Company and Industry Overview * **Company**: Carrier Global Corporation (NYSE:CARR) * **Industry**: HVAC, Climate Solutions, Energy Efficiency Key Points Performance and Financials * **Q2 2023**: 6% organic growth, residential sales down mid-single digits, aftermarket up mid-teens YTD, full-year projected price cost positive up 300 million plus 300 million of productivity. * **Viessmann Climate Solutions**: Base business tracking to €4 billion in sales this year and €700 million EBITDA, double-digit growth profile. * **Business Exits**: Formal process of engaging with prospective buyers for security and commercial refrigeration begun, industrial fire in market next month, commercial and residential fire businesses targeting listing dates in late spring or early summer 2024. Market Trends and Opportunities * **Residential**: Sales expected to be down a few percent, volume down in high single-digit range, light commercial up around 20%. * **Light Commercial**: Strong across the board, 60% growth in Q2, 35% growth in Q1, driven by new beltless design, ESSER Funding for K-12, and lower end retail. * **Commercial Applied**: Up double digits, driven by growth in aftermarket controls, strong backlog, and focus on key verticals like K-12, healthcare, and data centers. * **Data Centers**: Strong growth, well-positioned in Europe and the United States, leveraging heat pumps and chillers, and Nlyte acquisition for heat dissipation and optimization. * **Heat Pumps**: Bullish on residential and commercial applications, driven by IRA incentives and energy efficiency benefits. * **Sustainability**: Focus on all things digitally enabled lifecycle revenues and sustainability, with strong traction in aftermarket and ESG initiatives. Competitive Positioning * **Brand**: Attractive brand recognition globally, with premier brand recognition for Carrier and other brands like Toshiba. * **Channel Access**: Deliberate channel approach that works globally. * **Product Portfolio**: Strong focus on energy efficiency, with new digital platforms and innovative products like mag-bearing chillers. * **Service**: Aftermarket tracking well, with high single-digit to low double-digit growth, strong coverage, and growing attachment rates. Strategic Initiatives * **Portfolio**: Exiting Fire and Security businesses, focusing on HVAC, Climate Solutions, and Energy Efficiency. * **Viessmann Acquisition**: Gaining a strong position in the European residential heating market and expanding into commercial and industrial markets. * **Capital Markets**: Exploring IPO for commercial and residential fire businesses to clean exit, maximize value, and improve leverage ratio. Regulatory Environment * **Germany**: Encouraging legislation for sustainability, with increased funding and subsidies for heat pumps and district heating. * **Europe**: Strong trajectory for heat pumps and greenification, with alignment with the European Green Deal-Fit for 55 and repower EU targets.

Carrier Global Corporation (NYSE:CARR) Q2 2023 Earnings Conference Call July 27, 2023 7:30 AM ET Company Participants Sam Pearlstein - Vice President of Investor Relations David Gitlin - Chairman and Chief Executive Officer Patrick Goris - Chief Financial Officer Conference Call Participants Jeffrey Sprague - Vertical Research Partners Steve Tusa - JPMorgan Julian Mitchell - Barclays Deane Dray - RBC Capital Markets Nigel Coe - Wolfe Research Joe Ritchie - Goldman Sachs Josh Pokrzywinski - Morgan Stanley No ...

See "Use and Definitions of Non-GAAP Financial Measures" for additional information regarding non-GAAP measures (Unaudited) (Unaudited) 2023 Adjusted Operating Profit Reconciliation 22 See "Use and Definitions of Non-GAAP Financial Measures" for additional information regarding non-GAAP measures 23 See "Use and Definitions of Non-GAAP Financial Measures" for additional information regarding non-GAAP measures Q2 2022 EPS Reconciliation 25 See "Use and Definitions of Non-GAAP Financial Measures" for additiona ...

30 Three Months Ended June 30, 2023 Compared with the Three Months Ended June 30, 2022 | --- | --- | |------------------------------------------------------------------------|------------------------------------| | components of the year-over-year change were as follows: | Three Months Ended June 30, 2023 | | Organic | 6 % | | Foreign currency translation | — % | | Acquisitions and divestitures, net | 9 % | | Total % change | 15 % | 31 Gross margin increased by $308 million compared with the three months en ...

Carrier Global Corporation (NYSE:CARR) Bernstein's 39th Annual Strategic Decisions Conference 2023 June 1, 2023 3:30 PM ET Company Participants David Gitlin - Chairman and Chief Executive Officer Conference Call Participants Brendan Luecke - Bernstein Brendan Luecke Good morning. My name is Brendan Luecke, and I'm the multi-industrials analyst at Bernstein. I'm joined today by David Gitlin, CEO and Chairman of Carrier. Dave has led Carrier since 2019 through the firm separation from UTC and an ongoing portf ...

Carrier Global Corporation (NYSE:CARR) Wolfe Research 16th Annual Global Transportation & Industrials Conference May 23, 2023 12:30 PM ET Company Participants Nigel Coe - Managing Director, Wolfe Research, LLC Conference Call Participants Patrick Goris - SVP & CFO Nigel Coe …and welcome to the post-lunch period here at the Wolfe Conference. Very pleased to welcome back and start again with Carrier. CFO, Patrick Goris on stage with me. Thanks Patrick for being here and so is Sam Pearlstein, Hear of IR. So I ...

Carrier Global Corporation (NYSE:CARR) 2023 Goldman Sachs Industrials and Materials Conference Call May 10, 2023 12:30 PM ET Company Participants David Gitlin - Chairman and Chief Executive Officer Sam Pearlstein - VP of Investor Relations Conference Call Participants Joe Ritchie - Goldman Sachs Joe Ritchie Excited to have our post-lunch conversation with Carrier, obviously a lot of news with Carrier recently. We are excited to have the Chairman and CEO, Dave Gitlin as well as VP of Investor Relations, Sam ...

Carrier Global Corporation (NYSE:CARR) Oppenheimer's AT Annual Industrial Growth Conference Call May 9, 2023 3:45 PM ET Company Participants Patrick Goris - SVP & CFO Conference Call Participants Operator Well, good afternoon, everyone. Thanks so much for joining us at day two of Oppenheimer's AT Annual Industrial Growth Conference. The last session of the day for us, and very pleased to be ending it with the management of Carrier. CFO, Patrick Goris, VP of IR, ladies and gentlemen. Welcome. Thanks so much ...

Carrier Global Corporation (NYSE:CARR) Q1 2023 Earnings Conference Call April 27, 2023 7:30 AM ET Company Participants Sam Pearlstein - Vice President of Investor Relations David Gitlin - Chairman & Chief Executive Officer Patrick Goris - Chief Financial Officer Conference Call Participants Julian Mitchell - Barclays Nigel Coe - Wolfe Research Jeffrey Sprague - Vertical Research Joe Ritchie - Goldman Sachs Tommy Moll - Stephens Noah Kaye - Oppenheimer Deane Dray - RBC Josh Pokrzywinski - Morgan Stanley Bret ...

(1) Amortization of the step-up to fair value of acquired inventory and backlog. (2) The carrying value of our previously held TCC equity investments were recognized at fair value and subsequently adjusted. | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|-------|----------------|-------|-------------------|-------|----------------------------------------------------------|-------|---------------------------------|------- ...