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• Trane Technologies is like **Carrier Global Corporation (CARR)**, but also providing refrigeration for trucks and trains.
• Trane Technologies is like the **Honeywell (HON)** of climate control for large buildings and global transportation.

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• HVAC Systems: Provides a wide range of heating, ventilation, and air conditioning equipment for commercial, residential, and industrial applications.
• Transport Refrigeration: Offers refrigeration and temperature control systems for trucks, trailers, rail cars, and marine containers under the Thermo King brand.
• Building Management & Controls: Delivers integrated systems and software that optimize the performance, energy efficiency, and occupant comfort of buildings.
• Aftermarket Services: Provides installation, maintenance, repair, and replacement parts for its HVAC and transport refrigeration products.
• Sustainable Climate Solutions: Offers consulting, design, and implementation services focused on energy efficiency, decarbonization, and healthy indoor environments for buildings and transport.

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Trane Technologies (TT) primarily sells its products and solutions to other companies, rather than directly to individuals. The company serves a highly diversified customer base across numerous industries and geographies, and therefore does not typically have a few "major customers" that represent a significant portion of its revenue. Instead, its sales are channeled through a broad network of direct sales, independent dealers, distributors, and contractors.

Below are the major categories of companies that Trane Technologies serves, along with examples of publicly traded companies that operate in these segments and might utilize Trane's solutions (it is important to note these are illustrative examples of types of customers, not necessarily direct major customers of Trane Technologies by revenue concentration):

• Independent HVAC Dealers and Contractors:

  These businesses (often privately held) purchase Trane's residential and light commercial HVAC equipment. They then sell, install, and service these systems for homeowners and small businesses. While the ultimate end-user is often an individual or small business, Trane's direct customer in this segment is the dealer/contractor network.

• Commercial and Industrial End-Users:

  This category encompasses a vast array of organizations that require large-scale HVAC systems, building management solutions, and energy efficiency services for their facilities. Sales can be direct or channeled through engineering firms and specialized contractors. Examples of types of public companies in these sectors include:

  • Healthcare Systems: For hospitals and clinics (e.g., HCA Healthcare - HCA, Universal Health Services - UHS).
  • Data Centers: For cooling mission-critical IT infrastructure (e.g., Equinix - EQIX, Digital Realty Trust - DLR).
  • Hospitality and Retail Chains: For climate control in hotels and stores (e.g., Marriott International - MAR, Hilton Worldwide Holdings - HLT, Walmart - WMT).
  • Office Building Owners/Developers: For large commercial properties.
  • Manufacturing Facilities: For industrial climate control.
  • Government and Educational Institutions: Although typically public entities rather than publicly traded companies, these are significant customers for commercial HVAC solutions.
• Fleet Operators and Logistics Companies (for Thermo King transport refrigeration):

  These are businesses that own and operate fleets of trucks, trailers, rail cars, or shipping containers requiring precise temperature control for transporting goods. Examples of public companies in this space include:

  • Trucking and Logistics Companies: (e.g., J.B. Hunt Transport Services - JBHT, Knight-Swift Transportation Holdings - KNX, Old Dominion Freight Line - ODFL).
  • Food Distribution Companies: (e.g., Sysco Corporation - SYY, US Foods Holding Corp. - USFD).
  • Rail and Shipping Companies: (e.g., Union Pacific Corporation - UNP, CSX Corporation - CSX).

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Dave Regnery, Chair and Chief Executive Officer

Dave Regnery has dedicated his entire career to Trane Technologies and its predecessor, Ingersoll Rand, starting in a financial leadership development program. He assumed the role of CEO in July 2021 and became Chair of the company's board of directors in January 2022. Before his appointment as CEO, he held positions such as president and chief operating officer. Throughout his tenure, Regnery has led a majority of the company's global businesses, including Commercial HVAC and Transport Refrigeration. He spearheaded the launch of the EcoWise™ product portfolio, designed to reduce environmental impact. He holds a bachelor's degree in finance from Northeastern University and an MBA from Lehigh University and is active in climate industry, business, and manufacturing associations, also serving on the Alliance of CEO Climate Leaders for the World Economic Forum.

Chris Kuehn, Executive Vice President and Chief Financial Officer

Chris Kuehn oversees all financial functions for Trane Technologies. He joined Ingersoll Rand in 2015 from Whirlpool Corporation, where he served as vice president, corporate controller, and chief accounting officer. His 25-year career includes leadership roles at PricewaterhouseCoopers and as CFO for the HVAC segment at SPX Corporation. Kuehn was instrumental in the complex transaction that led to the spin-off and formation of Trane Technologies in 2020. He holds a B.S. in accounting from the State University of New York - College at Geneseo and an M.B.A. from the University of Rochester, and is a CPA.

Karin De Bondt, Senior Vice President and Chief Strategy Officer

Karin De Bondt has served as Senior Vice President and Chief Strategy Officer for Trane Technologies since 2013. Her previous roles include President of operations and performance at Thermo King Americas, and president for the HVAC and Transport Latin America business. She also led the Europe, Middle East and Africa Transport business.

Mauro J. Atalla, Senior Vice President and Chief Technology and Sustainability Officer

Mauro Atalla, Ph.D., leads engineering and technology, product management excellence and innovation, and sustainability for Trane Technologies. He joined Trane Technologies in January 2025, bringing over 26 years of experience in the industrial sector, including significant roles in the aerospace and buildings industries. Most recently, he was the senior vice president of Engineering & Technology at Collins Aerospace Systems, where he led a global team of 21,000 engineers and was responsible for technology development, product safety, cybersecurity, and sustainability. Atalla holds a Ph.D. in Engineering Mechanics from Virginia Tech and an MBA from Duke University. He is also an ASME Fellow.

Donny Simmons, Group President, Americas

Donny Simmons is the group president of the Americas region for Trane Technologies, overseeing a broad portfolio of commercial and residential HVAC, transport, and life science systems, services, controls, and energy reduction solutions. He joined the company in 2001 and has since held various roles in general management, sales, operations, and finance. His prior positions include president of the Commercial HVAC Americas business, chief financial officer of the Climate Solutions sector, and general manager for Hussmann. Simmons began his career in finance at Owens Corning, where he also transitioned into manufacturing and operations, becoming a plant manager. He earned a bachelor's degree in finance from Georgia Southern University and an MBA from Indiana University.

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The key risks to Trane Technologies' business are:

1. Intense Competition: Trane Technologies operates in a highly competitive market, facing established players such as Honeywell International, Siemens, Carrier, and Daikin Industries. This competitive environment makes it challenging for the company to balance growth and profitability, continuously innovate and differentiate its offerings, and maintain cost efficiency.
2. Challenges in the Residential HVAC Business: The residential HVAC sector is a significant risk factor due to its sensitivity to housing market conditions, consumer confidence, and interest rates. While the commercial segment has shown robust performance, any deterioration in the residential market could create a drag on overall performance and potentially compress margins.
3. Regulatory Risks, including Refrigerant Transition and Supply Chain Vulnerabilities: Trane Technologies' global operations are subject to various laws and regulations, including those related to the environment, trade, technology, and health and safety. A significant specific risk is the industry-wide transition to A2L (mildly flammable) refrigerants, which demands substantial investment in research and development, retooling, and new safety components, leading to higher equipment prices. Furthermore, ongoing supply chain disruptions, such as global refrigerant shortages, along with persistent inflation and tariff costs, could impact operations and margins.

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HVAC Market

• The global HVAC systems market was estimated at USD 241.52 billion in 2024 and is projected to reach USD 445.73 billion by 2033. Other estimates place the global HVAC market at USD 328.6 billion in 2025, with a projection to reach USD 577.5 billion by 2035.
• The global commercial HVAC market was estimated at USD 74.88 billion in 2024 and is expected to reach USD 120.6 billion by 2029. Another source estimates the global commercial HVAC market size at USD 45.47 billion in 2025, with a projection to reach USD 69.32 billion by 2030.
• The residential HVAC market size is forecast to increase by USD 48.82 billion, at a CAGR of 8.8% between 2024 and 2029, with the global market expected to grow to USD 407.77 billion by 2030 from USD 299.28 billion in 2025.
• The U.S. residential HVAC systems market size was estimated at USD 6.56 billion in 2022 and is anticipated to grow to USD 9.96 billion by 2030. Another estimate for the U.S. residential HVAC market is USD 15.69 billion in 2024, projected to reach USD 33.1 billion by 2034.
• The U.S. HVAC system market is projected to reach an estimated value of USD 62.03 billion by 2032.
• The Asia Pacific region dominated the HVAC systems market with a revenue share of 46.8% in 2024. Asia Pacific is also expected to be the fastest-growing region in the global HVAC system market.
• North America accounts for the second-highest market share globally in HVAC systems.

Transport Refrigeration Market

• The global refrigerated transport market size was estimated at USD 123.59 billion in 2023 and is projected to reach USD 216.07 billion by 2030. Other figures show the global refrigerated transport market size at USD 19.6 billion in 2024, expected to reach USD 29.3 billion by 2033. Another estimate projects the market to grow from USD 122.5 billion in 2023 to USD 276.9 billion by 2033.
• North America dominated the refrigerated transport market with a 34.1% share in 2023.
• The U.S. dominated the refrigerated transport market within North America with a revenue share of 79.0% in 2023.
• The global road transport refrigeration equipment market size was valued at USD 4.27 billion in 2024 and is projected to reach USD 6.46 billion by 2032. North America held the highest share in this market with a valuation of USD 2 billion in 2024.
• The Asia Pacific refrigerated transport market size was valued at USD 11.68 billion in 2023 and is expected to be worth around USD 151.48 billion by 2034.

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Trane Technologies (TT) is expected to drive future revenue growth over the next 2-3 years through several key areas:

1. Robust Demand in Commercial HVAC, especially in the Americas and Applied Solutions: The company has reported record quarterly bookings, a growing backlog, and strong organic growth within its Commercial HVAC segment, particularly in the Americas and in applied solutions. For instance, Commercial HVAC Americas achieved an all-time high with 30% organic growth in bookings, with applied bookings more than doubling in Q3 2025. The backlog for Commercial HVAC ended Q3 2025 at $7.2 billion, an increase of over $800 million or approximately 15% compared to year-end 2024.
2. Expansion of the Services Business: Trane Technologies' services business is a consistent and durable driver of growth, making up approximately one-third of the enterprise's total revenue. This segment has shown low double-digit growth year-to-date in 2025.
3. Alignment with Decarbonization, Electrification, and Digital Transformation Megatrends: The company's strategy and product portfolio are well-aligned with global megatrends such as decarbonization, electrification, and digital transformation. This alignment is fueling significant customer demand for their high-efficiency solutions, which help customers reduce energy consumption and emissions. Trane Technologies launched 190 new products in 2024 aimed at helping customers reduce their carbon emissions.
4. Innovation and New Product Launches, particularly in Advanced Thermal Management: Trane Technologies is actively innovating and launching new products, especially in advanced thermal management systems. The company is collaborating with partners like NVIDIA to develop comprehensive thermal management system reference designs for gigawatt-scale AI data centers, which are expected to set new standards for performance and rapid deployment.
5. Strategic Price Realization: Price increases are contributing positively to revenue growth. In Q3 2025, price contributed over three percentage points to revenue, and the full-year fiscal 2025 guidance indicates approximately 3% price contribution to organic revenue growth.

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Share Repurchases

• Trane Technologies completed a $3 billion share repurchase program, originally announced in February 2022, by repurchasing 9,468,122 shares.
• In December 2024, the Board of Directors authorized a new share repurchase program of up to $5 billion, which will commence upon the completion of the 2022 program.
• Year-to-date through October 2025, Trane Technologies deployed approximately $1.25 billion for share repurchases as part of its capital allocation strategy.

Share Issuance

• While Trane Technologies' 2025 Proxy Statement mentions the renewal of the Directors' existing authority to issue shares, no specific dollar amount of shares issued has been identified for the last 3-5 years.

Outbound Investments

• Trane Technologies acquired Farrar Scientific, a leader in ultra-low temperature control, with the acquisition completed in 2021.
• In October 2025, Trane Technologies agreed to acquire a 49% minority stake in Kieback&Peter Group, a European leader in building automation software and solutions, with an option to acquire full ownership after three years.
• The company has made strategic acquisitions, including BrainBox AI, to enhance its capabilities in AI and digital building management and strengthen its service business.

Capital Expenditures

• Trane Technologies has maintained sufficient operating cash flow to cover its capital expenditures consistently over the past 11 quarters.
• The company continues to make high levels of business reinvestment, with a strategic focus on digital, automation, and innovation.