Nextpower: 4QFY26 Results bring another stellar Q; FY27 topline outlook raised ~7%

研报英文原文证据摘录

Nextpower: 4QFY26 Results bring another stellar Q; FY27 topline outlook raised ~7%

Deutsche Bank

Research

Rating Company Date

Buy Nextpower 13 May 2026

North America Reuters Bloomberg Rating Buy

United States NXT.OQ NXT US Price target (USD) 140.00 Price at 12 May 26 125.37

52-week range 130.42 – 50.63

Industrials

Clean Technology Valuation & Risks

4QFY26 Results bring another stellar Q; FY27

topline outlook raised ~7% CorinneResearchBlanchardAnalyst

+1-904-645-2360

Our view of the results: NXT delivered what every investor would like to see in

Mike McNulty every EPS report: a quarterly beat driven by the US portfolio, a strong growing Research Associate

backlog, investments geared towards further growth and strategic portfolio +1-904-887-0349

decision, without forgetting to mention a guidance raise.

▪ NXT reported its 4QFY26 results, finishing its fiscal year on a strong note

with an 11% beat Adj. EBTDA at $202m, driven by a topline beat but also

on gross margin, standing at ~35% (adj. basis). Key changes

Price target (USD) 129 140 9%

▪ The company also raised its FY27 outlook, although revenues are guided

Source: Deutsche Bank

up ~7% vs prior outlook, Adj. EBITDA was only raised by 1.5% to $825-

900m due to the $50m impact of power conversion business expected

this year (see below for further details).

Maintain Buy, PT is now $140 (vs $129 previously) based on a 20x CY2027E

EV/adj. EBITDA (vs 19x prior).

Key Takeaways / Focus for Investors

▪ FY2027 outlook raised although a mismatch between revenues and

EBITDA. Top-line now guided at $3.8-4.1bn (+7% vs prior outlook of

$3.6-3.8bn), but EBITDA guide only raised by 1.5% to $825-900m

(vs $800-900m prior). Note the updated outlook includes ~$50m of

incremental costs related to NXT’s entry into the power conversion