Europe, Middle East & AfricaThin moat

Vertiv Holdings (VRT) — moat facet

Flat sales and falling profit at home, while its factories supply the rest of Vertiv.

EMEA is the segment that stopped growing. It had net sales of $1,824.4 million in 2025, against $1,793.4 million in 2024 and $1,490.9 million in 2023 1, 18% of the company 2. Sales to Europe itself fell from $1,523.5 million to $1,474.6 million in 2025 3.

EMEA sales growth (%)+20.3%2024+1.7%2025-8.4%H1 2026-14.8%H1 2026 organicVertiv Form 10-K FY2025 and Q2 2026 release
From 20% growth to decline in eighteen months.

It sells the same range as the other regions. It is also a supplier to the rest of Vertiv: EMEA made $557.8 million of intersegment sales in 2025, more than either other region 4.

The history is steady growth until 2025. EMEA net sales were about $962 million in 2020 and about $1,202 million in 2021 5, then $1,361.6 million in 2022 6. Growth was 20.3% in 2024 and 1.7% in 2025 7.

It is more profitable than Asia Pacific. On the current basis, operating profit was $297.7 million in 2023, $439.4 million in 2024 and $377.4 million in 2025 8, margins of 20.0%, 24.5% and 20.7% 9. Profit fell in 2025 while sales were flat.

The first half of 2026 was weaker. EMEA net sales were $805.0 million against $879.1 million, down 8.4% and 14.8% organically, with products down 11.7% and services up 3.7% 10. The June quarter alone was up 1.7%, down 2.4% organically, with adjusted operating profit of $124.2 million, up 19.2% 11.

Vertiv's own presentation described EMEA as showing positive momentum and accelerating pipelines 12. The figure that tests that is EMEA organic growth in the second half of 2026: back above zero would mean European AI and colocation projects have arrived; another negative half would make EMEA a factory for the Americas with a shrinking home market.

Moat trajectory: Narrowing

First-half 2026 sales down 8.4%, 14.8% organically, after operating profit fell in 2025.

The number that tests this moat
Reported
EMEA organic sales growth, first half
-14.8% in H1 2026 (-2.4% in Q2)

A return above zero in the second half would mean European projects have arrived; another negative half would not.

Source: Vertiv Q2 2026 results release ↗
References
  1. ReportedIt had net sales of $1,824.4 million in 2025, against $1,793.4 million in 2024 and $1,490.9 million in 2023 , 18% of the company .
    Vertiv Form 10-K FY2025 - segment note: net sales, intersegment sales, costs, engineering and R&D, operating profit, capital expenditure and sales by destination for 2023-2025 — FY2023-FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcIt had net sales of $1,824.4 million in 2025, against $1,793.4 million in 2024 and $1,490.9 million in 2023 , 18% of the company .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  3. ReportedSales to Europe itself fell from $1,523.5 million to $1,474.6 million in 2025 .
    Vertiv Form 10-K FY2025 - segment note: net sales, intersegment sales, costs, engineering and R&D, operating profit, capital expenditure and sales by destination for 2023-2025 — FY2023-FY2025 · publ. February 2026 · source ↗
  4. ReportedIt is also a supplier to the rest of Vertiv: EMEA made $557.8 million of intersegment sales in 2025, more than either other region .
    Vertiv Form 10-K FY2025 - segment note: net sales, intersegment sales, costs, engineering and R&D, operating profit, capital expenditure and sales by destination for 2023-2025 — FY2023-FY2025 · publ. February 2026 · source ↗
  5. Moat Explorer calcEMEA net sales were about $962 million in 2020 and about $1,202 million in 2021 , then $1,361.6 million in 2022 .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  6. ReportedEMEA net sales were about $962 million in 2020 and about $1,202 million in 2021 , then $1,361.6 million in 2022 .
    Vertiv Form 10-K FY2023 - segment net sales and results for 2022-2023 — FY2022-FY2023 · publ. February 2024 · source ↗
  7. Moat Explorer calcGrowth was 20.3% in 2024 and 1.7% in 2025 .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  8. ReportedOn the current basis, operating profit was $297.7 million in 2023, $439.4 million in 2024 and $377.4 million in 2025 , margins of 20.0%, 24.5% and 20.7% .
    Vertiv Form 10-K FY2025 - segment note: net sales, intersegment sales, costs, engineering and R&D, operating profit, capital expenditure and sales by destination for 2023-2025 — FY2023-FY2025 · publ. February 2026 · source ↗
  9. Moat Explorer calcOn the current basis, operating profit was $297.7 million in 2023, $439.4 million in 2024 and $377.4 million in 2025 , margins of 20.0%, 24.5% and 20.7% .
    Moat Explorer calculation from Vertiv's Forms 10-K and Q2 2026 release: segment shares, margins, growth rates and derived segment sales — FY2020 to Q2 2026 · publ. 2026-09-23 · source ↗
  10. ReportedEMEA net sales were $805.0 million against $879.1 million, down 8.4% and 14.8% organically, with products down 11.7% and services up 3.7% .
    Vertiv second quarter 2026 results release (8-K exhibit 99.1) - net sales, organic growth and adjusted operating profit by region and offering, quarter and six months — Q2 2026 · publ. 29 July 2026 · source ↗
  11. ReportedThe June quarter alone was up 1.7%, down 2.4% organically, with adjusted operating profit of $124.2 million, up 19.2% .
    Vertiv second quarter 2026 results release (8-K exhibit 99.1) - net sales, organic growth and adjusted operating profit by region and offering, quarter and six months — Q2 2026 · publ. 29 July 2026 · source ↗
  12. ReportedVertiv's own presentation described EMEA as showing positive momentum and accelerating pipelines .
    Vertiv second quarter 2026 results presentation - regional market commentary — Q2 2026 · publ. 29 July 2026 · source ↗
Sources
Generated September 23, 2026