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INTEGRITY | RESPECT | EXCELLENCE SECOND QUARTER 2026 EARNINGS RELEASE JULY 29, 2026
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2 The statements in this presentation that are not historical statements, including statements regarding the 2026 full-year outlook and expected consolidated and segment financial results, as well as financial targets for future years, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available as well as management’s assumptions and beliefs today. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the statements, and investors should not place undue reliance on them. Risks and uncertainties that could cause actual results to differ materially from such statements include risks that the North American HVAC and refrigeration markets perform worse than current assumptions. Additional risks include but are not limited to competition in the HVACR business; our ability to successfully develop and market new products or execute our business strategy; our ability to meet and anticipate customer demands; our ability to continue to license or enforce our IP rights; our ability to attract, motivate, develop, and retain our employees, as well as labor relations problems; AI technologies; a decline in new construction activity and related demand for our products and services; the impact of weather on our business; the impact of higher raw material prices and significant supply interruptions; product liability, warranty claims, or recalls; changes in environmental and climate-related legislation or government regulations or policies; changes in tax legislation; the impact of new or increased trade tariffs; improper conduct by our employees, agents, or business partners; litigation risks; general economic conditions in the US and abroad; extraordinary events beyond our control; risks associated with our international operations; cyber attacks and other disruptions or misuse of information systems; and our ability to successfully realize, complete and integrate acquisitions, including the acquisitions of Duro Dyne, Supco, and Heat Controller. For information concerning these and other risks and uncertainties, see LII’s publicly available filings with the Securities and Exchange Commission. LII disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. A reconciliation of non-GAAP financial measures appearing in this document to financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) are included in the Annex to this document. This document includes forward-looking statements regarding segment profit, adjusted net income, adjusted earnings per share, free cash flow, ROS, and Debt to EBITDA, which are non-GAAP financial measures. These non-GAAP financial measures are derived by excluding certain amounts from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts excluded is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period and the high variability of certain amounts, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, changes in environmental liabilities, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. We are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort or expense. The unavailable information could have a significant impact on LII’s full year GAAP financial results. FORWARD -LOOKING STATEMENTS & NON -GAAP FINANCIAL MEASURES
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Q2 2026 FINANCIAL HIGHLIGHTS * See appendix for reconciliation to GAAP performance; total segment profit includes unallocated corporate expenses Navigating residential headwinds and mitigating inflationary impact Updating EPS Guidance Full Year Earnings Per Share * REVENUE $1.5B +3% YoY TOTAL SEGMENT PROFIT MARGIN * $355M TOTAL SEGMENT PROFIT * +2% YoY $23.00 - $24.00 Prior $23.50 – $25.00 ADJUSTED EPS * $7.72 Flat YoY OPERATING CASH FLOW $172M +$85M YoY 23.0% (30 bps) YoY NET DEBT / ADJ. EBITDA * 1.3x +0.1x YoY 3
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BOLT -ON ACQUISITION TO ACCELERATE GROWTH • Elevate digital capabilities • One order, one invoice, one shipment • Better fill rate & in-season availability STRONG STRATEGIC FIT • Small & mid-sized distributor reach • Broaden HVAC product portfolio • Grow share of wallet CUSTOMER EXPERIENCE MARGIN OPPORTUNITIESGROWTH SYNERGIES ~ $205M PURCHASE PRICE ~ $140M FY25 PROFORMA REVENUE ~ 9X EBITDA MULTIPLE Trusted Comfort-Aire, Century and Coast Air brands 4 • Integration efficiencies drive margin • Distribution and freight synergies • Streamline G&A
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NAVIGATING TEMPORARY DEMAND DYNAMICS Inflationary Impacts Weather Dynamics New Construction Consumer Sentiment CONTINUED INVESTMENT THROUGH CHALLENGING MARKET CONDITIONS • Emergency replacement • Availability & fill rates • Direct-to-dealer advantage Demand Capture • Parts and accessories • Service expansion • Attachment opportunities Aftermarket Growth • Digital engagement • Customer experience centers • Service excellence Customer Experience • Innovation & heat pumps • Distribution optimization • JVs & bolt-on acquisitions Growth Investments 5
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Q2 2026 LENNOX RESULTS 2025 Volume Mix/Price Product Cost Other 2026 2025 Volume Mix/Price Other 2026 * See appendix for reconciliation to GAAP performance; total segment profit includes unallocated corporate expenses REVENUE TOTAL SEGMENT PROFIT * (US$ MILLIONS) (US$ MILLIONS) +3% ROS 23.3% ROS 23.0% +$6M or +2% ($25) ($11) +$3+$39$349 $355 BCS growth and accretive acquisition Residential markets soft but improved versus Q1 Production absorption costs weighed on profitability Flat, $7.72 Adjusted EPS* $1,545$1,501 (4%) +3% +4% 6
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Q2 2026 HOME COMFORT SOLUTIONS REVENUE SEGMENT PROFIT (US$ MILLIONS) (US$ MILLIONS) $1,009 $936 2025 2026 $252 $222 2025 2026 (7%) (12%) +3% +2% Volume Mix/Price Other ($30) ($49) +$24 ($2) ($3) Volume Mix/Price Product Cost Other ROS 25.0% ROS 23.7% Revenue: One step: ~(12%) Two Step: ~(2%) M&A: ~+2% Product Cost: Inflation & factory absorption headwinds partially offset by tariff refunds Other Cost: ~$5M M&A accretion; logistic and FX pressures partially offset by SG&A productivity 7
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Q2 2026 BUILDING CLIMATE SOLUTIONS REVENUE SEGMENT PROFIT (US$ MILLIONS) (US$ MILLIONS) $492 $610 2025 2026 $121 $155 2025 2026 +24% +$35 +12% +3% +9% Volume Mix/Price Other +$23 +$15 ($9) +$6 Volume Mix/Price Product Cost Other ROS 24.5% ROS 25.5% Volume: Strong Light Commercial equipment and service Product Cost: Inflation and production costs Other: ~$11M M&A accretion partially offset by SG&A investments Note: Totals above may not foot due to rounding 8
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CASH FLOW AND CAPITAL DEPLOYMENT ~225 0.5 0.6 0.7 0.8 0.9 1 1.1 0 100 200 300 2022 2023 2024 2025 2026 1.0x 1.3x 0.0 1.0 2.0 2Q25 3Q25 4Q25 1Q26 2Q26 87 172 81% 62% 78% 82% 92% -20% 0% 20% 40% 60% 80% 100% -200 -100 0 100 200 300 400 2Q25 3Q25 4Q25 1Q26 2Q26 CAPEX OPERATING CASH FLOW TTM FCF CONVERSION %* * See appendix for reconciliation to GAAP performance. Net debt is net of cash balances INVESTING FOR GROWTH LEVERAGE Maintain a Strong Balance Sheet • ~$130M share repurchases in Q2 • Q3 Comfort-Aire and Century brands acquisition • Continued evaluation of bolt-on opportunities (US$ MILLIONS) NET DEBT TO ADJUSTED EBITDA* (TTM) Customer Experience and Cost Efficiency • Innovation and training centers • Digital tech stack and data platforms • Distribution network expansion & optimization • ERP standardization and AI tools (US$ MILLIONS) CASH CONVERSION Strong 1H Cash Conversion • On track to meet FY inventory target • Good collections and payment leverage 9
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2026 FINANCIAL GUIDANCE GROWTH OTHER GUIDANCE ITEMS *Before the impact of cost: inflation, investments, productivity, and M&A amortization ** Impact on Total Cost COST ∆ YoY Current Prior Inflation** ~+5% ~+5% Investments +$35M +$35M M&A Amortization +$25M +$15M Productivity ($60M) ($75M) Interest $70M $65M Tax Rate ~20% ~20% Share Count ~35M ~35M Adjusted EPS $23.00 – $24.00 $23.50 – $25.00 Free Cash Flow $750M to $850M $750M to $850M Current Prior Revenue ∆ YoY Segment Profit Incremental* Revenue ∆ YoY Segment Profit Incremental* Volume (LSD) (~35%) (LSD) (~35%) Price | Mix +MSD ~90% +MSD ~90% M&A +MSD ~25% +MSD ~30% Total LII ~8% ~8% HCS ~1% ~4% BCS ~20% ~16% 10
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11 ATTRACTIVE INVESTMENT OPPORTUNITY Talent & Culture Driven by Core Values Advanced Technology Solutions with Direct-to- Dealer Network Execution Consistency and Disciplined Capital Deployment Resilient Margin Business Focused on Sustainable HVACR Growth End Markets with Strong Replacement Demand Continues to Enhance Value for Shareholders LENNOX
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INTEGRITY | RESPECT | EXCELLENCE THANK YOU!
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REVENUE AND SEGMENT PROFIT Note: Totals above may not foot due to rounding 13 Change Year-over-Year Net Sales Q2 2026 Q2 2025 Volume Mix/Price Other Total Home Comfort Solutions $ 936 $ 1,009 (12%) 3% 2% (7%) Building Climate Solutions 610 492 12% 3% 9% 24% Net sales, a GAAP measure $ 1,545 $ 1,501 (4%) 3% 4% 3% Segment Profit (1) Q2 2026 Q2 2025 Volume Mix/Price Product Cost Other Total Home Comfort Solutions $ 222 $ 252 $ (49) $ 24 $ (2) $ (3) $ (30) Building Climate Solutions 155 121 $ 23 $ 15 $ (9) $ 6 $ 35 Total segment profit, a Non-GAAP measure $ 377 $ 373 $ (25) $ 39 $ (11) $ 2 $ 5 Corporate and other(3) (22) (24) - - - $ 2 $ 2 Total segment profit, including unallocated Corporate and other expenses, a Non-GAAP measure $ 355 $ 349 $ (25) $ 39 $ (11) $ 3 $ 6 Loss (gain) on sale from previous dispositions - - Acquisition costs(2) - - Restructuring charges - - Operating income $ 355 $ 349 (1) We define segment profit as a segment's operating income included in the accompanying Consolidated Statements of Operations, excluding: • Restructuring charges, • Gain (loss) on sale of previous dispositions, and; • Acquisition costs (2) Recorded in Losses and other expenses, net in the accompanying Consolidated Statement of Operations. (3) Corporate and other expenses include unallocated corporate costs related to corporate administrative functions such as ta x, treasury, accounting, internal audit, legal and human resources.
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NET DEBT TO ADJUSTED EBITDA Note: Totals above may not foot due to rounding 14 For the Twelve Months Ended June 30, (Unaudited) 2026 2025 Income before taxes, a GAAP Measure $ 982.6 $ 1,039.0 Restructuring charges, before tax 6.8 - Interest expense, net 56.3 28.9 Pension settlements, before tax 0.8 0.3 Other expense (income), net before tax 3.4 2.3 Loss (gain) on sale from previous dispositions (0.9) 3.1 Depreciation and amortization expense 121.9 98.3 Adjusted EBITDA, a non-GAAP measure $ 1,170.9 $ 1,171.9 As of June 30, (Unaudited) 2026 2025 Total Debt $ 1,581.3 $ 1,388.4 Less Cash 51.5 34.2 Less Short-term investments 0.6 0.5 Net Debt, a non-GAAP measure $ 1,529.2 $ 1,353.7 Debt to Adjusted EBITDA ratio 1.3 1.2
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FREE CASH FLOW & FCF CONVERSION Note: Totals above may not foot due to rounding 15 For the Three Months Ended June 30, (Unaudited) For the Twelve Months Ended (Unaudited) 2026 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net Cash provided by operating activities, a GAAP measure $ 172.0 $ 86.8 $ 835.5 $ 684.1 $ 757.6 $ 809.5 $ 894.7 Purchases of property, plant and equipment (35.7) (28.5) (155.4) (149.8) (118.8) (148.8) (156.0) Proceeds from the disposal of property, plant and equipment 0.7 0.4 2.3 1.7 1.4 1.6 1.9 Free cash flow, a Non-GAAP measure $ 137.0 $ 58.7 $ 682.4 $ 536.0 $ 640.2 $ 662.3 $ 740.6 After Tax Amount After Tax Amount After Tax Amount After Tax Amount After Tax Amount Net income, a GAAP measure $ 844.3 $ 865.1 $ 805.8 $ 793.3 $ 788.5 Restructuring charges - - 5.1 5.1 5.1 Acquisition costs (a) - - 8.9 8.9 8.9 Loss (gain) on sale from previous dispositions 3.1 3.1 (0.7) (0.7) (0.7) Adjusted net income, a non-GAAP measure $ 847.4 $ 868.2 $ 819.1 $ 806.6 $ 801.8 FCF Conversion 81% 62% 78% 82% 92% (a) Recorded in Losses and other expenses, net in the Consolidated Statements of Operations