpmchase.com

ahead of Street expectations, with both ABL and AIS segments ahead, while Piyush Khaitan

GMs also came in slightly ahead of expectations. Orders are observed to be (1-212) 622-0605

firming, with more normal project activity and conversion rates on the lighting piyush.khaitan@jpmchase.com

side, along with ABL outperforming competition. Firming is a combination of J.P. Morgan Securities LLC

backlog normalization, as long-tenured projects starting to move through the

pipeline, as customers can no longer wait indefinitely on projects. Company’s

The authors wish to thank Chandreyee proprietary models point towards normalization of demand over the next 12

months. 3Q was a slight outperformance on sequential trends, with continued Sengupta, of the J.P. Morgan Global

growth expected from 3Q to 4Q, though the step-up may not be as steep as 3Q's Research Center, for contributions to this

increase, with current order rates supporting a good setup for 4Q. On end report.

markets, the C&I plus direct network two-year stack is up 4%, normalizing for

tariffs and account movements between the two channels. Corporate accounts

are performing well this year and are expected to be a strong contributor in 4Q

and beyond. Datacenters are a strong vertical for lighting, albeit a smaller one