nVent Electric plc 10-Q for FY2026 Q3
nVent Electric plc (NVT)
10-Q
2026-10-30
For: 2026-09-30
View Original
Added on
October 30, 2026
About this 10-Q
nVent Electric plc filed this 10-Q on October 30, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).
nVent Electric plc reported third-quarter net sales of $1,514.9 million, up 43.7%, and net income of $202.4 million, up 67.0%. Nine-month net sales rose 49.6% to $4,228.2 million, while continuing-operations net income rose 78.6% to $558.6 million. AI summary
Headline figures
Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $1.51B
- up 43.7% from $1.05B a year earlier
- Net income
- $202.4M
- up 67.0% from net income of $121.2M a year earlier
- Diluted EPS
- $1.23
- up 66.2% from $0.74 a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the Quarterly Period Ended September 30, 2026
OR
Commission file number 001-38265
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| (Address of principal executive offices) | ||||||||||||||
Registrant's telephone number, including area code: 44 -20 -3966-0279
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
On September 30, 2026, 161,598,060 shares of the registrant's common stock were outstanding.
nVent Electric plc
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| PART I FINANCIAL INFORMATION | ||||||||
| ITEM 1. | ||||||||
| ITEM 2. | ||||||||
| ITEM 3. | ||||||||
| ITEM 4. | ||||||||
| PART II OTHER INFORMATION | ||||||||
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| ITEM 1A. | ||||||||
| ITEM 2. | ||||||||
| ITEM 5. | ||||||||
| ITEM 6. | ||||||||
2
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
nVent Electric plc
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
| Three months ended | Nine months ended | ||||||||||||||||
| In millions, except per share data | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| Net sales | $ | $ | $ | $ | |||||||||||||
| Cost of goods sold | |||||||||||||||||
| Gross profit | |||||||||||||||||
| Selling, general and administrative | |||||||||||||||||
| Research and development | |||||||||||||||||
| Operating income | |||||||||||||||||
| Net interest expense | |||||||||||||||||
Other expense | |||||||||||||||||
| Income from continuing operations before income taxes | |||||||||||||||||
| Provision for income taxes | |||||||||||||||||
| Net income from continuing operations | |||||||||||||||||
| Income from discontinued operations, net of tax (Note 6) | |||||||||||||||||
| Net income | $ | $ | $ | $ | |||||||||||||
| Comprehensive income, net of tax | |||||||||||||||||
| Net income | $ | $ | $ | $ | |||||||||||||
Changes in cumulative translation adjustment (nine months ended September 30, 2025 includes $ | ( | ( | ( | ||||||||||||||
Changes in market value of derivative financial instruments, net of tax | ( | ||||||||||||||||
| Comprehensive income | $ | $ | $ | $ | |||||||||||||
| Earnings per ordinary share | |||||||||||||||||
| Basic | |||||||||||||||||
| Continuing operations | $ | $ | $ | $ | |||||||||||||
| Discontinued operations | |||||||||||||||||
| Basic earnings per ordinary share | $ | $ | $ | $ | |||||||||||||
| Diluted | |||||||||||||||||
| Continuing operations | $ | $ | $ | $ | |||||||||||||
| Discontinued operations | |||||||||||||||||
| Diluted earnings per ordinary share | $ | $ | $ | $ | |||||||||||||
| Weighted average ordinary shares outstanding | |||||||||||||||||
| Basic | |||||||||||||||||
| Diluted | |||||||||||||||||
| Cash dividends paid per ordinary share | $ | $ | $ | $ | |||||||||||||
See accompanying notes to condensed consolidated financial statements.
3
nVent Electric plc
Condensed Consolidated Balance Sheets (Unaudited)
| September 30, 2026 | December 31, 2025 | |||||||
| In millions, except per share data | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
Accounts and notes receivable, net of allowances of $ | ||||||||
| Inventories | ||||||||
| Other current assets | ||||||||
| Total current assets | ||||||||
| Property, plant and equipment, net | ||||||||
| Other assets | ||||||||
| Goodwill | ||||||||
| Intangibles, net | ||||||||
| Other non-current assets | ||||||||
| Total other assets | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities and Equity | ||||||||
| Current liabilities | ||||||||
| Current maturities of long-term debt and short-term borrowings | $ | $ | ||||||
| Accounts payable | ||||||||
| Employee compensation and benefits | ||||||||
| Other current liabilities | ||||||||
| Total current liabilities | ||||||||
| Other liabilities | ||||||||
| Long-term debt | ||||||||
| Pension and other post-retirement compensation and benefits | ||||||||
| Deferred tax liabilities | ||||||||
| Other non-current liabilities | ||||||||
| Total liabilities | ||||||||
| Equity | ||||||||
Ordinary shares $ | ||||||||
| Additional paid-in capital | ||||||||
| Retained earnings | ||||||||
| Accumulated other comprehensive loss | ( | ( | ||||||
| Total equity | ||||||||
| Total liabilities and equity | $ | $ | ||||||
See accompanying notes to condensed consolidated financial statements.
4
nVent Electric plc
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine months ended | ||||||||
| In millions | September 30, 2026 | September 30, 2025 | ||||||
| Operating activities | ||||||||
| Net income | $ | $ | ||||||
| Less: Income from discontinued operations, net of tax | ||||||||
| Net income from continuing operations | ||||||||
| Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities of continuing operations | ||||||||
| Depreciation | ||||||||
| Amortization | ||||||||
| Deferred income taxes | ( | |||||||
| Share-based compensation | ||||||||
| Amortization of bridge financing debt issuance costs | ||||||||
| Changes in assets and liabilities, net of effects of business acquisitions | ||||||||
| Accounts and notes receivable | ( | ( | ||||||
| Inventories | ( | ( | ||||||
| Other current assets | ( | |||||||
| Contract assets and liabilities | ( | |||||||
| Accounts payable | ||||||||
| Employee compensation and benefits | ||||||||
| Other current liabilities | ||||||||
| Other non-current assets and liabilities | ( | |||||||
| Net cash provided by (used for) operating activities of continuing operations | ||||||||
| Net cash provided by (used for) operating activities of discontinued operations | ( | ( | ||||||
| Net cash provided by (used for) operating activities | ||||||||
| Investing activities | ||||||||
| Capital expenditures | ( | ( | ||||||
| Proceeds from sale of property and equipment | ||||||||
| Acquisitions, net of cash acquired | ( | |||||||
| Net cash provided by (used for) investing activities of continuing operations | ( | ( | ||||||
| Net cash provided by (used for) investing activities of discontinued operations | ||||||||
| Net cash provided by (used for) investing activities | ( | |||||||
| Financing activities | ||||||||
| Net receipts of revolving credit facility | ||||||||
| Proceeds from long-term debt | ||||||||
| Repayments of long-term debt | ( | ( | ||||||
| Debt issuance costs | ( | ( | ||||||
| Dividends paid | ( | ( | ||||||
| Shares issued to employees, net of shares withheld | ( | |||||||
| Repurchases of ordinary shares | ( | ( | ||||||
| Net cash provided by (used for) financing activities | ( | |||||||
| Effect of exchange rate changes on cash and cash equivalents | ||||||||
| Change in cash and cash equivalents | ( | |||||||
| Cash and cash equivalents, beginning of period | ||||||||
| Cash and cash equivalents within assets held for sale, beginning of period | ||||||||
| Less: Cash and cash equivalents within assets held for sale, end of period | ||||||||
| Cash and cash equivalents, end of period | $ | $ | ||||||
See accompanying notes to condensed consolidated financial statements.
5
nVent Electric plc
Condensed Consolidated Statements of Changes in Equity (Unaudited)
| In millions | Ordinary shares | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | ||||||||||||||||||||||||||||||
| Number | Amount | ||||||||||||||||||||||||||||||||||
| December 31, 2025 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Share repurchases | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||
| Exercise of options, net of shares tendered for payment | — | — | — | ||||||||||||||||||||||||||||||||
| Issuance of restricted shares, net of cancellations | — | — | — | — | |||||||||||||||||||||||||||||||
| Shares surrendered by employees to pay taxes | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| March 31, 2026 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Exercise of options, net of shares tendered for payment | — | — | — | ||||||||||||||||||||||||||||||||
| Issuance of restricted shares, net of cancellations | — | — | — | — | |||||||||||||||||||||||||||||||
| Shares surrendered by employees to pay taxes | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| June 30, 2026 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Dividends declared | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Share repurchases | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Exercise of options, net of shares tendered for payment | — | — | — | — | |||||||||||||||||||||||||||||||
| Shares surrendered by employees to pay taxes | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| September 30, 2026 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
6
| In millions | Ordinary shares | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | ||||||||||||||||||||||||||||||
| Number | Amount | ||||||||||||||||||||||||||||||||||
| December 31, 2024 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
| Other comprehensive loss, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Share repurchases | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
| Exercise of options, net of shares tendered for payment | — | — | — | ||||||||||||||||||||||||||||||||
| Issuance of restricted shares, net of cancellations | — | — | — | — | |||||||||||||||||||||||||||||||
| Shares surrendered by employees to pay taxes | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| March 31, 2025 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
| Other comprehensive loss, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Share repurchases | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Exercise of options, net of shares tendered for payment | — | — | — | ||||||||||||||||||||||||||||||||
| Shares surrendered by employees to pay taxes | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| June 30, 2025 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Exercise of options, net of shares tendered for payment | — | — | — | ||||||||||||||||||||||||||||||||
| Shares surrendered by employees to pay taxes | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| September 30, 2025 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
See accompanying notes to condensed consolidated financial statements.
7
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
1.Basis of Presentation and Responsibility for Interim Financial Statements
Business
nVent Electric plc ("nVent," "we," "us," "our" or the "Company") is a leading global provider of electrical connection and protection solutions. The Company is comprised of two reporting segments: Systems Protection and Electrical Connections.
The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K.
Basis of presentation
The accompanying unaudited Condensed Consolidated Financial Statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted.
We are responsible for the unaudited Condensed Consolidated Financial Statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. We may experience changes in customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods.
In 2024, we entered into a definitive agreement to sell our Thermal Management business to BCP VI Summit Holdings LP (as assignee of BCP Acquisitions LLC), an affiliate of funds managed by Brookfield Asset Management. We completed the sale of the Thermal Management business on January 30, 2025, which resulted in $1.6 billion in net cash proceeds, subject to certain customary purchase price adjustments. As a result of the agreement, the Thermal Management business met the criteria set forth in Accounting Standards Codification ("ASC") 205-20 to be presented as a discontinued operation for sale for all periods presented. The Thermal Management business' results of operations and the related cash flows have been reclassified to Income from discontinued operations, net of tax in the Condensed Consolidated Statements of Income and cash flows from discontinued operations in the Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. For additional information regarding this transaction and its effect on our financial reporting, see Note 6 below.
New accounting standards
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update 2024-03, "Disaggregation of Income Statement Expenses", which is intended to improve disclosures about a public business entity's expenses. It requires public entities to disaggregate specific types of expenses, including disclosures for purchases of inventory, employee compensation, depreciation and intangible asset amortization, as well as selling expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and may be adopted on a retrospective or prospective basis. We are currently evaluating the potential impact of this new guidance, and expect the standard will only impact our disclosures with no material impact to the consolidated financial statements.
8
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
2.Revenue
Disaggregation of revenue
We disaggregate our revenue from contracts with customers by geographic location and vertical, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.
Geographic net sales information, based on geographic destination of the sale, was as follows:
| Three months ended September 30, 2026 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Americas | $ | $ | $ | |||||||||||
| Europe, the Middle East and Africa ("EMEA") | ||||||||||||||
| Asia-Pacific | ||||||||||||||
| Total | $ | $ | $ | |||||||||||
| Nine months ended September 30, 2026 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Americas | $ | $ | $ | |||||||||||
| EMEA | ||||||||||||||
| Asia-Pacific | ||||||||||||||
| Total | $ | $ | $ | |||||||||||
| Three months ended September 30, 2025 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Americas | $ | $ | $ | |||||||||||
| EMEA | ||||||||||||||
| Asia-Pacific | ||||||||||||||
| Total | $ | $ | $ | |||||||||||
| Nine months ended September 30, 2025 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Americas | $ | $ | $ | |||||||||||
| EMEA | ||||||||||||||
| Asia-Pacific | ||||||||||||||
| Total | $ | $ | $ | |||||||||||
9
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
Vertical net sales information was as follows:
| Three months ended September 30, 2026 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Infrastructure | $ | $ | $ | |||||||||||
| Industrial | ||||||||||||||
| Commercial & Residential | ||||||||||||||
| Total | $ | $ | $ | |||||||||||
| Nine months ended September 30, 2026 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Infrastructure | $ | $ | $ | |||||||||||
| Industrial | ||||||||||||||
| Commercial & Residential | ||||||||||||||
| Total | $ | $ | $ | |||||||||||
| Three months ended September 30, 2025 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Infrastructure | $ | $ | $ | |||||||||||
| Industrial | ||||||||||||||
| Commercial & Residential | ||||||||||||||
| Total | $ | $ | $ | |||||||||||
| Nine months ended September 30, 2025 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Infrastructure | $ | $ | $ | |||||||||||
| Industrial | ||||||||||||||
| Commercial & Residential | ||||||||||||||
| Total | $ | $ | $ | |||||||||||
In the first quarter of 2026, based on benchmarking of industry peers and for purposes of how we assess performance, we updated the disaggregation categories on which we report revenue by vertical. For comparability, we have recategorized revenue for the three and nine months ended September 30, 2025 to conform to the new presentation. This recategorization of revenue by vertical had no impact on our consolidated financial results.
Contract balances
Contract assets and liabilities consisted of the following:
| In millions | September 30, 2026 | December 31, 2025 | $ Change | % Change | ||||||||||
| Contract assets | $ | $ | $ | % | ||||||||||
| Contract liabilities | ( | ( | % | |||||||||||
| Net contract assets | $ | $ | ( | $ | % | |||||||||
The $83.7 million increase in net contract assets from December 31, 2025 to September 30, 2026 was primarily the result of the timing of milestone invoicing. The majority of our contract liabilities at December 31, 2025 were recognized in revenue during the nine months ended September 30, 2026. There were no
10
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
Remaining performance obligations
On September 30, 2026, we had $2.6 billion of remaining performance obligations. We expect to recognize the majority of our remaining performance obligations on these contracts within the next twelve months .
3.Restructuring
During the nine months ended September 30, 2026 and the year ended December 31, 2025, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business.
Restructuring related costs included in Selling, general and administrative in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows:
| Three months ended | Nine months ended | ||||||||||||||||
| In millions | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| Severance and related costs | $ | $ | $ | $ | |||||||||||||
| Other | |||||||||||||||||
| Total restructuring costs | $ | $ | $ | $ | |||||||||||||
Other restructuring costs primarily consist of asset impairment and various contract termination costs.
Restructuring costs by reportable segment as well as Enterprise and other were as follows:
| Three months ended | Nine months ended | ||||||||||||||||
| In millions | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| Systems Protection | $ | $ | $ | $ | |||||||||||||
| Electrical Connections | |||||||||||||||||
| Enterprise and other | |||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||
Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows:
| Nine months ended | ||||||||
| In millions | September 30, 2026 | September 30, 2025 | ||||||
| Beginning balance | $ | $ | ||||||
| Costs incurred | ||||||||
| Cash payments and other | ( | ( | ||||||
| Ending balance | $ | $ | ||||||
11
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
4.Earnings Per Share
Basic and diluted earnings per share were calculated as follows:
| Three months ended | Nine months ended | ||||||||||||||||
| In millions, except per share data | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| Net income from continuing operations | $ | $ | $ | $ | |||||||||||||
| Income from discontinued operations, net of tax | |||||||||||||||||
| Net income | $ | $ | $ | $ | |||||||||||||
| Weighted average ordinary shares outstanding | |||||||||||||||||
| Basic | |||||||||||||||||
| Dilutive impact of stock options, restricted stock units and performance share units | |||||||||||||||||
| Diluted | |||||||||||||||||
| Earnings per ordinary share | |||||||||||||||||
| Basic | |||||||||||||||||
| Continuing operations | $ | $ | $ | $ | |||||||||||||
| Discontinued operations | |||||||||||||||||
| Basic earnings per ordinary share | $ | $ | $ | $ | |||||||||||||
| Diluted | |||||||||||||||||
| Continuing operations | $ | $ | $ | $ | |||||||||||||
| Discontinued operations | |||||||||||||||||
| Diluted earnings per ordinary share | $ | $ | $ | $ | |||||||||||||
| Anti-dilutive stock options excluded from the calculation of diluted earnings per share | |||||||||||||||||
5. Acquisitions
Maverick Power Acquisition
On October 1, 2026, we completed the acquisition of Maverick Power, LLC ("Maverick Power") for approximately $1.75 billion in cash, subject to customary purchase price adjustments. The transaction also includes the potential for additional consideration of up to $550 million in cash based on achieving certain performance metrics in 2027 and 2028. Maverick Power is a leading North American provider of engineered power distribution and infrastructure solutions. The purchase price was funded primarily through the issuance of the 2036 Notes and borrowings under the 2026 Term Loan Facility and Revolving Credit Facility (each as defined in Note 10 below).
Electrical Products Group Acquisition
On May 1, 2025, we completed the acquisition of the enclosures, switchgear and bus systems businesses of Avail Infrastructure Solutions (the "Electrical Products Group") for approximately $979.6 million in cash. The Electrical Products Group is a leading provider of infrastructure solutions, designed to help ensure safe and reliable electrical operations primarily in the infrastructure vertical, including power utilities and data centers. We operate the Electrical Products Group predominantly within our Systems Protection reporting segment. We funded the purchase price for the acquisition with available cash on hand.
The purchase price has been allocated based on the estimated fair value of assets acquired and liabilities assumed at the date of the Electrical Products Group acquisition.
12
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
The following table summarizes the final fair values of the assets acquired and liabilities assumed in the Electrical Products Group acquisition:
| Accounts receivable | $ | |||||||
| Inventories | ||||||||
| Other current assets | ||||||||
| Property, plant and equipment | ||||||||
| Identifiable intangible assets | ||||||||
| Goodwill | ||||||||
| Other assets | ||||||||
| Current liabilities | ( | |||||||
| Other liabilities | ( | |||||||
| Purchase price | $ | |||||||
The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $441.6 million, substantially all of which is expected to be deductible for income tax purposes. Goodwill recognized from the Electrical Products Group acquisition reflects the future economic benefit resulting from synergies of our combined operations.
Identifiable intangible assets acquired relate to $325.2 million of definite-lived customer relationships with estimated useful lives of 16 and 20 years, $32.8 million of definite-lived proprietary technologies with estimated useful lives of 8 years and $75.8 million of customer backlog with estimated useful lives of approximately 3 years. The fair values of proprietary technologies acquired in the acquisition were determined using a relief-from-royalty method, and the fair values of customer relationships and customer backlog acquired were determined using a multi-period excess earnings method. These methods utilize unobservable inputs that are significant to these fair value measurements and thus classified as Level 3 of the fair value hierarchy.
The following table presents unaudited pro forma financial information as if the acquisition of the Electrical Products Group had occurred on January 1, 2024:
| Three months ended | Nine months ended | ||||||||||||||||
| In millions, except per share data | September 30, 2025 | September 30, 2025 | |||||||||||||||
| Pro forma net sales | $ | $ | |||||||||||||||
| Pro forma net income from continuing operations | |||||||||||||||||
| Pro forma net income | |||||||||||||||||
| Pro forma earnings per ordinary share | |||||||||||||||||
| Basic | |||||||||||||||||
| Continuing operations | $ | $ | |||||||||||||||
| Basic earnings per ordinary share | $ | $ | |||||||||||||||
| Diluted | |||||||||||||||||
| Continuing operations | $ | $ | |||||||||||||||
| Diluted earnings per ordinary share | $ | $ | |||||||||||||||
The unaudited pro forma net income includes adjustments for the amortization of acquired intangible assets, as well as the related income tax impact.
The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts may differ materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the Electrical Products Group acquisition. The pro forma information does not purport to be
13
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
6.Discontinued Operations
On January 30, 2025, we completed the sale of the Thermal Management business to BCP VI Summit Holdings LP (as assignee of BCP Acquisitions LLC), an affiliate of funds managed by Brookfield Asset Management, for a purchase price of $1.7 billion in cash, subject to customary purchase price adjustments, resulting in total cash proceeds, net of transaction costs and cash transferred, of $1,586.8 million. The results of the Thermal Management business and the sale of the Thermal Management business have been presented as discontinued operations in our Condensed Consolidated Statements of Income and Comprehensive Income for all periods presented.
During the nine months ended September 30, 2025, the sale resulted in a pre-tax gain of $435.3 million, net of transaction costs of $32.8 million. The Provision for income taxes for the nine months ended September 30, 2025 of $158.0 million predominately relates to tax expense on the gain on sale.
The operating results of discontinued operations are summarized below:
| Three months ended | Nine months ended | ||||||||||||||||
| In millions | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| Net sales | $ | $ | $ | $ | |||||||||||||
| Cost of goods sold | |||||||||||||||||
| Gross profit | |||||||||||||||||
| Selling, general and administrative | |||||||||||||||||
| Research and development | |||||||||||||||||
| Operating income (loss) | ( | ( | |||||||||||||||
| Income (loss) from discontinued operations before gain from sale and income taxes | ( | ( | |||||||||||||||
| (Gain) loss from sale of discontinued operations before income taxes | ( | ( | |||||||||||||||
| Provision for (benefit from) income taxes | ( | ( | |||||||||||||||
| Income from discontinued operations, net of tax | $ | $ | $ | $ | |||||||||||||
14
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
7.Goodwill and Other Identifiable Intangible Assets
The changes in the carrying amount of goodwill by reportable segment were as follows:
| In millions | December 31, 2025 | Acquisitions/ divestitures | Foreign currency translation/other | September 30, 2026 | ||||||||||||||||
| Systems Protection | $ | $ | $ | ( | $ | |||||||||||||||
| Electrical Connections | ||||||||||||||||||||
| Total goodwill | $ | $ | $ | ( | $ | |||||||||||||||
Identifiable intangible assets consisted of the following:
| September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| In millions | Cost | Accumulated amortization | Net | Cost | Accumulated amortization | Net | |||||||||||||||||
| Definite-life intangibles | |||||||||||||||||||||||
| Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
| Proprietary technologies and patents | ( | ( | |||||||||||||||||||||
| Other definite-lived intangible assets | ( | ( | |||||||||||||||||||||
| Total definite-life intangibles | ( | ( | |||||||||||||||||||||
| Indefinite-life intangibles | |||||||||||||||||||||||
| Trade names | — | — | |||||||||||||||||||||
| Total intangibles | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
Identifiable intangible asset amortization expense was $36.3 million and $41.9 million for the three months ended September 30, 2026 and 2025, respectively, and $118.5 million and $106.0 million for the nine months ended September 30, 2026 and 2025, respectively.
Estimated future amortization expense for identifiable intangible assets during the remainder of 2026 and the next five years is as follows:
| Q4 | ||||||||||||||||||||
| In millions | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | ||||||||||||||
| Estimated amortization expense | $ | $ | $ | $ | $ | $ | ||||||||||||||
15
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
8.Supplemental Balance Sheet Information
| In millions | September 30, 2026 | December 31, 2025 | ||||||
| Inventories | ||||||||
| Raw materials and supplies | $ | $ | ||||||
| Work-in-process | ||||||||
| Finished goods | ||||||||
| Total inventories | $ | $ | ||||||
| Other current assets | ||||||||
| Contract assets | $ | $ | ||||||
| Prepaid expenses | ||||||||
| Prepaid income taxes | ||||||||
| Other current assets | ||||||||
| Total other current assets | $ | $ | ||||||
| Property, plant and equipment, net | ||||||||
| Land and land improvements | $ | $ | ||||||
| Buildings and leasehold improvements | ||||||||
| Machinery and equipment | ||||||||
| Construction in progress | ||||||||
| Total property, plant and equipment | ||||||||
| Accumulated depreciation and amortization | ||||||||
| Total property, plant and equipment, net | $ | $ | ||||||
| Other non-current assets | ||||||||
| Deferred compensation plan assets | $ | $ | ||||||
| Operating lease right-of-use assets | ||||||||
| Deferred tax assets | ||||||||
| Other non-current assets | ||||||||
| Total other non-current assets | $ | $ | ||||||
| Other current liabilities | ||||||||
| Dividends payable | $ | $ | ||||||
| Accrued rebates | ||||||||
| Contract liabilities | ||||||||
| Accrued taxes payable | ||||||||
| Current operating lease liabilities | ||||||||
| Accrued interest | ||||||||
| Other current liabilities | ||||||||
| Total other current liabilities | $ | $ | ||||||
| Other non-current liabilities | ||||||||
| Income taxes payable | $ | $ | ||||||
| Deferred compensation plan liabilities | ||||||||
| Cross currency swap liabilities | ||||||||
| Non-current operating lease liabilities | ||||||||
| Other non-current liabilities | ||||||||
| Total other non-current liabilities | $ | $ | ||||||
16
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
9.Derivatives and Financial Instruments
Derivative financial instruments
We are exposed to market risk related to changes in foreign currency exchange rates. To manage the volatility related to this exposure, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality.
Foreign currency contracts
We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies. We manage our economic and transaction exposure to certain market-based risks through the use of derivative instruments. These derivative instruments primarily consist of forward foreign currency contracts used to mitigate foreign currency exposure for certain foreign currency assets and liabilities. Our objective in holding these derivatives is to reduce the volatility in net earnings and cash flows associated with changes in foreign currency rates. The majority of our foreign currency contracts have an original maturity date of less than one year. These foreign currency contracts are not designated as hedging instruments; accordingly, changes in the fair value are recorded in current period earnings.
At September 30, 2026 and December 31, 2025, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $199.8 million and $155.4 million, respectively. The impact of these contracts on the Condensed Consolidated Statements of Income and Comprehensive Income was not material for any period presented.
Cross currency swaps
At September 30, 2026 and December 31, 2025, we had outstanding cross currency swap agreements with a combined notional amount of $350.1 million and $362.5 million, respectively. The agreements are accounted for as either cash flow hedges or fair value hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges, to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. At September 30, 2026 and December 31, 2025, we had deferred foreign currency losses of $9.0 million and $0.9 million, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity.
Fair value of financial instruments
The following methods were used to estimate the fair values of each class of financial instrument:
•short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period;
•long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance;
•cross currency swap and foreign currency contract agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are observable inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and
•deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the accounting guidance; fair value of common/collective trusts are valued at net asset value ("NAV"), which is based on the fair value of underlying securities owned by the fund divided by the number of shares outstanding.
17
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows:
| September 30, 2026 | December 31, 2025 | ||||||||||||||||
| In millions | Recorded Amount | Fair Value | Recorded Amount | Fair Value | |||||||||||||
| Variable rate debt | $ | $ | $ | $ | |||||||||||||
| Fixed rate debt | |||||||||||||||||
| Total debt | $ | $ | $ | $ | |||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis were as follows:
| Recurring fair value measurements | September 30, 2026 | ||||||||||||||||
| In millions | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||
| Cross currency swap liabilities | $ | $ | ( | $ | $ | $ | ( | ||||||||||
| Cross currency swap assets | |||||||||||||||||
| Foreign currency contract liabilities | ( | ( | |||||||||||||||
| Foreign currency contract assets | |||||||||||||||||
| Deferred compensation plan assets | |||||||||||||||||
| Total recurring fair value measurements | $ | $ | ( | $ | $ | $ | ( | ||||||||||
| Recurring fair value measurements | December 31, 2025 | ||||||||||||||||
| In millions | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||
| Cross currency swap liabilities | $ | $ | ( | $ | $ | $ | ( | ||||||||||
| Cross currency swap assets | |||||||||||||||||
| Foreign currency contract liabilities | ( | ( | |||||||||||||||
| Foreign currency contract assets | |||||||||||||||||
| Deferred compensation plan assets | |||||||||||||||||
| Total recurring fair value measurements | $ | $ | ( | $ | $ | $ | ( | ||||||||||
10.Debt
Debt and the average interest rates on debt outstanding were as follows:
| In millions | Average interest rate at September 30, 2026 | Maturity Year | September 30, 2026 | December 31, 2025 | ||||||||||
| Revolving credit facility | N/A | 2030 | $ | $ | ||||||||||
| 2025 term loan facility | 2030 | |||||||||||||
| 2026 term loan facility | N/A | 2029 | ||||||||||||
| Senior notes - fixed rate | 2028 | |||||||||||||
| Senior notes - fixed rate | 2031 | |||||||||||||
| Senior notes - fixed rate | 2033 | |||||||||||||
| Senior notes - fixed rate | 2036 | |||||||||||||
| Unamortized debt issuance costs and discounts | N/A | N/A | ( | ( | ||||||||||
| Total debt | ||||||||||||||
Less: Current maturities and short-term borrowings | ( | ( | ||||||||||||
| Long-term debt | $ | $ | ||||||||||||
18
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
Senior notes
In March 2018, nVent Finance S.à r.l. (“nVent Finance”), a 100-percent owned subsidiary of nVent, issued $500.0 million aggregate principal amount of 4.550 % senior notes due 2028 (the "2028 Notes").
In November 2021, nVent Finance issued $300.0 million aggregate principal amount of 2.750 % senior notes due 2031 (the "2031 Notes").
In May 2023, nVent Finance issued $500.0 million aggregate principal amount of 5.650 % Senior Notes due 2033 (the "2033 Notes" and, collectively with the 2028 Notes and the 2031 Notes, the "nVent Finance Notes").
In September 2026, to partially finance the acquisition of Maverick Power, Hoffman Schroff Holdings, Inc. ("Hoffman"), a 100-percent owned indirect subsidiary of nVent, issued $800.0 million aggregate principal amount of 6.150 % Senior Notes due 2036 (the "2036 Notes" and, collectively with the nVent Finance Notes, the "Notes").
Interest on the 2028 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, interest on the 2031 Notes and 2033 Notes is payable semi-annually in arrears on May 15 and November 15 of each year, and interest on the 2036 Notes is payable semi-annually in arrears on March 15 and September 15 of each year.
In February 2026, we entered into a supplemental indenture to the indenture governing the nVent Finance Notes as a result of which nVent Electric plc and Hoffman (together with nVent Finance, the "Obligor Group") fully and unconditionally and jointly and severally guarantee the nVent Finance Notes. In September 2026, we entered into an indenture and a supplemental indenture thereto governing the 2036 Notes as a result of which nVent Electric plc and nVent Finance fully and unconditionally and jointly and severally guarantee the 2036 Notes. nVent Electric plc is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries. nVent Finance is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries, the issuance of the nVent Finance Notes and other external debt and the guarantees of the 2036 Notes and other external debt. Hoffman is a United States holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries, the issuance of the 2036 Notes and other external debt and the guarantees of the nVent Finance Notes and other external debt. nVent Electric plc’s principal source of cash flow, including cash flow to make payments on the Notes pursuant to the guarantees, is dividends from its subsidiaries. nVent Finance's principal source of cash flow, including to make payments on the nVent Finance Notes and on the 2036 Notes pursuant to the guarantees, is interest income from its subsidiaries. Hoffman's principal source of cash flow, including to make payments on the 2036 Notes and on the nVent Finance Notes pursuant to the guarantees, is interest income from its subsidiaries. None of the other subsidiaries of any of the Obligor Group are under any direct obligation to pay or otherwise fund amounts due on the Notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the Obligor Group. If such subsidiaries are unable to transfer funds to the Obligor Group and sufficient cash or liquidity is not otherwise available, the Obligor Group may not be able to make principal and interest payments on their outstanding debt, including the Notes or the guarantees.
The nVent Finance Notes constitute general unsecured senior obligations of nVent Finance and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of nVent Finance, and the 2036 Notes constitute general unsecured senior obligations of Hoffman and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of Hoffman. The guarantees of the nVent Finance Notes by nVent Electric plc and Hoffman constitute general unsecured obligations and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of nVent Finance, and the guarantees of the 2036 Notes by nVent Electric plc and nVent Finance constitute general unsecured obligations and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of Hoffman. Subject to certain qualifications and exceptions, the indentures pursuant to which the Notes were issued contain covenants that, among other things, restrict nVent Electric plc's, Hoffman's, nVent Finance’s and certain subsidiaries’ ability to merge or consolidate with another person, create liens or engage in sale and lease-back transactions.
There are no significant restrictions on the ability of nVent Electric plc to obtain funds from its subsidiaries by dividend or loan. None of the assets of nVent Electric plc or its subsidiaries represents restricted net assets pursuant to the guidelines established by the Securities and Exchange Commission.
Senior credit facilities
In June 2025, nVent and its subsidiaries nVent Finance and Hoffman entered into an amended and restated credit agreement (the "Credit Agreement") with a syndicate of banks providing for a five-year $275.0 million senior unsecured term loan facility
19
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
(the "2025 Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the 2025 Term Loan Facility, the "Senior Credit Facilities"). Borrowings under the Revolving Credit Facility are permitted from time to time during the full five-year term of the Revolving Credit Facility. nVent Finance has the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders. In September 2026, nVent, nVent Finance and Hoffman entered into an amendment to the Credit Agreement to permit limited conditionality draws on the Revolving Credit Facility of up to an aggregate principal amount of $250.0 million to finance the acquisition of Maverick Power and/or pay related fees and expenses. On October 1, 2026, we partially financed the acquisition of Maverick Power with $250.0 million of borrowings under the Revolving Credit Facility.
As of September 30, 2026, the borrowing capacity under the Revolving Credit Facility was $600.0 million.
Borrowings under the Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, the Term Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offer Rate (“EURIBOR”), Sterling Overnight Index Average (“SONIA”) or, solely for swingline loans denominated in Euros, the Euro Short Term Rate ("ESTR"), plus, in each case, an applicable margin. The applicable margin will be based on, at nVent Finance’s election, nVent's net leverage ratio or public debt rating.
In September 2026, nVent, nVent Finance, and Hoffman entered into a new loan agreement among Hoffman, as borrower, nVent and nVent Finance, as guarantors, and the lenders and agents party thereto, providing for a three-year $600.0 million senior unsecured term loan facility (the "2026 Term Loan Facility"). As of September 30, 2026, the borrowing capacity under the 2026 Term Loan Facility was $600.0 million. On October 1, 2026, we partially financed the acquisition of Maverick Power with $600.0 million of borrowings under the 2026 Term Loan Facility. The 2026 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus, in each case, an applicable margin.
Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities and the 2026 Term Loan Facility, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions) and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00. In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities and the 2026 Term Loan Facility also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of September 30, 2026, we were in compliance with all financial covenants in our debt agreements, and there is no material uncertainty about our ongoing ability to meet those covenants.
Debt outstanding at September 30, 2026, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:
| Q4 | ||||||||||||||||||||||||||
| In millions | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | Thereafter | Total | ||||||||||||||||||
| Contractual debt obligation maturities | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
11.Income Taxes
The effective income tax rate was 22.3 % for the nine months ended September 30, 2026 and 20.6 % for the nine months ended September 30, 2025. The liability for uncertain tax positions was $9.8 million and $10.3 million at September 30, 2026 and December 31, 2025, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, on the Condensed Consolidated Statements of Income and Comprehensive Income, which is consistent with our past practices.
12.Shareholders' Equity
Share repurchases
On May 17, 2024, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2024 Authorization"). The 2024 Authorization began on July 23, 2024 and expires on July 22, 2027. On
20
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
May 16, 2026, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2026 Authorization"). The 2026 Authorization began on July 23, 2026 and expires on July 22, 2029.
During the nine months ended September 30, 2026, we repurchased 0.8 million of our ordinary shares for $100.2 million under the 2024 Authorization. During the nine months ended September 30, 2025, we repurchased 4.8 million of our ordinary shares for $253.1 million under the 2024 Authorization.
As of September 30, 2026, we had $46.7 million available for share repurchases under the 2024 Authorization and $500.0 million available for share repurchases under the 2026 Authorization.
Dividends payable
On September 21, 2026, the Board of Directors declared a quarterly cash dividend of $0.21 per ordinary share payable on November 6, 2026, to shareholders of record at the close of business on October 23, 2026. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $34.2 million and $34.6 million at September 30, 2026 and December 31, 2025, respectively.
13.Segment Information
Our continuing operations are comprised of two reporting segments: Systems Protection and Electrical Connections.
"Enterprise and other" activity primarily consists of enterprise expenses not allocated to the segments, including certain executive office, board of directors, and centrally-managed enterprise functional or shared service costs related to finance, human resources, legal, supply chain, digital and corporate development. These activities do not meet the criteria for a stand-alone reporting segment under ASC 280.
The accounting policies of our reporting segments are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2025. The Company's primary measure of segment profitability is reportable segment income. Reportable segment income represents operating income, which includes certain corporate overhead allocations, and is exclusive of intangible amortization, acquisition related costs, costs of restructuring activities, reimbursements of tariffs previously remitted under the International Emergency Economic Powers Act ("IEEPA tariffs"), "mark-to-market" gain/loss for pension and other post-retirement plans, impairments and other unusual non-operating items.
nVent's chief operating decision maker ("CODM") is our chief executive officer. This presentation is consistent with how the CODM evaluates the results of operations and makes strategic decisions about the business. The CODM uses reportable segment income for purposes of evaluating performance, allocating resources, setting incentive compensation targets, as well as internal forecasting of future period financial results. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented.
21
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
Net sales and significant expense categories to arrive at our measure of segment profitability by reportable segment were as follows:
| Three months ended September 30, 2026 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Net sales | $ | $ | $ | |||||||||||
Cost of goods sold(1) | ||||||||||||||
Selling, general and administrative(1) | ||||||||||||||
Research and development(1) | ||||||||||||||
| Reportable segment income | $ | $ | $ | |||||||||||
| Nine months ended September 30, 2026 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Net sales | $ | $ | $ | |||||||||||
Cost of goods sold(1) | ||||||||||||||
Selling, general and administrative(1) | ||||||||||||||
Research and development(1) | ||||||||||||||
| Reportable segment income | $ | $ | $ | |||||||||||
| Three months ended September 30, 2025 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Net sales | $ | $ | $ | |||||||||||
Cost of goods sold(1) | ||||||||||||||
Selling, general and administrative(1) | ||||||||||||||
Research and development(1) | ||||||||||||||
| Reportable segment income | $ | $ | $ | |||||||||||
| Nine months ended September 30, 2025 | ||||||||||||||
| In millions | Systems Protection | Electrical Connections | Total | |||||||||||
| Net sales | $ | $ | $ | |||||||||||
Cost of goods sold(1) | ||||||||||||||
Selling, general and administrative(1) | ||||||||||||||
Research and development(1) | ||||||||||||||
| Reportable segment income | $ | $ | $ | |||||||||||
(1) These costs exclude certain expenses reported in the Condensed Consolidated Statements of Income and Comprehensive Income that are reflected in 'Enterprise and other', as well as the costs that are excluded from reportable segment income as discussed above.
22
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
The following table presents a reconciliation of reportable segment income to consolidated income before income taxes:
| Three months ended | Nine months ended | ||||||||||||||||
| In millions | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| Systems Protection | $ | $ | $ | $ | |||||||||||||
| Electrical Connections | |||||||||||||||||
| Reportable segment income | |||||||||||||||||
| Enterprise and other | ( | ( | ( | ( | |||||||||||||
| Restructuring and other | ( | ( | ( | ( | |||||||||||||
| Acquisition transaction and integration costs | ( | ( | ( | ( | |||||||||||||
| Intangible amortization | ( | ( | ( | ( | |||||||||||||
| IEEPA tariffs | ( | ||||||||||||||||
| Net interest expense | ( | ( | ( | ( | |||||||||||||
| Other expense | ( | ( | ( | ( | |||||||||||||
| Income before income taxes | $ | $ | $ | $ | |||||||||||||
| Identifiable assets | ||||||||
| In millions | September 30, 2026 | December 31, 2025 | ||||||
| Systems Protection | $ | $ | ||||||
| Electrical Connections | ||||||||
| Total for reportable segments | ||||||||
| Enterprise and other | ||||||||
| Consolidated | $ | $ | ||||||
Depreciation(1) | |||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||
| In millions | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| Systems Protection | $ | $ | $ | $ | |||||||||||||
| Electrical Connections | |||||||||||||||||
| Total reportable segments | |||||||||||||||||
| Enterprise and other | |||||||||||||||||
| Consolidated | $ | $ | $ | $ | |||||||||||||
(1) These amounts of depreciation disclosed by reportable segment are included within the significant expense categories above, such as cost of goods sold and selling, general and administrative expenses.
| Capital expenditures | ||||||||
| Nine months ended | ||||||||
| In millions | September 30, 2026 | September 30, 2025 | ||||||
| Systems Protection | $ | $ | ||||||
| Electrical Connections | ||||||||
| Total reportable segments | ||||||||
| Enterprise and other | ||||||||
| Consolidated | $ | $ | ||||||
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nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
14.Share-Based Compensation
Total share-based compensation expense for the three and nine months ended September 30, 2026 and 2025, was as follows:
| Three months ended | Nine months ended | ||||||||||||||||
| In millions | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| Restricted stock units | $ | $ | $ | $ | |||||||||||||
| Performance share units | |||||||||||||||||
| Stock options | |||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||
In the first quarter of 2026, we issued our annual share-based compensation grants under the 2018 Omnibus Incentive Plan to eligible employees. The total number of awards issued was approximately 0.4 million, of which 0.2 million were restricted stock units ("RSUs"), 0.1 million were performance share units ("PSUs") and 0.1 million were stock options. The weighted-average grant date fair value of the RSUs, PSUs and stock options issued was $120.27 , $170.18 and $49.76 , respectively. Beginning in the first quarter of 2026, we incurred higher share-based expense as a result of substantive vesting at the grant date for certain retirement eligible employees.
We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions:
| 2026 Annual Grant | |||||
| Risk-free interest rate | % | ||||
| Expected dividend yield | % | ||||
| Expected share price volatility | % | ||||
| Expected term (years) | |||||
These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behaviors, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected.
We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected volatility, we considered historical volatilities of peer companies over a period approximately equal to the expected option term. The risk-free rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.
15.Commitments and Contingencies
Warranties and guarantees
In connection with the disposition of our businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction.
Generally, the maximum obligation under such indemnifications is not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows.
We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee.
We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. Our liability for service and product warranties as of September 30, 2026 and December 31, 2025 was not material.
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nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
Stand-by letters of credit, bank guarantees and bonds
In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs.
As of September 30, 2026 and December 31, 2025, the outstanding value of bonds, letters of credit and bank guarantees totaled $105.8 million and $75.7 million, respectively.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-looking Statements
This report contains statements that we believe to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets," "plans," "believes," "expects," "intends," "will," "likely," "may," "anticipates," "estimates," "projects," "forecasts," "should," "would," "could," "positioned," "strategy," "future," "are confident," or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Among these factors are adverse effects on our business operations or financial results, including the overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions, including the Maverick Power acquisition; competition and pricing pressures in the markets we serve; impacts of tariffs; volatility in currency exchange rates, interest rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; inability to mitigate material and other cost inflation; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation; increased risks associated with operating foreign businesses; risks associated with or arising from military conflicts; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission (the "SEC"), including this Quarterly Report on Form 10-Q and ITEM 1A. of our Annual Report on Form 10-K for the year ended December 31, 2025. All forward-looking statements speak only as of the date of this report. nVent Electric plc assumes no obligation, and disclaims any obligation, to update the information contained in this report.
Overview
The terms "us," "we," "our," "the Company" or "nVent" refer to nVent Electric plc. nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We connect and protect some of the world's most critical electrical systems to make them safer, more efficient and resilient. We design, manufacture, market, install and service high performance products and solutions that connect and protect mission critical equipment, buildings and essential processes. We have a comprehensive portfolio of cable management, control buildings, cooling solutions, both liquid and air, electrical connections, enclosures, equipment protection, power connections and power management solutions, and we are recognized globally for quality, reliability and innovation.
We classify our operations into business segments based primarily on types of products offered and markets served. We operate across two segments: Systems Protection and Electrical Connections, which represented approximately 72% and 28% of total revenues during the first nine months of 2026, respectively.
•Systems Protection—The Systems Protection segment provides innovative solutions to help protect electronics, systems and data in mission critical applications, including data centers, that improve resiliency and energy efficiency. Our standard and custom protective enclosures, cooling solutions, both liquid and air, control buildings, switchgear systems and power distribution solutions help manage and protect operating environments for mission critical applications in infrastructure, industrial and commercial verticals.
•Electrical Connections—The Electrical Connections segment provides innovative solutions that connect power and data infrastructure. Our offerings enhance end-user safety, reduce installation time and provide resiliency for critical systems. Our bus systems, cable management, electrical connections and solutions, and power connections help make electrical systems safe, efficient and resilient, and are used across commercial and residential, infrastructure and industrial verticals.
On January 30, 2025, we completed the sale of our Thermal Management business to BCP VI Summit Holdings LP (as assignee of BCP Acquisitions LLC), an affiliate of funds managed by Brookfield Asset Management, for $1.6 billion in net cash proceeds, subject to certain customary purchase price adjustments. The results of the Thermal Management business have been presented as discontinued operations in our Condensed Consolidated Financial Statements for all periods presented.
On May 1, 2025, we completed the acquisition of the enclosures, switchgear and bus systems businesses of Avail Infrastructure Solutions (the "Electrical Products Group") for approximately $1.0 billion. We funded the purchase price for the acquisition with available cash on hand. The Electrical Products Group is a leading provider of infrastructure solutions, designed to help
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ensure safe and reliable electrical operations primarily in the infrastructure vertical, including power utilities and data centers. We operate the Electrical Products Group predominantly within our Systems Protection reporting segment.
On October 1, 2026, we completed the acquisition of Maverick Power, LLC ("Maverick Power") for approximately $1.75 billion in cash, subject to customary purchase price adjustments. The transaction also includes the potential for additional consideration of up to $550 million in cash based on achieving certain performance metrics in 2027 and 2028. Maverick Power is a leading North American provider of engineered power distribution and infrastructure solutions. The purchase price was funded primarily through the issuance of the 2036 Notes and borrowings under the 2026 Term Loan Facility and Revolving Credit Facility (each as defined below).
Key Trends and Uncertainties Regarding our Existing Business
The following trends and uncertainties affected our financial performance in 2025 and the first nine months of 2026 and will likely impact our results in the future:
•During 2025 and the first nine months of 2026, we experienced general inflationary increases, including the impacts related to tariffs, primarily related to raw materials, labor and transportation costs. Although we regularly monitor the financial health and operations of companies in our supply chain, and use alternative suppliers when necessary and available, supply chain constraints could cause a disruption in our ability to obtain raw materials or critical components required to manufacture our products. We have taken pricing actions and implemented supply chain optimization and other productivity improvements to help offset expected cost increases and mitigate potential supply chain constraints. The potential impact of inflationary increases, including impacts related to tariffs, and supply chain constraints remains uncertain, but we expect those macroeconomic conditions will likely continue throughout 2026 and beyond, which could negatively impact our results of operations.
•The converging megatrends of the electrification of everything, sustainability and digitalization, including the increased use of artificial intelligence, have led to sales growth, particularly in the infrastructure vertical, which includes our data centers business that is primarily in our Systems Protection segment. We expect these megatrends to continue and drive sales growth throughout 2026 and beyond.
•We have invested in innovation and new products, which has contributed to sales growth. We expect continued investment in new products to further drive sales growth throughout 2026 and beyond.
In 2026, our operating objectives include the following:
•Achieving differentiated revenue growth through focus on higher growth verticals, new products and innovation, global expansion and acquisitions;
•Deploying capital strategically to drive growth and value creation;
•Integrating recent acquisitions with our existing operations;
•Driving operational excellence through lean and agile, with specific focus on our digital transformation and supply chain resiliency;
•Optimizing our technological capabilities to increasingly generate innovative new and connected products and advance digital transformation;
•Enhancing and supporting employee engagement, development and retention; and
•Executing our sustainability strategy focused on People, Products, Planet and Governance.
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CONSOLIDATED RESULTS OF OPERATIONS
The consolidated results of operations for the three months ended September 30, 2026 and 2025 were as follows:
| Three months ended | ||||||||||||||
| In millions | September 30, 2026 | September 30, 2025 | $ change | % / point change | ||||||||||
| Net sales | $ | 1,514.9 | $ | 1,054.0 | $ | 460.9 | 43.7 | % | ||||||
| Cost of goods sold | 972.0 | 659.3 | 312.7 | 47.4 | % | |||||||||
| Gross profit | 542.9 | 394.7 | 148.2 | 37.5 | % | |||||||||
% of net sales | 35.8 | % | 37.4 | % | (1.6) | pts | ||||||||
Selling, general and administrative | 236.3 | 207.8 | 28.5 | 13.7 | % | |||||||||
% of net sales | 15.6 | % | 19.7 | % | (4.1) | pts | ||||||||
Research and development | 24.3 | 20.6 | 3.7 | 18.0 | % | |||||||||
| % of net sales | 1.6 | % | 2.0 | % | (0.4) | pts | ||||||||
| Operating income | 282.3 | 166.3 | 116.0 | 69.8 | % | |||||||||
| % of net sales | 18.6 | % | 15.8 | % | 2.8 | pts | ||||||||
| Net interest expense | 21.0 | 20.9 | 0.1 | N.M. | ||||||||||
| Other expense | 1.2 | 1.2 | — | N.M. | ||||||||||
| Income from continuing operations before income taxes | 260.1 | 144.2 | 115.9 | 80.4 | % | |||||||||
| Provision for income taxes | 57.7 | 25.2 | 32.5 | 129.0 | % | |||||||||
| Effective tax rate | 22.2 | % | 17.5 | % | 4.7 | pts | ||||||||
| Net income from continuing operations | 202.4 | 119.0 | 83.4 | 70.1 | % | |||||||||
| Income from discontinued operations, net of tax | — | 2.2 | (2.2) | N.M. | ||||||||||
| Net income | $ | 202.4 | $ | 121.2 | $ | 81.2 | 67.0 | % | ||||||
N.M. Not Meaningful
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The consolidated results of operations for the nine months ended September 30, 2026 and 2025 were as follows:
| Nine months ended | ||||||||||||||
| In millions | September 30, 2026 | September 30, 2025 | $ change | % / point change | ||||||||||
| Net sales | $ | 4,228.2 | $ | 2,826.4 | $ | 1,401.8 | 49.6 | % | ||||||
| Cost of goods sold | 2,681.7 | 1,746.2 | 935.5 | 53.6 | % | |||||||||
| Gross profit | 1,546.5 | 1,080.2 | 466.3 | 43.2 | % | |||||||||
% of net sales | 36.6 | % | 38.2 | % | (1.6) | pts | ||||||||
| Selling, general and administrative | 696.3 | 570.0 | 126.3 | 22.2 | % | |||||||||
% of net sales | 16.5 | % | 20.2 | % | (3.7) | pts | ||||||||
| Research and development | 71.5 | 57.2 | 14.3 | 25.0 | % | |||||||||
| % of net sales | 1.7 | % | 2.0 | % | (0.3) | pts | ||||||||
| Operating income | 778.7 | 453.0 | 325.7 | 71.9 | % | |||||||||
| % of net sales | 18.4 | % | 16.0 | % | 2.4 | pts | ||||||||
| Net interest expense | 55.9 | 55.9 | — | N.M. | ||||||||||
| Other expense | 3.8 | 3.4 | 0.4 | N.M. | ||||||||||
| Income from continuing operations before income taxes | 719.0 | 393.7 | 325.3 | 82.6 | % | |||||||||
| Provision for income taxes | 160.4 | 81.0 | 79.4 | 98.0 | % | |||||||||
| Effective tax rate | 22.3 | % | 20.6 | % | 1.7 | pts | ||||||||
| Net income from continuing operations | 558.6 | 312.7 | 245.9 | 78.6 | % | |||||||||
| Income from discontinued operations, net of tax | 2.1 | 278.7 | (276.6) | N.M. | ||||||||||
| Net income | $ | 560.7 | $ | 591.4 | $ | (30.7) | (5.2) | % | ||||||
N.M. - Not Meaningful
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Net sales
The components of the change in consolidated net sales from the prior period were as follows:
| Three months ended September 30, 2026 | Nine months ended September 30, 2026 | |||||||
| over the prior year period | over the prior year period | |||||||
| Organic growth | 43.9 | % | 42.2 | % | ||||
| Acquisition | — | 6.7 | ||||||
| Currency | (0.2) | 0.7 | ||||||
| Total | 43.7 | % | 49.6 | % | ||||
The 43.7 and 49.6 percent increases in net sales in the third quarter and first nine months of 2026 from 2025, respectively, were primarily the result of:
•organic sales growth contribution of approximately 35.0% and 37.0% from our infrastructure business in the third quarter and first nine months of 2026 from 2025, respectively, approximately 5.5% and 2.5% from our industrial business in the third quarter and first nine months of 2026 from 2025, respectively, and approximately 3.5% and 2.5% from our commercial & residential business in the third quarter and first nine of 2026 from 2025, respectively, which includes selective increases in selling prices and growth in the data centers business.
For the first nine months of 2026 from 2025, this increase was also the result of:
•sales of $189.3 million in the first nine months of 2026 as a result of the Electrical Products Group acquisition.
Gross profit
The 1.6 percentage point decreases in gross profit as a percentage of net sales in both the third quarter and first nine months of 2026 from 2025 were primarily the result of:
•inflationary increases, primarily related to raw materials and labor costs, compared to 2025;
•investments in capacity to drive growth; and
•unfavorable product mix.
These decreases were partially offset by:
•higher sales volume resulting in increased leverage on fixed expenses; and
•increased productivity as a result of supply chain management and manufacturing efficiencies.
Gross profit for the first nine months of 2026 also benefited from approximately $20 million in reimbursements of tariffs previously remitted under the International Emergency Economic Powers Act ("IEEPA tariffs"), which were offset by other incremental tariffs compared to the prior year periods.
Selling, general and administrative ("SG&A")
The 4.1 and 3.7 percentage point decreases in SG&A expense as a percentage of net sales in the third quarter and first nine months of 2026 from 2025, respectively, were primarily the result of:
•organic sales growth resulting in increased leverage on fixed expenses; and
•savings generated from restructuring and other productivity initiatives.
These decreases were partially offset by:
•inflationary increases impacting our labor costs, professional fees and other administrative costs; and
•investments in capacity, new products and digital to drive growth.
In the first nine months of 2026 from 2025, these decreases were also partially offset by:
•intangible amortization expense of $118.5 million in the first nine months of 2026 compared to $106.0 million in the first nine months of 2025 as a result of the Electrical Products Group acquisition.
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Provision for income taxes
The 4.7 and 1.7 percentage point increases in the effective tax rate in the third quarter and first nine months of 2026 from 2025, respectively, were primarily the result of:
•a $3.2 million non-cash benefit related to the release of a valuation allowance on certain foreign deferred tax assets recorded in the third quarter of 2025; and
•increased earnings in higher tax rate jurisdictions.
In the first nine months of 2026 from 2025, this increase was also the result of:
• tax expense of $3.6 million in the second quarter of 2026 related to a foreign tax audit settlement.
Income from discontinued operations, net of tax
Income from discontinued operations, net of tax, of $278.7 million in the first nine months of 2025 was primarily the result of:
•the gain on the sale of the Thermal Management business, net of transaction costs, of $435.3 million, partially offset by tax expense recorded as a result of the sale of $156.0 million.
SEGMENT RESULTS OF OPERATIONS
The summary that follows provides a discussion of the results of operations of each of our two reportable segments (Systems Protection and Electrical Connections). Each of these segments comprises various product offerings that serve multiple end users.
We evaluate performance based on net sales and reportable segment income ("segment income") and use a variety of ratios to measure performance of our reporting segments. Segment income represents operating income, which includes certain corporate overhead allocations, and is exclusive of intangible amortization, acquisition related costs, costs of restructuring activities, IEEPA tariff reimbursements, "mark-to-market" gain/loss for pension, impairments and other unusual non-operating items.
Systems Protection
The net sales, segment income and segment income as a percentage of net sales for Systems Protection were as follows:
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||
| In millions | September 30, 2026 | September 30, 2025 | % / point change | September 30, 2026 | September 30, 2025 | % / point change | |||||||||||||||||||||||
| Net sales | $ | 1,098.0 | $ | 715.6 | 53.4 | % | $ | 3,064.9 | $ | 1,855.8 | 65.2 | % | |||||||||||||||||
| Segment income | 253.1 | 146.2 | 73.1 | % | 704.4 | 387.5 | 81.8 | % | |||||||||||||||||||||
| % of net sales | 23.0 | % | 20.4 | % | 2.6 | pts | 23.0 | % | 20.9 | % | 2.1 | pts | |||||||||||||||||
Net sales
The components of the change in Systems Protection net sales from the prior period were as follows:
| Three months ended September 30, 2026 | Nine months ended September 30, 2026 | |||||||
| over the prior year period | over the prior year period | |||||||
| Organic growth | 53.7 | % | 55.6 | % | ||||
| Acquisition | — | 9.0 | ||||||
| Currency | (0.3) | 0.6 | ||||||
| Total | 53.4 | % | 65.2 | % | ||||
The 53.4 and 65.2 percent increases in Systems Protection net sales in the third quarter and first nine months of 2026 from 2025, respectively, were primarily the result of:
•organic sales growth contribution of approximately 46.5% and 52.0% from our infrastructure business in the third quarter and first nine months of 2026 from 2025, respectively, and approximately 6.0% and 2.5% from our industrial business in the third quarter and first nine months of 2026 from 2025, respectively, which includes selective increases in selling prices and growth in the data centers business.
For the first nine months of 2026 from 2025, this increase was also the result of:
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•sales of $166.2 million in the first nine months of 2026 as a result of the Electrical Products Group acquisition.
Segment income
The 2.6 and 2.1 percentage point increases in segment income for Systems Protection as a percentage of net sales in the third quarter and first nine months of 2026 from 2025, respectively, were primarily the result of:
•organic sales growth resulting in increased leverage on fixed expenses; and
•increased productivity as a result of supply chain management and manufacturing efficiencies.
These increases were partially offset by:
•inflationary increases, including the impacts related to tariffs, primarily related to labor costs and raw materials, compared to 2025;
•investments in capacity, new products and digital to drive growth; and
•unfavorable product mix.
Electrical Connections
The net sales, segment income and segment income as a percentage of net sales for Electrical Connections were as follows:
| Three months ended | Nine months ended | ||||||||||||||||||||||||||||
| In millions | September 30, 2026 | September 30, 2025 | % / point change | September 30, 2026 | September 30, 2025 | % / point change | |||||||||||||||||||||||
| Net sales | $ | 416.9 | $ | 338.4 | 23.2 | % | $ | 1,163.3 | $ | 970.6 | 19.9 | % | |||||||||||||||||
| Segment income | 117.6 | 101.6 | 15.7 | % | 311.2 | 281.6 | 10.5 | % | |||||||||||||||||||||
| % of net sales | 28.2 | % | 30.0 | % | (1.8) | pts | 26.8 | % | 29.0 | % | (2.2) | pts | |||||||||||||||||
Net sales
The components of the change in Electrical Connections net sales from the prior period were as follows:
| Three months ended September 30, 2026 | Nine months ended September 30, 2026 | |||||||
| over the prior year period | over the prior year period | |||||||
| Organic growth | 23.2 | % | 16.6 | % | ||||
| Acquisition | — | 2.4 | ||||||
| Currency | — | 0.9 | ||||||
| Total | 23.2 | % | 19.9 | % | ||||
The 23.2 and 19.9 percent increases in Electrical Connections net sales in the third quarter and first nine months of 2026 from 2025, respectively, were primarily the result of:
•organic sales growth contribution of approximately 10.5% and 8.5% from our infrastructure business in the third quarter and first nine months of 2026 from 2025, respectively; approximately 8.0% and 5.5% from our commercial & residential business in the third quarter and first nine months of 2026 from 2025, respectively; and approximately 4.5% and 3.0% from our industrial business in the third quarter and first nine months of 2026 from 2025, respectively.
For the first nine months of 2026 from 2025, this increase was also the result of:
•sales of $23.1 million in the first nine months of 2026 as a result of the Electrical Products Group acquisition.
Segment income
The 1.8 and 2.2 percentage point decreases in segment income for Electrical Connections as a percentage of net sales in the third quarter and first nine months of 2026 from 2025, respectively, were primarily the result of:
•inflationary increases, including the impacts related to tariffs, primarily related to raw materials and labor costs, compared to 2025; and
•investments in digital, selling and marketing to drive growth.
These decreases were partially offset by:
•organic sales growth resulting in increased leverage on fixed expenses.
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LIQUIDITY AND CAPITAL RESOURCES
The primary source of liquidity for our business is cash flows provided by operations. We expect to continue to have cash requirements to support working capital needs and capital expenditures, to pay interest and service debt and to pay dividends to shareholders quarterly. We believe we have the ability and sufficient capacity to meet these cash requirements by using available cash, internally generated funds and borrowing under committed credit facilities. We are focused on increasing our cash flow, while continuing to fund our research and development, sales and marketing and capital investment initiatives. Our intent is to maintain investment grade metrics and a solid liquidity position. As of September 30, 2026, we had $1,121.8 million of cash on hand, of which $77.8 million is held in certain countries in which the ability to repatriate is limited due to local regulations or significant potential tax consequences.
We experience seasonal cash flows primarily due to increased demand for Electrical Connections products during the spring and summer months in the Northern Hemisphere.
Operating activities
Net cash provided by operating activities from continuing operations was $581.9 million in the first nine months of 2026, which primarily reflects net income, net of non-cash depreciation, amortization and changes in deferred taxes, of $731.0 million, partially offset by a $185.5 million increase in net working capital. The increase in working capital is primarily attributed to accounts receivable driven by the overall increase and timing of sales.
Net cash provided by operating activities from continuing operations was $426.6 million in the first nine months of 2025, which primarily reflects net income, net of non-cash depreciation, amortization and changes in deferred taxes, of $461.2 million, partially offset by a $68.1 million increase in net working capital.
Investing activities
Net cash used for investing activities from continuing operations of $92.9 million in the first nine months of 2026 primarily relates to capital expenditures.
Net cash used for investing activities from continuing operations of $1,029.8 million in the first nine months of 2025 relates primarily to cash paid for the Electrical Products Group acquisition of $978.7 million and capital expenditures of $56.6 million. Net cash provided by investing activities from discontinued operations of $1,584.5 million in the first nine months of 2025 primarily relates to the proceeds from the sale of the Thermal Management business, net of transaction costs and cash transferred.
Financing activities
Net cash provided by financing activities from continuing operations of $403.2 million in the first nine months of 2026 relates primarily to proceeds from long-term debt of $800.0 million, partially offset by repayments of long-term debt of $171.9 million, dividends paid of $102.2 million and share repurchases of $100.2 million.
Net cash used for financing activities from continuing operations of $909.6 million in the first nine months of 2025 relates primarily to repayments of long-term debt of $869.7 million, share repurchases of $253.1 million and dividends paid of $98.0 million, partially offset by proceeds from long-term debt of $275.0 million and net receipts of revolving credit facility of $30.4 million.
Senior notes
In March 2018, nVent Finance S.à r.l. (“nVent Finance”), a 100-percent owned subsidiary of nVent, issued $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes").
In November 2021, nVent Finance issued $300.0 million aggregate principal amount of 2.750% senior notes due 2031 (the "2031 Notes").
In May 2023, nVent Finance issued $500.0 million aggregate principal amount of 5.650% Senior Notes due 2033 (the "2033 Notes" and, collectively with the 2028 Notes and the 2031 Notes, the "nVent Finance Notes").
In September 2026, to partially finance the acquisition of Maverick Power, Hoffman Schroff Holdings, Inc. ("Hoffman"), a 100-percent owned indirect subsidiary of nVent, issued $800.0 million aggregate principal amount of 6.150% Senior Notes due 2036 (the "2036 Notes" and, collectively with the nVent Finance Notes, the "Notes").
Interest on the 2028 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, interest on the 2031 Notes and 2033 Notes is payable semi-annually in arrears on May 15 and November 15 of each year, and interest on the 2036 Notes is payable semi-annually in arrears on March 15 and September 15 of each year.
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In February 2026, we entered into a supplemental indenture to the indenture governing the nVent Finance Notes as a result of which nVent Electric plc and Hoffman (together with nVent Finance, the "Obligor Group") fully and unconditionally and jointly and severally guarantee the nVent Finance Notes. In September 2026, we entered into an indenture and a supplemental indenture thereto governing the 2036 Notes as a result of which nVent Electric plc and nVent Finance fully and unconditionally and jointly and severally guarantee the 2036 Notes. nVent Electric plc is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries. nVent Finance is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries, the issuance of the nVent Finance Notes and other external debt and the guarantees of the 2036 Notes and other external debt. Hoffman is a United States holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries, the issuance of the 2036 Notes and other external debt and the guarantees of the nVent Finance Notes and other external debt. nVent Electric plc’s principal source of cash flow, including cash flow to make payments on the Notes pursuant to the guarantees, is dividends from its subsidiaries. nVent Finance's principal source of cash flow, including to make payments on the nVent Finance Notes and on the 2036 Notes pursuant to the guarantees, is interest income from its subsidiaries. Hoffman's principal source of cash flow, including to make payments on the 2036 Notes and on the nVent Finance Notes pursuant to the guarantees, is interest income from its subsidiaries. None of the other subsidiaries of any of the Obligor Group are under any direct obligation to pay or otherwise fund amounts due on the Notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the Obligor Group. If such subsidiaries are unable to transfer funds to the Obligor Group and sufficient cash or liquidity is not otherwise available, the Obligor Group may not be able to make principal and interest payments on their outstanding debt, including the Notes or the guarantees.
The nVent Finance Notes constitute general unsecured senior obligations of nVent Finance and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of nVent Finance, and the 2036 Notes constitute general unsecured senior obligations of Hoffman and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of Hoffman. The guarantees of the nVent Finance Notes by nVent Electric plc and Hoffman constitute general unsecured obligations and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of nVent Finance, and the guarantees of the 2036 Notes by nVent Electric plc and nVent Finance constitute general unsecured obligations and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of Hoffman. Subject to certain qualifications and exceptions, the indentures pursuant to which the Notes were issued contain covenants that, among other things, restrict nVent Electric plc's, Hoffman's, nVent Finance’s and certain subsidiaries’ ability to merge or consolidate with another person, create liens or engage in sale and lease-back transactions.
There are no significant restrictions on the ability of nVent Electric plc to obtain funds from its subsidiaries by dividend or loan. None of the assets of nVent Electric plc or its subsidiaries represents restricted net assets pursuant to the guidelines established by the Securities and Exchange Commission.
The following table presents summarized financial information as of September 30, 2026 for the Obligor Group on a combined basis after elimination of (i) intercompany transactions and balances among the guarantors and issuer and (ii) equity in earnings from and investments in any subsidiary that is a non-guarantor or issuer.
| In millions | September 30, 2026 | ||||
Current assets(1) | $ | 762.7 | |||
Noncurrent assets(2) | 1,599.8 | ||||
Current liabilities(3) | 74.9 | ||||
Noncurrent liabilities(4) | 2,198.6 | ||||
(1) Includes assets due from non-guarantor subsidiaries of $2.7 million.
(2) Includes assets due from non-guarantor subsidiaries of $1,592.1 million.
(3) Includes liabilities due from non-guarantor subsidiaries of $1.6 million.
(4) Includes liabilities due to non-guarantor subsidiaries of $19.6 million.
The Obligor Group does not have material results of operations on a combined basis.
Senior credit facilities
In June 2025, nVent and its subsidiaries nVent Finance and Hoffman entered into an amended and restated credit agreement (the "Credit Agreement") with a syndicate of banks providing for a five-year $275.0 million senior unsecured term loan facility (the "2025 Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving
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Credit Facility" and, together with the 2025 Term Loan Facility, the "Senior Credit Facilities"). Borrowings under the Revolving Credit Facility are permitted from time to time during the full five-year term of the Revolving Credit Facility. nVent Finance has the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders. In September 2026, nVent, nVent Finance and Hoffman entered into an amendment to the Credit Agreement to permit limited conditionality draws on the Revolving Credit Facility of up to an aggregate principal amount of $250.0 million to finance the acquisition of Maverick Power and/or pay related fees and expenses. On October 1, 2026, we partially financed the acquisition of Maverick Power with $250.0 million of borrowings under the Revolving Credit Facility.
As of September 30, 2026, the borrowing capacity under the Revolving Credit Facility was $600.0 million.
Borrowings under the Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, the Term Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offer Rate (“EURIBOR”), Sterling Overnight Index Average (“SONIA”) or, solely for swingline loans denominated in Euros, the Euro Short Term Rate ("ESTR"), plus, in each case, an applicable margin. The applicable margin will be based on, at nVent Finance’s election, nVent's net leverage ratio or public debt rating.
In September 2026, nVent, nVent Finance, and Hoffman entered into a new loan agreement among Hoffman, as borrower, nVent and nVent Finance, as guarantors, and the lenders and agents party thereto, providing for a three-year $600.0 million senior unsecured term loan facility (the "2026 Term Loan Facility"). As of September 30, 2026, the borrowing capacity under the 2026 Term Loan Facility was $600.0 million. On October 1, 2026, we partially financed the acquisition of Maverick Power with $600.0 million of borrowings under the 2026 Term Loan Facility. The 2026 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus, in each case, an applicable margin.
Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities and the 2026 Term Loan Facility, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions) and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00. In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities and the 2026 Term Loan Facility also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of September 30, 2026, we were in compliance with all financial covenants in our debt agreements, and there is no material uncertainty about our ongoing ability to meet those covenants.
Share repurchases
On May 17, 2024, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2024 Authorization"). The 2024 Authorization began on July 23, 2024 and expires on July 22, 2027. On May 16, 2026, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2026 Authorization"). The 2026 Authorization began on July 23, 2026 and expires on July 22, 2029.
During the nine months ended September 30, 2026, we repurchased 0.8 million of our ordinary shares for $100.2 million under the 2024 Authorization. During the nine months ended September 30, 2025, we repurchased 4.8 million of our ordinary shares for $253.1 million under the 2024 Authorization.
As of September 30, 2026, we had $46.7 million available for share repurchases under the 2024 Authorization and $500.0 million available for share repurchases under the 2026 Authorization.
Dividends
During the nine months ended September 30, 2026, we paid dividends of $102.2 million, or $0.63 per ordinary share. During the nine months ended September 30, 2025, we paid dividends of $98.0 million, or $0.60 per ordinary share.
On September 21, 2026, the Board of Directors declared a quarterly cash dividend of $0.21 per ordinary share that will be paid on November 6, 2026, to shareholders of record at the close of business on October 23, 2026. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $34.2 million and $34.6 million at September 30, 2026 and December 31, 2025, respectively.
Other financial measures
In addition to measuring our cash flow generation or usage based upon operating, investing and financing classifications included in the Condensed Consolidated Statements of Cash Flows, we also measure our free cash flow. Free cash flow is a
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non-GAAP financial measure that we use to assess our cash flow performance. We believe free cash flow is an important measure of liquidity because it provides us and our investors a measurement of cash generated from operations that is available to pay dividends, make acquisitions, repay debt and repurchase shares. In addition, free cash flow is used as a criterion to measure and pay annual incentive compensation. Our measure of free cash flow may not be comparable to similarly titled measures reported by other companies.
The following table is a reconciliation of free cash flow:
| Nine months ended | ||||||||
| In millions | September 30, 2026 | September 30, 2025 | ||||||
| Net cash provided by (used for) operating activities of continuing operations | $ | 581.9 | $ | 426.6 | ||||
| Capital expenditures | (94.6) | (56.6) | ||||||
| Proceeds from sale of property and equipment | 1.7 | 1.7 | ||||||
| Free cash flow of continuing operations | $ | 489.0 | $ | 371.7 | ||||
CRITICAL ACCOUNTING ESTIMATES
We have adopted various accounting policies to prepare the consolidated financial statements in accordance with GAAP. Certain of our accounting policies require the application of significant judgment by management in selecting the appropriate assumptions for calculating financial estimates. In our 2025 Annual Report on Form 10-K, we identified the critical accounting policies which affect our more significant estimates and assumptions used in preparing our consolidated financial statements.
There have been no material changes to our critical accounting policies and estimates from those previously disclosed in our 2025 Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in our market risk during the quarter ended September 30, 2026. For additional information, refer to our 2025 Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 4. CONTROLS AND PROCEDURES
(a) Evaluation of Disclosure Controls and Procedures
We maintain a system of disclosure controls and procedures designed to provide reasonable assurance as to the reliability of our published financial statements and other disclosures included in this report. Our management evaluated, with the participation of our Chief Executive Officer and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the quarter ended September 30, 2026 pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934 (the "Exchange Act"). Based upon their evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective, at the reasonable assurance level, as of the end of the quarter ended September 30, 2026 to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosures.
(b) Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There have been no material developments with respect to the legal proceedings previously disclosed in Item 3 of our 2025 Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 1A. RISK FACTORS
There have been no material changes from the risk factors previously disclosed in our 2025 Annual Report on Form 10-K for the year ended December 31, 2025, except for the additional risk factors relating to the Maverick Power acquisition set forth below.
We could be subject to new risks, known and unknown, relating to the Maverick Power acquisition.
We may experience risks, losses and damages associated with the Maverick Power acquisition. The risks we could face include the following:
•the Maverick Power acquisition may lead to the incurrence of costs to review, upgrade and integrate Maverick Power’s systems with our compliance and reporting systems, including our systems of internal control over financial reporting. The process of integrating Maverick Power into our internal control over financial reporting could require significant time and effort from our management and other personnel and could increase our compliance costs; and
•the Maverick Power acquisition involves the inherent risk of liabilities, and these liabilities may prove more costly or produce more adverse effects than we anticipate, such as actual or potential litigation and regulatory matters. In addition, in the course of the due diligence review of Maverick Power, we may not have discovered, or may have been unable to quantify, undisclosed liabilities of Maverick Power, and we may not be indemnified or have insurance for any of these liabilities. Any such liabilities could have an adverse effect on our business, results of operations, financial condition and cash flows.
Any of these risks associated with the Maverick Power acquisition could have a material adverse impact on our business, results of operations and financial condition.
Increased leverage may harm our financial condition and results of operations.
As of September 30, 2026, we had $2.2 billion of total debt on a consolidated basis. On October 1, 2026, our indebtedness increased materially in connection with the Maverick Power acquisition. We funded the Maverick Power acquisition with borrowings under the 2026 Term Loan Facility and net proceeds from the issuance of the 2036 Notes, together with cash on hand and borrowings from our Revolving Credit Facility, for an aggregate amount of approximately $1.65 billion of new indebtedness incurred in connection with the Maverick Power acquisition. We and our subsidiaries may incur additional indebtedness in the future. This increase and any future increases in our level of indebtedness will have several important effects on our future operations, including, without limitation:
•we will have additional cash requirements to support the payment of interest on our outstanding indebtedness;
•increases in our outstanding indebtedness and leverage may increase our vulnerability to adverse changes in general economic and industry conditions, as well as to competitive pressure;
•our ability to obtain additional financing for working capital, capital expenditures, general corporate and other purposes may be reduced;
•our flexibility in planning for, or reacting to, changes in our business and our industry may be reduced; and
•our flexibility to make acquisitions and develop technology may be limited.
Our ability to make payments of principal and interest on our indebtedness depends upon our future performance, which will be subject to general economic conditions and financial, business and other factors affecting our consolidated operations, many of which are beyond our control. If we are unable to generate sufficient cash flow from operations in the future to service our debt and meet our other cash requirements, we may be required, among other things:
•to seek additional financing in the debt or equity markets;
•to refinance or restructure all or a portion of our indebtedness;
•to sell selected assets or businesses; or
•to reduce or delay planned capital or operating expenditures.
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Such measures might not be sufficient to enable us to service our debt and meet our other cash requirements. In addition, any such financing, refinancing or sale of assets might not be available at all or on economically favorable terms.
We may not realize the anticipated benefits of the Maverick Power acquisition and any benefit may take longer to realize than we expect.
There are uncertainties inherent in the integration of Maverick Power’s operations with our existing operations. Integration may divert management attention and resources, and delays or unexpected difficulties in the integration process could adversely affect our business, financial results and financial condition. Even if we are able to integrate Maverick Power’s operations successfully, this integration may not result in the realization of the full benefits or operational efficiencies that we expect or the achievement of these benefits within a reasonable period of time or at all.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table provides information with respect to purchases we made of our ordinary shares during the third quarter of 2026:
| (a) | (b) | (c) | (d) | |||||||||||
| Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Dollar value of shares that may yet be purchased under the plans or programs | ||||||||||
| July 1 - July 25, 2026 | 122,548 | $ | 140.52 | 119,863 | $ | 579,721,024 | ||||||||
| July 26 - August 29, 2026 | 213,991 | 154.38 | 213,740 | 546,721,333 | ||||||||||
| August 30 - September 30, 2026 | 1,332 | 151.42 | — | 546,721,333 | ||||||||||
| Total | 337,871 | 333,603 | ||||||||||||
(a)The purchases in this column include shares repurchased as part of our publicly announced plans and shares deemed surrendered to us by participants in the nVent Electric plc 2018 Omnibus Incentive Plan (the "2018 Plan") and earlier Pentair stock incentive plans that are now outstanding under the 2018 Plan (collectively the "Plans") to satisfy the exercise price or withholding of tax obligations related to the exercise of stock options, vesting of restricted shares and vesting of performance shares.
(b)The average price paid in this column includes shares repurchased as part of our publicly announced plans and shares deemed surrendered to us by participants in the Plans to satisfy the exercise price of stock options and withholding tax obligations due upon stock option exercises and vesting of restricted and performance shares.
(c)The number of shares in this column represents the number of shares repurchased as part of our publicly announced plans to repurchase our ordinary shares up to a maximum dollar limit authorized by the Board of Directors, discussed below.
(d)On May 17, 2024, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2024 Authorization"). The 2024 Authorization began on July 23, 2024 and expires on July 22, 2027. As of September 30, 2026, we had $46.7 million available for share repurchases under the 2024 Authorization. On May 16, 2026, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2026 Authorization"). The 2026 Authorization began on July 23, 2026 and expires on July 22, 2029. As of September 30, 2026, we had $500.0 million available for share repurchases under the 2026 Authorization.
ITEM 5. OTHER INFORMATION
(c)
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During the third quarter of 2026, none of our directors or Section 16 officers adopted or terminated
| Name | |||||
| Title | |||||
| Type of trading arrangement | |||||
| Adoption date | * The trading arrangement only permits transactions upon expiration of the applicable mandatory cooling-off period under Rule 10b5-1 under the Securities Act of 1934, as amended. | ||||
| Duration of trading arrangement | The trading arrangement permits transactions through and including the earlier to occur of | ||||
| Aggregate number of shares to be sold | Up to | ||||
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ITEM 6. EXHIBITS
The exhibits listed in the following Exhibit Index are filed as part of this Quarterly Report on Form 10-Q.
Exhibit Index to Form 10-Q for the Period Ended September 30, 2026
| Term Loan Agreement, dated September 17, 2026, among nVent Electric plc, nVent Finance S.à r.l., Hoffman Schroff Holdings, Inc. and the lenders and agents party thereto (incorporated by reference to Exhibit 4.1 in the Current Report on Form 8-K of nVent Electric plc filed with the Commission on September 17, 2026 (File No. 001-38265)). | ||||||||
| Amendment No. 2, dated as of September 17, 2026, to Second Amended and Restated Credit Agreement, dated as of June 30, 2025, among nVent Electric plc, nVent Finance S.à r.l., Hoffman Schroff Holdings, Inc., the other affiliate borrowers from time to time party thereto and the lenders and agents party thereto (incorporated by reference to Exhibit 4.2 in the Current Report on Form 8-K of nVent Electric plc filed with the Commission on September 17, 2026 (File No. 001-38265)). | ||||||||
| Indenture, dated as of September 29, 2026, among nVent Electric plc, Hoffman Schroff Holdings, Inc., nVent Finance S.à r.l. and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.2 in the Current Report on Form 8-K of nVent Electric plc filed with the Commission on September 29, 2026 (File No. 001-38265)). | ||||||||
| First Supplemental Indenture, dated as of September 29, 2026, among nVent Electric plc, Hoffman Schroff Holdings, Inc., nVent Finance S.à r.l. and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.2 in the Current Report on Form 8-K of nVent Electric plc filed with the Commission on September 29, 2026 (File No. 001-38265)). | ||||||||
| nVent Electric plc Insider Trading Policy. | ||||||||
| Guarantors and Subsidiary Issuers of Guaranteed Securities. | ||||||||
| Certification of Chief Executive Officer. | ||||||||
| Certification of Chief Financial Officer. | ||||||||
| Certification of Chief Executive Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
| Certification of Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
| 101 | The following materials from nVent Electric plc's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 are filed herewith, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2026 and 2025, (ii) the Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025, (iii) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025, (iv) the Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2026 and 2025, (v) Notes to Condensed Consolidated Financial Statements and (vi) the information included in Part II, Item 5(c). The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on October 30, 2026.
| nVent Electric plc | ||||||||
| Registrant | ||||||||
| By | /s/ Gary L. Corona | |||||||
| Gary L. Corona | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
| By | /s/ Randolph A. Wacker | |||||||
| Randolph A. Wacker | ||||||||
| Senior Vice President and Chief Accounting Officer | ||||||||
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Exhibit 19
ENTERPRISE POLICY
Insider Trading Policy
Purpose
This Policy is intended to ensure that all officers, directors and employees of nVent Electric plc worldwide comply with all applicable laws and regulations that prohibit persons who are aware of material nonpublic information about a company from (i) trading in securities of that company, commonly known as “insider trading,” or (ii) providing material nonpublic information to other persons who may trade on the basis of that information, commonly known as “tipping.” Insider trading and stock tipping, as discussed below, are criminal offenses subject to severe criminal and civil consequences as well as possible discipline or dismissal under this Policy.
Scope
This Policy applies to all directors, officers and employees of nVent Electric plc and its subsidiaries, affiliates and related companies, partnerships and joint ventures in which nVent Electric plc has a controlling interest (the “Company”) and to the Company itself. nVent Electric plc may also determine that other persons should be subject to this Policy, such as contractors or consultants who have access to material nonpublic information.
This Policy applies to family members who reside with Company personnel (including children away at college), anyone else with whom Company personnel share a household, and any family members with whom Company personnel do not share a household but whose transactions in Company Securities are directed by Company personnel or are subject to Company personnel influence or control, such as parents or children who consult with Company personnel before they trade in Company Securities (collectively referred to as “Family Members”).
This Policy applies to any entities that Company personnel influence or control, including any corporations, partnerships, limited liability companies or trusts (collectively referred to as “Controlled Entities”).
Company personnel are responsible for the transactions of their Family Members and Controlled Entities, and all such transactions will be treated for the purposes of this Policy and applicable securities laws as if the transactions were for the Company personnel’s own account.
Definitions
Company Securities means and includes, without limitation, the Company’s ordinary shares, options to purchase the Company’s shares, or any other type of securities that the Company may issue, including (but not limited to) debt securities, preferred shares, restricted shares, restricted stock units, performance share units, convertible debentures and warrants, as well as derivative securities that are not issued by the Company, such as exchange-traded put or call options or swaps relating to the Company’s Securities.
Nonpublic information is sometimes referred to as confidential information and means information about the Company that is not known to the public-at-large. All information is considered nonpublic
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until one full trading day has passed since the information was widely released through a press release, news wire, television or radio broadcast, newspaper, magazine or website publication, or public disclosure documents filed with the U.S. Securities and Exchange Commission. By contrast, information would likely not be considered widely disseminated if it is available only to the Company’s employees. If, for example, you were aware of Company material nonpublic information and the Company were to disseminate that information before market open on a Monday, you should not trade in Company Securities until Tuesday. Depending on the particular circumstances, the Company may determine that a longer or shorter period should apply to the dissemination of specific material nonpublic information.
Information is considered material if a reasonable investor would consider it important in deciding whether to buy, hold or sell securities. Material information may be positive or negative. Examples of material information include:
•expected earnings or revenues, as well as company projections as to future earnings or revenues;
•changes to previously announced earnings guidance, or the decision to suspend earnings guidance;
•significant related party transactions;
•a proposed significant acquisition, disposition or joint venture;
•significant purchases, sales or write-offs of assets;
•a planned offering of additional new classes of securities or changes in dividend policy or declaration of a stock split;
•the establishment of a repurchase program for Company Securities;
•a major change in the Company’s pricing or cost structure;
•major marketing changes;
•a significant product development, gain or loss of a major customer or substantial contract award or termination;
•a company restructuring;
•bank borrowings or other financing transactions out of the ordinary course;
•a change in senior management;
•a change in auditors or notification that the auditor’s reports may no longer be relied upon;
•the imposition of a ban on trading in Company Securities or the securities of another company;
•impending bankruptcy or the existence of severe liquidity problems;
•pending or threatened significant litigation or resolution of such litigation; and
•a significant cybersecurity incident, such as a data breach.
Policy Statement
General Prohibitions: Company personnel, their Family Members and Controlled Entities and the Company must never:
•Buy, sell or engage in other transactions in Company Securities while aware of Company material nonpublic information, except as otherwise specified in this Policy.
•Buy, sell or engage in other transactions in securities of other companies while aware of material nonpublic information about those companies that Company personnel become aware of as a result of business dealings between the Company and such other companies.
Company personnel must never disclose material nonpublic information to any unauthorized persons outside the Company. Company personnel are prohibited from “tipping” other persons about material
2
nonpublic information or otherwise making unauthorized disclosure or use of such information, regardless of whether the person profits or intends to profit by such tipping, disclosure or use. You must take steps to prevent the inadvertent disclosure of material nonpublic information to unauthorized persons outside the Company. If you believe that the disclosure of material nonpublic information is necessary or appropriate for business reasons, you must consult with Company counsel to ensure that they concur that such disclosure is necessary, and to ensure that any such disclosure will comply with all applicable laws. In addition, Company personnel may not recommend the purchase or sale of any securities.
Specific Prohibition Regarding Special Transactions, Including Hedging and Pledging: Company personnel, their Family Members and anyone designated to engage in securities transactions on their behalf are prohibited from purchasing financial instruments, including prepaid variable forward contracts, equity swaps and collars, or otherwise engaging in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of Company Securities. Prohibited transactions include transactions in puts, calls, cashless collars, options, short sales and similar rights and obligations involving Company Securities, other than the exercise of a Company-issued option to purchase the Company’s shares. In addition, Company personnel and their Family Members are prohibited from holding Company Securities in a margin account or otherwise pledging Company Securities as collateral for a loan and are prohibited from placing of standing and limit orders on Company Securities except as specified in this Policy. Notwithstanding the foregoing, transactions designed to facilitate portfolio diversification, such as investments in exchange funds, are permitted for non-management directors but not other Company personnel.
Specific Prohibition Regarding Prediction Markets: Company personnel, their Family Members and anyone designated to engage in transactions on their behalf are prohibited from participating in prediction markets, event contracts, wagering platforms or similar arrangements that allow a person to receive value based on the occurrence or non-occurrence of Company-specific events, including events involving the Company’s financial results, stock price, strategic transactions, significant litigation, regulatory matters, cybersecurity incidents, management changes or other matters that may involve nonpublic information regarding the Company. This prohibition applies regardless of whether the arrangement is characterized as a security, contract, wager, prediction-market position or other instrument, and regardless of whether it involves Company Securities directly.
Gifts: Company personnel may not make a gift of Company Securities while aware of material nonpublic information relating to the Company if the Company personnel knows or is reckless in not knowing the recipient of the gift would sell the securities prior to the Company’s disclosure of such information. Such a situation can arise with gifts of securities to charities, which are often required by their policies to sell securities soon after a gift.
Rule 10b5-1 Plans: Rule 10b5-1 of the Securities Exchange Act of 1934 provides a defense from insider trading liability. To be eligible to rely on this defense, a person must enter into a Rule 10b5-1 plan for transactions in Company Securities that meets certain conditions specified in the Rule (a “10b5-1 Plan”). If the plan meets the requirements of Rule 10b5-1, Company Securities may be purchased or sold without regard to certain insider trading restrictions. To comply with this Policy, a 10b5-1 Plan must be approved by the General Counsel or his or her designee, and meet the requirements of Rule 10b5-1.
In general, a 10b5-1 Plan must be entered into in good faith at a time when the person entering into the plan is not aware of material nonpublic information regarding the Company. Rule 10b5-1 (a) requires a person (other than a director or Section 16 Officer or the Company) to wait to begin trading under a 10b5-1 Plan until 30 days after the adoption of the plan, (b) generally prohibits a person from having more than one plan in place at the same time and (c) restricts persons from relying on a single-trade plan more than once during any 12-month period. Once the 10b5-1 plan is
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adopted, the person must act in good faith with respect to the plan and not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. The 10b5-1 plan must either specify the amount, pricing and timing of transactions in advance or delegate discretion on these matters to an independent third party. Additional requirements with respect to 10b5-1 plans for members of the Window Group (as defined below), including a longer waiting period, are described below.
Pre-Clearance and Trading Window Procedures: The Company imposes certain restrictions on specified senior officers, management and directors in trading Company Securities. These restrictions govern even though the transactions may be permissible under law and apply to the following persons hereafter defined as the “Window Group”:
•All directors of nVent Electric plc
•All executive officers of nVent Electric plc
•Segment Presidents and CFOs
•Any other employees designated by the General Counsel
All directors and Section 16 Officers (as defined below) must pre-clear all transactions in Company Securities in advance with the General Counsel’s office.
Except for transactions made subject to a 10b5-1 Plan approved in accordance with this Policy, members of the Window Group and their Family Members and Controlled Entities may only enter into transactions in Company Securities (including option exercise and gifts) during an open trading window that commences on the business day that is one full trading day after the public release of the Company’s quarterly or annual financial results and ends on the first day of the last month prior to the close of the next fiscal quarter. The Company will conduct an evaluation each quarter to determine whether the scheduled trading window should be canceled. The Window Group will be informed electronically each quarter of the opening and closing of the trading window. The Company may close an open trading window early at any time, as deemed appropriate by the General Counsel.
From time to time, an event may occur that is material to the Company and is known by only a few directors, officers and/or employees. So long as the event or information related to the event remains material and nonpublic, the persons designated by the General Counsel may not trade Company Securities. In that situation, the General Counsel may notify these persons that they should not trade in the Company’s securities, without disclosing the reason for the restriction. The existence of an event-specific trading restriction period or shortening of a Trading Window period will not be announced to the Company as a whole, and should not be communicated to any other person.
If a member of the Window Group wishes to trade pursuant to a 10b5-1 Plan, he or she must obtain the approval of the General Counsel prior to entering into the 10b5-1 Plan. The General Counsel, or his or her designee, must review the 10b5-1 Plan for compliance with this Policy and the Company’s stock ownership and retention guidelines. In addition to the requirements for a 10b5-1 Plan set forth above under “Rule 10b5-1 Plans”:
•A member of the Window Group may only enter into or amend a 10b5-1 Plan during an open trading window.
•For directors and Section 16 Officers, the 10b5-1 Plan must also include a representation certifying that they are not aware of material nonpublic information about the Company and are adopting the plan in good faith and not as a scheme to evade the prohibitions of Rule 10b-5.
•For directors and Section 16 Officers, the first trade may not occur under a 10b5-1 plan until the later of (a) 90 days after the adoption of the plan or (b) two business days following the
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disclosure of the Company’s financial results in a Form 10-Q or Form 10-K relating to the quarter in which the plan was adopted, subject to a maximum of 120 days after adoption of the plan.
•Unless expressly approved by the General Counsel or his or her designee and compliant with Rule 10b5-1, a member of the Window Group may have only one 10b5-1 Plan in effect at a time.
•Any amendment to a 10b5-1 Plan will be treated as a termination of an existing 10b5-1 Plan and the entry into a new 10b5-1 Plan. Accordingly, the terms of any amendment must be approved in accordance with the terms of this Policy and shall otherwise comply with the terms of this Policy as if the amendment were a new 10b5-1 Plan.
•Any member of the Window Group who desires to terminate a 10b5-1 Plan must consult with the General Counsel or his or her designee prior to terminating the 10b5-1 Plan.
These restrictions apply to Family Members and Controlled Entities of the Window Group. Certain members of the Window Group are also subject to Section 16 of the Securities Exchange Act of 1934 (“Section 16 Officers”) and Rule 144 of the Securities Act of 1933 applicable to affiliates of the Company.
Exceptions: This Policy does not apply in the case of the following transactions, except as specifically noted:
1.Stock Option Exercises. This Policy does not apply to the vesting or exercise of an employee option to purchase the Company’s shares acquired pursuant to the Company’s plans, to the delivery to the Company of shares to pay the exercise price or satisfy tax withholding requirements for such option, or to the exercise of a tax withholding right pursuant to which a person has elected to have the Company net or withhold shares subject to an option to pay the exercise price or satisfy tax withholding requirements. This Policy does apply, however, to any sale of shares as part of a broker-assisted cashless exercise of an option or any other market sale for the purpose of generating the cash needed to pay the exercise price of or tax withholding for an option and to any market sale of the shares received on exercise of options.
2.Restricted Stock Unit and Performance Share Unit Awards. This Policy does not apply to the vesting of restricted stock units or performance share units, or the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares to satisfy tax withholding requirements upon the vesting of any restricted stock units or performance share units. The Policy does apply, however, to any market sale of shares received on vesting of restricted stock units or performance share units.
3.401(k) Plan. This Policy does not apply to purchases of Company Securities in the Company’s 401(k) plan resulting from your periodic contribution of money to the plan pursuant to your payroll deduction election (including any contributions out of Company bonuses). This Policy does apply, however, to certain elections you may make under the 401(k) plan, including: (a) an election to increase or decrease the percentage of your periodic contributions that will be allocated to the Company stock fund; (b) an election to make an intra-plan transfer of an existing account balance into or out of the Company stock fund; (c) an election to borrow money against your 401(k) plan account if the loan will result in a liquidation of some or all of your Company stock fund balance; and (d) an election to
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pre-pay a plan loan if the pre-payment will result in allocation of loan proceeds to the Company stock fund.
4.Employee Stock Purchase Plan. This Policy does not apply to purchases of Company Securities in the employee stock purchase plan resulting from your periodic contribution of money to the plan pursuant to the election you made at the time of your enrollment in the plan. This Policy also does not apply to purchases of Company Securities resulting from lump sum contributions to the plan, provided that you elected to participate by lump sum payment at the beginning of the applicable enrollment period. This Policy does apply, however, to your election to participate in the plan for any enrollment period or your election to increase or decrease the level of your participation in the plan, and to your sales of Company Securities purchased pursuant to the plan.
5.Dividend Reinvestment Plan. This Policy does not apply to purchases of Company Securities under the Company’s dividend reinvestment plan resulting from your reinvestment of dividends paid on Company Securities. This Policy does apply, however, to voluntary purchases of Company Securities resulting from additional contributions you choose to make to the dividend reinvestment plan, to your election to participate in the plan or increase your level of participation in the plan and to your sale of any Company Securities purchased pursuant to the plan.
Procedures
1.Implementation. All Company employees are responsible for implementation of this policy. The General Counsel is specifically responsible for implementing the Trading Window provisions of this Policy.
2.Compliance and Sanctions. Failure to comply with this Policy may be grounds for disciplinary action, in accordance with local law, up to and including termination.
3.Reporting and Non-Retaliation. Company employees should, in accordance with local law, report any conduct that they believe in good faith to be a violation or apparent violation of this Policy to their manager, Human Resources, the Legal Department, through the Office of Business Conduct & Ethics, or through the Ethics Helpline at https://nventethics.com/. Any such reports shall be treated as confidential to the extent allowed by law. The Company prohibits retaliation for good faith reports of suspected misconduct.
4.Contact. Any questions concerning this Policy may be addressed to the General Counsel or the Office of Business Conduct & Ethics, or by e-mail at ethics@nvent.com.
Compliance, Reporting and Non-Retaliation
Failure to comply with this Policy may be grounds for disciplinary action, up to and including termination.
nVent employees should Speak Up about any conduct which they believe in good faith to be a violation of this Policy. Concerns can be reported through any of nVent’s Speak Up Resources. Reports may be made anonymously and will be treated confidentially to the extent allowed by law. nVent prohibits retaliation for good faith reports of suspected violation of nVent policy.
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Exhibit 22
List of Guarantors and Subsidiary Issuers of Guaranteed Securities
nVent Electric plc and Hoffman Schroff Holdings, Inc., a wholly owned subsidiary of nVent Electric plc, have fully and unconditionally guaranteed payment of the following senior notes issued by nVent Finance S.à r.l., a wholly owned subsidiary of nVent Electric plc: $500.0 million aggregate principal amount of 4.550% senior notes due 2028, $300.0 million aggregate principal amount of 2.750% senior notes due 2031 and $500.0 million aggregate principal amount of 5.650% senior notes due 2033.
nVent Electric plc and nVent Finance S.à r.l. have fully and unconditionally guaranteed payment of the following senior notes issued by Hoffman Schroff Holdings, Inc.: $800.0 million aggregate principal amount of 6.150% senior notes due 2036.
Exhibit 31.1
Certification
I, Beth A. Wozniak, certify that:
1. I have reviewed this quarterly report on Form 10-Q of nVent Electric plc;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: | October 30, 2026 | /s/ Beth A. Wozniak | ||||||
| Beth A. Wozniak | ||||||||
| Chief Executive Officer | ||||||||
Exhibit 31.2
Certification
I, Gary L. Corona, certify that:
1. I have reviewed this quarterly report on Form 10-Q of nVent Electric plc;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: | October 30, 2026 | /s/ Gary L. Corona | ||||||
Gary L. Corona | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
Exhibit 32.1
Certification of CEO Pursuant To
18 U.S.C. Section 1350,
As Adopted Pursuant To
Section 906 Of The Sarbanes-Oxley Act Of 2002
In connection with the Quarterly Report on Form 10-Q of nVent Electric plc (the “Company”) for the period ended September 30, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Beth A. Wozniak, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: | October 30, 2026 | /s/ Beth A. Wozniak | ||||||
| Beth A. Wozniak | ||||||||
| Chief Executive Officer | ||||||||
Exhibit 32.2
Certification of CFO Pursuant To
18 U.S.C. Section 1350,
As Adopted Pursuant To
Section 906 Of The Sarbanes-Oxley Act Of 2002
In connection with the Quarterly Report on Form 10-Q of nVent Electric plc (the “Company”) for the period ended September 30, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gary L. Corona, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: | October 30, 2026 | /s/ Gary L. Corona | ||||||
Gary L. Corona | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||