Vertiv

“There are a host of different sizes and types of data centers, but they can be broken down into the following primary classifications: •Cloud/Hyperscale: These facilities are large in scale, can span multiple acres and are primarily used to support cloud applications. This portion of the industry is growing rapidly with drivers such as adoption of cloud-based data services and AI workloads.”

Annual report 2025A · The company itself

“Table of contents •Neocloud: These providers deliver AI-optimized cloud infrastructure as a service, offering high-performance compute environments designed for AI and accelerated workloads. This segment is growing rapidly, driven by AI training and inference demand and customers seeking alternatives to traditional hyperscale platforms.”

Annual report 2025A · The company itself

“Risks Related to Our Customers and Our Industry We rely on the continued growth of our customers’ critical infrastructure systems, in particular data center and communication infrastructure, to grow our business, operations and revenue, and any decreases in demand in these infrastructures could lead to a decrease in demand for our product offerings. A substantial portion of our business depends on the continued growth of our current and potential customers’ data centers and communication infrastructure demand.”

Annual report 2025A · The company itself

“Our evolution into smart products, Internet of Things, the use of AI, business-to-consumer, and e-commerce subjects us to increased cyber and technology risks.”

Annual report 2025A · The company itself

“Great Lakes’ manufacturing operations in the U.S. and Europe broaden our execution capacity and accelerate the availability of pre-engineered rack and integrated infrastructure systems that address market needs for performance, scalability, and faster time to deployment. •Artificial Intelligence: Increased maturity and adoption of AI and high-performance compute is currently impacting the data center industry and driving technology innovation leading to increased demand. We have invested in developing new product, services, and solutions to serve this growing industry.”

Annual report 2025A · The company itself

“•Need for Speed and Scale: As digital infrastructure requirements continue to accelerate—particularly for AI and high-density computing—customers are increasingly prioritizing speed of deployment and the ability to scale reliably across geographies. Time-to-market, consistency, and execution certainty have become critical decision factors as customers seek to bring capacity online faster while managing growing system complexity.”

Annual report 2025A · The company itself

“In 2025, Vertiv spent $441.7 on engineering, research and development (“ER&D”).”

Annual report 2025A · The company itself

“Vertiv leads with first-to-market designs engineered for next-gen rack-scale artificial intelligence ("AI") compute — enabling transformation and scale to stay multiple compute generations ahead.”

Annual report 2025A · The company itself

“We believe that our future success will depend in part upon our ability to anticipate technology shifts, such as the growth in artificial intelligence, and to enhance and develop new products and services that meet or anticipate such technology changes. Any such developments will require continued investment in engineering, capital equipment, marketing, customer service and technical support.”

Annual report 2025A · The company itself

“Since late 2021, Vertiv has more than doubled its manufacturing capacity for switchgear, busbar and integrated power solutions through the opening of new facilities and capacity increases at existing operations worldwide. These expansions support our ability to deliver critical power infrastructure at scale for data centers and other mission-critical applications amid accelerating demand, particularly driven by AI and high-performance computing workloads.”

Annual report 2025A · The company itself

“We have continued to enhance these capabilities through targeted investments and acquisitions. These acquisitions strengthen our software and automation capabilities, enabling advanced analytics, orchestration, and AI-driven insights across complex infrastructure environments.”

Annual report 2025A · The company itself

“Business Overview Vertiv is a global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments. As businesses, industries, and communities become more connected, we pioneer and deliver end-to-end power and cooling technologies to help our customers stay resilient, optimized, and future-ready. With our industry-leading innovative technologies and global services network, we are fueling the revolution of the digital world — keeping technology ecosystems running efficiently and without interruption.”

Annual report 2025A · The company itself

“Our broad range of offerings includes AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, software for managing IT equipment and services. These comprehensive offerings are integral to the reliable operation of technologies used to support applications that include AI, e-commerce, online banking, file sharing, video on-demand, energy storage, wireless communications, Internet of Things and online gaming.”

Annual report 2025A · The company itself

“In addition to organic capacity growth, we expanded our solution capabilities through strategic acquisitions aligned with demand trends. In August 2025, we acquired the Great Lakes Data Racks & Cabinets family of companies ("Great Lakes") for approximately $200 million, which enhances our rack, cabinet and integrated white-space infrastructure offerings, strengthening our position in delivering comprehensive solutions for AI, high-density computing, edge and hyperscale environments.”

Annual report 2025A · The company itself

“The complexity of hybrid air and liquid cooling created by AI workloads presents significant opportunities for innovation within, and expansion of, the entire thermal chain to better optimize performance, power utilization, control, and heat re-use. Our investment and expansion efforts are directed at capturing new technologies across the entire thermal chain from chip to heat rejection, re-use, and more to meet growing demands.”

Annual report 2025A · The company itself

“Further, we are focused on the continued growth and expansion of our portfolio geographically, as we leverage our best-in-class regional products and expand such offerings into other regions and globally. •Strengthened Services Capabilities: We continue to see attractive opportunities in our services business as customers increasingly prioritize reliability, performance optimization, and lifecycle management across more complex and mission-critical digital infrastructure environments. The growth of AI and high-density computing is further increasing the importance of services that support uptime, efficiency, and long-term system performance.”

Annual report 2025A · The company itself

“Large customers, such as larger communication network, cloud/hyperscale, neocloud, and colocation data center providers, comprise a material portion of our customer base and generally have greater purchasing power than smaller customers.”

Annual report 2025A · The company itself

“The increase in sales was primarily driven by higher sales volumes and the positive impacts from foreign currency of $49.6. Product sales increased $1,961.8, which included positive impacts from foreign currency of $37.5.”

Annual report 2025A · The company itself

“This portion of the industry is on a significant growth trajectory. Examples of companies in this space include Digital Realty, Equinix, Compass, and QTS.”

Annual report 2025A · The company itself

“Risks Related to Our Customers and Our Industry We rely on the continued growth of our customers’ critical infrastructure systems, in particular data center and communication infrastructure, to grow our business, operations and revenue, and any decreases in demand in these infrastructures could lead to a decrease in demand for our product offerings. A substantial portion of our business depends on the continued growth of our current and potential customers’ data centers and communication infrastructure demand.”

Annual report 2025A · The company itself

“A customer’s decision to purchase certain of our products or solutions, particularly products new to the market or long-term end-to-end solutions, may involve a lengthy contracting, design and qualification process. In particular, customers deciding on the design and implementation of large deployments may have lengthy and unpredictable procurement processes that may delay or impact expected future orders, including customers canceling orders based on unforeseen changes to their businesses.”

Annual report 2025A · The company itself

“In 2025, Vertiv spent $441.7 on engineering, research and development (“ER&D”).”

Annual report 2025A · The company itself

“Strategic Priorities Our businesses are focused on the following strategic priorities: ■Maintain Customer Focus ◦Enhance the customer experience through best in-class tools, commercial, technical, delivery, and service execution. ◦Nurture strong customer relationships. ◦Create superior customer value enabling demand and margin expansion. ■Achieve Operational Excellence ◦Continuous process improvement mindset to achieve speed, efficiency, efficacy, and scalability. ◦Achieve pervasive and efficient development and deployment of advanced IT tools and automation. ◦Adopt a rigorous management operating process and cadence. ■Build a High-Performance Culture ◦Foster a culture of accountability, collaboration, and speed. ◦Develop a widespread sense of urgency and reward performance. ◦Deliver on commitments and execute agreed plans rooted in performance achievement, talent development and growth mindset. ■Foster Innovation ◦Be a market leader in our technology and service domains and continue to differentiate through our new products.”

Annual report 2025A · The company itself

“Business Overview Vertiv is a global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments. As businesses, industries, and communities become more connected, we pioneer and deliver end-to-end power and cooling technologies to help our customers stay resilient, optimized, and future-ready. With our industry-leading innovative technologies and global services network, we are fueling the revolution of the digital world — keeping technology ecosystems running efficiently and without interruption.”

Annual report 2025A · The company itself

“Our Business Vertiv has the most complete portfolio of critical digital infrastructure offerings. We design, manufacture, sell, install, maintain, and service critical digital infrastructure technologies and rapidly deployable customized solutions to meet the specific business requirements and needs of a diverse group of customers.”

Annual report 2025A · The company itself

“Our Customers Our customers operate in some of the world's most critical industries. We primarily serve customers across three main end markets: (1) data centers (including hyperscale/cloud, colocation, neocloud and enterprise), (2) communication networks and (3) commercial and industrial applications.”

Annual report 2025A · The company itself

“Large customers, such as larger communication network, cloud/hyperscale, neocloud, and colocation data center providers, comprise a material portion of our customer base and generally have greater purchasing power than smaller customers.”

Annual report 2025A · The company itself

“The increase in sales was primarily driven by higher sales volumes and the positive impacts from foreign currency of $49.6. Product sales increased $1,961.8, which included positive impacts from foreign currency of $37.5.”

Annual report 2025A · The company itself

“Our customers’ markets could suffer disruption due to a number of factors, including government policy changes, local zoning decisions, community opposition or temporary or permanent local moratoria that limit or restrict the siting, 15 Table of contents construction or expansion of data centers and other critical digital infrastructure, industry consolidations or the shifting of market size and purchasing power among customers.”

Annual report 2025A · The company itself

“War and conflict, such as the conflict in the Middle East, the ongoing Russian-Ukraine war, and any associated diplomatic measures or resulting sanctions by the U.S., European Union, and other countries may have a broad range of adverse impacts on global business and financial markets, some of which may have adverse impacts on our business. These include increased inflation, significant market disruptions, increased volatility in commodity prices, the imposition of additional tariffs by the U.S. on certain of its trading partners, which could trigger retaliatory tariffs by those trading partners, and the possibility of additional potential tariffs or other trade restrictions by the U.S. on other jurisdictions.”

Annual report 2025A · The company itself

“We are subject to governmental export and import controls and sanction programs that could subject us to liability or impair our ability to compete in international markets. We, and certain of our products (including components of such products), are subject to applicable import laws, export controls and economic sanctions laws and regulations, including rule changes, evolving enforcement practices, and other government actions.”

Annual report 2025A · The company itself

“There is currently significant uncertainty about the future relationship between the U.S. and various other countries with respect to trade policies and tariffs. For example, the current U.S. administration has instituted substantial changes to U.S. foreign trade policy with respect to China and other countries, including a significant increase in tariffs on goods imported into the U.S. and the possibility of imposing further restrictions on international trade.”

Annual report 2025A · The company itself

“Tariffs implemented on our products (or on materials, parts or components we use to manufacture our products or to provide service for our products) have in the past increased the cost of our products manufactured in the U.S. and imported into the U.S. The imposition of additional tariffs on our products (or on materials, parts or components we use to manufacture our products or to provide service for our products) by the U.S. or other countries, the cost of our products manufactured in other countries subject to additional tariffs and imported into the U.S. or other countries in which we operate would increase as a result of new tariffs that are implemented, and could increase further to the extent that retaliatory tariffs or similar additional trade restrictions are implemented.”

Annual report 2025A · The company itself

“The imposition of U.S. tariffs and foreign country retaliatory tariffs, or the proposed imposition of additional or similar tariffs, in jurisdictions where we have manufacturing facilities or where our customers operate could increase our cost of doing business and could significantly impact our financial performance.”

Annual report 2025A · The company itself

“Margin was relatively flat as benefits from higher sales volume and improved price realization were offset by cost inflation, particularly related to tariffs.”

Annual report 2025A · The company itself

“This includes, but is not limited to, continuing to add regional sourcing and manufacturing capabilities and capacity to complement our existing global supply chain. We’re strengthening our supply base and manufacturing footprint in the U.S. and other strategic jurisdictions around the world as part of our overall capacity strategy to grow with customer demand in the U.S. and other jurisdictions.”

Annual report 2025A · The company itself

“Larger customers often require terms and conditions that are more favorable to the customer, which could result in downward pricing pressures on our business. Large customers, such as larger communication network, cloud/hyperscale, neocloud, and colocation data center providers, comprise a material portion of our customer base and generally have greater purchasing power than smaller customers. Accordingly, these customers often have enhanced leverage that allow them to require more favorable terms and conditions in their contracts with us, including in connection with large, multi-year projects to support artificial intelligence and other high-density compute workloads.”

Annual report 2025A · The company itself

“We may also be unable to offset unexpected increases in material and component costs with our own price increases without suffering reduced volumes, revenues or operating income.”

Annual report 2025A · The company itself

“Strategic Priorities Our businesses are focused on the following strategic priorities: ■Maintain Customer Focus ◦Enhance the customer experience through best in-class tools, commercial, technical, delivery, and service execution. ◦Nurture strong customer relationships. ◦Create superior customer value enabling demand and margin expansion. ■Achieve Operational Excellence ◦Continuous process improvement mindset to achieve speed, efficiency, efficacy, and scalability. ◦Achieve pervasive and efficient development and deployment of advanced IT tools and automation. ◦Adopt a rigorous management operating process and cadence. ■Build a High-Performance Culture ◦Foster a culture of accountability, collaboration, and speed. ◦Develop a widespread sense of urgency and reward performance. ◦Deliver on commitments and execute agreed plans rooted in performance achievement, talent development and growth mindset. ■Foster Innovation ◦Be a market leader in our technology and service domains and continue to differentiate through our new products.”

Annual report 2025A · The company itself

“Such consolidations or other disruptions may result in certain parties gaining additional purchasing leverage and, consequently, increasing the product pricing pressures facing our business.”

Annual report 2025A · The company itself

“For example, if industry consolidation results in fewer, larger customers, the loss of any one customer or a significant reduction in their spending could have an outsized impact on results not anticipated in a customer marketplace composed of more numerous participants.”

Annual report 2025A · The company itself

“Any failure by us to identify, manage, integrate and complete acquisitions, divestitures, investments and other significant transactions successfully could harm our financial results, business and prospects. As part of our business strategy, we have in the past and may in the future acquire businesses, interests in businesses, including non-controlling interests, or form joint ventures, create strategic alliances, or choose to invest in early-stage companies.”

Annual report 2025A · The company itself

“To further support growth in thermal management solutions, we opened a new state-of-the-art manufacturing facility and test laboratory in Pune, India in 2024. This site significantly enhances our ability to produce a broad range of cooling products — from in-row and wall-mount units to large direct expansion and free-cooling systems — while serving both domestic and global customers.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, Vertiv’s net sales was $10,229.9, of which 62% was transacted in the Americas; 20% was transacted in Asia Pacific; and 18% was transacted in Europe, Middle East & Africa.”

Annual report 2025A · The company itself

“Table of contents Asia Pacific (Dollars in millions) $ Change % Change Net sales $ 2,019.2 $ 1,717.8 $ 301.4 17.5 % Operating profit (loss) 222.1 175.2 46.9 26.8 % Margin 11.0 % 10.2 % Asia Pacific net sales of $2,019.2 in 2025 increased $301.4, or 17.5%, from 2024. The increase in sales was primarily driven by growth throughout the region, partially offset by the negative impact of foreign currency of approximately $11.5.”

Annual report 2025A · The company itself

“Margin increased primarily driven by operational leverage, cost improvement actions, and geographical mix.”

Annual report 2025A · The company itself

“Table of contents We expanded our domestic infrastructure solutions manufacturing footprint in 2024 with the addition of a 215,000-square-foot facility in Pelzer, South Carolina. This facility accelerates production of modular solutions, integrated power systems and other prefabricated infrastructure, enabling customers to reduce installation time and rapidly scale deployments.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, Vertiv’s net sales was $10,229.9, of which 62% was transacted in the Americas; 20% was transacted in Asia Pacific; and 18% was transacted in Europe, Middle East & Africa.”

Annual report 2025A · The company itself

“$ Change % Change Net sales $ 6,386.3 $ 4,500.6 $ 1,885.7 41.9 % Operating profit (loss) 1,714.3 1,097.8 616.5 56.2 % Margin 26.8 % 24.4 % Americas net sales of $6,386.3 in 2025 increased $1,885.7, or 41.9%, from 2024. The increase in sales was primarily driven by higher sales volumes due to products increasing by $1,691.0 and sales of service & spares increasing by $194.7.”

Annual report 2025A · The company itself

“These applications are growing in their need for intelligent infrastructure and may be regulated or need to satisfy some level of compliance. The growth in this area generally aligns with changes in gross domestic product, and can be further driven by increased automation and digitalization in both light and heavy industrial application environments.”

Annual report 2025A · The company itself

“We have continued to enhance these capabilities through targeted investments and acquisitions. These acquisitions strengthen our software and automation capabilities, enabling advanced analytics, orchestration, and AI-driven insights across complex infrastructure environments.”

Annual report 2025A · The company itself

“Our primary selling method is direct sales, and we have approximately 3,000 salespeople located around the world. We also utilize a robust network of channel partners, distributors, IT resellers, and value-added retailers.”

Annual report 2025A · The company itself

“Our broad range of offerings includes AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, software for managing IT equipment and services. These comprehensive offerings are integral to the reliable operation of technologies used to support applications that include AI, e-commerce, online banking, file sharing, video on-demand, energy storage, wireless communications, Internet of Things and online gaming.”

Annual report 2025A · The company itself

“Vertiv services are used primarily in data centers, communications facilities, government agencies, utilities, and industrial plants.”

Annual report 2025A · The company itself

“We derive a portion of our revenue from contracts with governmental customers, including but not limited to the U.S. federal government, and various state and local governments.”

Annual report 2025A · The company itself

“We primarily serve customers across three main end markets: (1) data centers (including hyperscale/cloud, colocation, neocloud and enterprise), (2) communication networks and (3) commercial and industrial applications.”

Annual report 2025A · The company itself

“In addition, through our global services network, we provide lifecycle management services, predictive analytics and professional services for deploying, maintaining and optimizing these products and their related systems.”

Annual report 2025A · The company itself

“We primarily serve customers across three main end markets: (1) data centers (including hyperscale/cloud, colocation, neocloud and enterprise), (2) communication networks and (3) commercial and industrial applications.”

Annual report 2025A · The company itself

“There are a host of different sizes and types of data centers, but they can be broken down into the following primary classifications: •Cloud/Hyperscale: These facilities are large in scale, can span multiple acres and are primarily used to support cloud applications. This portion of the industry is growing rapidly with drivers such as adoption of cloud-based data services and AI workloads.”

Annual report 2025A · The company itself

“The growth of the enterprise market, based on data centers and square footage, has generally been flat for the past three years.”

Annual report 2025A · The company itself

“This sector has a generally low single-digit growth profile and generally aligned with telecom capex investment and new mobile deployment cycles.”

Annual report 2025A · The company itself

“If these data centers and communication infrastructures do not continue to grow, whether as a result of changes in the economy, shifts in the level or focus of spending on artificial intelligence, capital spending, building capacity in excess of demand, delays in receiving required permits and approvals, or for any other reason, overall customer demand for our product offerings could decrease, which would have an adverse effect on our business, results of operations and financial condition.”

Annual report 2025A · The company itself

“Worldwide economic conditions generally impact demand for our product and service offerings. Macroeconomic weakness and uncertainty in global, regional or local areas may result in decreased orders, revenue, gross margin and earnings.”

Annual report 2025A · The company itself

“We are also continually monitoring the evolving macroeconomic environment, including monitoring inflationary and recessionary pressures resulting from the ongoing tariffs and geopolitical climate. These additional pressures could significantly impact the labor markets, exchange rates, customer demand, supply chain, capital markets and other economic conditions in the jurisdictions we operate throughout 2026 and beyond.”

Annual report 2025A · The company itself

“Long-term, fixed-price contracts (including but not limited to turnkey projects) may have a duration greater than twelve months that involve substantial risks, which may result in excess costs and penalties. These fulfillment risks include but are not limited to: •unanticipated technical problems with equipment, requiring us to incur added expenses to remedy such problems; •changes in costs or shortages of components, materials, labor or construction equipment; •recognition of revenues over the term of the contract; •project modifications and changes to the scope of work resulting in unanticipated costs; •delays caused by local weather or other conditions beyond our control; •changes in regulations, permits or government policy; •the failure of suppliers, subcontractors or consortium partners to perform; and •penalties, if we cannot complete all or portions of the project within contracted time limits and performance levels.”

Annual report 2025A · The company itself

“We also rely upon labor and third-party freight services to produce and deliver our offerings to our customers. In the past few years, we experienced significant increases in material, freight and labor costs and custom duties and tariffs.”

Annual report 2025A · The company itself

“If we fail to properly anticipate demand, we may have an oversupply which could result in excess or obsolete materials or components. •Contingent workers - In some locations, we rely on third-party suppliers for the provision of contingent workers, and our failure to manage such workers effectively could adversely impact our results of operations. We may also be subject to labor shortages, oversupply, or fixed contractual terms relating to the contingent workforce, and our ability to manage the size of, and costs for, such contingent workforce may be further constrained by local laws or future changes to such laws.”

Annual report 2025A · The company itself

“In order to successfully operate as a public company and implement our business plans, we must identify, attract, develop, motivate, train and retain key employees, including qualified executives, management, engineering, sales, marketing, IT support and service personnel. The market for such individuals may be highly competitive.”

Annual report 2025A · The company itself

“Disruptions to the various information technology and information security systems upon which our operations and our products and our services rely, especially cyber-security incidents, including data security breaches, ransomware or computer viruses, could harm our business, reduce our revenue, increase our expenses, damage our reputation and adversely impact our performance. We rely on our IT and information security systems, including AI technology and those of third parties for processing customer orders, shipping products, billing our customers, tracking inventory, supporting finance and accounting functions, financial statement preparation, payroll services, benefit administration, engineering, manufacturing and operations functions, and other general aspects of our business.”

Annual report 2025A · The company itself

“Various laws and governmental regulations, both in the U.S. and abroad, governing Internet-related services, related communications services, information technologies, artificial intelligence, and the construction and location of data centers and other critical infrastructure remain largely unsettled, even in areas where there has been some legislative action. There are anticipated regulations forthcoming in the U.S. and other countries where our customers operate in the areas of cybersecurity, data privacy and data security, artificial intelligence, and critical infrastructure construction, permitting and energy consumption, any of which could impact us and our customers.”

Annual report 2025A · The company itself

“We recognize the risk that cybersecurity threats pose to our operations, and cybersecurity is an integral component of our overall enterprise risk management ("ERM") strategy.”

Annual report 2025A · The company itself

“As described in our prior filings, at times in the past we did not accurately anticipate the magnitude of inflationary cost increases and customs duties and tariffs for our materials, freight and labor, which resulted in such cost increases not being immediately reflected in the prices for our offerings. Other supply chain issues that we have faced, and may face in the future include, but are not limited to, the following: •Volatility in the supply or price of raw materials, freight and labor - Our products rely on a variety of raw materials and components, including steel, copper, aluminum and various electronic components.”

Annual report 2025A · The company itself

“War and conflict, such as the conflict in the Middle East, the ongoing Russian-Ukraine war, and any associated diplomatic measures or resulting sanctions by the U.S., European Union, and other countries may have a broad range of adverse impacts on global business and financial markets, some of which may have adverse impacts on our business. These include increased inflation, significant market disruptions, increased volatility in commodity prices, the imposition of additional tariffs by the U.S. on certain of its trading partners, which could trigger retaliatory tariffs by those trading partners, and the possibility of additional potential tariffs or other trade restrictions by the U.S. on other jurisdictions.”

Annual report 2025A · The company itself

“Margin was relatively flat as benefits from higher sales volume and improved price realization were offset by cost inflation, particularly related to tariffs.”

Annual report 2025A · The company itself

“Our customers’ markets could suffer disruption due to a number of factors, including government policy changes, local zoning decisions, community opposition or temporary or permanent local moratoria that limit or restrict the siting, 15 Table of contents construction or expansion of data centers and other critical digital infrastructure, industry consolidations or the shifting of market size and purchasing power among customers.”

Annual report 2025A · The company itself

“War and conflict, such as the conflict in the Middle East, the ongoing Russian-Ukraine war, and any associated diplomatic measures or resulting sanctions by the U.S., European Union, and other countries may have a broad range of adverse impacts on global business and financial markets, some of which may have adverse impacts on our business. These include increased inflation, significant market disruptions, increased volatility in commodity prices, the imposition of additional tariffs by the U.S. on certain of its trading partners, which could trigger retaliatory tariffs by those trading partners, and the possibility of additional potential tariffs or other trade restrictions by the U.S. on other jurisdictions.”

Annual report 2025A · The company itself

“Despite this strategy, it is possible that we may from time to time experience critical part shortages which may drive the need for additional spot buys at increased costs, as well as increased costs associated with premium freight to meet customer commitments.”

Annual report 2025A · The company itself

“We also rely upon labor and third-party freight services to produce and deliver our offerings to our customers. In the past few years, we experienced significant increases in material, freight and labor costs and custom duties and tariffs.”

Annual report 2025A · The company itself

“We are subject to governmental export and import controls and sanction programs that could subject us to liability or impair our ability to compete in international markets. We, and certain of our products (including components of such products), are subject to applicable import laws, export controls and economic sanctions laws and regulations, including rule changes, evolving enforcement practices, and other government actions.”

Annual report 2025A · The company itself

“As a result of our global operations, our business, results of operations and financial condition may be adversely affected by fluctuations in currency exchange rates, most notably if the U.S. dollar strengthens against the primary foreign currencies, which could adversely impact our revenue growth in future periods. For example, if the U.S. dollar strengthens against other currencies such as the euro, our revenues reported in U.S. dollars would decline.”

Annual report 2025A · The company itself

“Various laws and governmental regulations, both in the U.S. and abroad, governing Internet-related services, related communications services, information technologies, artificial intelligence, and the construction and location of data centers and other critical infrastructure remain largely unsettled, even in areas where there has been some legislative action. There are anticipated regulations forthcoming in the U.S. and other countries where our customers operate in the areas of cybersecurity, data privacy and data security, artificial intelligence, and critical infrastructure construction, permitting and energy consumption, any of which could impact us and our customers.”

Annual report 2025A · The company itself

“Despite this strategy, it is possible that we may from time to time experience critical part shortages which may drive the need for additional spot buys at increased costs, as well as increased costs associated with premium freight to meet customer commitments.”

Annual report 2025A · The company itself

“Based on the outstanding balances of floating rate debt, net of interest rate swap agreements, our annual net interest expense would increase with increases in variable interest rates at December 31, 2025 and 2024 by approximately: Basis point change scenario +100 $ 10.8 $ 11.0 +200 21.5 21.9 Commodity Risk We are subject to commodity risk from fluctuating prices of certain raw materials, steel, copper and aluminum and electronic components.”

Annual report 2025A · The company itself

“These applications are growing in their need for intelligent infrastructure and may be regulated or need to satisfy some level of compliance. The growth in this area generally aligns with changes in gross domestic product, and can be further driven by increased automation and digitalization in both light and heavy industrial application environments.”

Annual report 2025A · The company itself

“We obtain raw materials and supplies from a variety of sources and generally from more than one supplier. We have established a robust supply chain that is complementary to our manufacturing and operations footprint.”

Annual report 2025A · The company itself

“Based on the outstanding balances of floating rate debt, net of interest rate swap agreements, our annual net interest expense would increase with increases in variable interest rates at December 31, 2025 and 2024 by approximately: Basis point change scenario +100 $ 10.8 $ 11.0 +200 21.5 21.9 Commodity Risk We are subject to commodity risk from fluctuating prices of certain raw materials, steel, copper and aluminum and electronic components.”

Annual report 2025A · The company itself

“These risks may be enhanced in emerging markets, and additional risks not encountered in established countries may also occur, including more frequent foreign currency exchange rate fluctuations, foreign state takeovers of our facilities, trade protectionism, state-initiated industry consolidation or other similar government actions or control; difficulty enforcing agreements and collecting receivables through certain foreign legal systems; longer collection cycles and financial instability among customers; political or social instability that may hinder our ability to send personnel abroad or cause us to move our operations to facilities in countries with higher costs and less efficiencies; difficulties associated with repatriating earnings generated or held abroad in a tax-efficient manner, changes in tax laws, or tax inefficiencies; and exposure to wage, price and capital controls, local labor conditions and regulations, including local labor disruptions and rising labor costs which we may be unable to recover in our pricing to customers.”

Annual report 2025A · The company itself

“In accordance with industry practice, for certain project opportunities, including large data center, artificial intelligence and other complex infrastructure projects, we are required to provide guarantees, including bid-bonds, advance payment and performance guarantees. Some customers require these guarantees to be issued by a financial institution, and historic global financial conditions have in the past, and may in the future, make it more difficult and expensive to obtain these guarantees or may limit the capacity of financial institutions to issue them at the levels or on the terms we require.”

Annual report 2025A · The company itself

“We regularly move data across borders to operate, and consequently are subject to a number of continuously evolving and developing privacy and data protection laws and regulations both domestically and around the world, including, the General Data Protection Regulation ("GDPR") in Europe, the California Privacy Rights and Enforcement Act of 2020 ("CPRA") in the U.S., and the Personal Information Protection Law ("PIPL") in China. These laws impose numerous, and oftentimes differing, obligations on data controllers and processors.”

Annual report 2025A · The company itself

“The $64.3 decrease is primarily driven by a $33.0 increase of interest income and a $26.1 reduction to interest expense as a result of our Term Loan amendments. To the extent interest rates continue to fluctuate our interest expense will change, although we expect these changes to be partially mitigated by our interest rate swaps and interest income.”

Annual report 2025A · The company itself

“For example, the European Union Restriction on the Use of Certain Hazardous Substances in Electrical and Electronic Equipment Directive and similar laws and regulations of China and other jurisdictions limit the content of certain hazardous materials such as lead, mercury, and cadmium in the manufacture of electrical equipment, including our products. Additionally, the EU, China and other jurisdictions have adopted or proposed versions of the Waste Electrical and Electronic Equipment Directive, which requires producers of electrical and electronic equipment to assume responsibility for collecting, treating, recycling and disposing of products when they have reached the end of their useful life, as well as Registration, Evaluation, Authorization and Restriction of Chemical Substances regulations, which regulate the handling and use of certain chemical substances that may be used in our products.”

Annual report 2025A · The company itself

“We obtain raw materials and supplies from a variety of sources and generally from more than one supplier. We have established a robust supply chain that is complementary to our manufacturing and operations footprint.”

Annual report 2025A · The company itself

“Based on the outstanding balances of floating rate debt, net of interest rate swap agreements, our annual net interest expense would increase with increases in variable interest rates at December 31, 2025 and 2024 by approximately: Basis point change scenario +100 $ 10.8 $ 11.0 +200 21.5 21.9 Commodity Risk We are subject to commodity risk from fluctuating prices of certain raw materials, steel, copper and aluminum and electronic components.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, Vertiv’s net sales was $10,229.9, of which 62% was transacted in the Americas; 20% was transacted in Asia Pacific; and 18% was transacted in Europe, Middle East & Africa.”

Annual report 2025A · The company itself

“Europe, Middle East & Africa (Dollars in millions) $ Change % Change Net sales $ 1,824.4 $ 1,793.4 $ 31.0 1.7 % Operating profit (loss) 377.4 439.4 (62.0) (14.1) % Margin 20.7 % 24.5 % Europe, Middle East & Africa net sales of $1,824.4 in 2025 increased $31.0, or 1.7%, from 2024. Sales increases were positively impacted by foreign currency of approximately $67.4, with products increasing by $8.4, and service & spares increasing by $22.6.”

Annual report 2025A · The company itself

“For example, as climate change issues become more prevalent, foreign, federal, state and local governments and our customers have been responding to these issues. The increased global focus on environmental matters may result in new regulations or changes to current regulations, as well as changes in customer requirements, which could materially adversely impact our business, results of operations and financial condition.”

Annual report 2025A · The company itself

“Such products include AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, and software for managing IT equipment.”

Annual report 2025A · The company itself