Slide 1: Second-Quarter 2025 Results
Second-Quarter 2025 Results July 30, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes “forward-looking" statements within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our future financial performance and targets, including revenue, EPS, operating income, op
Slide 3: Focused Strategy Delivers Differentiated Shareholder Returns
CLEAR PRIORITIES Focused Strategy Delivers Differentiated Shareholder Returns 1 2 3 4 Win Grow Margins Maximize Continue Through and Cash Via Value As With Sustainable Execution Focused Dynamic Capital Innovation Excellence Climate Co. Allocation Strong Foundation Strong business operating system Up
Slide 4: Record Revenues and Bookings, Adj. EPS Up 18%
Q2 2025 UPD AT E Record Revenues and Bookings, Adj. EPS* up 18%. Exceptional Strength in Americas CHVAC Offsetting Industry-Wide R454B Cylinder Shortage in Residential Strong Enterprise Performance in Q2: • Record enterprise bookings of $5.6B, up 5%; organic bookings* up 4% • Record organic revenue*
Slide 5: Continued Strong Demand with Record Bookings
Q2 2 0 2 5 O R G ANI C B OOK I NG S A N D R EV EN UES Continued Strong Demand with Record Bookings, High-Single-Digit Revenue Growth, Led by Americas CHVAC, Partially Offset by Resi Industry Challenges Q2 Organic* Y-O-Y Change Bookings Revenue Enterprise + 4% + 7% Americas + 7% + 9% Americas • All-t
Slide 6: Performance Scoreboard
Q 2 2 0 2 5 E N T E R P R I S E R E S U LT S Performance Scoreboard: Strong Revenue Growth, Margin Expansion and EPS Growth Net Revenue Adj. EBITDA Margin* Adj. Operating Margin* Adj. Continuing EPS* +7% +70 +90 +18% Organic* bps bps $5,746 21.8% $3.88 21.1% 19.4% 20.3% $5,307 $3.30 Q2'24 Q2'25 Q2'2
Slide 7: High-Single-Digit Revenue Growth with Enterprise Margin Expansion Led by Americas
Q 2 2 0 2 5 S E G ME N T R E S U LT S High-Single-Digit Revenue Growth with Enterprise Margin Expansion Led by Americas Adj. Revenue Adj. OI*% EBITDA*% Highlights $M Org.* Growth vs PY vs PY • Strong margin expansion in Americas Americas $4,692 24.0% 22.4% • Strong volume growth, positive price real
Slide 8: Outlook Largely Unchanged with Stronger Americas Commercial HVAC
M A R K E T U P D AT E Outlook Largely Unchanged with Stronger Americas Commercial HVAC Offsetting Softer Residential Commercial HVAC • Exceptional Q2 performance combined with strong and growing project pipelines. Particular strength in longer cycle capex projects which require complex, bespoke app
Slide 9: 2025 Guidance
2025 GUIDANCE Expect Continued Strong Execution Through Dynamic Macro Environment. Raising Full-Year Revenue & EPS Guidance April 30th FY Guidance Current FY Guidance* Organic +7% to +8% ~+8% (~+9% reported, incl. M&A & FX) Revenues** (~+7.5% to ~+8.5% reported, incl. M&A & FX) Q3’25 expect ~+6.0% $
Slide 10: Strong FCF Drives Continued Balanced Capital Deployment Strategy
Strong FCF Drives Continued Balanced Capital Deployment Strategy 1 2 3 Maintain Healthy, Return Capital to Invest for Growth Efficient Balance Sheet Shareholders • Strengthen the core business • Expect to deliver FCF* ≥ 100% • Expect to consistently deploy and extend product & market of adjusted net
Slide 11: Strong, Balanced Capital Allocation
BAL AN C ED CA PI TAL D EPL O YME N T Strong, Balanced Capital Allocation; On Track to Deploy ~$2.5B to ~$3.0B in 2025 Balanced Capital Deployment Actual YTD Target FY • Q2 dividends of $210M (YTD $420M); July 2025 increased dividend 12% in February 2025 to 2025 $3.76 per share annualized, up 77% si
Slide 12: Topics of Interest
a 4 Topics of Interest TECHNOLCG ES
Slide 13: ACT Projects Robust Growth in 2026 to 2029
TOPICS OF INTEREST ACT Projects Robust Growth in 2026 (~34K units) to 2029 (~50K units) ACT North America Trailer Market Outlook Comments Units in 000’s • ACT updated 2025 trailer market forecast to ~26K, down from 50 ~30K prior (down ~30% from down ~15% prior), with market bottoming in 1H, slight i
Slide 14: Positioned to Outperform Over the Long-Term
IN SUMMARY Positioned to Outperform Over the Long-Term Secular The markets we serve expected to continue to outgrow Tailwinds GDP, fueled by long-term sustainability megatrends Sustainability We are positioned to outgrow the market and expand Focused Innovation margins with market-leading sustainabl
Slide 15: Appendix
Appendix
Slide 16: FY'25 Detailed Guidance for Modeling Purposes
2025 GUIDANCE FY’25 Detailed Guidance for Modeling Purposes Metric FY Guidance 2025 Commentary / Tariff Impact • ~25%+ organic leverage* for FY’25 Organic Revenue* ~+8% • ~+100 bps M&A, FX ~flat vs -50 bps prior • Includes ~$140M of tariff costs and related pricing M&A ~+100 bps • FY’25 expect ~$0.1
Slide 17: Trane Technologies Sustainability Strategy
SUSTAINABILITY COMMITMENTS Trane Technologies Sustainability Strategy Global Megatrends Our 2030 Commitments The Gigaton Challenge Leading by Example Opportunity for All Reduce one gigaton of carbon Achieve carbon neutral operations, Invest in our people, culture and CLIMATE CHANGE DEMOGRAPHICS emis
Slide 18: Delivering Performance Through Sustainability
A LEGACY OF ACTION Delivering performance through sustainability 2010 2011 2012 - 2013 2014 Founded Center for Launched the first Sustainability Formed internal and external Announced first set of Energy Efficiency & Addendum to our Annual Report Sustainability Advisory Councils major goals: 2020 Cl
Slide 19: Widely Recognized for Sustainability Leadership and Uplifting Culture
SUSTAINABILITY LEADER Widely Recognized for Sustainability Leadership and Uplifting Culture Highly Regarded Sustainability Performance People and Citizenship 14 Consecutive Years on Ethisphere 2025 World’s Fortune World’s Most the North America Index Most Ethical Companies® Admired Companies 4th con
Slide 20: Q2 YoY Organic Revenues up 7%; Bookings up 4%
Q2 YoY Organic Revenues up 7%; Bookings up 4% Organic* Revenue 2022 2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Americas +13% +13% +19% +14% +15% +8% +9% +11% +7% +9% +15% +16% +15% +11% +14% +13% +9% EMEA +6% +11% +18% +23% +15% +15% +8% +3% +8% +8% +4% +5% +8% +7% +6% +6% +3%
Slide 21: Q2 Non-GAAP Measures Definitions
Q2 Non-GAAP Measures Definitions Adjusted operating income in 2025 is defined as GAAP operating income adjusted for restructuring costs, and merger and acquisition transaction costs. Adjusted operating income in 2024 is defined as GAAP operating income adjusted for restructuring costs, a non-cash ad
Slide 22: Q2 Non-GAAP Measures Definitions
Q2 Non-GAAP Measures Definitions Adjusted effective tax rate for 2025 is defined as the ratio of income tax expense adjusted for the net tax effect of adjustments for restructuring costs and merger and acquisition transaction costs divided by adjusted net earnings. Adjusted effective tax rate for 20