Slide 1: Investor Presentation February 2026
Investor Presentation Investor Presentation February 2026
Slide 2: Forward-Looking Statements
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
Slide 3: Focused Strategy Delivers Differentiated Shareholder Returns
C L E A R PR IOR IT IES Focused Strategy Delivers Differentiated Shareholder Returns 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
Slide 4: Pure-Play Climate Control Business with Leading Brands and Market Positions
T R AN E T EC H N O L O G I E S T OD A Y Pure-Play Climate Control Business with Leading Brands and Market Positions; High Aftermarket Mix Pure-Play Climate Control Business with Leading Brands and Market Positions; High Aftermarket Mix Regional Segments Franchise Brands Commercial HVAC Americas Tot
Slide 5: Global Megatrends Continue to Intensify – Demanding Bold Action
S U S T A I N A B I L I T Y L E A D ER Global Megatrends Continue to Intensify – Demanding Bold Action Global Megatrends Continue to Intensify – Demanding Bold Action Heating and Cooling Food Loss GHG Emissions Buildings Global emissions from heating / Global emissions Combined share of cooling buil
Slide 6: Uniquely Positioned with Innovative Solutions to Lead a Movement to Reduce GHG Emissions
S U S T A I N A B I L I T Y L E A D ER Uniquely Positioned with Innovative Solutions to Lead a Movement to Reduce GHG Emissions Uniquely Positioned with Innovative Solutions to Lead a Movement to Reduce GHG Emissions Business Key Actions We Delivery on the Bending as Usual are Taking Gigaton Challen
Slide 7: Our Sustainability Purpose Yields Benefits Beyond CO2e Reduction
S U S T A I N A B I L I T Y L E A D ER Our Sustainability Purpose Yields Benefits Beyond CO2e Reduction Our Sustainability Purpose Yields Benefits Beyond CO2e Reduction SOCIAL BENEFITS FINANCIAL BENEFITS Defines Our Culture Focuses Business Priorities Generates uplifting culture that builds More tar
Slide 8: Widely Recognized for Sustainability Leadership and Uplifting Culture
SUSTAINABILITY LEADER Widely Recognized for Sustainability Leadership and Uplifting Culture 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
Slide 9: Streamlined, Customer-Focused Climate Innovator
Trane Technologies: Boldly Challenging What’s Possible for a Sustainable World 13 1 Sustainability innovation fuels our growth 2 Exceptional performance maximizes our margins 3 Reinvesting in business fuels consistently strong results over time Customer-focused innovation Relentlessly focused on lea
Slide 10: Climate Innovator with Purpose Driven Strategy
T RA NE T EC H N O L O G I E S Climate Innovator with Purpose Driven Strategy Designed for Trusted Performance Market Leader Purpose-driven alignment + Unmatched direct sales force Fit for purpose organizational design Deep customer relationships Strategic choice budgeting Trusted industry & technic
Slide 11: Sustainability Purpose Drives Performance
T R AN E T EC H N O L O G I E S Sustainability Purpose Drives Performance Sustainability Purpose Drives Performance 1 World class climate innovator relentlessly reinvesting in innovation to bend the curve on climate change 2 Lean-based, customer-focused model Unwavering focus on sustainable solution
Slide 12: Megatrends are Powerful Drivers of Growth and Accelerate Need for Innovative Solutions
IN N OV A T ION Megatrends are Powerful Drivers of Growth and Accelerate Need for Innovative Trane Technologies’ Solutions Megatrends are Powerful Drivers of Growth and Accelerate Need for Innovative Trane Technologies’ Solutions Continuing Megatrends Accelerating Megatrends Climate Urbanization Res
Slide 13: Proven Business Operating System Delivers Results
Proven Business Operating System Delivers Results Proven Business Operating System Delivers Results Business Operating System Results 1 2 • World class sales, service capabilities / offerings Aligns resources Empowers • Sustained market outgrowth for customer people to solve value problems • Margin
Slide 14: Positioned to Outperform Over the Long-Term
IN SUMMARY Positioned to Outperform Over the Long-Term 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 Innov
Slide 15: Fourth-Quarter and Full Year 2025 Results
Fourth-Quarter and Full Year 2025 Results January 29, 2026
Slide 16: Strong Execution in 2025; Exceeded Financial Commitments
2025 YEAR IN REVIEW Strong Execution in 2025; Exceeded Financial Commitments on Bottom-Line and Delivered Robust Bookings Growth Backlog for FY 2026 Strong Execution in 2025; Exceeded Financial Commitments on Bottom- Line and Delivered Robust Bookings Growth & Backlog for FY 2026 2025 Initial Guidan
Slide 17: Relentless Investments in Innovation and Growth, People and Culture and Best-in-Class BOS
C U LT U R E OF P E R F OR M AN C E E X C E L L E N C E Relentless Investments in Innovation and Growth, People and Culture and Best-in-Class BOS Delivering Consistently Strong Financial Performance Relentless Investments in Innovation and Growth, People and Culture and Best-in-Class BOS Delivering
Slide 18: Strong Q4 and FY 2025 Despite Residential Market Headwinds
Q4 2025 U P D A T E Strong Q4 and FY 2025 Despite Residential Market Headwinds. Continued Exceptional CHVAC Performance and Robust Services Growth. Well Positioned for 2026 Strong Q4 and FY 2025 Despite Residential Market Headwinds. Continued Exceptional CHVAC Performance and Robust Services Growth.
Slide 19: Q4 In-Line w/ Our Expectations. Strong Demand for CHVAC Globally
Q4 2 0 2 5 O R G A NI C B OOK I NG S A N D R E V EN UES Q4 In-Line w/ Our Expectations. Cont’d Strong Demand for CHVAC Globally. Standout Performance in Americas CHVAC, Offsetting Residential Mkt Headwinds Q4 In-Line w/ Our Expectations. Cont’d Strong Demand for CHVAC Globally. Standout Performance
Slide 20: Performance Scoreboard: Strong Revenue Growth and EPS Growth
Q4 2 0 2 5 EN T ER PR I S E R E S U L T S erformance Scoreboard: Strong Revenue Growth (~+7% Ex-Resi Headwinds) and EPS Growth Performance Scoreboard: Strong Revenue Growth (~+7% Ex-Resi Headwinds) and EPS Growth Net Revenue Adj. EBITDA Margin* Adj. Operating Margin* Adj. Continuing EPS* +4% -40 fla
Slide 21: Q4 Segment Results: Americas, EMEA, Asia Pacific
Q 4 2 0 2 5 S E G M E N T R E S U LT S Lower Enterprise Margins Primarily from Resi Deleverage; Lower EMEA Margins Largely Impacted by Year-One MA Related Costs Lower Enterprise Margins Primarily from Resi Deleverage; Lower EMEA Margins Largely Impacted by Year-One M&A Related Costs Adj. Revenue Adj
Slide 22: Continued Commercial HVAC Strength in FY 2026 with Robust Bookings and Backlog
M A R K E T U P D AT E Continued Commercial HVAC Strength in FY 2026 with Robust Bookings and Backlog to Support Growth Continued Commercial HVAC Strength in FY 2026 with Robust Bookings and Backlog to Support Growth Commercial HVAC • Continued broad-based strength across core markets such as higher
Slide 23: 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 Leveraging Value Creation Flywheel to Drive Strong Revenue, EPS Growth and FCF in 2026 2026 Guidance* +6% to +7% Organic (~+8.5% to ~+9.5% reported, incl. M&A & FX) Revenues** Q1’26 expect ~flattish
Slide 24: Strong FCF Drives Continued Balanced Capital Deployment Strategy
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 t
Slide 25: ~$3.2B Capital Deployed in 2025 Including Targeted M&A
B AL A N C ED C A PI TAL D E PL O YME N T ~$3.2B Capital Deployed in 2025 Including Targeted MA Across Key Markets and Verticals. Expect to Deploy ~$2.8B to ~$3.3B in 2026 ~$3.2B Capital Deployed in 2025 Including Targeted M&A Across Key Markets and Verticals. Expect to Deploy ~$2.8B to ~$3.3B in 20
Slide 26: Topics of Interest
4 Topics of Interest TECHNOLCG ES
Slide 27: ACT Projects Modest Decline in 2026 with Late 2026 Market Recovery
TOPICS OF INTEREST ACT Projects Modest Decline in 2026 (to ~23.3K units), with Late 2026 Market Recovery. Growth Forecast for 2027 - 2030 (to ~54K units) ACT Projects Modest Decline in 2026 (to ~23.3K units), with Late 2026 Market Recovery. Growth Forecast for 2027 - 2030 (to ~54K units) ACT North A
Slide 28: Appendix
Appendix
Slide 29: FY'26 Detailed Guidance for Modeling Purposes
2026 GUIDANCE FY’26 Detailed Guidance for Modeling Purposes FY’26 Detailed Guidance for Modeling Purposes Metric FY Guidance 2026 Commentary • ~25%+ organic leverage* for FY’26 Organic Revenue* +6% - +7% • Impact of combined M&A and FX on organic vs reported leverage expected to be ~700 bps (reporte
Slide 30: Trane Technologies Sustainability Strategy
SUSTAINABILITY COMMITMENTS Trane Technologies Sustainability Strategy 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 peop
Slide 31: Delivering performance through sustainability
A LEGACY OF ACTION Delivering performance through sustainability 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 Sustain
Slide 32: Q4 YoY Organic Revenues up 4%; Bookings up 22%
Q4 YoY Organic Revenues up 4%; Bookings up 22% Organic* Revenue 2022 2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Americas +13% +13% +19% +14% +15% +8% +9% +11% +7% +9% +15% +16% +15% +11% +14% +13% +9% +4% +5% +7% EMEA +6% +11% +18% +23% +15% +15% +8% +3% +8% +8% +4% +
Slide 33: Q4 & YTD Non-GAAP Measures Definitions
Q4 YTD Non-GAAP Measures Definitions Q4 & YTD Non-GAAP Measures Definitions Adjusted operating income in 2025 is defined as GAAP operating income adjusted for restructuring costs, merger and acquisition transaction costs, and a non-cash adjustment for contingent consideration. Adjusted operating inc
Slide 34: Q4 & YTD Non-GAAP Measures Definitions
Q4 YTD Non-GAAP Measures Definitions Q4 & YTD 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, merger and acquisition transaction costs, and a non-cash settlement c