瑞银-光伏行业渠道调研：太阳能与储能推动可再生能源增长势头-Channel check：Solar;Solar-storage driving renewables momentum-20260313

ab

GlobalResearch

13March2026

Channelcheck:Solar

Solar/storagedrivingrenewablesmomentum

Channelcheck:Utilitysolarandstoragearedriversofrenewablesgrowth

TheUBSAlternativeEnergyandEnvironmentalServicesteampublishedtheirUSutilitysolarandstorageforecasts.SolarandcomplementarybatterystoragearelargecomponentsoftherenewablesbusinessesforPWR,MTZ,andPRIM.Ourkeytakeawaysfromtheforecast:

●Utilitysolarcapacityexpectedtogrowthrough2028:Utilitysolarcapacityadditionswere36GWdcin2025(reportedinGWac,convertedtoGWdcusingaconversionfactorof1.3).Theteamexpects42GWdctobeaddedin2026,andanother45/46GWdcaddedin2027/28;additionstaperslightlyfromthere.

●Utilitystoragegrowthexpectedtooutpacesolargrowth:From2025-2030E,theteamexpectstheUSstoragemarkettogrowata12%5-yrCAGRvs.aflattersolarmarket.TheyseeadditionalupsidefromthelargeamountofUSbatterymanufacturingexpectedinthenextfewyears,plussomeUSEVsales.

●Significantbatterycapacityinthepipeline:AsofOctober2025,theUShad24GWofbatterycapacityalreadyapproved,underconstruction,orcompletedandawaitinginterconnection.ThebulkoftheseprojectsareinTX(11.5GWofstorage),AZ,andCA.

●Solarprojectsaregettinglarger:60%ofUSsolarinstallsfrom2026-2030areexpectedtobe200MWorlarger.TheaveragesizeofUSsolarprojectshasgrown5xfrom2014-2024to~110MW.

●RenewablesarethefastestgrowingsourceofelectricitygenerationintheUS:Utilityscalesolargenleadsthis,increasing35%YoYforYTDOct-2025.

●Solarandbatteriesmakeupthemajorityofnewcapacityadditions:TotalUSutility-scalecapacityadditionsYTDthroughOctober2025were37.8GWac,utilityscalesolarrepresented52%ofthat.

●~3.5xsolarcapacityisneededtomatcheachGWofdatacenterdemand:Datacentersrequire24/7energyreliability.Theteamestimates~29GWofunderconstructionandplanneddatacenters,whichwouldrequireover100GWofsolartoachieveannualmatchingtargets.

Readthrough:PositiveforPWR,PRIM,MTZ

●RenewableenergyisasignificantbusinessforPWR,PRIM,andMTZ,sogrowthisapositive.PWRexpects~10%growthinrenewablesuntil2030,andnotedstrongsolarandstoragebacklogin3Q25.PRIMsawitsbatterystoragebusinessgrowtoover$250minrevenuein2025,andnotedthatsolarwithbatterystorageisoneofthelowestcostandfastest-to-marketsourcesofpowergeneration.PRIMexpectsgrowthtoresumeat$200-400mperyearafter2026.

Chartoftheweek:Utilitysolarinstallationsexpectedtogrowin2026and2027

TheUBSAlternativeEnergyandEnvironmentalServicesteamexpectsutilityinstallationstogrow17%/7%YOYin2026/2027,afterasubstantialincreaseinsolardevelopmentpipeline.

Equities

Americas

IndustrialEquipment

StevenFisher,CFA

Analyst

steven.fisher@

+1-212-7138634

AvinatanJaroslawicz

Analyst

avinatan.jaroslawicz@

+1-212-7131405

JudahAronovitz

AssociateAnalyst

judah.aronovitz@

+1-212-713-4881

LaurenSullivan

AssociateAnalyst

lauren.sullivan@

+1-212-7138230

ThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURES,includinginformationontheQuantitativeResearchReviewpublishedbyUBS,beginonpage16.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

【价值目录】网整理：

Figure1:U.Sutilitysolarforecast(GWdc)

50

40

30

20

10

2020

2021

2022

2023

2024

2025

2026E

2027E

2028E

2029E

2030E

ActualBbrgUBSe

Source:BloombergFinancialLLP,UBSe

Channelcheck:Solar13March2026ab2

【价值目录】网整理：

Channelcheck:Solar13March2026ab3

Channelcheck:SolarUBSResearch

Sentiment

Discussionscoveredthebreadthofourstocksthisweek

Incomingswerefocusedoneverythingfromagriculture,toaggregates,engineerstoequipmentrental,CATtocontractors.Alittlelessontrucks.

Oilpricewasabigtopicandrightlyso,inourview.Wethinktherewillultimatelybesomeprojectdelaysinafewmonths.Q1earningswillprobablystillbetoosoonforcompaniestoofferdefinitivemessaging,butwethinkthemarketisrightlystartingtodiscountalongertimehorizonforprojects.

Wepublishedourlatestnon-resreport,andwedidtweakdownourgrowthforecastin2026,butitwasnotduetotheoilpriceimpact.Wegenerallythinkstructuralprojectswillbemoresupported.Butwithenergyasingletodoubledigitcostfactor,dependingontheproject,asustainedbigmoveandthevolatilitycouldcreatesomedelays.

Sectors:Aginvestorskepticismdespitehighergrainprices

Ontheagricultureside,investorsstartedtheweekraisingtheviewthateventhoughgrainpriceswereup,fertilizerpricesweregoingtokeepfarmprofitabilityunderpressure.Forcorn,USDAforecastsfertilizeras36-37%ofoperating(i.e.input)costsin2025-26,and18%oftotallistedcosts(i.e.includesallocatedoverheadandnon-cashcosts).

Ourviewisthatsomeofthefertilizerwaspricedinadvanceandshouldbeabenefit,butweacknowledgethatthereislikelyagoodamountofin-seasonpurchasesthathavenotbeenbought,andalsofuelpricesarelikelytobeaheadwind.Still,thehighergrainpricesatthemomentmayallowforsalesofcarryovergraininstorageatbetterthanexpectedprices.

Sothereweresomecautiousinvestorstakingtheviewthatfarmersareinaworsepositionnow,notbetter.Tothatpoint,combinesalesweredownagaininFebruary(down8.5%,aftertwoupmonths).100hp+tractorscontinuedtobedown20-25%YOY.Europeandatathisweekwasmixed,butdidn’tshowbigmovementeitherway,andremainsthemorerelativelysteadymarket.ThislikelycontinuestofavorAGCOforthefirstpartoftheyear.

ThemorebullishinvestorsonDeerebelieveDeereisgoingtohaveanotherstrongbeatonconstruction.

Weagreeontheconstructionpart,basedonourtakeawaysfromConExpo.WethinkthemostimpactfuldatapointforDeerewillbeearlyordersforspringequipmentthissummer;weexpectthosetobeupdoubledigits.

Aggregates:Recentstockpricepressurecontinues;stillsomehousingandnowoilriskbutgoodlongtermentrypoints

Ontheaggregatesside,VulcanandMartinhavebeenunderprettyconsistentpressureinthelastmonth.SomeofitwastheQ4results,someofitisskepticismonhousingguidancereflecting2Himprovement,andsomeofitisoil.

Ontheoilpoint,weheardfromVulcanthattheyarewellprotectedfornow.Theyhavehedges,theyhavecontractprovisionstopassalongcosts.Theriskisthatconstructionprojectcostvolatilityandoverallinflationdelayssomeprojects.Ourconversationswithcontractorsandengineerssuggeststhatit’stooearlytosayyet,whichwebelievetobetrue.However,we’dexpectsomedelaystodevelopinthenext3months.

WethoughtVulcan’sinvestordaywaspositive.Theyhavegoodrunwayonoperationalimprovement,whichshouldhelpturnmodestvolumegrowthintobigcashgrossprofit

Channelcheck:Solar13March2026ab4

pertongrowth.We’dexpectmoreM&Atodriveupside.

Itwasclearfromourdiscussionsthatquarryoperationsareverycomplicatedlogistically,andthatautomationisnoteasy.Still,companieslikeVulcanandMartinaresquarelyfocusedoninvestingtodrivesavings.

Onethingwethoughtaboutinourmultiplematerialsexpertconversationsthisweekwasthepotentialtousetechnologytobringgreenfieldsonatlowercosts.Thosecostsdon'tseemtobeabigconsiderationatthemoment,butweassumeovertimethatcostcouldbeincreasinglyrelevant.WethinkthatwillaccelerateM&Abecausethelargerplayerswilllikelybetheoneswiththetechnologytoreducethosecostsandthepermits.

Whilehousingandoilrepresentsomerisks,wethinktheywillbemanageableandoffsetbyapickupinnonres.WepitchedVulcanonthebackofournon-resreport.

Engineers:Longonlyinterestbutstillmanyquestions

WehadsomelongonlyinterestinAECOMandJacobsthisweek,butinvestorswonderwhetherthenumberscanovercomethenarrative.WefindinvestorshavemoreinterestinJacobsatthemoment,relativetoAECOMduetodatacenter,semi,pharma,andutilityexposure.TopicalAIquestionsfromalongonlywerewhetherthetechnologytoolsarebeingdevelopedinhousegoingforwardorviathirdparty(weassumeboth)andwhether3rdpartyfirmshavehistoricalprojectdata.TherewasanargumentputforwardthatcompaniessuchasAutodeskdohavehistoricalprojectdata,butfeedbackfromalargeengineeringfirmwasthatthatisnotthecase.

OnKBR,thequestionfrominvestorswaswheredoesitgetjusttoocheap.OurviewisthattheselloffmakestheFCFyieldstandout,however,thestockcoulddriftuntilthereismoreproximitytotheinvestordays/separationofthesegments.Thereispotentialforalargegov’tawardanyday,buttimingisstillTBD.

PRIM:MixedsentimentbutnewCEOcontinuestosetapositivetone

Investorswanttoknowwhythestockhaslagged.Wethinkinvestorsstilllacksomeconfidencein2026coverageofguidancewithbacklogandrelianceontimingofbothnaturalgasandpipelinebookings.Theflipside,investorsstillarelookingforgasfiredpowerexposureandfeelthereisgoodupside.Ourtimeontheroadleftusfeelingliketheguidanceisslightlytiltedtotheupside,butthereisriskthatsomeprojectsgetdelayedasaresultoftheoilpriceshock.

Equipmentrentalunderpressureonmarginandcompetitivenarrative

Thesectorcontinuestobeunderpressure.URIhasnotbeenableshakethesentimentthatlargeprojectsaregettingmorecompetitive.Sunbelt’searningsdidn’thelpthemarginnarrativeeither.EquipmentShareisnowdown25%fromsell-sidelaunchdatepostIPO.Nextweek’searningswillbefocusedonexecution.Wedon’tthinkthemarketmessagewillvarytoomuchfrompeers.Thestockcouldseeamodestreboundiftheydeliveronexpectationsforbranchopenings,rentalprofits,andpossiblydrivesomeupsideonOWNprogramsales.Wedobelievetherearemanyexecutionassumptionsthatneedtobeunderwrittenforthestocktoreallydriveupside.Thisquarterisanopportunityforthecompanytoshowthatispossible.

Sunbelt(NYSE:SUNB)reported3Q26earningsasaUSlistedcompany

ReactionsweremutedforSUNB,butURI/EQPTstockshavebeendownsincetherelease:

●SUNBtoplinegrowthwasbetterthanexpected.Grouprentalrevenuewasup2.6%YoYinthequarter,andunderlyinggrowthincreased4%sequentiallyfromthefirsttwoquarters.

●EBITDAmarginsweredown260bpsYoYinQ3.NAEBITDAmarginsmissedby220bps(VisibleAlpha).TheYOYdeclinewasdrivenbyfastergrowthinthelower

Channelcheck:Solar13March2026ab5

marginspecialtysegment(thoughspecialtymarginwasdown240bpsitself),ancillarymixheadwinds,higherdeliverycosts,andfleetrepositioningexpenses.

●Managementnotesthatwhilespecialtymarginsarelower,thesegmentdrivesROIhigher.Whileancillarymarginsarelower,theseofferingshelpdrivevolume.Wethinkprovidingawiderangeofsolutionsisimportanttohelprentalcompaniesremaincompetitive.

●SUNBemphasizedsharegainswithnationalandregionalstrategiccustomers(e.g.megaprojects).Withcompetitivedynamicsakeyconcernintherentalindustry,wethinkthismessagecouldhavereadnegativelytoURIandEQPTwhicharedown~6%and~11%sincethereport,vs.SUNBflat/upslightly.

●Usedequipmentprofitremainsatlowlevelshistoricallybutturnedpositivein3Q26forSUNB;reporteda~$2mgainonsaleofusedequipment.

CATPoweropportunity-backupvsprime

We'vebeenaskedhowtothinkaboutthepoweropportunityforCAT,specificallyprimevsbackuppower.AtitsinvestordayinNovember,CATforecast>2xgrowthinPowerGenSales2024-2030.

Weestimate12GWofdatacenterswerebroughtonlineintheUSin2025,andassuminga1.0xredundancyratioforbackuppower,anda15-20%CAGRfordatacenterdevelopmentthrough2030,wethinktheUSdatacenterbackuppowermarketcouldgrowfrom12GWin2025to27-28GWby2030(translatesto105GWaddedintotalover2026-2030).

Figure2:EstimateofUSDataCenter/backuppowercapacityadditionsbyyear(18%CAGR2025-2030)

Source:UBSe

Note:Weassumea1:1ratioofbackuppowertodatacenterratedpowercapacity

●WeestimateCAT'smarketshareintheUSdatacenterbackuppowermarketwas~40%in2025,or~5GW,andassumetheirvolumesgrew~20%YOY(i.e.from~4GWin2024;totalPowerGenrevenuegrew32%in2025).

●CATisdoublingit'sproductioncapacityforlargeenginescomparedtoa2024base.Intotal,itexpectstohave50GWofproductioncapacitybetweenlargeenginesandturbinesby2030.

●Weexpectthisincreaseincapacitytobeweightedtowardsnaturalgasenginesusedinprimepower,whereCAThasalreadyannouncedmultiple1GW+orders,butwethinktheywillendupwithmorecapacityofenginesthanturbines.

●Still,assumingthesplitbetweendieselandnaturalgasisnothighlyskewed,wewouldestimate~80%growthinit'sUSdatacenterbackupdieselgeneratorsalesvolumesby2030vs2024,to7.0-7.5GW.

●Thiswouldleave42.5-43.0GWofcapacitysplitbetween(A)non-US/non-datacenterbackuppowermarkets;(B)naturalgasengines;(C)turbines.CAThasnotedthatnotalloftheoutputwillbegoingtowardsgeneration,asoil&gasisalarge

Channelcheck:Solar13March2026ab6

andgrowingendmarketforCAT'sengines/turbinesaswell(e.g.forcompression).

Figure3:Estimatedcompositionofthedatacenterbackuppowermarketinthe

US

Source:UBSe

BasedonCAT'stargets,weestimatecombinedPowerandOil&Gassalescouldreach$31bby2030.Ofthis,webelieve25-30%ofsalescouldcomefromlargedieselenginesglobally(primarilyforbackuppowerfordatacentersand/orotherlargeloads),20-25%fromnaturalgasengines,and~45%fromturbines,withtheremaining~5%fromsmallerengines.

Figure4:WeestimateCAT'sPower+Oil&Gasrevenuescouldreach$31bby2030,brokendownasfollows:

Source:UBSe

Note:NotexclusivelyOErevenues;assumesservicerevenuesincludedwithineachproducttype

Datapreview:

●ABI:Theindexdeclinedto43.8inJanuaryfrom48.5inDecember.Weexpectnegativescorestopersistuntilthere'smorecertaintyintheeconomy/policyandratesarelowered.

Figure5:Notabledataupdatesnextweek

Source:UBSNotes:Itemsarebasedondayinthemonth.Wedon’texpectanyweekendorholidayreleases.

Channelcheck:Solar13March2026ab7

Channelcheck:SolarUBSResearch

ChannelChecks

Date

3/6/2026

3/2/2026

2/20/2026

2/13/2026

2/6/2026

1/30/2026

1/23/2026

1/16/2026

1/11/2026

12/19/2025

12/12/2025

12/5/2025

11/28/2025

11/21/2025

11/14/2025

11/7/2025

10/31/2025

10/24/2025

10/17/2025

10/10/2025

10/4/2025

9/26/2025

9/19/2025

9/12/2025

9/5/2025

8/22/2025

8/16/2025

8/9/2025

8/2/2025

EndMarket

Non-Residential ConstructionUSConstructionOutlook

UsedEquipment

DataCenters

DataCentersTrucks

UtilityCapex

MiningCapex

AgMachinery

DataCentersTelecom

Trucks

Non-Residential ConstructionUSConstructionOutlook

ChinaConstructionMachinery

USConstructionOutlook

UsedEquipment

BuildingMaterialsDataCenters

AgMachinery

RentalEquipment

Trucks

ChinaConstruction MachineryDataCenters

AgMachinery

Usedequipment

UtilityCapex

AgMachinery

AgMachinery

andatruckleasingfirminUS/Canada

discounting

outpacesresourcegrowth

NorthAmericantruckexpert

Pre-buytosupporttrktils'il6l,h

UBSGlobalEnergy&UtilitiesConference

Powerdemandisdlioieihar;e

Coppercapexcycle

Copperminepjlroilt-

Brazilagmarketexpert

ExpertweighsinonpeiarlyBii0l

FormerexecutiveatalargeengineOEM

primeE:ritlifitiiieldia

FTTHexpertpanel

IndustryPanel:Fiberbuild

l'

ti

LargeUS/CADtruckdealerARTBA

Highwayspendingplateauingatahighlevel

Iowafarmtrip

Privateequipmentrentalcompaniesare

UBSEquipmentRentalsVirtualSeries

cautiouslyoptimisticabout2026

Acl.6-8truckdealerbasedintheNortheast

TruckcontactsciteaggressiveOEM

AfarmerintheMidwestthisweek

Corn:Somecolorfrontaidi;nus

Webscraping

UtilitycapexplansUtilitycapexplanscontinuetobeeii

Agexpertsandmachinerydealers

Usedagmachineryinventorieoahnaitlll

Farmaccountant:Bonusdepreciationis

Afarmaccountant

helpful,butnotwhenfarmersarelosing

money

CheckTopicsDiscussed

ARTBA

IIJAsetsahighbarfornexthighwaybill

TworegionalChambersofCommerce

Constructiongrowthhindered

Webscraping

Usedinvsisc:ttikldi-s;

NERC

NERC:Gridreliabilityatriskasenergydemand

DataCenterthemecall

Largenaturalgasenginesofferpaplurti

JLL

JLLseesrobustdatacenterpipeline

ThreeregionalChambersofCommerceTheUBSChinaconstructionmachineryteam

Amidstli,esici

TworegionalChambersofCommerce

Stillalotofcautia,rsrjc

Truckandconstructionequipmentdata

Uodnioivotriinn;

AlphaSense

TheUBSChinaconstructionmachineryteam

reportfor1H2025

volumein2H2025

CBRE'sNorthAmericaDataCenterTrends

CBREexpectspickupindatacenterinvestment

Source:UBS

Channelcheck:Solar13March2026ab8

EndMarketDashboard

Ourend-marketdashboardcompilesvariousdatapointstosynthesizerelevantend-markettrendsinanorganizedandeasilydigestibleformat.Wewillupdatethedashboardweeklyasnewdatabecomesavailable.

Figure6:End-MarketDashboard

EndMarketIndicators

Trend

TrendPeriod

Trend

Indication

Current

Data

Previous

Data

CurrentPeriod

Previous

Period

Current

YoY

Previous

YoY

General

1.8%

▲

InstituteforSupplyManagementPMI

52.4

52.6

Feb26

Jan26

4.2%

3.3%

4.7%

last3mo/prev3mo

▲

TotalNewMachineryOrders(SA)

40,358

40,170

Dec25

Nov25

10.0%

8.1%

2.2%

last3mo/prev3mo

▲

IndustrialProduction(SA)

102.3

101.6

Jan26

Dec25

2.3%

1.3%

0.2%

last3mo/prev3mo

r

CapacityUtilization(SA)

76.2

75.7

Jan26

Dec25

0.8%

-0.2%

-0.1%

last3mo/prev3mo

r

Oil&Gas

4.8%

▲

OilPrice

93.10

64.63

Mar26

Feb26

40.5%

-11.9%

22.1%

last3mo/prev3mo

▲

USOilProduction

13,678

13,713

Mar26

Feb26

0.8%

1.6%

-0.2%

last3mo/prev3mo

r

USTotalRigCount

551

551

Mar26

Feb26

-6.9%

-6.0%

-0.3%

last3mo/prev3mo

r

DrilledbutUncompletedWells

4,977

4,993

Feb26

Jan26

-14.0%

-13.4%

-2.4%

last3mo/prev3mo

▽

Construction

-2.4%

▽

ChinaDomesticExcavatorSales(T12M)

117,904

122,789

Feb26

Jan26

10.9%

22.1%

1.9%

last3mo/prev3mo

▲

FederalBridge&TunnelAwards(T12M)

34,836

35,074

Jan26

Dec25

14.3%

15.6%

1.0%

last3mo/prev3mo

r

ConstructionEmployment(SAAR)

8,309

8,320

Feb26

Jan26

0.1%

0.4%

0.5%

last3mo/prev3mo

r

Non-ResidentialConstructionSpending(SAAR)

1,240,324

1,247,997

Dec25

Nov25

0.3%

-0.7%

-0.3%

last3mo/prev3mo

r

Non-ResidentialConstructionStarts(T12M)

471,488

474,893

Jan26

Dec25

5.5%

4.7%

-0.4%

last3mo/prev3mo

r

ArchitecturalInquiriesIndex

49.3

52.9

Jan26

Dec25

-4.1%

2.5%

-1.0%

last3mo/prev3mo

r

ArchitecturalBillingsIndex

43.8

47.1

Jan26

Dec25

-3.9%

6.8%

-1.4%

last3mo/prev3mo

r

FederalHighwayAwards(T12M)

92,027

94,578

Jan26

Dec25

0.3%

3.9%

-1.5%

last3mo/prev3mo

▽

NewConstructionMachineryOrders(SA)

4,444

4,545

Dec25

Nov25

22.2%

28.7%

-2.8%

last3mo/prev3mo

▽

KomtraxMachineUtilization(averageallregions)

57.7

52.5

Jan26

Dec25

2.8%

1.5%

-10.0%

last3mo/prev3mo

▽

FederalAirportAwards(T12M)

4,026

4,265

Jan26

Dec25

-15.2%

-8.1%

-12.1%

last3mo/prev3mo

▽

EquipmentRental

10.9%

▲

UBSRentalSurvey:RentalRates

7.11

6.05

Jan26

Dec25

35.0%

51.3%

17.8%

last3mo/prev3mo

▲

UBSRentalSurvey:BusinessConditions

6.32

5.28

Jan26

Dec25

14.3%

31.9%

4.1%

last3mo/prev3mo

▲

Trucks

13.7%

▲

CassLinehaulIndex

146.0

143.6

Jan26

Dec25

3.2%

2.1%

2.6%

last3mo/prev3mo

▲

European>16-tonneTruckRegistrations(T12M)

290,096

286,490

Dec25

Sep25

-5.8%

-6.1%

1.3%

lastQ/prevQ

r

ATATruckTonnageIndex

113.0

112.5

Jan26

Dec25

1.0%

1.1%

-1.1%

last3mo/prev3mo

r

CassFreightIndex:Expenditures

2.990

3.101

Jan26

Dec25

0.6%

-0.6%

-3.6%

last3mo/prev3mo

▽

CassFreightIndex:Shipments

0.886

0.932

Jan26

Dec25

-7.1%

-7.5%

-7.7%

last3mo/prev3mo

▽

NAClass8Production(T12M)

240,449

251,251

Jan26

Dec25

-27.1%

-24.4%

-8.2%

last3mo/prev3mo

▽

NAClass8NetOrders(T12M)

229,334

224,272

Jan26

Dec25

-22.7%

-24.7%

-8.8%

last3mo/prev3mo

▽

Farm/Ag

SoybeanPrice

0.0%

r

12

11

Mar26

Feb26

21.5%

7.7%

5.8%

last3mo/prev3mo

▲

WheatPrice

6.03

5.37

Mar26

Feb26

8.2%

-6.9%

5.7%

last3mo/prev3mo

▲

CornPrice

4.65

4.28

Mar26

Feb26

-1.1%

-11.7%

3.6%

last3mo/prev3mo

▲

Braziltractorsales(T12M)

51,894

52,552

Dec25

Nov25

13.8%

17.1%

2.6%

last3mo/prev3mo

▲

Germantractorregistrations(T12M)

25,544

25,712

Jan26

Dec25

-11.6%

-12.3%

-2.0%

last3mo/prev3mo

▽

UK>40hptractorregistrations(T12M)

8,887

8,831

Feb26

Jan26

-11.6%

-13.7%

-2.4%

last3mo/prev3mo

▽

NAHigh-hpAgEquipmentSales(T12M)

29,366

29,488

Jan26

Dec25

-23.0%

-24.6%

-5.4%

last3mo/prev3mo

▽

MilkPrice

14.70

16.35

Mar26

Feb26

-30.9%

-19.8%

-7.9%

last3mo/prev3mo

▽

Mining

4.8%

▲

CopperPrices

5.87

5.97

Mar26

Feb26

23.2%

29.7%

14.7%

last3mo/prev3mo

▲

Mining,Oil&GasFieldNewMachineryOrders(SA)

1,508

1,390

Dec25

Nov25

19.1%

-4.7%

0.6%

last3mo/prev3mo

r

IronOrePrices103.53

100.59Mar26

Feb262.5%

-5.4%-1.1%

last3mo/prev3mo

r

Source:ISM,FederalReserve,USCensus,FactSet,EIA,BakerHughes,ABI,Dodge,ARTBA,BLS,Komatsu,Hitachi,ACT,Cass,ACEA,MachineryPete,AEM,VDMA,ANFAVEA,ATA,AEA,UBSestimates

Channelcheck:Solar13March2026ab9

Recentreportsandnotes

Pleaseclickonthetitlesbelowtoaccessourrecentreportsandnotes.Eachofthetitlescontainsahyperlinktotherespectivereport.

Date3/11/2026

3/6/2026

2/27/2026

2/24/2026

2/18/2026

2/18/2026

2/13/2026

2/11/2026

2/6/2026

1/30/2026

E&CReports Date3/6/2026

3/6/2026

3/5/2026

3/4/2026

3/3/2026

2/27/2026

2/27/2026

2/27/2026

2/26/2026

2/26/2026

2/25/2026

2/24/2026

2/23/2026

2/18/2026

2/9/2026

2/4/202612/16/202546001

MachineryReports

Date

3/3/20262/18/2026

2/17/2026

2/10/2026

2/9/2026

2/6/2026

2/6/2026

2/5/2026

2/4/2026

2/4/2026

2/3/2026

2/3/20261/29/2026

1/28/2026

Title

ThoughtsaheadofVulcan's2026investorday

ConExpo2026:Positivesentimentthroughouttheindustry

Non-resconstructionspendingflatteningatendof2025

Constructionstartsrise16.2%inJanuarydrivenbyPowerandLNG

CrowdingFebruaryTrends:Bearishpositioningintheagsector

MLM&VMCQ4modelupdates:Choppyquarters,butsolidoutlooks

Largenaturalgasenginesofferanotherprimepowersolution

PutsandtakesinQ4resultsandguidance

NERC:Gridreliabilityatriskasenergydemandoutpacesresourcegrowth

Pre-buytosupporttruckmarketin2H'26,butdemandoutlookstillhazy

Title

Setupfor2026stillstrong;reiterateBuy

Takeawaysfrommeetingwithmanagement

Choppyquarterandoutlook,butsetupispositive;Raisingpricetarget

Q4EBITDAbeatonrevenues

Strongbackloggrowth,acquisitionssupportupsidetooutlook;Raisingprice

target

UBSFieldTrip:TexasE&CTakeaways

PutsandtakesinQ4,butguidanceaheadofconsensus

2026guidanceaheadofconsensus

PutsandtakesinKBR'sQ4andguidance

Increasingfocusonexecution;raisingPT,maintainNeutral

StrongbookingsandcashflowinQ4

Choppyfinishto2025,butbacklogpoisedforgrowth

PRIMQ4:Energybookingsrebound

Poisedfor2Hbackloginflection;RaisingPT

StrongbookingsinQ1

1Q26Earnings:Constructionmanagementbolstersthegrowthtrajectory

WSPannouncesacquisitionofTRC

TakeawaysfromFluormanagementmeeting

Title

Positivestarttotheyear

BeatinQ4;cautiousoptimismonimprovementin2026

InitiateNeutral:FastGrowth,NearlyFullCredit

InvestordayhighlightspartsopportunitiesandAIstrategies

Continuedpositiveindicatorsfor2026;currentconditionsste