Slide 1: Third-Quarter 2025 Results
Third-Quarter 2025 Results October 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: Strong Quarter Despite Residential Market Challenges. Exceptional CHVAC Performance and Robust Services Growth
Q3 2025 UPD AT E Strong Quarter Despite Residential Market Challenges. Exceptional CHVAC Performance and Robust Services Growth Strong Enterprise Performance in Q3 • All-time high quarterly enterprise bookings of $6B with organic bookings* up 13% • Organic revenue* up 4%, adjusted operating margin*
Slide 5: Continued Strong Demand for CHVAC Globally. Standout Performance in Americas CHVAC
Q3 2 0 2 5 O R G ANI C B OOK I NG S A N D R EV EN UES Continued Strong Demand for CHVAC Globally. Standout Performance in Americas CHVAC, Partially Offset by Market Headwinds in Residential Q3 Organic* Y-O-Y Change Bookings Revenue Enterprise + 13% + 4% Americas Americas + 12% + 4% • Record CHVAC bo
Slide 6: Performance Scoreboard: Strong Revenue Growth, Robust Margin Expansion and EPS Growth
Q 3 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 (~+10% Ex-Resi Headwinds), Robust Margin Expansion and EPS Growth Net Revenue Adj. EBITDA Margin* Adj. Operating Margin* Adj. Continuing EPS* +4% +110 +170 +15% Organic* bps bps $5,743 21.8% $3.88 $5,441 20.7%
Slide 7: Strong Enterprise Margin Expansion in Americas and Asia; Lower EMEA Margins
Q 3 2 0 2 5 S E G ME N T R E S U LT S Strong Enterprise Margin Expansion in Americas and Asia; Lower EMEA Margins Resulting From Year-One M&A Related Costs Adj. Revenue Adj. OI*% EBITDA*% Highlights $M Org.* Growth vs PY vs PY Americas $4,663.3 23.1% 21.8% • Positive price realization and productivi
Slide 8: Continued Commercial HVAC Strength Offset by Residential Market Headwinds
M A R K E T U P D AT E Continued Commercial HVAC Strength Offset by Residential Market Headwinds Commercial HVAC • Broad-based strength across core vertical markets such as education, government, healthcare, and in services. Particular strength in data centers • World-class direct sales force contin
Slide 9: FY 2025 Guidance Reflects CHVAC Strength & Continued Challenges in Residential and Transport Markets
2025 GUIDANCE FY 2025 Guidance Reflects CHVAC Strength & Continued Challenges in Residential and Transport Markets July 30th FY Guidance Current FY Guidance* Organic ~+8% ~+6% (~+7% reported) Revenues** (~+9% reported, incl. M&A & FX) (ex-resi: +9% organic, +10% reported) Q4’25 expect organic ~+3% (
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 ~$2.5B to ~$3.0B in 2025
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 & Target FY • Increased dividend 12% in February 2025 to Committed YTD $3.76 per share annualized, up 77% since the Oct. 2025 2025 launch of Trane
Slide 12: Topics of Interest
a 4 Topics of Interest TECHNOLCG ES
Slide 13: ACT Projects Robust Growth in 2026 (~30K units) to 2030 (~54K units)
TOPICS OF INTEREST ACT Projects Robust Growth in 2026 (~30K units) to 2030 (~54K units) ACT North America Trailer Market Outlook Comments Units in 000’s • ACT lowered 2025 trailer market forecast to ~25K, or down 50 ~30% YOY, with Q4 down 30%+ 40 • ACT expects ~20% growth in 2026 and >40% in 2027 30
Slide 14: Well Positioned for Strong Performance in 2026
2026 DYNAMICS Well Positioned for Strong Performance in 2026 • Expect continued strong execution and growth in 2026 Strong CHVAC • Well positioned to capture significant opportunities w/ best in class direct sales & service teams & stakeholder relationships Demand (>70% of revs) • Leading innovation
Slide 15: 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 16: Appendix
Appendix
Slide 17: FY'25 Detailed Guidance for Modeling Purposes
2025 GUIDANCE FY’25 Detailed Guidance for Modeling Purposes Metric FY Guidance 2025 Commentary • ~30%+ organic leverage* for FY’25 Organic Revenue* ~+6% • ~+1 point M&A, FX ~flat • Includes all tariff costs and related pricing M&A ~+1 pt • FY’25 expect ~$0.20 negative impact to adj. EPS from M&A. M&
Slide 18: 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 19: 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 20: 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 21: Q3 YoY Organic Revenues up 4%; Bookings up 13%
Q3 YoY Organic Revenues up 4%; Bookings up 13% Organic* Revenue 2022 2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Americas +13% +13% +19% +14% +15% +8% +9% +11% +7% +9% +15% +16% +15% +11% +14% +13% +9% +4% EMEA +6% +11% +18% +23% +15% +15% +8% +3% +8% +8% +4% +5% +8% +7% +6%
Slide 22: Q3 & YTD Non-GAAP Measures Definitions
Q3 & 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 income in 2024 is defined as GAAP operat
Slide 23: Q3 & YTD Non-GAAP Measures Definitions
Q3 &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, and merger and acquisition transaction costs, divided by adjusted net earnings. Adjusted effective tax rate