# EDGAR Filing Document

**Accession Number:** 0001674101
**File Stem:** 0001674101-25-000008
**Filing Date:** 2025-7
**Character Count:** 195130
**Document Hash:** c670aba61b683977b64914a1fb57cf5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001674101-25-000008.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001674101-25-000008

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vertiv Holdings Co
- **CENTRAL INDEX KEY:** 0001674101
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRONIC COMPONENTS, NEC [3679]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 812376902
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38518
- **FILM NUMBER:** 251167301

**BUSINESS ADDRESS:**
- **STREET 1:** 505 N. CLEVELAND AVE.
- **CITY:** WESTERVILLE
- **STATE:** OH
- **ZIP:** 43082
- **BUSINESS PHONE:** (614) 888-0246

**MAIL ADDRESS:**
- **STREET 1:** 505 N. CLEVELAND AVE.
- **CITY:** WESTERVILLE
- **STATE:** OH
- **ZIP:** 43082

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GS Acquisition Holdings Corp
- **DATE OF NAME CHANGE:** 20160510

?xml version='1.0' encoding='ASCII'? vrt-20250630

---

| |
|:---|
| **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** |
| ☐ **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)** |
| **81-2376902**<br>**(I.R.S Employer** <br>**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: | Securities registered pursuant to Section 12(b) of the Act: | 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.

    

------

---

| | | |
|:---|:---|:---|
| **<u>**TABLE OF CONTENTS**</u>** | **<u>**TABLE OF CONTENTS**</u>** | **<u>**TABLE OF CONTENTS**</u>** |
| | | **<u>Page</u>** |
| **<u>[Part I - Financial Information](#i2cf170e98db14ba480dc2ebbdb264c9b_13)</u>** | **<u>[Part I - Financial Information](#i2cf170e98db14ba480dc2ebbdb264c9b_13)</u>** | **<u>[Part I - Financial Information](#i2cf170e98db14ba480dc2ebbdb264c9b_13)</u>** |
| <u>[Item 1.](#i2cf170e98db14ba480dc2ebbdb264c9b_16)</u> | &nbsp;&nbsp;<u>[Financial Statements (Unaudited)](#i2cf170e98db14ba480dc2ebbdb264c9b_16)</u> | <u>[2](#i2cf170e98db14ba480dc2ebbdb264c9b_16)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Earnings (Loss)](#i2cf170e98db14ba480dc2ebbdb264c9b_19)</u> | <u>[2](#i2cf170e98db14ba480dc2ebbdb264c9b_19)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Comprehensive Income (Loss)](#i2cf170e98db14ba480dc2ebbdb264c9b_22)</u> | <u>[3](#i2cf170e98db14ba480dc2ebbdb264c9b_22)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Balance Sheets](#i2cf170e98db14ba480dc2ebbdb264c9b_25)</u> | <u>[4](#i2cf170e98db14ba480dc2ebbdb264c9b_25)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows](#i2cf170e98db14ba480dc2ebbdb264c9b_28)</u> | <u>[5](#i2cf170e98db14ba480dc2ebbdb264c9b_28)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit)](#i2cf170e98db14ba480dc2ebbdb264c9b_31)</u> | <u>[6](#i2cf170e98db14ba480dc2ebbdb264c9b_31)</u> |
|  | &nbsp;&nbsp;<u>[Notes to Condensed Consolidated Financial Statements (Unaudited)](#i2cf170e98db14ba480dc2ebbdb264c9b_34)</u> | <u>[7](#i2cf170e98db14ba480dc2ebbdb264c9b_34)</u> |
| <u>[Item 2.](#i2cf170e98db14ba480dc2ebbdb264c9b_91)</u> | &nbsp;&nbsp;<u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i2cf170e98db14ba480dc2ebbdb264c9b_91)</u> | <u>[20](#i2cf170e98db14ba480dc2ebbdb264c9b_91)</u> |
| <u>[Item 3.](#i2cf170e98db14ba480dc2ebbdb264c9b_100)</u> | &nbsp;&nbsp;<u>[Quantitative and Qualitative Disclosures About Market Risk](#i2cf170e98db14ba480dc2ebbdb264c9b_100)</u> | <u>[30](#i2cf170e98db14ba480dc2ebbdb264c9b_100)</u> |
| <u>[Item 4.](#i2cf170e98db14ba480dc2ebbdb264c9b_103)</u> | &nbsp;&nbsp;<u>[Controls and Procedures](#i2cf170e98db14ba480dc2ebbdb264c9b_103)</u> | <u>[30](#i2cf170e98db14ba480dc2ebbdb264c9b_103)</u> |
| **<u>[Part II - Other Information](#i2cf170e98db14ba480dc2ebbdb264c9b_106)</u>** | **<u>[Part II - Other Information](#i2cf170e98db14ba480dc2ebbdb264c9b_106)</u>** | **<u>[Part II - Other Information](#i2cf170e98db14ba480dc2ebbdb264c9b_106)</u>** |
| <u>[Item 1.](#i2cf170e98db14ba480dc2ebbdb264c9b_109)</u> | &nbsp;&nbsp;<u>[Legal Proceedings](#i2cf170e98db14ba480dc2ebbdb264c9b_109)</u> | <u>[32](#i2cf170e98db14ba480dc2ebbdb264c9b_109)</u> |
| <u>[Item 1A.](#i2cf170e98db14ba480dc2ebbdb264c9b_112)</u> | &nbsp;&nbsp;<u>[Risk Factors](#i2cf170e98db14ba480dc2ebbdb264c9b_112)</u> | <u>[33](#i2cf170e98db14ba480dc2ebbdb264c9b_112)</u> |
| <u>[Item 2.](#i2cf170e98db14ba480dc2ebbdb264c9b_115)</u> | &nbsp;&nbsp;<u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i2cf170e98db14ba480dc2ebbdb264c9b_115)</u> | <u>[33](#i2cf170e98db14ba480dc2ebbdb264c9b_115)</u> |
| <u>[Item 3.](#i2cf170e98db14ba480dc2ebbdb264c9b_121)</u> | &nbsp;&nbsp;<u>[Defaults Upon Senior Securities](#i2cf170e98db14ba480dc2ebbdb264c9b_121)</u> | <u>[33](#i2cf170e98db14ba480dc2ebbdb264c9b_121)</u> |
| <u>[Item 4.](#i2cf170e98db14ba480dc2ebbdb264c9b_124)</u> | &nbsp;&nbsp;<u>[Mine Safety Disclosures](#i2cf170e98db14ba480dc2ebbdb264c9b_124)</u> | <u>[33](#i2cf170e98db14ba480dc2ebbdb264c9b_124)</u> |
| <u>[Item 5.](#i2cf170e98db14ba480dc2ebbdb264c9b_127)</u> | &nbsp;&nbsp;<u>[Other Information](#i2cf170e98db14ba480dc2ebbdb264c9b_127)</u> | <u>[33](#i2cf170e98db14ba480dc2ebbdb264c9b_124)</u> |
| <u>[Item 6.](#i2cf170e98db14ba480dc2ebbdb264c9b_130)</u> | &nbsp;&nbsp;<u>[Exhibits](#i2cf170e98db14ba480dc2ebbdb264c9b_130)</u> | <u>[34](#i2cf170e98db14ba480dc2ebbdb264c9b_130)</u> |
| <u>[SIGNATURES](#i2cf170e98db14ba480dc2ebbdb264c9b_133)</u> | <u>[SIGNATURES](#i2cf170e98db14ba480dc2ebbdb264c9b_133)</u> | <u>[35](#i2cf170e98db14ba480dc2ebbdb264c9b_133)</u> |

---

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net sales - products | $2166.0 | $1555.2 | $3815.7 | $2825.5 |
| &nbsp;&nbsp;&nbsp;Net sales - services | 472.1 | 397.6 | 858.4 | 766.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | 2638.1 | 1952.8 | 4674.1 | 3591.9 |
| **Costs and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of sales - products | 1470.3 | 963.0 | 2582.4 | 1809.3 |
| &nbsp;&nbsp;&nbsp;Cost of sales - services | 271.2 | 248.6 | 508.6 | 475.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 1741.5 | 1211.6 | 3091.0 | 2284.3 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 395.6 | 363.8 | 741.9 | 677.8 |
| &nbsp;&nbsp;&nbsp;Amortization of intangibles | 46.9 | 45.8 | 92.9 | 91.8 |
| &nbsp;&nbsp;&nbsp;Restructuring costs | 1.9 | (2.5) | 3.0 | (2.2) |
| &nbsp;&nbsp;&nbsp;Foreign currency (gain) loss, net | 2.3 | 0.2 | 4.9 | 3.4 |
| &nbsp;&nbsp;&nbsp;Other operating expense (income) | 7.5 | (2.1) | 7.3 | (1.8) |
| **Operating profit (loss)** | 442.4 | 336.0 | 733.1 | 538.6 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 21.3 | 44.8 | 46.6 | 83.8 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 1.1 |  | 1.1 |
| &nbsp;&nbsp;&nbsp;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: |  |  |  |  |
| &nbsp;&nbsp;Basic | $0.85 | $0.48 | $1.28 | $0.46 |
| &nbsp;&nbsp;Diluted | $0.83 | $0.46 | $1.25 | $0.44 |
| Weighted-average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;Basic | 381482996 | 374734093 | 381166015 | 376934638 |
| &nbsp;&nbsp;Diluted | 389846827 | 384488069 | 389977516 | 387001428 |

---

*See accompanying Notes to Unaudited Condensed Consolidated Financial Statements*

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | 116.8 | (16.9) | 193.9 | (60.1) |
| &nbsp;&nbsp;&nbsp;Interest rate swaps | (6.6) | (2.9) | (16.3) | 3.4 |
| &nbsp;&nbsp;Pension | 0.2 | (0.1) | 0.2 | (0.1) |
| &nbsp;&nbsp;&nbsp;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*

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**VERTIV HOLDINGS CO**

**(Dollars in millions)**

---

| | | |
|:---|:---|:---|
| | June 30, 2025 | December 31, 2024 |
| **<u>ASSETS</u>** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1640.8 | $1227.6 |
| &nbsp;&nbsp;Short-term investments | 98.2 |  |
| &nbsp;&nbsp;Accounts receivable, less allowances of $24.3 and $22.4, respectively | 2831.0 | 2362.7 |
| &nbsp;&nbsp;&nbsp;Inventories | 1413.3 | 1244.4 |
| &nbsp;&nbsp;&nbsp;Other current assets | 318.7 | 267.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 6302.0 | 5101.8 |
| **Property, plant and equipment, net** | 666.4 | 625.1 |
| **Other assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 1374.1 | 1321.1 |
| &nbsp;&nbsp;&nbsp;Other intangible assets, net | 1454.1 | 1487.1 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 291.5 | 303.3 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 244.9 | 202.1 |
| &nbsp;&nbsp;&nbsp;Other | 73.2 | 92.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 3437.8 | 3405.6 |
| **Total assets** | $10406.2 | $9132.5 |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | $21.0 | $21.0 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 1605.1 | 1316.4 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 1257.3 | 1063.3 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 578.5 | 612.6 |
| &nbsp;&nbsp;&nbsp;Income taxes | 152.6 | 83.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3614.5 | 3097.0 |
| **Long-term debt, net** | 2900.5 | 2907.2 |
| **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** | 7280.8 | 6698.2 |
| **Equity** |  |  |
| &nbsp;&nbsp;Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding |  |  |
| &nbsp;&nbsp;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 |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2858.2 | 2821.4 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 222.0 | (238.3) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 45.2 | (148.8) |
| **Total equity** | 3125.4 | 2434.3 |
| **Total liabilities and equity** | $10406.2 | $9132.5 |

---

*See accompanying Notes to Unaudited Condensed Consolidated Financial Statements*

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $488.7 | $172.2 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash used for operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 46.4 | 39.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 98.5 | 97.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 23.1 | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 4.3 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities |  | 202.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 24.5 | 17.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating working capital | (95.2) | (3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 35.9 | (7.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used for) operating activities** | 626.2 | 519.0 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (81.5) | (69.9) |
| &nbsp;&nbsp;&nbsp;Investments in capitalized software | (3.2) | (11.6) |
| &nbsp;&nbsp;&nbsp;Purchase of short-term investments | (98.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used for) investing activities** | (182.8) | (81.5) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings from ABL revolving credit facility and short-term borrowings |  | 270.0 |
| &nbsp;&nbsp;&nbsp;Repayments of ABL revolving credit facility and short-term borrowings |  | (270.0) |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt | (10.5) | (10.6) |
| &nbsp;&nbsp;&nbsp;Dividend payment | (28.4) | (18.7) |
| &nbsp;&nbsp;&nbsp;Repurchase of common stock |  | (599.9) |
| &nbsp;&nbsp;&nbsp;Exercise of employee stock options | 13.0 | 23.6 |
| &nbsp;&nbsp;&nbsp;Employee taxes paid from shares withheld | (7.0) | (21.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;**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 | 1232.2 | 788.6 |
| &nbsp;&nbsp;&nbsp;**Ending cash, cash equivalents and restricted cash** | $1656.0 | $587.7 |
| **Changes in operating working capital** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | $(380.8) | $(115.1) |
| &nbsp;&nbsp;&nbsp;Inventories | (137.5) | (224.1) |
| &nbsp;&nbsp;&nbsp;Other current assets | (23.9) | (30.9) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 269.5 | 130.3 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 171.5 | 254.7 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (43.3) | (8.4) |
| &nbsp;&nbsp;&nbsp;Income taxes | 49.3 | (10.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total changes in operating working capital | $(95.2) | $(3.6) |

---

*See accompanying Notes to Unaudited Condensed Consolidated Financial Statements*

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)**

**VERTIV HOLDINGS CO**

**(Dollars in millions)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Common Share Capital | Common Share Capital | Treasury Share Capital | Treasury Share Capital | | | | |
| | Shares | Amount | Treasury Stock | Amount |<br>Additional Paid in Capital |<br>Retained Earnings |<br>Accumulated Other Comprehensive Income (Loss) |<br>Total |
| Balance at December 31, 2023 | 381788876 | $— |  | $— | $2711.3 | $(691.9) | $(4.5) | $2014.9 |
| Net income (loss) |  |  |  |  |  | (5.9) |  | (5.9) |
| Exercise of employee stock options | 1109113 |  |  |  | 14.4 |  |  | 14.4 |
| Stock-based compensation activity, net of withholding for tax<sup>(1)</sup> | 102833 |  |  |  | 17.3 |  |  | 17.3 |
| Employee 401K match with Vertiv stock | 44968 |  |  |  | 2.2 |  |  | 2.2 |
| Dividend |  |  |  |  |  | (9.3) |  | (9.3) |
| Repurchase of common stock | (9076444) |  | 9076444 | (605.9) |  |  |  | (605.9) |
| Other comprehensive income (loss), net of tax |  |  |  |  |  |  | (34.3) | (34.3) |
| Balance at March 31, 2024 | 373969346 | $— | 9076444 | $(605.9) | $2745.2 | $(707.1) | $(38.8) | $1393.4 |
| Net income (loss) |  |  |  |  |  | 178.1 |  | 178.1 |
| Exercise of employee stock options | 693261 |  |  |  | 9.2 |  |  | 9.2 |
| Stock-based compensation, net of shares withheld for tax<sup>(2)</sup> | 412459 |  |  |  | (10.7) |  |  | (10.7) |
| Employee 401K match with Vertiv stock | 38061 |  |  |  | 3.2 |  |  | 3.2 |
| Dividend |  |  |  |  |  | (9.4) |  | (9.4) |
| Retirement of treasury stock |  |  | (9076444) | 605.9 | (605.9) |  |  |  |
| Other comprehensive, net of tax |  |  |  |  |  |  | (26.3) | (26.3) |
| Balance at June 30, 2024 | 375113127 | $— |  | $— | $2141.0 | $(538.4) | $(65.1) | $1537.5 |
| Balance at December 31, 2024 | 380703974 | $— |  | $— | $2821.4 | $(238.3) | $(148.8) | $2434.3 |
| Net income (loss) |  |  |  |  |  | 164.5 |  | 164.5 |
| Exercise of employee stock options | 109017 |  |  |  | 1.3 |  |  | 1.3 |
| Stock-based compensation activity, net of shares withheld for tax<sup>(3)</sup> | 169340 |  |  |  | 4.5 |  |  | 4.5 |
| Employee 401K match with Vertiv stock | 18813 |  |  |  | 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 | 381001144 | $— |  | $— | $2829.6 | $(88.0) | $(75.2) | $2666.4 |
| Net income (loss) |  |  |  |  |  | 324.2 |  | 324.2 |
| Exercise of employee stock options | 733437 |  |  |  | 11.7 |  |  | 11.7 |
| Stock-based compensation activity, net of shares withheld for tax<sup>(4)</sup> | 7784 |  |  |  | 13.0 |  |  | 13.0 |
| Employee 401K match with Vertiv stock | 61463 |  |  |  | 3.9 |  |  | 3.9 |
| Dividend |  |  |  |  |  | (14.2) |  | (14.2) |
| Other comprehensive, net of tax |  |  |  |  |  |  | 120.4 | 120.4 |
| Balance at June 30, 2025 | 381803828 | $— |  | $— | $2858.2 | $222.0 | $45.2 | $3125.4 |

---

(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*

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**(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 | Three months ended June 30, 2025 | Three months ended June 30, 2025 | Three months ended June 30, 2025 |
| | Americas | Asia Pacific | Europe, Middle East, & Africa | Total |
| **Sales by Product and Service Offering:** |  |  |  |  |
| Products | $1320.8 | $424.0 | $374.1 | $2118.9 |
| Services & spares | 281.5 | 136.2 | 101.5 | 519.2 |
| &nbsp;&nbsp;&nbsp;Total | $1602.3 | $560.2 | $475.6 | $2638.1 |
| **Timing of Revenue Recognition:** |  |  |  |  |
| Products and services transferred at a point in time | $1356.4 | $425.2 | $346.2 | $2127.8 |
| Products and services transferred over time | 245.9 | 135.0 | 129.4 | 510.3 |
| &nbsp;&nbsp;&nbsp;Total | $1602.3 | $560.2 | $475.6 | $2638.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, 2024 | Three months ended June 30, 2024 | Three months ended June 30, 2024 | 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 | $1517.3 |
| Services & spares | 229.0 | 116.0 | 90.5 | 435.5 |
| &nbsp;&nbsp;&nbsp;Total | $1121.1 | $409.1 | $422.6 | $1952.8 |
| **Timing of Revenue Recognition:** |  |  |  |  |
| Products and services transferred at a point in time | $872.3 | $287.8 | $238.8 | $1398.9 |
| Products and services transferred over time | 248.8 | 121.3 | 183.8 | 553.9 |
| &nbsp;&nbsp;&nbsp;Total | $1121.1 | $409.1 | $422.6 | $1952.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
| | Americas | Asia Pacific | Europe, Middle East, & Africa | Total |
| **Sales by Product and Service Offering:** |  |  |  |  |
| Products | $2279.1 | $757.8 | $693.1 | $3730.0 |
| Services & spares | 508.5 | 249.6 | 186.0 | 944.1 |
| &nbsp;&nbsp;&nbsp;Total | $2787.6 | $1007.4 | $879.1 | $4674.1 |
| **Timing of Revenue Recognition:** |  |  |  |  |
| Products and services transferred at a point in time | $2330.1 | $761.3 | $641.4 | $3732.8 |
| Products and services transferred over time | 457.5 | 246.1 | 237.7 | 941.3 |
| &nbsp;&nbsp;&nbsp;Total | $2787.6 | $1007.4 | $879.1 | $4674.1 |

---

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Six months ended June 30, 2024 | Six months ended June 30, 2024 | Six months ended June 30, 2024 | Six months ended June 30, 2024 |
| | Americas | Asia Pacific | Europe, Middle East, & Africa | Total |
| **Sales by Product and Service Offering:** |  |  |  |  |
| Products | $1608.2 | $517.1 | $629.4 | $2754.7 |
| Services & spares | 437.9 | 224.3 | 175.0 | 837.2 |
| &nbsp;&nbsp;&nbsp;Total | $2046.1 | $741.4 | $804.4 | $3591.9 |
| **Timing of Revenue Recognition:** |  |  |  |  |
| Products and services transferred at a point in time | $1554.3 | $513.2 | $444.9 | $2512.4 |
| Products and services transferred over time | 491.8 | 228.2 | 359.5 | 1079.5 |
| &nbsp;&nbsp;&nbsp;Total | $2046.1 | $741.4 | $804.4 | $3591.9 |

---

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 <br>June 30, 2025 | Balances at December 31, 2024 |
| Deferred revenue - current | $1257.3 | $1063.3 |
| Deferred revenue - noncurrent<sup>(1)</sup> | 106.4 | 91.3 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;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<sup>(1)</sup> | Six months ended June 30, 2025 | Six months ended June 30, 2024<sup>(1)</sup> |
| 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) |
| &nbsp;&nbsp;&nbsp;Total | $1.9 | $(2.5) | $3.0 | $(2.2) |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;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 | $5.9 |
| Plant closing and other | 0.1 | (1.0) | 1.0 | 0.1 |
| &nbsp;&nbsp;Total | $10.4 | $(7.4) | $3.0 | $6.0 |

---

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

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 |
| &nbsp;&nbsp;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 | $2086.5 | $2097.0 |
| 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) |
|  | 2921.5 | 2928.2 |
| Less: current portion | (21.0) | (21.0) |
| Total long-term debt, net of current portion | $2900.5 | $2907.2 |

---

*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 |
| <u>Reconciliation of cash, cash equivalents, and restricted cash</u> |  |  |
| Cash and cash equivalents | $1640.8 | $1227.6 |
| Restricted cash included in other current assets | 15.2 | 4.6 |
| &nbsp;&nbsp;&nbsp;Total cash, cash equivalents, and restricted cash | $1656.0 | $1232.2 |

---

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

---

| | | |
|:---|:---|:---|
| | June 30, 2025 | December 31, 2024 |
| <u>Inventories</u> |  |  |
| Finished products | $505.3 | $400.8 |
| Raw materials | 648.8 | 564.7 |
| Work in process | 259.2 | 278.9 |
| Total inventories | $1413.3 | $1244.4 |

---

---

| | | |
|:---|:---|:---|
| | June 30, 2025 | December 31, 2024 |
| <u>Property, plant and equipment, net</u><sup>(1)</sup> |  |  |
| Machinery and equipment | $644.5 | $570.1 |
| Buildings | 400.7 | 362.1 |
| Land | 41.2 | 39.4 |
| Construction in progress | 71.6 | 87.5 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, at cost | 1158.0 | 1059.1 |
| Less: Accumulated depreciation | (491.6) | (434.0) |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | $666.4 | $625.1 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;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 |
| <u>Accrued expenses and other liabilities</u> |  |  |
| 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 |
| &nbsp;&nbsp;&nbsp;Total | $578.5 | $612.6 |

---

---

| | | |
|:---|:---|:---|
| | Six months ended June 30, 2025 | Six months ended June 30, 2024 |
| <u>Change in product warranty accrual</u> |  |  |
| Balance at the beginning of the period | $27.5 | $26.1 |
| &nbsp;&nbsp;Provision charge to expense | 14.6 | 10.8 |
| &nbsp;&nbsp;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

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

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 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 |
| |<br>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 | $1640.8 | $1640.8 | $— | $— |
| 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 |  | $1695.0 | $1640.8 | $54.2 | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
| |<br>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 | $1227.6 | $1227.6 | $— | $— |
| 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 |  | $1301.0 | $1227.6 | $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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

*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 | June 30, 2025 | December 31, 2024 | December 31, 2024 |
| | Fair Value | Par Value<sup>(1)</sup> | Fair Value | Par Value<sup>(1)</sup> |
| Term Loan due 2027 | $2089.1 | $2086.5 | $2097.0 | $2097.0 |
| 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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**(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) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss)<sup>(1)</sup> | 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 |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) deferred during the period<sup>(2)(3)</sup> | (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) |
| &nbsp;&nbsp;&nbsp;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) |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains deferred during the period<sup>(4)</sup> | 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**Reportable Business Segments**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended June 30, 2025 | Three months ended June 30, 2025 | Three months ended June 30, 2025 | Three months ended June 30, 2025 |
| | Americas | Asia Pacific | Europe, Middle East & Africa | Total |
| Sales | $1609.9 | $615.5 | $615.2 | $2840.6 |
| Intersegment sales | 7.6 | 55.3 | 139.6 | 202.5 |
| &nbsp;&nbsp;Net Sales | 1602.3 | 560.2 | 475.6 | 2638.1 |
| **Significant segment expenses** |  |  |  |  |
| &nbsp;&nbsp;Cost of sales<sup>(1)</sup> | 1021.1 | 413.7 | 294.9 | 1729.7 |
| &nbsp;&nbsp;Marketing, sales and service costs | 88.8 | 34.7 | 22.6 | 146.1 |
| &nbsp;&nbsp;Engineering, research and development costs | 55.3 | 29.0 | 26.8 | 111.1 |
| &nbsp;&nbsp;Information technology costs | 20.6 | 12.3 | 7.6 | 40.5 |
| &nbsp;&nbsp;Restructuring costs | 0.6 | 0.9 | 0.3 | 1.8 |
| &nbsp;&nbsp;Other segment items<sup>(2)</sup> | 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) |
| &nbsp;&nbsp;Total corporate and other |  |  |  | (58.7) |
| Amortization of intangibles |  |  |  | (46.9) |
| **Operating profit (loss)** |  |  |  | 442.4 |

---

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

(2)&nbsp;&nbsp;&nbsp;&nbsp;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 | Three months ended June 30, 2024 | Three months ended June 30, 2024 | Three months ended June 30, 2024 |
| | Americas | Asia Pacific | Europe, Middle East & Africa | Total |
| Sales | $1126.9 | $448.3 | $561.2 | $2136.4 |
| Intersegment sales | 5.8 | 39.2 | 138.6 | 183.6 |
| &nbsp;&nbsp;Net Sales | 1121.1 | 409.1 | 422.6 | 1952.8 |
| **Significant segment expenses** |  |  |  |  |
| &nbsp;&nbsp;Cost of sales<sup>(1)</sup> | 659.7 | 288.7 | 252.0 | 1200.4 |
| &nbsp;&nbsp;Marketing, sales and service costs | 81.5 | 30.2 | 24.0 | 135.7 |
| &nbsp;&nbsp;Engineering, research and development costs | 47.4 | 24.2 | 21.4 | 93.0 |
| &nbsp;&nbsp;Information technology costs | 19.7 | 14.9 | 8.6 | 43.2 |
| &nbsp;&nbsp;Restructuring costs | 0.2 | (2.5) |  | (2.3) |
| &nbsp;&nbsp;Other segment items<sup>(2)</sup> | 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) |
| &nbsp;&nbsp;Total corporate and other |  |  |  | (45.1) |
| Amortization of intangibles |  |  |  | (45.8) |
| **Operating profit (loss)** |  |  |  | $336.0 |

---

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

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

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
| | Americas | Asia Pacific | Europe, Middle East & Africa | Total |
| Sales | $2807.1 | $1101.6 | $1143.5 | $5052.2 |
| Intersegment sales | 19.5 | 94.2 | 264.4 | 378.1 |
| &nbsp;&nbsp;Net Sales | 2787.6 | 1007.4 | 879.1 | 4674.1 |
| **Significant segment expenses** |  |  |  |  |
| &nbsp;&nbsp;Cost of sales<sup>(1)</sup> | 1783.2 | 738.5 | 546.9 | 3068.6 |
| &nbsp;&nbsp;Marketing, sales and service costs | 154.0 | 63.5 | 46.8 | 264.3 |
| &nbsp;&nbsp;Engineering, research and development costs | 105.6 | 54.0 | 50.1 | 209.7 |
| &nbsp;&nbsp;Information technology costs | 42.5 | 28.8 | 17.8 | 89.1 |
| &nbsp;&nbsp;Restructuring costs | 0.7 | 0.9 | 0.9 | 2.5 |
| &nbsp;&nbsp;Other segment items<sup>(2)</sup> | 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) |
| &nbsp;&nbsp;Total corporate and other |  |  |  | (106.1) |
| Amortization of intangibles |  |  |  | (92.9) |
| **Operating profit (loss)** |  |  |  | 733.1 |

---

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

(2)&nbsp;&nbsp;&nbsp;&nbsp;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 | Six months ended June 30, 2024 | Six months ended June 30, 2024 | Six months ended June 30, 2024 |
| | Americas | Asia Pacific | Europe, Middle East & Africa | Total |
| Sales | $2060.2 | $808.5 | $1032.7 | $3901.4 |
| Intersegment sales | 14.1 | 67.1 | 228.3 | 309.5 |
| &nbsp;&nbsp;Net Sales | 2046.1 | 741.4 | 804.4 | 3591.9 |
| **Significant segment expenses** |  |  |  |  |
| &nbsp;&nbsp;Cost of sales<sup>(1)</sup> | 1244.6 | 523.1 | 495.9 | 2263.6 |
| &nbsp;&nbsp;Marketing, sales and service costs | 154.0 | 57.9 | 46.9 | 258.8 |
| &nbsp;&nbsp;Engineering, research and development costs | 89.1 | 46.0 | 40.4 | 175.5 |
| &nbsp;&nbsp;Information technology costs | 37.9 | 28.7 | 16.6 | 83.2 |
| &nbsp;&nbsp;Restructuring costs | 0.3 | (2.1) | 0.7 | (1.1) |
| &nbsp;&nbsp;Other segment items<sup>(2)</sup> | 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) |
| &nbsp;&nbsp;Total corporate and other |  |  |  | (85.0) |
| Amortization of intangibles |  |  |  | (91.8) |
| **Operating profit (loss)** |  |  |  | $538.6 |

---

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

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

---

| | | |
|:---|:---|:---|
| <u>Total Assets</u> | June 30, 2025 | December 31, 2024 |
| Americas | $4061.5 | $3728.9 |
| Asia Pacific | 1765.9 | 1631.6 |
| Europe, Middle East & Africa | 3045.6 | 2654.8 |
|  | 8873.0 | 8015.3 |
| Corporate and other | 1533.2 | 1117.2 |
| &nbsp;&nbsp;&nbsp;Total | 10406.2 | $9132.5 |

---

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Depreciation and Amortization</u> | 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 |
| &nbsp;&nbsp;&nbsp;Total | $73.3 | $68.4 | $144.9 | $137.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Capital Expenditures</u> | 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 |
| &nbsp;&nbsp;&nbsp;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 | 381482996 | 374734093 | 381166015 | 376934638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of equity-based compensation | 8363831 | 9753976 | 8811501 | 10066790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average number of shares outstanding - diluted | 389846827 | 384488069 | 389977516 | 387001428 |
| Earnings (loss) per share |  |  |  |  |
| &nbsp;&nbsp;Basic | $0.85 | $0.48 | $1.28 | $0.46 |
| &nbsp;&nbsp;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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**(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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

*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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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 | $2638.1 | $1952.8 | $685.3 | 35.1% |
| Cost of sales | 1741.5 | 1211.6 | 529.9 | 43.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | 1050.0 |
| Other operating expense (income) | 7.5 | (2.1) | 9.6 | 457.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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 | $1602.3 | $1121.1 | $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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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 | $4674.1 | $3591.9 | $1082.2 | 30.1% |
| Cost of sales | 3091.0 | 2284.3 | 806.7 | 35.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 1583.1 | 1307.6 | 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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 | $2787.6 | $2046.1 | $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 | $1007.4 | $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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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.

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| **<u>EXHIBIT INDEX</u>** | **<u>EXHIBIT INDEX</u>** |
| **Exhibit No.** | **Description** |
| 10.1 | <u>[Transition and Consulting Agreement, dated May 28, 2025 (filed herewith)](exhibitno101-transitionand.htm)</u> |
| 31.1 | <u>[Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)](q22025exno311section302-vrt.htm)</u> |
| 31.2 | <u>[Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)](q22025exno312section302-vrt.htm)</u> |
| 32.1 | <u>[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)](q22025exno321section906-vrt.htm)</u> |
| 32.2 | <u>[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)](q22025exno322section906-vrt.htm)</u> |
| 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) |

---

------

<u>[Table of contents](#i2cf170e98db14ba480dc2ebbdb264c9b_10)</u>

**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 |

---

## Exhibit 10.1

**EXHIBIT 10.1**

**TRANSITION AND CONSULTING AGREEMENT**

This Transition and Consulting Agreement ("**Agreement**") is made by and between Vertiv Group Corporation, a Delaware corporation with an office located at 505 N. Cleveland Avenue, Westerville, OH 43082 (together with Vertiv Holdings Co and their respective subsidiaries, "**Vertiv**") and David Fallon, currently with the same business address, (the "**Executive**") and is effective as of May 28, 2025 ("**Effective Date**"). This Agreement reflects our mutual understanding with respect to Vertiv's desire, and the Executive's willingness, for the Executive to continue the Executive's services as an officer of Vertiv until a suitable successor is hired to replace the Executive, and then for the Executive to transition to providing services as an independent contractor, according to the terms and conditions set forth herein.

NOW, THEREFORE, the parties agree as follows:

**1.<u>Scope of Services</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.Chief Financial Officer Transition**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Vertiv and the Executive hereby agree that the Executive has provided notice of the Executive's resignation as Chief Financial Officer ("**CFO**") and an executive officer of Vertiv to be effective on the date Vertiv appoints a successor CFO, as specified below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Executive and Vertiv agree that the Executive will continue to provide services as an employee of Vertiv until a successor has been named and assumes the role, which is anticipated to occur in the second half of 2025, or a later date as may be determined by the Chief Executive Officer of Vertiv (the "**CEO**") or the Board of Directors of Vertiv (the "**Board**"), or in the event of the termination of the Executive's employment due to the Executive's death or disability (such date of cessation of employment, the "**Transition Date**"). The Executive agrees to provide services as an employee through the Transition Date. Failure to provide services through the Transition Date (other than for death or disability) will cause the Executive to forfeit any compensation to which the Executive could otherwise become entitled pursuant to Sections 3.1, 3.2 and 4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Through the Transition Date, the terms of the Executive's employment will be governed by both this Agreement and any prior offer letter and restrictive covenants (collectively, the "**Employment Agreement**"). This Agreement shall control to the extent there is a discrepancy between this Agreement and the Employment Agreement. The Executive acknowledges that the Executive is not entitled to any severance benefits under Vertiv's Executive Employment Policy or Change in Control Severance Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.Post-Transition Date Duties/Consulting Term**. Following the Transition Date, Executive will become an independent contractor, and perform for and deliver to Vertiv normal transition services, consultation upon matters within the unique knowledge of the Executive and other services as may be agreed to by Vertiv and the Executive from time to time (the "**Services**"), through December 31, 2026, or such earlier date as mutually agreed by the parties (the "**Separation Date**", and such period between the Transition Date and the Separation Date, the "**Consultant Term**"), examples of which Services are set forth as Exhibit B to this Agreement. The Executive initially shall report to the CEO in connection with the performance and delivery of the Services (the "**Project Manager**"). The Project Manager may be changed upon written notice given by Vertiv to the Executive. In connection with the Services, Vertiv shall use reasonable efforts not to provide the Executive with any material non-public information regarding Vertiv; the foregoing notwithstanding, the Executive agrees to remain subject to

------

and bound by the Vertiv Corporation Insider Trading Policy. During the Consultant Term, the Executive shall remain subject to the Restrictive Covenants as defined in Section 8 of this Agreement. For the avoidance of doubt, there shall be no gap in time between the employment period and the Consultant Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.Performance/Delivery**. During the Consultant Term, the Executive shall use reasonable commercial efforts to perform the Services in accordance with the timetable and milestones set by the Project Manager. All Services are to be performed to the satisfaction of the Project Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.Personal Agreement**. This Agreement is personal between Vertiv and the Executive, and Vertiv is relying on the Executive's expertise in performing the Services. The Executive may not assign, delegate or subcontract any of the Services without the prior written consent of Vertiv.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5.Independent Contractor**. The parties agree that during the Consultant Term, the Executive will be an independent contractor in the performance of the Services and not as an employee of Vertiv. Vertiv shall take no deductions from any compensation paid to the Executive for taxes or related payroll deductions, and the Executive agrees to file all such forms and pay all such taxes as may be required by virtue of the Executive's status as an independent contractor. Vertiv shall carry no worker's compensation, health, accident or disability insurance to cover the Executive or its personnel. **THE EXECUTIVE AGREES TO DEFEND, INDEMNIFY AND HOLD VERTIV, ITS AFFILIATED ENTITIES, SUCCESSORS AND ASSIGNEES AND THEIR RESPECTIVE PARTNERS, SHAREHOLDERS, OFFICERS, DIRECTORS, MANAGERS AND EMPLOYEES HARMLESS FROM ANY FAILURE BY THE EXECUTIVE TO FILE SUCH FORMS OR PAY SUCH TAXES**. Nothing herein shall imply a partnership, joint venture or principal and agent relationship between the parties. Neither party shall have any right, power or authority to create any obligation, express or implied, on behalf of the other. The Executive's obligations under this Agreement shall be binding upon anyone assigned by the Executive to perform the Services for Vertiv, and the Executive shall be responsible for informing those persons of such obligations and ensuring their compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6.Benefits Waiver**. During the Consultant Term, the Executive and the Executive's employees or agents will not be entitled, and hereby waive any rights, to worker's compensation, retirement, insurance or other benefits afforded to employees of Vertiv.

**2.<u>Term and Termination</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.Term**. This Agreement shall commence on the date and year first above written and shall continue through the Separation Date unless earlier terminated by either party in accordance with Section 2.2 or by mutual agreement of the parties (such period referred to herein as the "**Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.Termination for Breach**. If either party defaults in the performance of any material provision of this Agreement, the non-defaulting party may terminate this Agreement upon notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.Cooperation**. At Vertiv's request, the Executive shall prepare and submit such documentation as may be necessary to evidence the results of the Services and the progress of the Executive in the performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.Payment to the Executive**. In the event of early termination of this Agreement, and conditioned upon return of all Vertiv Confidential Information (as defined below), work product and property, Vertiv shall reimburse the Executive for expenses properly incurred and documented in accordance with the provisions of Section 3.3. Vertiv may withhold a reasonable amount to compensate it for any estimated damages in the event Vertiv terminates this Agreement as a consequence of the Executive's breach of this Agreement or if the

------

Executive fails to comply with the Executive's obligations under Section 2.3, 8 and 12.2 that apply after termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.Survival**. The expiration or termination of this Agreement for any reason shall not terminate the obligations or liabilities of the parties under the applicable portions of Sections 1 through 12, each of which shall survive any such expiration or termination.

**3.<u>Compensation and Benefits</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.Compensation and Benefits through the Transition Date**. From the date hereof until the Transition Date, or the Executive's earlier voluntary termination of employment, the Executive will be entitled to receive (a) continued base salary at the Executive's current annual salary rate, subject to any adjustments that are generally applicable to other executive officers of Vertiv, paid in accordance with Vertiv's payroll practices in the ordinary course and (b) employee benefits at the level and of the type that the Executive and the Executive's dependents currently receive or as consistent with the benefits provided to executive officers at the same cost to the Executive as other executives. Following the Transition Date, the Executive will be eligible to continue medical coverage through COBRA at the Executive's own cost. From the date of this Agreement through the Transition Date, the Executive will be ineligible for (x) grants of equity based compensation and (y) any payment under the Vertiv Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.Compensation During the Consultant Term**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Equity Awards</u>. In consideration of the Services through the end of the Term and consistent with terms of the 2020 Stock Incentive Plan of Vertiv Holdings Co and Its Affiliates (the "**SIP**") and applicable award agreement, and subject to the Executive providing the Services during the Consultant Term, the Executive shall remain eligible to vest in the Stock Options granted to the Executive under the SIP in each of March 2022, 2023, 2024 and 2025 that will vest in March 2026 (the only vesting dates during the Consultant Term), which reflects up to 145,613 options in the aggregate eligible for vesting in March 2026, as reflected below:

---

| | | | |
|:---|:---|:---|:---|
| **Total Option Grant** | **Grant Date** | **Strike Price** | **Number of Unvested Options to Vest in March 2026** |
| 285000 | 3/3/22 | $11.50 | 71250 |
| 200286 | 3/7/23 | $15.84 | 50072 |
| 51150 | 3/7/24 | $72.09 | 12788 |
| 46012 | 3/7/25 | $85.04 | 11503 |
|  |  |  | **145613** |

---

The Executive agrees and acknowledges that the Executive has no rights with respect to any other awards under the SIP or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Bonus</u>. In consideration of the Executive providing the Services through the Separation Date, as reasonably requested by Vertiv in a satisfactory manner as determined by the CEO, and the Executive executing and not revoking the Releases described in Section 3.5 of this Agreement, Vertiv agrees to pay the Executive an aggregate amount equal to the product of (x) the amount the Executive would have received pursuant to the Vertiv Incentive Plan for the 2025 performance year had the Executive remained an employee through the payment date, utilizing a 100% factor for the "Individual Performance" metric, and the actual "Corporate" final score based on Vertiv's results at the end of the year, and (y) a fraction, the numerator of which is the number of days from January 1, 2025, through the Transition Date, and the denominator of which

------

is 365. Such payment shall be made in a lump sum no earlier than January 1, 2026, and no later than March 15, 2026. If the Executive fails to comply with the terms of this Agreement, any amounts paid pursuant to this Section 3.2(b) shall be subject to recoupment by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Executive Acknowledgement</u>. The payments and benefits described in Section 3.2(b) and/or Section 4 of this Agreement will terminate and be forfeited if the Executive fails to timely execute, or revokes, the associated Release, or if the Executive ceases to remain in compliance with the Executive's obligations under this Agreement and the Release and any other applicable documents. Vertiv shall have no obligations to provide the payments and benefits described in this Section 3.2 and/or Section 4, as applicable, if, prior to the Transition Date, Vertiv terminates the Executive's employment for Cause (as defined in the Executive Employment Policy (the "**Policy**")) or the Executive fails to comply with the Restrictive Covenants, as described in Section 8 of this Agreement. Any payments held up pending the effluxion of the revocation period will be paid as soon as practicable after it expires. Upon receipt of the consideration provided for under Section 3.2(b) and Section 4 of this Agreement, the Executive acknowledges that the Executive will have been paid all compensation and reimbursable expenses to which the Executive is or may be entitled—for the avoidance of doubt, including, without limitation, under the Executive's Employment Agreement, the Policy or any equity award agreements (other than pursuant to a subsequent option exercise). For the avoidance of doubt, nothing herein prevents Vertiv from enforcing future recoupment under the terms of Vertiv's clawback policy or any award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.Expense Reimbursement**. Vertiv shall reimburse the Executive for reasonable expenses incurred in connection with the performance of the Services solely to the extent such expenses are pre-approved in writing by Vertiv. Invoices for reimbursable expenses shall be submitted to the Project Manager for approval, together with all supporting documentation reasonably required by Vertiv, and Vertiv shall pay such invoices within sixty (60) days following such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.Release**. Upon (or within five (5) days after) each of (a) the Transition Date and (b) the Separation Date, the Executive shall execute and not revoke the General Release and Waiver of Claims in substantially the same form as attached hereto as Exhibit A (the "**Release**").

**4.<u>Extension of Option Exercise Period</u>**. In consideration of executing and not revoking a Release to be provided at the Transition Date, substantially in the form as attached hereto as Exhibit A, Vertiv agrees to extend to December 31, 2028, the period in which the Executive may exercise any Stock Options granted to the Executive under the SIP that are vested and outstanding as of March 2026.

**5.<u>Executive Warranties; Conflict of Interest</u>**.

The Executive represents and warrants to Vertiv as follows: (a) the Executive has the expertise, experience and knowledge to perform and deliver the Services; (b) the Executive will use reasonable commercial efforts to perform and deliver the Services in a diligent and timely manner; (c) the Executive is not a party to any agreement which prohibits, and is not otherwise prohibited from, performing and delivering the Services; (d) any work product prepared by the Executive as a consequence of the Services will not misappropriate or infringe the intellectual property rights of third parties; (e) the Executive will perform and deliver the Services in accordance with Section 1.2 through 1.4 of this Agreement; and (f) the Executive will perform and deliver the Services in accordance with all applicable laws, ordinances, requirements, directions, rules, statutes, regulations or lawful orders of any governmental authority or agency.

------

<br>The Executive further represents and warrants to Vertiv that the Executive: (i) has no conflict of interest with respect to the Services to be performed for Vertiv under this Agreement; (ii) has not entered into any contract or agreement, or executed any document whatsoever, with any other person, firm, association, corporation or educational institution that will in any manner prevent the Executive from: (a) giving Vertiv the exclusive benefit of services under this Agreement; (b) disclosing and assigning ideas, inventions, computer software, trade secrets, and other intellectual property exclusively to Vertiv hereunder; or (c) performing any other provision of this Agreement; (iii) will not enter into any contract or agreement, or execute any such document, which will create a conflict of interest or prevent the Executive from freely performing any of the provisions of this Agreement; and (iv) will not knowingly incorporate confidential information of any person or entity not a party to this Agreement into any materials furnished to Vertiv hereunder without prior written notice to Vertiv.

Prior to the Separation Date, the Executive shall not, directly or indirectly, in the name of, on behalf of, or for the benefit of Vertiv offer, promise or authorize to pay any compensation, or give anything of value, to any official, agent or employee of any government or governmental agency, or to any political party or officer, employee, or agent thereof, or any candidate for political office. Any breach of this Section shall entitle Vertiv to terminate this Agreement effective immediately upon notice to the Executive.

**6.<u>Permits</u>**. The Executive shall acquire and maintain in good standing, and at the Executive's sole expense, all permits, licenses and other entitlements required by law in the performance of Services under this Agreement.

**7.<u>INDEMNIFICATION AND LIMITATION OF LIABILITY</u>**.

THE EXECUTIVE AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS VERTIV, AND VERTIV'S PARENT, AFFILIATES, DIVISIONS, SUCCESSORS AND ASSIGNEES AND THEIR RESPECTIVE PARTNERS, SHAREHOLDERS, OFFICERS, DIRECTORS, MANAGERS, EMPLOYEES, AGENTS AND INVITEES (REFERRED TO COLLECTIVELY AS THE "**INDEMNIFIED PARTY**") AND EACH OF THEM FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, SUITS, ACTIONS, LIABILITIES, AND/OR ACTIONS ASSERTED BY ANY PERSON, INDIVIDUALLY OR THROUGH ANY REPRESENTATIVE, INCLUDING ALL COSTS, ATTORNEY FEES, SETTLEMENT FUNDS, DAMAGES OR EXPENSES RESULTING OR ALLEGEDLY RESULTING OR ARISING FROM (I) ANY BREACH OF THIS AGREEMENT BY THE EXECUTIVE, (II) ANY ACTUAL OR ALLEGED VIOLATION BY THE EXECUTIVE, OR THE EXECUTIVE'S EMPLOYEES, THE EXECUTIVE OR AGENTS, OF ANY PATENT, INTELLECTUAL PROPERTY RIGHTS OR LICENSES RELATING TO THE EQUIPMENT SUPPLIED OR SERVICES PERFORMED BY THE EXECUTIVE AND (III) ANY CLAIM BROUGHT AGAINST VERTIV ARISING OUT OF THE DELIVERY AND PROVISION OF SERVICES BY THE EXECUTIVE OR THE EXECUTIVE'S EMPLOYEES, CONTACTORS, AGENTS OR THIRD PARTIES, INCLUDING WITHOUT LIMITATION ANY AND ALL ACTUAL OR ALLEGED INJURIES OR DEATH OF ANY PERSON OR DAMAGE TO ANY PROPERTY (THE "**INDEMNIFIED LIABILITIES**").

NEITHER PARTY SHALL BE LIABLE TO THE OTHER OR ANY OTHER PERSON FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR SPECIAL DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION, ANY DAMAGES CLAIMED FOR LOSS OF INCOME, REVENUE, OR PROFITS OR FOR LOSS OF GOODWILL) ARISING FROM OR RELATED TO SERVICES PROVIDED PURSUANT TO THIS AGREEMENT.

**8.<u>Restrictive Covenants</u>**. The Executive acknowledges and agrees that the Executive has previously entered into arrangements with Vertiv providing for restrictive covenants (including confidentiality, non-compete, non-solicit and non-disparagement) (the "**Restrictive Covenants**"). The Executive agrees that the Executive shall

------

remain subject to the Restrictive Covenants for the duration of the Consultant Term and following the end of the Term as set forth in such covenants. For the avoidance of doubt, any non-competition or non-solicitation covenant shall continue to apply during the Consultant Term and then for twelve (12) months following the end of the Consultant Term.

**9.<u>Notices</u>**. All notices hereunder must be in writing and shall be deemed validly given when delivered by hand, by nationally recognized overnight express delivery service or by First Class United States mail, certified, return receipt requested, addressed as follows:

To Vertiv:&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Group Corporation

&nbsp;&nbsp;&nbsp;&nbsp;505 N. Cleveland Ave.

&nbsp;&nbsp;&nbsp;&nbsp;Westerville, OH 43082

&nbsp;&nbsp;&nbsp;&nbsp;Attn: Legal Department

To the Executive:&nbsp;&nbsp;&nbsp;&nbsp;Personal email provided to the Legal Department

Any notice or other communication mailed as herein provided shall be deemed effectively given (a) on the date of delivery, if delivered by recognized, professional courier or (b) on the date received, if sent by overnight express delivery or if sent by U.S. mail. The parties may substitute recipient's names and addresses by giving at least ten (10) days' notice as provided hereunder. Rejection or refusal to accept delivery of any notice, or the inability to deliver any notice because of a changed address of which no notice was given, shall be deemed to be receipt of any such notice.

**10.<u>Cooperation after Separation Date</u>**. To the extent Vertiv determines that the Executive possesses information relevant to litigation, potential litigation, investigations by government agencies, potential investigations by government agencies, internal investigations, or otherwise, that relates to activities that occurred during the Term and while the Executive was employed by Vertiv, the Executive agrees to make the Executive reasonably available to provide information and assistance, including, but not limited to, meeting with Vertiv's counsel, interviews, attending or appearing as a witness at depositions, hearings, pretrial preparation and trial testimony, or other court or administrative proceedings, reviewing documents, and responding to requests for information from government authorities, opposing parties, outside and in-house counsel and otherwise. Vertiv agrees to accommodate the Executive's other commitments in scheduling any such interviews, depositions, pretrial preparation and trial testimony, or information requests, insofar as is reasonably practicable to minimize inconvenience to the Executive.

**11.<u>Section 409A</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.Interpretation**. The benefits provided under this Agreement are intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended, and all regulations, guidance, or other interpretive authority thereunder ("**Section 409A**"). To the extent that the benefits are subject to Section 409A, this Agreement will be interpreted and construed in favor of the Executive to the fullest extent allowed under Section 409A and the applicable guidance thereunder to satisfy the requirements of Section 409A or, alternatively, to comply with an exemption from Section 409A and the applicable guidance thereunder. Each payment of compensation under this Agreement will be treated as a "separate payment" of compensation for purposes of applying Section 409A and the short-term deferral exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.Separation from Service and Specified Employee**. To the extent Section 409A applies, any reference herein (or in any award or arrangement excluding, for the avoidance of doubt, any stock option) to a termination of employment, retirement, separation from service or phrases of similar import will mean a "separation from service" as defined in Treasury Regulation § 1.409A-1(h). Notwithstanding anything to the

------

contrary in Agreement Release, if the Executive is deemed on the date of termination of employment to be a "specified employee" within the meaning of that term under Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that constitutes "nonqualified deferred compensation" under Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of such "separation from service", and (ii) the date of the Executive's death, to the extent required under Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section shall be paid to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.Payment Dates**. Whenever a payment under this Agreement specifies a payment period with reference to a number of days or months, the actual date of payment within the specified period shall be within the sole discretion of Vertiv. In the event the payment period under this Agreement for any nonqualified deferred compensation commences in one calendar year and ends in a second calendar year, to the extent necessary to comply with Section 409A, the payment shall not be paid until the later of (i) the first payroll date of the second calendar year, or (ii) the date that such release becomes effective and irrevocable. The Executive shall not have the ability to control, directly or indirectly, the timing of any payments of deferred compensation subject to Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4.No Warranty or Guaranty of Tax Treatment**. The tax treatment of the benefits provided under this Release is not warranted or guaranteed. Vertiv does not represent or guarantee that any particular federal or state income, payroll or other tax treatment will result from the compensation or benefits payable under this Agreement. Vertiv does not represent that this Agreement complies with Section 409A and in no event shall Vertiv, its affiliates nor their respective directors, officers, employees or advisers be liable for any additional tax, interest or penalty that may be imposed on the Executive (or any other individual claiming a benefit through the Executive) pursuant to Section 409A or damages for failing to comply with Section 409A. The Executive is solely responsible for the proper tax reporting and timely payment of any tax or interest for which the Executive is liable as a result of the compensation or benefits payable pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5.Reimbursements**. To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the following: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (ii) any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the calendar year in which the expense was incurred; and (iii) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

**12.<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.Confidentiality of** this Agreement. Until this Agreement is public, the Executive agrees to hold in strict confidence the negotiations resulting in, contents, and terms of this Agreement, except (1) as expressly permitted by this Agreement; (2) as required by subpoena, court order, or applicable law; (3) to secure advice from a legal or tax advisor; (4) to the Executive's immediate family; or (5) in a legal action to enforce the terms of this Agreement. The Executive further agree to use every effort to prevent disclosure of the existence or terms of this Agreement by any of the persons referred to in (3) and (4) above. The Executive agree that the contents of this Section are a material term of this Release.

Notwithstanding the foregoing, Vertiv recognizes that the Executive may have questions pertaining to this Agreement and authorizes the Executive to communicate with Cesar Villa, <u>Cesar.Villa@vertiv.com</u>, with regard

------

to compensation and benefits questions and Stephanie Gill, <u>Stephanie.Gill@vertiv.com</u>, for all other questions related to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.Compliance**. The Executive will comply with all applicable laws, Vertiv policies and obligations of the Executive to Vertiv and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.Remedies**. In addition to all other remedies provided for hereunder, if the Executive breaches any term of this Agreement, Vertiv shall be entitled to its available legal and equitable remedies to the full extent permitted by law, including but not limited to, an injunction and suspending and recovering any and all payments and benefits made or to be made under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4.Successors and Assigns**. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by, Vertiv's successors and assigns. The rights and obligations of the Executive under this Agreement may only be assigned with the prior written consent of Vertiv.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5.Governing Law**. This Release shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Ohio or, where applicable, United States federal law, in each case, without regard to any conflicts of law provisions or those of any state other than Ohio. The parties agree that jurisdiction and venue shall lie exclusively in Franklin County, Ohio for any action involving the validity, interpretation, or enforcement of this Agreement, or for any claim for breach of this Agreement, for damages, and for other relief sought under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6.Severability**. If a court finds any term of this Agreement to be invalid, unenforceable, or void, Vertiv and the Executive agree that the court shall modify such term to make it enforceable to the maximum extent possible. If the term cannot be modified, Vertiv and the Executive agree that the term shall be severed and all other terms of this Agreement shall remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7.Expenses**. Each party hereto shall pay such party's own expenses incurred (including, without limitation, the fees of counsel) on such party's behalf in connection with this Agreement or any transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8.Waivers**. No waiver of any provision of this Agreement shall be effective, except pursuant to a written instrument signed by the party waiving compliance, and any such waiver shall be effective only in the specific instance and for the specific purpose stated in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9.Force Majeure**. Neither party shall be liable for its failure to perform under this Agreement (a) to the extent the non-performance is caused by events or conditions beyond that party's control, and (b) provided that party gives prompt notice to the other party and makes all reasonable efforts to perform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10.Entire Agreement**. This Agreement embodies the entire agreement and understanding of the parties hereto, and supersedes all prior or contemporaneous written or oral communications or agreements between Vertiv and the Executive, regarding the subject matter hereof. This Agreement may only be amended by a signed, written agreement between Vertiv and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.11.Counterparts**. This Agreement may be executed in two counterparts each of which shall be an original and together which shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12.Acknowledgment**. The Executive acknowledges that the Executive has fully read and understands this Agreement, has had an opportunity to consult with the Executive's counsel regarding this Agreement, and, intending to be legally bound hereby, has freely and voluntarily executed this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.13.Headings**. The section headings and subheading used herein are for ease of reference only and are not to be considered in the construction of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.14.No Presumption Against Drafter**. The parties agree that, despite any legal presumption or common law doctrine to the contrary, this Agreement shall not be construed against the drafter as both parties have had the opportunity to participate in the negotiation and drafting of the terms and conditions and preparation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.15.Authority**. The signatories below represent and warrant that they have read this Agreement, that they are fully authorized in the capacity shown, that they understand the terms of the Agreement and that they are executing the Agreement voluntarily, upon their best judgment and solely for the consideration described in this Agreement.

IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed by their duly authorized representative

**VERTIV GROUP CORPORATION**&nbsp;&nbsp;&nbsp;&nbsp;**DAVID FALLON**

<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Giordano Albertazzi&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ David Fallon&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Giordano Albertazzi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Vertiv Group Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>2025-05-28&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>2025-05-27&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

**Exhibit A<br><u>General Release and Waiver of Claims</u>**

This General Release and Waiver of Claims ("**Release**") is made by and between David Fallon ("**YOU**" or "**YOUR**") and Vertiv Group Corporation (which owns Vertiv Corporation) and Vertiv Holdings Co. (together with their respective subsidiaries, "**Vertiv**") (each, a "**Party**" and, collectively, the "**Parties**").

**1.<u>Release of Claims</u>**. In exchange for the valuable consideration described in the Agreement to which this is attached, YOU would not otherwise be entitled and the adequacy of which is hereby acknowledged, by signing this Release YOU, for yourself, YOUR spouse, YOUR marital community, and anyone who has or obtains legal rights or claims through YOU, agrees to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.**In General. YOU hereby forever release and discharge Vertiv, including all of their past and present employee benefit, stock and pension plans and funds, divisions, subsidiaries, affiliated entities, successors, assigns, heirs, predecessors in interest, joint ventures, commonly controlled corporations and related entities, and all of their past and present agents, employees, representatives, officers, directors, shareholders, attorneys, accountants, insurers, reinsurers, fiduciaries, administrators, and trustees, whether acting as an agent for Vertiv or in an individual or any other capacity (collectively "**Released Parties**") from any and all causes of actions, charges, complaints, suits, claims, demands, obligations, costs, losses, damages, rights, judgments, attorneys' fees or other fees, expenses, bonds, bills, penalties, fines, and all other liabilities of any kind whatsoever, whether known or unknown, suspected or unsuspected, fixed or contingent, including but not limited to those arising from any acts or omissions occurring up to and including the date YOU sign this Release, including those arising under any theory of law, whether common, constitutional, statutory or other of any jurisdiction, foreign or domestic, whether known or unknown, whether in law or in equity, which YOU or they had or may claim to have by reason of any actual, alleged or threatened act, omission, transaction, practice, plan, policy, procedure, conduct, statement, occurrence or other matter, or any number or combination thereof.

Such released claims include, without limitation, any and all claims of discrimination on the basis of race, color, sex, sexual harassment, religion, retaliation, creed or national origin under Title VII of the Civil Rights Act of 1964, as amended, or on the basis of age under the Age Discrimination in Employment Act of 1967, as amended, or on the basis of disability under the Americans with Disabilities Act, or on the basis of sex under the Equal Pay Act; any and all claims of pay discrimination under Title VII of the Civil Rights Act, Lilly Ledbetter Fair Pay Act, Americans with Disabilities Act, and Age Discrimination in Employment Act; any and all claims of discrimination on the basis of race, color, sex, sexual harassment, sexual orientation, gender identity, marital or familial status, creed, national origin, retaliation, age, religion and disability under any and all applicable state statutes and/or county and city ordinances including but not limited to the Ohio Fair Employment Practices Act – Ohio Rev. Code Ann. § 4112.01, et seq.; Ohio Statutory Provisions Regarding Retaliation/Discrimination for Filing Worker's Compensation Claim – Ohio Rev. Code Ann. § 4123.90; Ohio Equal Pay Law – Ohio Rev. Code Ann. § 4111.13 et seq.; Ohio State Wage Payment and Work Hour Laws - Ohio Rev. Code Ann. § 4111.01, et seq.; Ohio Political Action of Employees Laws; Ohio Witness and Juror Leave Laws – Ohio Rev. Code Ann. § 2313.18, et seq.; Ohio Voting Leave Laws – Ohio Rev. Code Ann. § 3599.06, et seq.; Ohio Military Family Medical Leave Act – Ohio Rev. Code Ann. § 5906.01, et seq.; claims based on a violation of Ohio public policy; and any discrimination/retaliation claims under § 1981 of the Civil Rights Act of 1866; any other claims of discrimination and retaliation under local, state or federal law, regulation

------

or Executive Order; any claims under the Older Worker Benefit Protection Act; any and all claims under the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act, including any claims in contract or tort; any and all wrongful termination causes of action, including the covenant of good faith and fair dealings, breach of an implied or express contract, negligent or intentional infliction of mental distress, promissory estoppel/detrimental reliance, defamation, negligent retention; any claims for lost wages, benefits, expenses, severance, compensatory or punitive damages, attorneys' fees, and all claims for any other type of damage relief; any and all claims under the Worker Adjustment and Retraining Notification (WARN) Act; any and all claims under the Family and Medical Leave Act ("**FMLA**"); any and all claims under any state labor laws; and any and all claims under the Employee Retirement Income Security Act, as amended (ERISA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.Representations**. YOU warrant and represent that (a) YOU have not filed or authorized the filing of any complaints, charges, or lawsuits against Vertiv or any of the Released Parties with any governmental agency, court, or self-regulatory organization ("**SRO**") and that if, unbeknownst to YOU, such a complaint, charge or lawsuit has been filed on YOUR behalf, YOU will immediately cause it to be withdrawn and dismissed; (b) without waiving any prospective or retrospective rights under the Fair Labor Standards Act ("**FLSA**"), YOU have been paid all compensation, wages, bonuses, commissions, and/or benefits to which YOU may be entitled; (c) YOU have no known workplace injuries or occupational diseases, nor are YOU aware of any facts (including any injuries or illnesses) that might lead YOU to file a workers' compensation claim against any of the Released Parties; (d) YOU have been provided and/or have not been denied any leave requested under the FMLA or any similar state law; and (e) the execution, delivery and performance of this Release by YOU does not and will not conflict with, breach, violate, or cause a default under any agreement, contract or instrument to which YOU are a party or any judgment, order or decree to which YOU are subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It is the intent of the Parties for YOU to release all claims that can legally be released, but no more than that.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)YOU are not, by signing this Release, releasing or waiving (1) any existing vested interest YOU may have in any 401(k) or profit sharing plan by virtue of YOUR employment with Vertiv; (2) any rights or claims that may arise after this Release is signed; (3) the post-employment benefits and payments specifically promised to YOU under this Release; (4) the right to institute legal action for the purpose of enforcing the provisions of this Release; or (5) any claim YOU have against Vertiv or any Released Party for indemnification under that certain Indemnification Agreement between YOU and Vertiv Holdings Co, which shall continue despite the termination of your employment. (Such termination shall have no adverse impact on any of YOUR rights thereunder and Vertiv shall remain fully liable under such Indemnification Agreement. It is the express intent of the Parties that the Indemnification Agreement and all Vertiv's obligations in its bylaws or otherwise to indemnify YOU shall continue notwithstanding the termination of YOUR employment.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Except as may be necessary to enforce this Release, and to the fullest extent permitted by law, YOU agree not to permit, authorize, initiate, encourage, support, join, or continue any lawsuit, complaint, arbitration, or other legal proceeding against any of the Released Parties based in whole or in part on any claim covered by this Release. YOU further agree that YOU will not permit yourself to be a member of any class in any court or in

------

any arbitration proceeding seeking relief against any of the Released Parties based on claims released by this Release, and that even if a court or arbitrator rules that YOU may not waive a claim released by this Release, YOU will not accept or be entitled to any money damages or other relief in connection with any other action or proceeding asserting any of the claims against any of the Released Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding any other provision set forth herein, nothing in this Release shall be construed in any way to limit YOUR right to communicate with, seek or obtain a whistleblower award from the Securities and Exchange Commission ("**SEC**") pursuant to Section 21F of the Exchange Act or to receive an award for information provided to any government agency, nor does it limit YOUR ability to communicate with any government agencies or otherwise participate or cooperate with an investigation conducted by the Equal Employment Opportunity Commission, SEC, or other federal or state government agency, including providing documents or other information, without notice to Vertiv. YOU agree that this Release may be pled as a complete bar to any action or suit before any administrative body or court with respect to any complaint or claim arising under any federal, state, local, and/or other law relating to any possible claim that exists, or may have existed, that relates in any way to Vertiv based on any events occurring up to and including the date that YOU sign this Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.Provisions Relating to ADEA Release**. YOU understand that the foregoing general release of claims also releases any claims that YOU may have against any Released Party under the Age Discrimination in Employment Act of 1967, as amended ("**ADEA**"), except any challenge to the knowing and voluntary nature of ADEA waiver. YOU represent that YOU are aware, understand and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The claims released above include all claims YOU have or may have arising out of or related to the ADEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Those ADEA claims waived, released and discharged do not include any claims that may arise after the Date of this Release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)YOU have twenty-one (21) days within which to consider this Release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)YOU are advised to consult with an attorney regarding, and before signing, this Release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)YOU may revoke this Release at any time within seven (7) days after the day YOU sign it, and this document will not become effective or enforceable and no payments or benefits under this Release will be payable until the eighth (8<sup>th</sup>) day, and only if YOU have not revoked this waiver. after the Date of this Release, on which day (the "**Effective Date**"), this Release will automatically become effective and enforceable unless revoked within that seven (7)-day period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.<u>Confidentiality of</u>** <u>Release</u>. Until this Release is public, YOU agree to hold in strict confidence the negotiations resulting in, contents, and terms of this Release, except (1) as expressly permitted by this Release; (2) required by subpoena, court order, or applicable law; (3) to secure advice from a legal or tax advisor; (4) to YOUR immediate family; or (5) in a legal action to enforce the terms of

------

this Release. YOU further agree to use every effort to prevent disclosure of the existence or terms of this Release by any of the persons referred to in (3) and (4) above. YOU agree that the contents of this Section are a material term of this Release.

Notwithstanding the foregoing, Vertiv recognizes that YOU may have questions pertaining to this Release and authorizes you to communicate with Cesar Villa, <u>Cesar.Villa@vertiv.com</u>, with regard to compensation and benefits questions and Stephanie Gill, <u>Stephanie.Gill@vertiv.com</u>, for all other questions related to this Release.

**3.<u>Continuation and Effect of Prior Agreements</u>**.

YOU have certain continuing obligations to Vertiv including specific obligations relating to non-disclosure, confidentiality, non-solicitation, non-disparagement and non-competition as specified in the Agreement, including the Restrictive Covenants, as such term is defined in the Agreement.

The Parties agree that nothing in this Release alters the obligations of the Parties as specified in the Agreement, which continues in effect.

With the exception of the Agreement, any other oral or written employment contract(s) previously existing between Vertiv and YOU and the obligations of all parties thereunder, except to the extent they are carried over and preserved in the Agreement and/or this Release, are of no further force or effect.

**4.<u>Remedies</u>**. In addition to all other remedies provided for hereunder, if YOU breach any term of this Release, Vertiv shall be entitled to its available legal and equitable remedies to the full extent permitted by law, including but not limited to, an injunction and suspending and recovering any and all payments and benefits made or to be made under this Release.

**5.<u>Non-Admission</u>**. It is expressly understood that this Release does not constitute, nor shall it be construed as, an admission by Vertiv or You of any liability or unlawful conduct whatsoever. Vertiv and YOU specifically deny any liability or unlawful conduct.

**6.<u>Waiver</u>**. No waiver of any of the terms of this Release shall be effective unless in writing and signed by the party to be charged therewith. Email shall be deemed a "writing" for the purposes of this Release. No waiver of any provision in this Release shall extend to or affect any obligation not expressly waived, impair any rights consequent on such obligation, or imply a subsequent waiver of that or any other provision.

**7.<u>Successors and Assigns</u>**. In the event of YOUR death, your rights hereunder shall pass to YOUR estate, subject to the foregoing, this Release is personal to YOU and may not be assigned by YOU without the written agreement of Vertiv. Vertiv retains the right to transfer its rights and obligations under this Release to any successors and/or assigns. Notwithstanding the foregoing, Vertiv hereby agrees to assign and transfer such rights and obligations hereunder to YOUR beneficiaries in accordance with the laws and regulations of Ohio which govern probate and intestate succession.

**8.<u>Enforceability</u>**. If a court finds any term of this Release to be invalid, unenforceable, or void, the Parties agree that the court shall modify such term to make it enforceable to the maximum extent possible. If the term cannot be modified, the Parties agree that the term shall be severed and all other terms of this Release shall remain in effect.

------

**9.<u>Law Governing</u>**. This Release shall be construed and enforced in accordance with, and the rights of the Parties shall be governed by, the laws of the State of Ohio or, where applicable, United States federal law, in each case, without regard to any conflicts of law provisions or those of any state other than Ohio. The Parties agree that jurisdiction and venue shall lie exclusively in Franklin County, Ohio for any action involving the validity, interpretation, or enforcement of this Release, or for any claim for breach of this Release, for damages, and for other relief sought under this Release.

**10.<u>Full Agreement</u>**. This Release, including all exhibits hereto, contains the full agreement between YOU and Vertiv. Except as specifically provided herein, this Release may not be modified, altered, or changed in any way except by written agreement signed by both Parties. The Parties agree that this Release supersedes and terminates any and all other written and oral agreements and understandings between the Parties, other than the Indemnification Agreement and agreements referenced in this Release.

------

**<u>ACKNOWLEDGMENT AND SIGNATURE</u>**

By signing below, I acknowledge and agree to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Vertiv's payment of money and/or granting of benefits to me constitutes consideration, in addition to any money or benefits that I am currently entitled to receive, for my signing this Release and does not in any way indicate that I have any viable claims against Vertiv or that Vertiv admits any liability to me whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.I understand and agree that if a Court declares any portion of this Release invalid in any manner that all remaining portions of the document will be given full force and effect and all remaining terms and conditions will apply to both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.I have up to twenty-one (21) days from the date I received the attached Release to decide if I want to sign and enter into this Release with Vertiv. I acknowledge that Vertiv has advised me to consult with an attorney to obtain any assistance that I need in reviewing or understanding any part of this document.

If I fail to return this signed Release to Vertiv, Attn: Human Resources, 505 N. Cleveland Ave., Westerville, Ohio 43082 by 5:00 p.m. EST on or before the twenty-first (21<sup>st</sup>) day following my receipt of it, the offers contained in the Agreement are withdrawn and will be of no further effect. Email delivery of this Release to any person in the Vertiv the Human Resources department shall be sufficient delivery for the purposes of this Release. Any changes to this Release during that period, whether material or not, will not extend the twenty-one (21)-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.I have been advised that this Release does not become effective for seven (7) days after I sign it. I understand that I may revoke (that is, cancel) the Release by submitting my intent to revoke in writing to Vertiv, Attn: Human Resources, 505 N. Cleveland Ave., Westerville, Ohio 43082 during this seven (7)-day period and that this Release shall not become effective or enforceable and the consideration due shall not become payable until the seven (7)-day revocation period has expired and I have not revoked this Release. The intent to revoke the Release must be in writing and, if mailed, must be postmarked within the revocation period, sent by certified mail, and properly addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.This waiver is not requested in connection with an existing incentive or other employment termination program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.I have not relied on any representations, promises, or agreements of any kind made by Vertiv in connection with my voluntary decision to sign this Waiver except those set forth in this Release and the attachments to it. I understand this Waiver does not waive rights or claims that may arise after this Waiver is executed.

[*Signature Page Follows*]

------

I have read the terms of this Release carefully and acknowledge that I have been advised to consult with an attorney to review it and have done so or voluntarily elected not to do so. I clearly understand all of the terms of this Release. I have not been forced or pressured in any manner whatsoever to sign this Release. I am fully capable of comprehending all of the Release's terms and voluntarily agree to all of its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Fallon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co (and its affiliates)**

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Stephanie Gill, Chief Legal Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

[*Signature page to General Release and Waiver of Claims*]

------

**Exhibit B**

Illustrative Examples of the Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advisory services for the CEO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support services for the successor CFO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participation in quarterly disclosure committee meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support for securities litigation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support for matters involving the Securities and Exchange Commission or the Department of Justice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing investor relations support and support across departments

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION PURSUANT TO**

**SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Giordano Albertazzi, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Vertiv Holdings Co;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 30, 2025 | /s/ Giordano Albertazzi |
| | Name: Giordano Albertazzi |
| | Title: Chief Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION PURSUANT TO**

**SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, David Fallon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Vertiv Holdings Co;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 30, 2025 | /s/ David Fallon |
| | Name: David Fallon |
| | Title: Chief Financial Officer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Vertiv Holdings Co (the "Company") on Form 10-Q for the quarterly period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Giordano Albertazzi, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: July 30, 2025 | /s/ Giordano Albertazzi |
| | Name: Giordano Albertazzi |
| | Title: Chief Executive Officer |

---

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Vertiv Holdings Co (the "Company") on Form 10-Q for the quarterly period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David Fallon, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: July 30, 2025 | /s/ David Fallon |
| | Name: David Fallon |
| | Title: Chief Financial Officer |

---

<br>