维谛技术 2025年度报告

The worlddepends on datawe power and cool™ To our shareholders The data center industry is accelerating at a speed never seen before. Unprecedented demand forhigh-performance compute is driving a structural transformation of digital infrastructure. Power,thermal management, and service delivery require fundamentally different approaches—andcustomers need partners who can move at their pace. Not just keep up. Stay ahead. That is where Vertiv lives. We are relentlessly focused on enabling the most demanding computeenvironments the industry has ever built. Our competitive advantage is clear: we understand thedeepening interactions between power, thermal management, and compute which allow us to designsystems that optimize data center performance for our customers. We innovate faster and executewith focused intensity. Technology, deep domain expertise, full-system integration, and servicesstrength are not just capabilities- they are our competitive edge. The momentum is remarkable. We are pleased with our progress, but we are never satisfied knowingthat more, better, stronger is always possible. Leadership is not a moment—it is perpetualrelentlessness. Our confidence comes from the foundation we have built and the execution mindsetthat runs through our organization. By the numbers1 Our cash generation remained robust, with operating cash flowincreasing to $2.1 billion and adjusted free cash flow increasing to$1.9 billion, while we continued to invest in innovation, capacityexpansion,and strategic acquisitions.This strong cashperformance, combined with disciplined capital allocation, resultedin a year-end net leverage ratio of ~0.5x—providing significantfinancial flexibility to pursue growth opportunities and reinvest inour business. Years of disciplined investment and seed-planting positionedVertiv not just to meet 2025's accelerating demand—but to stayahead of it. We further strengthened our technology leadership,expanded global capacity, and deepened industry collaborations—to be ready as the market intensified. When infrastructurerequirements surged and execution reliability mattered most,we delivered. The numbers tell the story of transformation. This performance demonstrates our ability to scale profitably whilemaintaining the discipline that drives long-term value creation.We are capturing market share, expanding margins, and generatingcash flow to invest in our future and create long-term value for ourcustomers and shareholders. Net sales reached a record $10.2 billion—up 28% year-over-year—as we captured market share in a rapidly accelerating industry.Operating profit increased 34% to $1.8 billion. Adjusted operatingprofit grew 35% to $2.1 billion, with adjusted operating marginsexpanding 100 basis points to 20.4%. We are growing profitablyand with discipline. Diluted EPS of $3.41 grew 166% compared to2024 and adjusted diluted EPS jumped to $4.20, up 47% versus2024. This performance reflects the strength of our strategy andthe disciplined execution of our global team. At the center of structural growth Digital infrastructure demand continues to expand. Digitization, cloud adoption, and AI are long-term, structural shifts.Customers are planning multi-year deployments to support AI and next-generation workloads. They need infrastructure thatscales fast, runs hard, and never blinks. This environment rewards deep technical collaboration and long-term partnerships built on trust. Customers wantcomprehensive solutions—power, thermal management, and services designed to work as one system. They are selectingpartners who can advance alongside them for years to come. Vertiv's strengths are clear: decades of industry leadership, a technology-rich, end-to-end critical digital infrastructureportfolio, lifecycle services and support, system-level integration, and a global footprint. We support customers at initialdesign, and through every phase of deployment and optimization. We are gaining market share. And we intend to keep taking more. Advancing technology and innovation Performance today is defined by how digital infrastructure elements operate and are optimized and orchestrated as a system.A deep understanding of power and thermal management interactions becomes increasingly important as rising power densitiesand new compute architectures are reshaping expectations for power delivery, thermal solutions, and operational intelligence. Vertiv’s approach is system-level optimization. Power distributes intelligently across the infrastructure. Thermal systems responddynamically to extreme density. Controls coordinate performance across the entire infrastructure stack. The whole systemfunctions as one. We have translated this systems-level thinking into deployable solutions. Vertiv™OneCoreis a complete, converged data center infrastructure—engineered and scaled to deliver with speed, simplicity,and repeatability.Vertiv™SmartRunis a prefabricated whitespace infrastructure solution that significantly