T. Rowe Price discloses 7.6% Shoals Technologies Group (SHLS) stake

Rhea-AI Filing Summary

T. Rowe Price Associates, Inc. has filed a Schedule 13G reporting a significant ownership position in Shoals Technologies Group - A common stock. As of 12/31/2025, it reports beneficial ownership of 12,753,784 shares, representing 7.6% of the outstanding common stock.

The firm reports sole voting power over 12,490,052 shares and sole dispositive power over 12,753,784 shares, with no shared voting or dispositive power. It states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Shoals.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SHOALS TECHNOLOGIES GROUP -A

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

82489W107

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 82489W107

1

Names of Reporting Persons

T. Rowe Price Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 12,490,052.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 12,753,784.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,753,784.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SHOALS TECHNOLOGIES GROUP -A
(b)	Address of issuer's principal executive offices: 1500 SHOALS WAY, PORTLAND, TN, 37148
Item 2.
(a)	Name of person filing: T. Rowe Price Associates, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 82489W107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 12753784
(b)	Percent of class: 7.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 12490052
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 12753784
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Associates, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Associates is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Associates, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	02/17/2026

FAQ

What stake does T. Rowe Price Associates report in Shoals Technologies Group (SHLS)?

T. Rowe Price Associates reports beneficial ownership of 12,753,784 Shoals Technologies Group common shares, representing 7.6% of the class. This indicates a sizable institutional position exceeding the 5% disclosure threshold that triggers a Schedule 13G filing.

What voting power does T. Rowe Price Associates have over SHLS shares?

T. Rowe Price Associates reports sole voting power over 12,490,052 Shoals common shares and no shared voting power. This means it alone can vote those shares or direct how they are voted, subject to any client or account-level agreements.

What dispositive power does T. Rowe Price Associates hold over SHLS stock?

The firm reports sole dispositive power over 12,753,784 Shoals shares and no shared dispositive power. Dispositive power means the authority to sell or otherwise decide on the disposition of the securities for the accounts it manages.

As of what date is T. Rowe Price’s SHLS ownership information reported?

The ownership information is reported as of December 31, 2025, identified as the date of the event requiring the Schedule 13G filing. This date anchors the 12,753,784 shares and 7.6% ownership figures disclosed for Shoals common stock.

Is T. Rowe Price seeking to influence control of Shoals Technologies Group (SHLS)?

T. Rowe Price states the securities were acquired and are held in the ordinary course of business, not to change or influence control of Shoals. It also notes they were not acquired in connection with any transaction aimed at such control.

Does T. Rowe Price admit beneficial ownership of the reported SHLS shares?

T. Rowe Price affirms the filing should not be construed as an admission that it is the beneficial owner of the Shoals shares. It expressly denies beneficial ownership, a common institutional disclaimer while still reporting holdings under Schedule 13G.