Data Centre Central "Upgrading market outlook. Digging deeper into 800VDC..."

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Data Centre Central "Upgrading market outlook. Digging deeper into 800VDC..."

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Data Centre Central Equities

Europe including UKUpgrading market outlook. Digging deeper into

800VDC with a Primer and Expert Call Industrial

Andre Kukhnin

Analyst

andre.kukhnin@ubs.com

+44-20-7567 2162

UBS Global Data Central 2.0 Jingyi Zheng

Welcome to our second edition of the UBS Global Data Centre Central – our new, one- Analyst

stop shop product bringing together our key research, insights and newsflow on the jingyi.zheng@ubs.com

Data Centre / AI theme (DCC 1.0). +44-20-7568 3962

Dini Magoon

What is key in today’s piece? Analyst

We build out further our work on 800VDC power architecture transition with an dini.magoon@ubs.com

+44-20-7567 4037 introduction of an 800VDC Primer and a dedicated Expert Call (23 July at 2pm

UKT, register here) Hemal Bhundia, CFA

Raise our forecasts for Data Centre Equipment market growth hemal.bhundia@ubs.com

+44-20-7901 6515

Build out further valuation and positioning tracking across the AI/Data

Centre ecosystem Ed Hussey

Offer our views on latest newsflow including Meta's push to sell excess AI edward.hussey@ubs.com

compute capacity, Google's liquid-to-air cooling sidecar, and France's data centre +44-20-7568 3946

build-out progress. Sven Weier

Raising market outlook for DC Equipment space sven.weier@ubs.com

We now forecast the Data Centre Equipment market (€m/revenue terms) to grow +49-69-1369 8278

25% in 2026, 20% in 2027 and 10-15% in 2028-2030 vs previously 20-25% in Christopher Leonard

2026, 15-20% in 2027 and 10-15% in 2028-30. The key drivers for the upgrade Analyst

are 1/ Strong Q1 orders performance across the key players and consistently chris.leonard@ubs.com