Weg How AI Load Is Re-Shaping T&D Market: Answering It with 10 Questions and The Numbers that Matter

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Weg How AI Load Is Re-Shaping T&D Market: Answering It with 10 Questions and The Numbers that Matter

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

25 June 2026

Weg Neutral

WEGE3.SA, WEGE3 BZ

How AI Load Is Re-Shaping T&D Market: Answering It Price (24 Jun 26):R$46.61

with 10 Questions and The Numbers that Matter

Latin American Capital Goods

Following our peer Sandeep Deshpande’s primer First Principles – AI Power Marcelo Motta AC

Infrastructure (“Following the Power”, link here), below we have created a Q&A- (55-11) 4950-6712

style summary of the top-10 questions we believe investors looking at WEG are marcelo.g.motta@jpmorgan.com

asking specifically through the lens of grid modernization, transmission & Jonathan S. Koutras

distribution equipment, and protection. WEG is exposed to growing T&D (55-11) 4950-3549

(transmission & distribution) demand through products in its Energy GTD jonathan.s.koutras@jpmchase.com

Banco J.P. Morgan S.A.

(Generation, Transmission & Distribution) segment, which represented ~38% of

1Q26 revenue. We view WEG trading at 20.6x EV/EBITDA 2026e vs peers such

as SIE, ABBN, SU and RRX at 18.4x.

Table 1: Electrical Equipment Valuation

Summary

• Q1) How big is the demand step-up from data centers that grid T&D must

absorb? Global data center power demand is expected to reach ~240–280GW EV/EBITDA P/E

by 2030 vs ~115GW in 2025, implying more than a doubling—creating a direct 26e 27e 26e 27e

pull on transmission, distribution, interconnection, and equipment upgrades. WEGE3 20.6x 17.4x 31.1x 26.0x

GEV US 46.1x 30.6x 52.7x 45.4x

• Q2) What’s the near-term build rate implied by AI data center additions? SIE GR 16.9x 15.1x 25.1x 21.9x

J.P. Morgan forecasts up to ~80GW of new AI data center capacity installed in ABBN SW 24.1x 21.7x 31.6x 30.8x