Trane Technologies PLC: Takeaways from CEO/CFO meetings

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Trane Technologies PLC: Takeaways from CEO/CFO meetings

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Trane Technologies PLC

Takeaways from CEO/CFO meetings

Maintain Rating: BUY | PO: 550.00 USD | Price: 483.15 USD

Takeaways from CEO/CFO meetings 25 June 2026

We hosted investor meetings with Chairman & CEO Dave Regnery, EVP & CFO Chris Equity

Kuehn, and General Manager, Americas Commercial HVAC Holly Paeper at Trane’s North

Andrew Obin

Carolina headquarters on 6/23. Key takeaways: 1) Services are a key focus for Research Analyst

management. Trane is expanding the moat with its new training center and AI-enabled BofAS andrew.obin@bofa.com

service which will allow Trane to accelerate aftermarket growth and continue to expand

David Ridley-Lane, CFA

margins. 2) Battery storage / grid-interactive buildings as an attractive emerging growth Research Analyst

vector that fits naturally with Trane’s controls and thermal storage capabilities. 3) BofASdavid.ridleylane@bofa.com

Management remained constructive on data centers and other applied verticals including

Devin Leonard

higher education and healthcare. We maintain our Buy rating. Research Analyst

BofAS

New training center to step up technician capacity devin.leonard@bofa.com

During our visit we toured Trane’s new Advanced Technology Training Center which

launched in April 2026. The new ~50,000 sq. ft. facility can train ~4,500 technicians

annually, a large increase from prior capacity of 8-10,000 technicians per year at existing Stock Data

sites. Technicians often return for training more than once per year. Management also Price 483.15 USD

noted Trane has ~7,500 technicians globally, including ~4,500 in the U.S. We view Price Objective 550.00 USD

Trane’s ability to train and retain technicians part of its competitive moat.