Summary (Unless otherwise specified, the following data is(Comparative results for the first quarter of 2024 and the same period of 2023):

• Reported sales reached42Billions of dollars, growth15%; Sales from own business*growths14%.
• US GAAP operating profit margin growth250basis point; adjusted operating margin*growths230A cardinal point.
• After adjustmentEBITDAprofit margin*voor16.8%, growth200A cardinal point.
• US GAAP earnings per share of continuing operations1.92USD; adjusted earnings per share from continuing operations*voor1.94The dollar, growth38%.
• Commercial HVAC business orders in the Americas increased! 30%, driving the company's own business order volume*growths17%.
• Undelivered orders arrived77billion US dollars, compared2023Year-end growth10%, and has reached a historically normal level2.5times.

*This press release contains non-US GAAP. For non-US GAAP definitions, please refer to the footnotes in the press release. For more details and adjustments, seeEnglish press releaseThe table in.

Ireland Swords, May 7, 2024/PRNewswire/ -- Global climate control system innovator Trane Technology (NYSE: TT) announced that the company's continuing operations diluted earnings per share for the first quarter of 2024 were $1.92. Adjusted earnings per share from continuing operations were $1.94, up 38%.

2024Results for the first quarter of the year

Comparison of financial conditions of continuing operations in the first quarter

**Please refer to table 2 and table 3 of the English press release for details.

Dave Regnery, Global Chairman and CEO of Trane Technologies, said: “The strong results of the first quarter underscore the strength of our goal-oriented sustainability strategy, exciting corporate culture, and highly dedicated team. We continue to maintain our leading position in the industry through continued business investment and mature operating models, and dedicated execution demonstrated in high-growth vertical markets where we have an advantage.”

“In the first quarter, we achieved double-digit sales growth, with adjusted earnings per share rising 38%; at the same time, we also achieved excellent order volume growth of $7.7 billion in undelivered orders. This impressive series of results gives us confidence to further raise our annual sales and adjusted earnings per share growth expectations, and continue to achieve industry-leading business growth to provide long-term differentiated returns to shareholders.”

Summary of performance for the first quarter of 2024 (except where specified, the following data is based on the first quarter of 2023)

• First-quarter sales, operating income, EBITDA, and earnings per share all showed strong growth.
• The order volume reached 5.1 billion US dollars, the number of orders from our own business increased by 17%, and the order shipment ratio reached 120%.
• Undelivered orders reached $7.7 billion, with undelivered orders for commercial HVAC increasing by about $800 million in 2025 and beyond.
• The company reported a 15% increase in sales, including a 2 percentage point increase in acquisitions and a negative impact of about 1 percentage point due to exchange. Self-owned business sales increased 14%.
• The US GAAP operating margin increased by 250 basis points, the adjusted operating margin increased by 230 basis points, and the adjusted EBITDA margin increased by 200 basis points.
• Strong sales growth, price advantages, and increased productivity largely offset the impact of inflation, and the company continued to maintain a high level of business reinvestment.

First quarter results review (except where otherwise specified, the following data are2023(Based on the first quarter of the year)

American market:North America and Latin America actively innovate for customers. The American market business includes commercial HVAC, building control, and energy services and solutions; residential HVAC; and transportation refrigeration systems and solutions.

• The order volume performance was strong, reaching US$4 billion, and the order shipment ratio reached 120%.
• Driven by the growth of the commercial HVAC business, the volume of orders for its own business increased 20%. The commercial HVAC business in the American market increased 30% year-on-year, with a cumulative increase of more than 60% over three years.
• It reported sales growth of 17%, including a 2 percentage point increase in acquisitions. Self-owned business sales increased 15%.
• The US GAAP operating margin increased by 260 basis points, the adjusted operating margin increased by 240 basis points, and the adjusted EBITDA margin increased by 220 basis points.
• Strong sales growth, price advantages, and increased productivity largely offset the impact of inflation, and the company continued to maintain a high level of business reinvestment.

Europe, Middle East, Africa (EMEA) Market:Europe, Middle East, and Africa actively innovate for customers. The EMEA market business includes HVAC systems and services, commercial building solutions, and transportation refrigeration systems and solutions.

• The order volume increased by 12%, the number of orders from our own business increased by 7%, and the order shipment ratio reached 119%.
• It reported an 8% increase in sales, including a 4 percent increase in acquisitions. Self-owned business sales increased 4%.
• The US GAAP operating margin increased by 30 basis points; the adjusted operating margin increased by 30 basis points due to the low contribution of mergers and acquisitions in the first year; the adjusted EBITDA margin decreased by 50 basis points due to the negative impact of exchange gains and losses.
• Strong sales growth, price advantages, and increased productivity largely offset the impact of inflation, and the company continued to maintain a high level of business reinvestment.

Asia Pacific Market:The Asia Pacific region actively innovates for customers. The Asia Pacific market business includes HVAC systems and services, commercial building solutions, and transportation refrigeration systems and solutions.

• Order volume increased by 2%, self-owned business order volume increased by 6%, and the order shipment ratio reached 121%.
• It reported an 11% increase in sales, including a negative impact of about 5 percentage points due to exchange gains and losses. Self-owned business sales increased 16%.
• The US GAAP operating margin increased by 350 basis points, the adjusted operating margin increased by 310 basis points, and the adjusted EBITDA margin increased by 220 basis points.
• Strong sales growth, price advantages, and increased productivity largely offset inflation, and the company continued to maintain a high level of business reinvestment.

Balance sheet and cash flow

• In the first quarter of 2024, the company's cash flow from continuing operations was US$254 million and free cash flow was US$175 million.
• From the beginning of the year to April, the company's capital allocation was approximately US$621 million, of which US$190 million was used for dividends and US$431 million was used for share repurchases.
• The company will continue to pay a growing and competitive dividend and distribute 100% of the cash surplus to shareholders. In the first quarter of 2024, the company's annual dividend increased by 12% to an annualized income of $3.36 per share. Since the official establishment of Teling Technology in March 2020, the company's quarterly dividend has increased 58%.

Upgraded2024Annual Sales and Earnings Per Share Performance Expectations

• The company expects the growth rate of reported sales and sales of its own business to be about 8%-9% for the full year of 2024; the reported sales include an increase of about 1 percentage point in acquisitions and a negative impact of about 1 percentage point due to exchange.
• The company expects earnings per share of the US GAAP continuing operations of $10.30-10.40 for the full year of 2024. This includes non-GAAP adjusted earnings of $0.10 per share. The Company expects adjusted earnings per share from continuing operations for the full year 2024 to be $10.40-10.50.
• For more information on the company's “2024 expectations”, please refer to the company's earnings report, which can be found on the “Investor Relations” page.

This press release contains forward-looking statements within the meaning of securities law, that is, statements relating to non-historical facts. The statement includes the company's future financial performance and goals (including sales, earnings per share and revenue), the company's operating activities, market demand for the company's products and services (including order volume and undelivered orders), capital allocation plans including dividend amounts and schedules, share repurchase plans, anticipated capital commitments for M&A activities, capital allocation strategies, discounting power of available assets, expected sales growth, and market performance.

These forward-looking statements are based on Trane's current anticipated goals, but are subject to risks and uncertainties, and may cause actual results to differ materially from expectations. Such factors include, but are not limited to, global economic conditions including recession, inflation, interest rate and foreign exchange fluctuations; changes in energy prices; global geopolitical conflicts; financial institution emergencies; climate change and corporate sustainability strategies and goals; future medical emergencies for the company's business, suppliers, and customers; commodity shortages; price increases; government regulations; restructuring activities and cost savings associated with such activities; long-term trends in decarbonization, energy efficiency, and indoor air quality; and the outcome of any litigation, including our spin-off subsidiary Aldrich Pump The consequences of the risks and uncertainties associated with the Chapter 11 lawsuit between LLC and Murray Boiler LLC; cybersecurity risks; and tax audits and tax law changes and interpretations. For other factors that may cause such changes, please refer to the Company's 10-K financial statements for the year ended December 31, 2023, as well as the subsequent 10-Q quarterly financial statements and other documents submitted by the Company to the U.S. Securities and Exchange Commission. As new risks and uncertainties and their impact on the company are difficult to predict, Trane Technologies is not obligated to update this forward-looking statement.

This press release also includes non-GAAP financial information. This information should be viewed as a supplement to, and is not a substitute for or superior to, financial measures derived in accordance with US GAAP. Please see the attachment for our non-GAAP financial information definitions and comparisons with GAAP.

All amounts covered in this financial report, including net income (loss), income from continuing operations (loss), termination of operations, and adjustmentsEBITDAThe resulting income (loss) and earnings (loss) per share are owned by common shareholders of Trane Technology.

As a global innovator of temperature control systems, Trane Technology (NYSE: TT) is committed to providing efficient and sustainable temperature control system solutions for the building construction, residential and transportation sectors through its two strategic brands, Trane (Trane) and Thermo King (Thermo King), and their environmentally responsible product portfolio and services. For more information, visit tranetechnologies.com.

4/30/24

(attached table)

• Table 1: Condensed Comprehensive Income Statement
• Table 2-5: US GAAP adjustments based on non-US GAAP
• Table 6: Condensed Consolidated Balance Sheet
• Table 7: Condensed Consolidated Cash Flow Statement
• Table 8: Balance Sheet Business Indicators and Cash Flows