Clean Energy & Power Infrastructure: Weekly Tearsheet: Into the 2Q Print - Top Picks are GEV, INIO, MWH, and NXT; Brookfield Renewable Announces Simplification

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Clean Energy & Power Infrastructure: Weekly Tearsheet: Into the 2Q Print - Top Picks are GEV, INIO, MWH, and NXT; Brookfield Renewable Announces Simplification

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

27 July 2026

Clean Energy & Power

Infrastructure

Weekly Tearsheet: Into the 2Q Print - Top Picks are

GEV, INIO, MWH, and NXT; Brookfield Renewable

Announces Simplification

• Stocks under coverage decreased by 5.7% last week, on average, Clean Energy, Power Infrastructure,

underperforming the S&P 500 (down 0.6%). The biggest weekly and Sustainable Investing

outperformers were Underweight-rated FCEL (up 15.0%) and Underweight- Mark Strouse, CFA AC

rated CTRI (up 4.3%), while the biggest underperformer was Neutral-rated (1-212) 622-8244

SEDG (down 20.3%). mark.w.strouse@jpmorgan.com

Michael G Fairbanks

• Into the 2Q Print; Top Picks are GEV, INIO, MWH, and NXT. Heading into (1-212) 622-4908

the 2Q print, we expect generally positive updates from most subsectors under michael.fairbanks@jpmchase.com

coverage including gas turbines, recip engines, fuel cells, BESS, geothermal, Anna Zhu

and utility-scale solar. While our coverage has outperformed YTD, we believe (1-212) 622-0012

the pullback over the past two months creates compelling entry points, anna.zhu@jpmorgan.com

particularly given broad-based order and pipeline momentum that we believe J.P. Morgan Securities LLC

has largely continued into mid 2026 per discussions at our Natural Resources

conference (see note). Our top picks are Overweight-rated GEV, INIO, MWH,

and NXT. Baseload power sources remain most topical in our investor

conversations with dynamic sentiment around AI capex spending. Within

solar, we expect continued industry consolidation as tier-1 developers/EPCs