Here are two analogies to describe Forgent Power Solutions (FPS):

1. Forgent Power Solutions is like the Rolls-Royce of electrical distribution equipment, providing bespoke, high-reliability power systems for mission-critical applications like data centers and the grid.
2. Forgent Power Solutions is like ASML for power infrastructure, creating highly specialized, custom-engineered equipment essential for powering the growth of data centers and modern electrical grids.

• Automatic Transfer Switches (ATSs): Automatically switch an electrical load from a primary power source to a backup power source, ensuring uninterrupted power.
• Dry Type Transformers: Adjust voltage up or down as needed for safe use by equipment and devices, primarily in indoor environments.
• Electrical Houses (eHouses): Prefabricated, modular buildings that house and protect electrical equipment like switchgear, transformers, and control panels.
• Generator Connection Cabinets: Purpose-built enclosures that provide a safe and convenient connection point for generators.
• Liquid Filled Transformers: Adjust voltage up or down for transmission and safe use by equipment and devices primarily in outdoor environments.
• Panelboards: Distribute power within a building to individual branch circuits and provide overcurrent protection for those circuits.
• Power Distribution Units (PDUs): Pre-assembled units integrating multiple components to step down voltage and distribute power to GPUs and TPUs.
• Power Skids: Integrate multiple pieces of equipment into a portable enclosure or base for faster, "plug-and-play" installation of key electrical systems.
• Remote Power Panels (RPPs): Distribute power across server racks in a data center and provide remote monitoring and management capabilities.
• Switchboards: Distribute power within a building to downstream transformers and panelboards and provide overcurrent protection.
• Switchgear: Control, protect and isolate electrical circuits and equipment to facilitate testing, maintenance and repairs.
• Tap Boxes: Provide a secure interface between a building’s electrical busway system and its equipment.
• Custom Products: Electrical distribution equipment specifically designed and engineered-to-order for a customer's unique project or application requirements.
• Powertrain Solutions: Integrated combinations of custom electrical distribution products designed to work together as a system.
• On-site Services: Commissioning and maintenance services for the electrical distribution products they sell.

• Technology Companies: These customers are accelerating investment in data centers to meet the computational requirements for cloud computing and AI. FPS generated approximately 42% of its fiscal 2025 revenues from the Data Center market.
• Power and Utility Companies: This category includes independent power producers building new generation capacity and utilities upgrading and expanding T&D infrastructure to address rapid load growth. FPS generated approximately 23% of its fiscal 2025 revenues from the Grid market.
• Industrial Companies: These are energy-intensive industrial facilities and manufacturers who are reshoring their factories. FPS generated approximately 19% of its fiscal 2025 revenues from the Industrial market.
• Intermediaries: This broad category includes Original Equipment Manufacturers (OEMs) and integrators who incorporate FPS products into systems they sell; contractors that build data centers, power plants, and T&D infrastructure; and electrical products distributors.

Gary Niederpruem, Chief Executive Officer

Gary Niederpruem leads Forgent, spearheading the company's growth and performance across data centers, grid and renewables, and manufacturing markets. He brings over 25 years of experience in operations, strategy, and M&A, including senior leadership roles at Vertiv, where he helped lead the carve-out from Emerson Network Power and the company's transition to a publicly listed business. Prior to joining Forgent, Gary served as COO of Sasser Family Companies and as CEO of Cenergistic, guiding both organizations through periods of transformation and scale. Earlier in his career, he held leadership positions at Vertiv as Chief Strategy and Marketing Officer, Emerson Network Power as Vice President of Global Marketing and General Manager of Integrated Solutions, and at Danaher. Forgent Power Solutions itself was formed by the private equity firm Neos Partners, which acquired four legacy electrical equipment companies.

Ryan Fiedler, Chief Financial Officer

Ryan Fiedler joined Forgent Power Solutions as Chief Financial Officer in August 2025. He oversees financial strategy, planning, and reporting for the company. Before joining Forgent, Ryan spent over 14 years at Caterpillar Inc., where he most recently served as Chief Financial Officer of Resource Industries, leading financial strategy for a $12.4 billion sales segment. From 2022 to 2025, he was Vice President of Investor Relations at Caterpillar. Ryan's finance career began in investment banking at J.P. Morgan, where he supported M&A, IPOs, and capital markets.

Bobby Rogers, Chief Commercial Officer

Bobby Rogers was appointed Chief Commercial Officer of Forgent Power Solutions, effective September 15, 2025. He oversees Forgent's commercial strategy and leads its sales organization across the data center, grid, and industrial markets. Rogers brings 20 years of enterprise sales and sales management experience to Forgent, including his most recent role as Schneider's Vice President of Strategic Account Sales for the data center vertical in North America. He is recognized for building multiple high-performing sales organizations and growing market share.

Osman Ashai, Chief Strategy Officer

Osman Ashai leads strategy, market development, innovation, and M&A at Forgent. As CEO of PwrQ, he transformed the company into a scaled leader in data center power infrastructure, driving product expansion, manufacturing, and operational excellence, and a merger that integrated into critical customer ecosystems. His career spans industrials, financial services, and technology, where he is recognized for execution excellence, product market fit, and building high-growth, high-performing teams.

José Caballero, Chief Operating Officer

José Caballero serves as the Chief Operating Officer at Forgent Power Solutions.

The key risks to Forgent Power Solutions (FPS) include:

1. Supply Chain Disruptions and Component Availability: The company's ability to manufacture and ship electrical distribution equipment is significantly impacted by the availability of key components, affecting lead times. Customers sometimes customize their orders to design out supply-constrained components, indicating an ongoing challenge in sourcing.

2. Concentration of Revenue in Specific End Markets and Geographic Region: Forgent Power Solutions generates a substantial portion of its revenue from the Data Center (42%) and Grid (23%) markets. Furthermore, substantially all of its fiscal 2025 revenues were generated from customers located in North America. This concentration makes the company highly susceptible to economic downturns, reduced investment, or regulatory changes within these specific industries or the North American region.

3. Reliance on Specialized Engineering Expertise: The company's business model is heavily focused on "engineered-to-order" Custom Products (78% of revenue) and Powertrain Solutions (13% of revenue), which depend on a dedicated team of over 150 engineers and proprietary design tools. The loss of key engineering talent or an inability to attract and retain skilled personnel could hinder its capacity to innovate, develop tailored solutions, and maintain its competitive advantage.

Forgent Power Solutions (FPS) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Accelerated Investment in Data Centers: The increasing computational requirements for cloud computing and artificial intelligence are driving substantial investments in new data centers. As a leading designer and manufacturer of electrical distribution equipment essential for these facilities, Forgent Power Solutions is poised to benefit significantly from this expansion.

2. Expansion and Upgrades of the Power Grid: Independent power producers are building new generation capacity to meet rising electricity demand, and utilities are upgrading and expanding transmission and distribution (T&D) infrastructure. Forgent Power Solutions' role in supplying critical electrical distribution equipment for these projects will contribute to its revenue growth.

3. Reshoring of Manufacturing Facilities: Manufacturers are increasingly reshoring their factories to secure supply chains and mitigate the impact of tariffs. This trend necessitates new electrical infrastructure and equipment, creating additional demand for Forgent Power Solutions' products.

4. Growing Demand for Customized Electrical Distribution Equipment: There is an increasing need for specialized electrical distribution equipment designed to address challenges such as varying power quality, stringent uptime requirements, space constraints, demanding thermal management, and evolving regulatory needs. Forgent Power Solutions' expertise in "engineered-to-order" Custom Products and Powertrain Solutions directly addresses this market demand across its target sectors.