Generac Holdings Inc: 1Q26 Preview: One contract down, but still waiting on the other one

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Generac Holdings Inc: 1Q26 Preview: One contract down, but still waiting on the other one

Equity Research

North America Clean Technology

29 June 2026

Generac Holdings Inc

1Q26 Preview: One contract down,

but still waiting on the other one

With its first hyperscaler contract now secured, GNRC GNRC EQUAL WEIGHT

transitions from validation to execution—anchoring ~$1bn of Unchanged

North America Clean

2027 data center revenue while shifting focus to additional Technology POSITIVE

Unchanged

wins and capacity build-outs. Price Target USD 285.00

raised 25% from USD 228.00

GNRC secured its first hyperscaler contract (~$650mm across ~400 units / ~1.3GW), formally Price (26-Jun-26) USD 278.62

establishing its position in data center power infrastructure. The agreement implies pricing of Potential Upside/Downside +2.3%

~$1.6mm per unit (~$500k/MW) and supports a clear path to ~$1bn of data center revenue in Source: Bloomberg, Barclays Research

2027 when combined with existing backlog. As the initial award is limited to 2027

deliveries, successful execution could unlock incremental upside into 2028 as deployments Market Cap (USD mn) 16401

scale, which we would need to see to feel more comfortable that the business is repeatable. Shares Outstanding (mn) 58.87

Free Float (%) 98.18

Investor focus now shifts to the next phase of growth - namely a potential second 52 Wk Avg Daily Volume (mn) 1.1

hyperscaler win and visibility into longer-term demand. While discussions appear ongoing, Dividend Yield (%) N/A

timing remains uncertain near term, and management will likely take a measured approach to Return on Equity TTM (%) 7.35

capacity expansion until incremental demand is better defined. Decisions around footprint Current BVPS (USD) 45.52

expansion (existing vs.