Trane Technologies PLC | North America: Inflecting & Durable

Research evidence excerpt

Trane Technologies PLC | North America: Inflecting & Durable

Update

July 30, 2026 11:33 AM GMT

Morgan Stanley & Co. LLCMTrane Technologies PLC | North America Christopher Snyder, CFA

Equity Analyst

Inflecting & Durable Chris.Snyder@morganstanley.comToby Okwara +1 212 761-4470

Toby.Okwara@morganstanley.com +1 212 761-1693

AlphaSignals Earnings Reaction Brandon Knutson

Strengthens our thesis Modest upside Meaningful revision higher Brandon.Knutson@morganstanley.com +1 212 761-4168

Impact to our thesis Financial results versus consensus Direction of next 12-month Christine Yao

consensus EPS

Research Associate

Source: Company data, Morgan Stanley Research Christine.Yao@morganstanley.com +1 212 761-4193

Exhibit 1: Americas organic inflected back into DD territory in Q2 following prior Trane Technologies PLC (TT.N, TT US)

MSD runrate, evidence that robust LTM orders have begun to convert and Multi-Industry | United States of America

signaling NTM momentum + upside vs Consensus modeling Stock Rating Overweight

Industry View Attractive

Price target $565.00

Shr price, close (Jul 29, 2026) $446.80

Mkt cap, curr (mm) $99,681

52-Week Range $505.86-348.86

Source: Morgan Stanley Research, Company Reports

TT posted Q2 EPS of $4.31, edging MSe $4.30 and Cons $4.26 w/ operations coming

in a tick above expectations as firmer organic growth (9% vs MSe +6% and Cons

+5%) was more than offset by a ~20 bps margin shortfall. While the Q2 operating

beat was below what TT typical delivers, we consider this a supportive update and

in line w/ our positive preview (link) – Americas organic inflected to +11% (vs ~4%

last three Qs), easily topping Consensus +7% and with segment orders accelerating

once again to +37%, the business is positioned for clear positive rate of change &