Q3 2025 Trane Technologies PLC Earnings Call Transcript
Key Points
- Trane Technologies PLC (TT) reported record quarterly bookings of $6 billion, representing organic growth of 13% year over year.
- The company achieved 170 basis points of adjusted operating margin expansion and 15% adjusted EPS growth.
- Commercial HVAC bookings in the Americas reached an all-time high, surging 30% year over year, with applied bookings more than doubling.
- The services business, which constitutes approximately one-third of total enterprise revenues, remains a durable growth driver, up low double digits year to date.
- Trane Technologies PLC (TT) has a strong backlog, with the commercial HVAC backlog growing by over $800 million from year-end 2024, positioning the company well for continued growth in 2026.
- Residential bookings and revenues declined approximately 30% and 20%, respectively, consistent with previous updates.
- The Americas transport refrigeration market forecast for 2025 has softened, with the fourth quarter expected to be down more than 30%.
- EMEA transport revenues declined by low-single digits, despite bookings rising by high-single digits.
- The company anticipates a $100 million revenue shortfall from its July guidance due to softer residential markets.
- Adjusted EBITDA margins in EMEA declined by 60 basis points, mainly due to M&A-related integration costs.
Good morning. My name is Carrie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Trane Technologies Q3 2025 earnings conference call. (Operator Instructions). I will now turn the call over to Zac Nagle, Vice President of Investor Relations. Please go ahead.
Thanks, operator. Good morning, and thank you for joining us for Trane Technologies third-quarter 2025 earnings conference call. This call is being webcast on our website at tranetechnologies.com we will find the accompanying presentation. We are also recording and archiving this call on our website. Please go to slide 2. Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the Safe Harbor provisions of Federal Securities Law. Please see our SEC filings for a description of some of the factors that may cause our actual results to differ materially from anticipated results. This presentation also includes non-GAAP
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