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Trane Technologies (TT) investor relations material

Trane Technologies Morgan Stanley’s 13th Annual Laguna Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Morgan Stanley’s 13th Annual Laguna Conference summary11 Sep, 2025

Business Performance and Growth

  • Revenue increased from $12.5B to over $21B in five years, with FY 2024 sales at $19.8B and market cap rising from $35B to over $90B.

  • Employee count grew from 35,000 to 46,000, reflecting significant expansion and a strong company culture.

  • Achieved a 12% compound annual growth rate over the last five years.

  • Record Q2 2025 enterprise bookings of $5.6B (up 5%) and organic revenue up 7%; adjusted EPS up 18%.

  • Q2 ending backlog at $7.1B, up 6% from year-end 2024, providing strong visibility for 2025 and 2026.

Strategic Priorities and Business Model

  • Focus on sustainable innovation, execution excellence, and dynamic capital allocation to drive shareholder returns.

  • Pure-play climate control business with leading brands and a high aftermarket mix.

  • Strong operating system and performance culture underpin powerful cash flow.

Sustainability Leadership and Recognition

  • Committed to reducing one gigaton of customer CO₂e emissions by 2030 through clean technologies and energy efficiency.

  • Recognized for sustainability leadership, including Dow Jones Sustainability Index and CDP Climate A List.

  • First in industry to have 2050 Net-Zero target approved by SBTI.

  • 2030 commitments include carbon-neutral operations and reducing embodied carbon by 40%.

  • Sustainability strategy yields social and financial benefits, driving innovation and employee engagement.

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Frequently asked questions

Heating, Ventilation, and Air Conditioning

Trane Technologies plc is an American company domiciled in Ireland that specializes in HVAC (heating, ventilation, and air conditioning) and refrigeration solutions. Trane Technologies operates primarily through two well-known subsidiary brands: Trane and Thermo King. Trane specializes in designing, manufacturing, and servicing climate control products and systems for homes, buildings, and industrial spaces, while ThermoKing is focused on transport temperature systems. The company is headquartered in Davidson, North Carolina, and its shares are traded on the NYSE.

Merger and Subsequent Spin-off

Trane Technologies started as a family plumbing business in 1885. It evolved into a heating company by 1916, eventually diversifying into air conditioning. The company, known for its reliable heating and cooling systems, experienced significant growth over the years and expanded its area of expertise as the decades rolled on. In 2008, Ingersoll Rand, a diversified industrial company, acquired Trane and subsequently integrated it into its portfolio of brands. In 2020 Ingersoll Rand sold its non-refrigeration businesses to Gardner Denver, rebranding itself as Trane Technologies, and shifting its focus to the company’s current areas of operations.

HVAC

Trane Technologies, a global climate innovator, provides a broad range of heating, ventilation, and air conditioning solutions for both residential and commercial markets. For residential environments, Trane offers energy-efficient heating and cooling systems, including air conditioners, heat pumps, furnaces, and thermostats.

In the commercial sector, Trane's HVAC solutions cater to a diverse range of buildings and applications, from small businesses to large industrial facilities. Their commercial offerings include chillers, rooftop units, air handling systems, and building management systems. These products are engineered to deliver optimal performance, energy efficiency, and sustainability, tailored to meet the specific needs of each commercial space.

Thermo King

Thermo King, which is a subsidiary of Trane Technologies, is a manufacturer of transport temperature control systems for a variety of mobile applications, including trailers, trucks, buses, shipboard containers, and railway cars. Thermo King's product range includes refrigeration and heating units that are designed to maintain specific climate conditions, crucial for food safety and quality in transit. One of the closest competitors the subsidiary is Carrier Global.

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