Carrier Global Corporation · NYSE:CARR
Carrier Global — Bank of America Global Industrials Conference 2025
15 slides from Carrier Global's conference presentation, Mar 20, 2025
Slide 1: Carrier Global Corporation
Carrier Global Corporation David Gitlin, Chairman and CEO Bank of America Global Industrials Conference March 20, 2025
Slide 2: Cautionary Statement
Cautionary Statement This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or pla
Slide 3: Carrier by the numbers 2024
Carrier by the numbers 2024 Focused Balanced Growing aftermarket Ref Ref Parts & Service HVAC APAC HVAC Americas New Equipment HVAC HVAC EMEA Sales by segment2 Sales by region2 Sales by type $3.5B 15.8% $2.56 160+ 35+ ~48,000 Adj. operating profit1 Adj. operating margin1 Adj. earnings per share1 +18
Slide 4: Unleashing value creation with transformed Carrier
Unleashing value creation with transformed Carrier Build Foundation Performing while Transforming Accelerating growth 2020 - 2022 2023 - 2024 2025+ Performance culture Defined vision: Global Leader in Laser focused on customers Intelligent Climate and Energy Solutions Portfolio clean-up Pure-play cl
Slide 5: Expanding addressable market and value to customers
Expanding addressable market and value to customers Increasing value creation Expanding offerings across ecosystems Homes Buildings Cold chain Systems Fully-integrated systems Aftermarket Digitally-enabled lifecycle solutions Aftermarket Product Product Best-in-class products and global platforms Pr
Slide 6: Strategic focus areas
Strategic focus areas Growth 2025 Priorities • New product launches leveraging common, global platforms Best-in-class products and global platforms • High efficiency residential and commercial heat pumps, data center portfolio expansion and transport electrification • Double digit aftermarket1 growt
Slide 7: Capital deployment priorities
Capital deployment priorities Key messages Organic growth • Continued investments in organic growth • Expect ~$3.8B capital returns to shareholders through Growing dividend dividends and share repurchases in 2025 • Bolt-on acquisitions Share repurchase • No outstanding debt due until 2027 • $1.2B de
Slide 8: Enhancing the lives we live and the world we share
Enhancing the lives we live and the world we share 8
Slide 9: APPENDIX
APPENDIX 9
Slide 10: Use and definitions of non-GAAP financial measures
Use and definitions of non-GAAP financial measures Carrier Global Corporation (“we” or "our") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with c
Slide 11: Organic Sales Reconciliation
Organic Sales Reconciliation Three Months Ended December 31, 2024 Compared with Three Months Ended December 31, 2023 (Unaudited) Factors Contributing to Total % change in Net Sales FX Acquisitions / Organic Translation Divestitures, net Other Total HVAC 11% —% 26% —% 37% Refrigeration (6)% —% (27)%
Slide 12: 2024 Adjusted Operating Profit Reconciliation
2024 Adjusted Operating Profit Reconciliation (Unaudited) Year Ended December 31, 2024 General Eliminations Corporate (InMs) HVAC Refrigeration and Other Expenses Carrier Net sales $ 19,078 $ 3,475 $ (67) $ — $ 22,486 Segment operating profit $ 2,308 $ 715 $ (95) $ (282) $ 2,646 Reported operating m
Slide 13: 2023 Adjusted Operating Profit Reconciliation
2023 Adjusted Operating Profit Reconciliation (Unaudited) Year Ended December 31, 2023 General Eliminations Corporate (InMs) HVAC Refrigeration and Other Expenses Carrier Net sales $ 15,139 $ 3,818 $ (6) $ — $ 18,951 Segment operating profit $ 2,275 $ 428 $ (200) $ (343) $ 2,160 Reported operating m
Slide 14: Q4 and 2024 EPS Reconciliation
Q4 and 2024 EPS Reconciliation (Unaudited) Three Months Ended December 31, 2024 Year Ended December 31, 2024 (In millions, except per share amounts) Reported Adjustments Adjusted Reported Adjustments Adjusted Net sales $ 5,148 $ — $ 5,148 $ 22,486 $ — $ 22,486 Operating profit $ 774 (96) a $ 678 $ 2
Slide 15: Q4 and 2023 EPS Reconciliation
Q4 and 2023 EPS Reconciliation (Unaudited) Three Months Ended December 31, 2023 Year Ended December 31, 2023 (In millions, except per share amounts) Reported Adjustments Adjusted Reported Adjustments Adjusted Net sales $ 4,316 $ — $ 4,316 $ 18,951 $ — $ 18,951 Operating profit $ 539 (128) a $ 411 $
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