Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call January 28, 2026 © 2026 OTIS WORLDWIDE CORPORATION.
Slide 2: Forward-Looking Statements
Forward-Looking Statements Note: All results and expectations in this presentation reflect continuing operations unless otherwise noted. This communication contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under th
Slide 3: Q4 and FY 2025 highlights
Q4 and FY 2025 highlights FY 2025 Solid earnings growth in Q4 generated by our Service flywheel... 26% • Organic1 sales up 1%… Service up 5% modernization orders growth2 • Adjusted operating profit margin1 expanded 70 bps… Service expanded 100 bps • Adjusted EPS1 up 11% • Modernization orders up 43%
Slide 4: Q4 2025 orders
Q4 2025 orders Q4 2025 highlights (YOY Changes) Orders1 PHMS Pediatric Hospital Shanghai Metro - Line 19 Dallas, USA Shanghai, China Backlog1 Transport for London - Escalator Armani Hallson Management Contract Kuala Lumpur, Malaysia London, UK 1 At constant currency. See appendix for additional info
Slide 5: Q4 2025 results
Q4 2025 results ($ millions, except per share amounts) Sales Operating profit Diluted earnings per share GAAP 531 589 GAAP $0.84 $0.95 Adjusted1 Adjusted1 Adjusted margin1 Adjusted operating profit up $29M at Adjusted EPS1 drivers Organic1 1% constant currency1, excluding $18M of FX tailwinds Operat
Slide 6: Q4 2025 Service segment results
Q4 2025 Service segment results Service 93% ($ millions) Segment Operating Profit Sales Operating profit Y/Y Y/Y 8% 12% Operating Organic1 profit margin New Equipment 5% +100 bps Organic1 sales up 5% Operating profit up $49M at constant currency • • Maintenance & repair up 4% Modernization up 9% + P
Slide 7: Q4 2025 New Equipment segment results
Q4 2025 New Equipment segment results New Equipment 7% ($ millions) Segment Operating Profit Sales Operating profit Y/Y Y/Y (5%) (27%) Operating Organic1 profit margin (6%) (110) bps Service Organic1 sales down 6% Operating profit down $15M at constant currency1 + -- • Americas down 5% Productivity
Slide 8: FY 2025 adjusted EPS growth drivers
FY 2025 adjusted EPS1 growth drivers Q4: + Shares + - EUR @ 1.16 NCI +6% + Volume CNY @ 7.10 FY: Interest + Productivity EUR @ 1.12 + Pricing CNY@ 7.20 + UpLift & China Transformation -- Commodities Mix & churn -- Wage inflation Tariffs2 Corporate/other 1 1 1 1 1 See appendix for additional informat
Slide 9: 2026 industry outlook
2026 industry outlook1 New Equipment Modernization Industry units Change in industry units Aged installed base (units) Industry value growth ($) 2026 VPY: • Americas up • EMEA up • Asia down ~8% ~6% ~2% Sequential stabilization Double-digit, global synchronous growth 1 Based on Otis internal estimat
Slide 10: 2026 total and organic sales outlook
2026 total and organic1 sales outlook 2025 actuals 2026 outlook Service sales up 5% up mid to high single digits (organic) New Equipment sales down 7% down low single digits to flat (organic) Total sales ~flat up low to mid-single digits (organic) Total net sales $14.4B $15.0B to $15.3B at actual cu
Slide 11: 2026 financial outlook
2026 financial outlook 2025 actuals 2026 outlook Constant currency up $46M up $60M to $100M adj. operating profit1 Adjusted $1.6B $1.6B to $1.7B free cash flow1 Share repurchases ~$800M ~$800M 1 See appendix for additional information regarding these non-GAAP financial measures. © 2026 OTIS WORLDWID
Slide 12: Total adj. op profit...driven by sustained Service growth
Total adj. op profit...driven by sustained Service growth Otis outlook Service operating profit and margin Total adjusted operating profit1 of $2.5 to $2.6B, up $60M to $100M at constant currency1; up $100M to $140M at actual ($ billions) currency + Volume + Productivity + Pricing + UpLift & China T
Slide 13: Accelerating growth in 2026
Accelerating growth in 2026 Organic1 sales Constant currency adj. op profit1 Constant currency Adjusted EPSadj. 1 up low to mid-single digits up $60 to $100M operating up mid to highprofit1 single digits 3% $80M $0.23 $0.22 FX $0.08 EUR @ 1.18 CNY @ 6.96 ~ Flat 1 See appendix for additional informat
Slide 14: © 2026 OTIS WORLDWIDE CORPORATION.
© 2026 OTIS WORLDWIDE CORPORATION. 14
Slide 15: Appendix
Appendix © 2026 OTIS WORLDWIDE CORPORATION. 15
Slide 16: UpLift and China Transformation successfully completed
Appendix UpLift and China Transformation successfully completed Achieved savings Cumulative in-year benefits ($ millions) China Transformation savings UpLift savings $240M of run rate savings achieved, higher than originally anticipated… 2025 implementation costs $20M below the latest outlook Run-ra
Slide 17: Backlog and orders
Appendix Backlog and orders ($ billions, at constant currency1) Modernization orders Remaining performance obligation Y/Y 18.2 18.4 4% 17.7 Modernization 30% Maintenance New Equipment orders 1% & repair New Equipment 2% 1 See additional information regarding these non-GAAP financial measures. © 2026
Slide 18: Q4 2025 adjusted operating profit drivers
Appendix Q4 2025 adjusted operating profit1 drivers Actual currency ($17M) +$69M ($5M) +$47M $29M at constant currency1 + + -- Productivity Volume Volume + Pricing + - Price & Mix Productivity + -- Tariffs Gains on asset sales Labor costs Mix 1 1 Adjusted operating profit margin1expanded 70 bps basi
Slide 19: FY 2025 results
Appendix FY 2025 results ($ millions, except per share amounts) Sales Operating profit Diluted earnings per share GAAP $2,008 $2,133 GAAP $4.07 $3.50 Adjusted1 Adjusted1 Adjusted margin1 Adjusted operating profit up $46M at Organic1 ~Flat constant currency1, excluding $32M of FX Adjusted EPS1 driver
Slide 20: FY 2025 Service segment results
Appendix FY 2025 Service segment results Service 91% ($ millions) Segment Operating Profit Sales Operating profit Y/Y Y/Y 6% 9% Operating Organic1 profit margin New Equipment 5% 50 bps Organic1 sales up 5% Operating profit up $153M at constant currency1 • Maintenance & repair up 4% + Volume • Modern
Slide 21: FY 2025 New Equipment segment results
Appendix FY 2025 New Equipment segment results New Equipment 9% ($ millions) Segment Operating Profit Sales Operating profit Y/Y Y/Y (7%) (27%) Operating Organic1 profit margin (7%) (130) bps Service Organic1 sales down 7% Operating profit down $84M at constant currency1 • Americas down 7% + Product
Slide 22: Accelerating portfolio growth
Appendix Accelerating portfolio growth 4% Growth driver portfolio growth ~net-neutral ~60.1% global conversion rate ~8.1% global ~88.2% conversion rate ~2.5M cancellation rate ex-China ~2.4M (up 0.3 pts VPY) ~94.5% retention rate ex-China (~stable VPY) Portfolio growth of 4% for the fourth consecuti
Slide 23: Strong geographic diversification
Appendix Strong geographic diversification FY25 metrics New Equipment sales Service sales $5.0B $9.4B Adj. operating profit1 Units under maintenance $2.4B ~2.5M New ~115K ~105K Equip. Operating profit connected2 connected2 margin 4.8% ~310K connected2 Operating profit margin 25.1% ~540K Total Otis:
Slide 24: Use and Definitions of Non-GAAP Financial Measures
Appendix Use and Definitions of Non-GAAP Financial Measures Otis Worldwide Corporation (“Otis”) 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
Slide 25: Additional information
Appendix Additional information (a) In August 2024, we received a favorable ruling regarding a tax litigation in Germany. As a result, income tax benefits and related interest income were recorded in 2024. Net interest expense is reflected as adjusted without $1 million and $3 million for the quarte
Slide 26: 2025 GAAP to adjusted financials reconciliation
Appendix 2025 GAAP to adjusted financials reconciliation (a) Separation-related adjustments in the year ended ended December 31, 2025 represent estimated amounts due to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement, including those amounts related to a favorable ru
Slide 27: 2024 GAAP to adjusted financials reconciliation
Appendix 2024 GAAP to adjusted financials reconciliation (a) Separation-related adjustments in the year ended ended December 31, 2024 represent amounts due to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement, including those amounts related to a favorable ruling recei
Slide 28: Organic sales reconciliation
Appendix Organic sales reconciliation Maintenance & Q4 2025 Y/Y Total Otis New Equipment Service Modernization repair Organic 1% (6%) 5% 4% 9% FX 2% 2% 3% 3% 2% Acquisitions / divestitures, net and other1 0% (1%) 0% 0% 1% Total net sales growth 3% (5%) 8% 7% 12% Maintenance & FY 2025 Y/Y Total Otis
Slide 29: Segment and total adjusted operating profit at constant currency reconciliations
Appendix Segment and total adjusted operating profit at constant currency reconciliations © 2026 OTIS WORLDWIDE CORPORATION. 29
Slide 30: SG&A reconciliation
Appendix SG&A reconciliation © 2026 OTIS WORLDWIDE CORPORATION. 30
Slide 31: Diluted EPS and Tax reconciliations
Appendix Diluted EPS and Tax reconciliations Q4 2024 Q4 2025 FY 2024 FY 2025 GAAP diluted earnings per share $0.84 $0.95 $4.07 $3.50 Impact of non-recurring items on diluted earnings per share $0.09 $0.08 ($0.24) $0.55 Adjusted earnings per share $0.93 $1.03 $3.83 $4.05 Q4 2024 Q4 2025 FY 2024 FY 20
Slide 32: Adjusted free cash flow reconciliation
Appendix Adjusted free cash flow reconciliation (a) These represent payments to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement. (b) In August 2024, we received a favorable ruling regarding a tax litigation in Germany. The Company has started to receive refunds and a
Slide 33: Other reconciliations
Appendix Other reconciliations Remaining performance obligation (RPO) Backlog 1 Balances have been updated to reflect the impact of the constant currency calculation and other adjustments to ensure comparability. © 2026 OTIS WORLDWIDE CORPORATION. 33