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Second-Quarter 2026 Results July 30, 2026
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Forward-Looking Statements 2 This presentation includes “forward-looking" statements within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our future financial performance and targets, including revenue, EPS, operating income, operation margin and earnings; operating leverage; our business operations; demand for our products and services, including bookings and backlog; capital deployment, including the amount and timing of our dividends, our share repurchase program, and our capital allocation strategy, including M&A activities and investments, if any; our projected free cash flow and usage of such cash; our available liquidity; our anticipated revenue growth, including growth in organic revenue; performance of the markets in which we operate; our foreign exchange rate outlook, our credit rating; our productivity and cost savings initiatives; our sustainability initiatives and our effective tax rate. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, global economic conditions, including recessions and economic downturns, inflation, volatility in interest rates and foreign exchange; trade protection measures such as import or export restrictions, tariffs, modifications to trade agreements or quotas; changing energy prices; worldwide geopolitical conflict; including the Middle East conflicts; financial institution disruptions; climate change and our sustainability strategies and goals; future health care emergencies on our business, our suppliers and our customers; commodity shortages; price increases; government regulation; restructuring activity and cost savings associated with such activity; secular trends toward decarbonization, energy efficiency and internal air quality, the outcome of any litigation, including the risks and uncertainties associated with the Chapter 11 proceedings for our deconsolidated subsidiaries Aldrich Pump LLC and Murray Boiler LLC; cybersecurity risks; and tax audits and tax law changes and interpretations. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2025, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events and how they may affect the Company. We assume no obligation to update these forward-looking statements. This presentation also includes non-GAAP financial information, which should be considered supplemental to, not a substitute for, or superior to, the financial measure calculated in accordance with GAAP. The definitions of our non-GAAP financial information are included as an appendix in our presentation and reconciliations can be found in our earnings releases for the relevant periods located on our website at www.tranetechnologies.com. Unless otherwise indicated, all data beyond the second quarter of 2026 are estimates.
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C L E A R P R I O R I T I E S Focused Strategy Delivers DifferentiatedShareholder Returns 1 2 3 4 Maximize ValueAs Continue With Strong business operating system and performance culture Uplifting culture – integrity, ingenuity, community & engagementPowerful cash flow Win Through Sustainable Innovation Grow Margins and Cash Via Execution Excellence Focused Climate Co. Dynamic Capital Allocation Strong Foundation 3
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4 *IncludescertainNon-GAAP financial measures.See the company’s Q2 2026 earningsrelease foradditional details and reconciliations Q 2 2 0 2 6 U P D A T E Consistent Execution — Record Bookings and Backlog, Raised FY Guidance Strong Q2 Results • Organic revenue* +9%, led by Americas CHVAC, services, residential • Adjusted EPS* +11% • Organic bookings* +37% → record backlog of $12.1B, up ~70% YOY • YTD FCF* of ~$1.6B • $12.1B backlog; exceptional visibility into 2H, future growth Multiple Drivers Underpin Durable Growth • Americas CHVAC applied bookings +130% — 4th straight quarter >100%; backlog up ~90% YOY • Global applied bookings up ~100%; broad-based across segments and vertical markets • Services ~1/3 of revenue, low-teens CAGR since 2020 • Robust project pipeline across key verticals • Resi and Americas transport tailwinds in 2H / 2027 Best-in-Class Financial Position • Balance sheet, liquidity and strong FCF provide optionality for balanced capital deployment • Top priority - business reinvestments in capacity, innovation, operational excellence for continued market outgrowth Raising FY 2026 Guidance • Expect organic revenue* growth of ~+9% & reported revenue growth of ~+11.5% • Expect adjusted EPS of $15.20 to $15.30, up from $14.75 to $14.95 prior (see pages 9 & 17 for more detail)
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*Organicbookings and organic revenues exclude acquisitions and currency 5 Q 2 2 0 2 6 O R G A N I C B O O K I N G S A N D R E V E N U E S Q2 Organic* Y-O-Y Change Bookings Revenue Enterprise + 37% + 9% Americas + 43% + 11% Commercial HVAC + + Residential HVAC + + Transport + - EMEA + 4% - 4% Commercial HVAC + - Transport - - Asia Pacific + 31% + 10% China - - Rest of Asia + + Americas • Exceptional CHVAC bookings / revenues, up 50% / up low-teens, respectively. Revenue growth led by strong applied and services, w/ applied solutions up >40% • Resi bookings / revs, up high-twenties / up low-teens, respectively • Transport bookings / revs, up LSD / down LDD, respectively, as expected EMEA • CHVAC bookings up LDD; revs down LSD • Transport bookings / revs down MSD / down HSD, respectively • Excluding Middle East, segment bookings / revs up mid-teens / up LSD, respectively Asia Pacific • CHVAC bookings / revs, up mid-thirties / up LDD • China CHVAC bookings / revs down LDD / down LSD, respectively. • Rest of Asia (ROA) bookings up over ~70% / revs up high-teens Strong Demand for CHVAC Globally with Standout Performance in the Americas
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6 Q 2 2 0 2 6 E N T E R P R I S E R E S U L T S Performance Scoreboard: Solid Revenue & EPS Growth Net Revenue 21.8% 21.1% Q2'25 Q2'26 $5,746 $6,354 Q2'25 Q2'26 20.3% 19.7% Q2'25 Q2'26 +9% Organic* *Includes certain Non-GAAP financial measures. See the company’s Q2 2026 earnings release for additional details and reconciliations. Adj. Continuing EPS* $3.88 $4.31 Q2'25 Q2'26 +11% Adj. EBITDA Margin* -70 bps Adj. Operating Margin* -60 bps • Volume growth and positive price was more than offset by inflation and high levels of business reinvestment • Organic revenue growth up HSD in equipment, with continued strong HSD services growth • BOS driving operational excellence throughout P&L
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Q 2 2 0 2 6 S E G M E N T R E S U L T S Margins In Line with Expectations Including Accelerated Investments Revenue Org.* Growth Adj. EBITDA*% vs PY Adj. OI*% vs PY Highlights $MAmericas $5,271.3 +11% 23.5% -50 bps 22.1% -30 bps EMEA $697.6 -4% 14.7% -360 bps 13.1% -420 bps • Strong margin expansion onprice and volume growth • Strong volume growth, positive price realization and productivity more than offset material and other inflation related to supply chain challenges and higher costs to serve customers including spot buys and expedited freight • Continued business reinvestment supporting sustainability strategy Asia Pacific $384.6 +10% 21.8% -150 bps 21.0% -60 bps * Includes certain Non-GAAP financial measures. See the company’s Q2 2026 earnings release for additional details and reconciliations. • Americas margins impacted by ramp in business reinvestments to support future growth - mainly 1) capacity, 2) innovation, 3) operational excellence projects • EMEA – solid Europe performance. ME impacted by continued conflict in the region (~$30M OI impact). Took actions in late Q2 to right size ME cost structure for lower revenues expected Q3- Q4 • Strong overall performance led by ROA, w/ leverage impacted by accelerated channel investments to support future growth 7
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Americas CommercialHVAC • Strong demand across data centers and core markets (K-12, office/warehouse, high-tech industrial) • Q2 book-to-bill ~135%; backlog up ~90% YOY with a robust project pipeline • Accelerating investments in 2026 to support exceptional bookings / backlog momentum and market outgrowth: 1) capacity, 2) innovation, 3) operational excellence • Ramping revenue growth in 2H, ~low-teens+ in Q3, mid-teens+ in Q4 • On pace to deliver ~$500M of Stellar Energy revenue in 2026, ~$1B run rate by 2028 Residential HVAC • Strong performance through 1H. YTD sell-in on par w/ sell-through; channel inventory remains healthy • Raising 2026 revenue outlook to +MSD growth, reflecting YTD strength & modest 2H growth vs easier comps Transport • Transport market KPIs remain healthy & support late 2026 recovery / healthy 2027 markets. Expect flattish market in 2026 w/ healthy growth in Q4 • TK well positioned to outperform as market recovers EMEA EMEA Segment • 2H continued headwinds from ME conflict – estimate negative YOY impact of ~$100M revenue / $30M OI (~$0.10 EPS) • 2H rev growth of +LSD expected, w/ margins flattish; FY rev growth flattish, w/ margins down ~200bps Commercial HVAC • Excluding ME - expect FY +HSD revenues w/ 25%+ leverage, reflecting robust bookings momentum Transport • 2026 EMEA market expected to be down HSD. Expect TK to outperform and deleverage at gross margin rates Asia Pacific Commercial HVAC & Transport • 2026 - expect +LSD to +MSD growth for APAC led by ROA • China remains dynamic M A R K E T U P D A T E FY 2026 Outlook Strong: Record Bookings & Backlog Support Robust Growth in 2027 8
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Organic Revenues** January 29th FY Guidance April 30th FY Guidance Current FY Guidance* +6% to +7% (~+8.5% to ~+9.5% reported, incl. M&A & FX) ~+7% (~+9.5% reported, incl M&A & FX) ~+9% (~+11.5% reported, incl M&A & FX) Q3’26 expect ~+10% Adj. EPS** $14.65 to $14.85 (~+12% to ~+14%) $14.75 to $14.95 (~+13% to ~+15%) $15.20 to $15.30 (~+16% to ~+17%) Q3’26 expect ~$4.70 Operating Leverage** Organic 25%+ Organic 25%+ Organic 25%+ Free Cash Flow** ≥ Adj. Net Earnings ≥ Adj. Net Earnings ≥ Adj. Net Earnings 9 2 0 2 6 G U I D A N C E LeveragingValueCreationFlywheelto DriveStrong Revenue,EPS Growthand FCF in 2026 9 *See page 17 for additional details **Includes certain Non-GAAP financial measures. See the company’s Q2 2026 earnings release for additional details and reconciliations
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METRIC 1H 2026 2H 2026 (Guidance Mid-Point) 6.5% 11.5% 9.6% 23.5% $7.8B $12.1B K E Y M E T R I C S I N S E C O N D H A L F Accelerated Performance in 2H 2026, Strong Momentum into 2027 ORGANIC REVENUE* GROWTH ADJUSTED EPS* GROWTH BACKLOG ENTERING PERIOD *Includes certain Non-GAAP financial measures. See the company’s Q2 2026 earnings release for additional details and reconciliations 10
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* Includes certainNon-GAAP financial measures.See the company’s Q2 2026 earningsrelease foradditional details and reconciliations StrongFCF DrivesContinuedBalancedCapitalDeploymentStrategy 1 Invest for Growth • Strengthen the core business and extend product & market leadership • Invest in new technology and innovation • Strategic investmentsin value- accretive M&A 2 Maintain Healthy, Efficient Balance Sheet • Expect to deliverFCF* ≥ 100% of adjustednet earnings • Strengtheningbalancesheet • Strong A3/A- investment grade rating offers optionality as markets evolve 3 Return Capital to Shareholders • Expect to consistentlydeploy 100% of excess cash over time • Pay competitiveand growing dividendover time • Repurchaseshares when stock is trading below our calculated intrinsic value 11
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B A L A N C E D C A P I T A L D E P L O Y M E N T On Track to Deploy $2.8B - $3.3B in 2026 YTD Actual & Committed July 2026 Target FY 2026 Dividends ~$690M ~$0.9B M&A, investments ~$340M* ~$1.9B to ~$2.4B Share repurchases ~$840M** Total Capital Deployed/Committed ~$1.9B ~$2.8B to ~$3.3B 12 • Increased dividend 12% in 2026 to $4.20 per share annualized, up 98% since the launch of Trane Technologies (March 2020) • Share repurchases of ~$0.8B YTD 2026, ~$3.8B remaining under repurchase authorization • M&A pipeline remains active; maintain disciplined approach • Shares remain attractive, trading below our calculated intrinsic value • Strategic investments in capacity to support future growth, long-term capacity & master purchase agreements. Expect 2026 capex to be 2%-3% of revs **Excludes Jan 2026 share repurchases of $90M that were included in FY 2025; includes ~$170M share repurchases in July 2026 *Excludes Stellar Energy and K&P investment which were committed to and included in FY 2025 capital deployment
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Topics of Interest
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14 0 10 20 30 40 50 N.A. Trailer Build Avg 2015 - 2030 * Forecast shown in grey Source: ACT July 2026 Forecast CommentsACT North America Trailer Market Outlook T O P I C S O F I N T E R E S T ACT Projecting 2H 2026 Market Recovery; Strong Growth 2027 - 2030 • ACT 2026 trailer market forecast to ~28.3K, or up ~12% YOY, with recovery weighted to 2H 2026 • TT model more conservative given trailer OEM capacity constraints; growth mainly 4Q weighted • ACT expects significant growth from 2027 to 2030 • TT internal view aligned w/ markets showing strong growth, albeit at a more moderate rate • Underlying longer term refrigerated trailer demand remains solid, average ~42k units per year • Diversified Americas / EMEA Thermo King businesses poised to outperform end markets through continued innovation / execution Units in 000’s
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The markets we serve expected tocontinue to outgrow GDP,fueled by long-term sustainability megatrends Secular Tailwinds Sustainability Focused Innovation Margin Expansion Financial Strength We are positionedto outgrowthe marketand expand marginswith market-leading sustainableinnovations 15 Our best-in-class business operating system and uplifting culture enables usto maximizemarginsand cash generation Our strongbalance sheet,exceptionalcash generation and balancedcapital allocationstrategydeliver significant value to shareholders I N S U M M A R Y Positioned to Outperform Over the Long-Term
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Appendix
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*Includes certain Non-GAAP financial measures. See the company’s Q2 2026 earnings release for additional details and reconciliations. 2 0 2 6 G U I D A N C E FY’26DetailedGuidancefor ModelingPurposes 17 Metric FY Guidance Organic Revenue* ~+9% M&A ~+2 pts FX ~+0.5 pts Reported Revenue ~+11.5% Adj. EPS* $15.20 to $15.30 ~+16% to ~+17% 2026 Commentary • ~25%+ organic leverage* for FY’26 • Impact of M&A on organic vs reported leverage expected to be ~700 bps (reported leverage lower on modest M&A OI contribution due to year one acquisition and integration related costs) • Stellar Energy neutral to EPS w/ capacity and BOS investments (prior +$0.03) Other Items 3Q’26: expect ~+10% organicrevenue growth, Adj. EPS ~$4.70 FY’26 Other Items (unchanged): • Expect CapEx of 2% to 3% of 2026 revs • ~222M diluted shares FY’26 Other Items (updated): • ~$330M corporate costs (prior $300M) - Continued above-average incremental high ROI investment (normal range ~40 bps year) including digital, factory automation, sales force excellence, service business excellence, product innovation. • ~$220M interest expense (prior $235M) • ~19% adj. effective tax rate (prior ~20%) • FY’26 Other income / expense of ~$25M (prior ~$20M). Expect Q3/Q4 $5M each. Other items in other inc. / exp. such as FX impacts are unknown / not forecast-able • ~$25M non-controlling interest (NCI) 16
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TraneTechnologiesSustainabilityStrategy Global Megatrends Where We Focus Our Efforts The Gigaton Challenge Reduceone gigatonof carbon emissions(CO2e) from our customers’footprint TargetsAlign with Global Priorities Leading by Example Achieve carbonneutral operations, zero waste to landfill, reduce embodied carbon by 40%, design for circularity Opportunity for All Invest in our people, culture and communities, build the workforce of the future Operations Emissions & energy reduction Renewable energy Water usage Technology & Innovation Energy efficiency & electrification Low-emission products & systems Digital solutions & services Productlife cycle & circularity Supply Chain Responsible sourcing Supplier sustainability Employees Engagement Inclusion Ethics& integrity Safety Development Communities Education Access to cooling, food & wellness Workforce development Governance Board oversight Financial performance Public policy CLIMATE CHANGE URBANIZATION RESOURCE SCARCITY DEMOGRAPHICS DIGITAL CONNECTEDNESS INDOOR AIR QUALITY (IAQ) 18 Zero Hunger2 Quality Education4 Gender Equality5 6 Clean Water & Sanitation Affordable & Clean Energy7 Decent Work & Economic Growth Industry, Innovation & Infrastructure 8 9 Sustainable Cities & Communities 11 Responsible Consumption & Production 12 Climate Action13 SUSTAINABILITY COMMITMENTS Our 2030Commitments We believein ambitiousgoals foundedin science. TraneTechnologiesis 1st in industryto be 2050 Net-ZeroApproved by the Science-BasedTargetsInitiative(SBTi)
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A LEGACY OF ACTION Delivering performance through sustainability 18
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WidelyRecognizedfor Sustainability Leadership and Uplifting Culture Highly Regarded Sustainability Performance People and Citizenship Fortune 2026 World’s Most Admired Companies 14 consecutive years TIME World’s Best Companies Third consecutive year Just Capital Best of American Business Industry Leader for 4th consecutive year Named to CDP Climate A List Fourth consecutive year Gold Medal 83/100, 98th percentile Fortune World's Most Admired Companies is a registered trademark of Fortune Media IP Limited and is used under license. Fortune magazine, fortune.com, Fortune Media IP Limited and its affiliates are not affiliated with, and do not endorse, Trane Technologies’ products or services. 20 SUSTAINABILITY LEADER Ethisphere 2026 World’s Most Ethical Companies® Third consecutive year “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC. Financial Times Europe’s Climate Leaders 2026 Sixth consecutive year Glassdoor’s Best-Led Companies 2025 First time on list, Ranked 35th overall Fortune Best Workplaces in Manufacturing & Production Second consecutive year Forbes America’s Best Employers for Women 2025 Ranked 5th among companies in the Engineering/Manufacturing industry TIME World’s Most Sustainable Companies Third consecutive year, Ranked 19th overall Corporate Knights USA 25 Most Sustainable Corporations Made the inaugural list
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Q2 YoY Organic Revenuesup 9%;Bookings up 37% 21 Organic* Bookings 2023 2024 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Americas -4% -8% +7% +13% +2% +20% +23% +8% +1% +13% +5% +7% +12% +26% +12% +29% +43% EMEA +10% +14% +12% +10% +11% +7% +10% +9% +9% +9% +13% -2% +14% +9% +8% -9% +4% Asia Pacific +13% +6% +12% +2% +8% +6% flat -31% +8% -5% -13% -17% +32% +1% -2% +26% +31% Total -1% -5% +8% +12% +3% +17% +19% +5% +2% +11% +4% +4% +13% +22% +11% +24% +37% Organic* Revenue 2023 2024 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Americas +8% +9% +11% +7% +9% +15% +16% +15% +11% +14% +13% +9% +4% +5% +7% +4% +11% EMEA +15% +8% +3% +8% +8% +4% +5% +8% +7% +6% +6% +3% +3% +2% +3% -1% -4% Asia Pacific +8% +41% -1% flat +10% +16% -3% -21% +1% -3% -3% -8% +9% -6% -3% +3% +10% Total +9% +11% +9% +6% +9% +14% +13% +11% +10% +12% +11% +7% +4% +4% +6% +3% +9% *Non-GAAP financial measures.See the company’s Q2 2026 earnings release for additional details and reconciliations.
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YTDNon-GAAP Measures Definitions 22 Adjusted operating income in 2026 is defined as GAAP operating income adjusted for merger and acquisition transaction costs, amortization of acquired backlog intangible asset and restructuring costs. Adjusted operating income in 2025 is defined as GAAP operating income adjus ted for restructuring costs, merger and acquisition transaction costs and a non-cash adjustment for contingent consideration. Please refer to the reconciliat ion of GAAP to non-GAAP measures on tables 2, 3 and 4 of the news release. Adjusted operating margin is defined as the ratio of adjusted operating income divided by net revenues. Adjusted earnings from continuing operations attributable to Trane Technologies plc (Adjusted net earnings) in 2026 is defined as GAAP earnings from continuing operations attributable to Trane Technologies plc adjusted for net of tax impacts of merger and acquisition t ransaction costs, amortization of acquired backlog intangible asset, a non-cash gain from acquisition of a previously held investment and restructuring costs. Adj usted net earnings in 2025 is defined as GAAP earnings from continuing operations attributable to Trane Technologies plc adjusted for net of tax impacts of restructuring costs, merger and acquisition transaction costs and a non-cash adjustment for contingent consideration. Please refer to the reconciliation of GAAP to non-GAAP measures on tables 2 and 3 of the news release. Adjusted continuing EPS in 2026 is defined as GAAP continuing operations attributable to Trane Technologies plc adjusted for net of tax impacts of me rger and acquisition transaction costs, amortization of acquired backlog intangible asset, a non -cash gain from acquisition of a previously held investment and restructuring costs. Adjusted continuing EPS in 2025 is defined as GAAP continuing operations attributable to Trane Technolog ies plc adjusted for net of tax impacts of restructuring costs, merger and acquisition transaction costs and a non -cash adjustment for contingent consideration. Please refer to the reconciliation of GAAP to non-GAAP measures on tables 2 and 3 of the news release. Adjusted EBITDA in 2026 is defined as adjusted operating income excluding depreciation and amortization expense and including other income / (expense), net, excluding a non-cash gain from acquisition of a previously held investment. Adjusted EBITDA in 2025 is defined as adjusted operating income excluding depreciation and amortization expense and including other income / (expense), net. Other income / (expense), net mainly compr ises interest income, foreign currency exchange gains and losses and certain components of pension and postretirement benefit costs. Please refer to the re conciliation of GAAP to non- GAAP measures on tables 4 and 5 of the news release. Adjusted EBITDA margin is defined as the ratio of adjusted EBITDA divided by net revenues.
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YTDNon-GAAP Measures Definitions 23 Adjusted effective tax rate for 2026 is defined as the ratio of income tax expense adjusted for the net tax effect of adjustments for merger and acquisit ion transaction costs, amortization of acquired backlog intangible asset and restructuring costs divided by adjusted net earnings . Adjusted effective tax rate for 2025 is defined as the ratio of income tax expense adjusted for the net tax effect of adjustments for restructuring costs and merger and acquisition transaction costs divided by adjusted net earnings. This measure allows for a direct comparison of the effective tax rate bet ween periods. Free cash flow in 2026 is defined as net cash provided by (used in) continuing operating activities adjusted for capital expenditures, cash payments for restructuring costs and merger and acquisition transaction costs. Free cash flow in 2025 is defined as net cash provided by ( used in) continuing operating activities adjusted for capital expenditures, cash payments for restructuring costs, legacy legal liability, and merger and a cquisition transaction costs. Please refer to the free cash flow reconciliation on table 8 of the news release. • Free cash flow conversion is defined as the ratio of free cash flow divided by adjusted net earnings Operating leverage is defined as the ratio of the change in adjusted operating income for the current period (e.g. Q2 2026) less the prior perio d (e.g. Q2 2025), divided by the change in net revenues for the current period less the prior period. Organic revenue is defined as GAAP net revenues adjusted for the impact of currency and acquisitions. Organic bookings is defined as reported orders in the current period adjusted for the impact of currency and acquisitions. Working capital measures a firm’s operating liquidity position and its overall effectiveness in managing the enterprise's current accounts. • Working capital is calculated by adding net accounts and notes receivables and inventories and subtracting total current liabilities that exc lude short- term debt, dividend payable and income tax payables. • Working capital as a percent of revenue is calculated by dividing the working capital balance (e.g. as of June 30) by the annualized revenue for the period (e.g. reported revenues for the three months ended June 30 multiplied by 4 to annualize for a full year).