investor briefing · 2020. 12. 14. · investor briefing agenda 3 11:00-11:45. 10:00-10:10...

Investor Briefing

December 14, 20201

Safe Harbor

This presentation includes “forward-looking statements” which are statements that are not historical facts, including statements that relate to our future performance, the COVID-19 global pandemic, capital deployment (including the amount and timing of our dividends, our share repurchase program including the amount of shares to be repurchased and the timing of such repurchases) and our capital allocation strategy (including projected acquisitions); our projected free cash flow and usage of such cash; our available liquidity; performance of the markets in which we operate; restructuring activity; our projected financial performance and targets including assumptions regarding our effective tax rate.

These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, the impact of the global COVID-19 pandemic on our business, our suppliers and our customers, global economic conditions taking into account the global COVID-19 pandemic, disruption and volatility in the financial markets due to the COVID-19 pandemic, the outcome of any litigation, the outcome of the Chapter 11 proceedings for our deconsolidated subsidiaries Aldrich Pump LLC and Murray Boiler LLC, demand for our products and services, and tax law changes and interpretations. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2019, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update theseforward-looking statements.

This presentation also includes non-GAAP financial information which should be considered supplemental to, not a substitute for, or superior to, the financial measure calculated in accordance with GAAP. The definitions of our non-GAAP financial information are included as an appendix in our presentation and reconciliations can be found in our earnings releases for the relevant periods located on our website at www.tranetechnologies.com. All data beyond the second quarter of 2020 are estimates.

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http://www.tranetechnologies.com/

Investor Briefing Agenda

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11:00-11:45

Introduction10:00-10:10

Trane Technologies reimagined10:10-10:40

Zac Nagle, VP Investor Relations

Mike Lamach, Chairman and Chief Executive Officer

Chris Kuehn, SVP and Chief Financial Officer

Dave Regnery, President and Chief Operating Officer

Ray Pittard, Transformation Office Leader

Driving growth and margin expansion through innovation and performance excellence

10:40-11:00

Q&A

Trane Technologies: Reimagined to Unlock Our Full Potential

4

K E Y M E S S A G E S F O R T H E D A Y

The New Trane Technologies: Reimagined to Unlock Our Full Potential

5

Trane Technologies Reimagined:Streamlined, Customer-Focused Climate Innovator

321Relentlessly focused on leaning out processes and driving excellent execution

Customer-focused innovation 100% tied to sustainability secular mega trends

Redesigned to maximize our value as a pure-play climate focused innovator

Sustainability innovation fuels our growth

Exceptional performance maximizes our margins

Structural transformationunlocks our potential

Agenda

Trane Technologies reimagined

Strengths we are leveraging

Clear priorities to maximize our potential

6

Essence of a

Startup

Purpose-driven alignment

Fit for purpose organizational design

Strategic choice budgeting

Built for speed

T R A N E T E C H N O L O G I E S R E I M A G I N E D

Uniquely Positioned as IPO-like Climate Innovator with Proven Expertise

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+

Credibility of a Market Leader

Long track record of execution

Trusted industry & technical expertise

Deep customer relationships

Strong performance culture

T R A N E T E C H N O L O G I E S R E I M A G I N E D

Why Pure Play Matters? – Purpose Drives Performance

8

Lean-based, customer-focused model2

Increased speed and agility in the marketplace3

World class climate innovator relentlessly reinvesting to bend the curve on climate change1

Strong competitive position with full spectrum of product and service capabilities4Global reach provides scale to deliver next generation technologies through unequaled channel expertise5

100%focus on sustainability

drives differentiated results for shareholders

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Americas

Commercial HVAC

TransportRefrigeration

Equipment Aftermarket

Revenue Streams

ResidentialHVAC

Total$10.1B

Sales

EMEA

Commercial HVAC


Revenue Streams

Total$1.8BSales

Asia Pacific

Commercial HVAC


Revenue Streams

Total$1.3BSales



T R A N E T E C H N O L O G I E S T O D A Y

Diversified Global Climate Leader with Increasing Aftermarket Business

All figures are FY 2019 historical information restated to reflect Ingersoll Rand Industrial segment in discontinued operations.

Agenda




10

What Differentiates Trane Technologies –Sustainability Leader Leveraging Culture of Performance Excellence

11

Sustainability Leader

Culture of Performance Excellence

1 2

S U S T A I N A B I L I T Y L E A D E R

Global Megatrends Continue to Intensify – Demanding Bold Action

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Heating and Cooling Buildings

Global emissions from heating / cooling buildings*

Food Loss

Global emissions come from food loss / waste*

GHG Emissions

Combined share ofglobal emissions

* Source: Project Drawdown and BCG

=+15% 10% 25%


Uniquely Positioned with Innovative Solutions to Lead a Movement to Reduce GHG Emissions

Reduce customer carbonfootprint by

% Global Carbon Emissions (CO2e) from Heating and Cooling Buildings

and Food Loss

Businessas Usual

Delivery on the Gigaton Challenge

Key Actions We are Taking

1GIGATON of CO2e

(1 billion metric tons) by 2030

Today 2030

~25%

~35%

Accelerating clean technologies

Addressing system energy efficiency

Reducing food loss from cold chain

Transitioning out of high GWP refrigerants

Like minded companies to join movement

Bendingthe Curve

Today 2030

% Global Carbon Emissions (CO2e) from Heating and Cooling Buildings

and Food Loss

13


Our Sustainability Purpose Yields Benefits Beyond CO2e Reduction

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Creates purpose driven performance

Generates uplifting culture that builds engagement and empowers people More targeted investments

Simplifies business model

More value to shareholders, customers and employees

Drives innovative solutions

Defines Our Culture Focuses Business Priorities

Increases speed and agility

SOCIAL BENEFITS FINANCIAL BENEFITS

Improves productivity and executionFosters employee retention and safety

Top Decile GloballyIdentified as “Industry Leader”

61%Higher score than industrial machinery average

#66On Corporate Knights Top 200 public companies ranked by clean revenue

Gold Medal Winner35th annual award for International Achievement in Sustainable Development

5 YearsListed on most admired companies list

A-Climate Change disclosure submitted 10+ consecutive years

10 YearsListed on North America Index


Highly Regarded ESG Performance

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1st in our industryto sign on to Paradigm for Parity – A Call to Action for Gender Equality

2nd Consecutive Year Forbes Best Employers for Diversity

Joined 150of America’s leading CEOs in a pledge to diversity and inclusion in the workplace

Top Quartileof all companies

Employee Engagement


Purpose Alignment Drives Uplifting Culture

Founding Membercoalition to hire 1 million Black AmericansOneTen

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What Differentiates Trane Technologies –Sustainability Leader Leveraging Culture of Performance Excellence

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Sustainability Leader

Culture of Performance Excellence

1 2

C U L T U R E O F P E R F O R M A N C E E X C E L L E N C E

Significantly Exceeded Revenue, EPS, Free Cash Flow and Cash Flow ROIC Targets Set at 2017 Investor Day

* 2017, 2018 and 2019 historical information and targets based on pre-RMT transaction Ingersoll Rand Climate Segment Results ** 2017, 2018 and 2019 historical information and targets based on pre-RMT transaction Ingersoll Rand Enterprise Results 18

Performance Through 2019

Target Actual Target Met

Climate organic revenue growth (CAGR)* ~4.5% 8%

Adj. EPS growth (CAGR)** 11% - 13% 19%

FCF % adj. net earnings (2017 – 2019)** ≥ 100% 106%

Cash Flow ROIC (2019)** ~25% 27%

Adjusted EBITDA Margin*

FCF % of Adj. Net

Earnings**


Driving Sustained Growth and Operating Margin Improvement 2017-2019

* 2017, 2018 and 2019 historical information restated to reflect Ingersoll Rand Industrial segment in discontinued operations** Adj. EPS and Free cash flow conversion history based on pre-RMT transaction consolidated Ingersoll Rand financial statements.19

$2.00

$4.00

$6.00

2017 2018 2019

Adjusted EPS**

~8%CAGR

Avg. =106%

Revenue*($B)

~19%CAGR

+90 bps

$7.7B*


Long Track Record of Disciplined and Balanced Capital Deployment (2016 to 2019)

* Historical information based on pre-RMT transaction consolidated Ingersoll Rand financial statements.20

M&A

Dividends• ~16% CAGR dividend per share• Long history of growing dividend

Share Repurchase• ~$2.9 billion on share repurchase• ~$2.0B on 22 acquisitions

~38%

~13%

~26%

~23%

CAPEX• Capex lite business model• ~1.7% of revenue

Agenda




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1 2 3 4

C L E A R P R I O R I T I E S

Focused Strategy Delivers Differentiated Shareholder Returns

Grow Marginsand Cash Via

MaximizeValue As

ContinueWith

Strong operating system and performance culture

Uplifting culture – integrity, ingenuity, community & engagementPowerful cash flow

SustainableInnovation

WinThrough

ExecutionExcellence

FocusedClimate Co.

Dynamic Capital Allocation

Strong Foundation

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Sustainable OperatingLeverage Improvement

C L E A R P R I O R I T I E S

Business Transformation Delivers $300M in Cost Savings to Fund Continued Market Outgrowth With 25% Sustainable Leverage

Increased reinvestment in

innovation

1

2Above market growth profile

Improved cost structure

Sustainable leverage (25% plus) & margin improvement

4

3

High Performance Flywheel

16%

2017-2019 Actual* Transformational Model

23

25% +

* Operating leverage calculated based on change in historical Climate segment adjusted operating income less adjusted unallocated corporate costs divided by change in Climate segment revenues,

Driving Growth and Margin Expansion Through Innovation and Performance Excellence

24

25

Track record of margin improvement

Priorities to drive growth and margin expansion

Long-term valuation creation framework

Agenda

Continuing Long Record of Driving Margin Expansion

26

• Margin improvement despite challenging cost impacts from material inflation and tariffs

• Uplifting, people-focused culture

• Lean approach focused on continuous improvement and proven operating system

14.3%

14.6%

15.2%

2017 2018 2019

Strong Record Last 3 Years(Adj. EBITDA Margin %)* Key Drivers

+90 bps

* 2017, 2018 and 2019 historical information restated to reflect Ingersoll Rand Industrial segment in discontinued operations

Proven Business Operating System Delivers Results

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• World class sales, service capabilities / offerings

• Sustained market outgrowth• Margin expansion• Continuous improvement and

sustainable performance

Results

Aligns resources for customer value

1 2Empowers people to solve problems

Embeds sustainability in our operations

Accelerates profitable growth

4 3

Business Operating System

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Agenda

Three Focus Areas to Drive Growth and Margin Expansion

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3. Transform Our Operational Platform

2. Deliver Superior Commercialization

1. Accelerate Innovation

Digital Connectedness

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1 . I N N O V A T I O N

Megatrends are Powerful Drivers of Growth and Accelerate Need for Innovative Trane Technologies’ Solutions

Climate Change

Urbanization ResourceScarcity

Demographics IndoorEnvironmental

Quality

Driving SustainabilityAccelerating need for innovative climate sustainability solutions

Accelerating MegatrendsContinuing Megatrends

Trane Technologies Innovation AdvantageLeader in innovative climate solutions at nexus of

environmental sustainability and impact

Idea Concept Experiment Pilot Launch

1 . I N N O V A T I O N

Deep Sustainable Innovation Pipeline to Drive Growth with Compressed Cycle Time from Idea to Launch

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• Heat pump technology• Electrification of transport

refrigeration• Passive cooling systems

Initiatives Include:• Application of next generation low

global warming refrigerants • Ecowise™ high efficiency systems• Cold chain optimization

• Digital enabled services• AI systems integration• Energy efficient, indoor

environmental quality solutions


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Differentiated TCO Benefits Customers

Highly Trained, Consultative Sales Force

• Innovators for our customers to deliver superior solutions

• Indoor Air Quality (IAQ) expertise

• Seamless digital connectivity for predictive service

2 . S U P E R I O R C O M M E R C I A L I Z A T I O N

Key Commercial Initiatives to Drive Growth and Expand Margins

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Innovative Products Built on Core Technologies

• Materials & Chemistry

• Modeling & Simulation

• Compression

• Electrification

• Digital information & communications technologies

• Delivers superior growth profile vs competitors

• Superior Total Cost of Ownership (TCO)


Case Study: Advancer, Latest Innovation in European Trailer Refrigeration

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Lowest maintenance costs for enhanced TCO

Fully variable airflow for precise cargo temperature control

Best in class electrical and fuel efficiency for lowest operating cost 30%

Customer Benefits Include

better fuel efficiency

30%maintenance cost reduction

Unique Advantages Include

60% less energy usage to manufacture


Case Study: Combining Cooling and Heating can Change an Industry with an Exponential Increase in Efficiency and Reduction in GHG Emissions

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Major step on the path to electrification and decarbonization of buildings

Electric single unit to heat and cool buildings increasing accessible market $1B+ in Europe

Flexibility to meet comfort needs across climates, seasons, use and occupancy

Service opportunity removes existing seasonality with installed base

350%

Customer Benefits Include

greater energy efficiency than typical

gas boilers

Zerodirect emissions

Trane Technologies Opportunity

Trane Sintesis™ BalanceFully Electric

Heating & Cooling Unit


Case Study: Indoor Air Quality Expertise Drives Value Capture Opportunity

36

Turn-key implementation of recommendations with documented results

~100 years expertise managing and improving IAQ

Comprehensive IAQ assessments for data driven recommendations

Customer Assurance

Solutions aligned with health and industry experts and optimized building IAQ

Unique Advantages Include Customer Benefits Include

Trane Photocatalytic Air Cleaning System


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3 . O P E R A T I O N A L T R A N S F O R M A T I O N

The Structural Transformation of Trane Technologies: Four Focus Areas

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• Lean-based, customer-focused organizational model• Increased speed and agility to lead in the marketplace• Strong competitive position with full spectrum of capabilities

Transformed Platform

Fit For Purpose Organizational

Model

1

Strategic Choice Budgeting

2

RepositioningIT

3

Supply Chain Excellence

4

3 . O P E R A T I O N A L T R A N S F O R M A T I O N – O R G A N I Z A T I O N

Fit-For-Purpose Organizational Model – More Focused, Less Complex

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Realigned for customer focus and agility with G&A workforce to regions

Redeployed functional responsibilities to business enhancing cost transparency

Achieved reduced cost at benchmark levels in functions

Minimized global reporting for simplicity & optimized spans of control for reduced cost

Maintained strong control environment

Actions

Alignregionally

Strengthen accountability

Streamline functions

Flatten organization

Controlenvironment

1

TransformedOrganization

Outcomes

3 . O P E R A T I O N A L T R A N S F O R M A T I O N – S T R A T E G I C B U D G E T I N G

Strategic Choice Budgeting Delivers Structural Cost Reductions Aligned with Climate-Focused Strategy

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2

All spend aligns with climate-focused priorities

Eliminates spend not tied to customer or shareholder value

Outcomes

G&A alignment to functional benchmarks

Climate Focus• Clean sheet framework

CostTransparency

• Expenditures analyzed in detail

CostOwnership

• Strategic Choice decisions and accountability

Benchmarking• Industry

benchmarks for effectiveness and efficiency

Demand Orientated

• Focus on what’s driving costs

Clean Sheet Approach

By Spend Category

3 . O P E R A T I O N A L T R A N S F O R M A T I O N – F I X E D C O S T S

Ahead of Plan to Reduce Fixed Costs from Fit for Purpose Organization and Strategic Choice Budgeting

1. Expenses Related to Achieving Cost Reductions $100-$150M through 20212. $70M from Corporate, $30M from SBUs41

OriginalCost Reduction Plan

UpdatedCost Reduction Plan

$140MTotal 2021 Savings

+ =

Total Fixed Cost Reduction1

One year early

Additional

(Highlighted with 3rd

Quarter results)

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Reimagine roleof technology

Reinvent technology

delivery

Future-proofthe foundation

3 . O P E R A T I O N A L T R A N S F O R M A T I O N – R E P O S I T I O N I N G I T

Repositioning IT to Fuel Growth Supports Further Margin Expansion

42

3

• IT redeployed closer to customer with direct accountability to business and optimized spans and layers

• Redeploying savings to high return investments

• Architecture deliberately designed for speed and value with increased cloud based systems

• Rationalized application portfolio with 40% reduction

• Strategic sourced services to optimize efficiency & effectiveness

Repositioned Outcome

$XXMSavings

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Best in Class Benchmark

Accelerating deployment of sourcing productivity levers (e.g. price evaluation analytics, “should cost” modeling)

Key Initiatives

3 . O P E R A T I O N A L T R A N S F O R M A T I O N – S U P P L Y C H A I N

Supply Chain Excellence Initiatives Support Further Margin Expansion

Strategic Sourcing

Aligning procurement, engineering, and manufacturing to drive productivity across 70+ spend categories

Digitization of Supply Chain

Deploying advanced eProcurement / analytics tools to drive productivity

Lean Cycle Time Reduction

Cross functional teams driving cycle time reductions 25-30% to increase productivity

4

3 . O P E R A T I O N A L T R A N S F O R M A T I O N – I T / S U P P L Y C H A I N

Repositioned IT and Supply Chain Excellence Deliver Additional $160M

44

43

Repositioned IT Supply Chain Excellence Repositioned IT / Supply Chain Savings

Reimagine role of

technology

Reinvent technology

delivery

Future-proofthe

foundation

Best in Class Benchmark

Digitization of Supply Chain

Strategic Sourcing

Lean Cycle Time Reduction

$160M

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Agenda

B R I N G I N G I T A L L T O G E T H E R

Total Transformation Savings ~ $300M Annually by 2023

46

21 43

Fit For Purpose Organizational Model

1

Strategic Choice Budgeting

2

RepositioningIT

3

Supply Chain Excellence

4

Prior Fixed Cost Savings Repositioned IT & Supply Chain Savings

$140M(Highlighted with 3rd Quarter results)

$160M2021 Run Rate 2021-2023

$300MTotal Annual Savings

2023

Sustainable OperatingLeverage Improvement

B R I N G I N G I T A L L T O G E T H E R : L O N G - T E R M V A L U E C R E A T I O N F R A M E W O R K

$300M Transformation Savings Supports Continued Market Outgrowth & Sustainable Leverage of 25%

High Performance Flywheel

16%

2017-2019 Actual* Transformational Model

47

25% +Increased

reinvestment ininnovation

1

2Above market growth profile

Improved cost structure

Sustainable leverage (25% plus) & margin improvement

4

3

* Operating leverage calculated based on change in historical Climate segment adjusted operating income less adjusted unallocated corporate costs divided by change in Climate segment revenues,

Strong FCF Drives Continued Balanced Capital Deployment Strategy

48

1Invest forGrowth

• Strengthen the core business and extend product & market leadership

• Invest in new technology and innovation

• Fully invest in strategic, value-accretive M & A

2Maintain Healthy,

Efficient Balance Sheet

• Expect to deliver FCF ≥ 100% of adjusted net earnings

• Strengthening balance sheet

• Strong BBB investment grade rating offers optionality as markets evolve

3Return Capital to

Shareholders

• Expect to consistently deploy 100% of excess cash over time

• Pay competitive dividend and grow dividend at or above rate of earnings growth over time

• Repurchase shares with excess cash when intrinsic value provides high returns

K E Y M E S S A G E S F O R T H E D A Y

The New Trane Technologies: Reimagined to Unlock Our Full Potential

49

Trane Technologies Reimagined:Streamlined, Customer-Focused Climate Innovator

321Relentlessly focused on leaning out processes and driving excellent execution

Customer-focused innovation 100% tied to sustainability secular mega trends

Redesigned to maximize our value as a pure-play climate focused innovator

Sustainability innovation fuels our growth

Exceptional performance maximizes our margins

Structural transformationunlocks our potential

Appendix

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Feedback on Today’s Event

Thank you for joining us on our 2020 Investor Briefing. We hope you found it informative.

Your feedback is important to us, so we would appreciate it if you could fill out a quick survey - it should take only 2-3 minutes. The answers are all anonymous.

This survey will be online for the next 5 days so we ask you to please complete it by December 18th as we will then tabulate the results and share with our management team.

Here is the link to the surveyhttps://forms.office.com/Pages/ResponsePage.aspx?id=rWvxNGyyQ0iX-dYkZqj0wW_6ZFaq-IBAsfP9FsyV-4RUNFFVTUQ4MkJLUDZPSFlaNUdLVURVUVVIVS4u

Thank you

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https://forms.office.com/Pages/ResponsePage.aspx?id=rWvxNGyyQ0iX-dYkZqj0wW_6ZFaq-IBAsfP9FsyV-4RUNFFVTUQ4MkJLUDZPSFlaNUdLVURVUVVIVS4u

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Non-GAAP Measures DefinitionsNon-GAAP Measures associated with pre-RMT transaction Ingersoll Rand enterprise resultsOrganic revenue is defined as GAAP net revenues adjusted for the impact of currency and acquisitions. Currency impacts on net revenues are measured by applying the prior year’s foreign currency exchange rates to the current period’s net revenues reported in local currency. This measure allows for a direct comparison of operating results excluding the year-over-year impact of foreign currency translation.

Adjusted EPS is defined as GAAP continuing EPS plus / minus certain EPS adjustments applicable to each respective year such as restructuring costs, PFS acquisition-related transaction costs, PFS inventory step-up and backlog amortization, Industrial Segment separation-related costs, Industrial Segment separation activities resulting in foreign exchange losses and debt redemption premium and related charges, net of tax impacts as well as tax reform/tax legislation adjustments and other U.S. and Non-U.S. discrete non-cash tax adjustments.

Free Cash Flow is defined as net cash provided by (used in) continuing operating activities, less capital expenditures plus certain adjustments applicable to each respective year such as cash payments for restructuring, PFS acquisition-related transaction costs and Industrial Segment separation-related costs.

Adjusted Net Earnings is defined as GAAP earnings from continuing operations attributable to Trane Technologies plc plus / minus certain adjustments applicable to each respective year such as restructuring costs, PFS acquisition-related transaction costs, PFS inventory step-up and backlog amortization, Industrial Segment separation-related costs, Industrial Segment separation activities resulting in foreign exchange losses, debt redemption premium and related charges, net of tax impacts as well as separation-related tax costs, tax reform/tax legislation adjustments and other U.S. and Non-U.S. discrete non-cash tax adjustments.

Cash Flow ROIC is defined as Free Cash Flow divided by the sum of gross fixed assets and Working Capital (net accounts and notes receivables plus inventories less total current liabilities that exclude short term debt, dividend payables and income tax payables).

Non-GAAP Measures associated with historical information restated (Ingersoll Rand Industrial Segment in Discontinued Operations)Adjusted EBITDA is defined as net earnings less discontinued operations plus interest expense, provision for income taxes, depreciation and amortization and restructuring costs.

Adjusted EBITDA margin is defined as the ratio of Adjusted EBITDA divided by net revenues.

2 0 3 0 S U S T A I N A B I L I T Y C O M M I T M E N T S

Trane Technologies Core Sustainability Strategy: Challenge Possible

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One company can change an industry and one industry can change the world

– MIKE LAMACH, CHAIRMAN AND CEO

Global Megatrends Our Commitments

Material Issues to Focus Our Efforts

Targets Align with Global Priorities

The Gigaton ChallengeReducing one gigaton of carbon

emissions (CO2e) from our customers’ footprint by 2030

Leading by ExampleAchieving carbon neutral

operations, 10% absolute energy reduction, zero waste to landfill

and net positive water

Opportunity for All Creating gender parity in leadership,

workforce diversity, investing in STEM education

OperationsEmissions intensityRenewable energy

Water usageHeating electrified

Products and Services

Energy efficiency Low-emission products

Technology & innovationEmerging market innovations

Product life cycle

Supply ChainResponsible

sourcingSupplier diversity

EmployeesDiversity and

inclusionEthics and integrity

SafetyDevelopmentEngagement

CommunitiesAccess to cooling

Food and wellnessEducationWorkforce

development

GovernanceBoard oversight

Financial performancePublic policy

CLIMATE CHANGE

URBANIZATION

RESOURCE SCARCITY

DEMOGRAPHICS

DIGITAL CONNECTEDNESS

INDOOR ENVIRONMENTAL

QUALITY (IEQ)

Zero Hunger2 Quality

Education4 GenderEquality5 Clean Water

& Sanitation6 Affordable & Clean Energy7 Decent Work

& Economic Growth8 Industry,

Innovation & Infrastructure9 Sustainable

Cities & Communities11 Responsible

Consumption & Production12 Climate

Action13

Speaker Biographies

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Mike Lamach

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Chairman and Chief Executive Officer Mike Lamach is Chairman and Chief Executive Officer of Trane Technologies plc, a global climate innovator focused on sustainable solutions for buildings, homes and transportation. Trane Technologies was launched in 2020 upon the completion of a strategic transaction that created two leading companies – Trane Technologies and Ingersoll Rand.

Prior to Trane Technologies, Mike joined Ingersoll Rand in 2004 and served as president of the Trane Commercial business before being named the company’s president and chief operating officer. He was named chief executive officer and elected chairman of the Board of Directors in 2010. In 2019, the company announced a strategic transaction to spin off Ingersoll Rand’s Industrial segment and merge it with Gardner Denver, creating a global Industrial company, retaining the legacy name of Ingersoll Rand. The remaining climate-focused company was renamed Trane Technologies.

Prior to joining Ingersoll Rand, Lamach served in various leadership roles for Johnson Controls over a 17-year tenure, including group vice president and managing director for the European, Asian, South African and South American businesses of Johnson Controls’ Automotive Group.

Mike holds a bachelor’s degree in engineering from Michigan State University and a master’s degree in business administration from Duke University. He is the Chairman of the Board of Directors for the National Association of Manufacturers and has served as a director for PPG Industries since 2015 and a member of Duke University’s Fuqua School of Business board of visitors since 2013. In 2019, Mike was named one of Harvard Business Review’s top performing CEOs and listed by Forbes among America’s 100 Most Innovative Leaders.

Chris Kuehn

56

Senior Vice President and Chief Financial OfficerChris Kuehn is senior vice president (SVP), chief financial officer (CFO) of Trane Technologies plc, responsible for all finance functions, including investor relations, financial planning and analysis, treasury, strategic business unit finance, controllership, external reporting, audit, tax, and risk management. His role was effective early 2020.

Prior to serving as CFO, Chris served as vice president and chief accounting officer of Ingersoll Rand, with responsibility for controllership, financial planning and analysis, and external reporting, and oversaw the finance teams in the strategic business units.

Chris has deep financial experience and strong knowledge of complex businesses and operations. He joined Ingersoll Rand in 2015 from Whirlpool Corporation, where he served as vice president, corporate controller and chief accounting officer. Over his 25-year career, he has held a variety of leadership roles including at PricewaterhouseCoopers and at SPX Corporation where he served as chief financial officer for the HVAC segment.

Chris earned his B.S. in accounting from the State University of New York - College at Geneseo and an M.B.A. from the University of Rochester. He is also a CPA. He also serves on the Board of Directors for Junior Achievement of Central Carolinas.

Dave Regnery

57

President and Chief Operating OfficerDave Regnery is president and chief operating officer of Trane Technologies plc and a member of the enterprise leadership team. In this role, Dave oversees the company's strategic businesses, including leading climate brands Trane® and Thermo King® - as well as mission-critical company operations.

Since joining the company in 1985, Dave has held significant leadership roles of increasing responsibility. Most recently, Dave served as executive vice president for Ingersoll Rand, overseeing the financial and operating performance of Ingersoll Rand’s Climate and Industrial segments, including the company’s full portfolio of businesses, which included Trane®, Thermo King®, Club Car® and Ingersoll Rand®. Dave has also served as the president of HVAC Commercial for North America, Europe, Middle East and Africa, and Transport North America, Europe, Middle East and Africa.

Dave graduated from Northeastern University with a bachelor’s degree in finance and earned his master of business administration from Lehigh University. He also serves on the Board of Directors for the United Way of the Central Carolinas.

Ray Pittard

58

Transformation Office LeaderRay Pittard is the transformation office leader of Trane Technologies plc. In this role, Ray leads efforts to transform Trane Technologies into an efficient, more customer focused company that unlocks value for customers and shareholders.

Ray joined the company's Air Solutions Group in 1988 holding key roles in sales, engineering and product management before moving to the Climate Control Technologies sector in 2001. Most recently, Ray served as President of Transport Solutions for North America, Europe, Middle East and Africa, leading all aspects of operations, strategy and performance for the strategic business Thermo King®. Previously, Ray held leadership positions in a variety of functions including global products, engineering, program management, marketing and general management. Ray has been a member of the Climate Solutions leadership team since its creation in 2009. There he held various leadership roles in the U.S. and Europe, including president of the sector’s European-Served Area businesses.

Ray serves as a board member for the Trane Technologies Foundation, which manages all charitable contributions and partnerships. He has also served on the board of the Ada Jenkins Center - a charitable organization in North Carolina. He holds a BSME degree from Texas A&M University and has attended advanced programs from the University of Chicago, Wharton and global leadership development programs through Trane Technologies.

Zac Nagle

59

Vice President, Investor RelationsZac Nagle is vice president of investor relations at Trane Technologies. Mr. Nagle joined Ingersoll Rand in July 2016. Trane Technologies was launched in 2020 upon the completion of a strategic transaction that created two leading companies – Trane Technologies and Ingersoll Rand.

In his current role, Zac shapes, articulates and manages the investment story of Trane Technologies and helps strengthen the company’s strategic relationships with key stakeholders including institutional investors and research analysts. He serves on the Finance leadership team and brings 24 years of experience to the role.

Prior to Ingersoll Rand, Zac served as vice president of investor relations and communications for KBR, Inc. Before KBR, he was the vice president of investor relations at Becton Dickinson, a global medical technology company, and held executive positions at Flowserve Corporation, Computer Associates, Dell Inc., and Procter & Gamble. His responsibilities included leadership positions in general management, finance, marketing, strategy and operations.

Zac holds a master’s of business administration from the University of Michigan and a bachelor of arts in economics and business from the University of Notre Dame.

investor briefing · 2020. 12. 14. · investor briefing agenda 3 11:00-11:45. 10:00-10:10...

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