Oct 30, 2026 earnings call — Data center-led growth and Maverick Power acquisition
Raised full-year adjusted EPS guidance to $5.36 to $5.39 after Q3 sales rose 44% to $1.515 billion.
Revenue $1.5B (est $1.4B) · EPS $1.25 (est $1.40)
Key quotes
"Infrastructure represents our largest long term growth opportunity driven by the powerful secular trends of electrification, sustainability, and digitalization. We expect the infrastructure vertical to deliver record double-digit organic growth this year with data center expansion, and the need for power."
"Maverick brings to nVent a new power distribution platform and increases our offerings in data centers."
"This week, we announced a new 400 thousand square foot facility in Arizona for engineered buildings, that will expand our capacity to support growing demand in data centers and power utilities with production expected to begin in mid-2026."
Analyst Q&A 13
capacity plans and margins
Q (Julian Mitchell · JPMorgan): Asked about planning behind the new capacity addition, when orders will open, and whether order rates will accelerate after a tough comp. Also asked about fourth-quarter operating margin drivers and the effect of Maverick Power.
A: They said the new Arizona facility will begin production midway through 2027 and Blaine 2 will be into production in the mid-first half of 2026. They said orders are very strong in October. For margins, they expect about 60 basis points of year-on-year margin improvement in Q4 at the midpoint, and said Q4 will be an investment quarter for Maverick that pulls incremental margins more into the low twenties while the core business delivers incrementals well in the mid twenties.
"So, to start, we just announced a new facility in Arizona." — Beth A. Wozniak (CEO·CHAIR)
Maverick details and Arizona
Q (Nigel Coe · Wolfe): Asked whether the Arizona expansion is more Maverick than core nVent, for more details on Maverick including the acquired backlog, and about investment spending through 2026.
A: They said the Arizona facility is for engineered building solutions (Trachte and EPG) to support utilities and data centers. They said they have not yet included Maverick's backlog in reporting but described it as very healthy and are fitting out 1.5 million square feet of capacity. They said they expect strong double-digit growth for Maverick going forward.
"With respect to, Maverick, you know, we have not included a backlog yet." — Beth A. Wozniak (CEO·CHAIR)
pricing vs inflation and Maverick margins
Q (Wells Fargo): Asked whether Maverick margins in Q4 imply mid-teens operating margin and asked about price expectations this year and next actions to handle inflation.
A: They said mid-teens for Maverick in Q4 is exactly what they expect. They said in Q3 pricing and productivity more than offset the $60 million of inflation and price nearly covered inflation on its own. They said they have a long track record of using price and productivity to offset inflation and expect that to continue into Q4 and next year.
"So Steve, in the third quarter, pricing productivity more than offset the $60 million of inflation that we saw, you know, price nearly covered it on its own." — Gary Corona (CFO)
modular liquid cooling and 800V DC
Q (Jeffrey Hammond · KeyBanc): Asked whether they started taking orders for the new modular liquid cooling product in Q3 and about uptake and customer types. Also asked about incorporating liquid cooling with Mavericks and the 800-volt DC opportunity.
A: They said they have been taking orders for the new modular cooling products and will showcase it at Supercomputing, noting broad interest across data center customers and through distribution. They explained chips need more power and cooling, demand for liquid cooling will increase, and Maverick brings an 800-volt DC offering so combining cooling and power expands system-solution opportunities; they will showcase these at Supercomputing and share more later.
"So, we have been taking orders for our new modular cooling products and platform." — Beth A. Wozniak (CEO·CHAIR)
M&A pipeline and overseas growth
Q (Melius): Asked if there are other assets of Maverick's scale available or gaps to fill via M&A, and whether the pickup overseas is from data center build or recovery in industrial/commercial markets.
A: They said they have a very healthy and strategic M&A pipeline and buy companies they can invest in to grow and scale, expecting to do deals every year and to contribute several points to growth. They said growth in Europe and Asia is broad-based: data center is growing, but industrial, commercial, residential and infrastructure power utilities are also showing nice growth.
"And I would expect them, you know, to do some deals, you know, every year, and we have a good integration playbook." — Beth A. Wozniak (CEO·CHAIR)
factory ramp timing
Q (Vertical Research Partners): Asked for timing of production-volume ramps at Blaine 1 and 2 and Arizona, timeline to reach scale efficiency, and what that means for revenue capacity. Also asked common themes in new product launches.
A: They said Blaine 1 is in production and ramping with good efficiency after a fast startup, Blaine 2 will come online about midway through next year, and the new Arizona engineering building solutions site will come online around mid-2026; ramps take time but the investments are planned to meet 2026 and 2027 demand. They said new products are prioritized in high-growth verticals like power, cooling and electrical connections and are margin-accretive.
"Blaine 2 will not come online until about midway through next year." — Beth A. Wozniak (CEO·CHAIR)
service offerings and Maverick ramp
Q (Vladimir Bystricky · Citi): Asked about the company's current service offering for data center customers, how it is evolving, and service opportunities in 2027 and beyond. Also asked timeline for Maverick's capacity ramp.
A: They said Maverick has service capabilities and nVent is building service capabilities around liquid cooling; with the modular platform they can install, commission and provide ongoing support, expanding service opportunities. They said Maverick has opened many facilities and is ramping capacity to meet needs in 2026 and 2027, with ramping through the first half of next year.
"We also have been building a service capability around our liquid cooling portfolio." — Beth A. Wozniak (CEO·CHAIR)
new product cadence and impact
Q (Alexander Virgo · Evercore): Asked about the cadence of new product contribution (around 30%) into Q4 and how that carries into 2027 for orders, backlog and modeling for next year.
A: They said they targeted new-product vitality of around 30% at Investor Day and are effectively at that level, which requires faster innovation. They said they focus on high-growth verticals, especially data centers, and that new products, global growth and M&A will continue to be key drivers into 2027.
"Well, 1 of the things that we said at our Investor Day is that, you know, we wanted to have our new product vitality you know, at around 30%, and we are effectively at that level." — Beth A. Wozniak (CEO·CHAIR)
Maverick impact and orders vs revenue
Q (Neil Burke · UBS): Asked whether adding Maverick content could materially increase data center revenue over time and whether the recent revenue growth can continue while orders grow at lower rates.
A: They said adding Maverick gives more content and capability when bidding on data center projects and brings together cooling and power, increasing opportunity. They said orders are lumpy, but the two-year stack of orders is very strong and they expect backlog to build, especially as Maverick is reported with the broader business.
"I will look at, you know, look at the 2 year stack of orders for us just this quarter, and it is very strong." — Gary Corona (CFO)
deciding on new facilities and supply chain
Q (Bernstein): Asked what they look for before opening new facilities — broader demand trends or customer commitments — and what actions they are taking on supply chain resilience given fast growth.
A: They said decisions are based on multiple factors: orders on hand, customer input and other signals, and they apply prudence and discipline to ensure good returns. They said many suppliers are also adding capacity with new lines or facilities and nVent works hand in hand with them, sharing forecasts and bringing new capacity online together.
"When we look at a new facility, we look at, in some cases, the orders that we have on hand or orders that we cannot fulfill, so to speak." — Beth A. Wozniak (CEO·CHAIR)
Q4 guide and Maverick margins
Q (Nicole DeBlase · Deutsche Bank): Asked why Q4 revenue guidance is roughly flat sequentially despite Maverick and strong backlog, and whether Maverick's mid-teens margin in Q4 includes the growth investments and can reach company-average margins over time.
A: They said the Q4 organic guide is healthy and the two-year stack is still over 50%, but seasonality and prudent supply-chain management explain a slight step down. They said they incorporated Maverick's investment spending into the guide, expect Maverick margins to improve as ramp and utilization progress, and they are not yet ready to give exact long-term margin expectations.
"we are gonna grow almost $2 billion year over year on a revenue basis and, you know, $2 of additional EPS." — Gary Corona (CFO)
customer reaction and Electrical Connections
Q (Robert W. Baird): Asked about initial customer engagement after the Maverick acquisition and laying groundwork to sell thermal and power as system solutions. Also asked what drove the acceleration in Electrical Connections growth.
A: They said the acquisition received very favorable reactions from both nVent and Maverick customers because of the combined capabilities and that nVent's commercial organization can extend Maverick's reach. They said Electrical Connections had a great quarter, driven by new products and strong growth through distribution across industrial, infrastructure and commercial end markets.
"Certainly, we had very favorable reaction to the acquisition, you know, both from our nVent customers and from Maverick's customers." — Beth A. Wozniak (CEO·CHAIR)
data center urgency and segment margins
Q (Scott Graham · Seaport Research Partners): Asked if they are seeing any less urgency from data center customers and asked for color on the continued margin decline in Electrical Connections.
A: They said they have direct relationships with end customers and are not seeing a slowdown; there is still urgency for more output and faster response. They said Electrical Connections is focused on growth, the portfolio repositioning to industrial and infrastructure has impacted mix, the team has priced to offset inflation, and they expect sequential margin improvement, accepting high-twenties margins with approximately 20% growth.
"And I will take that high twenties margin with approximately 20% growth." — Gary Corona (CFO)