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Generac Holdings Inc Strong look (into 2028) with visibility into growing book The market initially expressed disappointment at the absence of a hyperscaler contract, but the stock partially recovered when management disclosed that it had received a non- binding NTP with terms outlining $600mm of potential sales.  2028 top line set at $6.4bn mid-point with EBITDA margins set to improve several hundred bps despite flat gross margins: GNRC outlined a FY28 revenue target of $6.2–$6.6bn (mid-point ~$6.4bn), ~7% above BARC/Street expectations, alongside a segment reorganization into Residential and Commercial & Industrial (C&I) vs. the prior Domestic and International. Management highlighted four macro tailwinds underpinning the outlook: 1) deteriorating grid reliability; 2)structurally rising power prices; 3) accelerating AI/data center capex; and 4) ~$100tn of global infrastructure investment needs through 2040. Gross margins are expected to remain stable at 38–39% through 2028, reflecting a ~200bp benefit from pricing, cost leverage, tariff mitigation, and vertical integration, partially offset by a ~150bp mix headwind from faster-growing, lower-margin C&I. Operating leverage drives adjusted EBITDA margins into the low-20% range by FY28 (vs. ~17% in FY25), implying $1.25–$1.45bn of EBITDA, well ahead of the ~$700mm realized in FY25 . Capex of >$500mm (3–3.5% of sales) supports C&I expansion, while free cash flow conversion improves to 80–90%, yielding ~$1.5bn of cumulative FCF in the next three years. No hyperscaler deal yet, but $1bn in expected annual data center sales: C&I is the primary growth engine, projected to grow in the low-to-mid 20% range annually to $3.1–$3.3bn by FY28, comprising roughly 50% of total revenues by then (up from 41% in FY25). Data centers are central to this trajectory. While no definitive hyperscaler contract was announced at the analyst day, GNRC disclosed that it had received a Notice to Proceed from one, which is non-binding but lays out terms for ~$600mm of sales, with revenues likely skewed to 2027+. Management reiterated a $14–$17bn data center TAM and a target of $1bn in annual data center sales by FY28, split evenly between hyperscalers and co-locators. The backlog was updated to $700mm, up from $400mm as of the most recent earnings call, supporting confidence in the target. Beyond data centers, GNRC expects significant incremental C&I growth from telecom and other infrastructure, including cell towers and C-RAN hubs, where backup penetration remains below 50%. C&I EBITDA margins are expected to expand from ~11.5% in FY25 to the mid-to-high teens by FY28 on mix and scale. "Generac Home" expected to grow on back of outages and energy tech: Residential growth is positioned as slower but steady, with a high single-digit CAGR driving ~$3.1–$3.3bn of FY28 revenue. GNRC consolidated its offerings under “Generac Home, ” encompassing home standby Equity Research North America Clean Technology 26 March 2026 GNRC EQUAL WEIGHT Unchanged North America Clean Technology POSITIVE Unchanged Price Target USD 228.00 raised 7% from USD 213.00 Price (25-Mar-26) USD 205.16 Potential Upside/Downside +11.1% Source: Bloomberg, Barclays Research Market Cap (USD mn) 12037 Shares Outstanding (mn) 58.68 Free Float (%) 98.22 52 Wk Avg Daily Volume (mn) 1.1 Dividend Yield (%) N/A Return on Equity TTM (%) 6.22 Current BVPS (USD) 44.86 Source: Bloomberg Price Performance Exchange-NYSE 52 Week range USD 241.09-99.50 Source: IDC Link to Barclays Live for interactive charting North America Clean Technology Christine Cho, CFA +1 212 526 8419 christine.cho@barclays.com BCI, US Liam Duggan, CFA +1 212 526 5416 liam.duggan@barclays.com BCI, US Thomas Roche, CFA, CPA +1 212 526 9750 thomas.roche@barclays.com BCI, US Completed: 26-Mar-26, 00:58 GMT Released: 26-Mar-26, 10:00 GMT Restricted - External generators, portables, and energy technology. Of the ~$3.2bn midpoint, ~$500mm is expected from energy tech (up from our ~$380mm today), with ecobee contributing roughly two-thirds. Management remains confident Energy Tech reaches profitability by FY27 and was constructive on residential solar (PWRmicro) and storage (PWRcell) over the longer-term. However, near-term adoption may be constrained by a negative impact to demand following changes to the tax subsidy for the loan market, which is GNRC's primary exposure. On the U.S. home standby side, management expressed optimism that penetration could rise toward ~20% versus ~7% today, offering an incremental $50 bn opportunity. Residential EBITDA margins are projected to expand from ~22.5% in FY25 to the mid-to-high-20s by FY28 on leverage and mix. GNRC: Quarterly and Annual EPS (USD) 2025 2026 2027 Change y/y FY Dec Actual Old New Cons Old New Cons 2026 2027 Q1 1.26A 1.34E 1.34E 1.30E 2.00E 2.16E 1.77E 6% 61% Q2 1.65A 1.97E 1.97E 1.94E 2.39E 2.39E 2.38E 19% 21% Q3 1.83A 2.54E 2.54E 2.54E 3.00E 3.01E 2.97E 39% 19% Q4 1.61A 2.71E 2.71E 2.64E 3.13E 3.14E 3.12E 68% 16% Year 6.34A 8.57E 8.57E 8.47E 10.52E 10.71E 10.29E 35% 25% P/E 32.3 23.9 19.2 Consensus numbers are from Bloomberg received on 25-Mar-2026; 12:50 GMT Source: Barclays Research 26 March 2026 2 Barclays | Generac Holdings Inc POSITIVE EQUAL WEIGHT USD 205.16 USD 228.00 USD 243.00 USD 154.00 North America Clean Technology Generac Holdings Inc (GNRC) Income statement ($mn) 2025A 2026E 2027E 2028E CAGR Revenue 4,209 4,766 5,446 6,277 14.2% EBITDA (adj) 713 883 1,069 1,256 20.8% EBIT (adj) N/A N/A N/A N/A N/A Pre-tax income (adj) N/A N/A N/A N/A N/A Net income (adj) 376 508 638 765 26.7% EPS (adj) ($) 6.34 8.57 10.71 12.78 26.3% Diluted shares (mn) 59 59 60 60 0.5% DPS ($) 0.00 0.00 0.00 0.00 N/A   Margin and return data 2025A 2026E 2027E 2028E Average EBITDA (adj) margin (%) 16.9 18.5 19.6 20.0 18.8 EBIT (adj) margin (%) N/A N/A N/A N/A N/A Pre-tax (adj) margin (%) N/A N/A N/A N/A N/A Net (adj) margin (%) 8.9 10.7 11.7 12.2 10.9 ROIC (%) 4.4 8.0 9.3 10.0 7.9 ROA (%) 7.0 8.8 10.1 10.8 9.2 ROE (%) 14.6 17.7 18.7 18.7 17.4   Balance sheet and cash flow ($mn) 2025A 2026E 2027E 2028E CAGR Net PP&E 814 856 899 948 5.2% Total net assets 2,639 3,110 3,715 4,453 19.1% Capital employed 4,358 4,765 5,379 5,532 8.3% Shareholders' equity 2,638 3,109 3,715 4,452 19.1% Net debt/(funds) 992 569 -26 -853 N/A Cash flow from operations 438 592 776 1,028 32.9% Capital expenditure -170 -169 -181 -201 N/A Free cash flow 281 516 652 779 40.4% Pre-dividend FCF 281 516 652 779 40.4%   Valuation and leverage metrics 2025A 2026E 2027E 2028E Average P/E (adj) (x) 32.3 23.9 19.2 16.1 22.9 EV/EBITDA (adj) (x) 18.7 14.7 11.5 9.2 13.5 EV/EBIT (adj) (x) N/A N/A N/A N/A N/A P/BV (x) 4.6 3.9 3.3 2.7 3.6 Dividend yield (%) 0.0 0.0 0.0 0.0 0.0 Total debt/capital (%) 33.6 28.7 25.1 21.6 27.2 Net debt/EBITDA (adj) (x) 1.4 0.6 0.0 -0.7 0.3   Selected operating metrics ($mn) 2025A 2026E 2027E 2028E Average Payout ratio (%) 0.0 0.0 0.0 0.0 0.0 Interest cover (x) 4.1 9.1 12.0 12.0 9.3 Other revenue 485 420 441 462 452 Residential revenue 2,267 2,453 2,718 2,977 2,604 Domestic Residential Revenue 2,182 2,364 2,624 2,879 2,512 International Residential Revenue 85 89 94 98 92 Commercial & Industrial Revenue 1,457 1,893 2,287 2,838 2,119 Domestic C&I Revenue 872 1,158 1,423 1,818 1,318 International C&I Revenue 585 734 864 1,020 801 Total Domestic Revenue 3,461 3,888 4,432 5,099 4,220 Total International Revenue 730 878 1,014 1,178 950 Price (25-Mar-2026) Price Target Why EQUAL WEIGHT? An aging and increasingly unreliable grid coupled with rising occurrences of extreme weather events has elevated the need for back-up power in homes and businesses, providing a favorable macro backdrop for GNRC. While we like the business, the macro, and the company, we would wait for a pullback in the stock to get involved. Upside case Upside case of $243 is based on ~17.0x our 2026E EBITDA estimate of $883mm. Downside case Downside case of $154 is based on ~11.0x our 2026E EBITDA estimate of $883mm. Upside/Downside scenarios Note: FY End Dec Source: Company data, Bloomberg, Barclays Research 26 March 2026 3 Barclays | Generac Holdings Inc C&I takes center stage GNRC sees total 2028 revenues between $6.2bn and $6.6bn As anticipated, GNRC unveiled a longer term outlook over the next three years, targeting $6.2bn-$6.6bn in consolidated net sales by FY28. Compared to BARC/Street of $6.0bn/$6.0bn this represents ~7% upside at the mid-point. The company also announced a re-segmentation, from Domestic and International to Residential and Commercial and Industrial (C&I). Much of the growth between now and 2028 is expected to be driven by the C&I segment, which management projects will grow in the low-to-mid 20% range over the next three years to between $3.1bn and $3.3bn, representing half of all revenues (up from 41% in FY25) by 2028. The residential business is expected to grow at a more modest rate in the high single-digit range, and is also projected to be between $3.1bn and $3.3bn of sales by FY28 (see Figure 1 below). FIGURE 1. GNRC 2028 segment revenue growth projections at midpoint ($bn) $2.5 $3.2 $1.7 $1.5 $0.7 $3.2 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 2025 C&I (Low to Mid 20s% CAGR) Residential (HSD% CAGR) 2028 Resi C&I Source: Company Data, Barclays Research Management anticipates that company gross margins will remain largely unchanged for the next few years, as the company guided to between 38% and 39% (vs 38.3% margins in FY25). This is roughly in line with our model and Bloomberg consensus, at 39.1% and 38.6%, respectively. The company sees this as a push and pull between a 200bp benefit resulting from price and cost differences, and a 150bp drag from sales mix. The price and cost benefit will come from leverage, tariff mitigation, and vertical integration. The shift more towards the lower margin C&I business causes the 150bp drag. Due to an expected 400bp benefit from operating leverage, management projects adjusted EBITDA to be between $1.25bn and $1.45bn, or in the low 20% range (up from 17.0% in FY25, and a guided 18%-19% in FY26). This is ahead of our prior model at 19.8% and in line with the consensus of 20.6%. Capital expenditures over the next three years were guided to over $500mm, equal to between 3.0% and 3.5% of net sales over the same time period. This is a bit elevated versus long term PP&E expectations given the significant investment needed to fund new C&I endeavors. Free cash flow conversion is expected to rise from ~70% to between 80% and 90% over the next three years, and total free cash flow over that time frame is projected to be ~$1.5bn.  26 March 2026 4 Barclays | Generac Holdings Inc Four macro drivers over the next three years The company laid out four major drivers of growth for its business between now and 2028:  1) Lower power quality; 2) higher power prices; 3) AI capital expenditure; and 4) global infrastructure investment. Lower power quality has been the main tenet of GNRC's sales pitches for decades, but takes on a new meaning in a world battered by both an increasing level of climate-related disasters (70% of outages are related to weather) and higher grid strain than we have seen domestically for many years (the company pointed out that nearly 50% of the US population lives in a power region considered high risk for outages). And, after decades of muted growth, power prices have begun to accelerate across the country, a trend that is expected to continue for the foreseeable future - GNRC pointed out that, after rising 32% in the previous five years, residential electric prices are expected to rise another 40% between now and 2030. The company sees opportunities here related to its energy technology business as well. Artificial intelligence and data center capital expenditure has been a large topic of conversation in energy circles and affects GNRC as well, as the company is well positioned to tap into the data center backup generation market. For context, a single GNRC data center backup generator can weigh up to 80,000 lbs and cost somewhere between $1mm-$1.5mm, and a single data center site could deploy hundreds of these products. Lastly, management noted that ~$100tn of global infrastructure investment is needed between now and 2040, which can be a major secular growth driver for GNRC's C&I products. The company already sells into many of these areas in need of infrastructure improvements, such as cellular towers and toll road houses.  Hyperscaler deal still on the 5-yard line as the company sees $1bn in annual data center sales by 2028; Another $300mm added to the backlog since last earnings call There was significant anticipation going into the analyst day surrounding whether the company would announce a binding backup generator agreement with a hyperscaler. No agreement was announced, as GNRC noted that it has entered the pilot phase with a hyperscaler (typically the final stage before an agreement is signed, according to the company). However, GNRC did announce that it received a "Notice to Proceed" with a hyperscaler laying out terms for $600mm of sales. This is a nonbinding agreement that is predicated on continued success in the pilot phase (GNRC must be placed on the the hyperscaler's approved vendor list before a final agreement can be reached). This revenue would likely be for 2027 and beyond. For the company's 2028 projections, it reiterated its $14bn-$17bn annual TAM, and it expects to have $1bn in annual sales from data centers, of which it expects $500mm to come from co-locators and another $500mm from hyperscalers. Also incremental, the company highlighted its $700mm data center backlog (up $300mm from the 4Q earnings call on February 11th). To meet the demand for larger data centers and hyperscalers, GNRC unveiled a larger, 3.5MW - 4.25MW diesel generator, up from the previously largest offering of ~2MW. The size should help entice larger customers and it better integrates with medium voltage architecture, which many anticipate will be the data center architecture of the future.  GNRC data center projections reasonable, in our view Given the rapid increase in the data center backlog from co-locators, as well as the seemingly imminent signing of at least one hyperscaler customer, we think the projection of $1bn in annual data center sales is an achievable goal (we had previously modeled in $700mm). When we add this extra $300mm in expected data center sales to our previous sales projection of just under $6.0bn, we get very close to the company's midpoint of $6.4bn. There is more upside to GNRC's numbers here in the case that it signs an agreement with more than one hyperscaler. In order to prepare for the data center demand, the company acquired another large MW manufacturing facility in Sussex, WI, which will more than double GNRC's large MW domestic 26 March 2026 5 Barclays | Generac Holdings Inc manufacturing ability to over $1bn annually. This facility is expected to begin ramping in 3Q of this year.  Other C&I segment set to see robust growth as well GNRC guided to a midpoint of $1.5bn in C&I revenue growth between now and 2028. If we are to subtract out the ~$950mm in incremental data center sales in that $1.5 billion, it implies ~$650mm worth of revenue growth in other commercial markets, which represents a low double-digit (~11%) CAGR between now and 2028. Other opportunities in this space align well with GNRC's new, larger generator options, including cell towers, C-RAN hubs and switch centers. The company noted that it is already a market leader in cell tower backup, with at least 60% share and the leading supplier to all three major domestic carriers (Verizon, AT&T , and T- Mobile). However, still less than half of all cellular tower sites have backup, and telecom is expected to be a continually growing business, so GNRC anticipates this to be a very important business for them moving forward. Additionally, the company noted that the uptime of cellular towers and other digital infrastructure is considered more important than in the past, and as a result the appetite for backup has increased. In the C&I business as a whole, GNRC emphasizes its services as a major selling point to customers. The company boasts 900 field technicians domestically (~400 dedicated to data centers), 800 service partners internationally, and a maximum ~4 hour service time in case of failure within the US. Total C&I EBITDA margins are guided to increase from 11.5% in 2025 to the mid-to-high teens by 2028, mostly as a result of better sale mix (more high margin data center sales) and higher leverage. Overall, GNRC believes data centers and other large MW opportunities have more than doubled its serviceable addressable market (SAM) in the C&I segment over the last few years (see Figure 2 below).  FIGURE 2. C&I segment SAM growth from 2022 to 2025 Source: Company Data, Barclays Research Slower and steadier growth in residential GNRC unveiled a more integrated framework by which to look at its residential offerings called Generac Home. This will be one segment that includes the home standby business (HSB), portable generators, and GNRC's energy tech offerings, such as ecobee and storage. The company's growth projections in the high single digits assume a baseline outage assumption, along with one major outage event in 2027. Of the ~$3.2bn midpoint in projected sales for the residential segment, the company expects ~$500mm of that will be in energy tech (vs our 26 March 2026 6 Barclays | Generac Holdings Inc previous projections for $371mm), and two thirds of this total, or $335mm, will be ecobee (just above our model at $300mm). For reference, we model in ~$380mm in energy tech sales in 2025, and just over $200mm in ecobee sales. The company is still adamant that this segment reaches profitability by FY27. Management was notably bullish on residential solar and storage during the event, emphasizing the effectiveness of their battery offering (PWRcell) and highlighting their microinverter (PWRmicro). However, we remain skeptical of this business's ability to scale in the near-term, as many of its customers were in the loan market, which just recently lost its ability to collect investment tax credits in the new year. On the home standby business, the company thinks it can reach upwards of 20% penetration domestically (up from 6.75% today) over the longer term (beyond 2028), which is the average for the current top five states in GNRC penetration, and would amount to a $50bn opportunity. As for margins, GNRC expects operating leverage to push EBITDA margins from 22.5% in 2025 to the mid-to-high 20s% range by 2028.  GNRC expands manufacturing capabilities and underscores vertical integration advantage Including the previously mentioned Sussex large MW generator facility addition, GNRC now boasts 17 manufacturing facilities globally, with 7 of those in the US. The company sees its robust manufacturing footprint, and resulting vertical integration, as something that sets it apart in the marketplace, both from a customer and a margin perspective. Being vertically integrated allows GNRC to fully optimize alternator solutions, as well as be able to customize metals and parts to exact specifications. To this point, GNRC announced the acquisition of Enercon in February of this year. Enercon is a specialist in generator enclosures, an area which GNRC has expressed is one of the larger bottleneck concerns with respect to large MW generators and their data center business. This will allow GNRC to have more control over delivery timelines, and provide additional cost synergies and margin expansion. This deal is expected to close in 2Q of this year.  Price Target: We increase our price target to $228 (vs $213 prior), based on ~16.0x (vs ~15.0x prior) our 2026 EBITDA estimate of $883mm (unchanged). We increase our multiple to reflect better than expected growth through 2028.    26 March 2026 7 Barclays | Generac Holdings Inc FIGURE 3. GNRC - Income Statement Source: Barclays Research, Company Filings 26 March 2026 8 Barclays | Generac Holdings Inc FIGURE 4. GNRC - Cash Flow Statement Source: Barclays Research, Company Filings 26 March 2026 9 Barclays | Generac Holdings Inc FIGURE 5. GNRC - Balance Sheet Source: Barclays Research, Company Filings 26 March 2026 10 Barclays | Generac Holdings Inc   26 March 2026 11 Barclays | Generac Holdings Inc Analyst(s) Certification(s): I, Christine Cho, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and its affiliates (collectively and each individually, "Barclays"). All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects the local time where the report was produced and may differ from the release date provided in GMT . 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Guide to the Barclays Fundamental Equity Research Rating System: Our coverage analysts use a relative rating system in which they rate stocks as Overweight, Equal Weight or Underweight (see definitions below) relative to other companies covered by the analyst or a team of analysts that are deemed to be in the same industry (the "industry coverage universe"). In addition to the stock rating, we provide industry views which rate the outlook for the industry coverage universe as Positive, Neutral or Negative (see definitions below). A rating system using terms such as buy, hold and sell is not the equivalent of our rating system. Investors should carefully read the entire research report including the definitions of all ratings and not infer its contents from ratings alone. Stock Rating Overweight - The stock is expected to outperform the unweighted expected total return of the industry coverage universe over a 12-month investment horizon. Equal Weight - The stock is expected to perform in line with the unweighted expected total return of the industry coverage universe over a 12-month investment horizon. Underweight - The stock is expected to underperform the unweighted expected total return of the industry coverage universe over a 12-month investment horizon. Rating Suspended - The rating and target price have been suspended temporarily due to market events that made coverage impracticable or to comply with applicable regulations and/or firm policies in certain circumstances including where the Investment Bank of Barclays Bank PLC is acting in an advisory capacity in a merger or strategic transaction involving the company. Industry View Positive - industry coverage universe fundamentals/valuations are improving. Neutral - industry coverage universe fundamentals/valuations are steady, neither improving nor deteriorating. Negative - industry coverage universe fundamentals/valuations are deteriorating. Below is the list of companies that constitute the "industry coverage universe": North America Clean Technology Array Technologies, Inc. (ARRY) Blink Charging (BLNK) Bloom Energy Corporation (BE) Brookfield Renewable Corporation (BEPC) Brookfield Renewable Partners LP (BEP) Enlight Renewable Energy Ltd. (ENL T) Enphase Energy (ENPH) First Solar (FSLR) Fluence Energy (FLNC) Generac Holdings Inc (GNRC) Nextpower (NXT) NuScale Power (SMR) Oklo Inc. (OKLO) Shoals Technologies (SHLS) SolarEdge Technologies Inc. (SEDG) 26 March 2026 13 Barclays | Generac Holdings Inc STEM (STEM) Sunrun Inc. (RUN) Wallbox NV (WBX) XPLR Infrastructure LP (XIFR) Distribution of Ratings: Barclays Equity Research has 1864 companies under coverage. 50% have been assigned an Overweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Buy rating; 47% of companies with this rating are investment banking clients of the Firm; 65% of the issuers with this rating have received financial services from the Firm. 34% have been assigned an Equal Weight rating which, for purposes of mandatory regulatory disclosures, is classified as a Hold rating; 36% of companies with this rating are investment banking clients of the Firm; 56% of the issuers with this rating have received financial services from the Firm. 14% have been assigned an Underweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Sell rating; 34% of companies with this rating are investment banking clients of the Firm; 59% of the issuers with this rating have received financial services from the Firm. 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(BCI, US) Barclays Bank Ireland PLC, Frankfurt Branch (BBI, Frankfurt) Barclays Bank Ireland PLC, Paris Branch (BBI, Paris) Barclays Bank Ireland PLC, Milan Branch (BBI, Milan) Barclays Securities Japan Limited (BSJL, Japan) Barclays Bank PLC, Hong Kong Branch (Barclays Bank, Hong Kong) Barclays Bank Mexico, S.A. (BBMX, Mexico) Barclays Capital Casa de Bolsa, S.A. de C.V. (BCCB, Mexico) Barclays Securities (India) Private Limited (BSIPL, India) Barclays Bank PLC, Singapore Branch (Barclays Bank, Singapore) Barclays Bank PLC, DIFC Branch (Barclays Bank, DIFC) 26 March 2026 14 Barclays | Generac Holdings Inc Generac Holdings Inc (GNRC / GNRC) Stock Rating: EQUAL WEIGHT Industry View: POSITIVE Closing Price: USD 205.16 (25-Mar-2026) Rating and Price Target Chart - USD (as of 25-Mar-2026) Currency=USD Closing PriceTarget PriceRating ChangeJul-2023Jan-2024Jul-2024Jan-2025Jul-2025Jan-202650100150200250 Source: IDC, Barclays Research   Link to Barclays Live for interactive charting Publication Date Closing Price* Rating Adjusted Price Target 12-Feb-2026 214.99   213.00 16-Jan-2026 161.43   186.00 30-Oct-2025 180.86   197.00 03-Oct-2025 169.99   188.00 30-Jul-2025 151.32   200.00 17-Jul-2025 146.81   170.00 01-May-2025 114.38   164.00 15-Apr-2025 113.43   188.00 04-Dec-2024 186.86 Equal Weight 189.00 Source: Bloomberg, Barclays Research *This is the closing price referenced in the publication, which may not be the last available closing price at the time of publication. Historical stock prices and price targets may have been adjusted for stock splits and dividends. CE: Barclays Bank PLC and/or an affiliate is a market-maker in equity securities issued by Generac Holdings Inc. J: Barclays Bank PLC and/or an affiliate is a liquidity provider and/or trades regularly in the securities by Generac Holdings Inc and/or in any related derivatives. Valuation Methodology: Price target of $228 is based on ~16.0x our 2026E EBITDA estimate of $883mm. Risks which May Impede the Achievement of the Barclays Research Valuation and Price Target: Downside risks include raw material inflation will harm gross and EBITDA margins, power outage activity will come in weaker than expected, durable goods spending and other macroeconomic factors will turn negative, and the company fails to penetrate the clean energy space in a material way. 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