Full-Scope Data Center Upside Still Early: Reit. Buy, 2Q Preview

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Full-Scope Data Center Upside Still Early: Reit. Buy, 2Q Preview

art of multi-year project layering as large load, power solutions and 765kV stack.

See catalyst path through backlog mix and Electric scope rather than named hyperscaler Exhibit 1 - PWR's FY2 P/E Relative

announcements. Integrated project scopes across DSI, Cupertino and Tri-City provide more visible Performance vs. Specialty E&C and Premium

earnings signals given standard confidentiality protocols across hyperscaler relationships. M&A Service80% (broader E&Cs) Peers

whitespace persists across MEP controls, cooling systems, prefab modular capacity and critical 70% PWR'sPWR's FY2FY2 P/EP/E vs.vs. BroaderSpecialtyE&CE&CPeersPeers

60%facilities capability where PWR can deepen attachment rates. Scope per MW becomes the more

important revision driver as programmatic work scales and customers prioritize speed over lowest-cost 50%40%

fragmented execution. 30%

20%

765kV supporting duration beyond FY35, while power solutions offers nearer-term participation. 10%–

AEP anchors the 765kV proof point though current work remains MSA-based with field revenue -10%

-20%more weighted to 2028-2030. Power solutions capability has expanded faster than appreciated,

Apr-21 Sep-21 Feb-22 Jul-22 Dec-22 May-23 Oct-23 Mar-24 Aug-24 Jan-25 Jun-25 Nov-25 Apr-26with simple-cycle and CT projects attachment to utility infrastructure without open-ended CCGT . -30%

plant risk. See potential for initial 765kV awards to begin entering backlog in 2H26. Source: Jefferies LLC, FactSet

We flag a compelling entry point after recent

Maintain Buy; Expect 60%+ premium to remain elevated and winners to keep winning. Raise Julien~7% pullbackDumoulin-Smithon premium* | Equityto Analystgroup, now