Slide 1: February 11, 2025
February 11, 2025
Slide 2: 2024 Summary
2024 Summary Highlights Carrier orders up low-teens, commercial HVAC backlog up mid- $22,486M Sales teens Organic1 +3% Y/Y Commercial HVAC and aftermarket2 sales both up double-digits for the fourth consecutive year Adjusted $3,542M Operating Profit1 +34% Y/Y Strong adjusted operating performance an
Slide 3: 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 4: 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 5: 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 aftermarket growth
Slide 6: Executing on our financial goals
Executing on our financial goals 2025 Guidance Highlights $22.5 – $23.0B Accelerating growth in 2025, driven by continued double-digit Sales ~$750M revenue headwind from CCR exit aftermarket and commercial HVAC growth Organic1 +MSD Y/Y Adjusted Operating 16.5 – 17.0% Margin1 +~100 bps Y/Y Projecting
Slide 7: Viessmann Climate Solutions update
Viessmann Climate Solutions update Premium market Multi-brand, multi- Aftermarket channel offerings 2025 market est. Heat pump growth position playbook flat to down MSD offsetting boilers deployment New product introductions ~Flat 5-point headwind from Q1 2024 Systems selling backlog reduction 2024
Slide 8: Continued strong performance in Q4
Continued strong performance in Q4 ($Ms, except per share amounts) Sales Adjusted operating profit Adjusted earnings per share 678 $0.54 5,148 Adjusted1 4,316 $0.36 411 13.2% Adjusted operating 9.5% margin1 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Adjusted operating profit1 increase driven by
Slide 9: HVAC results Q4 and FY 2024
HVAC results Q4 and FY 2024 ($Ms) Q4 Sales Q4 Operating profit Q4 Highlights • Americas organic sales up +HTs Adjusted Adjusted Total operating operating • NA Resi pre-buy in-line with sales profit1 margin1 expectations; strong movement Q4 2024 4,509 Q4 2024 658 14.6% • Commercial +MTs, LCML ~(10%)
Slide 10: Refrigeration results Q4 and FY 2024
Refrigeration results Q4 and FY 2024 ($Ms) Q4 Sales Q4 Operating profit Q4 Highlights Adjusted Adjusted • Global Truck and Trailer sales down ~10% Total operating operating driven by declines in North America sales profit1 margin1 Q4 2024 680 Q4 2024 82 12.1% • Container (LSD), Sensitech +MSD Q4 202
Slide 11: Q4 Organic order trends
Q4 Organic order trends HVAC segment Y/Y Refrigeration segment Y/Y Americas1 ~10% Global truck and trailer ~80% Residential 10 – 15% Container ~40% Light commercial (25%) – (20%) Total Refrigeration3 ~55% Commercial1 10 – 15% EMEA2 (5%) – 0% Residential and Light commercial2 (10%) – (5%) Commercial
Slide 12: 2025 Organic sales guidance
2025 Organic sales1 guidance 2024 Actual 2025 Outlook HVAC Americas +HSD Residential +HSD ~$10.5B Light commercial +L-MSD Commercial +DD HVAC Europe +LSD Residential and Light commercial ~$5.0B ~Flat Commercial +DD HVAC Asia +LSD China ~$3.5B ~Flat Other Asia +MSD Total HVAC ~$19.1B Up ~MSD Refriger
Slide 13: 2025 Profit and cash guidance
2025 Profit and cash guidance Segment 2024 Actual 2025 Outlook $3,370M 18.25 – 18.5% Margin HVAC adj. operating profit1 17.7% Margin Up 50 – 75 bps $416M ~15.5% Margin Refrigeration adj. operating profit1 12.0% Margin Up ~350 bps Carrier adj. operating profit1 $3,542M 16.5 – 17.0% Margin (continuing
Slide 14: FY 2025 Adjusted EPS guidance bridge
FY 2025 Adjusted EPS1 guidance bridge $0.10 – $0.15 ~$0.30 ~($0.05) $0.05 – $0.10 Share repurchases Tax ~22% NCI Volume Net productivity Price / Mix $3.00 Stranded cost Midpoint $2.56 elimination Investments 2024 Adj. EPS Operational Foreign exchange Net Interest Share count / Other 2025E Adj. EPS o
Slide 15: Summary
Summary Historic portfolio transformation completed Solid 2024 results marked by strong orders, organic growth, adjusted margin expansion and adjusted EPS growth Enterprise focus and record fourth-quarter Commercial HVAC backlog position Carrier well for 2025 2024 Q4 Earnings | February 11, 2025 15
Slide 16: Appendix
2024 Q4 Earnings | February 11, 2025 16
Slide 17: Additional items
Additional items 2024 Actual 2025 Guidance Average shares outstanding (diluted) 911.7M ~865M Corporate expenses / eliminations and other1 $244M ~$280M2 Adjusted interest expense, net1 $436M $350 – $360M Adjusted effective tax rate1 21.3% ~22.0% Non-controlling interest $104M ~$110M Capital expenditu
Slide 18: Additional items: regional and reported sales (ex. CCR)
Additional items: regional and reported sales (ex. CCR) 1 ($Ms) 1Q-24 2Q-24 3Q-24 4Q-24 FY-2024 HVAC HVAC Americas 2,361 2,865 2,960 2,341 10,527 HVAC Europe 1,292 1,194 1,246 1,251 4,983 HVAC Asia 884 902 840 874 3,500 Intercompany / Other 5 10 11 41 67 2024 Reported Sales 4,541 4,970 5,058 4,509 1
Slide 19: 2024 Recognitions and awards
2024 Recognitions and awards World’s Best Companies 2024 100 Most Sustainable Companies World’s Most Sustainable Companies Fortune 500 World’s Most Admired Companies America’s Most Innovative Companies America’s Climate Leaders World’s Best Companies 2024 Best Air Conditioner Brand World’s Most Sust
Slide 20: 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 21: Discontinued operations
Discontinued operations In 2023, the Company announced plans to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024. The announced plan to exit the Fire & Security segment represented a single disposal plan to separately divest multiple businesses over different
Slide 22: Q4 2024 Adjusted EPS bridge
Q4 2024 Adjusted EPS1 bridge $0.23 ($0.05) $0.02 ($0.02) Viessmann= ~$0.10 $0.54 $0.36 Q4 2023 Adj EPS Operational Net Interest Tax Rate Share Count Q4 2024 Adj EPS (Continuing Ops) (Continuing Ops) 1. See appendix for additional information regarding non-GAAP measures 2024 Q4 Earnings | February 11
Slide 23: FY 2024 Adjusted EPS bridge
FY 2024 Adjusted EPS1 bridge $0.76 ($0.30) $0.04 ($0.14) Viessmann= ~$0.30 $2.56 $2.20 2023 Adj EPS Operational Net Interest Tax Rate Share Count 2024 Adj EPS (Continuing Ops) (Continuing Ops) 1. See appendix for additional information regarding non-GAAP measures 2024 Q4 Earnings | February 11, 2025
Slide 24: 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 25: Q4 2024 Adjusted Operating Profit Reconciliation
Q4 2024 Adjusted Operating Profit Reconciliation (Unaudited) Three Months Ended December 31, 2024 General Eliminations Corporate (InMs) HVAC Refrigeration and Other Expenses Carrier Net sales $ 4,509 $ 680 $ (41) $ — $ 5,148 Segment operating profit $ 451 $ 396 $ (11) $ (62) $ 774 Reported operating
Slide 26: Q4 2023 Adjusted Operating Profit Reconciliation
Q4 2023 Adjusted Operating Profit Reconciliation (Unaudited) Three Months Ended December 31, 2023 General Eliminations Corporate (InMs) HVAC Refrigeration and Other Expenses Carrier Net sales $ 3,293 $ 1,024 $ (1) $ — $ 4,316 Segment operating profit $ 335 $ 101 $ 224 $ (121) $ 539 Reported operatin
Slide 27: 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 28: 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 29: 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 30: 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 $
Slide 31: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation (Unaudited) Year Ended December 31, (In millions) 2024 2023 Net cash flows provided by operating activities $ 563 $ 2,607 Less: Capital expenditures - continuing operations (519) (439) Less: Capital expenditures - discontinued operations (14) (30) Free cash flow $ 30 $
Slide 32: Net Debt Reconciliation
Net Debt Reconciliation (Unaudited) As of December 31, (InMs) 2024 2023 Long-term debt $ 11,026 $ 14,242 Current portion of long-term debt 1,252 51 Less: Cash and cash equivalents 3,969 9,852 Net debt $ 8,309 $ 4,441 2024 Q4 Earnings | February 11, 2025 32