March 31, 2026 Baird Equity Research Industrial Sustainable Energy and Mobility Assessing Valuations for Our Coverage Valuation check-in as we near the end of Q1. Global uncertainty at the macro level has heightened investor scrutiny on the outlooks across our coverage. Secular tailwinds relating to load growth, energy security, and domestic procurement of energy and materials are still alive and strong, however, we believe that several stocks trading at outsized multiples may be at risk in the current market. We outline where each of our names is trading and highlight brief commentary below. ■ Looking at our list as a whole - q/q comparison. Broadly speaking, our list continues to trade at a premium to historical averages as investors have owned renewables names through the early innings of this energy infrastructure investment cycle. See our year-end 2025 valuation update note here. ■ Contextualizing our analysis. Here we compare the current P/E and EV/EBITDA multiples for our coverage to each company's respective historical range. Importantly, our references to the current premium/discount are in regard to the average (arithmetic mean) multiple at which each name has traded since going public, and each company's time period is different. ■ Names trading at the widest premium/discount to historical EV/EBITDA ranges. Examining the forward EV/EBITDA multiples across our coverage, the names trading at the highest premium relative to historical average are METC (117%), HASI (89%), and TSLA (57%). On the other hand, the steepest discounts are FSLR (49%), FLNC (34%), and ARRY (32%). ■ Names trading at outsized multiples - risk given uncertain global market backdrop. - BE: BE is currently trading at 44.5x forward EBITDA and 63.5x forward earnings despite relative weakness over the last five trading sessions (down 15% vs S&P 500 down ~3%). Even at these multiples, we remain buyers of BE as we believe the fundamental business backdrop has strengthened and believe consensus estimates are calibrated. - FLNC: FLNC's forward EBITDA and EPS multiples of 20.5x and 216.4x, respectively, are among the highest on our list. We remain cautious on shares given a 2H-weighted cadence of the year and several formidable competitors which we believe adds risk to the margin outlook for the business. ■ Names which screen attractively. - DAR: With estimates in an upward revision cycle and a major overhang removed last week (note here), we view a 9.5x forward EBITDA multiple as attractive. - ITRI: Despite questions regarding ITRI's ability to meet/exceed its 2027 financial targets, we view the current valuation as attractive and see demand questions as being a "when" rather than "if". - MWH: A forward EBITDA multiple of 14.2x is relatively low compared to many of our power-exposed names (an PWR 26.0x, PRIM 13.7x). We are encouraged by backlog which covers nearly all of 2026 guidance. - ORA: A high degree of visibility into revenue/earnings and stable business model draw us to ORA amidst uncertainty (14.8x forward EBITDA). ■ Valuation is a frequent source of pushback for BE, GEV, and TSLA. ■ See details section below for charts and additional information. Please refer to Appendix - Important Disclosures and Analyst Certification For authorized individual only. Use within artificial intelligence is illegal without written consent. Unauthorized distribution is prohibited. INDUSTRY UPDATE Prices as of 3/30/2026 Ticker Price Mkt Cap (mil) Rating Risk ALB $177.22 $20,889 O A AMRC $24.77 $1,320 O A ARRY $6.88 $1,051 N H BE $119.51 $31,505 O S DAR $60.37 $9,653 O H FLNC $13.00 $2,403 N S FSLR $184.70 $19,862 N H GEV $817.35 $228,858 O H HASI $35.84 $4,937 O A ITRI $83.88 $3,867 O A LCID $9.15 $2,857 N S METC $14.43 $796 O H MP $45.59 $7,992 O S MWH $28.51 $5,773 O H NXT $112.51 $17,102 O H QS $5.96 $3,348 N H RIVN $14.49 $17,866 O S TSLA $355.28 $1,250,941 O H Sources: FactSet and Baird Data Ben Kallo, CFA Sr. Research Analyst bkallo@rwbaird.com 646.557.3203 Davis Sunderland Sr. Research Associate dsunderland@rwbaird.com 414.765.3829 March 31, 2026 | Sustainable Energy and Mobility Details Note: LCID, QS, & RIVN excluded as they do not have positive NTM EPS history Note: 0.0x indicates negative NTM EPS; ranges and estimates over 100.0x trimmed to fit display Source: FactSet Source: FactSet Baird 2 March 31, 2026 | Sustainable Energy and Mobility Note: LCID, QS, & RIVN excluded as they do not have positive NTM EBITDA history Note: 0.0x indicates negative NTM EPS; ranges and estimates over 100.0x trimmed to fit display Source: FactSet Source: FactSet Baird 3 March 31, 2026 | Sustainable Energy and Mobility Valuation & Risks Albemarle Corporation (ALB) Valuation $210 price target. Our price target is based on ~17x our 2027E EV/EBITDA, compared to lithium peers at a mean of ~12x, which we believe balances ALB's China exposure, recent strength in storage end markets, and near-term supply/ demand dynamics. Risks Risks include: 1) weaker-than-expected end markets for bromine/lithium, 2) on-site challenges ramping lithium capacity, 3) irregular timing of HPC sales, 4) negative changes to the supply/demand dynamic for lithium, and 5) worse-than-expected cost-cutting initiatives. Ameresco, Inc. (AMRC) Valuation $44 price target using a ~13x EV/EBITDA multiple on our 2026 estimates. This is slightly below peers at ~14x. We think this multiple is valid balancing AMRC's project/energy asset pipeline and a near-term rush in demand with potential project delays. Risks Risks include: 1) lumpy financials 2) cost overruns, 3) changes in government policy and 4) “key-man” risk. Array Technologies, Inc. (ARRY) Valuation $10 price target assumes a ~10x EV/EBITDA multiple compared to solar supply chain/tracker comps which trade at a range of ~8x-16x (mean ~9x). We believe this discount to NXT and in-line multiple compared to peers properly balances ARRY’s competitive position, potential delays, and market risks. Risks Risks include: 1) slower-than-expected adoption of solar, 2) project delays, 3) competition, 4) technology risk, 5) policy risk, 6) interest rate risk, and 7) supply chain risk. Bloom Energy Corporation (BE) Valuation Our price target of $172 is based on a ~28x 2028E EV/EBITDA multiple — a premium to comps at a median ~26x 2026 estimates. We think this balances BE's differentiated technology and exposure to end market growth (both in deal size and customer type). Risks Risks include: (1) limited operating history in a developing market, (2) regulatory risk, (3) customer concentration, (4) manufacturing risk, (5) competition, and (6) need for further cost reductions to achieve profitability. Darling Ingredients Inc. (DAR) Valuation $64 price target assumes ~10x 2027E EV/ EBITDA multiple for both core business and DGD. This is a premium to its closest comp Neste (not covered) at ~9x 2027 estimates, its closest comp balancing DAR's high leverage ratio with its unique core business (natural hedge). Risks Risks include: (1) commodity risk, (2) competition for procurement of raw materials, (3) small number of suppliers, and (4) regulatory risk. Baird 4 March 31, 2026 | Sustainable Energy and Mobility Fluence Energy, Inc. (FLNC) Valuation $18 price target assumes a ~15x FY27E EV/EBITDA multiple which balances favorable OBBBA tailwinds and a potential bookings acceleration with a competitive market and FEOC risks. Battery peers trade at a mean ~15x 2027 estimates. Risks Risks include: 1) nascent market, making projections difficult, 2) market leadership could be a risk long-term, 3) applications segment success uncertain, 4) margin improvement uncertain, 5) cell supply issues potential, and 6) li-ion overheating/fire risk. First Solar, Inc. (FSLR) Valuation Our $205 SOTP-based valuation assumes ~$167 based on ~10x EPS utilizing fully ramped production capacity with our base case ASPs/cost per watt, and ~$38 of tax credits based on our DCF analysis. Peers trade at a mean ~12x 2026 EPS estimates. Risks Risks include: 1) project delays, 2) changes to global subsidies, 3) falling polysilicon prices, and 4) industry oversupply. GE Vernova Inc. (GEV) Valuation $923 price target assumes ~26x multiple on our 2030E EV/EBITDA (9% discount), a premium to comps which trade at a median 18x 2027 estimates. This premium is supported by GEV’s strong backlog position, U.S. listing, and upside to long-term targets stemming from pricing power for slot reservations. Risks Risks include: 1) technology risk, 2) supply chain risk, 3) policy risk, 4) competition, 5) foreign exchange risk, 6) health & safety risk, and 7) tariff risk. HA Sustainable Infrastructure Capital, Inc. (HASI) Valuation $45 price target based on a ~15x P/E multiple to our 2026 estimate vs. comps at a median ~15x, which include renewable equipment providers, asset managers, and yield vehicles. We believe this is justified due to HASI's portfolio diversity/optionality and strong financial position. Risks Risks include (1) changes in the fiscal health of the U.S., (2) credit risk due to exposure to ESCOs and NGOS, (3) energy prices, (4) interest rate risk, and (5) project risk. Itron, Inc. (ITRI) Valuation $128 price target is based on ~15x our 2027E EV/EBITDA (comps mean ~15x). We believe this balances ITRI's backlog and shift to higher margin business with potential headwinds regarding orders/visibility. Risks Risks include: (1) delays in project rollouts, (2) FX headwinds, (3) increasing international competition, and (4) slow pace of utility decision-making. Lucid Group, Inc. (LCID) Valuation Price target of $14 assumes ~10x our 2030E EV/EBITDA discounted back to YE:26 at a ~15% rate. This compares to peers at a median ~14x 2026 EV/EBITDA. We believe this multiple balances our positive view of LCID’s technology Baird 5 March 31, 2026 | Sustainable Energy and Mobility with execution and ramp risks. Risks Risks include: 1) production ramp, 2) competition, 3) concentrated ownership, 4) early stages of company life with new management, 5) new product launches, and 6) brand attractiveness. Ramaco Resources, Inc. (METC) Valuation Price target of $30 is based on ~10x our 2030E adj. EBITDA discounted at 12%, a discount to MP which we value at 23x. We believe this discount is justified given MP’s government support and significant execution risk ahead. Risks Risks include: 1) development/execution risk, 2) met coal market dynamics are driven by China, 3) competition, 4) policy/government risk, 5) geopolitical risk, and 6) environmental risk. MP Materials Corp. (MP) Valuation $80 price target is based on a ~19x EV/EBITDA multiple on our 2030 estimate (discounted at 9%) vs. Lynas, its closest peer, trading at ~19x 2027 estimates. We believe this balances pricing risk with MP's positioning in a long- term supply/demand imbalance and DoW partnership. Risks Risks include: 1) China dominates NdPr supply/pricing, 2) operating one mine, 3) potentially limited NdPr supply could limit adoption, 4) management has limited experience in mine operations, and 5) NdPr demand/supply dynamics could impact cash. SOLV Energy, Inc. (MWH) Valuation $36 price target. We use a ~14x EV/EBITDA multiple compared to E&C comps which trade at a median ~13x 2027 estimates. We believe this balances MWH’s end markets which are growing faster than peers’. Solar supply chain comps (secondary comp set) trade at a median ~11x 2027 estimates. Risks Risks include: 1) project timeline risk, 2) weather or other site-specific risk, 3) policy risk, 4) labor shortness, 5) equipment availability, and 6) engineering risk. Nextpower Inc. (NXT) Valuation $126 price target assumes a ~17x EV/EBITDA multiple on our F2028 estimates vs. ARRY (its closest comp) which trades at ~9x 2027 estimates. We believe this balances NXT’s leading market position, strong backlog, and strong cash generation with potential project delays and competitive pressure. Risks Risks include: 1) slower-than-expected adoption of solar, 2) project delays, 3) competition, 4) technology risk, 5) policy risk, 6) interest rate risk, and 7) supply chain risk. QuantumScape Corp. (QS) Valuation $12 price target. We use a discount rate of ~12% and assume terminal growth of ~5% in our DCF analysis. We are encouraged by liquidity forecast and milestones to date; however, significant milestones are still ahead. We seek additional datapoints on the go-to-market strategy before becoming more constructive. Risks Risks include: 1) QuantumScape is still pre-revenue, 2) we assume a slower production ramp, 3) production ramp could prove difficult, 4) a competitive market from multiple parties, and 5) Volkswagen non-exclusivity positive and Baird 6 March 31, 2026 | Sustainable Energy and Mobility negative. Rivian Automotive, Inc. (RIVN) Valuation $23 price target is based on ~25x our 2030 EBITDA estimate discounted back to YE:26 at a ~9% rate. This is a premium to EV and traditional OEM comps (median ~11x 2026E EV/EBITDA) which we believe is justified given its growth potential and brand. Risks Risks include: 1) production ramp, 2) slow pace of EV adoption 3) competition, 4) product and geographic expansion, 5) autonomous offering, 6) manufacturing expansion, and 7) software and services ramp. Tesla, Inc. (TSLA) Valuation Our $548 price target is based on ~74x our 2030 EBITDA estimate discounted back to YE:26 at a 9% rate. This is a premium to large-cap, high-growth peers (mean ~21x, range 4x-127x), which we believe is justified given its growth prospects and several tailwinds. Risks Risks include: 1) key-man risk, 2) slow pace of EV adoption, 3) dependence on single-source suppliers for key automotive parts, 4) limited advances in battery technology, and 5) challenging economic environment reduces automobile demand. Baird 7 March 31, 2026 | Sustainable Energy and Mobility Appendix - Important Disclosures and Analyst Certification Approved on 30 March 2026 17:30EDT/ Published on 31 March 2026 01:05EDT. Covered Companies Mentioned All stock prices below are the 3/30/2026 closing price. Albemarle Corporation (ALB - $177.22 - Outperform) Ameresco, Inc. (AMRC - $24.77 - Outperform) Array Technologies, Inc. (ARRY - $6.88 - Neutral) Bloom Energy Corporation (BE - $119.51 - Outperform) Darling Ingredients Inc. (DAR - $60.37 - Outperform) First Solar, Inc. (FSLR - $184.70 - Neutral) Fluence Energy, Inc. (FLNC - $13.00 - Neutral) GE Vernova Inc. (GEV - $817.35 - Outperform) HA Sustainable Infrastructure Capital, Inc. (HASI - $35.84 - Outperform) Itron, Inc. (ITRI - $83.88 - Outperform) Lucid Group, Inc. (LCID - $9.15 - Neutral) MP Materials Corp. (MP - $45.59 - Outperform) Nextpower Inc. (NXT - $112.51 - Outperform) QuantumScape Corp. (QS - $5.96 - Neutral) Ramaco Resources, Inc. (METC - $14.43 - Outperform) Rivian Automotive, Inc. (RIVN - $14.49 - Outperform) SOLV Energy, Inc. (MWH - $28.51 - Outperform) Tesla, Inc. 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