Earnings Call-outs

Research evidence excerpt

Earnings Call-outs

Idea

July 31, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMBloom Energy Corp. | North America David Arcaro, CFA

Equity Analyst

Earnings Call-outs David.Arcaro@morganstanley.comJeremy Herring +1 212 761-1817

Research Associate

Jeremy.Herring@morganstanley.com +1 212 761-4182

We note several points of interest related to Bloom from AEP Alexandre Zimmermann

and Brookfield earnings updates, and initial thoughts on a short Research Associate

Alexandre.Zimmermann@morganstanley.com +1 212 761-3617

report published yesterday. Zhizhong Dong

AEP Jonathan.Dong@morganstanley.com +1 212 761-5632

Amanda Huang

• Timing of project in Wyoming shifted ahead: Now "Expected to be in service Research Associate

Amanda.Huang@morganstanley.com +1 212 761-4197

by 2028" after the company had previously signalled a 2030 in-service date

• Fuel cell project represents $4b of capex, above the $2.65b order level - We Bloom Energy Corp. (BE.N, BE UN)

believe this relates to other installation and balance of plant work at the site Clean Tech | United States of America

• Having discussions with customers in West Virginia on options to speed up Stock Rating Overweight

Industry View In-Line

power access through fuel cells while waiting on transmission expansion Price target $310.00

projects Shr price, close (Jul 30, 2026) $207.12

Mkt cap, curr (mm) $50,459

52-Week Range $351.25-32.63

Brookfield

• $100m in equity deployed YTD in Bloom fuel cell systems

• Still sees $500m annual equity investment potential

Addressing recent issues noted in a short report, particularly focused on the risk

that Bloom fuel cells degrade faster than intended:

• We don't see issues with Bloom's fuel cell stack lives and do not expect it to

be a significant risk