Here are 1-3 brief analogies for Chart Industries (GTLS):

• Schlumberger for the clean energy and industrial gas infrastructure. (GTLS provides the specialized, essential equipment for the entire supply chain of gases like LNG, hydrogen, and carbon capture, similar to how Schlumberger provides critical services and equipment for the oil & gas industry.)
• Eaton for the infrastructure of industrial gases and clean energy. (Like Eaton, which provides power management and highly engineered industrial components crucial to various industries, Chart Industries provides specialized cryogenic equipment and systems essential for handling industrial and clean energy gases.)
• Caterpillar for the industrial gas and clean energy infrastructure. (Just as Caterpillar provides the heavy machinery and equipment that forms the backbone of construction and mining, Chart Industries supplies the critical engineered equipment for the foundational infrastructure of the industrial gas and clean energy sectors.)

• Cryogenic Storage Tanks: Engineered tanks for the storage of liquefied industrial gases, natural gas, and hydrogen at extremely low temperatures.
• Heat Exchangers: Specialized equipment, including brazed aluminum and core-in-kettle types, for efficient heat transfer in cryogenic and industrial gas processes.
• Process Systems & Technologies: Integrated solutions for the liquefaction of natural gas, hydrogen, and air, along with carbon capture and industrial gas production.
• Cryogenic Transportation Equipment: Trailers, railcars, and ISO containers for the safe and efficient transport of cryogenic liquids.
• Vacuum Insulated Piping (VIP): Advanced piping systems designed for the transfer of cryogenic liquids with minimal heat loss in industrial and clean energy applications.

Chart Industries (GTLS) sells primarily to other companies (B2B) rather than individuals. According to its latest Annual Report (10-K) for the fiscal year ended December 31, 2023, Chart Industries explicitly states that no single customer represented 10% or more of its consolidated net sales for 2023, 2022, or 2021. This indicates a highly diversified customer base across numerous industries and geographies.

While no individual major customers are disclosed due to this diversification, Chart Industries' highly engineered equipment and solutions are critical for leading companies across several key sectors. Below are the major categories of companies that constitute Chart Industries' customer base, along with examples of public companies within these categories that utilize or would utilize such equipment in their operations:

• Industrial Gas Companies: These global leaders are involved in the production, distribution, and sale of industrial and medical gases worldwide. They are significant purchasers of Chart's cryogenic storage tanks, transport equipment, heat exchangers, and air separation unit components for their extensive operational networks.
  • Linde Plc (NYSE: LIN)
  • Air Products and Chemicals, Inc. (NYSE: APD)
  • Air Liquide S.A. (EPA: AI)
• Energy Companies (LNG, Hydrogen, & Clean Energy): This category encompasses companies across the entire value chain of liquefied natural gas (LNG), hydrogen, bio-energy, and other clean energy gases. They rely on Chart's liquefaction, storage, distribution, and regasification equipment for large-scale projects and infrastructure development.
  • Cheniere Energy, Inc. (NYSE: LNG)
  • Shell Plc (NYSE: SHEL) - for its extensive LNG and growing hydrogen initiatives.
  • Plug Power Inc. (NASDAQ: PLUG) - for hydrogen production, storage, and fuel cell applications.
• Specialty Industrial & Healthcare Companies: This diverse group includes companies in sectors such as chemicals, electronics manufacturing, aerospace, engineering & construction, and healthcare. They require specialized cryogenic solutions, vacuum-insulated equipment, and highly engineered systems for unique industrial processes, scientific research, and medical gas applications.
  • Fluor Corporation (NYSE: FLR) - as a major engineering and construction firm that procures specialized equipment for industrial projects.
  • McKesson Corporation (NYSE: MCK) - as a healthcare distribution company whose operations involve medical gases that are stored and transported using cryogenic technologies.
  • Eastman Chemical Company (NYSE: EMN) - as an example of a chemical manufacturer that uses industrial gases and related cryogenic processes.

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Jillian (Jill) Evanko, President and Chief Executive Officer

Ms. Evanko has served as President and Chief Executive Officer of Chart Industries since June 2018. She joined Chart in February 2017 as Chief Financial Officer. Prior to her time at Chart, Ms. Evanko was the Chief Financial Officer of Truck-Lite Co., LLC, and held multiple operational and financial executive positions at Dover Corporation (NYSE: DOV) and its subsidiaries. Before joining Dover in 2004, she held financial and operational roles at Arthur Andersen, LLP, Honeywell Corporation, and Sony Corporation. Ms. Evanko serves as an independent director on the Board of Greif, Inc. (NYSE: GEF, GEF.B) and previously served on the Boards of Parker Hannifin Corporation (NYSE: PH) and Alliant Energy (NASDAQ: LNT).

Joseph Brinkman, Vice President and Chief Financial Officer

Mr. Brinkman has been with Chart Industries since 1993, becoming Vice President and Chief Financial Officer in 2021. During his tenure at Chart, he has held a variety of roles, including Product Engineer, Strategic Sourcing Manager for MVE, Materials Manager, Director of Global Sourcing, and most recently, Vice President & General Manager of Bulk Gas Products.

David Newton, Chief Commercial Officer

Prior to joining Chart, Mr. Newton was the President, Advanced Materials at Vibrantz Technologies, a company backed by private equity firms. He began his career at MWV Specialty Chemicals (which later became Ingevity Corporation (NYSE: NGVT)), where he spent over 12 years in various commercial, strategy, and general management roles, including Vice President of Corporate Strategy and Renewable Energy Ventures.

Joseph Belling, Chief Technology Officer

Mr. Belling was appointed Chief Technology Officer in 2024. His previous roles at Chart Industries include Chief Commercial Officer, President of the Chart Energy and Chemicals segment, President of E&C Cryogenics, and Vice President of the company's Brazed Aluminum Heat Exchangers. Before Chart, he held various roles of increasing responsibility at Trane Technologies.

Kristin Glazner, Senior Vice President, Finance Analytics & Strategy

Ms. Glazner joined Chart Industries in September 2023. She brings over 25 years of experience in diverse finance, accounting, and strategy roles across various industries, with a strong background in manufacturing. Before joining Chart, Ms. Glazner served as the Vice President of Financial Planning & Analysis at Vibrantz Technologies, a specialty chemical and materials manufacturer.

The key risks to Chart Industries' (GTLS) business include its financial health and leverage, the integration of recent acquisitions, and market cyclicality and demand volatility.

The most significant risk is **financial health and leverage**. Chart Industries is currently working to reduce its net leverage ratio, which was above its target of 2.0 to 2.5 as of Q3 2025. The company's debt-to-equity ratio is elevated compared to its industry peers. Furthermore, interest payments are not well covered by earnings. The company also experienced a significant net loss in Q3 2025, partly due to a $266 million termination fee related to a cancelled merger.

Another key risk is the **integration of recent acquisitions**. Chart Industries has made several acquisitions, including the Howden Acquisition, in recent years. There is a risk that the company may not achieve the anticipated cost savings, commercial synergies, or market opportunities from these acquisitions, which could have a material adverse effect on its business, financial condition, and results of operations.

Finally, **market cyclicality and demand volatility** pose a significant risk. The markets Chart Industries serves, particularly in global hydrocarbon and industrial gas, are subject to cyclical demand and vulnerable to economic downturns. Demand for their products is dependent on the capital and maintenance expenditures of their customers. The company has also faced energy price volatility and customers adjusting project timing. Lingering geopolitical tensions and uncertain demand in industrial gas and hydrogen markets could also hinder backlog conversion and pressure margins. Chart's substantial backlog is also subject to modification, termination, or reduction, which could negatively impact sales.

Chart Industries (GTLS) operates in several key markets with substantial addressable opportunities:

• Water Treatment: The total addressable market (TAM) for Chart's technology and products in the growing water market is projected to reach $5.0 billion by 2030, globally.

• Hydrogen: The global hydrogen market size was valued at approximately $262.13 billion in 2024 and is projected to reach about $556.56 billion by 2034. Within this, the global market for liquid hydrogen micro bulking systems was valued at $316.7 million in 2024 and is projected to grow to $738.6 million by 2034.

• Carbon Capture: Chart's market opportunities in the carbon and air capture space, particularly with its Cryogenic Carbon Capture (CCC) technology, are estimated to expand from $400 million to $600 million globally.

• Cryogenic Equipment (including LNG and industrial gases): The global cryogenic equipment market size was estimated at $25.01 billion in 2024 and is projected to reach $36.73 billion by 2030.

Expected Drivers of Future Revenue Growth for Chart Industries (GTLS)

Over the next 2-3 years, Chart Industries (GTLS) is anticipated to experience revenue growth driven by several key factors:

• Robust Backlog and New Order Momentum: Chart Industries has reported significant increases in order volume, with a 17.3% rise in order volume from Q1 2024 to Q1 2025 and a 28.6% increase in orders in Q2 2025. This growing backlog is expected to translate into substantial revenue as these orders are fulfilled and projects move through to completion. Analysts view this strong backlog and new order momentum as a foundation for robust project pipelines and improved future earnings.
• Strategic Expansion into High-Growth Markets: The company is strategically positioned in and actively expanding into high-demand sectors, including Liquefied Natural Gas (LNG), data centers, carbon capture, hydrogen, space exploration, and nuclear industries. For instance, LNG sales within the Heat Transfer Systems (HTS) segment grew 37.6% in Q2 2025, and the company expects HTS orders and sales to continue growing in 2025 over 2024, driven by traditional energy and LNG.
• Growth in Aftermarket Services (Repair, Service, and Leasing - RSL): The Repair, Service, and Leasing (RSL) segment is a significant contributor to revenue, comprising approximately one-third of Chart Industries' business. This segment saw a 30% growth in orders in Q2 2025 compared to Q2 2024 and a 36.1% increase in Q1 2025 orders compared to Q1 2024. The company expects RSL to continue growing in the high single-digit to 10% range, driven by increased demand for retrofit, service, and repair work, which typically offers higher margins.
• Operational Efficiencies and Throughput Improvements: Continuous improvements in operations, such as increased manufacturing throughput and productivity initiatives, are contributing to higher sales. The company achieved its fourth consecutive quarter of gross margin above 33% in Q1 2025 and reported an adjusted operating income margin expansion of 190 basis points, partly due to cost synergies from the integration of Howden. These efficiencies allow for better conversion of orders to sales and can support overall revenue growth.

Share Repurchases

• Chart Industries' Board of Directors authorized a share repurchase program of up to $250.0 million of its common stock on December 11, 2024.
• The company's financial policy indicates that share repurchases or material cash acquisitions are not planned until the net leverage ratio falls below 2.5; as of September 30, 2024, the net leverage ratio was 3.04.
• The company repurchased $102.18 million in shares during the fourth quarter of 2020, with other quarterly amounts generally significantly lower from Q2 2023 to Q2 2025.

Share Issuance

• In fiscal year 2025, preferred shares are anticipated to convert to common shares.
• The strategy for convertible notes involves paying the face value in cash and the conversion premium in stock to reduce share dilution.
• Directors received common stock as exempt grants under the 2024 Omnibus Equity Plan in October 2025, recorded at a $0 price.

Inbound Investments

• A $13.6 billion acquisition of Chart Industries by Baker Hughes has been proposed, with shareholder approval secured by October 2025.

Outbound Investments

• Chart Industries has completed a total of 15 acquisitions, with notable activity in 2021 (5 acquisitions), 2022 (3 acquisitions), and 2020 (2 acquisitions).
• The most significant recent acquisition was Howden in November 2022 for $4.4 billion, aimed at expanding manufacturing capacity, and access to CCUS, hydrogen liquefaction, specialty expanders, water technology, and repair/service capabilities.
• Excluding the Howden acquisition, Chart Industries deployed approximately $320 million in acquisition capital between 2020 and 2022.

Capital Expenditures

• Capital expenditures for 2025 are projected to be between 2% and 2.5% of sales, translating to approximately $93 million to $121.25 million based on anticipated 2025 sales of $4.65 billion to $4.85 billion.
• For the full year 2024, capital expenditures amounted to $20.5 million in the fourth quarter, with an expected total of approximately $110 million for the full year 2025.
• The primary focus of capital expenditures for 2025 is on increasing compressor capacity and enhancing productivity and automation for greater throughput in manufacturing facilities.