Core Insights - Carrier has introduced the AquaEdge® 30CF air-cooled centrifugal chiller aimed at enhancing data center reliability and uptime under real-world conditions [1] - The new chiller is part of Carrier's QuantumLeap™ portfolio, which focuses on integrated thermal management solutions for data centers [1] Product Features - The AquaEdge® 30CF operates efficiently in ambient temperatures ranging from –20°F to 140°F, ensuring cooling continuity during extreme conditions [1] - In case of a power interruption, the chiller can restore 100% cooling capacity in under three minutes, providing critical support for mission-critical operations [1] - The chiller can deliver over 3 MW of cooling capacity depending on ambient conditions [1] Technology and Efficiency - The AquaEdge® 30CF utilizes Carrier's proprietary two-stage, back-to-back centrifugal compressor with magnetic bearing technology, which is also used in the award-winning AquaEdge® 19MV water-cooled chiller [1] - This technology supports high efficiency, reduced maintenance, and reliable long-term operation, helping operators mitigate lifecycle risks [1] Market Position and Strategy - Carrier's QuantumLeap™ solutions allow customers to manage data center cooling as an integrated system, enhancing the scalability and reliability of data center infrastructure [1] - The introduction of the AquaEdge® 30CF is supported by Carrier's expanded global chiller manufacturing capacity, which aims to reduce supply chain and deployment risks for customers [1]

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 ...

Summary of Carrier's Conference Call Company Overview - **Company**: Carrier - **Industry**: HVAC (Heating, Ventilation, and Air Conditioning) Key Points Financial Outlook - Carrier aims for a **6%-8% organic growth** target, which is a through-cycle goal. The company has been below this target for the past few years due to various reasons [1][3] - Short-term growth is expected to be impacted by a **1% growth** this year, primarily due to a decline in the RLC (Residential Light Commercial) business in the Americas, which is down by high single digits [3][4] - The company has a **40% portfolio** growing at double digits, particularly in the commercial aftermarket, which is expected to contribute significantly to growth [3][4] Market Dynamics - The **market growth** is anticipated to be around **2%**, which, combined with the company's internal growth drivers, could help achieve the 6%-8% target [5] - The **U.S. RLC market** has approximately **145 million homes**, with a replacement cycle of about **6%**, translating to around **8 million units** per year [17][18] Cost Management and Pricing - Carrier is facing a **$50 million-$100 million** headwind from raw material costs, primarily copper and aluminum. However, the company expects to offset these costs with a **1% price increase**, resulting in a **$200 million** positive price-cost dynamic [9][10] - The pricing environment is rational, with competitors also raising prices in response to commodity headwinds [11] European Market Insights - The European heat pump market is currently **imbalanced**, with a significant drop in demand from over **1 million units** to **600,000 units** in Germany, leading to a stabilization in supply [12][13] - Carrier has a strong position in the European market due to its extensive network of **80,000 installers** and strong brand recognition [15] Product Development and Innovation - Carrier is introducing new products, including a **dual-fuel unit** and advanced cooling technologies for data centers, which are expected to drive future growth [30][34] - The company has seen a **5x increase** in orders for data center cooling solutions, indicating strong demand in this segment [34] Aftermarket and Replacement Trends - There has been an increase in **repair over replacement** trends due to low existing home sales, but this is not expected to be a long-term trend [26][27] - The company is focused on transitioning back to a replacement business model as market conditions improve [28] Margin Expectations - Carrier anticipates margin growth in the Americas business due to productivity improvements and cost reductions from previous restructuring efforts [46] - The company expects to see a **100 basis point** margin increase in its European business as it transitions from boilers to heat pumps [49] Capital Deployment and M&A Strategy - Carrier is currently focused on small M&A activities and is not pursuing large acquisitions. The company aims to execute on existing opportunities, particularly in the data center market [52][53] Conclusion - Carrier is positioned for recovery and growth, with a balanced approach to managing short-term headwinds while focusing on long-term strategic initiatives. The company remains optimistic about achieving its growth targets and improving margins as market conditions stabilize and demand recovers [53]

Core Insights - Sri City in Andhra Pradesh is recognized as the "Cooling City" of India, contributing nearly 40% of the country's air conditioner manufacturing [3] - Carrier Air Conditioning and Refrigeration Ltd plans to invest approximately Rs 1,000 crore in a new manufacturing unit at Sri City, which may increase the region's share in AC manufacturing to 60% by 2027 and 70% by 2028 [4] Company Developments - Carrier's new facility will occupy 39 acres and will focus on manufacturing commercial and industrial air conditioners, excluding room ACs [9] - The investment from Carrier is part of a larger trend, with Sri City attracting Rs 12,000 crore in investments from 10 major AC manufacturers, creating 25,000 jobs [10] - The swift timeline of just eight months from Carrier's initial visit to project finalization highlights the efficiency of Andhra Pradesh's business environment [8] Industry Context - Sri City currently hosts 10 HVAC manufacturers and around 32 suppliers, enhancing its ecosystem for air conditioning production [6] - The presence of nearby ports like Chennai, Krishnapatnam, and Ennore facilitates better raw material inflow and export opportunities for manufacturers [11] - The region is becoming increasingly attractive for AC manufacturers due to reduced transportation costs and improved access to the South Indian market [13] Future Outlook - With ongoing expansions from companies like LG Electronics and Daikin, the competitive landscape in Sri City is expected to strengthen, fostering a globally competitive industrial ecosystem [14]

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].