การแถลงผลประกอบการไตรมาส 3 ปี 2026 ของ nVent Electric (NVT): ยอดขายพุ่งขึ้น 44%, ปรับเพิ่มแนวโน้มผลประกอบการ

ประเด็นสำคัญ

• nVent Electric รายงานยอดขายไตรมาส 3/2026 ที่ 1.515 พันล้านดอลลาร์ เพิ่มขึ้น 44% เมื่อเทียบรายปี ทั้งในแง่ของตัวเลขรายงานและตามงบดำเนินงานปกติ นำโดยอุปสงค์ศูนย์ข้อมูลที่แข็งแกร่ง
• กำไรจากการดำเนินงานปรับปรุงแล้วเพิ่มขึ้น 57% สู่ระดับ 335 ล้านดอลลาร์ ขณะที่อัตรากำไรจากการดำเนินงานปรับปรุงแล้วขยายตัว 190 basis points สู่ระดับ 22.1% ด้าน EPS ปรับปรุงแล้วเพิ่มขึ้น 67% สู่ระดับ 1.52 ดอลลาร์.
• ยอดคำสั่งซื้อตามงบดำเนินงานปกติเติบโตในระดับตัวเลขสองหลักช่วงต่ำ เมื่อเทียบกับ การเติบโต 65% ในช่วงเดียวกันของปีก่อน โดยมูลค่างานค้างรับเพิ่มขึ้นเมื่อเทียบกับไตรมาสก่อนหน้าสู่ระดับ 2.6 พันล้านดอลลาร์ และผู้บริหารระบุว่ายอดคำสั่งซื้อในเดือนตุลาคมยังคงแข็งแกร่งอย่างมาก
• ยอดขายตามงบดำเนินงานปกติของกลุ่ม Systems Protection พุ่งขึ้น 54% ซึ่งรวมถึงการเติบโตประมาณ 90% ในกลุ่มโครงสร้างพื้นฐาน ด้านยอดขายตามงบดำเนินงานปกติของกลุ่ม Electrical Connections เพิ่มขึ้น 23% โดยมีการเติบโตในระดับตัวเลขสองหลักครอบคลุมทุกกลุ่มอุตสาหกรรมและทุกภูมิภาค
• nVent ปรับเพิ่มแนวโน้มปี 2026 เป็น ยอดขายตามตัวเลขรายงานเติบโต 48%-49%, ยอดขายตามงบดำเนินงานปกติเติบโต 38%-39% และ EPS ปรับปรุงแล้วที่ 5.36-5.39 ดอลลาร์.
• บริษัทเสร็จสิ้นการเข้าซื้อกิจการ Maverick Power เมื่อวันที่ 1 ตุลาคม โดยผู้บริหารคาดว่าธุรกิจนี้จะช่วยขยายโอกาสในตลาดศูนย์ข้อมูลของ nVent เป็นประมาณ 2 ล้านดอลลาร์ต่อเมกะวัตต์ และสร้างการเติบโตในระดับตัวเลขสองหลักที่แข็งแกร่งในระยะข้างหน้า

ข้อมูลทางการเงินที่สำคัญ

ผลการดำเนินงานทางธุรกิจและการปฏิบัติการ

กลุ่มโครงสร้างพื้นฐานยังคงเป็นปัจจัยขับเคลื่อนการเติบโตหลักของ nVent โดยยอดขายออร์แกนิกในกลุ่มธุรกิจนี้เพิ่มขึ้นมากกว่า 70% โดยมีสาเหตุหลักมาจากศูนย์ข้อมูล ขณะที่ยอดขายในกลุ่มอุตสาหกรรมเติบโตในช่วงปลายของระดับสิบ ส่วนยอดขายในกลุ่มพาณิชย์และที่อยู่อาศัยเพิ่มขึ้นในช่วงกลางของระดับสิบ

ทุกภูมิภาคสร้างการเติบโตแบบออร์แกนิกในระดับสองหลัก โดยภูมิภาคอเมริกาเติบโตประมาณ 50% ขณะที่ยุโรปเพิ่มขึ้นในระดับสองหลักช่วงต้น และเอเชียแปซิฟิกก็บันทึกการเติบโตในระดับสองหลักเช่นกัน

ผลิตภัณฑ์ใหม่มีส่วนช่วยประมาณ 30 จุดเปอร์เซ็นต์ ของการเติบโตของยอดขาย และ nVent ได้เปิดตัว 24 ผลิตภัณฑ์ ในระหว่างไตรมาส ผู้บริหารเปิดเผยว่าการพัฒนาผลิตภัณฑ์ยังคงมุ่งเน้นในกลุ่มที่มีการเติบโตสูง เช่น พลังงาน ระบบทำความเย็น การเชื่อมต่อระบบไฟฟ้า ศูนย์ข้อมูล และสาธารณูปโภคไฟฟ้า

Systems Protection

ยอดขายของกลุ่ม Systems Protection แตะที่ 1.098 พันล้านดอลลาร์ เพิ่มขึ้น 53% ขณะที่ยอดขายออร์แกนิกเพิ่มขึ้น 54% ส่วนยอดขายในกลุ่มโครงสร้างพื้นฐานเติบโตประมาณ 90% โดยได้รับแรงหนุนจากศูนย์ข้อมูล

กำไรของกลุ่มธุรกิจเพิ่มขึ้น 73% สู่ระดับ 253 ล้านดอลลาร์ ขณะที่อัตรากำไรของกลุ่มธุรกิจขยายตัว 260 เบซิสพอยต์ สู่ระดับ 23.0% ซึ่งสะท้อนถึงปริมาณการขาย ราคา และผลิตภาพ

Electrical Connections

ยอดขายกลุ่ม Electrical Connections อยู่ที่ 417 ล้านดอลลาร์ โดยมียอดขายเติบโตตามธรรมชาติที่ 23% ขณะที่ยอดขายในกลุ่มโครงสร้างพื้นฐานและภาคอุตสาหกรรมต่างเติบโตอย่างแข็งแกร่งในระดับสองหลัก ส่วนยอดขายในกลุ่มพาณิชย์และที่อยู่อาศัยเพิ่มขึ้นในระดับ 10% ปลาย ๆ

กำไรของกลุ่มธุรกิจเพิ่มขึ้น 16% สู่ระดับ 118 ล้านดอลลาร์ ขณะที่อัตรากำไรลดลง 180 เบซิสพอยต์ สู่ระดับ 28.2% เนื่องจากเงินเฟ้อ การลงทุนเพื่อสร้างการเติบโต และส่วนผสมทางธุรกิจ โดยได้รับการชดเชยบางส่วนจากปริมาณการขาย การกำหนดราคา และประสิทธิภาพการผลิต ทั้งนี้ ฝ่ายบริหารระบุว่าอัตรากำไรปรับตัวดีขึ้นเมื่อเทียบกับไตรมาสก่อนหน้า

Maverick Power และการขยายกำลังการผลิต

Maverick Power ช่วยเพิ่มสวิตช์เกียร์แรงดันต่ำและแรงดันปานกลาง แผงสวิตช์ไฟ โซลูชันมอดูลาร์แบบครบวงจร และบริการต่าง ๆ เข้าสู่พอร์ตโฟลิโอของ nVent โดยธุรกิจนี้มีพนักงานมากกว่า 1,000 คน และมีพื้นที่การผลิตประมาณ 1.5 ล้านตารางฟุต โดยส่วนใหญ่อยู่ในรัฐเทกซัสและอริโซนา

ฝ่ายบริหารเปิดเผยว่า อัตรากำไรจากการดำเนินงานของ Maverick ในไตรมาส 4 คาดว่าจะอยู่ในระดับ 10% กลาง ๆ ซึ่งรวมถึงการลงทุนเพื่อสนับสนุนการเติบโตแล้ว โดยคาดว่าอัตรากำไรจะปรับตัวดีขึ้นในปี 2027 และปีต่อ ๆ ไป เนื่องจากยอดขายขยายตัวและการใช้ประโยชน์จากโรงงานทำได้เต็มประสิทธิภาพมากยิ่งขึ้น

นอกจากนี้ nVent ยังประกาศเปิดตัว โรงงานแห่งใหม่ขนาด 400,000 ตารางฟุตในรัฐอริโซนา สำหรับโซลูชันวิศวกรรมอาคาร โดยคาดว่าจะเริ่มการผลิตในช่วงกลางปี 2027 นอกจากนี้ ยังมีกำหนดเปิดดำเนินการกำลังการผลิตระบบระบายความร้อนด้วยของเหลวเพิ่มเติมในช่วงครึ่งแรกของปี 2027 อีกด้วย

ประมาณการของฝ่ายบริหาร

สำหรับไตรมาส 4 ปี 2026 ฝ่ายบริหารคาดว่าการเติบโตของยอดขายตามรายงานจะอยู่ที่ 45%-48% และการเติบโตของยอดขายออร์แกนิกที่ 26%-29%. Maverick Power คาดว่าจะส่งผลเชิงบวก ประมาณ 19 จุดเปอร์เซ็นต์ ต่อการเติบโตของยอดขายตามรายงาน และส่งผลต่อ EPS ปรับปรุงสองสามเซนต์ ซึ่งรวมถึงค่าใช้จ่ายดอกเบี้ยที่สูงขึ้นอันเนื่องมาจากเงินทุนในการซื้อกิจการ

EPS ปรับปรุงประจำไตรมาส 4 คาดว่าจะอยู่ที่ $1.30-$1.33, โดยมี ค่าใช้จ่ายดอกเบี้ยสุทธิประมาณ 39 ล้านดอลลาร์. ฝ่ายบริหารคาดว่าอัตรากำไรจากการดำเนินงานจะปรับตัวดีขึ้นประมาณ 60 เบซิสพอยต์ เมื่อเทียบรายปี ณ ค่ากลางของกรอบประมาณการ ทั้งนี้ หากไม่รวม Maverick คาดว่าอัตรากำไรส่วนเพิ่มจะยังคงอยู่ในช่วงกลางของระดับ 20% แต่หากรวมการลงทุนใน Maverick คาดว่าจะอยู่ในช่วงต้นของระดับ 20%

ฝ่ายบริหารคาดว่ากลุ่มโครงสร้างพื้นฐานจะสร้างการเติบโตออร์แกนิกในระดับสองหลักสูงสุดเป็นประวัติการณ์ในปี 2026 และจะยังคงเติบโตอย่างแข็งแกร่งในปี 2027 นอกจากนี้ยังได้ปรับเพิ่มคาดการณ์การเติบโตออร์แกนิกตลอดทั้งปีสำหรับทั้งตลาดอุตสาหกรรมและตลาดเชิงพาณิชย์-ที่อยู่อาศัยขึ้นเป็นระดับหลักเดียวช่วงปลาย จากเดิมที่อยู่ในระดับหลักเดียวช่วงกลาง

ความเสี่ยงและประเด็นที่ต้องติดตาม

• กำลังการผลิตในห่วงโซ่อุปทาน: nVent และซัพพลายเออร์กำลังเพิ่มกำลังการผลิตเพื่อให้ทันกับความต้องการของดาต้าเซ็นเตอร์และระบบสาธารณูปโภคด้านไฟฟ้า ฝ่ายบริหารได้นำข้อจำกัดด้านอุปทานในปัจจุบันเข้ารวมไว้ในแนวทางประมาณการสำหรับไตรมาส 4 แล้ว
• ภาวะเงินเฟ้อและภาษีศุลกากร: ภาวะเงินเฟ้อในไตรมาส 3 มีมูลค่ารวมเกือบ 60 ล้านดอลลาร์, รวมถึงผลกระทบด้านภาษีศุลกากรประมาณ 20 ล้านดอลลาร์ ทั้งนี้ ประมาณการภาษีศุลกากรตลอดทั้งปีเพิ่มขึ้นเป็น 105 ล้านดอลลาร์.
• ต้นทุนการลงทุนใน Maverick: การลงทุนด้านกำลังการผลิตและการเติบโตคาดว่าจะลดอัตรากำไรส่วนเพิ่มในไตรมาส 4 ลง แม้ฝ่ายบริหารจะคาดว่าจะเริ่มปรับตัวดีขึ้นตั้งแต่ปี 2027 ก็ตาม
• จังหวะเวลาของคำสั่งซื้อ: ฝ่ายบริหารระบุว่าคำสั่งซื้อมีความไม่สม่ำเสมอเนื่องจากพอร์ตโฟลิโอของ nVent เปลี่ยนไปสู่โครงการที่มีวงจรยาวนานขึ้น บริษัทคาดว่ายอดขายรอรับรู้รายได้จะเพิ่มขึ้นอีกหลังจากรวม Maverick เข้ามา
• ปัจจัยตามฤดูกาลในไตรมาส 4: ฝ่ายบริหารกล่าวว่าปัจจัยตามฤดูกาลตามปกติส่งผลให้เกิดการชะลอตัวลงเมื่อเทียบกับไตรมาสก่อนหน้า ซึ่งถูกรวมไว้ในแนวโน้มยอดขายออร์แกนิกของไตรมาสที่สี่แล้ว

ประเด็นสำคัญจากการถาม-ตอบกับนักวิเคราะห์

• ความต้องการดาต้าเซ็นเตอร์: ฝ่ายบริหารกล่าวว่ายังไม่พบความเร่งด่วนที่ลดลงในกลุ่มลูกค้าดาต้าเซ็นเตอร์ การหารือกับลูกค้ายังคงมุ่งเน้นไปที่การเพิ่มผลผลิต การเร่งการส่งมอบ และการลดระยะเวลาดำเนินการ
• แรงส่งของคำสั่งซื้อ: แม้จะมีการเปรียบเทียบที่ท้าทาย แต่คำสั่งซื้อออร์แกนิกในไตรมาส 3 ก็เติบโตในระดับสองหลักช่วงต้น ฝ่ายบริหารกล่าวว่าคำสั่งซื้อในเดือนตุลาคมแข็งแกร่งมาก และย้ำถึงความแข็งแกร่งของการเติบโตของคำสั่งซื้อสะสมแบบสองปี
• การเติบโตของ Maverick: บริษัทไม่ได้ให้แนวทางประมาณการเฉพาะสำหรับ Maverick ในปี 2027 แต่คาดว่าจะเติบโตในระดับสองหลักอย่างแข็งแกร่ง โดยยอดขายรอรับรู้รายได้ที่ได้มานั้นได้รับการอธิบายว่าอยู่ในระดับที่สดใส
• ระบบระบายความร้อนด้วยของเหลว: nVent ได้เปิดรับคำสั่งซื้อผลิตภัณฑ์ระบบระบายความร้อนด้วยของเหลวแบบโมดูลาร์แล้ว ฝ่ายบริหารระบุว่าแพลตฟอร์มดังกล่าวได้รับความสนใจจากลูกค้าดาต้าเซ็นเตอร์ที่หลากหลาย
• สถาปัตยกรรม DC 800 โวลต์: แร็กจ่ายไฟ DC 800 โวลต์ของ Maverick รวมการแปลงพลังงาน ระบบป้องกัน และระบบควบคุมเข้าด้วยกัน เพื่อรองรับระบบประมวลผล AI ความหนาแน่นสูง โดยไม่จำเป็นต้องออกแบบระบบไฟฟ้าใหม่ทั้งศูนย์ข้อมูล ฝ่ายบริหารมองว่าระบบพลังงานและระบบระบายความร้อนเป็นโอกาสในระดับระบบที่ส่งเสริมซึ่งกันและกัน
• การบริการ: nVent กำลังสร้างขีดความสามารถด้านการติดตั้ง การทดสอบระบบ และการสนับสนุนอย่างต่อเนื่องสำหรับระบบระบายความร้อนด้วยของเหลว ขณะที่ Maverick ช่วยเพิ่มขีดความสามารถด้านการบริการที่เชื่อมโยงกับพอร์ตโฟลิโอการกระจายพลังงานของตน
• การจัดสรรเงินทุน: ตั้งแต่ต้นปีจนถึงปัจจุบัน nVent ได้ส่งคืนเงินทุน 202 ล้านดอลลาร์ ให้แก่ผู้ถือหุ้น ซึ่งรวมถึง 100 ล้านดอลลาร์ ในการซื้อหุ้นคืน และได้ปรับเพิ่มเงินปันผลรายไตรมาสขึ้น 5%. ฝ่ายบริหารคาดว่าระดับเลเวอเรจ ณ สิ้นปีจะยังคงอยู่ ภายในช่วงเป้าหมายที่ 2.0-2.5 เท่า, ซึ่งรวมถึง Maverick.

ถอดความการประชุมแถลงผลประกอบการ ฉบับเต็ม

บทถอดเสียงฉบับเต็มของการประชุมทางโทรศัพท์ผลประกอบการ

คำชี้แจงจากฝ่ายบริหาร

Operator

Good day, and welcome to the nVent Electric Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Tony Reiter, Vice President of Investor Relations. Please go ahead.

Tony Riter

Thank you, and welcome to nVent's Third Quarter 2026 Earnings Call. On the call with me are Beth Wozniak, our Chair and Chief Executive Officer; and Gary Corona, our Chief Financial Officer. Today will provide details on our third quarter performance and outlook for the fourth quarter and an update to our full year outlook. All results referenced throughout this presentation are on a continuing operation basis unless otherwise stated. Before we begin, let me remind you that any statements made about the company's anticipated financial results are forward-looking statements subject to future risks and uncertainties, such as the risks outlined in today's press release and nVent's filings with the Securities and Exchange Commission.

Forward-looking statements are made as of today, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results. Today's webcast is accompanied by a presentation, which you can find in the Investors section of nVent's website. References to non-GAAP financials are reconciled in the appendix of the presentation. We'll have time for questions after our prepared remarks. With that, please turn to Slide 3, and I will now turn the call over to Beth.

Beth Wozniak

Good morning, everyone. I'm pleased to share with you our outstanding third quarter results and cover some key business highlights. We had another tremendous quarter with record sales, orders and earnings well ahead of our guidance. The better-than-expected sales were broad-based with double-digit growth across all verticals and geographies. In Q3, for total invent, we continue to have strong orders and backlog. Organic orders grew low double digits on top of 65% growth a year ago. In addition, backlog remained healthy and grew sequentially to $2.6 billion. We also closed on the Maverick Power acquisition on October 1. Maverick brings to nVent a new power distribution platform and increases our offerings in data centers. We are raising our full year sales and EPS guidance to reflect our outstanding third quarter performance and continued broad-based growth led by data centers. . Our guidance also incorporates the Maverick Power acquisition.

Now on to Slide 4 for a summary of our third quarter performance. Sales were up 44%, both on a reported and organic basis, led by the infrastructure vertical. New products contributed approximately 30 points to our sales growth and we launched 24 new products in the quarter. Adjusted operating income grew 57% year-over-year, with return on sales up 190 basis points, adjusted EPS grew 67%, and we had robust free cash flow. Sales grew double digits across all verticals. Infrastructure led the way with organic sales up over 70%, primarily driven by outstanding growth in data centers. Industrial grew in the high teens and commercial resi grew mid-teens.

Turning to organic sales by geography. All geographies grew double digits led by the Americas growing approximately 50%. Europe was up low-double digits and Asia Pacific grew double digits. Infrastructure represents our largest long-term growth opportunity, driven by the powerful secular trends of electrification, sustainability and digitalization. We expect the infrastructure vertical to deliver record double-digit organic growth this year with data center expansion and the need for power. We also forecast continued strong growth in 2027. We have been investing in new capacity for liquid cooling, engineered building solutions, power connections and cable management. This week, we announced a new 400,000 square foot facility in Arizona for engineered buildings that will expand our capacity to support growing demand in data centers and power utilities with production expected to begin in mid-2027.

In our high-growth areas within infrastructure, our suppliers are working to keep pace with our growth and are also investing in capacity expansions. It is a lot of work to increase volumes with the velocity required. We are partnering closely with our suppliers to help ensure we are scaling rapidly together.

Turning to industrial and commercial resi. We expect each to grow organic sales high-single digits for the year versus mid-single digits previously. We see industrial growth as broad-based and see improving demand trends across our short-cycle portfolio. I want to thank our invented team for focusing on our customers and achieving record performance levels. This wraps up my opening remarks. I will now turn the call over to Gary for further details on our third quarter results as well as our updated outlook. Gary, please go ahead.

Gary Corona

Thank you, Beth. We had another excellent quarter, exceeding our guidance with record sales and adjusted EPS. Let's turn to Slide 5 to review our results. Sales of $1.515 billion were up 44%, both on a reported and organic basis as compared to last year. This was well ahead of our guidance. driven by broad-based growth, led by very strong data center sales. Adjusted operating income was $335 million, up 57%. Return on sales came in ahead of expectations at 22.1%, up 190 basis points versus last year. Price plus productivity offset inflation of nearly $60 million including approximately $20 million in tariff impact. We also continue to make investments for growth in data centers and power utilities. We had record adjusted earnings well ahead of the high end of our guidance driven by exceptional sales growth and execution by the team. Adjusted EPS grew 67% year-over-year to $1.52.

We generated robust free cash flow of $268 million. Now please turn to Slide 6 for a discussion on the third quarter segment performance. Starting with Systems Protection. Sales of $1.098 billion increased 53%. Organic sales grew 54%. Sales growth was broad-based with double-digit increases across all verticals and geographies. Infrastructure led the way, growing approximately 90%, driven by continued strength in data centers. Industrial and commercial resi each grew in the teens. Geographically, the Americas delivered very strong double-digit growth, while Europe grew low-double digits. Asia Pacific also delivered double-digit growth in the quarter. Third quarter segment income was $253 million, up 73%. Return on sales of 23% increased 260 basis points year-over-year on strong volume, price and productivity.

Moving on to electrical connections. Growth exceeded expectations, reflecting continued momentum on our growth initiatives in infrastructure and industrial and stronger demand in commercial resi. Sales of $417 million increased 23% on an organic basis. Growth was broad-based across all verticals and geographies, all growing double digits. From a vertical perspective, infrastructure and industrial each grew strong double digits. Commercial resi was up high teens. Geographically, Americas grew strong double digits while Europe was up mid-teens, Asia Pacific also grew double digits in the quarter.

Segment income was $118 million, up 16% versus last year. Return on sales of 28.2% was down 180 basis points year-over-year. The margin performance was impacted by inflation and investments for growth. partially offset by strong volume, price and productivity. Importantly, margins improved sequentially as expected.

Turning to the balance sheet and cash flow on Slide 7. In addition to our strong free cash flow in the quarter, we issued $800 million of 10-year senior notes near quarter end to help fund the Maverick Power acquisition. As a result, we ended the quarter with more than $1.1 billion in cash on hand and total debt of $2.2 billion. We also had $600 million available on our revolver. Including the Maverick Power acquisition, we expect our leverage to be well within our target range of 2 to 2.5x by the end of the year. Our healthy balance sheet and strong liquidity provides financial flexibility to support our disciplined capital allocation strategy.

Turning to Slide 8 on capital allocation, where we outlined how we deploy capital to drive growth and sustain financial outperformance. Our framework has been consistent and is centered on disciplined growth investments and rigorous execution of our M&A strategy while maintaining the balance sheet flexibility to consistently return capital to shareholders. Our capital allocation priority is growth. This starts with reinvesting in the business by funding capacity expansion, innovation and the capabilities required to win in high-growth verticals. We -- this year, we expect to invest approximately $140 million in CapEx, up 50%, inclusive of the Maverick Power acquisition. We have spent $95 million year-to-date. Most of this increased investment is for new capacity to support growth in data centers, power utilities and supply chain resiliency.

Year-to-date, we returned $202 million to shareholders, including share repurchases of $100 million, and we have increased our quarterly dividend by 5% compared to last year. Overall, our disciplined capital allocation approach positions us to prioritize growth and create long-term shareholder value.

Moving to Slide 9. as Beth shared earlier, we are significantly raising our full year sales and EPS guidance again. Due to our strong performance in Q3, momentum across our portfolio and the addition of Maverick Power. Now forecast reported sales growth of 48% to 49%, up from 37% to 39% previously. We are increasing our organic sales growth guidance. We now expect to grow 38% to 39% versus our prior guidance of 32% to 34%. We are raising our full year adjusted EPS range to $5.36 to $5.39 versus our prior guidance of $5 to $5.10. At the midpoint, adjusted EPS is expected to grow 60% versus last year.

A few updated assumptions for modeling purposes. Acquisitions are expected to add approximately 10 points to sales growth, now including Maverick Power. Please note, Maverick Power will be reported as part of our Systems Protection segment. Tariff impact is expected to be approximately $105 million, up from $100 million previously. Corporate costs are expected to be approximately $145 million compared to $140 million previously. And adjusted net interest is now expected to be approximately $88 million for the year.

Looking at our fourth quarter outlook on Slide 10. We forecast reported sales growth of 45% to 48%, with Maverick Power contributing approximately 19 points to sales growth, and foreign exchange roughly flat. Organic sales growth is expected to be up 26% to 29%. We continue to see very strong demand, particularly in data centers and power utilities. As Beth mentioned, we are working closely with our suppliers to support the pace of growth and have reflected the current environment in our guidance. Price and productivity are expected to offset the impact of inflation, including tariffs, and we continue to invest for growth, particularly in data centers and power utilities.

We expect Maverick to contribute a few cents to adjusted EPS in the quarter, inclusive of the higher interest expense associated with the financing of the acquisition. For the fourth quarter, we forecast net interest expense of approximately $39 million, at adjusted EPS to be between $1.30 and $1.33 and which, at the midpoint, reflects more than 45% growth versus last year. Overall, we expect a strong finish to an outstanding year. I will now turn the call back over to Beth.

Beth Wozniak

Thank you, Gary. Please turn to Slide 11. Our portfolio transformation to become a more focused, higher growth electrical connection and protection company is showing up in our results. We have intentionally increased our exposure to the high-growth infrastructure vertical through both organic investments and M&A. Infrastructure made up 12% of sales at spin, expanded to 45% last year and is nearly 60% year-to-date. -- including Maverick Power, our 2026 sales are expected to be approximately 3x what they were at spin and nearly 50% higher than last year. Overall, our total opportunity is now over $150 billion.

Turning to Slide 12 and an overview of Maverick Power. Maverick Power is a leading manufacturer of engineered power distribution and infrastructure solutions for data centers. The acquisition broadens our exposure to the high-growth infrastructure vertical and adds a new power distribution platform that is highly complementary to our existing data center offerings. Maverick's portfolio includes low and medium voltage switchgear and switchboards, integrated modular solutions and services. Maverick also brings significant scale and capabilities to invest with more than 1,000 employees with key sites in Texas and Arizona and approximately 1.5 million square feet of manufacturing footprint.

Looking ahead, Maverick's strong engineering capabilities expand our offerings into new power architectures and strengthens our ability to provide more system-level solutions and services for data center customers. We plan to show Maverick's new 800-volt DC power rack as supercomputing next month. Positioned alongside the IT rack, it integrates power conversion, protection and controls to convert existing AC power 800-volt DC supporting high-density AI computing without a facility-wide power redesign. And importantly, Maverick meaningfully expands our offerings in data centers. With Maverick, we estimate Invest's total data center opportunity expands to approximately $2 million per megawatt. We believe a combination of our complementary portfolios engineering capabilities and customer relationships create significant opportunities to grow together and deliver even more value for our data center customers.

Wrapping up, on Slide 13, we had another tremendous quarter with record sales, orders and adjusted EPS. We continue to deliver broad-based growth with infrastructure leading the way. and expect another record year, having significantly raised our full year sales and adjusted EPS guidance. We remain very well positioned for the powerful trends of electrification, sustainability, and digitalization and are excited about the significant growth opportunities ahead. Our future is bright. With that, I will now turn the call over to the operator to start Q&A.

Operator

[Operator Instructions] The first question today comes from Julian Mitchell with JPMorgan.

ช่วงถาม-ตอบ

Julian Mitchell

Maybe -- just wanted to start off on the top line outlook. Maybe just give us a little bit of context around the adding behind the latest capacity addition you've announced and when you might sort of open up the order book for that? And when you're thinking about orders, it was a good result of a very difficult comp is it natural to assume that, that rate accelerates given the demand factor on.

Beth Wozniak

Well, Julian, thank you for the question. So to start, we just announced a new facility in Arizona, which will start to begin production, as I said in my prepared remarks, midway through 2027. And -- we also announced Lane 2, which is another site for liquid cooling and data center solutions. And so again, that also will be into production going into mid first half 2027. So we're looking ahead as we see order rates and some of our backlog as to where we need capacity. And with respect to orders, we are absolutely had a difficult comp that we had to overlap in Q3. But I will say this, starting off Q4 orders are very -- or in October, orders are very strong. .

Julian Mitchell

Got it. That's helpful. And then just my second question would be around the operating margins. So it looks like pegged at about 20% in the fourth quarter in the guidance, so sort of flattish year-on-year. Maybe just unpack that a little bit. Are you seeing maybe bigger cost headwinds. It has something to do with the margin at Maverick. How is coming in at of about $200 million of revenue. Any thoughts around that?

Gary Corona

Yes, sure. Julian, this is Gary. I'll start by saying we were pleased with the margin performance in the third quarter, margin up almost 200 basis points, incrementals well into the mid-20s. In the fourth quarter, we do expect margins to be up year-on-year, approximately 60 basis points at the midpoint. And you put your finger on a bit of a headwind in the fourth quarter. excluding Maverick, we'll have incrementals well in the mid-20s, which is our target. But Q4 will be an investment quarter for Maverick as we prepare to grow strongly in 2027. And that will put margin incrementals more into the low 20s. So approximately 60% margin -- 60 points of margin growth, basis points of margin growth in the fourth quarter and the core business has nice incrementals. .

Operator

The next question comes from Nigel Coe with Wolfe Research.

Nigel Coe

So Maverick, so the Arizona expansion, is that more Maverick products than co-events -- and then maybe if you could just give us a few more details on Maverick. Can you disclose the backlog acquired with Maverick and this investment spending, how does that profile look through 2027?

Beth Wozniak

Okay. So to start with the new Arizona facility is actually for our engineered building solutions. So recall that is the combination of track -- so this is to create those solutions that support both utilities and data centers and a lot of integration work. So that's what that facility is about. With respect to Maverick we have not included a backlog yet. That is something that we will do, but I will say this, it is very healthy backlog. And some of the investments that are being made is we mentioned that they have 1.5 million square feet. And so they are fitting that out currently as they start to see this nice trajectory as we go into 2027 of growth and the backlog in the orders. So we're investing in that capacity there to bring them up to speed and online.

Nigel Coe

Great. And then Maverick, if you look at some of the competitors, the growth profile is, in many cases, 50% plus and in some cases, as high as 100% for 2027. Is that the kind of growth profile you expect to see for Maverick next year?

Beth Wozniak

Well, we're not -- we're focused on our current integration. I'll just remind you, it's only been 30 days, but we do expect strong double-digit growth in MAVERICK as we go forward. .

Operator

The next question comes from Steve Tusa with Wells Fargo.

Charles Stephen Tusa

The -- just to put a finer point on that, I guess, when you say well into the mid-20s incrementals, I know we're talking about like tens of basis points here sometimes. But that would suggest MAVERICK kind of in the mid-teens from a margin perspective, like an operating margin perspective? .

Gary Corona

That's exactly right, Steve. That's what we're expecting in the fourth quarter for MAVERICK.

Charles Stephen Tusa

Okay. And then just into next year, I know there's a bit of inflation out there to say the least. How are you looking at what was -- what do you expect price to be for this year? And then how do you think about more actions? Do you need more actions to drive price cost next year? .

Gary Corona

Yes. So Steve, in the third quarter, pricing productivity more than offset the $60 million of inflation that we saw in price nearly covered it on its own. Our investments behind capacity and capability were significant. We've had a long track record of leveraging price to offset inflation as well as productivity and the teams are working diligently to ensure that we forecast that's the case for Q4 and next year.

Operator

The next question comes from Jeff Hammond with KeyBanc Capital Markets.

Jeffrey Hammond

So I know we've had a lot of questions on this new modular liquid cooling product, but there seems to be some confusion on when you start taking orders? Did you start taking orders in the third quarter -- or what's the timing around that? And then just kind of the uptake in interest. I know maybe it was initially for distribution, but the initial interest seems to be broader than that.

Beth Wozniak

Yes. So we have been taking orders for our new modular cooling products and platforms. We'll also be showcasing that at super compute. There is a lot of interest in this product. And we have said before, we wanted to make it modular because it allows us to configure it to various types of customers and sell through distribution. But certainly, there is significant interest in this product from all types of data center companies. So it really is a broad-based platform with a lot of flexibility, and we're very excited that it gets to launch here in the back half of the year.

Jeffrey Hammond

Okay. Great. And then you mentioned the Maverick 800-volt DC and I guess we keep hearing, one, extend chips needing more liquid cooling intensity, but also 800-volt TC, having a lot more liquid cooling intensity. So I'm just wondering kind of your approach and what you're seeing from early ops, both with maybe incorporating our liquid cooling in the Maverick and other customers around 800-volt DC and just give us some parameters around that opportunity. .

Beth Wozniak

Okay. So as we know, the chips require more power, more power needs, more heat, more heat means more cooling. So as we think about the future, the demand for liquid cooling is only going to increase. And as we think about these higher voltages, we're positioned well to think about our modular platform, how we can convert it and meet those needs. Similarly, on the power side, now having Maverick in our portfolio. They have an 800-volt DC offering. We're going to showcase that at supercompute. I think as we think about cooling and power now, having that in our portfolio, it gives us more opportunities to provide system solutions and different architectures. So we're excited. We're going to showcase some of this, like I said, it's super compute and we'll be working on the road map, and we'll have more to share in the future.

Operator

The next question comes from Jacob Levinson with Melius. .

Jacob Levinson

Maverick seems like a nice add for you folks. But can you give us a sense of -- are there other assets out there of that scale or maybe -- and maybe said a different way, are there gaps in the portfolio that you're still looking to fill through M&A?

Beth Wozniak

Well, we have -- and we've always said this, we have a very healthy M&A pipeline. And we have a flywheel that we've been very -- that we've had in place for a while because we're very disciplined about this and it is very strategic I never say we have gaps in the portfolio, but more so, we have opportunities to extend what we do. And if you think about our portfolio transformation, we have intentionally focused on infrastructure. So you've seen us do deals in the last little while in the data center space, in power utilities. And I think there are opportunities out there -- we're also very disciplined in how we think about that value creation because we buy companies that we can invest in to grow and scale and then want to ensure that we can get good returns.

So I feel we have lots of opportunity there. And we certainly at our Investor Day earlier in the year, said we're going to see acquisitions contribute several points to our growth year-over-year. And I'd expect them to do some deals every year, and we have a good integration playbook. .

Gary Corona

Jacob, I would just add, as I mentioned in my prepared remarks, the balance sheet is healthy, and we expect to end the year within our targeted leverage range. .

Jacob Levinson

Okay. That's helpful. And just on a different topic. It seems like there's been a notable pickup overseas. Is that -- how much of that is just the data center build-out starting to really come through in Europe and Asia? Or is that your more traditional industrial commercial markets recovering from depressed levels?

Beth Wozniak

Well, when we look at Europe and Asia, actually, our growth is very broad-based. Certainly, we see the data center space growing, and those opportunities are increasing there, but we're very pleased to say that industrial and our commercial resi and infrastructure power utilities, we just saw a nice broad-based growth.

Operator

The next question comes from Joe O'Dea with Vertical Research.

Joseph O'Dea

Could you just add a little bit of perspective on the capacity ramps talking about the timing of the production volume ramp at led 1 and to as well as kind of Arizona and what you'll see through the first half of next year, really looking for any detail on the time line to reach scale efficiency -- and then ultimately, what it means for revenue capacity versus your current footprint?

Beth Wozniak

So Joe, we are in production, and it's been ramping up, and we're actually very pleased. And earlier in the year, we said even it was 100 days from when we -- business days to get that factory up and going. And I think that was like a record for us -- and so it's off to a great start and improving and improving efficiencies -- will not come online until about midway through next year. And similarly, this new Arizona safer engineering building solutions that also is mid-2027. And then we expect those take time to ramp up. But when we look at our backlog and opportunity, we plan those investments to allow us to start meeting the capacity demand in 2027.

Joseph O'Dea

And then just on the product launches that you highlighted in the prepared remarks, any common denominators around kind of capabilities or solutions that you're adding in terms of serving particular kind of customer needs. .

Beth Wozniak

Well, when we look at our product opportunities, we actually prioritize all of our new products in those high-growth verticals. So it's an array of things from our Systems Protection group where we're developing new solutions in power and cooling, for example, it's also in our electrical connections group, where we look at some of our power connections and some of our other products aligned to the needs and utilities or data centers. So overall, we always think about how do we differentiate, how do we innovate because new products not only drive growth, but they are always margin accretive as well.

Operator

The next question comes from Vlad Bystricky with Citi.

Vladimir Bystricky

So just sticking with Maverick for a second and maybe a little more broadly, you mentioned that Maverick in addition to their product portfolio brings some service capabilities. So can you talk about your overall service offering for data center customers today and how that's evolving and sort of where you see the service opportunities going in 2027 and beyond?

Beth Wozniak

Yes. So Maverick does have a service capability to support their offerings. We also have been building a service capability around our liquid cooling portfolio. And as we launch our new modular platform, we believe because that will serve a wide array of customers that ability to help install, help in commission, help provide regular support is critical. So we have this opportunity, as I said, that this now expands our service opportunity with Maverick between what we do in liquid cooling and what we have in Maverick, I think we're going to be able to provide further solutions for our data center customers. So we're building out a strong service capability. And I think it's important, especially with more new products and with the breadth of the portfolio. .

Vladimir Bystricky

That's helpful. Appreciate that best. And then -- just on the capacity side, I know you talked about Blaine in Arizona. You mentioned that Maverick was still sort of outfitting or building out there the 1.5 million feet square feet of capacity. So can you just talk about sort of the time line to Maverick's capacity ramp? And when you see that coming more available? .

Beth Wozniak

Well, -- they've opened a lot of facilities over the last little while. And I would say, much like we have with these new facilities, it's ramping and it's going to provide capacity that is needed in 2027. And I think that continues to ramp through the first half of next year. .

Operator

The next question comes from Alexander Virgo with Evercore ISI. .

Alexander Virgo

Yes. Talk a little bit to the new product introductions. Contribution of growth in the quarter was 30% or so. I guess, the lapping tougher comps as we go into Q4. But just wondering if you could give us a sense of that cadence into the end of the year? And then, I guess, thinking about what that does as it wraps around into 2027. I appreciate you haven't given us any guidance for 2027 yet, but obviously, starting to think about the order momentum, the backlog and these new product dynamics sort of building into the model in the 2027 numbers?

Beth Wozniak

Well, 1 of the things that we said at our Investor Day is that we wanted to have our new product vitality at around 30%, and we're effectively at that level. And to be able to do that, it means you have to innovate faster, you have to come up with new things. And certainly, as we focus our portfolio on to these high-growth verticals, we see that ability to do so. And certainly, with data center growth, a lot of our new products are focused there. And so that's where we're seeing that tremendous uplift. And that's what will be our continued focus as we go into 2027. And it's important new products are -- have been a key driver of our growth as we think about our strategy, high-growth verticals, it's new products, it's growing globally and then it's growth through M&A. So I think we've got a good pipeline of what we're working on, some good innovation, and we expect it to be a significant contributor to our overall performance of our portfolio. .

Operator

The next question comes from Neal Burk with UBS.

Neal Burk

So another question about Maverick. So just trying to think about the implications of Maverick doubling your content and data centers to 2 million per megawatt. I mean this is probably simplistic. But does that mean that over time, your data center revenues could double from what they were before the acquisition? Maverick revenue started around $700 million. So clearly, that isn't the impact right out of the gate, but just trying to think about the growth opportunity over time.

Beth Wozniak

Well, it certainly allows us as we bid on new projects or new data center opportunities, we have more content and more capability -- and not to mention, as I said previously, the ability for us to think about cooling and power and everything that we bring together, we certainly have greater opportunity. And I think it's -- it really for us is about just ensuring that as we see into the future, about 800-volt DC and other needed solutions, having power and cooling, we think, is very complementary. .

Neal Burk

And 1 follow-up on orders. You clearly had a really tough 3Q comp of last year. Orders were very strong. Are those now fully recognized in revenue at this point? I asked because you had 2 quarters now organic sales grew well above orders, which are sort of low double digits. So I'm just trying to understand like conceptually I know you don't like to talk about future orders. But just conceptually, can we continue to see the sort of 30 to 40 plus top line growth that we've been seeing when orders are sort of growing well below that? Or would you expect these to sort of converge over time?

Gary Corona

So this is Gary. I'll take that. And what -- what's important to remember is that we've talked about orders being lumpy and the timing of those orders being lumpy. But I'll look at the 2-year stack of orders for us just this quarter, and it's very strong. And you look at what Beth's comments were about October, as our business continues to evolve to more long cycle, we expect that backlog to build, especially as especially as Maverick Power comes into our portfolio, and we report them with the broader business.

Operator

The next question comes from Varun Govindaraj from Bernstein.

Varun Govindaraj

I wanted to understand how you think about opening new facilities and what you sort of look for before making that decision? Is it more just broader demand trends? Or do you need to see some level of customer commitment before breaking ground?

Beth Wozniak

Well, it's a combination of many things. When we look at a new facility. We look at, in some cases, the orders that we have on hand or orders that we can't fulfill so to speak. We look at just what we see our customers telling us and it's multiple factors there that we then decide to make that investment. So it's very prudent. We have a good set of direction of where the market is headed, what our customers are saying, what the opportunities are. And then we are very disciplined, as you can expect, in terms of how we think about those returns. And I think Gary always likes to say, those returns are very good every time that we've invested in new capacity expansion.

Gary Corona

Yes. Just to build on the discipline, we go back and take a look at our significant investments and ensure that they're delivering the returns that we expected. And many times, they have over-delivered our initial expectations from an ROI perspective. .

Varun Govindaraj

Absolutely. And then just as a quick follow-up. Can you talk about any of the actions you're taking right now on supply chain resilience. Obviously, at this level of growth, your suppliers are probably stretched as well. So anything you can share there would be helpful.

Beth Wozniak

Yes. Certainly, as we see this growth rate and the velocity and the demand and the ability to respond, I mentioned 100 days for us, many of our suppliers are -- they too are having to add capacity -- sometimes that is new line, sometimes that's new facilities. So we're trying to work hand-in-hand with them to ensure that they understand our forecast that we're working through bringing new capacity online together because we're only going to be successful but they're successful with us. So it's a lot of work. We always say that we try to be very prudent when we give our guidance, given that there's a lot going on from our own capacity expansion to our suppliers as well. .

Operator

The next question comes from Nicole DeBlase from Deutsche Bank.

Nicole DeBlase

Just wanted to ask one on 4Q. Gary, the revenue guidance kind of implies flattish total revenue sequentially, which is a bit of a head swatch scratcher just because like Maverick is coming into the mix. And we've obviously seen how strong the backlog and order growth is plus you guys continue to work to add capacity. So just curious if that's like prudence and conservatism, which we've come to expect from nVent or if there's any other reasons we should be thinking about?

Gary Corona

Yes. Thanks, Nicole. Our Q4 organic guide is still quite healthy. and the 2-year stack is still over 50%. So great growth for us. It is a tick down. Some of that is seasonality in our business that we normally see a bit of a step back. And look, in Q4, we could have -- we could maybe have delivered more. But as Beth talked about, we're navigating we're navigating and being prudent with our -- how we manage the supply chain, and that's something that is incorporated into our guidance. I will say we're really pleased with the year. we're going to grow almost $2 billion year-over-year on a revenue basis and $2 of additional EPS. So we feel really good about the growth that we're delivering in '26.

Nicole DeBlase

Understood. And then just coming back on MAVERICK. I think you said in response to a prior question that it's like mid-teens margins in the fourth quarter. Does that incorporate the growth investments that you're making. And I guess the question is, like as you look out over the next several years and integrate Maverick, do you think it has the potential to get to systems protection or invent average margins?

Gary Corona

Yes. Yes, Nicole, exactly. Significant ramp happening in MAVERICK, and we've incorporated those investments into our guide. We expect those margins to improve both from the growth and fully utilizing those facilities that Beth talked about. It's only 30 days. So I'm not ready to strike the exact expectations for MAVERICK margins. But we do expect them to certainly improve as we get into 27 and beyond.

Operator

The next question comes from Luke Junk with Baird.

Luke Junk

Another Maverick question, but I want to take a little different direction in terms of a strategic question just be curious to get your color on initial engagement with customers, either after announcing the deal or now that you've been on it for about a month here, just in terms of walking them into your current relationships and starting to lay the groundwork for selling Thermon Power as a system model solution?

Beth Wozniak

Well, certainly, we had very favorable reaction to the acquisition, both from our event customers and from Maverick's customers because they know that just the capabilities that each company has, there's more that we can bring together. And as we think about the opportunity, certainly, there -- as in anything, we look at these synergies around growth about -- if you think about we have developed over the last several years a very strong commercial organization, which we believe was the MAVERICK offering, we're going to have the opportunity to drive their reach beyond what they had today. overall, I think it's -- these are -- it's a great new platform for us and very complementary to what we do and it kind of follows our flywheel of we find companies that have great products that we can invest in and scale to grow. .

Luke Junk

Got it. And then for my follow-up, I'll ask on electrical connections, not sure if we got the question Q&A. I'm just curious, were you surprised to see the growth a seat sequentially there. I think it's maybe better than expectations and kind of unpacking that any of the upside drivers on that low 20s plus kind of growth rate?

Gary Corona

Luke, you were cutting in and out. We could not understand that question. Not sure if it's on your end or...

Luke Junk

Yes. Let me try it again here. Yes, let's go to Yes, growth accelerating there? I think that was a bit better than your expectations in the low 20 plus range here. Just kind of can you unpack what was better than expected there? And any particular drivers that we should be focused on taking.

Beth Wozniak

And sorry, you met the growth rate for -- compared to what?

Luke Junk

Yes, just electrical connections versus expectations and accelerating sequentially. .

Beth Wozniak

Yes. We had another great quarter for electrical connections. And I think it speaks to our focus on our growth initiatives. So as you know, that has always been a very strong segment focused on commercial. And we've had the product portfolio there, we focused in on infrastructure and industrial as well as some of our commercial actions. So we've seen significant growth opportunities, new products are contributing to this. And I would also say 1 of the things -- and this is not just electrical connections, but the nVent portfolio, we are seeing very strong growth through our distribution channel. And that speaks to the broad-based growth that we're seeing across industrial infrastructure and commercial for that matter. .

Operator

The next question comes from Scott Graham with Seaport Research Partners.

Scott Graham

I wanted to first ask about just 40,000 feet data centers. You see what's going on out there with there's pockets of suppliers saying a little slower, a little pause and what have you. Obviously, you're not seeing that. But I was just wondering your customer conversations, I know it's kind of 2 step, but nevertheless, you get good visibility on sales there reading through to the OEM. I'm just wondering, are you seeing any less urgency in that market? I know for a while there was really having trouble keeping up with things and you're adding capacity, I get all of that, but -- is there a tenor of maybe less urgency for orders in that market?

Beth Wozniak

So Scott, I will say that we also have direct relationships with those end customers. So we get a lot of feedback that way as well. And no, I would say there is a sense of urgency in terms of are we able to do more? I mean that's more -- can we have more output, can we respond faster, bring in lead times. So we're not seeing that slow at all. If anything, it's just -- I talked earlier in my prepared remarks about the pace of growth and the velocity needed, it's a lot of hard work. and that's continuing.

Scott Graham

I appreciate that. I just want to maybe ask a follow-up question about the electrical connections margin, which has been declining for some time. And historically, I remember with Pentair and even in the early days with you spin out that pricing was always one of the strengths of this business. And I'm just wondering, I know acquisitions were a factor last year, but the continued decline in that segment's margins, can you kind of give us some color on what -- where that's coming from, again, another 40,000 footer in that way?

Gary Corona

Yes, Scott. It's Gary, and I appreciate the question. And I'll start with what we're focused on in electrical connections right now, which is growth. And to deliver a couple of quarters in a row around 20%, it is breakthrough growth for that business. And a lot of it has to do with the strategy change. We focus more on industrial and infrastructure, repositioning the portfolio, and that's really driving that nice growth. With that repositioning, we have some mix that is impacting the portfolio. But I will say the team has done a nice job to price away the inflation and we've been very consistent in kind of what we expected from that business, which is sequential improvement in margins. And I'll take that high 20s margin with approximately 20% growth.

So it's been a nice acceleration for that business this year and a bit different than what we had seen in the past.

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to Beth Wozniak for any closing remarks.

Beth Wozniak

Thank you for joining us today. We are confident in our strategy and our ability to execute. We have significant growth opportunities ahead and multiple levers to drive continued margin expansion I'm very proud of our outstanding performance in the third quarter and the continued progress we're making across nVent. We remain focused on delivering for our customers, employees and shareholders. nVent is a top-tier high-performance electrical company well positioned to win with the powerful trends of electrification, sustainability and digitalization. We're excited about the opportunities ahead. Thank you again for joining us today. This concludes our call.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.