Industrials/Multi-Industry: Takeaways from London conference meetings with Carrier and Lennox

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Industrials/Multi-Industry: Takeaways from London conference meetings with Carrier and Lennox

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Industrials/Multi-Industry

Takeaways from London conference

meetings with Carrier and Lennox

Industry Overview

Takeaways from Carrier and Lennox meetings 17 June 2026

On 6/17 we attended investor meetings with Carrier (CARR; Neutral-rated) and Lennox Equity

(LII; not covered) in London. Carrier meetings were with Patrick Goris, SVP & CFO and Americas

Michael Rednor, Investor Relations. Lennox meetings were with Alok Maskara, President Industrials/Multi-Industry

& CEO and Sarah Martin EVP & President of Home Comfort Solutions. Key takeaways: 1) Andrew Obin

The rate of price increases for resi HVAC is now expected to be modestly lower as 232- Research Analyst

related price increases are lowered to reflect the new tariff rate. 2) While still early in BofAS+1 646 855 1817

the selling season, demand trends for resi HVAC appear in line to modestly better than andrew.obin@bofa.com

expectations so far. 3) Carrier’s data center business continues to scale, with capacity David Ridley-Lane, CFA

Research Analyst

expansion planned and a path to exit 2026 at a ~$2.5bn revenue run rate. 4) The BofAS

European resi/light commercial business appears to have stabilized. 5) NA truck & trailer +1 646 855 2907

david.ridleylane@bofa.com

has yet to see a pick up, but the container business is performing better, supported by

Devin Leonard

longer shipping routes. Research Analyst

BofAS

Rate of resi price increases moderating on 232 changes +1devin.leonard@bofa.com646 855 3698

Residential demand appears in line to modestly better than expected so far. The rate for

resi price increases is moderating, with 232-related surcharges reduced as tariffs

declined from 25% to 15%.