[10-Q] Vertiv Holdings Co Quarterly Earnings Report

Rhea-AI Filing Summary

Q2-25 turnaround: Antero Resources (AR) generated $1.30 B revenue (+32% YoY) and swung to $204.9 M operating income from an $80.1 M loss. Net income attributable to common shareholders was $156.6 M (diluted EPS 0.50) versus a –0.26 loss per share in Q2-24. YTD revenue reached $2.65 B (+26%) and net income $364.6 M after a prior-year loss.

Drivers: Natural-gas sales nearly doubled to $689 M; NGL revenue remained flat and oil fell 47%. A $53.4 M derivative gain versus a $5.6 M loss last year boosted results. Total operating expenses grew 3% to $1.09 B; gathering, compression & transportation remain the largest cost line at $702 M.

Balance sheet & cash flow: Long-term debt declined $390 M to $1.10 B, cutting leverage. Stockholders’ equity rose to $7.31 B. Operating cash flow surged to $950 M six-month YTD (+135%), funding $405 M of capex and $85 M share repurchases. Liquidity includes a $1.5 B unused unsecured credit facility now extended to 2030.

Key metrics (Q2-25):

• Adj. revenue from customers: $1.24 B
• Depletion, DD&A: $187.6 M (flat YoY)
• Shares out. 6/30/25: 309.9 M (-0.4 M QoQ)

Outlook signals: Higher gas sales, reduced debt and strong cash generation indicate improved financial flexibility, though oil pricing and high midstream costs remain pressure points.

Positive

• Revenue up 32% YoY and company returned to profitability with $156.6 M net income.
• $390 M long-term debt reduction lowers leverage and interest expense.
• $950 M operating cash flow YTD covers capex and buybacks, generating free cash.
• Unsecured revolver extended to 2030, providing $1.5 B available liquidity.

Negative

• Oil revenue declined 47% YoY, exposing earnings to commodity-mix swings.
• Gathering, compression & transportation costs remain elevated at $702 M in Q2.
• Derivative portfolio shows $18.3 M YTD loss, indicating earnings volatility.
• No cash on balance sheet; reliance on credit facility continues.

Insights

Energy Equity Analyst

TL;DR: Materially better earnings and lower leverage bode well; cost discipline and derivative gains key tailwinds.

Revenue growth of 32% and a move to positive EPS highlight a clear earnings inflection. Debt trimmed by 26% year-to-date, significantly delevering the balance sheet and lowering interest expense (-39% YoY). Operating cash flow exceeds capex by >$540 M, enabling buybacks and debt pay-downs without drawing on cash. The unsecured credit facility extension to 2030 de-risks near-term refinancing. Risks include persistent high gathering/transport costs (54% of revenue) and a 47% drop in oil sales, underscoring commodity-mix sensitivity. Overall impact positive.

Portfolio Risk Manager

TL;DR: Credit metrics improve; volatility remains around derivatives and midstream fees.

Net debt/total cap falls to roughly 13%, enhancing covenant headroom (<65% limit). Interest coverage (EBIT/interest) improves from negative to 11×. However, zero cash balance and book overdrafts require continuous revolver access. Derivative book swung to a YTD loss despite Q2 gains, signalling potential future earnings volatility. Impairments and restatement note show modest accounting risk but appear immaterial. On balance, leverage trajectory and extended maturity profile outweigh residual cost and hedge risks.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly period ended June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __to__

Commission File No. 001-38518

Vertiv Holdings Co

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)

81-2376902 (I.R.S Employer Identification No.)

505 N. Cleveland Ave., Westerville, Ohio 43082

(Address of principal executive offices including zip code)

614-888-0246

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.0001 par value per share

VRT

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of July 28, 2025, there were 381,866,664 shares of the Company’s Class A common stock, par value $0.0001, outstanding.

TABLE OF CONTENTS

Page

Part I - Financial Information

Item 1.

Financial Statements (Unaudited)

2

Condensed Consolidated Statements of Earnings (Loss)

2

Condensed Consolidated Statements of Comprehensive Income (Loss)

3

Condensed Consolidated Balance Sheets

4

Condensed Consolidated Statements of Cash Flows

5

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Deficit)

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

30

Item 4.

Controls and Procedures

30

Part II - Other Information

Item 1.

Legal Proceedings

32

Item 1A.

Risk Factors

33

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

33

Item 3.

Defaults Upon Senior Securities

33

Item 4.

Mine Safety Disclosures

33

Item 5.

Other Information

33

Item 6.

Exhibits

34

SIGNATURES

35

1

Table of contents

PART I. FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

VERTIV HOLDINGS CO

(Dollars in millions except for per share data)

			Three months ended June 30, 2025						Three months ended June 30, 2024						Six months ended June 30, 2025						Six months ended June 30, 2024
Net sales
Net sales - products			$	2,166.0					$	1,555.2					$	3,815.7					$	2,825.5
Net sales - services			472.1						397.6						858.4						766.4
Net sales			2,638.1						1,952.8						4,674.1						3,591.9
Costs and expenses
Cost of sales - products			1,470.3						963.0						2,582.4						1,809.3
Cost of sales - services			271.2						248.6						508.6						475.0
Cost of sales			1,741.5						1,211.6						3,091.0						2,284.3
Operating expenses
Selling, general and administrative expenses			395.6						363.8						741.9						677.8
Amortization of intangibles			46.9						45.8						92.9						91.8
Restructuring costs			1.9						(2.5)						3.0						(2.2)
Foreign currency (gain) loss, net			2.3						0.2						4.9						3.4
Other operating expense (income)			7.5						(2.1)						7.3						(1.8)
Operating profit (loss)			442.4						336.0						733.1						538.6
Interest expense, net			21.3						44.8						46.6						83.8
Loss on extinguishment of debt			—						1.1						—						1.1
Change in fair value of warrant liabilities			—						25.4						—						202.0
Income (loss) before income taxes			421.1						264.7						686.5						251.7
Income tax expense (benefit)			96.9						86.6						197.8						79.5
Net income (loss)			$	324.2					$	178.1					$	488.7					$	172.2
Earnings (loss) per share:
Basic			$	0.85					$	0.48					$	1.28					$	0.46
Diluted			$	0.83					$	0.46					$	1.25					$	0.44
Weighted-average shares outstanding:
Basic			381,482,996						374,734,093						381,166,015						376,934,638
Diluted			389,846,827						384,488,069						389,977,516						387,001,428

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

VERTIV HOLDINGS CO

(Dollars in millions)

			Three months ended June 30, 2025						Three months ended June 30, 2024						Six months ended June 30, 2025						Six months ended June 30, 2024
Net income (loss)			$	324.2					$	178.1					$	488.7					$	172.2
Other comprehensive income (loss), net of tax:
Foreign currency translation			116.8						(16.9)						193.9						(60.1)
Interest rate swaps			(6.6)						(2.9)						(16.3)						3.4
Pension			0.2						(0.1)						0.2						(0.1)
Foreign currency exchange forwards			10.0						(6.4)						16.2						(3.8)
Other comprehensive income (loss), net of tax:			120.4						(26.3)						194.0						(60.6)
Comprehensive income			$	444.6					$	151.8					$	682.7					$	111.6

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

VERTIV HOLDINGS CO

(Dollars in millions)

			June 30, 2025						December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents			$	1,640.8					$	1,227.6
Short-term investments			98.2						—
Accounts receivable, less allowances of $24.3 and $22.4, respectively			2,831.0						2,362.7
Inventories			1,413.3						1,244.4
Other current assets			318.7						267.1
Total current assets			6,302.0						5,101.8
Property, plant and equipment, net			666.4						625.1
Other assets:
Goodwill			1,374.1						1,321.1
Other intangible assets, net			1,454.1						1,487.1
Deferred income taxes			291.5						303.3
Right-of-use assets, net			244.9						202.1
Other			73.2						92.0
Total other assets			3,437.8						3,405.6
Total assets			$	10,406.2					$	9,132.5
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt			$	21.0					$	21.0
Accounts payable			1,605.1						1,316.4
Deferred revenue			1,257.3						1,063.3
Accrued expenses and other liabilities			578.5						612.6
Income taxes			152.6						83.7
Total current liabilities			3,614.5						3,097.0
Long-term debt, net			2,900.5						2,907.2
Deferred income taxes			252.6						240.3
Long-term lease liabilities			203.1						171.4
Other long-term liabilities			310.1						282.3
Total liabilities			7,280.8						6,698.2
Equity
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding			—						—
Common stock, $0.0001 par value, 700,000,000 shares authorized, 381,803,828 and 380,703,974 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively			—						—
Additional paid-in capital			2,858.2						2,821.4
Retained earnings			222.0						(238.3)
Accumulated other comprehensive income (loss)			45.2						(148.8)
Total equity			3,125.4						2,434.3
Total liabilities and equity			$	10,406.2					$	9,132.5

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

VERTIV HOLDINGS CO

(Dollars in millions)

			Six months ended June 30, 2025						Six months ended June 30, 2024
Cash flows from operating activities:
Net income (loss)			$	488.7					$	172.2
Adjustments to reconcile net income (loss) to net cash used for operating activities:
Depreciation			46.4						39.9
Amortization			98.5						97.2
Deferred income taxes			23.1						(2.8)
Amortization of debt discount and issuance costs			4.3						4.1
Change in fair value of warrant liabilities			—						202.0
Stock-based compensation			24.5						17.7
Changes in operating working capital			(95.2)						(3.6)
Other			35.9						(7.7)
Net cash provided by (used for) operating activities			626.2						519.0
Cash flows from investing activities:
Capital expenditures			(81.5)						(69.9)
Investments in capitalized software			(3.2)						(11.6)
Purchase of short-term investments			(98.1)						—
Net cash provided by (used for) investing activities			(182.8)						(81.5)
Cash flows from financing activities:
Borrowings from ABL revolving credit facility and short-term borrowings			—						270.0
Repayments of ABL revolving credit facility and short-term borrowings			—						(270.0)
Repayment of long-term debt			(10.5)						(10.6)
Dividend payment			(28.4)						(18.7)
Repurchase of common stock			—						(599.9)
Exercise of employee stock options			13.0						23.6
Employee taxes paid from shares withheld			(7.0)						(21.1)
Net cash provided by (used for) financing activities			(32.9)						(626.7)
Effect of exchange rate changes on cash and cash equivalents			13.3						(11.7)
Increase (decrease) in cash, cash equivalents and restricted cash			423.8						(200.9)
Beginning cash, cash equivalents and restricted cash			1,232.2						788.6
Ending cash, cash equivalents and restricted cash			$	1,656.0					$	587.7
Changes in operating working capital
Accounts receivable			$	(380.8)					$	(115.1)
Inventories			(137.5)						(224.1)
Other current assets			(23.9)						(30.9)
Accounts payable			269.5						130.3
Deferred revenue			171.5						254.7
Accrued expenses and other liabilities			(43.3)						(8.4)
Income taxes			49.3						(10.1)
Total changes in operating working capital			$	(95.2)					$	(3.6)

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)

VERTIV HOLDINGS CO

(Dollars in millions)

						Common Share Capital												Treasury Share Capital
						Shares						Amount						Treasury Stock						Amount						Additional Paid in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total
Balance at December 31, 2023						381,788,876						$	—					—						$	—					$	2,711.3					$	(691.9)					$	(4.5)					$	2,014.9
Net income (loss)						—						—						—						—						—						(5.9)						—						(5.9)
Exercise of employee stock options						1,109,113						—						—						—						14.4						—						—						14.4
Stock-based compensation activity, net of withholding for tax(1)						102,833						—						—						—						17.3						—						—						17.3
Employee 401K match with Vertiv stock						44,968						—						—						—						2.2						—						—						2.2
Dividend						—						—						—						—						—						(9.3)						—						(9.3)
Repurchase of common stock						(9,076,444)						—						9,076,444						(605.9)						—						—						—						(605.9)
Other comprehensive income (loss), net of tax						—						—						—						—						—						—						(34.3)						(34.3)
Balance at March 31, 2024						373,969,346						$	—					9,076,444						$	(605.9)					$	2,745.2					$	(707.1)					$	(38.8)					$	1,393.4
Net income (loss)						—						—						—						—						—						178.1						—						178.1
Exercise of employee stock options						693,261						—						—						—						9.2						—						—						9.2
Stock-based compensation, net of shares withheld for tax(2)						412,459						—						—						—						(10.7)						—						—						(10.7)
Employee 401K match with Vertiv stock						38,061						—						—						—						3.2						—						—						3.2
Dividend						—						—						—						—						—						(9.4)						—						(9.4)
Retirement of treasury stock						—						—						(9,076,444)						605.9						(605.9)						—						—						—
Other comprehensive, net of tax						—						—						—						—						—						—						(26.3)						(26.3)
Balance at June 30, 2024						375,113,127						$	—					—						$	—					$	2,141.0					$	(538.4)					$	(65.1)					$	1,537.5
Balance at December 31, 2024						380,703,974						$	—					—						$	—					$	2,821.4					$	(238.3)					$	(148.8)					$	2,434.3
Net income (loss)						—						—						—						—												164.5						—						164.5
Exercise of employee stock options						109,017						—						—						—						1.3						—						—						1.3
Stock-based compensation activity, net of shares withheld for tax(3)						169,340						—						—						—						4.5						—						—						4.5
Employee 401K match with Vertiv stock						18,813						—						—						—						2.4						—						—						2.4
Dividend						—						—						—						—						—						(14.2)						—						(14.2)
Other comprehensive income (loss), net of tax						—						—						—						—						—						—						73.6						73.6
Balance at March 31, 2025						381,001,144						$	—					—						$	—					$	2,829.6					$	(88.0)					$	(75.2)					$	2,666.4
Net income (loss)						—						—						—						—												324.2						—						324.2
Exercise of employee stock options						733,437						—						—						—						11.7						—						—						11.7
Stock-based compensation activity, net of shares withheld for tax(4)						7,784						—						—						—						13.0						—						—						13.0
Employee 401K match with Vertiv stock						61,463						—						—						—						3.9						—						—						3.9
Dividend						—						—						—						—						—						(14.2)						—						(14.2)
Other comprehensive, net of tax						—						—						—						—						—						—						120.4						120.4
Balance at June 30, 2025						381,803,828						$	—					—						$	—					$	2,858.2					$	222.0					$	45.2					$	3,125.4

(1)Net stock compensation activity includes 146,095 vested shares offset by 43,262 shares withheld for taxes valued at $3.0, stock-based compensation of $9.2, and employee incentive compensation of $11.1 awarded in fully vested shares.

(2)Net stock compensation activity includes 606,060 vested shares offset by 193,601 shares withheld for taxes valued at $18.1 and stock-based compensation of $8.5, and forfeitures in employee incentive compensation of $1.1.

(3)Net stock compensation activity includes 239,098 vested shares offset by 69,758 shares withheld for taxes valued at $6.7 and stock-based compensation of $11.2.

(4)Net stock compensation activity includes 12,562 vested shares offset by 4,778 shares withheld for taxes valued at $0.3 and stock-based compensation of $13.3.

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

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Vertiv Holdings Co

Notes to Condensed Consolidated Financial Statements (Unaudited)

(Dollars in millions, except per share amounts)

(1) DESCRIPTION OF BUSINESS

Vertiv Holdings Co (“Holdings Co”, and together with its majority-owned subsidiaries, “Vertiv”, “we”, “our”, or “the Company”), formerly known as GS Acquisition Holdings Corp (“GSAH”), provides mission-critical digital infrastructure technologies and life cycle services primarily for data centers, communication networks, and commercial and industrial environments. Vertiv’s offerings include AC and DC power management products, switchgear and busbar products, thermal management products, integrated rack systems, modular solutions, management systems for monitoring and controlling digital infrastructure, and service. Vertiv manages and reports results of operations for three business segments: Americas; Asia Pacific; and Europe, Middle East & Africa.

(2) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States ("U.S.") and the rules and regulations of the Securities and Exchange Commission (“SEC”) and include the accounts of the Company and its subsidiaries in which the Company has a controlling interest. These unaudited condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. The presentation of certain prior period amounts have been reclassed to conform with current year presentation.

The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Results for these interim periods are not necessarily indicative of results to be expected for the full year due to, among other reasons, the continued uncertainty of general economic conditions that have impacted, and may continue to impact, the Company's sales channels, supply chain, manufacturing operations, workforce, or other key aspects of the Company’s operations.

The notes included herein should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 18, 2025.

Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07: Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. This ASU provides amendments by requiring disclosure of incremental segment information on an annual and interim basis. The amendments are effective in fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has expanded our current segment information in accordance with this standard, refer to "Note 10 - Segment Information".

In December 2023, the FASB issued ASU 2023-09: Income Taxes (Topic 740) Improvements to Income Tax Disclosures. This ASU provides amendments that require entities to annually disclose specific rate reconciliation categories, additional details for significant reconciling items exceeding 5%, and comprehensive breakdowns of income taxes paid by jurisdiction. The amendments are effective in fiscal years beginning after December 15, 2024. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU provides amendments that require entities to disclose additional information about specific expense categories in the notes to the financial statements on an annual and interim basis. The amendments are effective in fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements.

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(3) REVENUE

The Company recognizes revenue from the sale of manufactured products and services when control of promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services.

Disaggregation of Revenues

The following table disaggregates revenue by business segment, product and service offering and timing of transfer of control:

			Three months ended June 30, 2025
			Americas						Asia Pacific						Europe, Middle East, & Africa						Total
Sales by Product and Service Offering:
Products			$	1,320.8					$	424.0					$	374.1					$	2,118.9
Services & spares			281.5						136.2						101.5						519.2
Total			$	1,602.3					$	560.2					$	475.6					$	2,638.1
Timing of Revenue Recognition:
Products and services transferred at a point in time			$	1,356.4					$	425.2					$	346.2					$	2,127.8
Products and services transferred over time			245.9						135.0						129.4						510.3
Total			$	1,602.3					$	560.2					$	475.6					$	2,638.1

			Three months ended June 30, 2024
			Americas						Asia Pacific						Europe, Middle East, & Africa						Total
Sales by Product and Service Offering:
Products			$	892.1					$	293.1					$	332.1					$	1,517.3
Services & spares			229.0						116.0						90.5						435.5
Total			$	1,121.1					$	409.1					$	422.6					$	1,952.8
Timing of Revenue Recognition:
Products and services transferred at a point in time			$	872.3					$	287.8					$	238.8					$	1,398.9
Products and services transferred over time			248.8						121.3						183.8						553.9
Total			$	1,121.1					$	409.1					$	422.6					$	1,952.8

			Six months ended June 30, 2025
			Americas						Asia Pacific						Europe, Middle East, & Africa						Total
Sales by Product and Service Offering:
Products			$	2,279.1					$	757.8					$	693.1					$	3,730.0
Services & spares			508.5						249.6						186.0						944.1
Total			$	2,787.6					$	1,007.4					$	879.1					$	4,674.1
Timing of Revenue Recognition:
Products and services transferred at a point in time			$	2,330.1					$	761.3					$	641.4					$	3,732.8
Products and services transferred over time			457.5						246.1						237.7						941.3
Total			$	2,787.6					$	1,007.4					$	879.1					$	4,674.1

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			Six months ended June 30, 2024
			Americas						Asia Pacific						Europe, Middle East, & Africa						Total
Sales by Product and Service Offering:
Products			$	1,608.2					$	517.1					$	629.4					$	2,754.7
Services & spares			437.9						224.3						175.0						837.2
Total			$	2,046.1					$	741.4					$	804.4					$	3,591.9
Timing of Revenue Recognition:
Products and services transferred at a point in time			$	1,554.3					$	513.2					$	444.9					$	2,512.4
Products and services transferred over time			491.8						228.2						359.5						1,079.5
Total			$	2,046.1					$	741.4					$	804.4					$	3,591.9

The opening and closing balances of current and long-term deferred revenue as of June 30, 2025 and December 31, 2024 were as follows:

			Balances at June 30, 2025						Balances at December 31, 2024
Deferred revenue - current			$	1,257.3					$	1,063.3
Deferred revenue - noncurrent(1)			106.4						91.3

(1)    Noncurrent deferred revenue is recorded within “Other long-term liabilities” on the Unaudited Condensed Consolidated Balance Sheets.

The amount of deferred revenue - current recognized for the three and six months ended June 30, 2025 was $361.3 and $564.5. Deferred revenue - noncurrent consists primarily of maintenance, extended warranty and other service contracts. The Company expects to recognize noncurrent deferred revenue of $54.5, $30.6 and $21.3 in the next 13 to 24 months, the next 25 to 36 months, and thereafter, respectively.

(4) RESTRUCTURING COSTS

Restructuring costs include expenses associated with the Company’s efforts to continually improve operational efficiency and reposition its assets to remain competitive on a worldwide basis. Plant closing and other costs include lease and contract termination costs of moving fixed assets, employee training, relocation, and facility costs. These costs are recorded in "Restructuring costs" on the Unaudited Condensed Consolidated Statement of Earnings (Loss).

Restructuring expense by business segment were as follows:

			Three months ended June 30, 2025						Three months ended June 30, 2024(1)						Six months ended June 30, 2025						Six months ended June 30, 2024(1)
Americas			$	0.6					$	0.2					$	0.7					$	0.3
Asia Pacific			0.9						(2.5)						0.9						(2.1)
Europe, Middle East & Africa			0.3						—						0.9						0.7
Corporate			0.1						(0.2)						0.5						(1.1)
Total			$	1.9					$	(2.5)					$	3.0					$	(2.2)

(1)    During the three and six months ended June 30, 2024 restructuring reserves were adjusted to align with revised future restructuring obligations.

The Company has an on-going multi-year restructuring program to align its cost structure to support margin expansion targets. The program includes workforce reductions and footprint optimization across all segments. The current liability and non-current liability for estimated restructuring costs is recorded in "Accrued expenses and other liabilities” and "Other long-term liabilities", respectively, on the Unaudited Condensed Consolidated Balance Sheets.

The change in the current liability for the restructuring costs during the six months ended June 30, 2025 were as follows:

			December 31, 2024						Paid/Utilized						Expense						June 30, 2025
Severance and benefits			$	10.3					$	(6.4)					$	2.0					$	5.9
Plant closing and other			0.1						(1.0)						1.0						0.1
Total			$	10.4					$	(7.4)					$	3.0					$	6.0

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The change in the current liability for the restructuring costs during the six months ended June 30, 2024 were as follows:

			December 31, 2023						Paid/Utilized						Expense						June 30, 2024
Severance and benefits			$	25.1					$	(6.7)					$	(2.6)					$	15.8
Plant closing and other			0.1						(0.4)						0.4						0.1
Total			$	25.2					$	(7.1)					$	(2.2)					$	15.9

(5) DEBT

Long-term debt, net, consisted of the following as of June 30, 2025 and December 31, 2024:

			June 30, 2025						December 31, 2024
Term Loan due 2027 at 6.07% and 6.19% at June 30, 2025 and December 31, 2024, respectively			$	2,086.5					$	2,097.0
Senior Secured Notes due 2028 at 4.125% at both June 30, 2025 and December 31, 2024			850.0						850.0
Unamortized discount and issuance costs			(15.0)						(18.8)
			2,921.5						2,928.2
Less: current portion			(21.0)						(21.0)
Total long-term debt, net of current portion			$	2,900.5					$	2,907.2

ABL Revolving Credit Facility

At June 30, 2025, Vertiv Group Corporation (the "Borrower"), a wholly-owned subsidiary of the Company, and certain subsidiaries of the Borrower (the “Co-Borrowers”), had $783.0 of availability under the Asset Based Revolving Credit Facility, due 2029 (the “ABL Revolving Credit Facility”) (subject to customary conditions, and subject to separate sublimits for letters of credit, swingline borrowings and borrowings made to certain non-U.S. Co-Borrowers), net of letters of credit outstanding in the aggregate principal amount of $17.0, and taking into account the borrowing base limitations set forth in the ABL Revolving Credit Facility. At both June 30, 2025 and December 31, 2024, there was no outstanding balance on the ABL Revolving Credit Facility.

(6) INCOME TAXES

The Company’s effective tax rate was 23.0%, 28.8%, 32.7% and 31.6% for the three and six months ended June 30, 2025 and 2024, respectively. The effective tax rate in three months ended June 30, 2025 was primarily influenced by discrete tax benefits related to stock compensation. The effective tax rate in the six months ended June 30, 2025 was primarily influenced by the negative impact of a valuation allowance established to account for legislative changes effective in the first quarter of 2025 partially offset by discrete tax benefits related to changes in deferred tax liabilities and stock compensation. The effective rate for the comparative three and six months ended June 30, 2024 was primarily influenced by the negative impacts of non-deductible changes in the fair value of the warrant liabilities, and discrete tax benefits related to stock compensation activity in the respective periods.

The Company provided U.S. federal income taxes and foreign withholding taxes on all temporary differences attributed to basis differences in foreign subsidiaries that are not considered indefinitely reinvested. As of June 30, 2025, the Company has certain earnings of certain foreign affiliates that continue to be indefinitely reinvested, but it was not practicable to estimate the associated deferred tax liability, due to interaction with other tax laws and regulations in the year of inclusion.

(7) OTHER FINANCIAL INFORMATION

			June 30, 2025						December 31, 2024
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents			$	1,640.8					$	1,227.6
Restricted cash included in other current assets			15.2						4.6
Total cash, cash equivalents, and restricted cash			$	1,656.0					$	1,232.2

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			June 30, 2025						December 31, 2024
Inventories
Finished products			$	505.3					$	400.8
Raw materials			648.8						564.7
Work in process			259.2						278.9
Total inventories			$	1,413.3					$	1,244.4

			June 30, 2025						December 31, 2024
Property, plant and equipment, net(1)
Machinery and equipment			$	644.5					$	570.1
Buildings			400.7						362.1
Land			41.2						39.4
Construction in progress			71.6						87.5
Property, plant and equipment, at cost			1,158.0						1,059.1
Less: Accumulated depreciation			(491.6)						(434.0)
Property, plant and equipment, net			$	666.4					$	625.1

(1)    Property, plant and equipment, net in the United States was $158.3 and $148.8 as of June 30, 2025 and December 31, 2024, respectively.

			June 30, 2025						December 31, 2024
Accrued expenses and other liabilities
Accrued payroll and other employee compensation			$	151.8					$	147.8
Restructuring (see Note 4)			6.0						10.4
Operating lease liabilities			55.8						45.7
Product warranty			30.2						27.5
Other			334.7						381.2
Total			$	578.5					$	612.6

			Six months ended June 30, 2025						Six months ended June 30, 2024
Change in product warranty accrual
Balance at the beginning of the period			$	27.5					$	26.1
Provision charge to expense			14.6						10.8
Paid/utilized			(11.9)						(11.4)
Balance at the end of the period			$	30.2					$	25.5

(8) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

In accordance with Accounting Standards Codification ("ASC") 820, the Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. These tiers include the following:

Level 1 — inputs include observable unadjusted quoted prices in active markets for identical assets or liabilities

Level 2 — inputs include other than quoted prices in active markets that are either directly or indirectly observable

Level 3 — inputs include unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions

In determining fair value, the Company uses various valuation techniques and prioritizes the use of observable inputs. The availability of observable inputs varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the instrument. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely

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accepted by market participants, and the valuation does not require significant management judgment. For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment.

Recurring fair value measurements

A summary of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:

						As of June 30, 2025
			Balance Sheet Location			Total						Quoted prices in active markets for identical assets (Level 1)						Other observable inputs (Level 2)						Unobservable inputs (Level 3)
Assets:
Cash			Cash and cash equivalents			$	1,640.8					$	1,640.8					$	—					$	—
Interest rate swaps			Other current assets			27.9						—						27.9						—
Foreign currency exchange forwards			Other current assets			7.0						—						7.0						—
Economic hedges			Other current assets			4.6						—						4.6						—
Interest rate swaps			Other noncurrent assets			14.7						—						14.7						—
Total assets						$	1,695.0					$	1,640.8					$	54.2					$	—

									As of December 31, 2024
			Balance Sheet Location						Total						Quoted prices in active markets for identical assets (Level 1)						Other observable inputs (Level 2)						Unobservable inputs (Level 3)
Assets:
Cash			Cash and cash equivalents						$	1,227.6					$	1,227.6					$	—					$	—
Interest rate swaps			Other current assets						30.3						—						30.3						—
Economic hedges			Other current assets						9.8						—						9.8						—
Interest rate swaps			Other noncurrent assets						33.3						—						33.3						—
Total assets									$	1,301.0					$	1,227.6					$	73.4					$	—
Liabilities:
Foreign currency exchange forwards			Accrued expenses and other liabilities						$	8.8					$	—					$	8.8					$	—
Total liabilities									$	8.8					$	—					$	8.8					$	—

Interest rate swaps — From time to time the Company may enter into derivative financial instruments designed to hedge the variability in interest expense on floating rate debt. Derivatives are recognized as assets or liabilities in the Unaudited Condensed Consolidated Balance Sheets at their fair value. When the derivative instrument qualifies as a cash flow hedge changes in the fair value are deferred through other comprehensive income depending on the effectiveness of the instrument.

The Company uses interest rate swaps to manage the interest rate risk of the Company’s total debt portfolio and related overall cost of borrowing. At both June 30, 2025 and December 31, 2024, interest rate swap agreements designated as cash flow hedges effectively swapped a notional amount of $1,000.0 of SOFR-based floating rate debt for fixed rate debt. The Company’s interest rate swaps mature in March 2027. During the three and six months ended June 30, 2025, and 2024 the Company recognized $8.2, $16.5, $10.7, and $21.4 respectively, within “Interest expense, net” on the Unaudited Condensed Consolidated Statements of Earnings (Loss). At June 30, 2025, the Company expects approximately $27.9 of pre-tax net gains on cash flow hedges will be reclassified from accumulated other comprehensive income (loss) into earnings during the next twelve months.

The interest rate swaps are valued using the SOFR yield curves at the reporting date and are classified in Level 2. Counterparties to these contracts are highly rated financial institutions. The fair values of the Company’s interest rate swaps are adjusted for nonperformance risk and creditworthiness of the counterparty through the Company’s credit valuation adjustment (“CVA”). The CVA is calculated at the counterparty level utilizing the fair value exposure at each payment date and applying a weighted probability of the appropriate survival and marginal default percentages.

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Foreign currency exchange forwards - The Company may enter into derivative financial instruments designed to hedge the exposure to changes in foreign currency exchange rates. Derivatives are recognized as assets or liabilities in the Unaudited Condensed Consolidated Balance Sheets at their fair value. The duration of the derivatives are generally less than one year. The Company values foreign currency exchange swaps using broker quotations or market transactions on the listed or over-the-counter market; as such, these derivative instruments are classified in Level 2. When the derivative instrument qualifies as a cash flow hedge changes in the fair value are deferred through other comprehensive income depending on the effectiveness of the instrument. The Company reclassifies the gain or loss associated with the cash flow hedges into earnings when the underlying exposure is recognized. At June 30, 2025 and December 31, 2024, we had derivative instruments which hedge our exposure to certain foreign currency exchange rates with a notional amount of $113.6 and $129.0, respectively. For the three and six months ended June 30, 2025 there were $1.2 and $5.9 in realized losses associated with the foreign currency exchange swaps within "Cost of sales - products" on the Unaudited Condensed Consolidated Statements of Earnings (Loss). For the three and six months ended June 30, 2024 there was $0.6 realized gain associated with the foreign currency exchange swaps.

Economic hedges - At June 30, 2025 and December 31, 2024 we had derivative instruments which hedge our purchases of aluminum at 8,700.0 and 10,730.0 metric tons, respectively, and copper with notional amounts of 7,190.0 and 7,330.0 metric tons, respectively. The Company values these instruments using broker quotations, market transactions or option pricing model based on observable market inputs, as such, these derivative instruments are classified in Level 2. These derivative instruments were treated as economic hedges and for the three and six months ended June 30, 2025 and 2024 the Company recognized mark-to-market losses of $8.2 and $7.8, and gains of $3.8 and $3.1, respectively, within "Other operating expense (income)" on the Unaudited Condensed Consolidated Statement of Earnings (Loss).

Private warrants — On December 6, 2024, Cote SPAC I LLC exercised its remaining 5,266,667 warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 4,812,521 shares of Class A common stock. Prior to exercise, the fair value of the private warrants were considered a Level 2 valuation and were determined using the Black-Sholes-Merton valuation model. The Company recognized a loss of $25.4 and $202.0 for the three and six months ended June 30, 2024, respectively, in "Change in the fair value of warrant liabilities" on the Unaudited Condensed Consolidated Statement of Earnings (Loss) associated with the mark-to-market adjustment on the 5,266,667 previously outstanding private warrants. As of June 30, 2025, there were no outstanding private warrants.

Net investment hedge — From time to time the Company designates certain intercompany debt to hedge a portion of its investment in foreign subsidiaries and affiliates. The net impact of translation adjustments from these hedges was $(0.8), $(0.9), $1.9, and $5.3 for the three and six months ended June 30, 2025 and 2024, respectively, and is included in “Foreign currency translation” in the Unaudited Condensed Consolidated Statement of Other Comprehensive Income (Loss). As of June 30, 2025 and December 31, 2024, $46.5 and $24.0, respectively, of the Company’s intercompany debt was designated to hedge investments in certain foreign subsidiaries and affiliates.

Other fair value measurements

The Company determines the fair value of debt using Level 2 inputs based on quoted market prices. The following table presents the estimated fair value and carrying value of long-term debt, including the current portion of long-term debt as of June 30, 2025 and December 31, 2024.

			June 30, 2025												December 31, 2024
			Fair Value						Par Value(1)						Fair Value						Par Value(1)
Term Loan due 2027			$	2,089.1					$	2,086.5					$	2,097.0					$	2,097.0
Senior Secured Notes due 2028			829.1						850.0						802.4						850.0

(1)See “Note 5 — Debt” for additional information.

Marketable securities — The Company classifies marketable securities with maturities in excess of three months and less than one year at acquisition as held-to-maturity. These investments primarily consist of U.S. Treasury bills. The Company does not purchase and hold securities principally for the purpose of selling them in the near future, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. At June 30, 2025, the Company recorded "Short-term investments" on the Condensed Consolidated Balance Sheets at amortized cost of $98.2. The Company values these investments by reference to quoted prices of similar assets in active markets, adjusted for any terms specific to that asset, which are classified within level 2. At June 30, 2025, the short-term investments had a fair value of $98.1. The Company held no short-term investments at December 31, 2024.

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(9) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Activity in accumulated other comprehensive income (loss) is as follows:

			Three months ended June 30, 2025						Three months ended June 30, 2024						Six months ended June 30, 2025						Six months ended June 30, 2024
Foreign currency translation, beginning			$	(126.8)					$	(133.0)					$	(203.9)					$	(89.8)
Other comprehensive income (loss)(1)			116.8						(16.9)						193.9						(60.1)
Foreign currency translation, ending			(10.0)						(149.9)						(10.0)						(149.9)
Interest rate swaps, beginning			64.9						94.0						74.6						87.7
Unrealized gain (loss) deferred during the period(2)(3)			(6.6)						(2.9)						(16.3)						3.4
Interest rate swaps, ending			58.3						91.1						58.3						91.1
Pension, beginning			(6.9)						(2.4)						(6.9)						(2.4)
Actuarial gain (losses) recognized during the period, net of income taxes			0.2						(0.1)						0.2						(0.1)
Pension, ending			(6.7)						(2.5)						(6.7)						(2.5)
Foreign currency exchange forwards, beginning			(6.4)						2.6						(12.6)						—
Unrealized gains deferred during the period(4)			10.0						(6.4)						16.2						(3.8)
Foreign currency exchange forwards, ending			3.6						(3.8)						3.6						(3.8)
Accumulated other comprehensive income (loss)			$	45.2					$	(65.1)					$	45.2					$	(65.1)

(1)For the three and six months ended June 30, 2025 and 2024 foreign currency translation included tax effects of $0.0, $0.3, $0.2 and $1.3, respectively.

(2)For the three and six months ended June 30, 2025 and 2024, $8.2, $16.5, $10.7, and $21.4 respectively, were reclassified into earnings.

(3)For the three and six months ended June 30, 2025 and 2024 interest rate swaps included tax effects of $2.0, $4.9, $0.9, and $1.0 respectively.

(4)For the three and six months ended June 30, 2025 and 2024 foreign currency exchange forwards included tax effects of $3.1, $4.9, $2.0, and $1.2 respectively.

(10) SEGMENT INFORMATION

Operating profit (loss) is the primary income measure used by the chief operating decision maker ("CODM") to assess segment performance and make operating decisions. Segment performance is assessed exclusive of Corporate and other costs, foreign currency gain (loss), and amortization of intangibles. Corporate and other costs primarily include headquarter management costs, asset impairments, and costs that support centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, Legal, Human Resources, and global platform development and offering management.

The Company determines its reportable segments based on how operations are managed internally for the products and services sold to customers, including how the results are reviewed by the CODM, which includes determining resource allocation methodologies used for reportable segments. Summarized information about the Company’s results of operations by reportable segment and product and service offering follows:

Americas includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in North America and Latin America. This segment’s principal product and service offerings include:

•Products include AC and DC power management, thermal management, low/medium voltage switchgear, busbar, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, and software for managing I.T. equipment.

•Services & spares include preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, and critical digital infrastructure software.

Asia Pacific includes products and services sold for applications within the data center, communication networks and commercial and industrial markets throughout Greater China, India, and Asia. Products and services offered are similar to the Americas segment.

Europe, Middle East & Africa includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in Europe, Middle East & Africa. Products and services offered are similar to the Americas segment.

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Reportable Business Segments

			Three months ended June 30, 2025
			Americas						Asia Pacific						Europe, Middle East & Africa						Total
Sales			$	1,609.9					$	615.5					$	615.2					$	2,840.6
Intersegment sales			7.6						55.3						139.6						202.5
Net Sales			1,602.3						560.2						475.6						2,638.1
Significant segment expenses
Cost of sales(1)			1,021.1						413.7						294.9						1,729.7
Marketing, sales and service costs			88.8						34.7						22.6						146.1
Engineering, research and development costs			55.3						29.0						26.8						111.1
Information technology costs			20.6						12.3						7.6						40.5
Restructuring costs			0.6						0.9						0.3						1.8
Other segment items(2)			31.3						10.4						19.2						60.9
Operating profit (loss)			384.6						59.2						104.2						548.0
Foreign currency gain (loss)																					(2.3)
Corporate																					(56.4)
Total corporate and other																					(58.7)
Amortization of intangibles																					(46.9)
Operating profit (loss)																					442.4

(1)    Cost of sales exclusive of engineering, research and development costs.

(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.

			Three months ended June 30, 2024
			Americas						Asia Pacific						Europe, Middle East & Africa						Total
Sales			$	1,126.9					$	448.3					$	561.2					$	2,136.4
Intersegment sales			5.8						39.2						138.6						183.6
Net Sales			1,121.1						409.1						422.6						1,952.8
Significant segment expenses
Cost of sales(1)			659.7						288.7						252.0						1,200.4
Marketing, sales and service costs			81.5						30.2						24.0						135.7
Engineering, research and development costs			47.4						24.2						21.4						93.0
Information technology costs			19.7						14.9						8.6						43.2
Restructuring costs			0.2						(2.5)						—						(2.3)
Other segment items(2)			27.5						21.3						7.1						55.9
Operating profit (loss)			285.1						32.3						109.5						426.9
Foreign currency gain (loss)																					(0.2)
Corporate																					(44.9)
Total corporate and other																					(45.1)
Amortization of intangibles																					(45.8)
Operating profit (loss)																					$	336.0

(1)    Cost of sales exclusive of engineering, research and development costs.

(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.

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			Six months ended June 30, 2025
			Americas						Asia Pacific						Europe, Middle East & Africa						Total
Sales			$	2,807.1					$	1,101.6					$	1,143.5					$	5,052.2
Intersegment sales			19.5						94.2						264.4						378.1
Net Sales			2,787.6						1,007.4						879.1						4,674.1
Significant segment expenses
Cost of sales(1)			1,783.2						738.5						546.9						3,068.6
Marketing, sales and service costs			154.0						63.5						46.8						264.3
Engineering, research and development costs			105.6						54.0						50.1						209.7
Information technology costs			42.5						28.8						17.8						89.1
Restructuring costs			0.7						0.9						0.9						2.5
Other segment items(2)			57.3						16.8						33.7						107.8
Operating profit (loss)			644.3						104.9						182.9						932.1
Foreign currency gain (loss)																					(4.9)
Corporate																					(101.2)
Total corporate and other																					(106.1)
Amortization of intangibles																					(92.9)
Operating profit (loss)																					733.1

(1)    Cost of sales exclusive of engineering, research and development costs.

(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.

			Six months ended June 30, 2024
			Americas						Asia Pacific						Europe, Middle East & Africa						Total
Sales			$	2,060.2					$	808.5					$	1,032.7					$	3,901.4
Intersegment sales			14.1						67.1						228.3						309.5
Net Sales			2,046.1						741.4						804.4						3,591.9
Significant segment expenses
Cost of sales(1)			1,244.6						523.1						495.9						2,263.6
Marketing, sales and service costs			154.0						57.9						46.9						258.8
Engineering, research and development costs			89.1						46.0						40.4						175.5
Information technology costs			37.9						28.7						16.6						83.2
Restructuring costs			0.3						(2.1)						0.7						(1.1)
Other segment items(2)			47.3						25.1						24.1						96.5
Operating profit (loss)			472.9						62.7						179.8						715.4
Foreign currency gain (loss)																					(3.4)
Corporate																					(81.6)
Total corporate and other																					(85.0)
Amortization of intangibles																					(91.8)
Operating profit (loss)																					$	538.6

(1)    Cost of sales exclusive of engineering, research and development costs.

(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.

Total Assets			June 30, 2025						December 31, 2024
Americas			$	4,061.5					$	3,728.9
Asia Pacific			1,765.9						1,631.6
Europe, Middle East & Africa			3,045.6						2,654.8
			8,873.0						8,015.3
Corporate and other			1,533.2						1,117.2
Total			10,406.2						$	9,132.5

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Depreciation and Amortization			Three months ended June 30, 2025						Three months ended June 30, 2024						Six months ended June 30, 2025						Six months ended June 30, 2024
Americas			$	32.9					$	31.2					$	65.7					$	62.1
Asia Pacific			9.1						8.2						18.2						17.0
Europe, Middle East & Africa			22.1						21.1						43.1						42.2
Corporate and other			9.2						7.9						17.9						15.8
Total			$	73.3					$	68.4					$	144.9					$	137.1

Capital Expenditures			Three months ended June 30, 2025						Three months ended June 30, 2024						Six months ended June 30, 2025						Six months ended June 30, 2024
Americas			$	21.9					$	12.7					$	38.1					$	28.8
Asia Pacific			11.5						8.7						20.9						21.5
Europe, Middle East & Africa			9.8						12.6						16.1						18.5
Corporate and other			1.8						0.1						6.4						1.1
Total			$	45.0					$	34.1					$	81.5					$	69.9

(11) EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) adjusted for the gain on fair value of warrant liability, if the warrants are in-the-money and the impact is dilutive, by the weighted-average number of common shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive equity-based compensation and warrants.

The details of the earnings per share calculations for the three and six months ended June 30, 2025 and 2024 are as follows:

(In millions, except share and per share amounts)			Three months ended June 30, 2025						Three months ended June 30, 2024						Six months ended June 30, 2025						Six months ended June 30, 2024
Net income (loss)			$	324.2					$	178.1					$	488.7					$	172.2
Weighted-average number of shares outstanding - basic			381,482,996						374,734,093						381,166,015						376,934,638
Dilutive effect of equity-based compensation			8,363,831						9,753,976						8,811,501						10,066,790
Weighted-average number of shares outstanding - diluted			389,846,827						384,488,069						389,977,516						387,001,428
Earnings (loss) per share
Basic			$	0.85					$	0.48					$	1.28					$	0.46
Diluted			$	0.83					$	0.46					$	1.25					$	0.44

The dilutive effect of equity-based compensation awards was 8.4 million and 8.8 million shares, respectively, during the three and six months ended June 30, 2025. Additional equity-based compensation awards of 1.8 million and 1.1 million shares were also outstanding during the three and six months ended June 30, 2025, but were not included in the computation of diluted earnings (loss) per share because the effect would be anti-dilutive.

The dilutive effect of equity-based compensation awards was 9.8 million and 10.1 million shares, respectively, during the three and six months ended June 30, 2024. Additional equity-based compensation awards and warrants were also outstanding during the three and six months ended June 30, 2024, but were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Such anti-dilutive equity-based compensation awards and warrants represented 1.4 million and 4.6 million shares for the three months ended June 30, 2024, respectively, and 1.0 million and 4.5 million shares for the six months ended June 30, 2024, respectively.

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(12) COMMITMENTS AND CONTINGENCIES

The Company is a party to a number of pending legal proceedings and claims, including those involving general and product liability and other matters. The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Accruals are based on developments to date; management’s estimates of the outcomes of these matters; the Company’s experience in contesting, litigating and settling similar matters; and any related insurance coverage. While the Company believes that a material adverse impact is unlikely, given the inherent uncertainty of litigation, a future development in these matters could have a material adverse impact on the Company. The Company is unable to estimate any additional loss or range of loss that may result from the ultimate resolution of these matters, other than those described below.

On May 3, 2022, a putative securities class action, In re Vertiv Holdings Co Securities Litigation, 22-cv-3572, was filed against Vertiv, certain of the Company’s officers and directors, and other defendants in the Southern District of New York. Plaintiffs filed an amended complaint on September 16, 2022. The amended complaint alleges that certain of the Company’s public statements were materially false and/or misleading with respect to inflationary and supply chain pressures and pricing issues, and asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, as amended. These claims are asserted on behalf of a putative class of all persons and entities that (i) purchased Vertiv securities between February 24, 2021 and February 22, 2022; and/or (ii) purchased Vertiv securities in or traceable to the November 4, 2021 secondary public offering by a selling stockholder pursuant to a resale registration statement. On January 31, 2024, the Court issued an order dismissing the claims under Sections 11, 12(a)(2), and 15 of the Securities Act. The motion to dismiss the claims under Sections 10(b) and 20(a) of the Exchange Act remains pending.

On June 9, 2023, two Vertiv shareholders, Matthew Sullivan and Jose Karlo Ocampo Avenido, brought a derivative lawsuit, Sullivan v. Johnson, et al., C.A. No. 2023-0608 (the "Sullivan Action"), against Vertiv (as nominal defendant only) and certain of the Company’s directors and officers in Delaware Court of Chancery for breach of fiduciary duty. Further, on November 19, 2024, another Vertiv shareholder, Laura Hanna, brought a derivative lawsuit, Hanna v. Johnson, et al. (the "Hanna Action"), against Vertiv (as nominal defendant only) and certain of Company’s directors and officers in Delaware Court of Chancery for breach of fiduciary duty. The complaints allege that the named directors and officers caused the Company to issue materially false and/or misleading public statements with respect to inflationary and supply chain pressures and pricing issues, and that the Company suffered damages as a result. The Sullivan Action has been stayed since August 10, 2023 pending the outcome of the motion to dismiss in the securities class action. On February 13, 2025, the Delaware Court of Chancery entered an order that (i) consolidated the Sullivan Action and Hanna Action into a single consolidated derivative lawsuit, In re Vertiv Holdings Co Stockholder Derivative Litigation, Consolidated C.A. No. 2023-0608-NAC (the “Consolidated Derivative Action”), (ii) designated the complaint in the Hanna Action as the operative complaint in the Consolidated Derivative Action, and (iii) stayed the Consolidated Derivative Action on terms identical to those of the existing stay of the Sullivan Action.

The Company believes it has meritorious defenses against the allegations made in the aforementioned lawsuits, which are at the preliminary stages. However, the Company is unable at this time to predict the outcome of these matters or the amount of any cost associated with their resolution.

In November 2023, following the filing of the putative securities class action and the Sullivan Action described above, the Company received a subpoena from the U.S. Securities and Exchange Commission (the “SEC”) and a parallel request for documents from the U.S. Attorney’s Office for the Southern District of New York, which relate to the allegations made in those actions. The Company is actively responding to these matters.

In January 2024, the Mexican tax administration service, the Servicio de Administracion Tributaria (the "SAT"), initiated a process to suspend the importer registration of one of the Company's wholly owned Mexico subsidiaries, Tecnología del Pacífico S.A. de C.V. (“TDP”), in connection with a contested customs tax audit for the period April 2016 to February 2018. After further investigation and discussion with SAT, TDP agreed to make payments and fees totaling approximately $10.1 which were paid in the first quarter of 2024. The Company intends to seek reimbursement of this amount as an undue payment from SAT, for which the outcome is currently unknown and no receivable has been established.

The Company is unable at this time to predict the outcome of these matters, including whether any proceedings may be instituted in connection with the government inquiries, or the amount of any cost associated with their resolution, except as noted above.

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Bank Guarantees and Bonds

In the ordinary course of business, we are required to commit to bank guarantees and bonds that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in progress. As of June 30, 2025 the outstanding value of bank guarantees and bonds totaled $166.2.

At, June 30, 2025 other than as described above, there were no known contingent liabilities (including guarantees, taxes and other claims) that management believes were or will be material in relation to the Company’s Unaudited Condensed Consolidated Financial Statements, nor were there any material commitments outside the normal course of business.

(13) SUBSEQUENT EVENT

On July 17, 2025, the Company announced the execution of a definitive agreement related to the acquisition of the Great Lakes Data Rack and Cabinets family of companies (the "Acquisition"). The closing of the Acquisition is subject to customary closing conditions. The Acquisition is expected to close in the third quarter of 2025.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Unless the context otherwise indicates or requires, references to “the Company,” “Vertiv,” “we,” “us” and “our” refer to Vertiv Holdings Co, a Delaware corporation, and its consolidated subsidiaries. In addition, dollar amounts are stated in millions, except for per share amounts. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the Consolidated Financial Statements and the notes thereto included elsewhere in this Annual Report.

Cautionary Note Regarding Forward-Looking Statements

This Form 10-Q, and other statements that Vertiv may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and as such are not historical facts. Such statements may include, without limitation, those regarding Vertiv’s future financial performance or position, capital structure, indebtedness, business performance, strategy and plans, and expectations and objectives of Vertiv management for future operations and financial performance. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of results of performance. Vertiv cautions that such forward-looking statements are subject to numerous assumptions, risks and uncertainties, which may change over time. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Form 10-Q, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When Vertiv discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, Vertiv’s management at the time of such statements.

The forward-looking statements contained in this Form 10-Q are based on current expectations and beliefs concerning future developments and their potential effects on Vertiv. There can be no assurance that future developments affecting Vertiv will be those that Vertiv has anticipated. Forward-looking statements included in this Form 10-Q speak only as of the date of this filing or any earlier date specified for such statements. Vertiv undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. All subsequent written or oral forward-looking statements attributable to Vertiv or persons acting on Vertiv’s behalf are qualified in their entirety by this Cautionary Note Regarding Forward-Looking Statements.

These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Vertiv’s control) or other assumptions, which may change over time, and that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Vertiv has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports, including those set forth in its Form 10-K for the year ended December 31, 2024 filed on February 18, 2025 (the "2024 Form 10-K"). These risk factors and those identified elsewhere in this Form 10-Q, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: risks relating to the continued growth of our customers’ markets; long sales cycles for certain Vertiv products and solutions as well as unpredictable placing or cancelling of customer orders; failure to realize sales expected from our backlog of orders and contracts, disruption of our customer’s orders or the markets; less favorable contractual terms with large customers; risks associated with governmental contracts; failure to mitigate risks associated with long-term fixed price contracts; competition in the industry in which we operate; failure to obtain performance and other guarantees from financial institutions; failure to properly manage supply chain, difficulties with third-party manufacturers and increases in costs of material, freight and/or labor, and changes in the costs of production; competition in the infrastructure technologies; risks associated with information technology disruption or cyber-security incidents; risks associated with the implementation and enhancement of information systems; failure to realize the expected benefit from any rationalization, restructuring and improvement efforts; disruption of, or changes in, Vertiv’s independent sales representatives, distributors and original equipment manufacturers; increase of variability in our effective tax rate costs or liabilities associated with product liability due to global operations subjecting us to income and other taxes in the United States and numerous foreign entities; the global scope of Vertiv’s operations, especially in emerging markets; failure to benefit from future significant corporate transactions; risks associated with Vertiv’s sales and operations in emerging markets including economic, political and production level risk; risks associated with future legislation and regulation of Vertiv’s customers’ markets both in the United States ("U.S.") and abroad; our ability to comply with various laws and regulations including but not limited to, laws and regulations relating to data protection and data privacy; failure to properly address legal compliance issues, particularly those related to imports/exports, anti-corruption laws, and foreign operations; risks associated with foreign trade policy, including tariffs and global trade conflict and any actions we may take in response

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thereto; risks associated with litigation or claims against the Company, including the risk of adverse outcomes to any legal claims and proceedings; our ability to protect or enforce our proprietary rights on which our business depends; third party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; failure to achieve environmental, social and governance goals; failure to realize the value of goodwill and intangible assets; exposure to fluctuations in foreign currency exchange rates; failure to remediate material weaknesses in our internal controls over financial reporting; our level of indebtedness and the ability to incur additional indebtedness; our ability to comply with the covenants and restrictions contained in our credit agreements, including restrictive covenants that restrict operational flexibility; our ability to comply with the covenants and restrictions contained in our credit agreements is not fully within our control; our ability to access funding through capital markets; resales of Vertiv securities may cause volatility in the market price of our securities; our organizational documents contain provisions that may discourage unsolicited takeover proposals; our certificate of incorporation includes a forum selection clause, which could discourage or limit stockholders’ ability to make a claim against it; the ability of our subsidiaries to pay dividends; factors relating to the business, operations and financial performance of Vertiv and its subsidiaries, including: global economic weakness and uncertainty; our ability to attract, train and retain key members of our leadership team and other qualified personnel; the adequacy of our insurance coverage; fluctuations in interest rates materially affecting our financial results and increasing the risk our counterparties default in our interest rate hedges; our incurrence of significant costs and devotion of substantial management time as a result of operating as a public company; and other risks and uncertainties indicated in Vertiv’s SEC reports or documents filed or to be filed with the SEC by Vertiv.

Overview

We are a global leader in the design, manufacturing and servicing of critical digital infrastructure technology that powers, cools, deploys, secures and maintains electronics that process, store and transmit data. We primarily provide this technology to data centers, communication networks and commercial & industrial environments worldwide. We aim to help create a world where critical technologies always work, and where we empower the vital applications of the digital world.

Outlook and Trends

Below is a summary of trends and events that are currently affecting, or may in the future affect, our business, operations and short-term outlook:

•Trade and Economic Uncertainty: The global trade and economic environment continues to evolve rapidly with the imposition of new U.S tariffs and retaliatory tariffs being imposed by foreign countries. In response to these escalating pressures and the geopolitical and macroeconomic uncertainties surrounding global supply chains and customer demand, we continue to pursue our supply chain strategy of supplier and geographic resilience. 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 US and other strategic jurisdictions around the world as part of our overall capacity strategy to grow with customer demand in the US and other jurisdictions.

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 clients operate will increase our cost of doing business and could significantly impact our financial performance.

We are continually analyzing and implementing strategic measures in an effort to minimize the financial and operational impacts of the new and proposed tariffs on our business operations, including, but not limited to, continued expansion of domestic manufacturing, alternative sourcing of components and parts regionally, increased sourcing of components and parts that qualify under applicable trade agreements, and continued evaluation of our ability to incorporate tariff impacts into pricing decisions for our products and services.

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 2025 and beyond. As we monitor this ever-changing situation, we have been adjusting, and will continue to adjust, our operational plans in an effort to mitigate the impact of these pressures on our business and financial performance.

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•Capacity Expansion: We have invested in capacity expansion to meet current and anticipated additional customer demand. For example, since late 2021, we have approximately doubled our manufacturing capacity for switchgear, busbar and integrated solutions by opening new facilities and adding production to existing facilities. Additionally, in 2024, in order to support our thermal management activity, we opened a new manufacturing facility in Pune, India and a new facility in Pelzer, South Carolina to support the production of modular solutions, modular power systems and other infrastructure systems. We anticipate continuing to invest in capacity globally to provide the geographic presence that our customers need, and the ability to rapidly scale and to ensure resiliency.

•Artificial Intelligence ("AI"): Increased maturity and adoption of AI and high-performance compute is currently impacting the data center industry and driving technology innovation, which has led to increased demand. The Company has invested in developing new product, services, and solutions to serve this growing industry, is increasing capacity to support additional demand for AI infrastructure as necessary and we will continue to invest to support additional growth driven by AI.

•Thermal Management Portfolio Expansion: We continue to invest in expansion of our thermal management portfolio and product capabilities to meet customer demands. 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 and re-use and more to meet growing demands. 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.

•Recent U.S. Tax Legislation: On July 4, 2025, H.R.1, also known as the One Big Beautiful Bill Act or "OBBBA", was enacted into law in the U.S. OBBBA extends some existing tax provisions set to expire beginning in 2026 while introducing or repealing other tax provisions. We are currently evaluating the impact of the enacted changes, but based on legislative and administrative guidance issued to date, the impact of these changes to the Company's financial position is not expected to be material.

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RESULTS OF OPERATIONS

Comparison of the Three Months Ended June 30, 2025 and Three Months Ended June 30, 2024

(Dollars in millions)			Three months ended June 30, 2025						Three months ended June 30, 2024						$ Change						% Change
Net sales			$	2,638.1					$	1,952.8					$	685.3					35.1		%
Cost of sales			1,741.5						1,211.6						529.9						43.7
Gross profit			896.6						741.2						155.4						21.0
Selling, general and administrative expenses			395.6						363.8						31.8						8.7
Amortization of intangibles			46.9						45.8						1.1						2.4
Restructuring costs			1.9						(2.5)						4.4						176.0
Foreign currency (gain) loss, net			2.3						0.2						2.1						1,050.0
Other operating expense (income)			7.5						(2.1)						9.6						457.1
Operating profit (loss)			442.4						336.0						106.4						31.7
Interest expense, net			21.3						44.8						(23.5)						(52.5)
Loss on extinguishment of debt			—						1.1						(1.1)						(100.0)
Change in fair value of warrant liabilities			—						25.4						(25.4)						(100.0)
Income tax expense			96.9						86.6						10.3						11.9
Net income (loss)			$	324.2					$	178.1					$	146.1					82.0		%

Net Sales

Net sales were $2,638.1 in the second quarter of 2025, an increase of $685.3, or 35.1%, compared with $1,952.8 in the second quarter of 2024. The increase in sales was primarily driven by higher sales volumes and positive impacts from foreign currency of $20.6. Product sales increased $601.6, which included positive impacts from foreign currency of $17.7. Services & Spares sales increased $83.7, which included positive impacts from foreign currency of $2.9.

Excluding intercompany sales, net sales were $1,602.3 in the Americas, $560.2 in Asia Pacific, and $475.6 in Europe, Middle East & Africa. Movements in net sales by segment and offering are each detailed in the Business Segment section below.

Cost of Sales

Cost of sales were $1,741.5 in the second quarter of 2025, an increase of $529.9, or 43.7% compared to the second quarter of 2024. The increase in cost of sales was primarily driven by the impact of higher sales volumes. Gross profit was $896.6 in the second quarter of 2025, or 34.0% of sales, compared to $741.2, or 38.0% of sales in the second quarter of 2024. Margin decline in the second quarter of 2025 was primarily driven by the mix of product and service sales in addition to tariffs.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) were $395.6 in the second quarter of 2025, an increase of $31.8 compared to the second quarter of 2024. The increase in SG&A was primarily driven by increased compensation costs. SG&A as a percentage of sales were 15.0% in the second quarter of 2025 compared with 18.6% in the second quarter of 2024.

Other Operating Expense

The remaining other operating expenses includes amortization of intangibles, restructuring costs, foreign currency (gain) loss, and other operating expense (income). These remaining operating expenses were $58.6 for the second quarter of 2025, which was a $17.2 increase from the second quarter of 2024. The increase was primarily due to a $9.6 increase in other operating expense (income) primarily due to mark-to-market losses associated with the economic hedges, a $4.4 increase in restructuring costs, and a $2.1 increase in foreign currency loss.

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Change in Fair Value of Warrant Liabilities

Change in fair value of warrant liabilities represents the mark-to-market fair value adjustments to the then outstanding warrants. The change in fair value of outstanding private warrants during the second quarter of 2024 resulted in a loss of $25.4. The change in fair value of these warrants is the result of changes in market prices of our common stock and other observable inputs deriving the value of the financial instruments. On December 6, 2024, Cote SPAC I LLC elected to exercise the remaining 5,266,667 outstanding private warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 4,812,521 shares of Class A common stock. As of June 30, 2025 there were no private warrants outstanding.

Interest Expense

Interest expense, net, was $21.3 in the second quarter of 2025 compared to $44.8 in the second quarter of 2024. The $23.5 decrease was primarily driven by $9.2 of reduced interest expense as a result of our Term Loan amendments, which resulted in a reduction to our interest rate margin, along with a $7.8 increase in interest income. To the extent interest rates continue to fluctuate our interest expense will change, although we expect these changes to be mitigated by our interest rate swaps and interest income.

Income Taxes

Income tax expense was $96.9 in the second quarter of 2025 compared to $86.6 in the second quarter of 2024. The $10.3 increase is primarily due to increased business performance and the change in the discrete tax benefits due to stock compensation. The effective rate in the second quarter of 2025 was primarily influenced by favorable impact discrete tax benefits related to stock compensation. For the second quarter of 2024, income tax expense was primarily influenced by the negative impact of non-deductible changes in fair value of the warrant liabilities and discrete tax benefits related to stock compensation.

Business Segments

The following is detail of business segment results for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Segment profitability is defined as operating profit (loss). Segment margin represents segment operating profit (loss) expressed as a percentage of segment net sales. For reconciliations of segment net sales and earnings to our consolidated results, see “Note 10 — Segment Information,” of our Unaudited Condensed Consolidated Financial Statements. Segment net sales are presented excluding intercompany sales.

Americas

(Dollars in millions)			Three months ended June 30, 2025						Three months ended June 30, 2024						$ Change						% Change
Net sales			$	1,602.3					$	1,121.1					$	481.2					42.9		%
Operating profit (loss)			384.6						285.1						99.5						34.9
Margin			24.0		%				25.4		%

Americas net sales were $1,602.3 in the second quarter of 2025, an increase of $481.2, or 42.9%, from the second quarter of 2024. The increase in sales was primarily driven by higher sales volume due to products increasing by $428.7 and sales of service & spares increasing by $52.5. Americas net sales were negatively impacted by foreign currency of approximately $3.5.

Operating profit (loss) in the second quarter of 2025 was $384.6, an increase of $99.5 compared with the second quarter of 2024. Margin was slightly down due primarily to the mix of product and service sales in addition to the negative impact of tariffs.

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Asia Pacific

(Dollars in millions)			Three months ended June 30, 2025						Three months ended June 30, 2024						$ Change						% Change
Net sales			$	560.2					$	409.1					$	151.1					36.9		%
Operating profit (loss)			59.2						32.3						26.9						83.3
Margin			10.6		%				7.9		%

Asia Pacific net sales were $560.2 in the second quarter of 2025, an increase of $151.1, or 36.9%, from the second quarter of 2024. The increase in sales was primarily driven by growth across the whole region and the positive impact of foreign currency of approximately $0.6. Net sales of products improved by $130.9, and sale of service & spares improved by $20.2.

Operating profit (loss) in the second quarter of 2025 was $59.2, an increase of $26.9 compared with the second quarter of 2024. Margin increased primarily due to leveraging our fixed costs and a one-time supplier expense in 2024.

Europe, Middle East & Africa

(Dollars in millions)			Three months ended June 30, 2025						Three months ended June 30, 2024						$ Change						% Change
Net sales			$	475.6					$	422.6					$	53.0					12.5		%
Operating profit (loss)			104.2						109.5						(5.3)						(4.8)
Margin			21.9		%				25.9		%

Europe, Middle East & Africa net sales were $475.6 in the second quarter of 2025, an increase of $53.0, or 12.5%, from the second quarter of 2024. The increase in sales was primarily driven by higher sales volumes due to products increasing by $42.0 and service & spares increasing by $11.0, including the positive impact of foreign currency of approximately $23.5 compared to the second quarter of 2024.

Operating profit (loss) in the second quarter of 2025 was $104.2, a decrease of $5.3 compared with the second quarter of 2024. Margin decreased primarily due to the mix of product and service sales and operational inefficiencies.

Vertiv Corporate and Other

Corporate and other costs include costs associated with our headquarters located in Westerville, Ohio, as well as centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, IT, Legal, Human Resources, and global product platform development and offering management. Total corporate and other costs were $58.7 and $45.1 in the second quarter of 2025 and 2024, respectively. Total corporate and other costs increased $13.6 compared to the second quarter of 2024 primarily due to an increase of certain employee related costs and an increase in the foreign currency loss of $2.1.

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Comparison of the Six Months Ended June 30, 2025 and Six Months Ended June 30, 2024

(Dollars in millions)			Six months ended June 30, 2025						Six months ended June 30, 2024						$ Change						% Change
Net sales			$	4,674.1					$	3,591.9					$	1,082.2					30.1		%
Cost of sales			3,091.0						2,284.3						806.7						35.3
Gross profit			1,583.1						1,307.6						275.5						21.1
Selling, general and administrative expenses			741.9						677.8						64.1						9.5
Amortization of intangibles			92.9						91.8						1.1						1.2
Restructuring costs			3.0						(2.2)						5.2						236.4
Foreign currency (gain) loss, net			4.9						3.4						1.5						44.1
Other operating expense (income)			7.3						(1.8)						9.1						505.6
Operating profit (loss)			733.1						538.6						194.5						36.1
Interest expense, net			46.6						83.8						(37.2)						(44.4)
Loss on extinguishment of debt			—						1.1						(1.1)						(100.0)
Change in fair value of warrant liabilities			—						202.0						(202.0)						(100.0)
Income tax expense			197.8						79.5						118.3						148.8
Net income (loss)			$	488.7					$	172.2					$	316.5					183.8		%

Net Sales

Net sales were $4,674.1 in the first six months of 2025, an increase of $1,082.2, or 30.1%, compared with $3,591.9 in the first six months of 2024. The increase in sales was primarily driven by higher sales volumes including the positive impacts from foreign currency of $3.2. Product sales increased $975.3, which included the positive impacts from foreign currency of $6.8. Services & spares sales increased $106.9, which included negative impacts from foreign currency of $3.6.

Excluding intercompany sales, net sales were $2,787.6 in the Americas, $1,007.4 in Asia Pacific and $879.1 in Europe, Middle East & Africa. Movements in net sales by segment and offering are each detailed in the Business Segments section below.

Cost of Sales

Cost of sales were $3,091.0 in the first six months of 2025, an increase of $806.7, or 35.3% compared to the first six months of 2024. The increase in cost of sales was primarily driven by the impact of higher volumes. Gross profit was $1,583.1 in the six months of 2025, or 33.9% of sales, compared to $1,307.6, or 36.4% of sales in the second quarter of 2024. Margin was slightly down in the first six months of 2025 due primarily to the mix of product and service sales in addition to tariffs.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) were $741.9 in the first six months of 2025, an increase of $64.1, or 9.5% compared to the first six months of 2024. The increase in SG&A was primarily driven by increased compensation costs. SG&A as a percentage of sales were 15.9% in the first six months of 2025 compared with 18.9% in the first six months of 2024.

Other Operating Expense

The remaining other operating expenses includes amortization of intangibles, restructuring costs, foreign currency (gain) loss, and other operating expense (income). These remaining operating expenses were $108.1 for the first six months of 2025, which was a $16.9 increase from the first six months of 2024. The increase was primarily due to a $9.1 decrease in other operating expense (income) primarily due to the mark-to-market losses associated with the economic hedges, a $5.2 increase in restructuring costs, and a $1.5 increase in foreign currency loss.

Change in Fair Value of Warrant Liabilities

Change in fair value of warrant liabilities represents the mark-to-market fair value adjustments to the then outstanding private warrants. The change in fair value of the outstanding private warrants during the first six months of 2024 resulted in a loss of $202.0. The change in fair value of these warrants was the result of changes in market prices of our common stock, and other observable inputs deriving the value of the financial instruments. On December 6, 2024, Cote SPAC I LLC elected to exercise the remaining 5,266,667 outstanding private warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 4,812,521 shares of Class A common stock. As of June 30, 2025, there were no private warrants outstanding.

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Interest Expense

Interest expense, net, was $46.6 in the first six months of 2025 compared to $83.8 in the first six months of 2024. The $37.2 decrease is primarily driven by $18.7 of reduced interest expense as a result of our Term Loan amendments, which resulted in a reduction to our interest rate margin, and a $11.2 increase in interest income. To the extent interest rates continue to fluctuate our interest expense will change, although we expect these changes to be mitigated by our interest rate swaps and interest income.

Income Taxes

Income tax expense was $197.8 in the first six months of 2025 compared to $79.5 in the first six months of 2024. The $118.3 increase is primarily due to increased business performance, the change in the discrete tax expense due to legislative changes effective in the first quarter of 2025 and changes related to stock compensation activity. The effective rate in the first six months of 2025 was primarily influenced by the negative impact of a valuation allowance established to account for legislative changes effective in the first quarter of 2025 partially offset by favorable impact of other discrete items such as stock compensation and changes in deferred tax liabilities. For the first six months of 2024, income tax expense was primarily influenced by the negative impact of non-deductible changes in fair value of the warrant liabilities and discrete tax benefits related to stock compensation.

Business Segments

The following is detail of business segment results for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Segment profitability is defined as operating profit (loss). Segment margin represents segment operating profit (loss) expressed as a percentage of segment net sales. For reconciliations of segment net sales and earnings to our consolidated results, see “Note 10 — Segment Information,” of our Unaudited Condensed Consolidated Financial Statements. Segment net sales are presented excluding intercompany sales.

Americas

(Dollars in millions)			Six months ended June 30, 2025						Six months ended June 30, 2024						$ Change						% Change
Net sales			$	2,787.6					$	2,046.1					$	741.5					36.2		%
Operating profit (loss)			644.3						472.9						171.4						36.2
Margin			23.1		%				23.1		%

Americas net sales were $2,787.6 in the first six months of 2025, an increase of $741.5, or 36.2%, from the first six months of 2024. The increase in sales was primarily driven by higher sales volumes due to products increasing by $670.9 and sales of service & spares increasing by $70.6. Americas net sales were negatively impacted by foreign currency of approximately $9.3.

Operating profit (loss) in the first six months of 2025 was $644.3, an increase of $171.4 compared with the first six months of 2024. Margin was flat due to the mix of product and service sales in addition to the negative impact of tariffs.

Asia Pacific

(Dollars in millions)			Six months ended June 30, 2025						Six months ended June 30, 2024						$ Change						% Change
Net sales			$	1,007.4					$	741.4					$	266.0					35.9		%
Operating profit (loss)			104.9						62.7						42.2						67.3
Margin			10.4		%				8.5		%

Asia Pacific net sales were $1,007.4 in the first six months of 2025, an increase of $266.0, or 35.9%, from the first six months of 2024. The increase in sales were primarily driven by growth across the whole region, partially offset by the negative impact of foreign currency of approximately $5.4. Net sales of products improved by $240.7, and service & spares improved by $25.3.

Operating profit (loss) in the first six months of 2025 was $104.9, an increase of $42.2 compared with the first six months of 2024. Margin increased primarily due to leveraging our fixed costs and a one-time supplier expense in 2024.

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Europe, Middle East & Africa

(Dollars in millions)			Six months ended June 30, 2025						Six months ended June 30, 2024						$ Change						% Change
Net sales			$	879.1					$	804.4					$	74.7					9.3		%
Operating profit (loss)			182.9						179.8						3.1						1.7
Margin			20.8		%				22.4		%

Europe, Middle East & Africa net sales of $879.1 in the first six months of 2025, increased by $74.7, or 9.3%, from the first six months of 2024. Sales increases were primarily due to increased volumes due to products increasing by $63.7, services & spares increased by $11.0 compared to the first six months of 2024. Europe, Middle East & Africa new sales were positively impacted by foreign currency of approximately $17.9.

Operating profit (loss) in the first six months of 2025 was $182.9, an increase of $3.1 compared with the first six months of 2024. Margin decreased primarily due to the mix of product and service sales and operational inefficiencies.

Vertiv Corporate and Other

Corporate and other costs include costs associated with our headquarters located in Westerville, Ohio, as well as centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, IT, Legal, Human Resources, and global product platform development and offering management. Total corporate and other costs were $106.1 and $85.0 in the first six months of 2025 and 2024, respectively. Total corporate and other costs increased by $21.1 compared to the first six months of 2024 primarily due to an increase of certain employee related costs and an increase in the foreign currency loss of $1.5.

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Capital Resources and Liquidity

Our primary future cash needs relate to working capital, operating activities, capital spending, strategic investments (including the Acquisition) and debt service.

Capital Expenditures: Our capital expenditures are primarily related to the maintenance of our long-term assets, as well as the investment in projects, such as capacity and facility expansion, that support growth and innovation to further our enterprise strategy. Our capital expenditures (including capitalized software) were approximately $84.7 during the first six months of 2025. We expect to have capital expenditures (including capitalized software) of $250.0 to $300.0 for the full year 2025.

We have additional obligations as part of our ordinary course of business, beyond those committed for capital expenditures, which consist of debt obligations and other financial instruments. Refer below, as well as to “Note 5 — Debt” and “Note 12 — Commitments and Contingencies” of the Unaudited Condensed Consolidated Financial Statements for more information. In addition, we have uncertain tax positions that are further discussed in “Note 6 — Income Taxes” of the Unaudited Condensed Consolidated Financial Statements. We anticipate payments for lease obligations of approximately $75.0 for the full year 2025. We do not have any guarantees or other off-balance sheet financing arrangements, including variable interest entities, which could materially impact our financial condition or liquidity.

We, through our subsidiaries, are party to certain indebtedness arrangements, including the Senior Secured Notes due 2028, with an outstanding principal amount of $850.0 as of June 30, 2025 (the “Notes”), the Term Loan due 2027, with an outstanding principal amount of $2,086.5 as of June 30, 2025 (the “Term Loan”), and the ABL Revolving Credit Facility, due 2029, providing up to $800.0 of revolving borrowings, with separate sublimits for letters of credit and swingline borrowings and an uncommitted accordion of up to $200.0, for which none was outstanding as of June 30, 2025 (the “ABL Revolving Credit Facility” and collectively with the Term Loan, the “Senior Secured Credit Facilities”).

At June 30, 2025, we had $1,640.8 in cash and cash equivalents and $98.2 in short-term investments, which includes amounts held outside of the U.S., primarily in Europe and Asia. Non-U.S. cash is generally available for repatriation without legal restrictions, subject to certain taxes, mainly withholding taxes. We are not asserting indefinite reinvestment of cash or outside basis for our non-U.S. subsidiaries due to the outstanding debt obligations in instances where alternative repatriation options, other than dividends, are not available. At June 30, 2025, Vertiv had $783.0 of availability (subject to customary borrowing base and other conditions) under the ABL Revolving Credit Facility, net of letters of credit outstanding in the aggregate principal amount of $17.0, and taking into account the borrowing base limitations set forth in the ABL Revolving Credit Facility.

We believe our current cash, cash equivalent, and short-term investment levels, augmented by availability under the ABL Revolving Credit Facility, will provide adequate near-term liquidity for the next 12 months of independent operations, as well as the resources necessary to fund the Acquisition (if consummated), invest for growth in existing businesses, and manage our capital structure on a short- and long-term basis. We expect to continue to opportunistically access the capital and financing markets from time to time. Access to capital and the availability of financing on acceptable terms in the future will be affected by many factors, including our credit rating, economic conditions, and the overall liquidity of capital markets. There can be no assurance that we will continue to have access to the capital and financing markets on acceptable terms.

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Summary Statement of Cash Flows

Six Months Ended June 30, 2025 and 2024

(Dollars in millions)			2025						2024						$ Change						% Change
Net cash provided by (used for) operating activities			$	626.2					$	519.0					$	107.2					20.7		%
Net cash provided by (used for) investing activities			(182.8)						(81.5)						(101.3)						(124.3)
Net cash provided by (used for) financing activities			(32.9)						(626.7)						593.8						94.8
Capital expenditures			(81.5)						(69.9)						(11.6)						(16.6)
Investments in capitalized software			(3.2)						(11.6)						8.4						72.4

Net Cash provided by (used for) Operating Activities

Net cash provided by operating activities was $626.2 in the first six months of 2025, a $107.2 increase in cash generation compared to the first six months of 2024. Net income from operations of $488.7 included $196.8 of net non-cash expense items, consisting of depreciation and amortization of $144.9, non-cash stock-based compensation expense of $24.5, amortization of debt discount and issuance costs of $4.3, and deferred taxes of $23.1. Trade working capital utilized $95.2 in the first six months of 2025 compared to $3.6 utilized in the first six months of 2024.

Net Cash provided by (used for) Investing Activities

Net cash used for investing activities was $182.8 in the first six months of 2025 compared to net cash used for investing activities of $81.5 in the first six months of 2024. The increased use of cash over the comparable period was primarily driven by purchases of short-term investments of $98.1.

Net Cash provided by (used for) Financing Activities

Net cash used for financing activities was $32.9 in the first six months of 2025 compared to $626.7 used for financing activities in the first six months of 2024. The decrease in cash used in 2025 was primarily the result of a $599.9 decrease in repurchases of common shares, offset by a $14.1 decrease in employee taxes paid for shares withheld, a $10.6 decrease in exercise of employee stock options, and a $9.7 increase in dividend payments.

Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Unaudited Condensed Consolidated Financial Statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. The preceding discussion and analysis of our consolidated results of operations and financial condition should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q. The 2024 financial statements, as part of the 2024 Form 10-K, includes additional information about us, our operations, our financial condition, our critical accounting policies and accounting estimates, and should be read in conjunction with this Quarterly Report on Form 10-Q. Our significant accounting policies are described in “Note 1 - Description of Business and Summary of Significant Accounting Policies” of the 2024 Form 10-K.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our quantitative and qualitative market risk disclosures from those described in our 2024 Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company maintains (a) disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), and (b) internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).

The Company’s management, with the participation of its Chief Executive Officer and its Chief Financial Officer, conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures as of June 30, 2025 (the end of the period covered by this Quarterly Report on Form 10-Q). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2025, the Company’s disclosure controls and procedures were

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effective in ensuring that material information for the Company, including its consolidated subsidiaries, required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that it is accumulated and communicated to management, including our principal executive and financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

With the exception of the below, we are not a party to any material, pending legal proceedings or claims at June 30, 2025. From time-to-time, we may be a party to, or otherwise involved in, legal proceedings arising in the normal course of business. The nature of our business ordinarily results in a certain amount of pending as well as threatened claims, litigation, investigations, regulatory and legal and administrative cases, matters and proceedings, all of which are considered incidental to the normal conduct of business. When we determine that we have meritorious defenses to the claims asserted, we vigorously defend ourself. We consider settlement of cases when, in management’s judgment, it is in the best interests of both Vertiv and its shareholders to do so.

On May 3, 2022, a putative securities class action, In re Vertiv Holdings Co Securities Litigation, 22-cv-3572, was filed against Vertiv, certain of the Company’s officers and directors, and other defendants in the Southern District of New York. Plaintiffs filed an amended complaint on September 16, 2022. The amended complaint alleges that certain of the Company’s public statements were materially false and/or misleading with respect to inflationary and supply chain pressures and pricing issues, and asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, as amended. These claims are asserted on behalf of a putative class of all persons and entities that (i) purchased Vertiv securities between February 24, 2021 and February 22, 2022; and/or (ii) purchased Vertiv securities in or traceable to the November 4, 2021 secondary public offering by a selling stockholder pursuant to a resale registration statement. On January 31, 2024, the Court issued an order dismissing the claims under Sections 11, 12(a)(2), and 15 of the Securities Act. The motion to dismiss the claims under Sections 10(b) and 20(a) of the Exchange Act remains pending.

On June 9, 2023, two Vertiv shareholders, Matthew Sullivan and Jose Karlo Ocampo Avenido, brought a derivative lawsuit, Sullivan v. Johnson, et al., C.A. No. 2023-0608 (the "Sullivan Action"), against Vertiv (as nominal defendant only) and certain of the Company’s directors and officers in Delaware Court of Chancery for breach of fiduciary duty. Further, on November 19, 2024, another Vertiv shareholder, Laura Hanna, brought a derivative lawsuit, Hanna v. Johnson, et al. (the "Hanna Action"), against Vertiv (as nominal defendant only) and certain of Company’s directors and officers in Delaware Court of Chancery for breach of fiduciary duty. The complaints allege that the named directors and officers caused the Company to issue materially false and/or misleading public statements with respect to inflationary and supply chain pressures and pricing issues, and that the Company suffered damages as a result. The Sullivan Action has been stayed since August 10, 2023 pending the outcome of the motion to dismiss in the securities class action. On February 13, 2025, the Delaware Court of Chancery entered an order that (i) consolidated the Sullivan Action and Hanna Action into a single consolidated derivative lawsuit, In re Vertiv Holdings Co Stockholder Derivative Litigation, Consolidated C.A. No. 2023-0608-NAC (the “Consolidated Derivative Action”), (ii) designated the complaint in the Hanna Action as the operative complaint in the Consolidated Derivative Action, and (iii) stayed the Consolidated Derivative Action on terms identical to those of the existing stay of the Sullivan Action.

We believe we have meritorious defenses against the allegations made in the aforementioned lawsuits, which are at the preliminary stages. However, we are unable at this time to predict the outcome of these matters or the amount of any cost associated with their resolution.

In November 2023, following the filing of the putative securities class action and the Sullivan Action described above, the Company received a subpoena from the U.S. Securities and Exchange Commission (the “SEC”) and a parallel request for documents from the U.S. Attorney’s Office for the Southern District of New York, which relate to the allegations made in those actions. The Company is actively responding to these matters.

In January 2024, the Mexican tax administration service, the Servicio de Administracion Tributaria (the "SAT"), initiated a process to suspend the importer registration of one of the Company's wholly owned Mexico subsidiaries, Tecnología del Pacífico S.A. de C.V. (“TDP”), in connection with a contested customs tax audit for the period April 2016 to February 2018. After further investigation and discussion with SAT, TDP agreed to make payments and fees totaling approximately $10.1 which were paid in the first quarter of 2024. The Company intends to seek reimbursement of this amount as an undue payment from SAT, for which the outcome is currently unknown and no receivable has been established.

We are unable at this time to predict the outcome of these matters, including whether any proceedings may be instituted in connection with the government inquiries, or the amount of any cost associated with their resolution.

As of June 30, 2025, other than as described above, there were no known contingent liabilities (including guarantees, taxes and other claims) that management believes were or will be material in relation to the Company’s Consolidated Financial Statements, nor were there any material commitments outside the normal course of business.

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ITEM 1A. RISK FACTORS

Item 1A. Risk Factors

The Company's risk factors, as of June 30, 2025, have not materially changed from those described in Part 1, Item 1A of our 2024 Form 10-K for the fiscal year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

A) Recent Sales of Unregistered Securities

None.

B) Use of Proceeds from our Initial Public Offering of Common Stock

Not applicable.

C) Repurchases of Shares or of Company Equity Securities

On November 29, 2023, the Board of Directors of the Company approved a stock repurchase program, which authorizes the repurchase of shares of Company Class A common stock in an aggregate amount of up to $3.0 billion through December 31, 2027. The stock repurchase program does not obligate the Company to repurchase any specific dollar amount or number of shares of Class A common stock and the Board's authorization of the program may be modified, suspended or discontinued at any time.

As of June 30, 2025, $2.4 billion shares were available for repurchase. During 2025, Vertiv made no share repurchases.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Item 5A. Other Information

None.

Item 5C. Plan 10b5-1 Plan Adoptions and Modification

During the second quarter covered by this Quarterly Report on Form 10-Q, no director or officer of the Company adopted or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS

EXHIBIT INDEX
Exhibit No.						Description
10.1						Transition and Consulting Agreement, dated May 28, 2025 (filed herewith)
31.1						Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2						Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101.INS						The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL: (i) Unaudited Condensed Consolidated Statements of Earnings (Loss), (ii) Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss), (iii) Unaudited Condensed Consolidated Balance Sheets, (iv) Unaudited Condensed Consolidated Statements of Cash Flows, and (v) Notes to Unaudited Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags
101.SCH						Inline XBRL Taxonomy Extension Schema (filed herewith)
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase (filed herewith)
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase (filed herewith)
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase (filed herewith)
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase (filed herewith)
104						Cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL (and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 30, 2025			Vertiv Holdings Co
			/s/ Giordano Albertazzi
			Name: Giordano Albertazzi
			Title: Chief Executive Officer
			/s/ David Fallon
			Name: David Fallon
			Title: Chief Financial Officer

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FAQ

How much revenue did Antero Resources (AR) report for Q2 2025?

AR recorded $1.30 billion in total revenue for the quarter ended 30 Jun 2025.

What was Antero Resources’ Q2 2025 diluted EPS?

Diluted earnings per share were $0.50, compared with a loss of $0.26 in Q2 2024.

How much debt did AR carry at 30 June 2025?

Long-term debt stood at $1.10 billion, down from $1.49 billion at year-end 2024.

What were Antero’s operating cash flows for the first half of 2025?

Operating activities generated $950 million during the six months ended 30 Jun 2025.

Did Antero Resources repurchase shares in 2025?

Yes. The company spent $85 million on share repurchases through 30 Jun 2025, lowering shares outstanding to 309.9 million.