CARR: Wolfe Global Transportation & Industrials Conference Abridged Transcript

研报英文原文证据摘录

CARR: Wolfe Global Transportation & Industrials Conference Abridged Transcript

Electrical Equipment & Multi-Industry

Multi-Industry - Market Weight

CARRIER GLOBAL CORPORATION (CARR) May 19, 2026

CARR: Wolfe Global Transportation & Industrials Rating:

Conference Abridged Transcript Outperform

Price:

$64.51

The Wolfe Byte Price Target:

CARR: Wolfe Global Transportation & Industrials Conference Abridged Transcript $76

% Upside:

17.8%

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

REPORT. View Comp Table

Company Attendees – David Gitlin, CEO & Michael Rednor, IR Company Information

52-Week Range $50 - $81

$53,581 Cap. (MM) ●State of the Union: 40% of portfolio (CHVAC and aftermarket) has been stellar. Market $65,917 Enterprise Value (MM)

Expect another solid quarter in data center from an order perspective in 2Q26. Shares Out. (MM) 830.6

Data center growing from $1b last year to $1.5bn in 2026 - already have all Avg. Value Traded (MM) $265.63

SI% of Float 2.1%

of this in the order book, so it is not a demand/order issue but rather a function

of CARR's ability to execute. Feel good about 2026 - but may not have enough 85

capacity for 2027 (actively looking into this). NAm water-chilled chiller capacity 80

up 4x - air-cooled chiller capacity up 3x. Expanded Charlotte, NC facility by 50% 7570

but will need to do more. 65

55 ●Short Cycle BUs: R&LC business in Europe could benefit from higher fossil

fuel prices - analagous to Russia/Ukraine (shift to heat pumps is not quite as 5045

drastic this time around). US R&LC also had a stronger start to the year than Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

anticipated (particularly in LC). Still early in 2Q26, but US RHVAC is tracking Source:CARRFactSet