Otis Worldwide Corporation (OTIS) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Otis's second quarter 2026 earnings conference call. This call is being carried live on the internet and recorded for replay. Presentation materials are available for download from Otis's website at www.otis.com. I'll now turn it over to email the suit senior vice president treasurer and interim head of investor relations. Please go ahead. Thank you, Krista. Welcome to Otis' second quarter 2026 earnings conference call. On the call with me today are Judy Marks, Chair, CEO, and President, and Cristina Mendez, Executive Vice President and CFO. Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding restructuring and significant non-recurring items. A reconciliation of these measures can be found in the appendix of the webcast. We also remind listeners that the presentation contains forward-looking statements which are subject to risks and uncertainties. OTIS's SEC filings, including our forms 10-K and 10-Q, provide details and important factors that could cause actual results to differ materially. I'd like to turn the call over to Judy. Thank you, Imelda. Good morning, afternoon, and evening, everyone. Thank you for joining us. We hope everyone listening is safe and well. Starting on slide three, We achieved significant top line growth as we delivered a solid quarter with a significant step up in organic sales growth driven by accelerating service growth and improving trends in new equipment along with strong cash generation. Service remains the key growth engine of the business with 9% organic sales growth supported by 24% modernization growth, double digit repair growth, and accelerating maintenance trends. Modernization orders were up 9% to end the quarter with a backlog up 26% at...