March 27, 2026 | 00:33 ET~    Energy Transition & Infrastructure    Updating Our Brackets After Earnings Season   Bottom Line: We update our views on our solar, power infrastructure and midstream coverage exiting 4Q after an eventful earnings season that transitioned to a geopolitical one. We continue to see more of a straight line towards longer-term towards outperformance in conventional power, grid and gas infrastructure. Reiterate Outperform ratings on GEV, WMB, LNG, KMI, TRGP and upgrading PWR. We are raising our targets on each of these names except LNG which we adjusted previously. We are throwing in the towel on our old valuation approach that did not incorporate solar PTCs into multiple based valuations and treated as cash instead given majority of investors appear to assume extension of credits. Under this framework FSLR (Market Perform) looks increasingly attractive, we are looking for confidence on margins; SEDG most overvalued. Except LNG, we would moderate exposure to names with perceptual leverage to EU power (SEDG, NXT, PLUG, BLDP)   Key Points   Overall we continue to favor exposure to conventional power, grid investment and now exposure to LNG exports; Remain Outperform rated on GEV, WMB, LNG, TRGP, KMI and upgrade PWR. We raising our target price for GEV (now $1000), WMB (now goes to $82) and upgrading PWR (see here; target now $650) as scale of investment in power infrastructure continues to exceed our expectations which should keep valuations in rarefied air and provide opportunities for large project backlog growth. Cheniere is once again in the right place at the right time with Qatari LNG shut in and 17% of capacity in outage for potentially 5 years. We recently published an update on global LNG markets and remain constructive (see here). We have raised our target on KMI, the U.S. largest source of gas transportation, into export facilities and raised our target to $36/share (remain outperform), but we are trimming our FY 2027 estimates and despite premium prefer WMB. Increasing our target to TRGP to $271/ share, NGL prices higher, but will see if longer. Clean Energy a Tale of Have Not's during Earnings (Remain Market Perform NXT/ FSLR/ENPH/RUN/ARRY/FLNC. Reiterated Undeperform on SEDG. Some notable sell- offs after 4Q earnings calls as FSLR, ARRY, RUN and FLNC calls all left were disappointing. Our report walks through a significant change in our valuation framework (exhibit 4) with respect to incorporating 45x production tax credits, which we previously backed out and valued as cash in our multiples based valuations. Under this framework, FSLR looks relatively attractive in this framework, SEDG most over-valued. NXT remains the best quality name in a group that has had little consistency in terms of results vs. expectations but trades at a 16.8x our CY 2027 EBITDA including PTCs (25x ex PTCs) which seems more than our estimated revenue/EBITDA growth warrant. We Would Moderate Exposure to Names With Leverage to European Power Prices, with the exception of Cheniere which we think is a long-term beneficiary (European Gas) from impacts caused by Iranian conflict. However, we are skeptical that the magnitude of power prices in Europe should warrant an acceleration of green energy. We think SEDG given higher % of revenue has benefited from perception as has NXT which has proven capable of competing internationally. PLUG/BLDP all viewed as beneficiaries.     Energy Transition & Infrastructure Ameet Thakkar Analyst ameet.thakkar@bmo.com (713) 546-9741 Ryan Schlageter Senior Associate ryan.schlageter@bmo.com (929) 789-3536 Legal Entity: BMO Capital Markets Corp.     Industry Research Glossary    For disclosure statements, including the Analyst Certification, please refer to page(s) 32 to 35. Updating our Brackets After Earnings Season Big Dispersion Post Earnings With a Geopolitical Twist. Earnings season generated a fair amount of dispersion with respect to stock price performance particularly within solar portions of our coverage. Now energy and power investors must contend with the prospect of an extended geopolitical crisis across both power and energy that reminds us how correlations can shift within our coverage and has caused some notable relative moves. Overall we continue to favor exposure to conventional power, grid investment and now exposure to LNG exports; Remain Outperform rated on GEV, WMB, LNG, TRGP, KMI and upgrade PWR. We raising our target price for GEV (now $1000), WMB (now goes to $82) and upgrading PWR (see here; Target $650) as scale of investment in power infrastructure continues to exceed our expectations which should keep valuations in rarefied air and provide opportunities for large project backlog growth. Cheniere is once again in the right place at the right time with Qatari LNG shut in and 17% of capacity in outage for potentially 5 years. We recently published an update on global LNG markets and remain constructive (see here). We have raised our target on KMI, the U.S. largest source of gas transportation, into export facilities and raised our target to $36/share (remain outperform), but we are trimming our FY 2027 estimates and despite premium prefer WMB. Increasing our target to TRGP to $271/share, NGL prices higher, but will see if longer. Clean Energy a Tale of Have Not's during Earnings (Remain Market Perform NXT/FSLR/ENPH/RUN/ ARRY/FLNC. Reiterated Undeperform on SEDG. Some notable sell-offs after 4Q earnings calls as FSLR, ARRY, RUN and FLNC calls all left were disappointing. Our report walks through a significant change in our valuation framework (exhibit 4) with respect to incorporating 45x production tax credits, which we previously backed out and valued as cash in our multiples based valuations. FSLR looks relatively attractive in this framework, SEDG most over-valued. NXT remains the best quality name in a group that has had little consistency in terms of results vs. expectations but trades at a 16.8x our CY 2027 EBITDA including PTCs (25x ex PTCs) which seems more than our estimated revenue/EBITDA growth warrant. We Would Moderate Exposure to Names With Leverage to European Power Prices, with the exception of Cheniere which we think is a long-term beneficiary (European Gas) from impacts caused by Iranian conflict. However, we are skeptical that the magnitude of power prices in Europe will catalyze an acceleration of green energy. We think SEDG given higher % of revenue has benefited from perception as has NXT which has proven capable of competing internationally. PLUG/BLDP all viewed as beneficiaries. Exhibit 1 - Price Performance Since 4Q Earnings -36.1%-30.2%-29.7%-20.4%-13.7%-5.7%-4.2%-3.6%-1.2%-0.8% 7.2%7.8%10.0%10.2%10.4%10.6%14.1%18.1%18.9%23.1%26.8%28.7%33.3% 46.1% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% RUNSHLSARRYFSLRFLNCTANSPXCCMPICLNXLUWMBTRGPBESTEMPWRXLEENPHBLDPKMINXTPLUGLNGGEVSEDG Change since Last Earnings Source: BMO Capital Markets, FactSet Exhibit 2 - Price Performance Since Start of Iran Conflct -5.2%-4.2%-3.5%-3.3%-1.9%-1.6%-1.2%-0.4%0.6%1.9%2.0%2.1%3.2%3.6%4.1%5.2%5.7%8.3% 16.5%18.7%20.6%24.1%26.8% 44.9% -10.0%-5.0% 0.0% 5.0% 10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0% XLUSPXBECCMPFSLRRUNWMBSTEMENPHPWRARRYKMIICLNTANTRGPFLNCGEVXLESHLSBLDPLNGNXTPLUGSEDG Change since Start of Iran Conflict Source: BMO Capital Markets, FactSet Solar: Margins vs. Volume and To PTC or To Not PTC (in Valuation) We have wrestled with three primary factors within our broader solar coverage during 1Q 2026: Energy Transition & Infrastructure | Page 2 March 27, 2026 1.) We have consistently held the view since 2H 2025 that stock price appreciation of the solar sector after the July 4, 2025, enactment of the OBBA was in excess of likely upward revisions to FY 2026 consensus estimates and likely where guidance would be set when 2026 outlooks would be provided in 1Q 2026. As a reminder our expectations coming into 2026 were for ~ 4-5% year- over-year growth for U.S. utility scale solar, at least 25% for U.S. ESS, +6% for solar trackers globally and residential solar contracts by 20-25%. An outlook that we view as solid but not necessarily seeing a material acceleration of volume or pricing power either as a result of continued strong demand from data centers or elsewhere. We think this was borne out to a certain degree during earnings. Although top line guidance was less of an issue during earnings season (FSLR a notable exception), for certain companies (FLNC, ARRY, FSLR, ENPH) a combination of softer than expected gross margins or implied ASP declines) have contributed to weaker than expected stock price performance post-earnings. In exhibit 3 below we highlight what key KPIs that we think tend to drive stock price performance among solar equipment OEMs and how stock price performance has fared over various time periods, catalyst events and. We think year over year sales growth, gross margin remain the two primary KPIs that drive majority of stock price performance. We discuss our brief view on individual companies later in this report but few things that stand out based on below: • NXT dependability delivering on financial guidance continues to separate it from the pack for most investors and has not let up. • ARRY/FSLR gross margins trends have been weaker than originally expected by most investors. • FLNC weakness following earnings likely attributable • SEDG/ENPH stock price performance dispersion increases after start of Iran War. Exhibit 3 - KPI Trends vs. Stock Price Performance CY 2024 CY 2025 CY 2026 CY 2027 CY 2024 CY 2025 CY 2026 CY 2027 CY 2024 CY 2025 CY 2026 CY 2027 Ticker Since OBBA YTD Since EarningsSince Conflict PTC No PTC NXT 28.4% 22.9% 24.3% 24.3% 33.9% 33.0% 32.8% 32.5% 21.5% 30.0% 5.8% 12.7% 180.7% 37.6% 13.2% 12.2% 16.8x 25.0x ARRY 18.2% 13.7% 15.5% 15.4% 34.1% 27.0% 26.8% 26.4% -41.9% 40.2% 14.0% 7.0% 93.5% -21.0% -33.8% 0.0% 7.3x 28.6x FSLR 20.5% 8.8% 7.5% 14.3% 44.2% 39.9% 49.1% 51.9% 26.7% 24.1% -2.0% 16.9% 0.4% -28.9% -23.6% -7.1% 5.3x 19.6x SEDG -28.6% 16.5% 27.1% 30.7% -19.9% -1.2% 5.6% 8.3% -69.7% 31.4% 17.7% 11.1% 82.5% 74.2% 43.2% 24.4% 12.9x NM ENPH 40.0% 37.2% 34.7% 35.2% 48.9% 48.2% 45.3% 45.9% -41.9% 10.7% -22.4% 18.1% -5.6% 25.4% 7.8% -12.2% 12.0x 19.0x FLNC 12.9% 13.7% 11.6% 11.8% 12.9% 13.7% 11.6% 11.8% 11.0% 1.2% 40.5% 21.9% 77.9% -24.4% -22.2% -7.7% 15.3x 15.3x BMO 2027 EV/EBITDA Core Gross Margin Adj. Gross Margin Revenue Growth Stock Price Performance Source: BMO Capital Markets, Bloomberg 2.) Valuation Framework: Investors Willing to Capitalize Tax Credits It's been increasingly clear to us our prior valuation framework has been at odds with the majority of the market. The solar group in general has treated valuation as a distant third consideration relative to towline growth and gross margin trajectory, but as equity values have expanded (for the most part) post OBBA we have been forced to re-think our valuation framework. As a reminder, we always included the positive impact to margins, EBITDA and EPS from 45x PTCs for solar equipment and ESS manufacturing in our forward estimates. However, we would back out the impact in our DCF and multiples based valuations and historically treated the future stream of 45x credits as an offset to our estimated net debt. Now with certainty from the OBBBA and subsequent safe harbor guidance there has been growing belief from investors that there is sufficient remaining runway and with a potential blue wave in midterm elections that these should be capitalized in valuations. We are adjusting our valuation framework for the majority of our coverage to now include some level of PTCs included in DCF and multiple based valuations. We include 50% of PTCs generated for FSLR, NXT, ARRY, ENPH. We include 100% for SEDG given its greater tendency to produce inverters for export to other markets and limited EBITDA. We currently assume FLNC generates sufficient 45X ptcs to offset higher costs from domestic manufacturing i.e. no additional margin from 45x needed to be adjusted. Energy Transition & Infrastructure | Page 3 March 27, 2026 Exhibit 4 - Updated Valuation Framework Implied Valuation and Price Targets New PTC Valuation Framworkx Current Stock Price Implied Valuation Using Multiples at 10% Premium to theNew PTC Valuation FramworkPremium Under Valuation FrameworkNew Target Using OldCurrent Stock Market (13.5x EV/EBITDA, 20.5x P/E)Using Old MultiplesMarket (13.5x EV/EBITDA, 20.5x P/E) Ticker Price Framework Price 50% PTC 100% PTC 50% PTC 100% PTC 50% PTC 100% PTC FSLR $252 $214 $185.83 $252 $385 $261 $399 -26% -52% NXT $113 $104 $119.85 $85 $100 $113 $135 41% 20% ARRY $8 $8* $7.28 $9 $16 $8 $14 -19% -55% ENPH $40 $41 $40.18 $37 $44 $44 $55 9% -9% SEDG $40 $26* $50.27 $7 $40 $8 $49 618% 26% FLNC $19 $19 $14.96 $16 $16 $19 $19 -6% -6% SEDG valuation includes 100% credit for the PTC; ARRY and SEDG prior valuation framework included 25% and 50% credit for the PTC Source: BMO Capital Markets, Bloomberg In the table shown above we show our updated price targets using our new approach to incorporating a portion of PTCs on long-term basis compared to our valuation using our prior framework. We note we had previously added a portion of PTC upside in our SEDG and ARRY previously. In order to compare implied equity values on an apples to apples basis we normalize our EV/EBITDA and P/E multiples in the middle columns under a scenario where we assume 50% PTCs in valuation and 100%. In terms of what stands out: • FSLR - At its current stock price, we think investors are much more heavily discounting PTC value in FSLR relative to its peers. We see few potential causes. Investors are embedding a greater potential that future solar module credits will be reduced relative to other solar manufacturing credits, but we view this as less likely. More plausible is that there is greater uncertainty if the volume of FSLR modules produced may imply less capacity utilization as domestic supply increases or ongoing weakness in margins are extrapolated beyond 2026. • SEDG has greatest % of equity value tied to PTC assumption • ARRY - Similar discount of PTC value as FSLR and we think common denominator is uncertainty on core margin recovery. 3.) Iran War Knock On Impacts Source of Debate. We covered the impact on global gas prices in our recent Cheniere Energy report (see here), but there is growing anticipation that a recent rebound in European power prices may trigger an acceleration of demand for solar for utility scale and residential solar in the region. We think this has been a significant driver of the strong relative outperformance of SEDG (+19%) since the conflict started relative to ENPH (-11%). Following the onset of the invasion Ukraine, ENPH and SEDG both saw an acceleration in revenue growth in the region. However, during the recent period of relative power price stability and more importantly oversupply of competing Chinese inverters both companies have seen a decline in regional revenue. SEDG (27% of SEDG 2025 revenues and 36% 2024) has materially more leverage compared to European markets which we estimate compared to ENPH (~15% of total revenues in 2025) with an apparent sharp deceleration in 4Q. However, we think overall, Europe remains a difficult market especially compared to FY 2022-2023 as supply chains are significantly stronger since then and more Chinese competition. More importantly, we don't think the increase in power prices are still several magnitudes lower than what we previously. We think the recent magnitude of SEDG outperformance relative to ENPH and the broader solar sector is over done. Energy Transition & Infrastructure | Page 4 March 27, 2026 Exhibit 5 - European Regional Forward Power Prices ($/MWh) Year ($/MWh)GermanyFrance UK NetherlandsNordic PoolItaly Spain2017 49.09$ 62.81$ 67.19$ 53.03$ 33.06$ 68.85$ 58.63$ 2018 66.65$ 75.98$ 83.21$ 73.52$ 51.74$ 80.47$ 67.00$ 2019 55.11$ 60.15$ 64.07$ 57.00$ 44.11$ 66.13$ 54.04$ 2020 45.86$ 50.60$ 55.32$ 44.52$ 13.26$ 50.69$ 38.70$ 2021 160.25$ 209.24$ 224.85$ 157.88$ 71.45$ 163.04$ 130.91$ 2022 325.56$ 335.00$ 394.51$ 332.57$ 178.58$ 408.16$ 198.60$ 2023 132.00$ 123.95$ 172.08$ 126.42$ 60.12$ 153.17$ 102.77$ 2024 90.21$ 74.59$ 106.99$ 85.94$ 39.10$ 124.95$ 68.61$ 2025 109.01$ 62.36$ 123.01$ 102.17$ 45.02$ 137.05$ 73.04$ 2026 130.00$ 55.49$ 150.10$ 126.94$ 79.90$ 174.04$ 76.37$ 2027 127.31$ 67.19$ 130.14$ 109.53$ 55.29$ 129.51$ 68.93$ 2028 104.86$ 60.85$ 108.70$ 92.10$ 50.06$ 99.42$ 64.59$ 2029 98.31$ 62.78$ 110.12$ 89.78$ 49.32$ 87.34$ 63.41$ 2030 99.17$ 65.26$ 109.92$ 88.22$ 50.80$ 85.68$ 62.16$ Source: BMO Capital Markets, Bloomberg Exhibit 6 - German On-Peak 2027 Power Prices € 50.00 € 70.00 € 90.00 € 110.00 € 130.00 € 150.00 € 170.00 € 190.00 € 210.00 € 230.00 Germany 2027 On-Peak Power Price (€/MWh) Source: BMO Capital Markets, Bloomberg Another energy crisis has again brought Europe's lack of energy self-sufficiency and higher relative prices to the forefront. We think this has created some more optimism that utility scale solar capacity growth will inflect higher here and perhaps even in the U.S. We believe this has contributed to some recent strong stock price performance for NXT despite some exposure to Saudi Arabia. FLNC also a potential beneficiary for higher ESS demand. That, said we don't think magnitude of power price increases are sufficient to expect a near-term response. We note that U.S. regional power prices have for the most part not reacted nor have U.S. gas prices. That said, we do think there has been some response in PJM. Finally, as a result of increased inflationary pressures further limiting potential for rate cuts is a somewhat disappointing outcome for residential solar (RUN, ENPH and SEDG). Exhibit 7 - U.S. Regional 2027 Forward Power Prices ($/MWh) $35.00 $45.00 $55.00 $65.00 $75.00 $85.00 $95.00 $105.00$/MWh U.S. Regional Power Prices PJM 1 Yr ForwardERCOT 1 Yr ForwardNP-15 1 Year Forward Source: BMO Capital Markets, Bloomberg Exhibit 8 - 5 and 7 Year U.S. Treasury Yields 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5 & 7 Year U.S. Treasury Yields 5 Yr UST Yield7 Yr UST Yield Source: BMO Capital Markets, Bloomberg Quick Thoughts on Solar Coverage FSLR: (Target decreased to $252 from $265). Based on our analysis in Exhibit 4 we think FSLR offers based risk/reward among our solar coverage. We previously downgraded ahead of earnings due to apprehension on FY 2026 guidance and our view that TSLA potentially scaling up solar manufacturing may weigh on shares. That has largely been factored into share price at current levels in our view. However, we are looking for clarity around two primary factors, before becoming more constructive. First, how quickly can gross margins recover to company's prior targets of 20%+ ex PTCs. Second, will additional section 232 tariffs drive significant upside to 2027-2028 earnings estimates or simply imply a higher terminal value that we think tends to get discounted. As shown in exhibit 9 depending on how much open capacity FSLR has and magnitude of section 232 impact may not drive much upside above our current $0.315/watt assumption, but the impact to terminal value could be significant. Our FY 2026 estimates are unchanged but, our target falls to $252/share as we lower our FY 2027-2030 adj. EBITDA estimates to $3,193MM, $3,355MM, $3,515MM and $2,974MM, respectively vs. our prior estimates of $3,585MM, $3,297MM, $3,993MM and $3,437MM. EPS estimates also fall to $23.89, $25.65, Energy Transition & Infrastructure | Page 5 March 27, 2026 $27.44 and $23.04, respectively. This is a result of reducing our core gross margin estimates (ex. PTC) to 14% in 2027 and rising to 21% in 2030. As a reminder FSLR core gross margins were 9% in 2025 and guidance implies ~7% in 2026 due to tariff and underutilization of capacity. Exhibit 9 - 2027-2028 FSLR ASP Scenarios on Section 232 Near Term Upside to ASPs: FSLR Realized US ASPs 2027/2028 ASPs on Open Capacity bookings for 2027/2028 $0.327 $0.350 $0.355 $0.360 $0.365 $0.370 $0.375 $0.380 75.0% $0.3231 $0.3233 $0.3235 $0.3237 $0.3239 $0.3241 $0.3243 80.0% $0.3246 $0.3251 $0.3256 $0.3260 $0.3265 $0.3270 $0.3275 85.0% $0.3260 $0.3267 $0.3274 $0.3281 $0.3289 $0.3296 $0.3303 90.0% $0.3272 $0.3281 $0.3291 $0.3300 $0.3309 $0.3319 $0.3328 95.0% $0.3283 $0.3294 $0.3306 $0.3317 $0.3328 $0.3340 $0.3351 100.0% $0.3293 $0.3306 $0.3319 $0.3332 $0.3346 $0.3359 $0.3372 Capacity Utilization Source: BMO Capital Markets, Company Reports NXT (target increased to $113 from $104): Best track record in our solar coverage and it is not particularly close. Expect solid finish to the company's FY 2026 and we see upside to 2027 guidance. However, while valuation is tertiary consideration with the clean energy space, NXT trading at 16.8x (25.0x excluding PTC) 2027E EBITDA on our estimates with greater value of PTCs keeps us on the sidelines. See better upside in FSLR for now. Market Perform. ARRY ($8 - unchanged): Optically cheap (7.0x) on our official FY 2027 EBITDA estimate and while we have adjusted our valuation framework to include impact of greater PTC value, we see fair value closer to current stock price. Remain concerned by widening gap of margins despite better recent bookings update. Market Perfrom. FLNC ($19 - unchanged): ESS demand never been an issue. FY 2026 guidance should be on track. However, lack of a clear competitive product for ESS in BTM data centers, uncertainty on FEOC compliant cell supply and weaker than expected booking on last quarter earnings call implies more balanced/risk reward even after decline in stock after earnings. Market Perform. SEDG (Raise target to $40 from $26): Strong out performance relative to competitor ENPH and broader clean energy sector on leverage to Europe. In addition, better margin expansion and margin trajector than ENPH in FY 2026 as TPO market more insulated than ENPH to decline in cash/loan sales in U.S. However, RUN update on volumes should be somewhat cause for concern in our view. Even company full credit for PTCs in valuation we stock trading at a premium to broader market and without it no positive EBITDA in FY 2027. Remain Underperform. ENPH (Target modestly reduced to $40 from $41): Company's Propel PPL solution to try and gain foothold in TPO market remains in a pilot phase so remain somewhat cautions that 1H 2026 consensus revenue estimates are too high. Europe might be an opportunity in 2H of the year, but 4Q results implied international business coming off a weaker than expected starting point. RUN (Target reduced to $15.50 from $17): Power prices are rising, TPO market in favor are positives, but FY 2026 guidance on volumes and cash generation growth both disappointed relative to expectations. We are reducing cash generation growth assumption in 2027+ by 100 bps. Baseload Power Equipment Remain Constructive on GEV (raising target price to $1,000/share). Power demand thematic remains strong across the board with very little evidence of any slackening. We think some initial preference for investors to overweight suppliers of power equipment to BTM projects as it becomes more apparent that GEV equipment will increasingly have a role to play in larger BTM projects. GEV CEO recently highlighted that the company executed in excess of $2 billion in orders for equipment supporting data centers. In the same setting he also noted that GEV currently has $200 to $300 MM of revenue potential for every 1 GW of data center in electrification equipment when involved, but sees a path to double this run-rate Energy Transition & Infrastructure | Page 6 March 27, 2026 in the not so distant future. GEV expects to execute new gas turbine orders between 12 GWs (3Q) to 24 GWs (4Q) during the quarter and deliver 4 GWs of orders. Assuming midpoint implies 14 GWs of backlog growth. Finally, GEV continues to feature prominently as turbine OEM for some mega gas power projects that have recently emerged (see our weekly note here). PWR (please see our upgrade note here). We continue to lean into opportunities for more exposure to growth in grid infrastructure and conventional generation (GEV, WMB, and now PWR again). BE (target price remains $149/share). No new changes to our estimates or target. Here is a link to our 4Q note. Midstream Midstream equities have been among the clear winners YTD, with the group materially outperforming the broader market as valuation multiples across the group on average have expanded ~15%. While valuations are no longer discounted to the same degree entering the year, we continue to favor leverage to power and now LNG exports. The escalation of the Iran conflict has increasingly exposed the fragility across global LNG supply chains, reinforcing the value of U.S. gas molecules (see our recent update on LNG here). Shipping disruptions around the Strait of Hormuz have also tighten global LPG markets, strengthening the positioning of U.S. exporters (+TRGP). Stock Price Performance 2027 EV/EBITDA Ticker YTD Since EarningsSince Conflict12/31/2025Current WMB 21.7% 7.2% (1.2%) 11.2x 13.1x WMB Core Business (ex. Power Innovation) 11.1x KMI 21.6% 18.9% 2.1% 10.5x 12.0x TRGP 34.1% 7.8% 4.1% 9.6x 11.5x LNG 48.2% 28.9% 20.6% 9.7x 11.9x ET 17.0% 2.1% 1.6% 7.3x 8.3x EPD 19.4% 17.8% 7.9% 9.5x 10.7x OKE 23.5% 5.5% 11.3% 8.8x 10.6x DTM 14.7% 2.0% (1.9%) 12.0x 13.4x ENB 16.9% 5.1% 2.5% 11.8x 12.8x TRP 15.7% 4.3% (0.5%) 12.5x 13.4x Source: BMO Capital Markets, FactSet WMB (raising target price to $82 from $78): Pleased to see WMB shares re-base YTD to better reflect the substantial growth and visibility that has emerged quickly from its power development business that coming into the year we had thought remained underappreciated within the broader energy and power infrastructure sector. YTD WMB shares have outperformed the SPX by nearly 30 percentage points. That said, we think recent re-rating masks more nuanced valuation setup, and while optically at a premium to its broader midstream peer group (13.0x our 2027 EBITDA estimate), we think current valuation understates the value of WMB's core business. Stripping out the value we ascribe to WMB's Power Innovation business, we see the company's core midstream operations trading closer to 11.1x on our 2027 EBITDA estimate, a modest discount to its C-Corp peers despite fundamentals that are broadly comparable. While limited new updates to WMB's core gas transmission and G&P operations have emerged as of late, WMB is executing on $4.6 billion of gas transmission projects that will expand capacity 7.1 bcf/d and will contribute >$900MM of incremental EBITDA by 2030. WMB also has 14.3 bcf/d of incremental projects in its backlog that, given strong demand for natural gas to support LNG exports and power generation related gas burn growth, should lead to future project sanction announcements. Our estimates currently imply a ~4.5% EBITDA CAGR of WMB's core midstream operations through the end of the decade, in-line with the growth we are underwriting for KMI which trades ~12.0x our 2027 EBITDA estimate. WMB's increasingly difficult to replicate portfolio of BTM power generation projects also remains very attractive in our view. Early PPA extensions at multiple sites, and at least 6 GWs of project opportunity beyond the 1.9 GWs WMB's is currently executing on support our valuation of this business; 8.0x EBITDA Energy Transition & Infrastructure | Page 7 March 27, 2026 on under execution projects and inclusion of portion of unidentified projects in our valuation. Remain Outperform. KMI (raising target price to $36 from $32): KMI shares have preformed well to start the year along with the broader midstream sector. YTD KMI shares have outperformed the SPX by more than 20 percentage points and have largely kept pace with midstream peers. KMI's project backlog remains healthy at $10 billion, including $9.1 billion of natural gas projects with the majority levered to power demand. LNG accounts for only ~15–20% of current backlog and shadow backlog, but likely the primary long-term growth engine for KMI as the next wave of U.S. LNG export projects move toward FID. We are modestly trimming our FY 2027 EBITDA estimates for KMI (BMO now $9,098MM vs. $9,209MM) based on updated disclosure around the company's Trident Texas Intrastate Pipeline that will 2.0 bcf/d of natural gas from Katy Hub to Golden Pass LNG when completed. KMI's additional disclosure in its latest investor presentation clarified that the project will generate approximately 30% of its run rate EBITDA in FY 2027 and 80% in 2028 before hitting full run rate on annualized basis in 2029 due to staggering of contract starts. While we had modeled contribution from Trident in two phases in our old estimates, we had previously assumed contract start dates were simultaneous with the phases coming online and was likely part of the driver of our FY 2027 EBITDA estimate being ahead of consensus. Remain Outperform. TRGP (raising target price to $271 from $241): Was our top value idea heading into 4Q earnings. With the stock now trading ~11.5x our 2027 EBITDA, TRGP no longer screens as quite as much of a deep value opportunity relative to the group, but we continue to like risk/reward given TRGP's visibility into sustained ~10% growth and improving FCF profile post-2027. TRGP's move toward three processing plant additions per year from two is a response to higher producer forecasts and speaks to the durability of TRGP's dedicated acreage base particularly in the Delaware which continues to deliver growth even as rig counts fluctuate. Additional commercial success would be accretive to an outlook that's already supported by existing producer commitments. Remain Outperform. LNG (target price remains unchanged at $305): We recently revised our estimates and valuation for Cheniere Energy to reflect the impacts of the ongoing conflict in the Middle East and evolving supply dynamics for global LNG. Please see our report here. Model Summaries, Drivers, and Updated Valuations WMB Key Estimates and Valuation Our estimates remain unchanged. However, we are raising our target multiple for WMB on higher group valuation multiples. Target prices increases to $82/share from $78. We value WMB utilizing a blended valuation approach that combines a discounted cash flow valuation and our sum-of- the-parts valuation. Our SOTP utilizes target 2027 EV/EBITDA multiples that we apply to WMB's primary reportable segments, which we segment further based on asset type, contract type and commodity exposure where possible. Each valuation approach is given equal weighting. In our SOTP EV/EBITDA valuation, we now also include contribution from future power innovation projects. We assume ~4 GWs of incremental capacity (50% of WMB's backlog) is brought on at a 5x build multiple. Our DCF valuation is $83/share based on a 7.0% discount rate and a 1.25% terminal growth rate. The terminal value portion of our valuation implies a 6.1x exit multiple. Energy Transition & Infrastructure | Page 8 March 27, 2026 Exhibit 11 - WMB Valution Discounted Cash Flow 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 CFO $6,392 $6,983 $8,565 $9,432 $10,343 $10,608 $11,072 $11,521 $11,428 $11,701 Less: Capex (7,107) (8,768) (5,315) (5,387) (5,665) (2,620) (2,679) (2,490) (2,555) (2,623) Levered FCF ($715) ($1,786) $3,251 $4,045 $4,678 $7,988 $8,393 $9,031 $8,873 $9,079 Plus: After-tax Int. Expense 1,201 1,414 1,502 1,497 1,549 1,537 1,544 1,523 1,527 1,547 Unlevered FCF $486 ($372) $4,753 $5,542 $6,228 $9,524 $9,937 $10,554 $10,400 $10,626 PV $454 ($325) $3,880 $4,228 $4,440 $6,346 $6,188 $6,143 $5,657 $5,402 DCF Through 2035 $42,412.1 Terminal Value $93,939.3 6.1x DCF Value $136,351.5 Less: Net Debt ($34,071.7) Equity Value $102,280 2026 YE Diluted Shares 1,229 Implied DCF Target Price $83 Assumptions Discount Rate 7.0% Terminal Growth 1.25% Tax Rate 21% SOTP EV/EBITDA Valuation 2027 EBITDA Multiple EV Transmission & Gulf Transco $2,548 15.0x $38,218 Other Pipelines $658 12.0x $7,898 Non-regulated Fee-based $1,143 11.0x $12,572 Power Innovation Under Execution (FY Normalized)$1,506 8.0x $12,048 Commodity Margin $90 4.0x $361 Total Transmission & Gulf $5,235 12.0x $71,097 Total Northeast G&P $2,096 11.3x $23,574 West Overland Pass and Blue Stem Pipelines $117 11.3x $1,322 Non-regulated Fee-based $1,403 11.0x $15,435 Commodity $122 4.0x $490 Total West $1,643 10.5x $17,247 Gas & NGL Marketing Services and Other Gas & NGL Marketing Services $161 4.0x $644 Other $244 8.0x $1,953 Total $405 6.4x $2,597 Other Corporate Costs and Adjustments ($59) 12.5x ($734) Future Power Innovation (4 GWs of 6 GW Backlog)$3,074 6.0x $18,442 Total WMB $9,320 14.2x $132,224 Net Debt ($34,072) Equity Value $98,153 2026 YE Share Count 1,229 Implied SOTP Target Price $80 BMO Target Price $82 Source: BMO Capital Markets A summary of our key model assumptions and select financial outputs for WMB can be seen in the below exhibits. Energy Transition & Infrastructure | Page 9 March 27, 2026 Exhibit 12 - WMB Select Model AssumptionsModel Assumptions Summary2024 2025 2026 2027 2028 2029 2030 Commodity Price AssumptionsHH ($/Mmbtu) $2.28$3.36$4.31$4.03$3.81$3.73$3.67WTI ($/bbl) $70.73$60.86$58.47$58.52$59.62$60.72$61.52Mont Belvieu ($/gal) $0.69$0.66$0.61$0.60$0.60$0.61$0.62 Transmission & GulfNatural Gas Transmission Capacity (Bcf/d)33.8 33.9 34.4 36.6 36.8 37.2 37.9Gathering Volumes (Bcf/d)0.40 0.72 0.77 0.79 0.80 0.81 0.83Processing Volumes (Bcf/d)0.55 0.92 0.96 0.97 0.97 0.97 0.97NGL Production (Mbbls/d)37.0 81.3 92.4 93.1 93.3 93.3 93.3 Northeast G&PGathering Volumes (Bcf/d)10.4310.9311.0511.0711.1011.1211.15Processing Volumes (Bcf/d)2.84 2.99 2.98 2.99 2.99 2.99 2.99NGL Production (Mbbls/d)138.5143.0149.4149.5149.5149.5149.5 WestGathering Volumes (Bcf/d)5.46 6.09 6.29 6.48 6.67 6.74 6.82Processing Volumes (Bcf/d)1.54 1.68 1.76 1.82 1.87 1.89 1.91NGL Production (Mbbls/d)89.8 98.3 103.8107.1110.2111.4112.6 Source: BMO Capital Markets Exhibit 13 - WMB Select Financial Outputs Financial Summary 2024 2025 2026 2027 2028 2029 2030 Transmission & Gulf $3,307$3,710$4,241$5,235$6,676$7,494$8,464Northeast G&P $1,966$2,028$2,060$2,096$2,138$2,169$2,207West $1,322$1,450$1,575$1,643$1,707$1,742$1,781Gas and NGL Marketing $215 $193 $177 $161 $151 $147 $144Upstream and Other $270 $369 $249 $244 $237 $234 $232Consolidated Adj. EBITDA$7,080$7,750$8,251$9,320$10,837$11,707$12,7386.5% 13.0%16.3% 8.0% 8.8%EPS $1.82 $2.14 $2.34 $2.63 $3.37 $3.78 $4.24 DCF $4,178$5,082$5,469$6,263$7,570$8,359$9,227DCF/Share $3.42 $4.15 $4.45 $5.08 $6.13 $6.76 $7.45Dividend Coverage Ratio 1.8x 2.1x 2.1x 2.3x 2.6x 2.8x 2.9x AFFO $5,378$5,858$6,287$7,115$8,490$9,351$10,298AFFO/Share $4.40 $4.78 $5.11 $5.77 $6.87 $7.56 $8.31Dividend Coverage Ratio 2.3x 2.4x 2.4x 2.6x 3.0x 3.1x 3.3x CFO (GAAP) $4,974$5,898$6,392$6,983$8,565$9,432$10,343Capex ($2,573)($4,893)($7,107)($8,768)($5,315)($5,387)($5,665)FCF $2,401$1,005($715)($1,786)$3,251$4,045$4,678FCF per Share (pre-dividend)$1.96 $0.82($0.58)($1.45)$2.63 $3.27 $3.78Dividend Coverage Ratio 1.0x 0.4x nmf nmf 1.1x 1.3x 1.5x Cash 60 63 408 402 1,594 2,384 3,652Total Debt 26,45628,66132,55237,29838,34738,34738,347Net Debt $26,396$28,598$32,144$36,896$36,753$35,963$34,695 Net Debt to EBITDA 3.73x 3.69x 3.90x 3.96x 3.39x 3.07x 2.72xDebt to EBITDA 3.74x 3.70x 3.95x 4.00x 3.54x 3.28x 3.01x Diluted Shares 1,223 1,225 1,229 1,232 1,235 1,237 1,239Market Capitalization $90,572$90,722$91,024$91,273$91,455$91,638$91,763Enterprise Value $116,968$119,320$123,168$128,169$128,208$127,601$126,458 P/E 40.7x 34.7x 31.6x 28.2x 22.0x 19.6x 17.5x EV/EBITDA 16.5x 15.4x 14.9x 13.8x 11.8x 10.9x 9.9x FCF Yield 2.65% 1.11% (0.79%) (1.96%) 3.55% 4.41% 5.10% Annual Dividend $1.90 $2.00 $2.10 $2.21 $2.32 $2.43 $2.55Payout Ratio 104% 94% 90% 84% 69% 64% 60% Yield 2.70% 2.84% 2.98% 3.13% 3.28% 3.45% Source: BMO Capital Markets Energy Transition & Infrastructure | Page 10 March 27, 2026 KMI Key Estimates and Valuation We have adjusted our 2026 estimates to adjust for seasonality. We are also trimming our 2027-2028 EBITDA estimates to correct for new disclosures around contribution from KMI's Trident pipeline. That said, raising our target price to $36/share as we raise our target multiple on higher group valuations. Our SOTP utilizes target 2027 EV/EBITDA multiples that we apply to KMI's primary reportable segments. KMI does not report segment level EBITDA, but rather EBDA. However, in order to ease comparability across the sector we have estimated proportional level corporate overhead and D&A at its reportable segments. Our DCF and SOTP valuations are weighted equally. Our DCF valuation is $36/share based on a 6.7% discount rate and a 1.25% terminal growth rate. The terminal value portion of our valuation implies a 5.9x exit multiple. Exhibit 14 - KMI Valuation Discounted Cash Flow 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 CFO $6,894 $6,749 $6,878 $7,331 $7,586 $7,937 $8,351 $8,761 $9,166 $9,658 Less: Capex (4,302) (3,952) (3,727) (3,752) (3,578) (3,654) (3,681) (3,559) (3,588) (3,367) Levered FCF $2,591 $2,797 $3,151 $3,579 $4,008 $4,283 $4,669 $5,202 $5,578 $6,291 Plus: After-tax Int. Expense 1,374 1,436 1,458 1,491 1,500 1,539 1,546 1,541 1,553 1,482 Unlevered FCF $3,965 $4,233 $4,609 $5,071 $5,508 $5,822 $6,215 $6,743 $7,131 $7,773 PV $3,716 $3,718 $3,794 $3,912 $3,982 $3,945 $3,947 $4,014 $3,978 $4,064 DCF Through 2034 $39,071.4 Terminal Value $74,568.6 5.9x DCF Value $113,640.0 Less: Net Debt and NCI ($33,251.6) Equity Value $80,388 2026 YE Diluted Share Count 2,222 Implied DCF Target Price $36 Assumptions Discount Rate 6.7% Terminal Growth 1.3% Tax Rate 21% SOTP EV/EBITDA Valuation EV Natural Gas Pipelines 2027E EBDA $6,537 Corporate and Other ($304) Natural Gas Pipelines 2027E EBITDA $6,232 Target Multiple 13.5x Implied Natural Gas Pipelines EV $84,133 Products Pipelines 2027E EBDA $1,220 Corporate and Other ($57) Products Pipelines 2027E EBITDA $1,163 Target Multiple 11.0x Implied Products Pipelines EV $12,792 Terminals 2027E EBDA $1,217 Corporate and Other ($57) Terminals 2027E EBITDA $1,160 Target Multiple 10.0x Implied Terminals EV $11,601 CO2 2027E EBDA $569 Corporate and Other ($27) CO2 2027E EBITDA $543 Target Multiple 4.0x Implied CO2 EV $2,171 Total KMI $110,698 Less: Net Debt and NCI (33,252)$ Equity Value 77,447$ 2026 YE Diluted Share Count 2,222 Implied EV/EBITDA Target Price $35 BMO Target Price $36 Source: BMO Capital Markets A summary of our key model assumptions and select financial outputs for KMI can be seen in the below exhibits. Energy Transition & Infrastructure | Page 11 March 27, 2026 Exhibit 15 - KMI Select Model AssumptionsModel Assumption Summary2024 2025 2026 2027 2028 2029 2030 Commodity Price AssumptionsHH ($/Mmbtu) $2.28$3.36$4.31$4.03$3.81$3.73$3.67WTI ($/bbl) $70.73$60.86$58.47$58.52$59.62$60.72$61.52Mont Belvieu ($/gal) $0.69$0.66$0.61$0.60$0.60$0.61$0.62 Natural Gas PipelinesTransportation Capacity (Bbtu/d)63,74265,45765,87166,47169,79670,94671,246Transportation Volumes (Bbtu/d)44,25246,60347,49948,03949,14350,94051,456Utilization 69% 71% 72% 72% 70% 72% 72% Gathering Capacity (Bbtu/d)7,5087,7518,5189,2809,2809,2809,280Gathering Volumes (Bbtu/d)3,9224,0254,3954,7914,7924,7924,792Utilization 52% 52% 52% 52% 52% 52% 52% Natural Gas Sales (Bbtu/d)2,5763,3023,0513,3033,3073,3083,308 Prouct PipelinesRefined Products Volumes (Mbls/d)1,6321,6361,8331,8331,8331,8331,833Crude and Condensate Volumes (Mbls/d)471 265 470 470 470 470 470Total Products Volumes 2,1031,9012,3032,3032,3032,3032,303 TerminalsLiquids Leased Capacity 83.9 84.0 84.0 84.0 84.0 84.0 84.0Liquids Leased Capacity 94.6%95.6%94.0%94.0%94.0%94.0%94.0% Bulk Tonnage 53.7 49.5 47.8 47.8 47.8 47.8 47.8 CO2Total Oil Production (Mbls/d)26.4 25.8 25.0 23.8 23.1 22.4 21.7NGL Sales Volumes (Mbls/d)8.6 8.7 7.5 7.1 7.0 6.9 6.9CO2 Sales Volumes (Bcf/d)0.32 0.30 0.30 0.30 0.30 0.30 0.30 Source: BMO Capital Markets Exhibit 16 - KMI Select Financial OutputsFinancial Summary 2024 2025 2026 2027 2028 2029 2030 Segment EBDANatural Gas Pipelines $5,439$5,914$6,147$6,537$6,865$7,334$7,792Product Pipelines $1,164$1,158$1,208$1,220$1,234$1,244$1,257Terminals $1,099$1,143$1,167$1,217$1,251$1,285$1,321CO2 $647 $608 $575 $569 $573 $582 $594Consolidated Adj. EBITDA$7,938$8,391$8,633$9,098$9,466$9,973$10,475 EPS $1.15$1.30$1.36$1.45$1.52$1.63$1.75 DCF $4,881$5,377$5,780$5,998$6,120$6,532$6,753DCF/share $2.19$2.40$2.58$2.68$2.74$2.92$3.02Dividend Coverage Ratio1.90x2.05x2.17x2.21x2.20x2.29x2.28x CFO (GAAP) $5,635$5,917$6,894$6,749$6,878$7,331$7,586Capex ($2,629)($3,026)($4,302)($3,952)($3,727)($3,752)($3,578)FCF $3,006$2,891$2,591$2,797$3,151$3,579$4,008FCF per Share (pre-dividend)$1.35$1.30$1.17$1.26$1.42$1.61$1.80 Cash $88 $63 $421$1,513$1,687$2,988$3,271Total Debt $31,890$32,003$32,592$33,762$33,728$34,462$33,865Net Debt $31,802$31,940$32,171$32,249$32,041$31,474$30,594 Total Debt to EBITDA 4.02x 3.81x3.78x3.71x3.56x3.46x3.23xNet Debt to EBITDA 4.01x3.81x3.73x3.54x3.38x3.16x2.92x Diluted Shares 2,2202,2232,2222,2222,2222,2222,222Market Capitalization $75,635$75,738$75,704$75,704$75,704$75,704$75,704Enterprise Value $107,437$107,678$107,874$107,952$107,744$107,178$106,297 P/E 29.6x 26.3x 25.0x 23.4x 22.4x 20.9x 19.5x EV/EBITDA 13.5x12.8x12.5x11.9x11.4x10.7x10.1x FCF Yield 3.97% 3.82% 3.42% 3.69% 4.16% 4.73% 5.29% Annual Dividend $1.15$1.17$1.19$1.21$1.24$1.28$1.33Payout Ratio 100% 90% 87% 83% 82% 78% 76% Yield 3.43% 3.49% 3.56% 3.65% 3.74% 3.89% Source: BMO Capital Markets Energy Transition & Infrastructure | Page 12 March 27, 2026 TRGP Key Estimates and Valuation Our 2026 and 2027 estimates remain largely unchanged. We are modestly adjusting our 2028+ estimates primarily as we refine our run-rate capex assumptions for TRGP post 2027. Increasing target multiples on higher group valuation and raising target price to $271 from $241. We value TRGP utilizing a blended valuation approach that combines a discounted cash flow valuation and an EV/EBITDA-based valuation. We are rolling our valuation year for our EV/EBITDA based-valuation to 2028 to normalize for a full year of contribution from Speedway and the LPG export expansion project, as well as existing processing plants under execution and associated downstream projects. We utilize a target EV/EBITDA multiple of 11.5x that we apply to TRGP's consolidated EBITDA. TRGP does not report segment-level EBITDA making a sum-of-the-parts approach somewhat less reliable in our view and given the interconnected nature of the two segments. Our DCF and SOTP valuations are weighted equally. Our DCF valuation is $267/share based on an 8% discount rate and a 1.5% terminal growth rate. The terminal value portion of our valuation implies a 5.0x exit multiple. Exhibit 17 - TRGP Valuation Discounted Cash Flow 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 CFO 4,517 4,973 5,433 5,723 6,301 6,635 7,235 7,645 7,851 7,981 Less: Capex (4,688) (4,405) (2,803) (2,729) (2,679) (2,673) (2,225) (1,733) (1,973) (2,012) Levered FCF ($171) $568 $2,630 $2,994 $3,622 $3,962 $5,009 $5,911 $5,877 $5,968 Plus: After-tax Int. Expense 784 868 898 897 886 879 922 901 943 961 Unlevered FCF $614 $1,436 $3,529 $3,890 $4,508 $4,841 $5,931 $6,813 $6,820 $6,929 PV $568 $1,232 $2,801 $2,860 $3,068 $3,051 $3,461 $3,681 $3,412 $3,210 DCF Through 2035 $27,342.2 Terminal Value $49,377.2 5.0x DCF Value $76,719.4 Net Debt ($20,305) Equity Value $56,415 2027 YE Diluted Shares 211.3 Implied DCF Target Price $267 Assumptions Discount Rate 8.0% Terminal Growth 1.5% Tax Rate 21% EV/EBITDA Valuation 2028E EBITDA $6,637 Target Multiple 11.80x Implied EV $78,320 Net Debt (20,305)$ Equity Value 58,015$ 2027 YE Diluted Share Count 211 Implied EV/EBITDA Target Price $275 BMO Target Price $271 Source: BMO Capital Markets A summary of our key model assumptions and select financial outputs for TRGP can be seen in the below exhibits. Energy Transition & Infrastructure | Page 13 March 27, 2026 Exhibit 18 - TRGP Select Model AssumptionsModel Operating Assumptions2024 2025 2026 2027 2028 2029 2030 Commodity Price AssumptionsWaha ($/Mmbtu) $0.59$0.86$2.02$3.21$3.12$3.10$2.99NGL Price ($/gal) $0.69$0.66$0.61$0.60$0.60$0.61$0.61 G&P Segment Gathering Volumes (MMcf/d)Permian Volumes 5,7786,3897,4448,1728,9709,81910,668Central Volumes 1,0771,0551,0571,0581,0581,0581,058Badlands Volumes 136 130 132 131 131 131 131Coastal Volumes 450 439 418 418 418 418 418Total Gathering Volumes 7,4428,0139,0509,77910,57711,42712,276 NGL Production (Mbbls/d)Permian Volumes 788 880 1,0491,1481,2551,3711,488Central Volumes 105 111 114 114 114 114 114Badlands Volumes 17 16 17 17 17 17 17Coastal Volumes 36 35 31 31 31 31 31Total NGL Production 946 1,0431,2101,3101,4171,5331,649 NGL Sales (Mbbls/d) 558 616 714 772 835 904 972 Crude Volumes (Mbbls/d)Badlands Volumes 107 91 91 91 91 91 91Permian Volumes 28 26 26 26 26 26 26Total Crude 134 117 117 117 117 117 117 Condensate Sales (Mbbls/d)19 19 17 16 16 15 14 Natural Gas Sales (bbtu/d)2,7892,8253,2043,4633,7464,0474,347 L&T Segment NGL Pipeline Transportation Volumes (Mmbtu/d)801 968 1,1421,3551,5551,6821,810Fractionation Volumes (MMBls/d)936 1,0571,1911,3661,5041,6411,812Export Volumes (MMbls/d)424 429 472 567 632 683 728NGL Sales Volumes (Mmbtu/d)1,1591,2121,4081,5261,6511,7851,921 Note: 2025 and beyond are BMO Estimates Source: BMO Capital Markets Exhibit 19 - TRGP Select Financial OutputsFinancial Summary 2024 2025 2026 2027 2028 2029 2030 G&P Operating Income $2,312$2,439$2,859$3,192$3,402$3,701$4,004L&T Operating Income $2,355$2,646$2,974$3,286$3,624$3,941$4,272 Consolidated Adj. EBITDA$4,142$4,957$5,477$6,105$6,637$7,236$7,855EPS $5.70$8.49$9.91$11.40$12.97$14.99$17.20 DCF $3,141$3,883$4,161$4,654$5,043$5,348$5,895DCF/Share $14.09$17.91$19.42$22.02$24.22$26.05$29.14 CFO (GAAP) $3,650$3,917$4,517$4,973$5,433$5,723$6,301Capex ($2,966)($3,333)($4,688)($4,405)($2,803)($2,729)($2,679)FCF $684 $584 ($171)$568$2,630$2,994$3,622FCF per Share (pre-dividend)$3.07$2.69($0.80)$2.69$12.63$14.59$17.90 Cash $157 $166 $128 $120$1,682$2,277$2,607Total Debt $14,175$17,433$20,433$21,972$23,122$23,171$22,572Net Debt $14,017$17,266$20,305$21,852$21,439$20,894$19,965 Total Debt to EBITDA 3.42x3.52x3.73x3.60x3.48x3.20x2.87xNet Debt to EBITDA 3.38x3.48x3.71x3.58x3.23x2.89x2.54x Diluted Shares 223 217 214 211 208 205 202Market Capitalization $55,836$54,333$53,670$52,939$52,158$51,418$50,680Enterprise Value $69,854$71,600$73,975$74,790$73,597$72,312$70,644 P/E 44.0x 29.5x 25.3x 22.0x 19.3x 16.7x 14.6x EV/EBITDA 16.9x14.4x13.5x12.3x11.1x10.0x 9.0x TTM FCF 684 584 (171) 568 2,6302,9943,622FCF Yield 1.22% 1.08% (0.32%) 1.07% 5.04% 5.82% 7.15% Annual Dividend $3.00$4.00$5.00$6.00$7.08$8.35$9.69Payout Ratio 53% 47% 50% 53% 55% 56% 56% Yield 1.60% 2.00% 2.40% 2.83% 3.34% 3.87% Note: 2025 and beyond are BMO Estimates Source: BMO Capital Markets Energy Transition & Infrastructure | Page 14 March 27, 2026 GEV Valuation and Key Estimates We are raising our 2028+ estimates, largely driven by increases to the electrification segment vs. our prior estimates. 2028-2030 EBITDA estimates are now $11.6 billion, $14.0 billion, and $16.3 billion (prior $11.3 billion, $13.7 billion, and $15.7 billion). Also modestly raising our target multiples. Target price increases to $1,000/share from $785. We utilize a blended valuation approach that incorporates a SOTP EV/EBITDA on our FY 2030 estimates and a FCF yield component in our valuation. In our FCF yield component, we target a 4.5% yield on our 2030 FCF estimate. To address differences in margin profile, target end-markets, growth outlook, and overall operations across GEV’s three primary business segments, we incorporate a sum-of-the-parts EV/EBITDA valuation approach. Below we outline our implied valuation for GEV’s Power, Wind, and Electrification segments. • We value the Power segment using a 15.75x multiple on our 2030 EBITDA estimate of $9.7 billion, implying a $153.3 billion enterprise value at GEV’s power business. • We value the Wind segment using a 4.0x multiple on our 2030 EBITDA estimate of $669 million, which implies $2.7 billion of enterprise value derived from GEV’s wind business. • We value the Electrification segment using a 13.0x multiple on our 2030 EBITDA estimate of $6.2 billion, which implies $102.9 billion of enterprise value at GEV’s electrification business. • In our SOTP valuation, we also back out the impact of corporate and other overhead expenses, which are not captured within the individual segments. We assume $308 million of corporate operating costs and other eliminations in 2030, and to this we apply a 13.0x multiple, which implies a reduction to consolidated enterprise value of $4.6 billion. We apply a weighting of 50% to each of our SOTP valuation and target FCF yield valuation to arrive at our $1,000/share target price. While our estimates do not include contribution from GEV's SMR business, our $1,000 target price includes $31/share of value we ascribe to SMRs. Our full blended valuation can be seen in the exhibit below. Energy Transition & Infrastructure | Page 15 March 27, 2026 Exhibit 20 - GEV Valuation Power EV/EBITDA Valuation 2030E 2030E EBITDA $9,734 Target EV/EBITDA Multiple 15.8x Implied Power Enterprise Value $153,307 Wind EV/EBITDA Valuation 2030E 2030E EBITDA $669 Target EV/EBITDA Multiple 4.0x Implied Wind Enterprise Value $2,675 Electrification EV/EBITDA Valuation 2030E 2030E EBITDA $6,235 Target EV/EBITDA Multiple 16.5x Implied Electrification Enterprise Value $102,884 Eliminations and Other EV/EBITDA Valuation 2030E 2030E EBITDA ($308) Blended EV/EBITDA Multiple 15.0x Implied Enterprise Value ($4,618) SOTP Valuation Power Enterprise Value $153,307 Wind Enterprise Value $2,675 Electrification Enterprise Value $102,884 Eliminations and Other ($4,618) Total Enterprise Value $254,247 Less Net Debt (4,063) Implied Equity Value 258,310 2026 YE Diluted Share Count 270.2 Weighting Implied SOTP Target Price $956 50% FCF Yield Valuation 2030 FCF $11,932 Target FCF Yield 4.50% Implied Equity Value $265,160.6 2026 YE Diluted Share Count 270.2 Weighting Implied Target Price $982 50% SMR Value $31 GEV Blended Target Price $1,000 Source: BMO Capital Markets A summary of key model assumptions and financial outputs used in our model can be found in the following exhibits. Energy Transition & Infrastructure | Page 16 March 27, 2026 Exhibit 21 - GEV Key Operating Assumptions Model Key Operating Assumptions and Outputs2023A 2024A 2025E 2026E 2027E 2028E Power Gas Turbine GWs 13.8 11.9 15.3 18.7 20.9 24.0Gas Turbine ASPs ($/kW) $308 $391 $379 $428 $484 $556Gas Equipment Revenue $4,245 $4,656 $5,794 $8,069$10,109$13,369 Total Power Equipment Revenue $5,599 $5,709 $6,693 $9,018$11,095$14,393Power Service Revenue $11,838$12,418$13,075$14,030$15,295$16,599 Wind Onshore MW Deployed 6,899 6,381 6,277 5,725 5,439 5,221Onshore Turbine ASPs ($/kW) $909 $961 $968 $975 $982 $990Onshore Equipment Revenue $6,270 $6,129 $6,384 $5,582 $5,342 $5,167 Offshore MW Deployed 1,601 1,419 623 312 156 -Offshore Turbine ASPs ($/kW) $909 $970 $970 $970 $970 $970Offshore Equipment Revenue $1,455 $1,376 $651 $302 $151 - Total Wind Equipment Revenue $8,335 $8,047 $7,252 $6,102 $5,714 $5,390Wind Service Revenue $1,491 $1,653 $1,859 $1,894 $2,252 $2,389 Electrification Grid Solutions Revenue $3,955 $4,957 $6,621$10,863$12,731$14,811Power Conversion Revenue $1,027 $1,194 $2,049 $2,357 $2,674 $3,036Electrification Software Revenue $874 $785 $973 $1,070 $1,155 $1,248Solar & Storage Solutions Revenue$522 $614 $0 $0 $0 $0 Source: BMO Capital Markets Exhibit 22 - GEV Select Financial Outputs Select Financial Outputs 2023A 2024A 2025E 2026E 2027E 2028E Power Revenue $17,436$18,127$19,767$23,048$26,390$30,991Wind Revenue $9,826 $9,700 $9,110 $7,996 $7,966 $7,779Electrification Revenue $6,378 $7,549 $9,641$14,290$16,561$19,095Eliminations and Other ($404) ($440) ($450) ($459) ($422) ($380)Total Revenue $33,235$34,936$38,069$44,875$50,494$57,485 Equipment Revenue $18,258$18,953$20,934$26,561$30,354$35,685Service Revenue $14,981$15,982$17,134$18,313$20,140$21,800Total Revenue $33,239$34,936$38,068$44,875$50,494$57,485 Equipment GM % -2% 5% 10% 17% 21% 26%Service GM % 35% 32% 31% 35% 36% 37%Consolidated Gross Margins 14% 17% 20% 24% 27% 30% Power EBITDA $1,722 $2,267 $2,903 $3,988 $5,073 $7,063Wind EBITDA ($1,033)($588) ($598) ($426) $271 $460Electrification EBITDA $234 $679 $1,431 $2,726 $3,630 $4,493Total Adj. EBITDA $808 $2,036 $3,197 $5,829 $8,552$11,636 Adj. EBITDA Margin 2.4% 5.8% 8.4% 13.0% 16.9% 20.2% Net Income (Loss) (GAAP) ($439) $1,551 $4,883 $4,080 $6,066 $8,348Adj. EPS - $5.56 $17.79 $15.04 $22.63 $31.55 Cashflow ItemsCFO (GAAP) $1,186 $2,583 $4,988 $4,933 $7,380 $9,402Capex ($744) ($883)($1,277)($900)($1,100)($1,100)FCF $442 $1,700 $3,711 $4,033 $6,280 $8,302FCF to Equity Per Share $1.62 $6.14 $13.54 $14.93 $23.53 $31.57Cash Flow from Investing ($734) ($37) ($754)($6,175)($1,100)($1,100)Cash Flow from Financing ($408) $3,652($3,812)($903)($3,592)($4,579) Balance Sheet ItemsCash $1,551 $8,205 $8,848 $6,703 $9,391$13,114Total Debt - - - - - -Net Debt ($1,551)($8,205)($8,848)($6,703)($9,391)($13,114)Net Debt/adj. EBITDA -1.9x -4.0x -2.8x -1.1x -1.1x -1.1x Total Equity $8,380$10,593$12,295$12,856$15,353$19,146 Total Capitalization $6,829 $2,388 $3,447 $6,153 $5,962 $6,032Debt/Capitalization 0% 0% 0% 0% 0% 0% Diluted Shares 272 277 274 270 267 263Market Capitalization $237,562$241,655$239,235$235,877$233,078$229,636Enterprise Value $236,011$233,450$230,387$229,174$223,688$216,522 EV/Adj. EBITDA 292.1x 114.7x 72.1x 39.3x 26.2x 18.6xP/E 157.2x 49.1x 58.0x 38.6x 27.7xFCF Yield 0.7% 1.6% 1.7% 2.7% 3.6% Book Value per Share $30.80 $38.27 $44.87 $47.59 $57.51 $72.80 Source: BMO Capital Markets Energy Transition & Infrastructure | Page 17 March 27, 2026 FSLR Valuation and Key Estimates Our FY 2026 estimates are unchanged but, our target falls to $252/share as we lower our FY 2027-2030 adj. EBITDA estimates to $3,193MM, $3,355MM, $3,515MM and $2,974MM, respectively vs. our prior estimates of $3,585MM, $3,297MM, $3,993MM and $3,437MM. EPS estimates also fall to $23.89, $25.65, $27.44 and $23.04, respectively. This is a result of reducing our core gross margin estimates (ex. PTC) to 14% in 2027 and rising to 21% in 2030. We are modifying our valuation approach to partially reflect the value of manufacturing tax credits directly within our multiple-based valuation components. Specifically, we include 50% of our estimated 45X tax credit benefit in the EBITDA and EPS figures used for our EV/EBITDA and P/E components. We no longer include any DCF-value related to PTC cash flows. We utilize our blended valuation approach that incorporates a longer-term DCF approach that estimates future FCF to equity, which accounts for the next few stages of the industry we think will emerge over the next 10 years as FSLR grows its solar module capacity. This approach also allows us to monitor the portion of our DCF valuation owed to our terminal value assumptions compared with the discounted cash flows over the next 10 years in our valuation models. Our target price is based in part on our DCF valuation of free cash flow to equity to which we apply a 33% weighting in arriving at our $252 target price. We note the following: • We adjust our FCF to equity estimates downward to exclude value for our estimates for stock- based compensation in addition to normalizing our FCF estimates for 50% of the PTC credit value. • We assume a discount rate to 9% and continue to assume a 3% terminal growth rate. Our valuation methodology, which can be seen in the exhibit below, also includes an EV/EBITDA and P/ E based multiple approach which we weight 33% each, respectively. Our EV/EBITDA valuation utilizes a 13.5x multiple on our 2027 estimate for normalized EBITDA while our P/E valuation assumes a 20.5x valuation multiple, which we apply to 2027E normalized EPS. Energy Transition & Infrastructure | Page 18 March 27, 2026 Exhibit 23 - FSLR Valuation DCF Valuation 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E CFO $431.7 $2,394.3 $3,282.2 $3,351.0 $3,473.8 $2,977.0 $2,630.5 $2,163.1 $1,878.6 $1,910.3 Less 50% PTC Value (1,064.7) (1,123.5) (1,123.5) (1,117.2) (833.2) (555.5) (277.7) - - - Less: Stock Based Compensation (40.0) (40.0) (44.0) (45.0) (50.0) (55.0) (60.0) (60.0) (60.0) (60.0) Less: Capital Expenditures (936.9) (471.7) (400.0) (400.0) (400.0) (400.0) (400.0) (400.0) (400.0) (400.0) FCF ($1,609.9) $759.2 $1,714.8 $1,788.8 $2,190.5 $1,966.5 $1,892.7 $1,703.1 $1,418.6 $1,450.3 PV ($1,477.0) $639.0 $1,324.1 $1,267.2 $1,423.7 $1,172.6 $1,035.4 $854.7 $653.2 $612.6 DCF Through 2034 $7,506 Terminal Value $10,843 DCF Value $18,349 Less 2026 YE Adj. Net Debt (1,851.6) Equity Value $20,200 2026 YE Diluted Shares 107.8 Weighting Implied Target Price $187 33% Case Chooser 1 BASE Base: 1 Bear: 2 Discount Rate 9% Bull: 3 Terminal Growth 3% PTC ON P/E Based Valuation 2027E 2027E EPS With PTC $23.89(a) 2027E 50% PTC/Share Value $10.41(b) 2027E EPS With 50% PTC $13.48(c ) = (a-b) Target P/E Multiple 20.5X (d) Implied Value ex Cash $276 (d x c) Plus Net Cash Value per Share $17 Weighting Value Per Share $294 33% EV/EBITDA Valuation 2027E 2027E EBITDA With PTC $3,193 (a) 2027E 50% PTC Impact $1,123 (b) 2027E EBITDA With 50% PTC $2,069 (c ) = (a-b) Target EV/EBITDA Multiple 13.5X (d) Implied Enterprise Value $27,938 (d x c) Less Net Debt (1,851.6) Implied Equity Value $29,790 Weighting Equity Value Per Share $276 33% Plus: PTC Value $0 Implied Target Price (w/ PTC Value) $252 Source: BMO Capital Markets A summary of key model assumptions and financial outputs used in our FSLR model can be found in the exhibits below and unless explicitly stated include the impact of IRA related PTCs where applicable. Exhibit 24 - Model Key Operating Assumptions and Outputs Model Key Operating Assumptions and Outputs2023A 2024A 2025A 2026E 2027E 2028E Total Revenue $3,319$4,206$5,219$5,114$5,976$5,992 Gross Margin ex PTC 19% 20% 9% 7% 14% 17%Gross Margin Incl PTC 39% 44% 40% 49% 52% 55% Solar Module ASP's and CostAverage Selling Price ($/Watt)$0.29 $0.30 $0.29 $0.29 $0.31 $0.32COGS ($/Watt) - excluding PTC$0.24 $0.24 $0.27 $0.27 $0.27 $0.84 Capacity and ProductionForecasted Nameplate Capacity (MWs)3,200 3,200 3,200 3,200 3,500 3,500Sales Volumes (MWs) 11,38214,14517,53617,52819,28518,886 Opex % of RevenueSG+A 6% 4% 4% 4% 4% 4%R+D 5% 5% 4% 6% 5% 5%Production Startup 2% 2% 2% 2% 0% 0%Total Opex % of Revenue 14% 11% 10% 12% 8% 9% PTC AssumptionsTotal PTC Value Estimated ($MM)$660 $998 $1,607$2,129$2,247$2,247Total PTC Value Retained ($/W)$0.17 $0.17 $0.17 $0.17 $0.17 $0.17Assumed Retention 100% 100% 100% 100% 100% 100% Source: BMO Capital Markets Exhibit 25 - Model Select Financial Outputs Select Financial Outputs 2023A 2024A 2025A 2026E 2027E 2028E Select Income Statement ItemsRevenues $3,319$4,206$5,219$5,114$5,976$5,992Gross Margin $1,301$1,858$2,084$2,512$3,099$3,275EBIT (GAAP) $857 $1,394$1,597$1,892$2,592$2,761Adj. EBITDA $1,165$1,818$2,362$2,649$3,193$3,355 Inccome (Loss) (GAAP) $831 $1,292$1,528$1,893$2,579$2,772EPS $7.74 $12.02$14.21$17.57$23.89$25.65 Gross Margin % 39% 44% 40% 49% 52% 55%Adj. EBITDA Margin 35% 43% 45% 52% 53% 56% Cashflow ItemsCFO (GAAP) $602 $1,218$2,057 $432 $2,394$3,282Capex ($1,387)($1,526)($870) ($937) ($472) ($400)FCF ($785) ($308) $1,187 ($505) $1,923$2,882FCF to Equity Per Share ($7) ($3) $11 ($5) $18 $27Cash Flow from Investing ($473)($1,563)($765) ($937) ($472) ($400)Cash Flow from Financing $337 $25 ($119) $0 $0 $0 Balance Sheet ItemsCash $2,102$1,793$2,855$2,350$4,273$7,155Total Debt $560 $610 $499 $499 $499 $499Net Debt ($1,542)($1,183)($2,357)($1,852)($3,774)($6,656)Net Debt/adj. EBITDA -1.3x -0.7x -1.0x -0.7x -1.2x -2.0x Total Equity $6,687$7,978$9,538$11,471$14,089$16,906 Total Capitalization $7,248$8,588$10,037$11,969$14,588$17,404Debt/Capitalization 8% 7% 5% 4% 3% 3% Diluted Shares 107 108 108 108 108 108Market Capitalization $20,594$20,623$20,625$20,669$20,700$20,733Enterprise Value $19,052$19,440$18,268$18,818$16,926$14,076 EV/Adj. EBITDA 16.3x 10.7x 7.7x 7.1x 5.3x 4.2xP/E 24.8x 16.0x 13.5x 10.9x 8.0x 7.5x Book Value per Share $62.28$74.19$88.70$106.44$130.55$156.40 Source: BMO Capital Markets Energy Transition & Infrastructure | Page 19 March 27, 2026 NXT Valuation and Key Estimates Our estimates remain unchanged. However, we are modifying our valuation approach to partially reflect the value of manufacturing tax credits directly within our multiple-based valuation components. Specifically, we include 50% of our estimated 45X tax credit benefit in the EBITDA and EPS figures used for our EV/EBITDA and P/E components. We no longer include any DCF-value related to PTC cash flows. Target price increases to $113/share. We utilize a blended valuation approach that incorporates a longer-term DCF that estimates future FCF to equity that accounts for the next few stages of the industry we think will emerge over the next 10 years as these companies continue to scale. This approach also allows us to monitor the portion of our DCF valuation owed to our terminal value assumptions compared with the discounted cash flows over the next 10 years in our valuation models. Our target price is based in part on our DCF valuation of free cash flow to equity of $86/share, to which we apply a 33% weight in arriving at our $104 target price. We note the following: • We adjust our FCF to equity estimates downward to exclude value for our estimates for stock- based compensation in addition to normalizing our FCF estimates for 50% PTCs. • We use a 9% discount rate and 5% terminal growth rate. Our valuation methodology, which can be seen in the exhibit below, also includes a P/E and EV/EBITDA based multiple approach. Our P/E based valuation assumes a multiple of 32x, which we apply to CY2027E normalized EPS while our EV/EBITDA utilizes a 20x multiple, which we apply to CY2027E normalized EBITDA. Energy Transition & Infrastructure | Page 20 March 27, 2026 Exhibit 26 - NXT Valuation DCF Valuation 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E CFO $511.7 $677.8 $896.6 $1,044.5 $1,072.6 $1,067.5 $956.6 $913.1 $874.8 $919.5 Less PTC Value (179.2) (165.8) (179.2) (193.7) (196.0) (143.8) (95.2) (45.2) - - Less: Stock Based Compensation ($125.0) ($130.0) ($130.0) ($130.0) ($130.0) ($130.0) ($130.0) ($130.0) ($130.0) ($130.0) Less: Capital Expenditures ($45.0) ($45.0) ($45.0) ($45.0) ($50.0) ($50.0) ($50.0) ($50.0) ($50.0) ($50.0) FCF $162.5 $337.1 $542.4 $675.8 $696.7 $743.7 $681.5 $687.9 $694.8 $739.5 PV $149.4 $285.0 $421.7 $483.1 $458.0 $449.6 $378.8 $351.6 $326.6 $319.6 DCF Through 2035 $3,624 Terminal Value $8,523 DCF Value $12,147 Less FY 2026 YE Adj. Net Debt (965.6) Equity Value $13,112 FY 2027 YE Diluted Shares 152.8 Implied Target Price $86 33% Discount Rate 9% Terminal Growth 5% P/E Based Valuation 2027EPTC Value 2027E CY EPS With 50% PTC $4.02 $1.16 Target P/E Multiple 32.0X Implied Value ex Cash per share $128.7 Plus Net Cash Value per share $6.32 Implied Target Price $135 33% EV/EBITDA Valuation 2027EPTC Value 2027E CY EBITDA with 50% PTC $853 $177 Target EV/EBITDA Multiple 20.0X Implied Enterprise Value $17,066 Less Net Debt (965.6) Implied Equity Value $18,032 Implied Target Price $118 33% Plus: PTC Value $0 Implied Target Price $113 Source: BMO Capital Markets A summary of key model assumptions and financial outputs used in our model can be found in the following exhibits. Exhibit 27 - Model Key Operating Assumptions and Outputs Model Key Operating Assumptions and Inputs2023A2024A2025E2026E2027E2028E Tracker Revenue $1,902$2,500$2,959$3,088$3,273$3,427Foundations Revenue -- -- -- $279 $379 $535Electrical Revenue -- -- -- $65 $166 $297Software & Services Revenue-- -- -- $72 $90 $146Total Revenue $1,902$2,500$2,959$3,504$3,908$4,404 Gross Margin incl PTC 16% 33% 35% 33% 33% 32%Gross Margin ex PTC 16% 28% 27% 22% 24% 24% Tracker ASPs and CostU.S. ASP ($/w) $0.111$0.128$0.129$0.126$0.125$0.123U.S. COGS ($/w) $0.091$0.090$0.090$0.095$0.092$0.091 RoW ASP ($/w) $0.095$0.074$0.062$0.059$0.057$0.056RoW COGS ($/w) $0.086$0.057$0.050$0.049$0.048$0.048 Tracker ShipmentsU.S. 11,67113,33115,78517,42017,4204,265RoW 6,356 10,76914,87315,00915,0095,167Total 18,02724,10030,65832,43032,4309,431 Opex % of RevenueSG+A 5.1% 7.5% 9.8% 9.4% 9.2% 8.7%R+D 1.1% 1.6% 2.7% 3.1% 3.1% 2.9%Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Total Opex % of Revenue6.2% 9.0% 12.5%12.4%12.2%11.5% PTC AssumptionsTotal PTC Value Estimated $282 $311 $325 $338Total PTC Value Retained $219 $358 $332 $358Assumed Retention 100% 100% 100% 100% Source: BMO Capital Markets Exhibit 28 - Model Select Financial Outputs Select Financial Outputs2023A2024E2025E2026E2027E2028E Select Income Statement ItemsRevenues $1,902$2,500$2,959$3,504$3,908$4,404Gross Margin $287 $813 $1,009$1,123$1,261$1,403EBIT (GAAP) $168 $587 $639 $687 $784 $894Adj. EBITDA $209 $521 $776 $833 $941 $1,052 Income (Loss) (GAAP) $121 $496 $517 $552 $615 $704EPS $0.00 $3.06 $4.22 $4.37 $4.71 $5.31 Adj. Gross Margin % 16% 33% 35% 33% 33% 32%Adj. EBITDA Margin 11% 21% 26% 24% 24% 24% Cashflow ItemsCFO (GAAP) $108 $429 $656 $512 $678 $897Capex ($3) ($6) ($34) ($45) ($45) ($45)FCF $104 $423 $622 $467 $633 $852FCF to Equity Per Share$0.72 $2.87 $4.17 $4.14 $4.14 $5.59Cash Flow from Investing ($3) ($7) ($186)($172) ($45) ($45)Cash Flow from Financing ($4) ($78) ($178) ($47) ($150)($200) Balance Sheet ItemsCash $130 $474 $766 $966 $1,448$2,100Total Debt $147 $144 $0 $0 $0 $0Net Debt $17 ($330)($766)($966)($1,448)($2,100)Net Debt/adj. EBITDA 0.1x (0.6x) (1.x) (1.2x) (1.5x) (2.x) Total Equity $485 $992 $1,628$2,299$2,893$3,527 Total Capitalization $632 $1,136$1,628$2,299$2,893$3,527Debt/Capitalization 23% 13% 0% 0% 0% 0% Diluted Shares 145.83147.37149.27152.77152.83152.40Market Capitalization $17,444$17,628$17,855$18,273$18,280$18,230Enterprise Value $17,461$17,298$17,089$17,307$16,832$16,130 EV/Adj. EBITDA 83.5x 33.2x 22.0x 20.8x 17.9x 15.3xP/E n.a. 39.1x 28.3x 27.4x 25.4x 22.5x Source: BMO Capital Markets Energy Transition & Infrastructure | Page 21 March 27, 2026 ARRY Valuation and Key Estimates Estimates and target price remain unchanged. However, we are modifying our valuation approach to partially reflect the value of manufacturing tax credits directly within our multiple-based valuation components. Specifically, we include 50% of our estimated 45X tax credit benefit in the EBITDA and EPS figures used for our EV/EBITDA and P/E components. We no longer include any DCF-value related to PTC cash flows. We no longer utilize a blended valuation approach for ARRY and instead rely solely on our EV/EBITDA valuation component. Our valuation methodology can be seen in the exhibit below. Our EV/EBITDA utilizes a 12.5x multiple, which we apply to 2027E normalized EBITDA. Exhibit 29 - ARRY Valuation EV/EBITDA Valuation PTC Value 2027E EBITDA with 50% PTC $156 $86.3 Target EV/EBITDA Multiple 12.5X Implied Enterprise Value $1,952 Less Net Debt 793.9 Implied Equity Value $1,158 2026 YE Diluted Shares 154.4 Weighting EV/EBITDA Equity Value Per Share $8 100% Source: BMO Capital Markets A summary of key model assumptions and financial outputs used in our ARRY model can be found in the exhibits below and unless explicitly stated include the impact of IRA-related PTCs where applicable. Exhibit 30 - Model Key Operating Assumptions and Outputs Model Key Operating Assumptions and Inputs2023A2024A2025A2026E2027E2028E Total Revenue $1,577 $916 $1,284$1,464$1,567$1,640 Gross Margin incl PTC 26% 33% 23% 25% 25% 25%Gross Margin ex PTC 26% 17% 10% 14% 14% 14% Tracker ASPs and CostU.S. ASP ($/w) $0.110$0.099$0.100$0.103$0.102$0.101U.S. COGS ($/w) $0.081$0.081$0.091$0.090$0.089$0.089 RoW ASP ($/w) $0.105$0.080$0.074$0.072$0.072$0.071RoW COGS ($/w) $0.079$0.071$0.064$0.063$0.063$0.062 Tracker ShipmentsLegacy ARRY 10,7046,663 10,25010,47110,93511,318STI 3,850 3,174 2,900 3,432 4,155 4,654Total 14,5549,837 13,15013,90315,09015,972 Opex % of RevenueSG+A 10.1%17.5%15.5%12.8%11.9%12.4%Other 0.2% 35.8% 7.9% 0.3% 0.2% 0.2%Total Opex % of Revenue12.8%57.3%25.5%14.6%13.6%14.2% PTC AssumptionsTotal PTC Value Estimated $162 $165 $173 $179 $184Total PTC Value Retained $121 $124 $129 $134 $138Assumed Retention 75% 75% 75% 75% 75% Source: BMO Capital Markets Exhibit 31 - Model Select Financial Outputs Select Financial Outputs2023A2024A2025A2026E2027E2028E Select Income Statement ItemsRevenues $1,577 $916 $1,284$1,464$1,567$1,640Gross Margin $416 $298 $299 $372 $393 $407EBIT (GAAP) $214 ($227) ($29) $145 $171 $191Adj. EBITDA $288 $174 $188 $209 $242 $253 Income (Loss) (GAAP) $133 ($240) ($52) $100 $124 $142Adj. EPS $1.14 $0.60 $0.67 $0.69 $0.86 $0.90 Gross Margin % 26% 33% 23% 25% 25% 25%Adj. EBITDA Margin 18% 19% 15% 14% 15% 15% Cashflow ItemsCFO (GAAP) $232 $154 $102 $115 $155 $156Capex ($17) ($7) ($22) ($20) ($15) ($15)FCF $215 $147 $80 $95 $140 $141FCF to Equity Per Share$1.43 $0.97 $0.52 $0.62 $0.88 $0.88Cash Flow from Investing ($17) ($10) ($188) ($20) ($15) ($15)Cash Flow from Financing ($102) ($12) ($38) $0 $0 ($325) Balance Sheet ItemsCash $249 $364 $246 $342 $482 $298Total Debt $682 $677 $669 $669 $669 $344Net Debt $433 $313 $423 $327 $187 $46Net Debt/adj. EBITDA 1.5x 1.8x 2.3x 1.6x 0.8x 0.2x Total Equity $611 $289 $260 $379 $530 $690 Total Capitalization $1,293 $966 $929 $1,048$1,199$1,034Debt/Capitalization 53% 70% 72% 64% 56% 33% Diluted Shares 150.5 151.9 153.2 154.4 158.7 160.9Market Capitalization $1,061$1,071$1,080$1,088$1,119$1,134Preferred Stock $345 $407 $467 $467 $467 $467Enterprise Value $1,839$1,791$1,970$1,882$1,772$1,647 EV/Adj. EBITDA 6.4x 10.3x 10.5x 9.0x 7.3x 6.5xP/E 6.2x 11.7x 10.5x 10.2x 8.2x 7.8x Source: BMO Capital Markets Energy Transition & Infrastructure | Page 22 March 27, 2026 ENPH Valuation and Key Estimates Our estimates for ENPH remain unchanged. However, we are modifying our valuation approach to partially reflect the value of manufacturing tax credits directly within our multiple-based valuation components. Specifically, we include 50% of our estimated 45X tax credit benefit in the EBITDA and EPS figures used for our EV/EBITDA and P/E components. We no longer include any DCF-value related to PTC cash flows. Trimming target price to $40/share. We note our gross margin, EBITDA, EBIT, and EPS estimates include impact of U.S. inverter PTCs. Our target price is based on our blended valuation approach, which utilizes a combination of a P/E based valuation (33% weighting), EV/EBITDA valuation (33% weighting), and a 10-year DCF valuation (33% weighting). Our P/E based valuation assumes a target multiple of 22x on our 2027 EPS estimate which includes 50% of the PTC credit value while our EV/EBITDA valuation utilizes a 15x multiple on our 2027 EBITDA estimate which includes 50% of the PTC credit value. We round out our valuation approach with a DCF based valuation that utilizes a 9% discount rate and 5% terminal growth rate. Exhibit 32 - ENPH Valuation ENPH DCF Valuation 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E CFO $141.7 $303.5 $343.8 $439.8 $507.9 $479.0 $543.0 $653.4 $535.3 $564.8 Less: Stock Based Compensation (206.5) (207.7) (208.5) (209.4) (207.4) (208.3) (209.1) (209.8) (210.0) (210.9) Less: Capital Expenditures (60.0) (60.0) (60.0) (60.0) (60.0) (60.0) (60.0) (60.0) (60.0) (60.0) Less: PTC Impact (52.6) (64.9) (78.4) (86.1) (76.3) (55.7) (27.9) - - - Adjusted FCF ($177.5) ($29.2) ($3.0) $84.3 $164.2 $154.9 $246.0 $383.6 $265.3 $293.9 PV ($162.8) ($24.6) ($2.3) $59.7 $106.7 $92.4 $134.6 $192.5 $122.2 $124.1 DCF Through 2035 $642.5 Terminal Value $3,103.5 DCF Value $3,746.0 Less Adj. Net Debt 2026E (389.4) Equity Value $4,135 Weighting $/Share Implied $31 33% Discount Rate 9% Terminal Growth 5% P/E Based Valuation 2027E EPS Ex PTC $2.05 Target P/E Multiple 22.0X Implied Value ex Cash $45.01 Plus Net Cash Value per Share $2.96 Weighting Value Per Share $48 33% EV/EBITDA Valuation 2027E Adjusted EBITDA ex PTC $320 Target EV/EBITDA Multiple 15.0X Implied Value ex Cash $4,799 Less Net Debt (389.4) Implied Equity Value $5,189 Weighting Equity Value Per Share $39 33% Plus: PTC Value Implied Target Price $40 Source: BMO Capital Markets In the tables below, we highlight our financial estimates and key assumptions used to derive them. Energy Transition & Infrastructure | Page 23 March 27, 2026 Exhibit 33 - Key Operational Assumptions and Outputs Model Key Operating Assumptions and Outputs2023A 2024A 2025E 2026E 2027E Volume AssumptionsU.S. Residential Inverter Sales (MWs)4,026 1,979 2,188 1,434 1,683 International Residential Inverter Sales (MWs)2,298 841 484 432 496 Commercial Inverter Sales (MWs)- 95 160 485 624 Storage (MWs) 351 521 705 636 974 Residential Pricing (ASP$/W) - DC BasisU.S. $0.33 $0.33 $0.37 $0.34 $0.33International $0.30 $0.33 $0.35 $0.30 $0.29 Commercial Pricing (ASP$/W) - DC BasisU.S. $0.15 $0.15 $0.15 $0.15 $0.15International $0.15 $0.15 $0.15 $0.15 $0.15 Residential Storage AssumptionsStorage ASP ($/kW) $775.00 $681.25 $600.00 $582.00 $523.80Average System Size Per Customer (kW)10.0 10.4 10.5 10.5 10.5 Revenues ($ MM)U.S. Revenues $1,468.9 $934.7 $1,188.8 $921.5 $1,081.2International Revenues $821.9 $395.7 $284.2 $221.6 $268.4 Gross Margins %Gross Margin (GAPP) 46% 47% 47% 44% 44%Gross Margin (Adjusted) 47% 49% 48% 45% 46% Opex % of RevenueOpex (GAPP) 26% 40% 35% 44% 36%Opex (Adjusted) 17% 25% 21% 26% 22% Source: BMO Capital Markets Exhibit 34 - Select Financial Data Select Financial Outputs 2023A 2024A 2025E 2026E 2027E Select Income Statement ItemsRevenues $2,290.8$1,330.4$1,473.0$1,143.1$1,349.6Gross Margin (GAAP) $1,058.4 $629.1 $687.0 $498.8 $598.6Gross Margin (Adjusted) $1,079.3 $651.1 $710.5 $517.4 $619.6EBIT (GAAP) $445.7 $77.3 $157.5 ($8.4) $112.8EBIT (Adj.) $697.2 $321.9 $396.0 $216.2 $328.1Adj. EBITDA $756.3 $394.7 $477.7 $283.2 $392.1Inccome (Loss) (GAAP) $439.0 $101.7 $172.1 $40.8 $127.1Inccome (Loss) (Adj.) $613.2 $320.1 $389.8 $266.5 $343.5 EPS (GAAP Diluted) $3.06 $0.73 $1.28 $0.30 $0.94EPS Adjusted $4.41 $2.36 $2.98 $2.03 $2.59 Adj. Gross Margin % 47% 49% 48% 45% 46%Adj. EBIT Margin 30% 24% 27% 19% 24%Adj. EBITDA Margin 33% 30% 32% 25% 29% Cashflow ItemsCFO (GAAP) $696.8 $513.7 $136.5 $141.7 $303.5Capex ($110.4) ($33.6) ($40.6) ($60.0) ($60.0)FCF $586.4 $480.1 $95.9 $81.7 $243.5FCF to Equity Per Share $4.22 $3.54 $0.73 $0.62 $1.84Cash Flow from Investing ($366.4) $128.3 $106.8 $440.0 ($60.0)Cash Flow from Financing ($516.8) ($460.3) ($241.6) ($632.2) $0.0FCF Yield 10% 9% 2% 2% 5%Balance Sheet ItemsCash $1,695.0$1,717.6$1,512.9 $962.4 $1,205.8Recourse + Non Recourse Debt$1,293.7$1,302.4$1,204.4 $573.0 $574.1Net Debt ($401.3) ($415.2) ($308.5) ($389.4) ($631.8)Net Debt/adj. EBITDA -0.5x -1.1x -0.6x -1.4x -1.6x Total Equity $983.6 $833.3 $1,087.0$1,334.4$1,669.2 Total Capitalization $2,277.4$2,135.7$2,291.4$1,907.4$2,243.2Debt/Capitalization 56.8% 61.0% 52.6% 30.0% 25.6% Diluted Shares - Non GAAP 139.0 135.7 131.0 131.6 132.6 Market Capitalization $5,586.5$5,451.9$5,264.1$5,287.4$5,327.5Enterprise Value $5,185.2$5,036.7$4,955.6$4,898.0$4,695.8 EV/Adj. EBITDA 6.9x 12.8x 10.4x 17.3x 12.0xP/E (GAAP) 13.1x 54.9x 31.4x 132.0x 42.7xP/E (Non-GAAP) 9.1x 17.0x 13.5x 19.8x 15.5x Source: BMO Capital Markets Energy Transition & Infrastructure | Page 24 March 27, 2026 SEDG Valuation and Key Estimates Our estimates for SEDG remain unchanged. However, we are modifying our valuation approach to partially reflect the value of manufacturing tax credits directly within our multiple-based valuation components. For other solar equipment OEMs, we include 50% of our estimated 45X tax credit benefit in the EBITDA and EPS figures used for our EV/EBITDA and P/E components. However for SEDG, given the magnitude of PTCs relative to consolidated margins and the limited amount of core earnings, we include the full value of PTCs in our EPS and EBITDA estimates for valuation. We no longer include any DCF-value related to PTC cash flows. Raising target price to $40/share. Our target price is based on our blended valuation approach, which utilizes a combination of a P/E based valuation (50% weighting) and EV/EBITDA valuation (50% weighting). We no longer include a DCF in our blended valuation approach for SEDG. Our P/E based valuation now assumes a target multiple of 20.5x on our 2027 EPS estimate, while our EV/ EBITDA valuation utilizes a 13.5x multiple on our 2027 EBITDA estimate. Exhibit 35 - SEDG Valuation P/E Based Valuation 2027E EPS $1.84 Target P/E Multiple 20.5X Implied Value ex Cash $37.63 Plus Net Cash Value per Share $4.10 Value Per Share $42 50% EV/EBITDA Valuation 2027E Adjusted EBITDA $154 Target EV/EBITDA Multiple 13.5X Implied Value ex Cash $2,079 Less Net Debt (251.1) Implied Equity Value $2,330 Equity Value Per Share $38 50% Plus: PTC Value Target Price (w/PTC value) $40 Assumed Shares 61.2 EPS With PTC EBITDA With PTC $1.84 $154 Source: BMO Capital Markets In the tables below, we highlight our financial estimates and key assumptions used to derive them. Energy Transition & Infrastructure | Page 25 March 27, 2026 Exhibit 36 - Model Key Operating Assumptions and Outputs Model Key Operating Assumptions and Outputs2024A 2025A 2026E 2027E 2028E Volume Assumptions InvertersOptimizer shipped (units - thousands)6,976 10,749 11,631 13,600 15,300 Inverter shipped (units - thousands)258 378 485 567 638 MW shipped (MWs - AC) 3,564 5,358 6,058 7,083 7,969 Volume Assumptions StorageEnergy Storage (MWh) 556 897 1,145 1,260 1,520 Pricing AssumptionsBelnded Avg. ASP Core Solar Products ($/Watt)$0.20 $0.17 $0.17 $0.17 $0.16Blended Storage Price (All End Markets $/kW)$343 $318 $302 $287 $273 Revenues ($ MM)Solar Revenues $843 $1,161 $1,394 $1,549 $1,710Non-Solar Revenues $59 $23 $0 $0 $0 Revenue Growth -70% 31% 18% 11% 13%Solar Segment -70% 38% 20% 11% 13%Non Solar Segment -64% -60% Gross Margins %Gross Margin (GAPP) -97% 17% 25% 29% 29%Gross Margin (Adjusted) -90% 16% 27% 31% 31% Opex % of RevenueOpex (GAPP) 63% 37% 32% 30% 27%Opex (Adjusted) 50% 30% 26% 23% 21% Operaing Income MarginAdj. EBIT Margin -139% -13% 1% 7% 10% Source: BMO Capital Markets, Company Reports Exhibit 37 - Model Select Financial Data Select Financial Outputs 2023A 2023A 2026E 2027E 2028ESelect Income Statement ItemsRevenues $901.4 $1,184.4$1,394.0$1,549.1$1,710.2Gross Margin (GAAP) ($877.2) $196.3 $350.8 $443.8 $493.9Gross Margin (Adjusted) ($807.5) $195.2 $378.0 $476.0 $526.1EBIT (GAAP) ($1,708.3)($301.7) ($95.2) ($13.2) $27.9EBIT (Adj.) ($1,254.5)($155.5) $12.1 $115.0 $162.7Adj. EBITDA ($1,194.6)($125.0) $48.7 $154.0 $203.7Income (Loss) (GAAP) ($1,806.4)($405.4) ($103.7) ($29.9) $4.5Income (Loss) (Adj.) ($1,312.1)($140.3) $23.6 $118.4 $159.3 EPS (GAAP Diluted) ($31.65) ($6.88) ($1.69) ($0.46) $0.07EPS Adjusted ($22.99) ($2.38) $0.39 $1.84 $2.40 Adj. Gross Margin % -90% 16% 27% 31% 31%Adj. EBIT Margin -139% -13% 1% 7% 10%Adj. EBITDA Margin -133% -11% 3% 10% 12% Cashflow ItemsCFO (GAAP) ($313.3) $104.3 $92.8 $164.9 $153.0Capex ($108.2) ($23.5) ($50.0) ($50.0) ($50.0)FCF ($421.5) $80.8 $42.8 $114.9 $103.0FCF to Equity/share ($7.64) $0.15 ($0.48) $0.66 $0.47Cash Flow from Investing $416.3 $379.9 ($50.0) ($50.0) ($50.0)Cash Flow from Financing ($20.1) ($348.9) $0.0 $0.0 $0.0 Balance Sheet ItemsCash $274.6 $455.1 $497.9 $612.8 $715.8Recourse + Non Recourse Debt $676.3 $331.6 $331.6 $331.6 $331.6Net Debt $401.7 ($123.5) ($166.4) ($281.2) ($384.2)Net Debt/adj. EBITDA -0.3x 1.0x -3.4x -1.8x -1.9x Total Equity $658.3 $427.5 $403.9 $470.1 $577.2 Total Capitalization $1,334.7 $759.0 $735.5 $801.6 $908.7Debt/Capitalization 50.7% 43.7% 45.1% 41.4% 36.5% Diluted Shares - Non GAAP 57.1 58.9 61.2 64.5 66.3 Market Capitalization $2,869.5$2,963.4$3,076.8$3,241.5$3,334.2Enterprise Value $3,271.2$2,839.8$2,910.4$2,960.3$2,950.0 EV/Adj. EBITDA -2.7x -22.7x 59.8x 19.2x 14.5xP/E (GAAP) -1.6x -7.3x -29.7x -108.5x 743.6xP/E (Non-GAAP) -2.2x -21.1x 130.2x 27.4x 20.9x Source: BMO Capital Markets, Company Reports Energy Transition & Infrastructure | Page 26 March 27, 2026 RUN Valuation Estimates remain unchanged. However, we are modestly reducing our cash generation growth assumption. Target price falls to $15.50. Key aspects and assumptions used to derive our valuation are as follows: 1) We estimate that RUN will generate ~$355M in cash generation in FY 2026, consistent with midpoint of its guidance. 2) We assume that any cash generation in excess of a ratio of 2.0x secured debt to cash generation accrues to shareholders as FCF to equity that can be used for capital return initiatives. 3) We run two scenarios where we vary the potential outcomes for the company's cash generation after the expiration of ITCs under the current OBBBA legislation in 2030+. In scenario 1, we assume that cash generation continues to grow by 14% per annum after 2030, which is what we assume it grows by in 2027-2030 in both scenarios. In scenario 2, we assume that cash generation initially steps down by 65% due to expiration of tax credits and then resumes growth at 15% year. In scenario 2 we assume the company retires any secured debt using an equity issuance at its current share price. 4) We weight both scenarios equally to arrive at our $15.50/target price. We utilize a 10% discount rate in our analysis. Exhibit 38 - RUN y-o-y Cash Generation Sensitivity 2025 Base Year Assumptions Sensitivity 2026 Assumptions vs. 2025 Subscriber Customers Added113,939+/- 10,000 +/- $45MM Subscriber Customers Added110,697 (3,242) - $15 Storage Attach Rate 72% +/- 1% +/- $8MM Storage Attach Rate 73% 1.4% + $11 Avg. Realized ITC 43% +/- 1% +/- $50MM Avg. Realized ITC 42% (1.0%) - $50 Realized Cost of Capital 7.33%+/- 25 bps+/- $40MM Realized Cost of Capital 7.10% (0.2%) + $32 2025 Cash Generation (MM): $377(a) 2026 Cash Generation (MM): $355a + b = c (b) Source: BMO Capital Markets Exhibit 39 - RUN Valuation Scenario 1 - Cash Gen Status Quo2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Cash Generation $377 $355 $408 $465 $531 $605 $690 $786 $896 $1,022 $1,165 2026 Safe Harbor Program - ($75) - - - - - - - - - Secured Debt $712 $612 $630 $649 $669 $689 $710 $731 $753 $775 $799 Secured Debt to Cash Gen 1.9x 2.2x 1.5x 1.4x 1.3x 1.1x 1.0x 0.9x 0.8x 0.8x 0.7x Excess Cash to Deploy to Equity$0 $0 $93 $141 $196 $260 $335 $421 $520 $634 $765 PV $1,690 Terminal Value $4,215.9 Diluted Shares 279 Discount Rate 10.0% Terminal Growth 3.0% PV/Share $21.19 50%Weighting 0 1 2 3 4 5 6 7 8 9 10 Scenario 2 - ITC Roll - Off 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Cash Generation $377 $355 $405 $461 $526 $600 $210 $239 $273 $311 $354 2026 Safe Harbor Program - ($75) - - - - - - - - - Secured Debt $712 $612 $630 $649 $669 $689 $0 $0 $0 $0 $0 Secured Debt to Cash Gen 1.9x 1.7x 1.6x 1.4x 1.3x 1.1x 0.0x 0.0x 0.0x 0.0x 0.0x Excess Cash to Deploy to Equity$0 $0 $90 $137 $192 $255 $210 $239 $273 $311 $354 PV $1,103 Terminal Value $1,952 Diluted Shares 314 Discount Rate 10.0% Terminal Growth 3.0% PV/Share $9.72 50%Weighting Target $15.45 Source: BMO Capital Markets In the exhibits below we show the wide range of outcomes under our updated cash generation based valuation approach of how our target price can vary under different scenarios and assumptions. In the first table we vary cost of capital and cash generation growth per year. In the second table using our Energy Transition & Infrastructure | Page 27 March 27, 2026 second valuation scenario we vary the potential step down if cash generation falls if ITCs are no longer available or extended vs. the growth of cash generation that occurs before and after that. Exhibit 40 - RUN Valuation Sensitivity and Cash Gen Growth vs. Discount rate 6.0% 7.0% 8.0% 9.0% 10.0%11.0%12.0% 0% $5.39 $4.05 $3.25 $2.71 $2.32 $2.03 $1.80 5% $15.05$11.00 $8.58 $6.98 $5.84 $5.00 $4.34 8% $21.16$15.38$11.93 $9.65 $8.04 $6.83 $5.91 10%$28.29$20.47$15.82$12.74$10.57 $8.95 $7.71 13%$36.60$26.40$20.33$16.32$13.49$11.40 $9.79 15%$46.24$33.25$25.54$20.45$16.86$14.20$12.16 20%$70.30$50.32$38.46$30.66$25.16$21.10$18.00 BMO Estimated RUN Valuation Discount Rate Annual Cash Generation Growth Source: BMO Capital Markets Exhibit 41 - RUN Valuation Sensitivity Post 2030 Cash Gen Decline vs. Cost of Capital 12.0%13.0%14.0%15.0%16.0%17.0%18.0% 25%$18.84$20.91$23.10$25.44$27.92$30.56$33.36 30%$18.21$20.23$22.38$24.67$27.10$29.68$32.43 45%$16.32$18.21$20.22$22.36$24.63$27.05$29.62 60%$14.43$16.19$18.06$20.05$22.17$24.42$26.82 70%$13.17$14.84$16.62$18.51$20.53$22.67$24.95 80%$11.90$13.49$15.18$16.97$18.89$20.92$23.08 85%$11.27$12.82$14.46$16.20$18.06$20.04$22.15 Post ITC Cash Gen Step Down BMO Estimated RUN Valuation Growth of Annual Cash Generation Source: BMO Capital Markets BE Valuation and Key Estimates Our estimates and valuation for BE remain unchanged. Target price remains $149/share. Our valuation approach incorporates an EV/Sales and P/E component in addition to our EV/EBITDA based multiple approach. We weight each valuation component equally to arrive at our target price. We utilize a 26x multiple on our FY 2028E EBITDA, 33x our FY 2028E EPS, and 6.0x of 2028E sales estimate to arrive at our $149/share target price. Exhibit 42 - BE Valuation EV/EBITDA 2028E 2028 EBITDA $1,660 26.0x Enterprise Value $43,165.76 Less Net Debt $93.2 Equity Value $43,072.60 2026YE Shares 316.4 $/Share Implied $136.15 P/E 2028E 2028 EPS $4.98 33.0x Value ex. Cash $164.47 Plus Net Cash per Share ($0.29) Equity Value $164.18 EV/Sales 2028E 2028 Sales $7,673 6.0x Enterprise Value $46,040.57 Less Net Debt $93.2 Equity Value $45,947.41 2026YE Shares 316.4 $/Share Implied $145.24 Blended Target Price $149 Source: BMO Capital Markets Energy Transition & Infrastructure | Page 28 March 27, 2026 A summary of key model assumptions and financial outputs used in our BE model to derive our target price is shown in the tables below. Exhibit 43 - Model Key Operating Assumptions and Outputs Model Key Operating Assumptions and Outputs2023A 2024A 2025E 2026E 2027E 2028E Core Stationary Power SalesCumulative Installed Capacity (MWs) 1,311 1,644 2,137 2,999 4,679 6,864 Acceptance Volumes (100 kW) C&I2,682 3,337 4,925 8,619 16,807 21,849 ASP Product Price ($/kW) $3,636 $3,252 $3,109 $3,039 $3,024 $3,009Product Cost ($/kW) $2,349 $2,055 $1,994 $1,944 $1,924 $1,905Implied Unit Gross Margin ($/kW)$1,287 $1,197 $1,116 $1,095 $1,100 $1,104Gross Margin (%) 35% 37% 36% 36% 36% 37% Installation Segment Install Price ($/kW) $346 $367 $414 $414 $414 $414Install Cost ($/kW) $394 $388 $418 $414 $414 $414Total Installed System Cost ($/kW)$2,744 $2,443 $2,412 $2,358 $2,339 $2,319Install Segment Gross Margin-12% -6% -1% 0% 0% 0% Services Segment Services Prices ($/MW Installed)$42 $39 $33 $32 $32 $31Services Cost ($/MW Installed)$50 $39 $30 $27 $25 $25Services Gross Margin (%) -18% -1% 11% 18% 20% 20% Opex % of RevenueR&D % of revenue 12% 10% 9% 7% 5% 5%S&M % of revenue 7% 5% 6% 8% 7% 7%G&A % of revenue 12% 11% 10% 8% 6% 5% Revenues ($ MM)Product $975 $1,085 $1,531 $2,619 $5,082 $6,574Installation $93 $122 $204 $285 $356 $381Service $183 $214 $228 $299 $428 $638Electricity $82 $53 $60 $80 $80 $80 YE Capacity (MW)Server 1,000 1,000 1,000 2,000 2,000 3,000Capacity Utilization (%) 27% 33% 49% 43% 84% 73% Source: BMO Capital Markets Exhibit 44 - Model Key Financial Outputs Select Financial Outputs 2023A 2024A 2025E 2026E 2027E 2028E Select Income Statement ItemsRevenues $1,333 $1,474 $2,024 $3,283 $5,946 $7,673Gross Margin (GAAP) $198 $405 $587 $1,030 $1,966 $2,571Gross Margin (Adjusted) $344 $423 $613 $1,063 $2,010 $2,629EBIT (GAAP) ($209) $23 $73 $263 $883 $1,283EBIT (Adj.) $19 $97 $221 $460 $1,166 $1,609Adj. EBITDA $82 $161 $272 $498 $1,210 $1,660 Inccome (Loss) (GAAP) ($302) ($29) ($88) $258 $879 $1,280Inccome (Loss) (Adj.) ($21) $65 $198 $455 $1,161 $1,606EPS (GAAP Diluted) ($1.35) ($0.13) ($0.37) $0.98 $3.29 $4.73EPS Adjusted ($0.09) $0.28 $0.70 $1.44 $3.64 $4.98 Adj. Gross Margin % 26% 29% 30% 32% 34% 34%Adj. EBIT Margin 1% 7% 11% 14% 20% 21%Adj. EBITDA Margin 6% 11% 13% 15% 20% 22% Cashflow ItemsCFO (GAAP) ($373) $92 $114 $191 $650 $1,268Capex ($84) ($59) ($93) ($120) ($120) ($120)FCF ($456) $33 $21 $71 $530 $1,148FCF to Equity Per Share ($2.15) $0.15 $0.07 $0.22 $1.66 $3.56Cash Flow from Investing ($84) ($59) ($93) ($120) ($120) ($120)Cash Flow from Financing $683 $175 $1,508 ($4) $0 ($89) Balance Sheet ItemsCash $665 $803 $2,454 $2,520 $3,051 $4,109Recourse + Non Recourse Debt$847 $1,129 $2,618 $2,614 $2,614 $2,524Net Debt $182.0 $325.9 $163.8 $93.2 ($436.9)($1,585.1)Net Debt/adj. EBITDA 2.2x 2.0x 0.6x 0.2x -0.4x -1.0x Total Equity $521 $585 $793 $1,248 $2,410 $4,016 Total Capitalization $1,367.3$1,714.0$3,410.8$3,861.9$5,023.2$6,540.1Debt/Capitalization 61.9% 65.9% 76.8% 67.7% 52.0% 38.6% Diluted Shares - Non GAAP 212.6 227.4 305.9 316.4 318.9 322.1 Market Capitalization $29,046.3$31,057.3$41,783.2$43,214.4$43,567.1$44,003.3Enterprise Value $29,228.3$31,383.3$41,946.9$43,307.6$43,130.1$42,418.2 EV/Adj. EBITDA 357.4x 195.4x 154.3x 87.0x 35.6x 25.5xP/E (GAAP) -101.4x -1062x -371.2x 140.1x 41.6x 28.9xP/E (Non-GAAP) -1586.1x 481.2x 195.3x 95.0x 37.5x 27.4x Source: BMO Capital Markets Energy Transition & Infrastructure | Page 29 March 27, 2026 FLNC Valuation and Key Estimates Our estimates remain unchanged and our base case valuation for FLNC still implies $19/share. We utilize a blended valuation approach that incorporates a longer-term DCF approach that estimates future FCF to equity that accounts for the next few stages of the industry we think will emerge over the next 10 years as FLNC continues to scale its hardware, services, and software products. This approach also allows us to monitor the portion of our DCF valuation owed to our terminal value assumptions compared with the discounted cash flows over the next 10 years in our valuation models. Our target price is based on our DCF valuation of free cash flow to equity of ~$20/share, and we apply a 50% weighting in arriving at our target price. We note the following: • We adjust our FCF to equity estimates downward to exclude value for our estimates for stock- based compensation; we believe that some on the sell side do not adjust for this. • We use an 11% discount rate and 6% terminal growth rate. Our valuation methodology, which can be seen in the exhibit below, also includes an EV/EBITDA- based multiple approach, which we weight 50%. Our EV/EBITDA valuation utilizes a 20x multiple to our 2027 estimate for adjusted EBITDA based on storage-focused comparable companies as well as solar equipment providers (ex. PTCs) that we see as subject to the same general industry trends as FLNC. Exhibit 45 - FLNC Valuation DCF Valuation 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E CFO ($21.0) $87.6 $127.7 $230.6 $280.4 $253.4 $306.9 $385.9 $446.9 $505.0 Less: Stock Based Compensation (22.0) (25.0) (35.0) (40.0) (40.0) (45.0) (55.0) (55.0) (55.0) (55.0) Less: Capital Expenditures (42.3) (45.1) (47.3) (50.7) (52.6) (54.8) (57.1) (62.3) (52.6) (54.1) FCF ($85.3) $17.5 $45.4 $139.9 $187.8 $153.6 $194.8 $268.6 $339.3 $395.9 PV ($76.9) $14.2 $33.2 $92.1 $111.5 $82.1 $93.8 $116.6 $132.6 $139.4 DCF Through 2035 $739 Terminal Value $2,789 DCF Value $3,527 Less 2026 YE Adj. Net Debt ($234) Equity Value $3,762 2026 YE Diluted Shares 184.2 Implied Target Price $20.43 Weighting 50% Discount Rate 11% Terminal Growth 6% EV/EBITDA 2027E Calendar Year Adj. EBITDA $144 20.0x Enterprise Value $2,883 Less net debt (234.1) Equity Value $3,117 2026 YE Diluted Shares 184.2 Implied Target $16.92 Weighting 50% Implied Valuation $18.67 Source: BMO Capital Markets A summary of key model assumptions and financial outputs used in our FLNC model can be found in the exhibits below. Energy Transition & Infrastructure | Page 30 March 27, 2026 Exhibit 46 - Model Key Operating Assumptions and Outputs Model Key Operating Assumptions and Outputs2023A 2024A 2025A 2026E 2027E 2028E Revenues By Segment ($ MM) Revenue From Sale of Energy Storage Products$2,198$2,648$2,172$3,247$4,006$4,672Revenue From Services $16 $41 $74 $90 $126 $170Revenue From Digital Applications and Solutions$4 $9 $17 $26 $44 $66Other Revenue $0.4 $0.0 $0.0 $1.9 $0.0 $0.0Total $2,217$2,699$2,263$3,364$4,177$4,908 Consolidated Adj. Gross Margin7% 13% 14% 12% 12% 12% Key Segment Assumptions Cumulative Deployed MW's 3,000 5,000 6,800 8,947 11,61014,913Service Contracts AUM (MW)2,800 4,300 5,600 8,053 10,44913,422Digital Assets AUM (MW) 15,50018,30022,00030,34738,31246,569 Energy Storage Products Gross Margin6% 12% 12% 10% 10% 10%Services Gross Margin 25% 25% 24% 27% 30% 30%Digital Applications and Solutions Gross Margin75% 75% 75% 75% 80% 80% Opex % of Revenue R&D 3% 2% 4% 3% 2% 2%S,G&A 8% 9% 11% 8% 7% 7%Total Opex 11% 12% 15% 12% 10% 10% Source: BMO Capital Markets, Company Reports Exhibit 47 - Model Select Financial Data Select Financial Outputs 2023A 2024A 2025A 2026E 2027E 2028E Select Income Statement ItemsRevenues $2,217$2,699$2,263$3,364$4,177$4,908Adj. Gross Margin $148 $348 $310 $390 $816 $999EBIT (GAAP) ($113) $27 ($46) ($14) $55 $119Adj. EBITDA ($57) $78 $19 $46 $125 $200 Inccome (Loss) (GAAP) ($105) $30 ($68) ($13) $55 $95EPS ($0.59)$0.13 ($0.37)($0.07)$0.30 $0.51 Gross Margin % 7% 13% 14% 12% 20% 20%Adj. EBITDA Margin -3% 3% 1% 1% 3% 4% Cashflow ItemsCFO (GAAP) ($112) $80 ($146) ($21) $88 $128Capex ($12) ($19) ($30) ($42) ($45) ($47)FCF ($124) $61 ($175) ($63) $43 $80FCF to Equity Per Share ($1) $0 ($1) ($0) $0 $0Cash Flow from Investing $94 ($19) ($30) ($42) ($45) ($47)Cash Flow from Financing $53 ($9) $357 ($2) $0 $0 Balance Sheet ItemsCash $346 $449 $691 $625 $668 $748Total Debt $0 $0 $0 $0 $0 $0Net Debt ($346) ($449) ($691) ($625) ($668) ($748)Net Debt/adj. EBITDA 6.1x -5.7x -35.5x -13.5x -5.4x ($4) Total Equity $402 $472 $430 $454 $534 $665 Minority Intereest $154 $135 $119 $100 $100 $100 Total Capitalization $402 $472 $430 $454 $534 $665Debt/Capitalization -86% -95% -161% -138% -125% -113% Diluted Shares 177 182 183 184 185 187Market Capitalization $2,655$2,715$2,737$2,755$2,774$2,799Enterprise Value $2,463$2,402$2,166$2,230$2,206$2,150 EV/Adj. EBITDA -43.5x 30.8x 111.3x 48.1x 17.7x 10.8xP/E -25.3x 119.5x -40.3x -209.4x50.3x 29.4x Source: BMO Capital Markets, Company Reports Energy Transition & Infrastructure | Page 31 March 27, 2026 IMPORTANT DISCLOSURES Analyst's Certification I, Ameet Thakkar, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. 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Distribution of Ratings (March 25, 2026) Rating category BMO rating BMOCM US Universe* BMOCM US IB Clients** BMOCM US IB Clients*** BMOCM Universe**** BMOCM IB Clients***** StarMine Universe~ Buy Outperform 56.1 % 23.6 % 57.0 % 59.7 % 66.3 % 57.7% Hold Market Perform 41.9 % 23.8 % 43.0 % 39.2 % 33.7 % 37.5% Sell Underperform 2.0 % 0.0 % 0.0 % 1.2 % 0.0 % 4.8% * Reflects rating distribution of all companies covered by BMO Capital Markets Corp. equity research analysts. ** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services as percentage within ratings category. *** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services as percentage of Investment Banking clients. **** Reflects rating distribution of all companies covered by BMO Capital Markets equity research analysts. ***** Reflects rating distribution of all companies from which BMO Capital Markets has received compensation for Investment Banking services as percentage of Investment Banking clients. ~ As of April 1, 2019. 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