Core Viewpoint - The company is focused on accelerating growth through new product development, aftermarket services, and systems-related growth, with a positive outlook for performance improvement in the upcoming years [1]. Group 1: Growth Strategy - The company has identified three of the four elements in its growth algorithm—products, aftermarket, and systems—which are expected to contribute around 4 to 5 points of growth [2]. - The aftermarket segment is performing well, and the company is successfully introducing new products and gaining market share, particularly in data centers [2]. - The systems segment represents a new opportunity, with initiatives like CDUs for QuantumLeap offerings in data centers and energy system-level offerings in HEMS in Europe [3].

Carrier Global (NYSE:CARR) 2026 Conference Summary Company Overview - **Company**: Carrier Global Corporation - **Date**: February 19, 2026 - **Speakers**: Dave Gitlin (CEO), Patrick Goris (CFO) Key Industry Insights Growth Strategy - Carrier aims to achieve accelerated growth through new product development, aftermarket services, and system-related growth, targeting a growth algorithm of 6%-8% once market conditions improve [3][4] - The company anticipates facing a market headwind of 3-4 points in 2026, particularly in the CSA RLC business, which is projected to decline in high single digits [4][6] Market Conditions - The residential HVAC market is expected to decline by 10%-15% in 2026, with Carrier projecting a high single-digit decline for itself due to destocking effects [13][62] - The company is actively monitoring inventory levels and market indicators to better anticipate market fluctuations [8][10] Product Development and Market Position - Carrier has introduced new products in the data center segment, significantly increasing market share from 10% to nearly 40% in water-cooled chillers [31][32] - The company is focusing on system-level differentiation, integrating traditional cooling with advanced technologies like AI and digital twins [34][126] Financial Performance and Projections Revenue and Margins - The company expects attractive incrementals in the second half of 2026, with sales in the residential segment projected to increase by double digits [18][19] - Operating margins have improved significantly, with data center orders in Q4 up 400% compared to previous periods [32] Cost Management - Carrier anticipates a net headwind of $60 million from material costs (steel, copper, aluminum) in 2026, offset by a price increase of approximately one point [104][106] - The company has implemented productivity measures to mitigate cost impacts, including redesigning products and optimizing logistics [104][112] Regional Insights North America - The Americas commercial HVAC segment has shown strong growth, particularly in data centers, with orders up over 80% in Q4 [29] - The company is optimistic about the recovery of the residential market, contingent on factors like existing home sales and new construction [70] Europe - In Europe, the market is currently challenging, with a projected decline of 5%-10% in 2026. However, new product introductions and system sales are expected to drive future growth [39][40] - The company is preparing for a significant new product launch aimed at capturing market share amid changing subsidy levels [42][46] Asia and Emerging Markets - Carrier is expanding its presence in Asia, particularly in India and the Middle East, where demand for commercial HVAC is strong [76][78] - The company is optimistic about growth opportunities in Japan, especially in the data center sector [80] Innovations and Future Trends - Carrier is focusing on integrating home energy management systems (HEMS) with HVAC solutions to reduce grid demand during peak hours [126] - The company is investing in AI to enhance customer service and operational efficiency, aiming to leverage data for predictive maintenance and improved aftermarket services [99][100] Conclusion - Carrier Global is strategically positioned to navigate current market challenges while focusing on innovation and growth in key segments. The emphasis on system-level differentiation and proactive cost management will be critical as the company aims to achieve its long-term growth objectives.

Question-and-Answer SessionAnd I suppose, first off, thinking about the overall top line outlook, you have that 6% to 8% organic growth goal, and obviously, it's a through-cycle target. You've been below that the last couple of years for some well-rehearsed reasons. What do you think the probability is that you can get into that 6% to 8% range in the next few years?David GitlinChairman & CEO Good. We feel good about the algorithm. You can look at it -- Julian, and thank you for having us. You can look at it ...

Carrier Global (NYSE:CARR) FY Conference February 19, 2026 08:05 AM ET Company ParticipantsDavid Gitlin - Chairman and CEOModeratorGreat. Good morning, everyone, and welcome to day three of the Industrials Conference. It's my pleasure to start today with Carrier. We have Dave Gitlin, Chairman and CEO, and Mike Rednor, Investor Relations. So thanks very much, both of you, for being here today. I think we'll get straight into questions. And I suppose first off, you know, thinking about the overall top-line ou ...

Firm to invest Rs 1,000 cr to set up AC mfg unitKey PointsCarrier Air Conditioning and Refrigeration signed a deal to invest around Rs 1,000 crore for a new manufacturing unit at Sri City.Sri City has a total of 10 HVAC manufacturers and around 32 suppliers in its ecosystem.Carrier took just eight months from their first visit to the land handover and project finalisationThe new Carrier facility will come up on 39 acres at Sri CitySo far, Sri City has seen investments to the tune of Rs 12,000 crore from 10 ...

Core Viewpoint - Carrier Global Corporation demonstrates a strong commitment to dividend growth, with a recent 6.7% increase in its quarterly dividend, despite facing operational challenges in the residential market. The company's robust free cash flow and insider confidence support the sustainability of its dividend payments [6][24][25]. Dividend Profile - Carrier's dividend yield stands at 1.39%, which is below the industrial sector average, contrasting with Trane Technologies' 0.81% yield. However, Carrier has an A- overall dividend grade due to strong free cash flow coverage and a sustainable payout ratio of approximately 38% [4][5][8]. - The company has consistently increased its dividend for six consecutive years, with a significant acceleration in growth, including an 18.4% year-over-year increase projected for 2025 [2][3]. Financial Performance - In 2025, Carrier returned approximately $3.7 billion to shareholders, including $800 million in dividends and $2.9 billion in share repurchases. The free cash flow of $2.1 billion comfortably covered the dividend obligations [5][11]. - The fourth quarter of 2025 saw revenue decline to $4.84 billion, a 6% year-over-year decrease, with adjusted earnings per share falling 37% due to pressures in the residential segment [9]. Growth Drivers - The commercial HVAC segment showed resilience with a 50% increase in orders, driven by data center projects, while aftermarket services continue to grow at double-digit rates, providing stable revenue [10][20]. - For 2026, Carrier projects sales of approximately $22 billion and adjusted earnings per share around $2.80, indicating high single-digit growth [11]. Insider Confidence - Recent insider transactions, including significant purchases by CEO David Gitlin and CFO Patrick Goris, indicate strong management confidence in the sustainability of the dividend [13][14]. Valuation Context - Carrier trades at 40 times trailing earnings and 24 times forward earnings, reflecting investor expectations for margin recovery. The stock price has increased by 27.36% year-to-date, indicating market anticipation of recovery in residential markets and growth in data centers [15][16]. Conclusion - While Carrier's dividend growth trajectory is strong, the current yield may not attract income-focused investors compared to peers like Trane. The company's focus on capital appreciation and robust cash generation supports its dividend sustainability amid market challenges [24][25].

Stock Performance - On February 4, 2026, Carrier Global's trading volume reached $890 million, a significant increase of 57.91% compared to the previous trading day, with the stock price rising by 3.84% to $63.55 [2] - Over the past five trading days, the stock has increased by 9.74%, and year-to-date, it has risen by 20.27%, although it has decreased by 0.52% over the past 52 weeks [2] - The sudden increase in trading activity may reflect a market reassessment of the company's recent developments [2] Recent Events - On December 19, 2025, Carrier Global announced the signing of an agreement to sell its Riello business to Ariston Group, with expected total proceeds of approximately $430 million [3] - The transaction is planned to be completed in the first half of 2026, pending regulatory approvals and customary closing conditions [3] - The company stated that the net proceeds will be used for general corporate purposes, including share repurchases [3] Financial Performance - According to the Q3 2025 financial report released on October 28, 2025, the company's revenue for the period from January to September 2025 was $16.91 billion, a year-on-year decrease of 2.47%, while net profit was $1.525 billion, down 51.42% year-on-year [4] - However, in the first quarter of 2025, the company achieved a year-on-year net profit growth of 51.21%, reaching $437 million [4] - Market attention has shifted to whether the upcoming full-year financial report for 2025 will continue the volatility observed between quarters [4] Strategic Initiatives - During the Q3 2025 earnings call, management mentioned challenges such as weak North American residential business, leading to the announcement of a reduction of 3,000 indirect positions [5] - The board has approved a $5 billion share repurchase authorization as part of efforts to optimize operational efficiency and support long-term growth directions, such as data centers and heat pump businesses [5]

Group 1 - Carrier Global Corporation's Chairman & CEO David Gitlin will participate in a fireside chat at the Barclays 43 Annual Industrial Select Conference on February 19, 2026, at 8:05 a.m. ET [1] - Later on the same day, CFO Patrick Goris will join Gitlin for a fireside chat at the Citi 2026 Global Industrial Tech & Mobility Conference at 1:00 p.m. ET [1] - Both events will be broadcast live on the company's investor relations website, with a replay available afterward [2] Group 2 - Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focusing on innovations that enhance comfort, safety, and sustainability [3] - The company has a history of advancements in climate solutions, including temperature control, air quality, and transportation, aimed at improving lives and ensuring the safe transport of essential goods [3] - Carrier has been a pioneer in the air conditioning industry since its invention in 1902, emphasizing a customer-centric approach through its inclusive workforce [3]

Core Insights - Carrier Global Corporation (CARR) has delivered over 20% returns in just two and a half months, indicating strong investor confidence and potential growth in the company [1]. Company Overview - The company operates in the logistics sector, which has seen significant interest and investment opportunities [1]. - Carrier Global Corporation is part of a broader portfolio that includes investments in various industries such as banks, telecommunications, and hotels [1]. Market Context - The logistics sector has been a focus for nearly two decades, with increasing investor engagement in stock markets, particularly in the ASEAN and US markets [1]. - The trend of diversifying investment portfolios beyond traditional savings in banks and properties has gained traction, especially since 2014 [1].

Core Insights - Carrier Global Corporation (CARR) has delivered over 20% returns in just two and a half months since the last coverage, indicating strong investor confidence and potential growth in the company [1]. Company Overview - The company operates in the logistics sector, which has seen significant interest and investment opportunities, particularly in the context of macroeconomic analysis [1]. - Carrier Global Corporation is part of a diversified portfolio that includes investments in various industries such as banking, telecommunications, and hotels [1]. Market Context - The logistics sector has been a focus for nearly two decades, with increasing investor engagement in stock markets as a means of portfolio diversification [1]. - The US market has been a point of interest for investors, with a notable increase in trading activities since 2020, reflecting a broader trend of diversification beyond local markets [1].