Torque-in' Multi-Industrials

研报英文原文证据摘录

Torque-in' Multi-Industrials

Industrials | Electrical Equipment & Multi-Industry

June 08, 2026

Alexander Virgo Torque-in' Multi-Industrials

44 20 7847 3520 This week…Feedback from our trip to DataCloud Congress in Cannes,

Alexander.Virgo@evercoreisi.com + review of Q1 trends/investor feedback. Nothing we heard in Cannes

Gustavo Gonzalez suggests demand moderation. BTM power demand still strong

212-653-8998 (though nuanced), liquid cooling demand VERY strong (+ve NVT, SU)

Gustavo.Gonzalez@evercoreisi.com

and broader grid demand likely stronger for longer (+ve ENR, GEV).

Kriti Vardineni

EU demand feels like last yr: still “coming”. 212-801-3882

Kriti.Vardineni@evercoreisi.com Learnings from Cannes:

◼ BTM power: speed to power remains key, while clearly there are

benefits to using reciprocating engines in regions w/ high temp

variability (e.g. TX) &/or modular project architecture. That said,

some evidence that complexity of BTM driving early proponents

back towards baseload & utility-managed power.

◼ (Liquid) cooling: Manifolds/CDU/TCS demand is very strong;

structural shift to c90% liquid-cooled within 2yrs. +ve SU, NVT (and

VRT (Amit Daryanani), ETN (David Raso)). Chiller supply is not

tight/demand very strong, but backlog continues to extend with

project delivery timetables (+ve CARR, JCI, TT).

◼ Flexibility & future proofing a key part of design: Given the

scale of investment commitment and the speed of innovation, D/C

operators want to limit obsolescence. Flexibility & fungibility comes

at a cost; $3.5m/MW to build a 15MW hall might actually cost $7m

to allow for flexibility of power/cooling architecture

◼ Integrated solution vs product: VRT/SU continue to differentiate

as integrated solution providers. But NVT, ABB, SIE see strong