Here are 1-3 brief analogies to describe Carrier Global:

• The Honeywell of climate control, refrigeration, and building safety systems.
• GE, but primarily focused on heating, air conditioning, and critical building infrastructure.

• HVAC Systems: Provides heating, ventilation, and air conditioning solutions for residential, commercial, and industrial applications globally.
• Refrigeration: Offers commercial refrigeration equipment and transport refrigeration systems for various industries.
• Fire & Security Solutions: Delivers a comprehensive portfolio of fire detection, suppression, and electronic security products and services.

Carrier Global (CARR) primarily sells its products and services to other businesses (B2B) rather than directly to individuals. According to its latest financial filings, no single customer accounted for 10% or more of its net sales in recent years, indicating a broad and diversified customer base rather than a few dominant major customer companies.

Therefore, instead of identifying specific major customer companies by name, its major customers can be categorized by the types of businesses it serves:

• HVAC, Fire & Security Contractors and Distributors: These companies purchase Carrier's heating, ventilation, air conditioning, fire detection, suppression, and security systems. They then install these systems in residential, commercial, and industrial buildings, or distribute them through their own networks. These businesses act as the direct purchasers and integrators of Carrier's technologies for various end-users.
• Commercial Building Developers, Owners, and Facility Managers: Companies involved in new construction projects or the management of existing commercial, institutional, and public buildings are significant customers. They specify and purchase Carrier's integrated building solutions, including advanced HVAC, fire safety, and security systems, for their properties.
• Retailers, Grocery Chains, Logistics, and Food Service Companies: These businesses are key customers for Carrier's refrigeration segment. They purchase commercial refrigeration equipment (e.g., display cases, cold rooms for supermarkets, convenience stores, and restaurants) and transport refrigeration units (for trucks, trailers, and shipping containers) to maintain cold chains for perishable goods.

As Carrier's customer base is highly fragmented across these diverse business types and typically operates through distribution channels, there are no specific publicly traded companies identified as major customers (i.e., accounting for a significant portion of Carrier's revenue) for which to provide stock symbols.

• Emerson Electric (EMR)
• Honeywell International (HON)
• Chemours Company (CC)
• Regal Rexnord Corporation (RRX)

David L. Gitlin, Chairman & Chief Executive Officer

David L. Gitlin joined Carrier Global in June 2019 as President and CEO, and was elected Chairman of the Board in April 2021. He led Carrier through its spin-off from United Technologies in April 2020. Before joining Carrier, he served as President and Chief Operating Officer of Collins Aerospace from 2018 to 2019, which was created by bringing together UTC Aerospace Systems and Rockwell Collins. Prior to Collins Aerospace, he was President of UTC Aerospace Systems, formed by combining Goodrich Corporation and Hamilton Sundstrand. He held various leadership roles at Hamilton Sundstrand, including President of Aerospace Customers & Business Development and Vice President and General Manager of Hamilton Sundstrand Power Systems. He also worked at the corporate office of United Technologies Corporation and Pratt & Whitney. Mr. Gitlin serves on the Board of Directors for The Boeing Company.

Patrick Goris, Senior Vice President & Chief Financial Officer

Patrick Goris was named Senior Vice President & Chief Financial Officer of Carrier Global in November 2020. He has over 20 years of global financial management experience. Before joining Carrier, Mr. Goris served as Senior Vice President & Chief Financial Officer for Rockwell Automation, Inc. from 2017 to 2020. At Rockwell Automation, he held several senior finance roles, including Vice President, Investor Relations, and Vice President, Finance, for the Architecture & Software segment. His career began in 1996 with finance positions at Graphic Packaging International. Mr. Goris is also a CEO of Goris Grundstücks-Verwaltungs GmbH, a German real estate agency. He is also on the board of Lincoln Electric Holdings, Inc.

Ajay Agrawal, Senior Vice President, Global Services, Business Development & Chief Strategy Officer

Ajay Agrawal has been the Senior Vice President of Global Services and Healthy Buildings since 2021. Prior to this, he served as the Senior Vice President of Strategy & Services for Carrier from 2019 to 2021.

Bobby George, Senior Vice President & Chief Digital Officer

Bobby George joined Carrier in 2018 and has over 25 years of experience in the digital and information technology field. Before joining Carrier, he was the Chief Information Officer and Senior Vice President for Manufacturing, Engineering & Services at General Electric. He also held digital roles at St. Jude Medical (Abbott) and Accenture.

Nadia Villeneuve, Senior Vice President & Chief Human Resources Officer

Nadia Villeneuve has served as Chief Human Resources Officer and Senior Vice President of Carrier since 2015. Prior to this role, she was the Vice President and Chief Human Resources Officer for the Pratt & Whitney division of UTC from 2012 to 2015, and also served as Vice President of Human Resources, Asia at UTC Fire & Security. She brings over 22 years of human resources and business experience to her role.

The key risks to Carrier Global's business include:

• Dependence on Global Supply Chain and Disruptions: Carrier Global relies on a complex global supply chain, exposing it to risks such as supply disruptions, currency fluctuations, and commodity price volatility. This includes a reliance on single suppliers for certain components and the ongoing impact of semiconductor shortages, which can significantly affect the company's cost structure and operational efficiency. Geopolitical tensions and extreme weather events further exacerbate these supply chain vulnerabilities.

• Intense Competitive Market and Economic/Regulatory Headwinds: Carrier operates in a highly competitive industry, necessitating continuous innovation and differentiation to maintain market share against numerous established and emerging players. The business is also vulnerable to economic downturns, which can reduce spending on HVAC systems and services. Furthermore, regulatory changes, trade tensions, and the potential for new tariffs, particularly from governmental policy shifts, pose significant threats, impacting costs and market access. A recent example includes a substantial slump in the North American residential Heating, Ventilation, and Air Conditioning (HVAC) market, negatively affecting sales.

• Significant Debt Load and Margin Pressures: Carrier Global carries a substantial amount of debt, which, despite active management to reduce it, remains a constraint on financial flexibility for future growth investments, especially in an environment of potentially high interest rates. Additionally, the company has experienced a rise in operating costs and expenses, including increased research and development, leading to margin pressures and impacting overall profitability.

Carrier Global Corporation (CARR) operates in the Heating, Ventilation, and Air Conditioning (HVAC), and Refrigeration markets, with a historical presence in Fire & Security technologies, which it has been divesting.

Addressable Markets for Carrier Global's Main Products and Services:

HVAC Systems

The global HVAC systems market was estimated at approximately USD 241.52 billion in 2024 and is projected to reach about USD 445.73 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 7.0% from 2025 to 2033. Another estimate places the global HVAC system market size at USD 219.44 billion in 2024, anticipated to grow to USD 403.06 billion by 2034 with a CAGR of 6.27% from 2025 to 2034. The market for HVAC systems in North America was estimated at $52.7 billion in 2023. The U.S. HVAC systems market is projected to reach an estimated value of USD 62.03 billion by 2032, growing at a CAGR of 6.9%.

Refrigeration Solutions

The global commercial refrigeration market was valued at approximately USD 85.6 billion in 2024 and is expected to reach USD 161 billion by 2034, demonstrating a CAGR of 6.6% from 2025 to 2034. Another report estimates the global commercial refrigeration equipment market size at USD 42.94 billion in 2024, with a projection to reach USD 67.80 billion by 2033, at a CAGR of 5.1% from 2025 to 2033. More broadly, the global refrigeration equipment market size was valued at USD 59,367.10 million in 2021 and is projected to reach USD 105,801.77 million by 2030, with a CAGR of 5.6% from 2023 to 2030.

Fire & Security Technologies (Note: Carrier is divesting this business)

Carrier Global has been strategically divesting its Fire & Security businesses. In 2022, this segment contributed approximately $3.6 billion to Carrier's total sales. The company completed the sale of its commercial and residential fire business for an enterprise value of $3 billion. For context, the global fire protection system market was valued at USD 88.95 billion in 2024 and is expected to reach approximately USD 171.73 billion by 2034, at a CAGR of 6.8% from 2025 to 2034. The global fire safety equipment market was valued at US$ 50.26 billion in 2024 and is projected to grow to nearly US$ 79.50 billion by 2032, with a CAGR of 5.9% from 2025 to 2032.

Carrier Global (CARR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Strategic Portfolio Transformation and Focus on Climate & Energy Solutions: Carrier has strategically divested non-core businesses and acquired Viessmann Climate Solutions, significantly focusing its portfolio on intelligent climate and energy solutions, particularly in the high-growth HVAC and heat pump markets. This alignment with global megatrends like decarbonization and energy efficiency is expected to accelerate organic sales growth.
2. Strong Demand in Commercial HVAC, Especially Data Centers: The company anticipates robust growth in its commercial HVAC segment, fueled by accelerating demand from data centers. This is consistently highlighted as a significant revenue driver.
3. Expansion of High-Margin Aftermarket Services: Carrier is committed to expanding its aftermarket solutions, which include maintenance, parts, and retrofits. These services offer higher margins and contribute to recurring revenue streams, with the company targeting double-digit aftermarket growth.
4. Innovation and Differentiated Product Offerings: Future revenue growth is expected to be driven by innovative and differentiated product offerings, particularly in sustainable technologies such as heat pumps and solutions utilizing low-Global Warming Potential (GWP) refrigerants. The acquisition of Viessmann Climate Solutions has significantly bolstered Carrier's position in the heat pump market.
5. Pricing Power: Carrier has demonstrated the ability to implement price increases to offset inflationary pressures. The inclusion of cost pass-through clauses in contracts with industrial clients suggests that pricing power will continue to be a factor in revenue growth.

Share Repurchases

• In October 2025, Carrier's Board approved a $5 billion share repurchase authorization, increasing the total current authorization to approximately $5.8 billion, including an existing $800 million balance.
• Carrier anticipates repurchasing approximately $3 billion in shares during 2025, following repurchases of $1.3 billion in Q1 2025 and an additional $320 million in April 2025.
• In 2024, the company allocated $1.9 billion to buy back shares, and in 2022, nearly $1.4 billion of common stock was repurchased, partly financed by proceeds from the sale of the Chubb business.

Share Issuance

• As part of the €12 billion acquisition of Viessmann Climate Solutions in April 2023, 20% of the consideration was paid in Carrier common stock to Viessmann Family Holdings, representing a significant share issuance.

Outbound Investments

• Carrier announced the acquisition of Viessmann Climate Solutions in April 2023 for €12 billion (80% cash, 20% stock), closing in January 2024, to become a global leader in intelligent climate and energy solutions.
• The company pursued strategic acquisitions, including Toshiba Carrier Corporation in August 2022, and several companies in 2021 such as CAVIUS, Nlyte, BrokerBay, Giwee, and TEC, focused on energy efficiency and property management technologies.
• Carrier also made a strategic investment in Net Feasa to improve real-time cold chain visibility for shipping containers during ocean transit.

Capital Expenditures

• Capital expenditures were $469 million in 2023 and increased to $519 million in 2024, driven primarily by the integration of Viessmann, modernization of heat pump production facilities, and digitalization initiatives.
• For 2025, capital expenditures are projected to decrease to approximately $408.8 million to $469 million, as the main costs associated with Viessmann integration are expected to have been incurred.
• In May 2025, Carrier announced plans for an additional $1 billion investment over five years in U.S. manufacturing, advanced R&D, and workforce expansion, with a focus on innovations like liquid cooling for data centers and battery-enabled climate solutions.