Slide 1: First-Quarter 2026 Results
First-Quarter 2026 Results April 30, 2026
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: Continued Exceptional CHVAC Performance and Robust Services Growth
Q1 2026 UPD AT E Continued Exceptional CHVAC Performance and Robust Services Growth. Record Bookings and Backlog Support Strong Growth in 2026 and Beyond. Raising FY Guidance Strong Enterprise Performance in Q1 • Exceptional enterprise organic bookings*, up 24%; record backlog of $10.7B, up over 30%
Slide 5: Strong Demand for CHVAC Globally with Standout Performance in the Americas
Q1 2 0 2 6 O R G ANI C B OOK I NG S A N D R EV EN UES Strong Demand for CHVAC Globally with Standout Performance in the Americas Q1 Organic* Y-O-Y Change Bookings Revenue Enterprise + 24% + 3% Americas + 29% + 4% Americas • Exceptional CHVAC bookings / revenues, up ~40% / up HSD, respectively. Stron
Slide 6: Performance Scoreboard: Solid Revenue & EPS Growth
Q 1 2 0 2 6 E N T E R P R I S E R E S U LT S Performance Scoreboard: Solid Revenue & EPS Growth Net Revenue Adj. EBITDA Margin* Adj. Operating Margin* Adj. Continuing EPS* +3% -40 -20 +7% Organic* bps bps $2.63 18.1% 17.7% $2.45 $4,969 16.2% 16.0% $4,688 Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'
Slide 7: Segment Results: Margins In Line with Expectations
Q 1 2 0 2 6 S E G ME N T R E S U LT S Margins In Line with Expectations Adj. Revenue Adj. OI*% EBITDA*% Highlights $M Org.* Growth vs PY vs PY Americas $3,998.4 19.8% 17.9% • Americas margins impacted by margin deleverage in resi +4% flat +10 bps business on lower volumes • EMEA margins impacted by
Slide 8: FY 2026 Outlook Remains Strong
M A R K E T U P D AT E FY 2026 Outlook Remains Strong. Record Bookings and Backlog to Support Continued Growth in 2026 and 2027 Commercial HVAC • Strong demand continues in data centers and core markets (higher education, government, healthcare) • Q1 Book-to-bill of ~150%, backlog up nearly 70% YOY,
Slide 9: Leveraging Value Creation Flywheel to Drive Strong Revenue, EPS Growth and FCF in 2026
2026 GUIDANCE Leveraging Value Creation Flywheel to Drive Strong Revenue, EPS Growth and FCF in 2026 January 29th FY Guidance Current FY Guidance* Organic +6% to +7% ~+7% (~+9.5% reported, incl M&A & FX) Revenues** (~+8.5% to ~+9.5% reported, incl. M&A & FX) Q2’26 expect ~+5% $14.65 to $14.85 $14.75
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 on Track to Deploy $2.8B - $3.3B in 2026
BAL AN C ED CA PI TAL D EPL O YME N T Strong, Balanced Capital Allocation on Track to Deploy $2.8B - $3.3B in 2026 Balanced Capital Deployment YTD Actual & Target FY • Increased dividend 12% in 2026 to $4.20 Committed April 2026 2026 per share annualized, up 98% since the launch of Trane Technologie
Slide 12: Topics of Interest
a 4 Topics of Interest TECHNOLCG ES
Slide 13: ACT Projecting 2H 2026 Market Recovery, with Strong Growth Forecast for 2027 - 2030
TOPICS OF INTEREST ACT Projecting 2H 2026 Market Recovery, with Strong Growth Forecast for 2027 - 2030 ACT North America Trailer Market Outlook Comments Units in 000’s • ACT 2026 trailer market forecast to ~26.8K, or up ~6% YOY, 50 with recovery weighted to 2H 2026 40 • TT model more conservative, d
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'26 Detailed Guidance for Modeling Purposes
2026 GUIDANCE FY’26 Detailed Guidance for Modeling Purposes Metric FY Guidance 2026 Commentary • ~25%+ organic leverage* for FY’26 Organic Revenue* ~+7% • Impact of combined M&A and FX on organic vs reported leverage expected to be ~700 bps (reported leverage lower on modest M&A OI contribution due
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, zero Invest in our people, culture and CLIMATE CHANGE DEMOGRAPHICS
Slide 18: Delivering performance through sustainability
A LEGACY OF ACTION Delivering performance through sustainability 18
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 TIME World’s Most Fortune 2026 World’s the North America Index Sustainable Companies Second consecutive year, Most Adm
Slide 20: Q1 YoY Organic Revenues up 3%; Bookings up 24%
Q1 YoY Organic Revenues up 3%; Bookings up 24% Organic* Revenue 2023 2024 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Americas +8% +9% +11% +7% +9% +15% +16% +15% +11% +14% +13% +9% +4% +5% +7% +4% EMEA +15% +8% +3% +8% +8% +4% +5% +8% +7% +6% +6% +3% +3% +2% +3% -1% Asia +8% +41% -1%
Slide 21: Q1 Non-GAAP Measures Definitions
Q1 Non-GAAP Measures Definitions Adjusted operating income in 2026 is defined as GAAP operating income adjusted for merger and acquisition transaction costs, amortization of acquired backlog intangible asset and restructuring costs. Adjusted operating income in 2025 is defined as GAAP operating inco
Slide 22: Q1 Non-GAAP Measures Definitions
Q1 Non-GAAP Measures Definitions Adjusted effective tax rate for 2026 is defined as the ratio of income tax expense adjusted for the net tax effect of adjustments for merger and acquisition transaction costs, amortization of acquired backlog intangible asset and restructuring costs divided by adjust