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The Boeing of vertical transportation.

The Carrier for vertical movement in buildings.

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• Passenger and Freight Elevators: Otis designs, manufactures, sells, and installs a range of elevators for various building types.
• Escalators: The company designs, manufactures, sells, and installs escalators for commercial and infrastructure projects.
• Moving Walkways: Otis provides design, manufacturing, sales, and installation of moving walkways.
• Maintenance and Repair Services: Otis performs ongoing maintenance and repair services for elevators and escalators.
• Modernization Services: The company offers services to upgrade and modernize existing elevators and escalators.

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Otis Worldwide Corporation (OTIS) sells primarily to other companies, operating on a business-to-business (B2B) model. Due to the highly diversified nature of its global customer base, Otis does not typically have a few specific "major customer companies" that account for a significant portion of its revenue, and therefore, individual names and public symbols of such customers are not usually disclosed.

Instead, Otis serves a broad spectrum of clients within the construction, real estate, and infrastructure sectors. Its major customers can be categorized by the type of organization that purchases its new equipment or utilizes its service offerings:

• Real Estate Developers and General Contractors: These companies are involved in the planning, financing, and construction of new buildings, including residential towers, commercial offices, retail centers, and mixed-use developments. They procure Otis's new elevator and escalator equipment for installation in their projects.
• Commercial Property Owners and Managers: This category includes entities that own, operate, and manage existing commercial properties such as office buildings, hotels, hospitals, and shopping malls. These customers primarily engage Otis's Service segment for ongoing maintenance, repair, and modernization of their installed elevator and escalator systems.
• Public Sector and Infrastructure Project Managers: This segment comprises government agencies, municipalities, and private entities responsible for large-scale public infrastructure projects like airports, train stations, subway systems, and convention centers. They typically require both new equipment for construction and long-term service agreements.

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Judy Marks, Chair, Chief Executive Officer and President

Judy Marks has over 40 years of industry experience, actively driving technological and business advancements. She began her career at IBM in 1984, rapidly advancing into management. Marks held senior leadership roles at three global companies: IBM, Lockheed Martin, and Siemens AG, where she served as CEO of both Siemens USA and Dresser-Rand, a Siemens business. She joined Otis in October 2017 as President, was appointed CEO in June 2019, and in April 2020, led the successful spin-off of Otis to an independent publicly traded company on the NYSE. Marks was also named Chair of Otis in February 2022.

Cristina Méndez, Executive Vice President & Chief Financial Officer

Cristina Méndez was appointed Executive Vice President & Chief Financial Officer of Otis Worldwide, effective August 23, 2024. Before joining Otis in 2022, she served as a senior finance executive in the global telecommunications industry for over 15 years. A significant portion of her career was spent at the Telefonica Group, where she held various strategic and financial planning roles, including Senior Vice President, Director Controlling of Telefonica Deutschland.

Joseph Armas, President, Otis Americas

Joseph Armas serves as the President of Otis Americas. His responsibilities include leading the company's operations across the American continents.

Thibault Lefébure, President, Europe, Middle East & Africa (EMEA)

Thibault Lefébure is the President for Otis's Europe, Middle East & Africa (EMEA) region. In this role, he oversees the company's extensive operations and service portfolio across more than 40 countries in the region.

Nicolas Lopez, President, Asia Pacific (APAC)

Nicolas Lopez holds the position of President, Asia Pacific (APAC) for Otis Worldwide Corporation. He is responsible for leading the company's business activities throughout the Asia Pacific region.

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Key Risks to Otis Worldwide (OTIS)

1. Economic Slowdowns and Cyclicality of the Construction Market: Otis Worldwide's performance is significantly influenced by global economic conditions, particularly the cyclical nature of the construction industry. Economic slowdowns in key markets like China and the United States can negatively impact demand for new equipment sales and, to a lesser extent, service revenue. Higher interest rates, weaker economic growth, or tighter credit conditions can delay or cancel construction projects, directly affecting the company's new elevator and escalator installations. For instance, a slowdown in construction activity and economic uncertainty have impacted new equipment sales, with reported declines in China and the US.
2. Intense Market Competition: The elevator and escalator industry is highly competitive, both globally and locally. Otis Worldwide faces significant competition from large multinational peers such as KONE, Schindler Group, and TK Elevator, as well as a multitude of smaller, independent service providers. This intense competition puts continuous pressure on pricing, margins, and market share, especially in the new equipment segment and from independent service providers in the service segment.
3. Supply Chain Disruptions and Geopolitical Risks: Otis Worldwide's global operations and reliance on a diverse network of suppliers make it vulnerable to supply chain disruptions. Geopolitical tensions, trade disputes, material shortages, and transportation delays can increase operational costs and impact production and delivery timelines. Inflationary pressures and commodity price volatility also directly increase the cost of goods sold, which can threaten profitability if not offset by price increases.

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The emergence of independent, vendor-agnostic Internet of Things (IoT) and Artificial Intelligence (AI) driven predictive maintenance platforms and services could disintermediate Otis's highly profitable service segment. These third-party solutions, by offering potentially superior or more cost-effective analytics and maintenance scheduling regardless of the elevator's original manufacturer, could allow building owners to reduce their reliance on Otis's proprietary service contracts, similar to how software-based services have disrupted traditional hardware-centric service models.

Additionally, the development and gradual adoption of fundamentally different vertical transport technologies pose an emerging threat to Otis's core product offerings. A notable example is TK Elevator's (formerly ThyssenKrupp) "MULTI" system, which utilizes magnetic levitation for multi-directional movement (vertical and horizontal) without ropes. Should such revolutionary technologies gain wider acceptance and become standard in future building designs, they could challenge the dominance and market relevance of Otis's traditional cable-based elevator systems.

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Otis Worldwide Corporation operates within the global elevator, escalator, and related services markets. The addressable markets for its main products and services are sized as follows:

New Equipment (Elevators, Escalators, and Moving Walkways)

• The global elevator and escalator market was valued at approximately USD 100.23 billion in 2025 and is projected to reach USD 199.21 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.10% during the forecast period.
• More specifically, the global elevator market size was estimated at USD 81.68 billion in 2024 and is expected to reach USD 147.85 billion by 2032, at a CAGR of 7.8%. Within the broader elevator and escalator market, the elevator segment is projected to hold a market size of USD 74.59 billion in 2026.
• The global escalators and moving walkways market size was estimated at USD 13.54 billion in 2024 and is anticipated to grow at a CAGR of 5.7% from 2025 to 2030. Another estimate places the global escalators & moving walkways market size at USD 18.2 billion in 2024, expecting it to grow to USD 34.8 billion by 2034 with a CAGR of 6.9%.
• The Asia-Pacific region dominates the global elevator and escalator market, holding a market share of 44.45% in 2025. For the elevator market specifically, Asia-Pacific commanded a revenue share of 44.72% in 2024.
• The North America elevator market held a value of USD 18.75 billion in 2024 and is projected to reach USD 33.14 billion by 2032. The U.S. escalators & moving walkways market generated an estimated USD 4.3 billion in revenue in 2024.

Service (Maintenance, Repair, and Modernization)

• The global elevator maintenance market size is expected to be valued at US$41.7 billion in 2026 and is projected to reach US$62.7 billion by 2033, growing at a CAGR of 6.1%. Another source values the global elevator maintenance market size at USD 35.76 billion in 2025, projected to grow to USD 68.25 billion by 2034 with a CAGR of 7.50%.
• The global elevator & escalator maintenance and repair services market was valued at USD 37.17 billion in 2022 and is anticipated to grow with a robust CAGR of 10.10% through 2028. Within the combined elevator and escalator market, the maintenance segment is projected to lead with a 51.39% share and a market size of USD 55.04 billion in 2026.
• The global elevator modernization market is projected to grow from USD 15.18 billion in 2024 to an estimated USD 39.04 billion by 2032, at a CAGR of 12.53%. Another estimate states the market grew from USD 10.15 billion in 2025 to USD 11.01 billion in 2026 and is projected to reach USD 18.50 billion by 2032.
• North America holds the largest market share in the elevator modernization sector, accounting for approximately 30% of the global market. Europe also dominates the global elevator modernization market, holding over 30.0% in 2025.

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Otis Worldwide (OTIS) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Continued Growth in the Service Segment: Otis anticipates sustained expansion in its high-margin service segment, encompassing maintenance and repair. This growth is expected from an expanding installed unit base, improvements in maintenance pricing, and enhanced customer retention, especially outside of China. The company is actively investing in its field professionals and customer satisfaction to bolster these trends.
2. Strong Demand for Modernization Services: A significant driver of revenue growth is the robust and durable demand for modernization services. This is fueled by an aging global installed base of elevators and escalators, coupled with increasing regulatory requirements for safety and efficiency, as well as customer demand for technological upgrades and energy-efficient solutions. Otis has reported strong growth in modernization orders and a substantial backlog in this area.
3. Leveraging Digitalization and Connectivity: Otis is investing in and rolling out advanced digital and AI-powered solutions, such as IoT connectivity (Otis One) and AI-driven diagnostic tools. These initiatives aim to increase the number of connected units in its service portfolio, enhance predictive maintenance capabilities, improve service delivery efficiency, and generate recurring subscription revenue. The company targets having over 60% of its portfolio connected by 2026.
4. Strategic Geographic Expansion and Diversification: To counter headwinds in new equipment sales in some mature markets, particularly China, Otis is strategically focusing on expanding its service and modernization portfolio in high-growth emerging markets. Regions such as Southeast Asia, Latin America, and the Middle East are key targets due to ongoing urbanization and infrastructure development, providing opportunities for both new installations and, increasingly, modernization projects.

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Share Repurchases

• Otis Worldwide authorized a new $2 billion share repurchase program effective January 16, 2025, replacing the remaining approximately $100 million authorized under a prior program from December 1, 2022.
• In 2025, Otis returned approximately $1.5 billion to shareholders through dividends and buybacks.
• The company plans to repurchase approximately $800 million in shares during 2026.

Share Issuance

• Otis Worldwide has seen a net reduction in its shares outstanding, with 0.395 billion shares outstanding in 2025, a 2.35% decline from 2024.
• Shares outstanding in 2024 were 0.404 billion, a 2.46% decline from 2023 (0.415 billion), which was a 1.99% decline from 2022.

Outbound Investments

• Otis acquired the remaining outstanding shares in Otis Mobility (formerly Zardoya Otis) in the second quarter of 2022, following a tender offer in September 2021 valued at approximately €1.63 billion for the shares not previously owned by Otis.
• In 2024, the company invested $87 million in approximately 30 bolt-on acquisitions, including Jardine Schindler Lifts Limited in Taiwan, aimed at expanding its service portfolio.
• Otis made approximately $100 million in targeted bolt-on acquisitions in 2025 to strengthen its service portfolio and expand its market presence.

Capital Expenditures

• Otis' capital expenditures were modest, ranging approximately from $30 million to $45 million per quarter in 2025.
• Total capital expenditures were approximately $152 million for the full year 2025 and $126 million for 2024.
• Capital expenditures are primarily focused on supporting the company's service strategy, driving innovation, and expanding its digital ecosystem and solutions for both existing service portfolio customers and new equipment shipments.