US Electrical Equipment & Multi-Industry "Assessing the industry tempera..."

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US Electrical Equipment & Multi-Industry "Assessing the industry tempera..."

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US Electrical Equipment & Multi-Industry Equities

AmericasAssessing the industry temperature: HVAC

Business Survey 5.0 results Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

Takeaways from 5th annual UBS Evidence Lab HVAC Business Survey +1-201-352 1410

We analyzed results from our annual HVAC Business Survey (> Access Dataset) that Neal Burk

included questions on demand, pricing, tariff impacts, data centers as well as customer Analyst

and brand preferences. The key messages remain constructive on the market: 1) neal.burk@ubs.com

demand across both equipment and service continues to exhibit resilience; 2) pricing +1-212-713 4066

expectations remain elevated along with the impact from tariffs; 3) data centers are Pratap Singh

emerging as an increasingly important growth vector; 4) OEMs continue to make steady Analyst

progress in service contracts favorability, which should support better growth and pratap-za.singh@ubs.com

margin over time; 5) TT and CARR remain the most used brands while Bosch (recent +1-212-821 3112

addition to the survey) led in overall satisfaction among brands, followed by GE Zachary Walljasper

Appliance, Trane, and Carrier. Associate Analyst

zachary.walljasper@ubs.com

Business sentiment / outlook screens positive +1-212-713 9829

Business conditions continue to show positive trends with 71% respondents indicating Shneur Z. Gershuni, CFA

favorable conditions this year, in line with last year. Over the next 12 months, HVAC Analyst

equipment demand is expected to increase by about 9%, up slightly versus last year's shneur.gershuni@ubs.com