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Third-Quarter 2026 Results October 29, 2026
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Forward-Looking Statements 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 third 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 Differentiated Shareholder Returns Focused Strategy Delivers Differentiated Shareholder Returns 1 2 3 4 Maximize Value As 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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*Includes certain Non-GAAP financial measures. See the company’s Q3 2026 earnings release for additional details and reconciliations Q 3 2 0 2 6 U P D A T E Strong Bookings and Backlog; Raising FY Revenue and FCF Guidance Strong Bookings and Backlog; Raising FY Revenue and FCF Guidance Strong Q3 Results Multiple Drivers Underpin Durable Growth Best-in-Class Financial Position • Balance sheet, liquidity and strong FCF provide optionality for balanced capital deployment • Business reinvestments in capacity, innovation, operational excellence prioritized for continued market outgrowth 2026 FY Guidance 4 • Expect organic revenue growth of ~+11% & reported revenue growth of ~+13.5% (up from ~+9% and ~+11.5%, respectively) • Reaffirming adjusted EPS of $15.20 to $15.30 (see pages 9 & 17 for more detail) • Expect FCF >100% of Adj net earnings • Bookings strength across all segments • Global applied organic bookings up ~40%; broad-based growth across segments and vertical markets • Strong global CHVAC backlog creating positive momentum for 2027; pipeline remains robust • Services ~1/3 of revenue, low-teens CAGR since 2020 • Organic revenue* up 16% YOY, led by Americas; all segments had positive growth • Adjusted EPS* up 25% YOY • Organic bookings* up 20% YOY; backlog of $12.5B, up >70% YOY • YTD FCF* of ~$2.8B, up $1B YOY
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Q 3 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 5 Q3 Organic* Y-O-Y Change Bookings Revenue Enterprise + 20% + 16% Americas + 16% + 19% Commercial HVAC + + Residential HVAC + + Transport + + EMEA + 41% + 2% Commercial HVAC + + Transport + - Asia Pacific + 21% + 7% China - - Rest of Asia + + Americas • Exceptional CHVAC bookings / revs, up LDD / up low-twenties, respectively. Revenue growth led by applied solutions up >60%; continued strength in services up ~10% • Resi bookings / revs both up ~20% • Transport bookings / revs, up high-thirties / up HSD, respectively EMEA • CHVAC bookings up ~60%; revs up LSD • Transport bookings / revs up MSD / flattish, respectively • Excluding Middle East, segment bookings / revs up >50% / up HSD, respectively Asia Pacific • CHVAC bookings / revs, up low-twenties / up HSD • China CHVAC bookings / revs down ~40% / down HSD, respectively. • Rest of Asia bookings / revs up 70% / up high-teens *Organic bookings and organic revenues exclude acquisitions and currency Enterprise Bookings Growth of 20% Led By Global Commercial HVAC, Residential, and Americas Transport Enterprise Bookings Growth of 20% Led By Global Commercial HVAC, Residential, and Americas Transport
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Q3 202 6 EN T ER PR I S E R ESU L T S Performance Scoreboard: Strong Revenue EPS Growth Performance Scoreboard: Strong Revenue & EPS Growth Net Revenue 21.8% 21.4% Q3'25 Q3'26 $5,743 Q3'25 Q3'26 20.6% 20.2% Q3'25 Q3'26 +16% Organic* $6,760 *Includes certain Non-GAAP financial measures. See the company’s Q3 2026 earnings release for additional details and reconciliations. Adj. Continuing EPS* $3.88 Q3'25 Q3'26 +25% $4.86 Adj. EBITDA Margin* -40 bps Adj. Operating Margin* -40 bps • Elevated inflation and supply chain constraints due to robust market demand and regulatory actions partially offset by volume growth, positive price and productivity • High levels of business reinvestment 6 • Organic revenue growth up low-twenties in equipment, with continued strong HSD services growth • BOS driving operational excellence throughout P&L • Strong OI growth driving robust bottom line
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Q 3 2 0 2 6 S E G M E N T R E S U L T S Margin Expansion in the Americas, Managing Through Elevated Inflation and Supply Chain Pressure, Continued Business Reinvestment Margin Expansion in the Americas, Managing Through Elevated Inflation and Supply Chain Pressure, Continued Business Reinvestment • Strong margin expansion on price 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 * Includes certain Non-GAAP financial measures. See the company’s Q3 2026 earnings release for additional details and reconciliations. $M Revenue Org.* Growth Adj. EBITDA*% vs PY Adj. OI*% vs PY Highlights Americas $5,647.9 +19% 23.5% +40 bps 22.3% +50 bps • Americas margins expanded from strong volume growth, partially offset by headwinds from elevated inflation and global supply chain constraints due to high demand and regulatory actions • EMEA – solid performance in Europe, margins impacted by ME conflict • Asia Pacificmarginsimpacted by challengingmarketconditionsin China,strengthin Restof Asia • Continued high level of business reinvestment to support strong capacity, innovation and operational excellence projects EMEA $755.8 +2% 18.7% -230 bps 17.2% -250 bps Asia Pacific $356.0 +7% 19.7% -360 bps 18.6% -390 bps 7
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Americas Commercial HVAC • Strong demand across data centers and core markets; YTD growth in 11 of 14 verticals • Q3 book-to-bill >100%; backlog up >80% YOY with a robust project pipeline • Raising 2026 revenue outlook to +15%-16%; Revenue strength continues with expected +low-twenties in Q4 supported by backlog • Expect to deliver ~$500M of Stellar Energy revenue in 2026, ~$1B run rate by 2028 ResidentialHVAC • Strong performance YTD; YTD sell-in on par with sell-through; channel inventory remains healthy • Raising 2026 revenue outlook to +HSD Transport • Transport market KPIs remain healthy & support late 2026 recovery. Expect flattish market in 2026 w/ mid to high-teens revs growth in Q4 EMEA EMEA Segment • Continued headwinds from Middle East conflict • FY revenue growth flattish w/ margins down ~200bps Commercial HVAC • Excluding Middle East, expect +HSD revs for FY, robust bookings momentum with a strong pipeline Transport • 2026 EMEA market expected to be down HSD. Expect TK to outperform and deleverage at gross margin rates Asia Pacific Commercial HVAC & Transport • Raising 2026 revenue outlook to +MSD to +HSD; Q4 expect +HSD growth for APAC led by Rest of Asia • China remains dynamic (approximately 1/3rd of APAC segment) M A R K E T U P D A T E Strong Bookings Backlog Support Strong Exit to 2026 Strong Bookings & Backlog Support Strong Exit to 2026 8
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Organic Revenues** January 29th FY Guidance July 30th FY Guidance Current FY Guidance* +6% to +7% (~+8.5% to ~+9.5% reported, incl. M&A & FX) ~+9% (~+11.5% reported, incl M&A & FX) ~+11% (~+13.5% reported, incl M&A & FX) Q4’26 expect ~+14.5% Adj. EPS** $14.65 to $14.85 (~+12% to ~+14%) $15.20 to $15.30 (~+16% to ~+17%) $15.20 to $15.30 (~+16% to ~+17%) Q4’26 expect ~$3.40 to ~$3.50 Operating Leverage** Organic 25%+ Organic 25%+ Organic ~Low Twenties% Free Cash Flow** ≥ Adj. Net Earnings ≥ Adj. Net Earnings > Adj. Net Earnings 2 0 2 6 G U I D A N C E Leveraging Value Creation Flywheel to Drive Strong Revenue, EPS and FCF Growth in 2026 Leveraging Value Creation Flywheel to Drive Strong Revenue, EPS and FCF Growth in 2026 9 *See page 17 for additional details **Includes certain Non-GAAP financial measures. See the company’s Q3 2026 earnings release for additional details and reconciliations
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* Includes certain Non-GAAP financial measures. See the company’s Q3 2026 earnings release for additional details and reconciliations Strong FCF Drives Continued Balanced Capital Deployment Strategy Strong FCF Drives Continued Balanced Capital Deployment Strategy 1 Invest for Growth • Strengthen the core business and extend product & market leadership • Invest in new technology and innovation • Strategic investments in value- accretive M&A 2 Maintain Healthy, Efficient Balance Sheet • Expect to deliver FCF* ≥ 100% of adjusted net earnings over time, FCF > 100% for 2026 • Strengthening balance sheet • Strong A2/A- investment grade rating offers optionality as markets evolve 3 Return Capital to Shareholders • Expect to consistently deploy 100% of excess cash over time • Pay competitive and growing dividend over time • Repurchase shares when stock is trading below our calculated intrinsic value 10
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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 Expect to Deploy >$3.4B in 2026 Expect to Deploy >$3.4B in 2026 YTD Actual & Committed October 2026 Revised FY 2026 Target Dividends ~$930M ~$0.9B M&A, investments ~$1,080M* ~$2.5B+ Share repurchases ~$1.4B** Total Capital Deployed/Committed ~$3.4B*** ~$3.4B+ • Raising FY 2026 capital deployment from $2.8B- $3.3B to $3.4B+ • Increased dividend 12% in 2026, up 98% since the launch of Trane Technologies (March 2020) • Share repurchases of ~$1.4B YTD 2026, ~$3.3B remaining under repurchase authorization • Shares remain attractive, trading below our calculated intrinsic value • Active M&A pipeline; committed to 3 acquisitions since Q2; maintain disciplined approach • Announced Cancoil acquisition on Oct. 21, close expected late Q4 / early Q1 • ‘26 annual revs ~$175M w/ ~40% derived from sales to TT • Adj EPS accretive Year 1 • Expect 2026 capex to be ~2% of revs*Excludes Stellar Energy and K&P investment which were committed to and included in FY 2025 capital deployment **Excludes Jan 2026 share repurchases of $90M that were included in FY 2025; includes ~$150M share repurchases in October 2026 ***Excludes debt retirement of $400M in Q1 2026 11
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Topics of Interest Topics of Interest
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0 10 20 30 40 50 N.A. Trailer Build Avg 2015 - 2030 13 * Forecast shown in grey Source: ACT Oct 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 2027 Market Recovery; Strong Growth Through 2030 ACT Projecting 2027 Market Recovery; Strong Growth Through 2030 • ACT 2026 trailer market forecast of ~26.6K, or up ~5% YOY • 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 ~41k 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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Strong CHVAC Demand • Well positioned to capture significant opportunities w/ best-in-class direct sales & service teams • Innovation aligned to megatrends and strong multi-year capex cycle; value prop improves with higher energy costs • Project complexity plays to our strengths in mega projects and high-growth verticals Exceptional CHVAC Backlog • Expect backlog to remain elevated entering 2027 • >95% of enterprise backlog is CHVAC, mainly applied Residential Market • Exiting 2026 with stronger momentum than 2025; channel inventory has normalized • Strong balanced portfolio; continue to monitor interest rate environment North America Transport Market • Leading indicators remain positive for recovery in 2027 • ACT projecting ~30% trailer growth in 2027; we continue to expect a more moderate growth trajectory Price Execution • Innovation-led pricing opportunities • Leveraging our BOS to mitigate inflation, expect pricing to improve in 2027 Services Growth • Robust / resilient services portfolio; low-teens CAGR since 2020 • Strong applied backlog bolsters higher margin recurring, long-tail revenue stream • Digital performance optimization – early innings for demand-side energy management Business Operating System • Proven track record of consistent execution to drive market outperformance • Improving supply chain resiliency 1414 2 0 2 7 D Y N A M I C S Well Positioned for Strong Performance in 2027 Well Positioned for Strong Performance in 2027
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The markets we serve expected to continue to outgrow GDP, fueled by long-term sustainability megatrends Secular Tailwinds Sustainability Focused Innovation Margin Expansion Financial Strength We are positioned to outgrow the market and expand margins with market-leading sustainable innovations 15 Our best-in-class business operating system and uplifting culture enables us to maximize margins and cash generation Our strong balance sheet, exceptional cash generation and balanced capital allocation strategy deliver significant value to shareholders I N S U M M A R Y Positioned to Outperform Over the Long-Term Positioned to Outperform Over the Long-Term
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Appendix Appendix
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*Includes certain Non-GAAP financial measures. See the company’s Q3 2026 earnings release for additional details and reconciliations. 2 0 2 6 G U I D A N C E FY’26 Detailed Guidance for Modeling Purposes FY’26 Detailed Guidance for Modeling Purposes Metric FY Guidance Organic Revenue* ~+11% M&A ~+2 pts FX ~+0.5 pts Reported Revenue ~+13.5% Adj. EPS* $15.20 to $15.30 ~+16% to ~+17% 2026 Commentary • ~Low-twenties% organic leverage* for FY’26 • Impact of M&A on organic vs reported leverage expected to be ~500 bps (reported leverage lower on modest M&A OI contribution due to year-one acquisition and integration costs, prior ~700bps) • Stellar Energy neutral to EPS w/ capacity and BOS investments (unchanged) Other Items 4Q’26: expect ~+14.5% organic revenue growth, Adj. EPS ~$3.40 to ~$3.50 FY’26 Other Items (updated): • Expect CapEx of ~2% of 2026 revs (prior 2-3%) FY’26 Other Items (unchanged): • ~222M diluted shares • ~$330M corporate costs; continued incremental high-ROI investment (normal range ~40 bps year) including digital, factory automation, sales force excellence, service business excellence, product innovation. • ~$220M interest expense • ~19% adj. effective tax rate • FY’26 other income / expense of ~$25M. Expect Q4 of $5M. Other items in other inc. / exp. such as FX impacts are unknown / not forecast-able • ~$25M non-controlling interest (NCI) 17
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Trane Technologies Sustainability Strategy Trane Technologies Sustainability Strategy Global Megatrends Where We Focus Our Efforts Targets Align with Global Priorities Leading by Example Achieve carbon neutral 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 Product life 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 Our 2030 Commitments The Gigaton Challenge Reduce one gigaton of carbon emissions (CO2e) from our customers’ footprint 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 S U S T A I N A B I L I T Y C O M M I T M E N T S We believe in ambitious goals founded in science. Trane Technologies is 1st in industry to be 2050 Net-Zero Approved by the Science-Based Targets Initiative (SBTi)
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A L E G A C Y O F A C T I O N Delivering performance through sustainability Delivering performance through sustainability 19
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Widely Recognized for Sustainability Leadership and Uplifting Culture Widely Recognized for Sustainability Leadership and Uplifting Culture Highly Regarded Performance People and Citizenship Fortune 2026 World’s Most Admired Companies 14 consecutive years Fortune Best Workplaces in Manufacturing & Production Second consecutive year TIME World’s Best Companies Fourth consecutive year TIME World’s Most Sustainable Companies Third consecutive year, Ranked 19th overall Just Capital Best of American Business Industry Leader for 4th consecutive year Named to 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. . S U S T A I N A B I L I T Y L E A D E R 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. Forbes America’s Best Employers for Women 2026 Second consecutive year Financial Times Europe’s Climate Leaders 2026 Sixth consecutive year Corporate Knights USA 25 Most Sustainable Corporations Made the inaugural list 3BL 100 Best Corporate Citizens 2026 Ranked 3rd Overall 20
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Q3 YoY Organic Revenues up 16%; Bookings up 20% Q3 YoY Organic Revenues up 16%; Bookings up 20% Organic* Bookings 2023 2024 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Americas -4% -8% +7% +13% +2% +20% +23% +8% +1% +13% +5% +7% +12% +26% +12% +29% +43% +16% EMEA +10% +14% +12% +10% +11% +7% +10% +9% +9% +9% +13% -2% +14% +9% +8% -9% +4% +41% Asia Pacific +13% +6% +12% +2% +8% +6% flat -31% +8% -5% -13% -17% +32% +1% -2% +26% +31% +21% Total -1% -5% +8% +12% +3% +17% +19% +5% +2% +11% +4% +4% +13% +22% +11% +24% +37% +20% Organic* Revenue 2023 2024 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Americas +8% +9% +11% +7% +9% +15% +16% +15% +11% +14% +13% +9% +4% +5% +7% +4% +11% +19% EMEA +15% +8% +3% +8% +8% +4% +5% +8% +7% +6% +6% +3% +3% +2% +3% -1% -4% +2% Asia Pacific +8% +41% -1% flat +10% +16% -3% -21% +1% -3% -3% -8% +9% -6% -3% +3% +10% +7% Total +9% +11% +9% +6% +9% +14% +13% +11% +10% +12% +11% +7% +4% +4% +6% +3% +9% +16% *Non-GAAP financial measures. See the company’s Q3 2026 earnings release for additional details and reconciliations. 21
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YTD Non-GAAP Measures Definitions YTD Non-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 adjusted for 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, 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 transaction costs, amortization of acquired backlog intangible asset, a non-cash gain from acquisition of a previously held investment and restructuring costs. Adjusted 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 merger 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 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 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 comprises interest income, foreign currency exchange gains and losses and certain components of pension and postretirement benefit costs. Please refer to the reconciliation 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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YTD Non-GAAP Measures Definitions YTD Non-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 acquisition 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 between 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 acquisition 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. Q3 2026) less the prior period (e.g. Q3 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 exclude 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 September 30) by the annualized revenue for the period (e.g. reported revenues for the three months ended September 30 multiplied by 4 to annualize for a full year). Book-to-bill is the amount of bookings received from customers during a period (e.g. Q3 2026) divided by the amount of revenue recorded du ring that same period (e.g. Q3 2026)