Nextpower: Strong F1Q Results and Bookings, Guidance Increased, Traction with Portfolio Expansion

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Nextpower: Strong F1Q Results and Bookings, Guidance Increased, Traction with Portfolio Expansion

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

31 July 2026

Nextpower Overweight

NXT, NXT US

Strong F1Q Results and Bookings, Guidance Price (30 Jul 26):$96.90

Increased, Traction with Portfolio Expansion ▼Price Target (Dec-27):$152.00 Prior (Dec-26):$179.00

NXT reported another strong print with F1Q earnings above expectations on in-

line revenue, and increased FY27 guidance. Backlog increased to a record >$5.5bn

and book:bill was >1x again driven by strong US outperformance, and excludes

>$300mm in backlog from the Prevalon acquisition which closed after quarter-

end. We believe the company is making encouraging traction with integrating non-

tracker businesses and look for updated long-term financial targets at the Clean Energy, Power Infrastructure,

November Analyst Day, which is scheduled in conjunction with RE+. We are and Sustainable Investing

establishing a YE27 PT of $152, which replaces our prior YE26 PT of $179, as our AC Mark Strouse, CFA

increased estimates are offset by lower trading multiples for peers. We maintain our (1-212) 622-8244

Overweight rating, and we continue to highlight NXT as a top pick within our mark.w.strouse@jpmorgan.com

coverage as we believe there are multiple paths to upside including continued Michael G Fairbanks

tracker share gains and progress expanding to a broader platform of solar solutions. (1-212) 622-4908

michael.fairbanks@jpmchase.com

• Strong F1Q results. NXT reported PF EBITDA of $233mm, above Anna Zhu

expectations (JPMe: $205mm, Street: $206mm), on revenue of $935mm, (1-212) 622-0012

approximately aligned with consensus (JPMe: $916mm, Street: $942mm). anna.zhu@jpmorgan.com