Hammond Power Solutions: 2Q Results: Capacity Ramp Powers a Big Beat as Data Center Demand Stays Robust

研报英文原文证据摘录

Hammond Power Solutions: 2Q Results: Capacity Ramp Powers a Big Beat as Data Center Demand Stays Robust

able Adj. EPS (C$)

beat, we are modestly raising estimates to reflect stronger US and Mexico 2025A 2026E 2027E

volumes, sustained data center demand, and better operating leverage from the Q1 1.60 2.08A

Q2 1.72 2.76A

fully ramped Mont 4 facility, partially offset by higher share-based Q3 1.56 2.77

compensation. We now forecast FY26 revenue of $1.38B and adjusted Q4 1.98 2.84

EBITDA of $211M, up from $1.33B and $201M, respectively. Our FY27 FY 6.11 10.45 12.82

revenue estimate of $1.76B and adjusted EBITDA of $259M are above our Style Exposure

prior estimates of $1.73B and $247M, respectively. We maintain our C$430

price target on 21x our FY27 adjusted EBITDA estimate.

• Data Center Demand and Capacity Investments Deliver: The quarter

validated years of capacity investment, with Mont 4 fully ramped and

converting backlog into record shipments. Data centers now exceed 30% of

revenue, and quoting (including 2027 deliveries) largely reflects traditional

architectures. Price realization above typical inflationary increases, richer

custom mix, and stronger factory overhead absorption expanded gross margin

to 31.5%. Backlog nearly doubled YoY, supporting visibility through 2026

even as conversion accelerated. With AEG now in the fold, HPS adds power

conversion and services and is better positioned for a shift toward 800V (and

higher-voltage) DC data center architectures, including BESS opportunities.

• Regional Softness and Sequential Backlog Decline: Canada fell -24% YoY

due to the timing of large custom projects, general market softness, and

increasingly competitive pricing. India slipped -10% YoY with HPS citing