Financial Data and Key Metrics Changes - The company reported sales of $6.1 billion with 6% organic sales growth, benefiting from a foreign currency translation tailwind [17] - Adjusted operating profit increased by 10% year-over-year to $1.2 billion, with adjusted operating margin expanding by 130 basis points to 19.1% [18][19] - Adjusted EPS rose by 26% year-over-year to $0.92, driven by organic revenue growth and strong productivity [19][30] Business Line Data and Key Metrics Changes - The CSA segment achieved organic sales growth of 14%, with commercial sales excluding Nuresco up 45% [20] - The CSE segment saw flat organic sales growth, with residential and light commercial sales about flat, while commercial was up low single digits [22] - The CS Asia Pacific segment experienced a 4% decline in organic sales, with strong growth in Japan, India, and the Middle East offset by weakness in residential China [23] Market Data and Key Metrics Changes - Total company organic orders were down high teens, with North America residential orders down about 60% compared to the previous year [25] - The Americas had strong performance, particularly in commercial HVAC, with total global commercial HVAC sales expected to reach approximately $6.5 billion in 2025, up nearly 20% year-over-year [6][17] - The European market showed mixed results, with residential sales down but heat pump unit sales in Germany up over 50% [14] Company Strategy and Development Direction - The company aims for sustained organic growth of 6% to 8% by exceeding customer expectations through differentiated products and double-digit aftermarket growth [5] - The integration of RLC and commercial HVAC in Europe is expected to create sales and cost opportunities, leveraging each other's strengths [15] - The company is focused on building a backlog for data centers and expanding its product offerings, including new technologies and integrated solutions [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving close to 20% adjusted EPS growth this year despite unforeseen headwinds [16] - The company anticipates a strong second half of the year, supported by a robust backlog in commercial and continued growth in aftermarket services [25][30] - Management noted that the residential market in North America is expected to face challenges, with volume estimates adjusted downward for the second half [41][42] Other Important Information - Free cash flow for the first half of the year was approximately $1 billion, with plans for $3 billion in share buybacks [5][28] - The company is maintaining its full-year guidance for adjusted EPS in the range of $3 to $3.1 [29] Q&A Session Summary Question: Insights on Europe and margin guidance - Management discussed synergy capture in Europe and noted that while margins were impacted by mix issues, they remain confident in achieving cost synergies [31][33] Question: Price capture beyond tariffs - The company indicated that total price capture was about two points for the overall company in Q2 and expected to remain similar for the full year [36] Question: U.S. Residential and light commercial market assumptions - Management provided insights on volume expectations, indicating a downward adjustment for the second half due to slower movement and higher inventory levels [41][42] Question: Transportation market outlook - Management noted a return to growth in North America truck and trailer, with expectations for continued recovery in the second half [113][115] Question: Update on Climate Solutions Asia Pacific - Management highlighted strong growth in Japan and India, while acknowledging ongoing challenges in the residential market in China [90][92]

Financial Performance - Q2 2025 sales reached $6,113 million, with organic sales up by 6% year-over-year[4,15] - Adjusted operating profit increased by 10% year-over-year to $1,166 million, resulting in an adjusted operating margin of 19.1%, a 130 bps increase[4,15] - Adjusted EPS grew by 26% year-over-year to $0.92[4,15] - Free cash flow stood at $568 million[4,15] Segment Performance - Climate Solutions Americas (CSA) sales increased by 14% year-over-year to $3,252 million, driven by strong organic growth of 14%[16] Commercial sales within CSA grew by approximately 45%[4,16] - Climate Solutions Europe (CSE) sales increased by 5% year-over-year to $1,253 million[17] Heat pump units in Germany increased by over 50%[4,17] - Climate Solutions Asia Pacific Middle East & Africa (CSAME) sales decreased by 2% year-over-year to $882 million, with sales in China down by 11%[18] - Climate Solutions Transportation (CST) sales decreased by 25% year-over-year to $726 million[19] Strategic Initiatives and Capital Deployment - The company returned $2.3 billion to shareholders year-to-date through dividends and share repurchases[5] $1.9 billion in share repurchases year-to-date, on track to repurchase $3 billion by the end of 2025[4] - The company is on track to return approximately $3.8 billion to shareholders in 2025 through dividends and share repurchases[28] Guidance - The company reaffirmed its full-year 2025 sales guidance of approximately $23 billion with mid-single-digit organic growth[24,26] - The company reaffirmed its full-year 2025 adjusted EPS guidance of $3.00-$3.10, representing a 17-21% increase[24,27] - The company reaffirmed its full-year 2025 free cash flow guidance of $2.4-$2.6 billion[24,27]

Exhibit 99 PALM BEACH GARDENS, Fla., July 29, 2025 – Carrier Global Corporation (NYSE:CARR), global leader in intelligent climate and energy solutions, today reported strong financial results for the second quarter of 2025 and reaffirmed its full year guidance. "We delivered another quarter of strong financial performance," said Carrier Chairman & CEO David Gitlin. "Organic sales growth of 6% was driven by strong results in our Climate Solutions Americas segment, with Commercial sales up 45% and total compa ...

Core Insights - Carrier Global Corporation reported strong financial results for Q2 2025, with a reaffirmation of its full-year guidance, indicating robust growth and operational efficiency [1][2]. Financial Performance - The company achieved net sales of $6.113 billion, a 3% increase from $5.934 billion in Q2 2024, with organic sales growth of 6% [3][4]. - Adjusted operating profit rose to $1.166 billion, up 10% from $1.056 billion in the previous year, driven by strong organic growth and productivity [4][29]. - The diluted earnings per share (EPS) from continuing operations was $0.70, a 56% increase compared to $0.45 in Q2 2024, while adjusted EPS was $0.92, up 26% from $0.73 [4][29]. Segment Performance - Climate Solutions Americas segment reported net sales of $3.252 billion, a 14% increase, with organic sales growth also at 14%, driven by a 45% increase in Commercial1 sales [6][7]. - Climate Solutions Europe saw a 5% increase in net sales to $1.253 billion, while organic sales remained flat [8][9]. - Climate Solutions Asia Pacific, Middle East & Africa experienced a 2% decline in sales, with organic sales down 4%, primarily due to challenges in the Residential Light Commercial sector in China [10][11]. - Climate Solutions Transportation segment sales declined by 25% to $726 million, impacted by the divestiture of Commercial Refrigeration [13][14]. Cash Flow and Guidance - Net cash flows from operating activities were $649 million, with free cash flow reported at $568 million [16][27]. - The company reaffirmed its full-year 2025 guidance, expecting organic sales growth in the mid-single digits and adjusted EPS growth of approximately 17-21% [17][18].

Core Insights - Carrier Global (CARR) is set to report its second-quarter 2025 results on July 29, with earnings estimated at 91 cents per share, reflecting a year-over-year increase of 4.60% [1] - Revenue estimates for the same quarter are projected at $6.06 billion, indicating a decline of 9.4% year-over-year [1] Group 1: Performance Expectations - Carrier Global has consistently surpassed the Zacks Consensus Estimate in the last four quarters, with an average surprise of 5.69% [2] - Strong momentum in Heating, Ventilating and Air Conditioning (HVAC) and aftermarket services is expected to drive revenue growth in Q2 [3] - Rising demand for heating and cooling systems in residential and commercial applications is likely to support performance in the HVAC segment [3] Group 2: Growth Drivers - The integration of Viessmann Climate Solutions is anticipated to enhance heat pump volumes and expand sustainable energy solutions [4] - Growth in the Americas is projected in the mid-teens range for Q2, attributed to favorable market conditions and capacity additions [4] - Aftermarket services, which include repair, maintenance, and replacement, have been experiencing double-digit growth and are expected to continue this trend [5] Group 3: Market Dynamics - Increased demand for data centers, driven by AI-related heat loads, is likely to support commercial HVAC upgrades [6] - However, challenges such as softness in light commercial markets and macroeconomic pressures in the Asia-Pacific region are expected to pose headwinds [6] Group 4: Earnings Outlook - According to the Zacks model, Carrier Global has an Earnings ESP of +0.76% and a Zacks Rank of 3, indicating a favorable outlook for an earnings beat [7] - The combination of positive earnings expectations and strong demand in HVAC and aftermarket services is likely to drive Q2 revenue growth [8]

Core Insights - Comfort Systems USA (FIX) and Carrier Global (CARR) operate in the HVAC sector but serve different market niches, with FIX focusing on commercial HVAC contracting and CARR providing a wide range of HVAC and refrigeration equipment globally [1][2] Comfort Systems Overview - Comfort Systems employs a business model of organic growth complemented by strategic acquisitions, leading to a steady revenue stream and cost synergies [3] - The company has a record-high backlog of $6.9 billion as of Q1 2025, with strong demand in technology sectors, particularly data centers and chip fabrication, which constitute 62% of total volume [4] - The company benefits from shorter-duration contracts and faster cash turnover, providing resilience against tariff and inflation pressures [3][4] - Institutional markets, including healthcare, education, and government, remain robust, with healthcare contributing 10% of revenue [4][5] - Despite macro uncertainties, the company maintains a conservative guidance approach, projecting high-single-digit organic growth for the year [5] Carrier Overview - Carrier anticipates mid-single-digit sales growth in 2025, with nearly 20% EPS growth driven by pricing and productivity initiatives [8][11] - The company is capitalizing on strong demand in commercial HVAC, particularly in data centers, with sales expected to double from $500 million in 2024 to $1 billion in 2025 [10] - Carrier's global scale and digital penetration enhance its aftermarket business, which is a high-margin driver [9][11] - The company faces challenges such as tariff-related cost inflation, which poses a $300 million risk, and macroeconomic uncertainties affecting residential and light commercial HVAC spending [12] Stock Performance Comparison - Comfort Systems shares have surged 57.1% in the past three months, outperforming Carrier's 25.9% gain [13] - FIX trades at a premium valuation of around 27× forward 12-month earnings, supported by a 36.4% return on equity (ROE), while CARR trades at approximately 23.2× forward earnings with an 18.1% ROE [17] - Comfort Systems' earnings estimates for 2025 and 2026 have trended upward to $19.28 and $20.41 per share, indicating year-over-year growth of 32.1% and 5.8% respectively [19] - Carrier's earnings estimates for the same periods have also increased to $3.03 and $3.43 per share, reflecting year-over-year growth of 18.4% and 13.1% respectively [21] Investment Outlook - Comfort Systems is viewed as having stronger upside potential due to faster growth and a robust project pipeline, currently holding a Zacks Rank 1 (Strong Buy) [23] - Carrier, while a solid blue-chip with a good dividend yield of 1.2%, is rated Zacks Rank 3 (Hold) and has a more moderate growth outlook [23][15]

Core Points - ER Services has achieved the Carrier Factory Authorized Dealer designation, recognizing it among the top dealers in the U.S. and Canada [1][2] - This designation requires adherence to national performance and certification standards, demonstrating a commitment to the Carrier brand and customer satisfaction [2] - ER Services has been operating since 1997, providing heating and cooling solutions in the Charlotte community with a focus on integrity and customer care [3] Company Commitment - The company emphasizes its commitment to delivering high-quality HVAC service and top-tier Carrier products [2] - David Parker, President of ER Services, expressed that this recognition affirms their commitment to excellence and enhances client confidence in their service quality [4] Training and Standards - ER Services participates in training through Carrier's My Learning Center to identify and recommend energy-efficient HVAC solutions [4] - The company adheres to sound business practices, including maintaining local licenses and insurance, and fulfilling warranty obligations [4] - Technicians employed by ER Services are required to have certifications such as union certified, Red Seal certified, or NATE certified [4]

Core Viewpoint - Carrier Global Corporation, a leader in intelligent climate and energy solutions, is set to release its second quarter 2025 earnings on July 29, 2025, and will host a conference call and webcast at 7:30 a.m. ET [1]. Company Overview - Carrier Global Corporation is recognized for its commitment to 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, which contribute to improving lives and empowering critical industries [3]. - Since its inception in 1902, Carrier has focused on enhancing the quality of life and the environment through its products and services [3]. - The company prides itself on having a world-class, inclusive workforce that prioritizes customer satisfaction [3].

Core Insights - Carrier has enhanced its Abound Insights Assistant app to empower building managers and facilities teams in managing equipment operations and maintenance more effectively [1][4] - The app provides actionable insights and recommendations for over 25 categories of equipment, including HVAC and refrigeration, powered by the Abound Insights AI platform [2][4] Features and Functionality - The app notifies users of potential issues, such as refrigerant leaks, and provides detailed information and warnings to facilitate proactive maintenance [3][4] - A 'To-Do List' feature improves user experience by allowing prioritization of tasks based on equipment health and required skills, along with AI-generated repair recommendations [4][5] - The Live Connect feature offers real-time data access, health status, and repair recommendations, enabling comprehensive data analysis and trend identification [5][6] Company Overview - Carrier Global Corporation is a leader in intelligent climate and energy solutions, committed to innovation that enhances comfort, safety, and sustainability [7][8] - The company has a long history of advancements in climate solutions, improving lives and empowering critical industries since its founding in 1902 [7]

Industry Overview - The Zacks Building Products - Air Conditioner & Heating industry is positioned for long-term growth due to rising demand for energy-efficient solutions and smarter climate control technologies [1] - Companies are capitalizing on favorable policy trends and sustainability goals, increasing investments in digitalization, system upgrades, and green retrofits [1][2] - The industry includes designers, manufacturers, and marketers of products for heating, ventilation, air conditioning, and refrigeration markets [3] Market Dynamics - The residential market is driving momentum as homeowners prioritize comfort, efficiency, and indoor air quality [2] - Commercial and industrial demand is accelerating, particularly in high-tech environments requiring specialized cooling [2] - Industry leaders are enhancing market positions through service-based models and strategic acquisitions, ensuring steady revenue streams [2] Trends Influencing Growth - U.S. administration's pro-environmental moves are focusing on reducing greenhouse gas emissions, benefiting companies that provide clean and efficient energy systems [4] - The data center boom, driven by AI and cloud computing, is increasing demand for specialized HVAC solutions, presenting high-margin opportunities [5] - Technology upgrades and strategic acquisitions are driving growth, with companies investing in R&D and enhancing customer experience through digital platforms [6] Challenges and Risks - The housing market remains volatile, with higher interest rates and economic fluctuations potentially impacting renovation and construction activity [7] - Labor shortages, supply chain constraints, and rising regulatory compliance costs are significant challenges facing the industry [9] Performance Metrics - The Zacks Building Products - Air Conditioner & Heating industry ranks 67, placing it in the top 27% of over 250 Zacks industries, indicating bright prospects [10][11] - The industry's earnings estimates for 2025 have increased to $5.58 per share from $5.52, reflecting growing analyst confidence [12] Stock Performance - The industry has outperformed the broader Zacks Construction sector and the S&P 500 Composite over the past year, gaining 17.1% compared to the sector's 0.5% decline [14] - The industry is currently trading at a forward P/E of 28.43X, higher than the S&P 500's 22.11X and the sector's 17.96X [17] Company Highlights - **Comfort Systems USA, Inc.** has seen a surge in demand from advanced technology sectors, contributing to a record backlog of $6.9 billion and a 52.9% stock gain over the past year [20][21] - **Carrier Global Corporation** is focusing on innovative climate and energy solutions, with a 13.3% stock gain over the past year and an expected 18% earnings growth in 2025 [25][26]