2025 Investor Day May 19, 2025 Cautionary statement This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance ...

Financial Data and Key Metrics Changes - The company reported sales of $5.2 billion with 2% organic sales growth, including about 2 points from price increases [15][16] - Adjusted EPS was $0.65, up 27% year over year, driven by strong productivity performance [17][18] - Free cash flow for the quarter was $420 million, stronger than expected, driven by higher net income and lower capital expenditures [18][19] Business Line Data and Key Metrics Changes - Climate Solutions Americas (CSA) segment had organic sales growth of 9%, with residential and commercial sales up around 20% each [19][20] - Climate Solutions Europe (CSE) saw organic sales down 7%, with mid-single-digit growth in commercial offset by a decline in residential light commercial [21] - Climate Solutions Asia, Middle East, and Africa (CS AME) experienced a 6% decline in organic sales, primarily due to weakness in residential China [23] - Transportation segment's organic sales were up 2%, driven by a 20% increase in container sales [24] Market Data and Key Metrics Changes - Total company backlog was up about 10% year over year and 15% sequentially [4] - Organic orders momentum continued, with high single-digit growth across most segments except CS AME, where orders were down [24] Company Strategy and Development Direction - The company is focused on driving sustained growth through differentiated products, aftermarket services, and systems [5][6] - A new partnership with Google was announced to enhance grid resilience and support smarter energy management [8] - The company is committed to mitigating tariff exposure through supply chain and productivity actions, with a balance of $300 million via price increases [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit organic sales growth for the full year, with adjusted EPS guidance increased to $3 to $3.1 [13][28] - The macroeconomic environment remains uncertain, but the company is focused on customer needs and investing in differentiation [13][28] Other Important Information - The company is on track to achieve over $200 million in cost synergies by the end of next year [10] - The new German coalition government supports heat pump subsidies and infrastructure investments, which is expected to boost demand [11] Q&A Session Summary Question: Confirmation of Q2 guidance and EPS expectations - Management confirmed expectations of mid-single-digit organic growth and sales of about $6 billion for Q2, with adjusted EPS growth close to 20% [30][31] Question: Insights on the Americas segment performance - The residential side is expected to see high single-digit to low double-digit growth, while light commercial is projected to decline by about 10% for the full year [38][40] Question: Clarification on tariffs and pricing impact - The company has effectively mitigated most tariff impacts, with $300 million remaining to be offset through pricing [35][114] Question: Update on Viasman and margin expectations - Management expects Viasman to remain flat for the year, with margin improvement anticipated in the low teens [55][59] Question: Dynamics of free cash flow in the quarter - Free cash flow was stronger than typical for Q1, driven by lower working capital use [104][105] Question: Service business growth and initiatives - The service business is expected to continue double-digit growth, with initiatives to harmonize operations globally [106][110]

绑定线下渠道和工厂，把中国生产的智能设备卖出去。 文丨贺乾明 编辑丨黄俊杰 在意大利经商 20 多年的戴志广完成了一次 "产业升级"。 他 2002 年来到意大利，起初主要是把老家温州和周边工厂生产的服装、小饰品等批发给本地商店。因为 成本足够低，他很快就在行业内站稳脚跟。但随着做这行的人变多，戴志广的利润越来越少。 2018 年，戴志广开始寻找新的业务方向。他发现一个现象，那些带 "智能" 的商品可以高价卖出去。一个 质量过得去的灯泡，在意大利卖 1.5 欧元，如果是 "智能灯泡"，能卖 9 欧元。 他想到之前在一场活动上认识的温州老乡，对方创办了一家叫涂鸦智能的公司，可以帮忙开发智能设备。 他觉得这是一个机会，专门去杭州拜访。 一年后，戴志广在意大利创办名叫 "WIBY" 的智能家居品牌。他们组建了团队，把中国生产的、用了涂鸦 技术的智能设备，在意大利找渠道卖出去。这是戴志广的强项，之前做服装贸易时，他与遍布意大利各地 的华人超市老板都有合作。5 年时间，他把智能灯泡、智能摄像头等商品摆到近 1000 家华人在意大利开的 社区超市货架上，累计销售额达到上千万欧元。 戴志广和他的 WIBY，只是中国生产的智 ...