Company: VRT
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001674101-25-000024
Chunk: 102

Company: Vertiv Holdings Co
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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 decrease in the foreign currency loss of $4.4.

27

Comparison of the Nine Months Ended September 30, 2025 and Nine Months Ended September 30, 2024

(Dollars in millions)Nine months ended September 30, 2025Nine months ended September 30, 2024$ Change% ChangeNet sales$7,349.9 $5,665.4 $1,684.5 29.7 %Cost of sales4,756.1 3,601.4 1,154.7 32.1 Gross profit2,593.8 2,064.0 529.8 25.7 Selling, general and administrative expenses1,156.2 1,012.4 143.8 14.2 Amortization of intangibles141.1 137.1 4.0 2.9 Restructuring costs33.7 4.1 29.6 722.0 Foreign currency (gain) loss, net5.8 8.7 (2.9)(33.3)Other operating expense (income)7.2 (8.5)15.7 184.7 Operating profit (loss)1,249.8 910.2 339.6 37.3 Interest expense, net69.4 119.7 (50.3)(42.0)Loss on extinguishment of debt1.7 1.1 0.6 54.5 Change in fair value of warrant liabilities— 269.2 (269.2)(100.0)Income tax expense291.5 171.4 120.1 70.1 Net income (loss)$887.2 $348.8 $538.4 154.4 %

Net Sales

Net sales were $7,349.9 in the first nine months of 2025, an increase of $1,684.5, or 29.7%, compared with $5,665.4 in the first nine months of 2024. The increase in sales was primarily driven by higher sales volumes including the positive impacts from foreign currency of $16.2. Product sales increased $1,527.3, which included the positive impacts from foreign currency of $15.7. Services & spares sales increased $157.2, which included positive