JCI: Wolfe Global Transportation & Industrials Conference Abridged Transcript

Research evidence excerpt

JCI: Wolfe Global Transportation & Industrials Conference Abridged Transcript

Electrical Equipment & Multi-Industry

Multi-Industry - Market Weight

JOHNSON CONTROLS INTERNATIONAL PLC (JCI) May 20, 2026

JCI: Wolfe Global Transportation & Industrials Conference Rating:

Abridged Transcript Outperform

Price:

$135.42

The Wolfe Byte Price Target:

JCI: Wolfe Global Transportation & Industrials Conference Abridged Transcript $165

% Upside:

21.8%

PLEASE REFER TO THE DISCLOSURE SECTION LOCATED AT THE END OF THIS View JCI Model

REPORT. View Comp Table

Company Attendees – Joakim Weidemanis, CEO & Marc Vandiepenbeeck, Company Information

CFO 52-Week Range $97 - $146

Market Cap. (MM) $82,622

Enterprise Value (MM) $91,992

●Opening Remarks: Been in the role for a little over a year (CEO). JCI always had Shares Out. (MM) 610.1

unique technological capabilities within thermal management, but company Avg. Value Traded (MM) $651.74

SI% of Float 1.4%

was not leveraging this to drive outsized performance. Likewise, JCI always had

one of the largest field footprints, but this not had been fully leveraged to drive 160

sustainable competitive differentiation. Right now, JCI is implementing a new 150

business system - about simplifying and accelerating the core business (using 140

lean and AI/digital capabilities). Pleased with progress, but a lot of work left 130 120

to do. 110

●3Q26 Guidance: Continued growth in backlog supports strong organic growth. 10090

But two things to call out as to why backlog growth is outpacing organic Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

sales growth: 1) conversion is constrained shorter term by desired customer Source:JCIFactSet

delivery timelines and construction delays; and 2) NAm production is ramping