Otis Worldwide (OTIS) 10-K risk factor changes: FY2025 vs FY2024

Our business, financial condition, operating results and cash flows may be adversely affected by changes in global economic conditions, including levels of consumer and business confidence, commodity prices, raw material and energy costs, supply chain issues, trade [removed: policies,] [added: policies (including] tariffs and trade [removed: barriers,] [added: barriers),] foreign currency exchange rates, interest rates, labor costs, levels of government spending and deficits, actual or anticipated default on sovereign debt, political [removed: conditions, including in connection with the new administration's policies and priorities] [added: conditions] in the U.S. or otherwise, regulatory changes and other challenges that could affect the global economy.

The occurrence of one or more unexpected events, including war (see discussion below regarding ongoing conflicts), acts of terrorism or violence, civil unrest, [added: pandemics,] fires, tornadoes, hurricanes, earthquakes, floods and other forms of [added: natural disasters or] severe weather, whether as a result of climate change or otherwise, in the United States or in other countries in which we operate or in which our suppliers are located could [removed: adversely affect] [added: result in physical damage to and complete or partial closure of one or more of] our [removed: operations] [added: manufacturing facilities or temporary or long-term disruption in the supply of component products from some of our suppliers, disruption] and [removed: financial performance.][added: delay in the transport of our products to customers or limit our access to building sites to install our products or perform our services.]

The impacts of these unexpected events are difficult to predict, but could result in higher costs or delays in our operations [removed: and] [added: and/or] adversely affect [added: economic conditions in the regions where we operate and] our financial performance.

We conduct our business on a global basis, with approximately [removed: 70%] [added: 71%] of our [removed: 2024] [added: 2025] net sales derived from international operations.

Accordingly, fluctuations in exchange rates have given and may continue to give rise to gains or losses when financial statements of non-U.S. operating units are translated [added: into U.S. dollars.]

Our international operations subject us to risks associated with government policies on international trade and investments and risks [removed: associated with] [added: in general and particularly in] China.

The implementation of more restrictive trade policies, including [removed: the imposition of further] tariffs [removed: in connection with the new administration in the U.S.] and retaliatory [removed: tariffs] [added: actions] in response thereto, or the renegotiation of existing trade agreements with the U.S. or countries where we sell large quantities of products and services, procure materials incorporated into our products, manufacture products or recruit and employ employees (see discussion on China below), could have a material adverse effect on our business, results of operations and financial [removed: condition, including our ability to recruit and retain employees or deploy certain employees to the geographies where their skills are best utilized.][added: condition.]

International transactions [removed: may] [added: also] involve increased financial and legal risks due to differing legal systems and customs in foreign [removed: countries.][added: countries, which could result in increased costs, risk of fines or penalties as well as reputational harm.]

China is currently the largest end market for sales of new equipment in our industry, with our New Equipment net sales in China representing approximately one [removed: fourth] [added: fifth] of our global New Equipment net sales and over half of our global New Equipment unit volume and a growing part of our Service segment.

Changes to market and economic conditions in China, including credit conditions for our customers, [removed: or an escalation of trade conflicts between the U.S. and China,] have recently impacted and may continue to impact our ability to maintain New Equipment net sales in China at rates consistent with prior [removed: years.][added: years as well as future growth of our Service segment.]

Furthermore, as is the case in many countries where we operate, [removed: the legal and regulatory changes in China,] [added: China] could impose [removed: significant] [added: additional regulatory and legal requirements, including] requirements [removed: unique to China] [added: that could increase costs] in [removed: order to maintain] [added: China and/or restrict] access to Chinese [removed: markets and] [added: markets, which could] negatively impact our overall financial performance.

Our international sales and operations are subject to risks associated with geopolitical [removed: conflicts.][added: conflicts, including the ongoing conflicts between Russia and Ukraine and instability in the Middle East.]

[removed: The ongoing conflicts between Russia and Ukraine and in the Middle East] [added: Geopolitical conflicts, including threats related thereto,] have resulted in worldwide geopolitical and macroeconomic uncertainty, and we cannot predict how [removed: the] conflicts will evolve or the timing thereof.

If [removed: these] [added: current geopolitical] conflicts [removed: continue for a significant time or further] expand to other countries and depending on the ultimate outcomes of these conflicts, which remain uncertain, they or new geopolitical conflicts could have additional adverse effects on macroeconomic conditions, including but not limited to, increased costs, constraints on the availability of commodities, supply chain disruptions and decreased business spending.

[added: Furthermore, continuation of the conflicts could give rise to disruptions to our or our business partners’ global technology] infrastructure, including through cyberattack or cyber-intrusion; adverse changes in international trade policies and relations; regulatory enforcement; our ability to implement and execute our business strategy; terrorist activities; our exposure to foreign currency fluctuations; and constraints, volatility, or disruption in the capital markets, any of which could have a material adverse effect on our business, results of operations, cash flows and financial condition.

We design, manufacture, install and service products that incorporate advanced technologies; the introduction of new products and [removed: technologies] [added: technologies, including artificial intelligence,] involves risks, and we may not realize the degree or timing of benefits initially anticipated.

Our ability to realize the anticipated benefits of our technological advancements, such as the development and execution of advanced [removed: digital technologies] [added: technologies, including artificial intelligence ("AI"),] for the benefit of our New Equipment or Service segment or the development of new products depends on a variety of factors, including meeting development, production, certification and regulatory approval schedules; execution of internal and external performance plans; availability of supplier and internally produced parts and materials; performance of suppliers and subcontractors; hiring and training of qualified personnel; [added: employee adoption of new technologies;] achieving cost and production efficiencies; validation of innovative technologies; [added: our ability to maintain new products at the Service levels] and [added: costs anticipated; and] customer interest in new technologies and products and acceptance of products we manufacture or that incorporate technologies we develop.

We or our [removed: customers,] suppliers or subcontractors may encounter difficulties in developing and producing new products and services, and may not realize the degree or timing of benefits initially anticipated or may otherwise suffer significant adverse financial consequences.

If we are unable to successfully develop and timely introduce new products, services and technologies, our competitors may develop competing technologies that gain market acceptance in advance of or instead of our products or [removed: services.][added: services that might cause our existing technology and offerings to become obsolete, which could have a material adverse effect on our competitive position, results of operations, cash flows or financial condition.]

In order to operate more efficiently and cost effectively, we have and may continue to adjust employment, optimize our footprint or undertake other restructuring or transformation activities, including in connection with UpLift and [added: our China business, and] related [removed: outsourcing activities] [added: reorganization, transformation] and [removed: change management.][added: outsourcing activities, as applicable.]

Risks associated with these actions and other workforce management issues include unfavorable political responses, unforeseen delays in the implementation of anticipated workforce reductions, additional unexpected costs, challenges in change management, adverse effects on employee morale and capacity, and the failure to meet operational targets due to the loss of employees or work [removed: stoppages,] [added: stoppages or transitioning work to third parties,] any of which may impair our ability to achieve anticipated cost reductions, otherwise harm our business or have a material adverse effect on our competitive position, results of operations, cash flows or financial condition.

We compete with other companies both within and outside of our industry for talented personnel in a highly competitive labor market, and we may lose key personnel or fail to attract [removed: other] [added: sufficient] skilled personnel and incur additional labor costs.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: $8.3] [added: $7.7] billion outstanding long-term debt.

We seek to grow through strategic [removed: acquisitions] [added: acquisitions, including of the interests] in [added: certain ventures and entities which we do not already wholly own, in] addition to internal growth.

In certain regions, we operate our business through joint venture relationships or non-wholly owned subsidiaries, [removed: including: Otis Electric Elevator Company Limited and] [added: including] Otis Elevator (China) Investment Limited in China.

Uncertainty relating to those laws or regulations may also affect how we operate, structure our [removed: investments] [added: investments, structure our contracts] and [added: comply with the terms of these contracts and/or] enforce our [removed: rights.][added: rights thereunder.]

Violations of the FCPA, antitrust or other anti-corruption or anti-collusion laws, [added: government contract laws,] or allegations of such violations, could disrupt our operations, cause reputational harm, involve significant management distraction and result in a material adverse effect on our competitive position, results of operations, cash flows or financial condition.

For a description of current material legal proceedings, see "Note [removed: 21:] [added: 20:] Contingent Liabilities" in Item 8 of this Form 10-K.

Our ability to [removed: achieve any goal or objective, including with respect to ESG initiatives,] [added: deliver on our sustainability and responsibility initiatives] is subject to numerous risks, many of which are outside of our control.

Examples of such risks include: (1) the availability and cost of low- or non-carbon-based energy sources and technologies, (2) third-party coordination and alignment over which we do not have control and [added: which] may be unpredictable, (3) evolving regulatory requirements affecting [removed: ESG] [added: sustainability or responsibility related] standards or disclosures, (4) the availability of suppliers that can meet our [removed: sustainability, inclusion and other] [added: sustainability-related] standards, and (5) our ability to recruit, develop, and retain talent in our labor markets.

In addition, standards for tracking and reporting on [removed: ESG] [added: sustainability-related] matters have not been harmonized and continue to evolve.

Our processes and controls for reporting of [removed: ESG] [added: sustainability and responsibility] matters [added: have been enhanced but] may not always comply with evolving and disparate standards for identifying, measuring, and reporting [removed: ESG] metrics globally, our interpretation of reporting standards may differ from those of others, and such standards may change over time, any of which could result in significant revisions to our performance metrics, [removed: goals] [added: climate-related targets] or reported progress in achieving such [removed: goals] [added: targets] and increased compliance costs and risks.

If our [removed: ESG] [added: sustainability and responsibility] practices do not meet evolving regulations, investor or other stakeholder expectations and standards, then our reputation, our ability to attract or retain employees, and our attractiveness as an investment, supplier, or business partner could be negatively impacted, or could result in litigation.

In addition, our failure or perceived failure to pursue or fulfill our [removed: goals, targets, and objectives] [added: climate-related targets] within the timelines we announce, or at all, could have similar negative impacts.

The performance of the financial markets and interest [removed: rates] [added: rates,] as well statutory and/or regulatory [removed: changes] [added: changes,] can impact our defined benefit pension plan expenses and funding obligations.

See "Note [removed: 12:] [added: 11:] Employee Benefit Plans" in Item 8 of this Form 10-K for further discussion on pension plans and related obligations and contingencies.

Any of the foregoing factors could result in reputational damage or civil or governmental [removed: proceedings,] [added: proceedings and/or substantial monetary damages or fines,] which could result in a material adverse effect on our competitive position, results of operations, cash flows or financial condition.

We and some of our third-party suppliers have experienced cyber-based attacks, and, due to the evolving threat landscape, may continue to experience [added: them going forward, potentially with more frequency.]

We rely on a combination of patents, trademarks, copyrights, trade secrets, nondisclosure agreements, customer and supplier agreements, license agreements, [removed: non-compete agreements,] [added: restrictive covenants,] information technology security systems, internal controls and compliance systems and other measures to protect our intellectual property.

See "Business Overview" and "Results of Operations – Income Taxes" in Item 7 and "Note 2: [added: Summary of] Significant Accounting Policies" and "Note [removed: 15:] [added: 14:] Income Taxes" in Item 8 in this Form 10-K, for further discussion on income taxes and related contingencies.

These impacts may include hindering our ability to recruit and retain employees or deploy certain employees to the geographies where their skills are best utilized, increased costs for our customers, declining consumer confidence, significant inflation and diminished economic expectations, which could ultimately reduce demand for our products.

While we take steps to mitigate or avoid these increased costs, disruptions and legal risks due to changes in trade policies, our ability to do so may be limited by operational and supply chain constraints, especially in the short term.

In addition, our ability to recover cost increases and maintain profitability levels through price adjustments may be limited by competitive pressures, customer acceptance, and contractual limitations.

Tariff actions by the U.S. and retaliatory actions by other countries have caused, and may in the future cause, significant disruption and volatility in the financial markets, which could adversely affect the availability, terms and cost of capital, including with respect to refinancing our existing debt, and which in turn could reduce our cash flows and harm our business.

Additionally, the escalation of trade conflicts between the U.S. and China could further impact economic conditions in the U.S. and China.

Further, as we integrate emerging and rapidly evolving technologies, including AI, into our products and services, we face evolving risks related to safety, data governance, regulatory compliance and intellectual property and may not be able to anticipate or identify vulnerabilities, design flaws or security threats resulting from the use of such technology and develop adequate protection measures, which could lead to unintended consequences and significantly impact our business, reputation, and financial results.

Changes in these laws or their interpretation, administration and/or enforcement may also occur over time.

Additionally, we provide products and services to government entities.

Government contract laws and regulations impose certain risks.

If violations of law are found, they could result in civil and criminal penalties and administrative sanctions, including termination of contracts, refund of a portion of fees received, forfeiture of profits, suspension of payments, fines and suspensions or debarment from future government business.

Each of these factors could negatively impact our business, results of operations, financial condition, and reputation.

See discussion of other risks associated with our international business, including changes in trade policies, discussed above and elsewhere in this Form 10-K.

We are impacted by evolving stakeholder interest in sustainability and responsibility matters.

We report on our sustainability and responsibility projects and programs, as required by applicable law and voluntarily.

Our strategies reflect our focus on projects and programs that tie to business performance allowing us to adapt to evolving market needs and pursue new opportunities in alignment with our business strategies.

Nonetheless, there is no certainty that these projects and programs will deliver the desired outcomes.

As global standards and regulations relating to AI increase and change, they could result in additional costs, regulatory scrutiny, legal liability and reputational harm, including if we fail to comply with such standards and regulations.

Additionally, misuse of sensitive data used in AI models may lead to privacy violations or non-compliance with data protection laws.

Natural disasters, pandemics, equipment failures, prolonged power outages or other unexpected events could result in physical damage to and complete or partial closure of one or more of our manufacturing facilities or temporary or long-term disruption in the supply of component products from some local, national and international suppliers, disruption and delay in the transport of our products to customers or limit our access building sites and to install our products or perform our services.

into U.S. dollars.

Furthermore, continuation of the conflicts could give rise to disruptions to our or our business partners’ global technology

See Item 7 "Business Overview" in this Form 10-K for more information regarding the sale of our business in Russia.

The possibility also exists that our competitors might develop new technology or offerings that might cause our existing technology and offerings to become obsolete, which could have a material adverse effect on our competitive position, results of operations, cash flows or financial condition.

We are impacted by evolving stakeholder interest in public company performance, disclosure, and goal-setting with respect to ESG matters.

We have increased reporting of our ESG programs and performance, as required by applicable law and voluntarily, and have established and announced goals and other objectives related to ESG matters.

These goal statements reflect our current plans and aspirations and are not guarantees that we will be able to achieve them.

them going forward, potentially with more frequency.

Potential liabilities may arise due to fraudulent transfer considerations, which would adversely affect our financial condition and results of operations.

In connection with the Separation, our former parent UTC undertook several corporate reorganization transactions involving its subsidiaries, which, including the Separation of Otis, may be subject to various fraudulent conveyance and transfer laws.

If, under these laws, a court were to determine that, at the time of the Separation, any entity involved in these reorganization transactions or the Separation: (1) was insolvent, was rendered insolvent by reason of the Separation, or had remaining assets constituting unreasonably small capital, and (2) received less than fair consideration in connection with the reorganization; or intended to incur, or believed it would incur, debts beyond its ability to pay these debts as they matured, then the court could void the Separation, in whole or in part, as a fraudulent conveyance or transfer.

The court could then require our shareholders to return to RTX some or all of the shares of the Common Stock issued in the distribution, or require RTX or Otis, as the case may be, to fund liabilities of the other company for the benefit of creditors.

The measure of insolvency would vary depending upon the jurisdiction and the applicable law.

Generally, however, an entity would be considered insolvent if the fair value of its assets was less than the amount of its liabilities (including the probable amount of contingent liabilities), or if it incurred debt beyond its ability to repay the debt as it matures.

No assurance can be given as to what standard a court would apply to determine insolvency or that a court would determine that Otis or any of its subsidiaries were solvent at the time of or after giving effect to the distribution.

We are the world’s leading elevator and escalator manufacturing, [removed: installation and] [added: installation,] service [added: and modernization] company.

Modernization offerings [removed: can] range from relatively simple upgrades of interior finishes and aesthetics to complex upgrades of larger components and [removed: sub-systems.][added: sub-systems, including the machine, ropes or belts, safety systems and the entire car or escalator.]

We serve our customers through a global network of [removed: employees.][added: colleagues.]

[removed: We expect UpLift to generate approximately $200 million in annual run-rate savings by the second half] [added: As] of 2025, [removed: with] [added: total] restructuring and other incremental costs to complete the transformation ("UpLift transformation costs") [removed: of] [added: are] approximately $300 [added: million, including trailing restructuring costs expected in 2026 of $18] million.

The Company generated approximately $70 million of pre-tax savings in [added: each of 2025 and] 2024, including run-rate savings of approximately [added: $200 million and] $120 million, [added: respectively,] driven by our simplified operating structure, optimized organizational spans and layers, and reduced digital technology costs.

| (dollars in millions) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [added: 2023] | | | | | | | | |

| UpLift restructuring costs | | | | | | $ | [removed: 31] [added: 76] | | | | | $ | [removed: 25] [added: 31] | | | | | [added: $] | [added: 25] | | | | | | | |

| UpLift transformation costs | | | | | | [removed: 65] [added: 69] | | | | | | [removed: 16] [added: 65] | | | | | | [added: 16] | | | | | | | | |

| Total UpLift costs | | | | | | $ | [removed: 96] [added: 145] | | | | | $ | [removed: 41] [added: 96] | | | | | [added: $] | [added: 41] | | | | | | | |

Total UpLift costs incurred to date are [removed: $137] [added: $282] million, including [removed: $56] [added: $132] million of restructuring costs and [removed: $81] [added: $150] million of transformation costs.

For further details, refer to the discussion on restructuring costs in the "Results of Operations," as well as "Note [removed: 16:] [added: 15:] Restructuring and Transformation Costs" to the Consolidated Financial Statements in Item 8 in this Form 10-K.

This expense is included in Other [removed: expense (income),] [added: income (expense),] net in the Consolidated Statements of Operations for 2024.

For further details, refer to "Note [removed: 15:] [added: 14:] Income Taxes" and "Note [removed: 21: Contingencies"] [added: 20: Contingent Liabilities"] to the Consolidated Financial Statements in Item 8 in this Form 10-K.

These macroeconomic conditions include, among others, inflationary pressures, high interest [removed: rates and] [added: rates,] tighter credit [removed: conditions.][added: conditions and changes in global trade policies including higher tariffs in the U.S. and other countries.]

These macroeconomic trends could continue to impact our business, including impacts to overall financial performance in [removed: 2025,] [added: 2026,] as a result of the following, among other things:

[removed: We] [added: Other than the impact from new tariffs] currently [added: in effect of approximately $20 million during 2025 and a similar impact anticipated in 2026, we currently] do not expect any significant impact to our capital and financial resources from these macroeconomic conditions, including to our overall liquidity position based on our available cash and cash equivalents and our access to credit facilities and the capital markets.

[removed: As discussed below, we] [added: We] do not have operations in Russia.

To the extent possible, we continue to operate our business in Ukraine, which represented less than 1% of our [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022 revenue] [added: 2023 net sales] and operating profit.

There have been no, and we do not expect there to be in the near term, material impacts on our business, financial condition or results of operations as a result of compliance with legislation or regulatory rules regarding climate change, from the known physical effects of climate change or as a result of implementing our [removed: ESG initiatives.][added: sustainability-related initiatives or from transitional risks such as increased regulations or customer shifting preference toward low carbon products, as determined under our climate scenarios.]

[removed: Increased regulation and other] [added: Other] climate change concerns, however, could subject us to additional costs and restrictions, and we are not able to predict how such regulations or concerns would affect our business, operations or financial results.

For a discussion of risks associated with [removed: ESG] [added: sustainability-related] matters, see Item 1A in this Form 10-K.

For a discussion of Otis’ [removed: ESG goals,] [added: climate near-term science-based targets,] see the discussion under [removed: "Environmental, Social] [added: "Sustainability] and [removed: Governance ("ESG")"] [added: Responsibility"] in Item 1 in this Form 10-K.

| (dollars in millions) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net sales | | | | | | $ | [removed: 14,261] [added: 14,431] | | | | | $ | [removed: 14,209] [added: 14,261] | | | | | $ | [removed: 13,685] [added: 14,209] | |

| Percentage change year-over-year | | | | | | [removed: 0.4] [added: 1] | | % | | | | [removed: 3.8] [added: —] | | % | | | | [removed: (4.3)] [added: 4] | | % |

| | | | | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Organic volume | | | | | | [removed: 1.4] [added: —] | | % | | | | [removed: 5.6] [added: 1] | | % |

| Foreign currency translation | | | | | | [removed: (1.2)] [added: 1] | | % | | | | [removed: (1.2)] [added: (1)] | | % |

| Acquisitions and divestitures, net [added: and Other] | | | | | | [removed: 0.2] [added: —] | | % | | | | [removed: (0.6)] [added: —] | | % |

| Total % change | | | | | | [removed: 0.4] [added: 1] | | % | | | | [removed: 3.8] [added: —] | | % |

The Organic volume increase of [removed: 1.4%] [added: 1%] for 2024 was driven by an increase in organic sales of [removed: 6.8%] [added: 7%] in Service, offset by a decrease of [removed: (6.4)%] [added: (6)%] in New Equipment.

The Organic volume [removed: increase of 5.6% for 2023] was [added: flat for 2025] driven by an increase in organic sales of [removed: 7.7%] [added: 5%] in [removed: Service and 2.6%] [added: Service, offset by a decrease of (7)%] in New Equipment.

| Cost of products and services sold | | | | | | $ | [removed: 10,004] [added: 10,061] | | | | | $ | [removed: 10,016] [added: 10,004] | | | | | $ | [removed: 9,765] [added: 10,016] | |

| Percentage change year-over-year | | | | | | [removed: (0.1)] [added: 1] | | % | | | | [removed: 2.6] [added: —] | | % | | | | [removed: (3.4)] [added: 3] | | % |

| Organic volume | | | | | | [removed: 0.9] [added: (1)] | | % | | | | [removed: 4.8] [added: 1] | | % |

| Foreign currency translation | | | | | | [removed: (1.3)] [added: 1] | | % | | | | [removed: (1.3)] [added: (1)] | | % |

| Acquisitions and divestitures, net and Other | | | | | | [removed: 0.3] [added: 1] | | % | | | | [removed: (0.9)] [added: —] | | % |

| Total % change | | | | | | [removed: (0.1)] [added: 1] | | % | | | | [removed: 2.6] [added: —] | | % |

The [removed: organic increase] [added: Organic volume decrease of (1)%] in total cost of products and services sold in [removed: 2024 and 2023, were] [added: 2025 was] primarily driven by the organic sales changes noted above.

[removed: Productivity] [added: The Organic volume increase of 1% in total cost of products] and [removed: lower commodity prices,] [added: services sold in 2024 was] primarily [removed: steel, were partially offset] [added: driven] by [added: the organic sales increases noted above and] inflationary pressures, including annual wage increases and higher Service-related material [removed: costs.][added: costs, partially offset by productivity and lower commodity prices, primarily steel.]

The annual run-rate savings generated by UpLift are approximately $200 million.

Based on additional information received from RTX during the year, which resulted in additional indemnification expense of $67 million, offset by indemnity payments made to RTX of $205 million, the Company now estimates the amount payable to RTX to be $56 million.

The indemnification expense is included in Other income (expense), net in the Consolidated Statements of Operations in 2025.

This estimate could further change due to the parties' continuing dispute concerning the scope of the final indemnity amount, which will be resolved pursuant to the procedures set forth in the TMA.

- Higher costs of products and services due to tariffs;

Sustainability-related matters

| | | | | | | 2025 | | | | | | 2024 | | |

| | | | | | | 2025 | | | | | | 2024 | | |

Productivity was partially offset by the impact of tariffs and inflationary pressures, including higher labor costs.

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

The change in Interest expense (income), net of $227 million in 2025 compared to 2024, was primarily driven by the absence of $200 million of interest income related to the favorable ruling received in August 2024 regarding a tax litigation in Germany, higher interest related to the $600 million and €850 million unsecured, unsubordinated debt issued in November 2024, as well as the $500 million unsecured, unsubordinated debt issued in September 2025, partially offset by lower interest expense related to the repayment of the $1.3 billion unsecured, unsubordinated debt in April 2025.

Interest expense (income), net in 2025 was also impacted by interest reserve adjustments related to non-recurring tax items.

The 2025 effective tax rate is higher than the statutory U.S. rate primarily due to higher international tax rates as compared to the lower U.S. federal statutory rate.

The 2025 effective tax rate is higher than the 2024 effective tax rate primarily due to the absence of estimated tax benefits arising from the resolution of the German tax litigation and the absence of the reduction in a deferred tax liability related to the mitigation of future repatriation costs, both recorded in 2024, and the tax effect of the increase in our estimated nondeductible TMA indemnity obligation payable to RTX recorded in 2025.

These impacts were partially offset by an incremental benefit related to foreign-derived intangible income and foreign valuation allowance releases recorded in 2025.

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

Other than our acquisition of the noncontrolling shares of Otis Electric during the fourth quarter of 2025, ownership interest in the underlying non-wholly owned subsidiaries has remained generally consistent year-over-year.

See "Note 1: Business Overview" to the Consolidated Financial Statements in Item 8 in this Form 10-K for further discussion of the noncontrolling interest acquisition.

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | | | | 832 | | | | | | 924 | | | | | | 975 | | | | | | (92) | | | | | | (10) | | % | | | | (51) | | | | | | (5) | | % | | | | | | | | | | | | | | | | | | |

| Organic volume | | | | | | (7) | | % | | | | (6) | | % | | | |

New Equipment operating profit decreased $(89) million.

The impacts of lower volume, unfavorable price and tariff headwinds, and regional and product mix were partially offset by productivity, including the benefits of restructuring actions.

Operating margin decreased 130 basis points.

| | | | | | | 3,582 | | | | | | 3,361 | | | | | | 3,224 | | | | | | 221 | | | | | | 7 | | % | | | | 137 | | | | | | 4 | | % |

| Organic volume | | | | | | 5 | | % | | | | 7 | | % |

2025 Compared with 2024

| Organic volume | | | | | | 4 | | % | | | | 9 | | % |

Service operating profit increased $189 million including foreign exchange tailwinds of $36 million.

Higher volume, improved pricing, productivity and gains on sales of assets of $19 million, were partially offset by inflationary pressures including higher labor costs, and mix.

| Organic volume | | | | | | 6 | | % | | | | 12 | | % |

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| (dollars in millions) | | | | | | December 31, 2025 | | | | | | December 31, 2024 | | |

| September 4, 2025 | | | | | | 5.131% notes due 2035 | | | | | | $ | 500 | | | | | | | |

| April 7, 2025 | | | | | | 2.056% notes due 2025 | | | | | | $ | 1,300 | | | | | | | |

A portion of the proceeds from the September 2025 issuance of $500 million notes listed above will be used to fund the repayment at maturity of the Company's currently outstanding ¥21.5 billion Japanese Yen denominated 0.370% notes due March 18, 2026.

The remainder of the proceeds were used to fund the repayment of certain of our commercial paper borrowings.

As previously disclosed, we sold our business in Russia, which represented approximately 1% of our revenue and operating profit in 2022, respectively, to a third party in July 2022.

The operations were comprised mostly of New Equipment.

We recorded losses from the sale and conflict-related charges totaling $28 million, primarily in Other income (expense), net in the Consolidated Statements of Operations in 2022.

See "Note 8: Business Acquisitions, Dispositions, Goodwill and Intangible Assets" in Item 8 in this Form 10-K for further details.

Environmental, Social and Governance ("ESG")

Zardoya Otis Tender Offer

As previously disclosed, the Company announced the Tender Offer to acquire all issued and outstanding shares of Zardoya Otis not owned by Otis, at an offer price of €7.07 per share in cash, after adjusting for dividends.

The results of the Tender Offer were announced on April 7, 2022, with tenders of 45.49% of the shares outstanding accepted.

The shares tendered to the Company were settled in cash on April 12, 2022 for approximately €1.5 billion from the Company's restricted cash held in escrow, resulting in the Company owning 95.51% of Zardoya Otis.

The acquisition and settlement of the remaining issued and outstanding shares not owned by the Company for approximately €150 million (based on the adjusted tender price of €7.07 per share) and the automatic delisting of Zardoya Otis shares both occurred during the second quarter of 2022.

Zardoya Otis was renamed Otis Mobility upon completion of the Tender Offer and delisting.

See "Note 1: Business Overview" and "Note 9: Borrowings and Lines of Credit" in Item 8 in this Form 10-K for further details regarding this transaction and financing arrangements entered into in connection with the Tender Offer.

| | | | | | | | | | | | | | | | | | | | | |

The decrease in Net sales due to Acquisitions and divestitures, net in 2023 is primarily the result of the sale of our Russia business in the third quarter of 2022.

The decrease in Total cost of products and services sold due to Acquisitions and divestitures, net and Other in 2023 is primarily the result of the sale of our Russia business in the third quarter of 2022.

Interest expense (income), net increased $7 million in 2023 compared to 2022, primarily driven by higher interest expense related to the $750 million unsecured, unsubordinated debt issued in August 2023, partially offset by higher interest income.

The 2023 effective tax rate is lower than the 2022 effective tax rate primarily due to the absence of the tax impact related to the sale of our Russia business recorded in 2022, as well as the release of valuation allowances on non-U.S. losses and U.S. foreign tax credits, reduction in the deferred tax liability related to lower withholding tax on repatriation of certain foreign earnings, and reversal of tax reserves related to the U.S. foreign tax credit regulations, all recorded in 2023.

For details on the results of the Tender Offer and purchases of shares of Otis Mobility not previously owned by the Company, see "Note 1: Business Overview" in Item 8 in this Form 10-K.

| Russia operations | | | | | | — | | | | | | — | | | | | | 106 | | | | | | — | | | | | | — | | | | | | 5 | | | | | | | | | | | | | | | | | | | | |

| Russia sale and conflict-related charges | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 28 | | | | | | | | | | | | | | | | | | | | |

| | | | | | | 924 | | | | | | 975 | | | | | | 923 | | | | | | (51) | | | | | | (5.2) | | % | | | | 52 | | | | | | 5.6 | | % | | | | | | | | | | | | | | | | | | |

| Organic | | | | | | (6.4) | | % | | | | 2.6 | | % | | | |

2023 Compared with 2022

New Equipment operating profit was flat, including $(26) million of foreign exchange headwinds.

Higher volume, favorable price, improved productivity and commodity tailwinds were partially offset by regional and product mix headwinds and higher selling, general and administrative costs.

Operating margin was flat.

| | | | | | | 3,361 | | | | | | 3,224 | | | | | | 3,010 | | | | | | 137 | | | | | | 4.2 | | % | | | | 214 | | | | | | 7.1 | | % |

| Organic | | | | | | 6.8 | | % | | | | 7.7 | | % |

| Organic | | | | | | 5.7 | | % | | | | 11.7 | | % |

2023 Compared with 2022

| Organic | | | | | | 7.8 | | % | | | | 7.3 | | % |

Service operating profit increased $182 million including foreign exchange tailwinds of $4 million, primarily driven by higher volume, improved pricing on maintenance contracts and productivity, which were partially offset by annual wage increases and other inflationary pressures, including higher material costs.

| Russia operations | | | | | | — | | | | | | — | | | | | | 5 | | |

| Russia sale and conflict-related charges | | | | | | — | | | | | | — | | | | | | 28 | | |

| January 14, 2022 | | | | | | LIBOR plus 45 bps floating rate notes due 2023 | | | | | | 500 | | | | | | | | |

There is no commercial paper outstanding as of December 31, 2024.

On January 16, 2025, our Board of Directors revoked any remaining share repurchase authority under the prior share repurchase program and approved a new share repurchase program for up to $2.0 billion of Common Stock.

These were offset by a smaller increase in Accounts payable in 2023 compared to 2022 due to the timing of payments to suppliers and higher balances due as of December 31, 2022 compared to December 31, 2021 and other working capital changes.

These were partially offset by an increase in Accounts receivable, net, due to the volume and timing of billings.

The decrease in net cash used in financing activities in 2023 compared to 2022 was primarily due to the absence of the settlement of the Tender Offer in 2022.

Refer to "Note 2: Summary of Significant Accounting Policies", "Note [removed: 9:] [added: 8:] Borrowings and Lines of Credit" and "Note [removed: 17:] [added: 16:] Financial Instruments" in Item 8 in this Form 10-K for additional discussion of foreign currency exchange, interest rates and financial instruments, including the average aggregate notional amount of our outstanding foreign currency and commodity price hedges during [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

International net sales were approximately [removed: $10.0 billion,] $10.2 [added: billion, $10.0] billion and [removed: $9.9] [added: $10.2] billion in [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively.

The aggregate notional amount of our outstanding foreign currency hedges was approximately [removed: $5.1] [added: $5.4] billion and [removed: $4.9] [added: $5.1] billion as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

An unfavorable exchange rate movement of 10% to our portfolio of foreign currency contracts would have resulted in an increase in unrealized losses of [removed: $124] [added: $163] million and [removed: $120] [added: $124] million as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

As discussed in "Note [removed: 17:] [added: 16:] Financial Instruments" in Item 8 in this Form 10-K, as of December 31, [removed: 2024] [added: 2025] we have ¥21.5 billion ($137 million) of Japanese Yen denominated long-term debt that qualifies as a net investment hedge against our investments in Japanese businesses, as well as derivative instruments that qualify as net investment hedges against our investments in certain European businesses with notional amounts of [removed: €150] [added: €169] million [removed: ($156] [added: ($199] million) and Asian businesses with notional amounts of [removed: HK$1.3 billion and ¥2.1] [added: HK$2.2] billion [removed: ($178 million total).][added: ($283 million).]

As of December 31, [removed: 2024,] [added: 2025,] these net investment hedges are deemed to be effective.

As of December 31, [removed: 2024] [added: 2025] we have approximately €2.0 billion [removed: ($2.0] [added: ($2.3] billion) of Euro denominated long-term debt.

Refer to "Note [removed: 9:] [added: 8:] Borrowings and Lines of Credit" in Item 8 in this Form 10-K for additional discussion of our borrowings.

A 100 basis points increase in interest rates would have had an approximate $400 million reduction on the fair value of our fixed-rate debt as of December 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Otis is the world’s leading elevator and escalator manufacturing, [removed: installation and] [added: installation,] service [added: and modernization] company.

Our Company is organized into two segments, New Equipment and Service, which, for [removed: 2024,] [added: 2025,] contributed [removed: 38%] [added: 35%] and [removed: 62%] [added: 65%] of our net sales, and [removed: 13%] [added: 9%] and [removed: 87%] [added: 91%] of our segment operating profit, respectively.

Our international operations represented approximately [removed: 70%] [added: 71%] of our net sales for [removed: 2024.][added: 2025.]

[removed: Historically,] Gen2 [removed: is] [added: has been] our principal low-and mid-rise elevator solution.

We have a maintenance portfolio of approximately [removed: 2.4] [added: 2.5] million units globally, which includes Otis equipment manufactured and sold by us, as well as equipment from other original equipment manufacturers.

We provide our Service offerings to our customers through a global network of [removed: 36,000] [added: 37,000] Service mechanics operating out of more than 1,400 branches and offices typically located in close proximity to concentrations of customers.

Similar to most other electro-mechanical equipment, elevators and escalators are subject to wear and [removed: tear, which] [added: tear] over [removed: time erodes] [added: time, which can erode] equipment functionality.

As [removed: elevator] equipment ages, we work with customers to help renew [removed: or] [added: and] refresh their elevators [removed: with] [added: and escalators through] modernization solutions that enhance [removed: equipment operation,] [added: operational performance,] improve [added: overall] building [removed: functionality] [added: functionality,] and [removed: contribute to] [added: support] more sustainable building systems.

Modernization offerings [removed: can] range from relatively simple upgrades of interior finishes and aesthetics to complex upgrades of larger components and [removed: sub-systems.][added: sub-systems, including the machine, ropes or belts, safety systems and the entire car or escalator.]

As of December 31, [removed: 2024,] [added: 2025,] approximately [removed: 1.0] [added: 1.1] million units of our global portfolio, including units under the warranty period, are connected.

In [removed: 2025,] [added: 2026,] we expect to continue to innovate and expand our digital ecosystem and suite of digital solutions for both our existing service portfolio customers and for new equipment shipments from our factories.

For [removed: 2024,] [added: 2025,] research and development ("R&D") expense was $152 million and 1.1% as a percentage of net sales.

In addition to R&D expense, we made investments in digital and strategic initiatives of [removed: $53] [added: $45] million, which in combination with R&D expense was 1.4% as a percentage of net sales.

We have 11 R&D centers and [removed: 17] [added: 16] factories around the world, including major locations in China, India, Japan, France, Germany, Spain and the United States.

We currently own approximately [removed: 5,300] [added: 4,600] patents issued in various jurisdictions, and we have approximately [removed: 1,400] [added: 1,300] patent applications pending globally.

We filed approximately [removed: 800] [added: 900] patent applications in the last three years.

Our largest joint [removed: ventures are] [added: venture is] located in China with the remainder of our joint ventures and non-wholly owned subsidiaries located in various other countries.

[removed: We operate] [added: Prior to October 2025, we operated] in China through two principal joint ventures: Otis Elevator (China) Investment Company Limited ("Otis China") and Otis Electric Elevator Company Limited ("Otis Electric").

We are [removed: a] [added: the] majority owner of Otis China, and Tianjin Tai Kang Investment Co. Ltd. is our joint venture partner.

Otis China’s partner in Otis Electric [removed: is] [added: was] Xizi Elevator Group Co.

Our success in both our New Equipment and Service segments depends upon our ability to develop and market our products, services and solutions, as well as our ability to provide the people, technologies, facilities, equipment and financial capacity needed to deliver those products and services with maximum [removed: efficiency.][added: efficiency and at quality levels expected by our customers.]

The Company may not be able to compete effectively on all of these fronts and with all of its competitors, and the failure to do so could have a material adverse effect on [removed: its] [added: our] sales and profit [removed: margins.][added: margins and reputation.]

For further discussion of risks related to [added: international trade compliance,] environmental matters and other government regulations, see in this Form 10-K Item 1A, Item 7 and "Note 2: Summary of Significant Accounting Policies" and "Note [removed: 21:] [added: 20:] Contingent Liabilities" in Item 8 in this Form 10-K.

We rely on approximately [removed: 450] [added: 400] key suppliers for our manufacturing supply chain.

See "Human Capital" below for additional information regarding certain initiatives related to our [added: Otis] colleagues.

[removed: - Near-term] [added: In April 2024, the Science Based Target Initiative ("SBTi") validated our near-term] science-based greenhouse gas [removed: ("GHG")] [added: emissions] reduction [removed: targets:][added: targets (SBTs).]

[removed: ▪Reduce] [added: Our SBTs are: (i) reduce] absolute scope 1 and 2 [removed: GHG] [added: greenhouse gas] emissions 55% by 2033 from 2021 base year [removed: (with the] [added: (the] target boundary [removed: including] [added: includes] biogenic land-related emissions and removals from bioenergy feedstocks) [added: and (ii) reduce absolute scope 3 greenhouse gas emissions from purchased goods and services, business travel, and use of sold products 33% by 2033 from 2021 base year.]

We also engaged third parties for limited [added: or reasonable] assurance [removed: covering] [added: assessment of] certain [removed: Health & Safety, Environment & Impact,] [added: of our health] and [removed: People & Community] [added: safety and environmental] metrics [removed: discussed in the ESG report.][added: under our voluntary reporting.]

[removed: Our ESG goals and ESG reports] [added: This annual report – now called "Connect & Thrive"] can be found [removed: in the Investor section of] [added: on] our [removed: corporate] [added: company] website (http://www.otis.com) under the heading [removed: "ESG",] [added: "Sustainability & Responsibility",] which we update from time to time.

[removed: Our ESG goals,] [added: Neither] our [removed: ESG reports and] [added: Connect & Thrive report nor] our [removed: corporate] [added: company] website are [removed: not] incorporated by reference into this Form 10-K.

There have been no, and we do not expect there to be in the near term, material impacts on our business, financial condition or results of operations as a result of compliance with legislation or regulatory rules regarding climate change, from the known physical effects of climate [removed: change or] [added: change,] as a result of implementing our [removed: ESG initiatives.][added: sustainability-related initiatives or from transitional risks such as increased regulations or customer shifting preferences toward low carbon products, as determined under our climate scenarios analysis.]

For a discussion of risks associated with [removed: ESG] [added: sustainability-related] matters, see Item 1A in this Form 10-K.

As of December 31, [removed: 2024,] [added: 2025,] our global workforce consists of [added: approximately] 72,000 colleagues (including [removed: 44,000] [added: approximately 45,000] field professionals), with 45% in Asia, 34% in Europe, the Middle East and Africa ("EMEA") and 21% in the Americas.

We [added: offer fair employment conditions and] follow local labor laws that address minimum wages, insurance coverage of work-related accidents, severance pay and other employment provisions, including overtime and sick pay.

We also provide regular health and safety training to our field [removed: professionals.][added: professionals and we regularly enhance our learning tools to support the success of our health and safety programs.]

Health and Safety is one of the four focus areas of our [removed: ESG goals.][added: sustainability and responsibility projects and programs.]

See the [removed: "Environmental, Social] [added: "Sustainability] and [removed: Governance ("ESG")"] [added: Responsibility"] section of this Form 10-K above for more information regarding our [removed: ESG goals.][added: sustainability-related strategies and actions.]

We also offer various programs to build leadership and functional capabilities and provide development initiatives through our colleague-led [removed: ERGs.][added: Business Resource Groups (BRGs).]

We also track our colleagues’ satisfaction through colleague [added: engagement] surveys to anticipate attrition, as discussed further below.

Our commitment to [added: building and] fostering [added: a sense of belonging and] an inclusive workplace strengthens employee engagement and supports the retention of top talent.

Otis ONE is our IoT solution that connects elevators to the cloud for real-time monitoring, predictive maintenance, and enhanced, transparent communication.

*SkyRise*

In October 2025, we purchased all of the outstanding shares of the noncontrolling shareholder of Otis Electric.

Otis Electric is now 100% owned by Otis China and one of its subsidiaries.

See "Note 1: Business Overview" in Item 8 in this Form 10-K for further details regarding this transaction.

Sustainability and Responsibility

At Otis, sustainability and responsibility are strategically woven into each of our core business functions in support of our vision and our commitment to living our Otis mission as a world-class, customer-centric, service-oriented company.

Together with our Otis Absolutes of Safety, Ethics and Quality and our Leading at Otis Behaviors, our projects and programs under our four pillars of Health & Safety, Governance & Accountability, Environment & Impact and People & Communities advance our five strategic objectives – of sustaining New Equipment growth, accelerating our Service portfolio growth, delivering modernization value, and focusing and empowering our organization while advancing digitalization – to create value for our stakeholders and the broader communities where we live and work.

We are committed to environmental sustainability as a business strategy, advancing digitalization and leveraging smart technology to create products and services that meet customer expectations.

We position ourselves to attract, develop and retain the best talent in the market.

Our climate strategy is designed to build resiliency and strengthen the operational efficiency of our business and supply chain.

It is based on our climate scenario analysis under the Task Force on Climate-related Financial Disclosures (TCFD), near-term SBTs and the implementation of major initiatives in the near-term, medium-term and long-term focused on energy management and operational efficiency across our factories, real estate portfolio and fleet, real estate portfolio climate resilience, product sustainability through the advancement of digitalization and innovation and responsible climate resilient sourcing.

In June 2025, we published our fourth annual voluntary report describing our sustainability-related strategies, programs, and actions in alignment with our business strategies, and providing performance data and metrics under our four pillars.

It was drafted in accordance with the Global Reporting Initiative Standards, the Sustainability Accounting Standards Board guidelines for the Resource Transformation sector (with Electrical and Electronic Equipment and Industrial Machinery and Goods as subsectors, when applicable), and the TCFD recommendations.

Underscoring the integration of sustainability and responsibility into our core business operations Otis has enhanced its sustainability-related governance model by further rooting sustainability within each business function.

Functional leads are responsible for sustainability-related topics within their respective functions, with direct oversight by the CEO and, ultimately, the Board of Directors (including the Nominations and Governance Committee).

These functional leaders are supported by functional committees and workstreams that oversee sustainability-related strategies at the functional level.

These groups collaborate with subject matter experts across their functions to develop and implement sustainable-related strategies that align with our vision.

We perform strategic talent outreach to expand our applicant pool and ensure access to top-qualified candidates.

When seeking candidates or promoting Otis colleagues, we focus on matching the best talent to open roles in support of our organizational model and business needs, thereby driving value for our company and its stakeholders.

Our BRGs have evolved to ensure global alignment and greater accountability for business goals while offering programming for our Otis colleagues relevant to our "4C pillars" of Career, Culture, Customer, and Community.

- new business and investment opportunities and the realization of anticipated benefits, including meeting customer expectations and maintaining our competitiveness;

In 2023, we introduced the new Gen3 Core elevator in North America, which was designed specifically for low-rise buildings, bringing passengers connectivity, style, and comfort.

The Gen3 Core helps minimize energy consumption, material usage and installation costs.

Initially launched in Europe, we expanded the Gen360 platform into China in 2023.

The Otis ONE IoT solution adds a network of sensors for real-time status updates.

*SkyRise High-Rise*

Our GEN3 MOD Plus modernization offering for residential, commercial, hospitality, medical or industrial buildings includes built-in connectivity to our Otis ONE IoT digital platform.

Environmental, Social and Governance ("ESG")

Otis has an integrated approach to ESG.

Our four ESG pillars of Health & Safety, Environment & Impact, People & Communities and Governance & Accountability are embedded in our business strategy and align with our Otis Absolutes of Safety, Ethics and Quality.

We are committed to managing our impact on the environment, aligning our products and services with our stakeholders’ expectations and aspirations.

We focus on attracting, developing and retaining the best talent on the market.

In 2021, we became a signatory to the U.N. Global Compact and published our thirteen ESG goals and aligned them with the U.N. Sustainable Development Goals.

Our Environment & Impact goals are as follows:

▪Reduce absolute scope 3 GHG emissions from purchased goods and services, business travel, and use of sold products 33% by 2033 from 2021 base year

- Source 100% of factory electricity from renewable energy by 2030

- Achieve 100% factory eligibility for zero-waste-to-landfill certification by 2025

- Complete ISO 14001 certification for all factories by 2025 (goal completed four years early in 2021)

In April 2024, the Science Based Target Initiative ("SBTi") validated our near-term science-based GHG reduction targets.

Our new science-based targets replace our GHG target of 50% reduction in scope 1 and 2 GHG emissions by 2030 from 2019 base year.

Our climate transition plan is based on the implementation of major initiatives focused on energy management and operational efficiency across our factories, real estate and fleet.

In June 2024, we published our third annual ESG report on our ESG activities, metrics and progress towards our goals in accordance with the Global Reporting Initiative Standards, as well as in alignment with the Sustainability Accounting Standards Board guidelines and the Task Force on Climate-related Financial Disclosures.

In the Fall 2024, we conducted our initial double materiality assessment in accordance with the European Corporate Sustainability Reporting Directive.

The Company has developed an ESG governance model that supports our goals.

Our Board of Directors and its committees engage in extensive review and oversight of ESG-related topics.

The Company's ESG Council, composed of senior leaders representing multiple functions within the Company, monitors our performance towards our ESG goals and addresses impacts and opportunities related to climate change, as well as those related to all other ESG programs.

The ESG Council reports regularly to our CEO on our ESG progress and actions.

Our progress towards our ESG goals was included as a performance multiplier in determining payouts under our 2024 executive short-term incentive plan.

Increased regulation and other climate change concerns, however, could subject us to additional costs and restrictions, and we are not able to predict how such regulations or concerns would affect our business, operations or financial results.

We aim to be both an equal opportunity employer of choice and a place where our colleagues feel safe, welcomed and heard.

We partner with universities and nonprofit organizations and use our Employee Resource Groups ("ERGs") to broaden our hiring pool to meet our hiring needs.

Our ERGs’ missions aim at fostering an inclusive work environment through engagement that positively impacts business outcomes.

- new business and investment opportunities;

For a discussion regarding material legal proceedings, see "Note [removed: 21:] [added: 20:] Contingent Liabilities" to the Consolidated Financial Statements within Item 8 of this Form 10-K.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

][added: (2).jpg](https://www.sec.gov/Archives/edgar/data/1781335/000178133526000011/otis-20251231_g1.jpg)]

The aggregate market value of the voting Common Stock held by non-affiliates as of June 30, [removed: 2024] [added: 2025] was [removed: $38,593,945,633] [added: $38,824,474,742] based on the New York Stock Exchange closing price for such shares on that date.

As of January [removed: 21, 2025,] [added: 22, 2026,] there were [removed: 396,518,563] [added: 388,720,773] shares of Common Stock outstanding.

Part III hereof incorporates by reference portions of the Otis Worldwide Corporation Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders (the [removed: "2025] [added: "2026] Proxy Statement").

The [removed: 2025] [added: 2026] Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

For the Year Ended December 31, [removed: 2024][added: 2025]

| [Item 1. [removed: Business](#ibadcfc0f8dd64995a143243b9a7ee3cc_13)] [added: Business](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_13)] | | | [removed: [1](#ibadcfc0f8dd64995a143243b9a7ee3cc_13)] [added: [1](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_13)] | | |

| [Cautionary Note Concerning Factors That May Affect Future [removed: Results](#ibadcfc0f8dd64995a143243b9a7ee3cc_46)] [added: Results](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_46)] | | | [removed: [9](#ibadcfc0f8dd64995a143243b9a7ee3cc_46)] [added: [9](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_46)] | | |

| [Item 1A. Risk [removed: Factors](#ibadcfc0f8dd64995a143243b9a7ee3cc_49)] [added: Factors](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_49)] | | | [removed: [10](#ibadcfc0f8dd64995a143243b9a7ee3cc_49)] [added: [10](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_49)] | | |

| [Item 1B. Unresolved Staff [removed: Comments](#ibadcfc0f8dd64995a143243b9a7ee3cc_52)] [added: Comments](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_52)] | | | [removed: [21](#ibadcfc0f8dd64995a143243b9a7ee3cc_52)] [added: [22](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_52)] | | |

| [Item 1C. [removed: Cybersecurity](#ibadcfc0f8dd64995a143243b9a7ee3cc_55)] [added: Cybersecurity](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_55)] | | | [removed: [22](#ibadcfc0f8dd64995a143243b9a7ee3cc_55)] [added: [22](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_55)] | | |

| [Item 2. [removed: Properties](#ibadcfc0f8dd64995a143243b9a7ee3cc_58)] [added: Properties](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_58)] | | | [removed: [23](#ibadcfc0f8dd64995a143243b9a7ee3cc_58)] [added: [24](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_58)] | | |

| [Item 3. Legal [removed: Proceedings](#ibadcfc0f8dd64995a143243b9a7ee3cc_61)] [added: Proceedings](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_61)] | | | [removed: [23](#ibadcfc0f8dd64995a143243b9a7ee3cc_61)] [added: [24](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_61)] | | |

| [Item 4. Mine Safety [removed: Disclosures](#ibadcfc0f8dd64995a143243b9a7ee3cc_64)] [added: Disclosures](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_64)] | | | [removed: [23](#ibadcfc0f8dd64995a143243b9a7ee3cc_64)] [added: [24](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_64)] | | |

| [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer of Purchases of Equity [removed: Securities](#ibadcfc0f8dd64995a143243b9a7ee3cc_70)] [added: Securities](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_70)] | | | [removed: [24](#ibadcfc0f8dd64995a143243b9a7ee3cc_70)] [added: [25](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_70)] | | |

| [Item 6. [removed: \[Reserved\]](#ibadcfc0f8dd64995a143243b9a7ee3cc_82)] [added: \[Reserved\]](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_82)] | | | [removed: [25](#ibadcfc0f8dd64995a143243b9a7ee3cc_82)] [added: [26](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_82)] | | |

| [Item 7. Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ibadcfc0f8dd64995a143243b9a7ee3cc_85)] [added: Operations](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_85)] | | | [removed: [26](#ibadcfc0f8dd64995a143243b9a7ee3cc_85)] [added: [27](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_85)] | | |

| [Item 7A. Quantitative and Qualitative Disclosures About Market [removed: Risk](#ibadcfc0f8dd64995a143243b9a7ee3cc_124)] [added: Risk](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_127)] | | | [removed: [47](#ibadcfc0f8dd64995a143243b9a7ee3cc_124)] [added: [48](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_127)] | | |

| [Item 8. Financial Statements and Supplementary [removed: Data](#ibadcfc0f8dd64995a143243b9a7ee3cc_127)] [added: Data](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_130)] | | | [removed: [49](#ibadcfc0f8dd64995a143243b9a7ee3cc_127)] [added: [50](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_130)] | | |

| [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ibadcfc0f8dd64995a143243b9a7ee3cc_253)] [added: Disclosure](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_265)] | | | [removed: [99](#ibadcfc0f8dd64995a143243b9a7ee3cc_253)] [added: [100](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_265)] | | |

| [Item 9A. Controls and [removed: Procedures](#ibadcfc0f8dd64995a143243b9a7ee3cc_256)] [added: Procedures](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_268)] | | | [removed: [99](#ibadcfc0f8dd64995a143243b9a7ee3cc_256)] [added: [100](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_268)] | | |

| [Item 9B. Other [removed: Information](#ibadcfc0f8dd64995a143243b9a7ee3cc_259)] [added: Information](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_271)] | | | [removed: [99](#ibadcfc0f8dd64995a143243b9a7ee3cc_259)] [added: [100](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_271)] | | |

| [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ibadcfc0f8dd64995a143243b9a7ee3cc_262)] [added: Inspections](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_274)] | | | [removed: [99](#ibadcfc0f8dd64995a143243b9a7ee3cc_262)] [added: [100](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_274)] | | |

| [Item 10. Directors, Executive Officers and Corporate [removed: Governance](#ibadcfc0f8dd64995a143243b9a7ee3cc_268)] [added: Governance](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_280)] | | | [removed: [100](#ibadcfc0f8dd64995a143243b9a7ee3cc_268)] [added: [101](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_280)] | | |

| [Item 11. Executive [removed: Compensation](#ibadcfc0f8dd64995a143243b9a7ee3cc_271)] [added: Compensation](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_283)] | | | [removed: [101](#ibadcfc0f8dd64995a143243b9a7ee3cc_271)] [added: [103](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_283)] | | |

| [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ibadcfc0f8dd64995a143243b9a7ee3cc_274)] [added: Matters](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_286)] | | | [removed: [102](#ibadcfc0f8dd64995a143243b9a7ee3cc_274)] [added: [104](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_286)] | | |

| [Item 13. Certain Relationships and Related Transactions, and Director [removed: Independence](#ibadcfc0f8dd64995a143243b9a7ee3cc_277)] [added: Independence](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_289)] | | | [removed: [103](#ibadcfc0f8dd64995a143243b9a7ee3cc_277)] [added: [105](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_289)] | | |

| [Item 14. Principal Accounting Fees and [removed: Services](#ibadcfc0f8dd64995a143243b9a7ee3cc_280)] [added: Services](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_292)] | | | [removed: [103](#ibadcfc0f8dd64995a143243b9a7ee3cc_280)] [added: [105](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_292)] | | |

| [Item 15. Exhibits and Financial Statement [removed: Schedule](#ibadcfc0f8dd64995a143243b9a7ee3cc_286)] [added: Schedule](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_298)] | | | [removed: [104](#ibadcfc0f8dd64995a143243b9a7ee3cc_286)] [added: [106](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_298)] | | |

| [Item 16. Form 10-K [removed: Summary](#ibadcfc0f8dd64995a143243b9a7ee3cc_289)] [added: Summary](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_301)] | | | [removed: [109](#ibadcfc0f8dd64995a143243b9a7ee3cc_289)] [added: [112](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_301)] | | |

| [SIGNATURES](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_304) | | | [113](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_304) | | |

| [SIGNATURES](#ibadcfc0f8dd64995a143243b9a7ee3cc_292) | | | [110](#ibadcfc0f8dd64995a143243b9a7ee3cc_292) | | |

Our Chief Digital Officer ("CDO") and Chief Information Security Officer ("CISO") [removed: regularly brief] [added: briefed] the Audit Committee and other members of the Board on the Otis Cybersecurity [removed: Program and] [added: Program, the] cyber-threat [removed: landscape, including four] [added: landscape and cyber-resiliency two] times in [removed: 2024.][added: 2025.]

Members of our Board also received briefings on risks associated with [removed: quantum computing, artificial intelligence,] [added: AI,] data protection (including data privacy laws), our incident response plan and our IT infrastructure in [removed: 2024.][added: 2025.]

Several members of our Board hold a CERT Certificate in Cybersecurity Oversight issued by the CERT Division of the Software Engineering Institute at Carnegie Mellon University, and two members of our Audit Committee attended a continuing education class related to [removed: cybersecurity] [added: AI governance and strategy] through the National Association of Corporate Directors ("NACD") in [removed: 2023.][added: 2025.]

In addition, the Audit Committee participated in a simulated cybersecurity incident tabletop exercise in 2025.

We have a direct physical presence in more than 70 countries with an overall property portfolio comprising approximately [removed: 14] [added: 13] million square feet of space.

We have approximately 2,300 facilities, of which approximately [removed: 46%, 41%] [added: 47%, 40%] and 13% [removed: of which] are located in EMEA, Asia and the Americas, respectively.

We operate more than 1,400 branches and offices, 11 R&D centers and [removed: 17] [added: 16] manufacturing facilities globally.

Our principal manufacturing facilities are located across Brazil, China, Japan, France, India, Korea, Spain, and the United States, of which [removed: 14] [added: 13] are owned.

Our principal R&D centers are located in China, [removed: India, Japan,] France, Germany, [added: India, Japan,] Spain and the United States.

Our fixed assets as of December 31, [removed: 2024] [added: 2025] include manufacturing facilities and non-manufacturing facilities, such as warehouses, and a substantial quantity of machinery and equipment, most of which are general purpose machinery and equipment using special jigs, tools and fixtures and in many instances having automatic control features and special adaptations.

The facilities, warehouses, machinery and equipment in use as of December 31, [removed: 2024] [added: 2025] are substantially in good operating condition.

There were approximately [removed: 18,100] [added: 16,800] registered shareholders as of January [removed: 21, 2025.][added: 22, 2026.]

The following table and graph illustrate the total return from [removed: April 3,] [added: December 31,] 2020 [removed: (date of Separation)] through December 31, [removed: 2024,] [added: 2025,] for (1) our Common Stock, (2) the Standard and Poor's (the "S&P") 500 Index, and (3) the S&P 500 Industrials Sector Index.

The graph and table assume that $100.00 was invested on [removed: April 3,] [added: December 31,] 2020 in each of our Common Stock, the S&P 500 Index and the S&P 500 Industrials Sector Index, and that any dividends were reinvested.

| | | | [removed: April 3, 2020 | | |] December 31, 2020 | | | December 31, 2021 | | | December 31, 2022 | | | December 31, 2023 | | | December 31, 2024 | | | [added: December 31, 2025 | | |]

[removed: ![OTIS Total Return] [added: ![Stock Performance] Graph [removed: 2024.jpg](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000010/otis-20241231_g2.jpg)][added: 2025 JPEG v2.jpg](https://www.sec.gov/Archives/edgar/data/1781335/000178133526000011/otis-20251231_g2.jpg)]

The following table provides information about our purchases during the quarter ended December 31, [removed: 2024] [added: 2025] of equity securities that are registered by us pursuant to Section 12 of the Exchange Act.

| [removed: 2024] [added: 2025] | | | | | | Total Number of Shares Purchased (thousands) | | | | | | Average Price Paid per Share (1) | | | | | | Total Number of Shares Purchased as Part of a Publicly Announced Program (thousands) | | | | | | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (dollars in millions) | | |

As of December 31, [removed: 2024,] [added: 2025,] the maximum dollar value of shares that may yet be purchased under this current program was approximately [removed: $200 million.][added: $1.3 billion.]

| Otis | | | $ | 100 | | $ | 130 | | $ | 119 | | $ | 138 | | $ | 145 | | $ | 139 | |

| S&P 500 Index | | | 100 | | | 129 | | | 105 | | | 133 | | | 166 | | | 196 | | |

| S&P 500 Industrials Sector Index | | | 100 | | | 121 | | | 114 | | | 135 | | | 159 | | | 190 | | |

| October 1 — October 31 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 1,300 | |

| November 1 — November 30 | | | | | | — | | | | | | — | | | | | | — | | | | | | $ | 1,300 | |

| December 1 — December 31 | | | | | | — | | | | | | — | | | | | | — | | | | | | $ | 1,300 | |

| Total | | | | | | — | | | | | | $ | — | | | | | — | | | | | | | | |

| Otis | | | $ | 100 | | $ | 144 | | $ | 188 | | $ | 172 | | $ | 199 | | $ | 209 | |

| S&P 500 Index | | | 100 | | | 153 | | | 197 | | | 161 | | | 203 | | | 254 | | |

| S&P 500 Industrials Sector Index | | | 100 | | | 160 | | | 193 | | | 183 | | | 216 | | | 253 | | |

| October 1 — October 31 | | | | | | 129 | | | | | | $ | 98.57 | | | | | 129 | | | | | | $ | 387 | |

| November 1 — November 30 | | | | | | 1,863 | | | | | | 100.52 | | | | | | 1,863 | | | | | | $ | 200 | |

| December 1 — December 31 | | | | | | — | | | | | | — | | | | | | — | | | | | | $ | 200 | |

| Total | | | | | | 1,992 | | | | | | $ | 100.40 | | | | | 1,992 | | | | | | | | |

On December 1, 2022, our Board of Directors approved a share repurchase program for up to $2.0 billion of Common Stock.

| [Management's Report on Internal Control Over Financial [removed: Reporting](#ibadcfc0f8dd64995a143243b9a7ee3cc_139)] [added: Reporting](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_142)] | | | | | | [removed: [50](#ibadcfc0f8dd64995a143243b9a7ee3cc_139)] [added: [51](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_142)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#ibadcfc0f8dd64995a143243b9a7ee3cc_142)] [added: Firm](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_145)] (PCAOB ID 238) | | | | | | [removed: [51](#ibadcfc0f8dd64995a143243b9a7ee3cc_142)] [added: [52](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_145)] | | |

| [Consolidated Statements of Operations for the years ended December 31, [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_145)[4](#ibadcfc0f8dd64995a143243b9a7ee3cc_145)[, 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_145)[3](#ibadcfc0f8dd64995a143243b9a7ee3cc_145)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_148)[5](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_148)[, 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_148)[4](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_148)] [and [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_145)[2](#ibadcfc0f8dd64995a143243b9a7ee3cc_145)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_148)[3](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_148)] | | | | | | [removed: [53](#ibadcfc0f8dd64995a143243b9a7ee3cc_145)] [added: [54](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_148)] | | |

| [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_148)[4](#ibadcfc0f8dd64995a143243b9a7ee3cc_148)[, 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_148)[3](#ibadcfc0f8dd64995a143243b9a7ee3cc_148)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_151)[5](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_151)[, 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_151)[4](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_151)] [and [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_148)[2](#ibadcfc0f8dd64995a143243b9a7ee3cc_148)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_151)[3](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_151)] | | | | | | [removed: [54](#ibadcfc0f8dd64995a143243b9a7ee3cc_148)] [added: [55](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_151)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_151)[4](#ibadcfc0f8dd64995a143243b9a7ee3cc_151)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_154)[5](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_154)] [and [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_151)[3](#ibadcfc0f8dd64995a143243b9a7ee3cc_151)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_154)[4](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_154)] | | | | | | [removed: [55](#ibadcfc0f8dd64995a143243b9a7ee3cc_151)] [added: [56](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_154)] | | |

| [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_154)[4](#ibadcfc0f8dd64995a143243b9a7ee3cc_154)[, 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_154)[3](#ibadcfc0f8dd64995a143243b9a7ee3cc_154)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_157)[5](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_157)[, 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_157)[4](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_157)] [and [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_154)[2](#ibadcfc0f8dd64995a143243b9a7ee3cc_154)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_157)[3](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_157)] | | | | | | [removed: [56](#ibadcfc0f8dd64995a143243b9a7ee3cc_154)] [added: [57](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_157)] | | |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_157)[4](#ibadcfc0f8dd64995a143243b9a7ee3cc_157)[, 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_157)[3](#ibadcfc0f8dd64995a143243b9a7ee3cc_157)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_160)[5](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_160)[, 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_160)[4](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_160)] [and [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_157)[2](#ibadcfc0f8dd64995a143243b9a7ee3cc_157)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_160)[3](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_160)] | | | | | | [removed: [57](#ibadcfc0f8dd64995a143243b9a7ee3cc_157)] [added: [58](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_160)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ibadcfc0f8dd64995a143243b9a7ee3cc_160)] [added: Statements](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_163)] | | | | | | [removed: [59](#ibadcfc0f8dd64995a143243b9a7ee3cc_160)] [added: [59](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_163)] | | |

| [Financial Statement Schedule - Schedule II — Valuation and Qualifying Accounts for the years ended December 31, [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_250)[4](#ibadcfc0f8dd64995a143243b9a7ee3cc_250)[, 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_250)[3](#ibadcfc0f8dd64995a143243b9a7ee3cc_250)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_262)[5](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_262)[, 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_262)[4](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_262)] [and [removed: 202](#ibadcfc0f8dd64995a143243b9a7ee3cc_250)[2](#ibadcfc0f8dd64995a143243b9a7ee3cc_250)] [added: 202](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_262)[3](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_262)] | | | | | | [removed: [98](#ibadcfc0f8dd64995a143243b9a7ee3cc_250)] [added: [99](#i7d81bd48a9ed4a2d8ed5e4d7d5cba44b_262)] | | |

Management has assessed the effectiveness of Otis' internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Management concluded that based on its assessment, Otis' internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

The effectiveness of Otis' internal control over financial reporting, as of December 31, [removed: 2024,] [added: 2025,] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein.

We have audited the accompanying consolidated balance sheets of Otis Worldwide Corporation and its subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the related consolidated statements of operations, of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] including the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the "consolidated financial statements").

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024] [added: 2025] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

As described in Notes 2 and [removed: 22] [added: 21] to the consolidated financial statements, the Company recognized [removed: $5.4] [added: $5.0] billion and [removed: $1.7] [added: $1.9] billion of revenue from new equipment and modernization contracts, respectively, for the year ended December 31, [removed: 2024.][added: 2025.]

| (dollars in millions, except per share amounts; shares in millions) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Product sales | | | | | | $ | [removed: 5,367] [added: 4,989] | | | | | $ | [removed: 5,812] [added: 5,367] | | | | | $ | [removed: 5,864] [added: 5,812] | |

| Service sales | | | | | | [removed: 8,894] [added: 9,442] | | | | | | [removed: 8,397] [added: 8,894] | | | | | | [removed: 7,821] [added: 8,397] | | |

| | | | | | | [removed: 14,261] [added: 14,431] | | | | | | [removed: 14,209] [added: 14,261] | | | | | | [removed: 13,685] [added: 14,209] | | |

| Cost of products sold | | | | | | [removed: 4,459] [added: 4,182] | | | | | | [removed: 4,843] [added: 4,459] | | | | | | [removed: 4,949] [added: 4,843] | | |

| Cost of services sold | | | | | | [removed: 5,545] [added: 5,879] | | | | | | [removed: 5,173] [added: 5,545] | | | | | | [removed: 4,816] [added: 5,173] | | |

| Research and development | | | | | | 152 | | | | | | [removed: 144] [added: 152] | | | | | | [removed: 150] [added: 144] | | |

| Selling, general and administrative | | | | | | [removed: 1,861] [added: 1,979] | | | | | | [removed: 1,884] [added: 1,861] | | | | | | [removed: 1,763] [added: 1,884] | | |

| | | | | | | [removed: 12,017] [added: 12,192] | | | | | | [removed: 12,044] [added: 12,017] | | | | | | [removed: 11,678] [added: 12,044] | | |

| Other income (expense), net | | | | | | [removed: (236)] [added: (106)] | | | | | | [removed: 21] [added: (236)] | | | | | | [removed: 26] [added: 21] | | |

| Operating profit | | | | | | [removed: 2,008] [added: 2,133] | | | | | | [removed: 2,186] [added: 2,008] | | | | | | [removed: 2,033] [added: 2,186] | | |

| Non-service pension cost (benefit) | | | | | | [removed: —] [added: 3] | | | | | | [removed: 5] [added: —] | | | | | | [removed: 2] [added: 5] | | |

| Interest expense (income), net | | | | | | [removed: (31)] [added: 196] | | | | | | [removed: 150] [added: (31)] | | | | | | [removed: 143] [added: 150] | | |

| Net income before income taxes | | | | | | [removed: 2,039] [added: 1,934] | | | | | | [removed: 2,031] [added: 2,039] | | | | | | [removed: 1,888] [added: 2,031] | | |

| Income tax expense | | | | | | [removed: 305] [added: 479] | | | | | | [removed: 533] [added: 305] | | | | | | [removed: 519] [added: 533] | | |

| Net income | | | | | | [removed: 1,734] [added: 1,455] | | | | | | [removed: 1,498] [added: 1,734] | | | | | | [removed: 1,369] [added: 1,498] | | |

| Less: Noncontrolling interest in subsidiaries' earnings | | | | | | [removed: 89] [added: 71] | | | | | | [removed: 92] [added: 89] | | | | | | [removed: 116] [added: 92] | | |

| Net income attributable to Otis Worldwide Corporation | | | | | | $ | [removed: 1,645] [added: 1,384] | | | | | $ | [removed: 1,406] [added: 1,645] | | | | | $ | [removed: 1,253] [added: 1,406] | |

| Basic | | | | | | $ | [removed: 4.10] [added: 3.52] | | | | | $ | [removed: 3.42] [added: 4.10] | | | | | $ | [removed: 2.98] [added: 3.42] | |

| Diluted | | | | | | $ | [removed: 4.07] [added: 3.50] | | | | | $ | [removed: 3.39] [added: 4.07] | | | | | $ | [removed: 2.96] [added: 3.39] | |

| Basic shares | | | | | | [removed: 401.7] [added: 392.8] | | | | | | [removed: 411.4] [added: 401.7] | | | | | | [removed: 420.0] [added: 411.4] | | |

| Diluted shares | | | | | | [removed: 404.4] [added: 394.9] | | | | | | [removed: 414.6] [added: 404.4] | | | | | | [removed: 423.0] [added: 414.6] | | |

| (dollars in millions) | | | | | | | | | | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

February 5, 2026

| Prior service credit | | | | | | | | | | | | | | | (5) | | | | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | 56 | | | | | | 4 | | | | | | (92) | | |

| Tax benefit (expense) | | | | | | | | | | | | | | | (1) | | | | | | — | | | | | | — | | |

| Change in unrealized cash flow hedging, net of tax | | | | | | | | | | | | | | | (2) | | | | | | 2 | | | | | | (2) | | |

| Net income | | | | | | — | | | | | | — | | | | | | 1,384 | | | | | | — | | | | | | 1,384 | | | | | | 65 | | | | | | 1,449 | | | | | | 6 | | |

| Balance as of December 31, 2025 | | | | | | $ | 333 | | | | | $ | (4,198) | | | | | $ | (440) | | | | | $ | (1,087) | | | | | $ | (5,392) | | | | | $ | 46 | | | | | $ | (5,346) | | | | | $ | 75 | |

| Net proceeds from the sale of fixed assets | | | | | | 60 | | | | | | 6 | | | | | | 7 | | |

| Proceeds from borrowings (maturities longer than 90 days) | | | | | | 167 | | | | | | — | | | | | | — | | |

The Company has started to receive refunds and anticipates the refund process to continue into 2026.

As a result, Other current assets in the Consolidated Balance Sheets as of December 31, 2025 and 2024 include an income tax receivable of approximately $75 million and $175 million, respectively, and an interest receivable of approximately $65 million and $140 million, respectively.

Based on additional information received from RTX during the year, which resulted in additional indemnification expense of $67 million, offset by indemnity payments made to RTX of $205 million, the Company now estimates the amount payable to RTX to be $56 million.

In October 2025, we purchased all of the outstanding shares of Otis Electric Elevator Company Limited ("Otis Electric") from the noncontrolling shareholder for approximately $215 million ($80 million from Cash and $135 million from borrowings).

Otis Electric is now 100% owned by our joint venture Otis Elevator (China) Investment Company Limited ("Otis China") and one of its subsidiaries.

The impact to Accumulated other comprehensive income (loss) was not significant.

New import tariffs implemented by the U.S. and other countries, as currently in effect, could have a material impact on our results in 2026 and future years.

The impact of tariffs is dependent upon negotiations with customers and suppliers and other mitigation efforts and potential further changes in global trade policies, including higher tariffs in the U.S. or other countries.

*Trade receivables.* Trade receivables as of December 31, 2025 and 2024 are $3.7 billion and $3.4 billion, respectively.

Amounts are billed as work progresses in accordance with agreed-upon contract terms, either at periodic intervals or upon achievement of contractual milestones.

Customer financing notes receivable as of December 31, 2025 and 2024 are $47 million and $55 million, respectively, and are included in Accounts receivable, net as of December 31, 2025 and 2024.

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | |

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): *Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity*.

The amendments in this update require an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business to consider the factors in the ASU to determine which entity is the accounting acquirer.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): *Measurement of Credit Losses for Accounts Receivable and Contract Assets.* The amendments in this Update provide a practical expedient when developing reasonable and supportable forecasts as part of estimating expected credit losses, allowing entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset.

The amendments in ASU 2025-05 are effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods.

We are currently evaluating the impact of this standard, however; we do not expect it to have a material impact on our Consolidated Financial Statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): *Targeted Improvements to the Accounting for Internal-Use Software*.

The amendments in this update remove all references to prescriptive and sequential software development stages (referred to as "project stages") throughout Subtopic 350-40.

The amendments in this update specify that the disclosures in Subtopic 360-10, Property, Plant, and Equipment—Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements.

Additionally, the amendments clarify that the intangibles disclosures in paragraphs 350-30-50-1 through 50-3 are not required for capitalized internal-use software costs.

The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.

We are currently evaluating the impact of this standard.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): *Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract*.

The amendments in this update exclude from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract.

The amendments in ASU 2025-07 are effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods.

Early adoption is permitted.

We are currently evaluating the impact of this standard.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): *Hedge Accounting Improvements*.

Consistent with the original objective of Update 2017-12, the objective of this Update is to more closely align hedge accounting with the economics of an entity’s risk management activities.

The amendments in this Update are intended to better reflect those strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions.

| | | | | | |

| --- | --- | --- | --- | --- | --- |

February 4, 2025

| | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | 4 | | | | | | (92) | | | | | | 167 | | |

| Balance as of December 31, 2021 | | | | | | $ | 119 | | | | | $ | (725) | | | | | $ | (2,256) | | | | | $ | (763) | | | | | $ | (3,625) | | | | | $ | 481 | | | | | $ | (3,144) | | | | | $ | 160 | |

| Net income | | | | | | — | | | | | | — | | | | | | 1,253 | | | | | | — | | | | | | 1,253 | | | | | | 101 | | | | | | 1,354 | | | | | | 15 | | |

| Reclassification of noncontrolling interest to forward purchase agreement and redeemable noncontrolling interest (Note 1) | | | | | | — | | | | | | — | | | | | | (1,482) | | | | | | — | | | | | | (1,482) | | | | | | (403) | | | | | | (1,885) | | | | | | 1,476 | | |

| Dispositions of businesses, net of cash (Note 8) | | | | | | — | | | | | | — | | | | | | 61 | | |

In 2021, the Company announced its Tender Offer to acquire all of the issued and outstanding shares of Zardoya Otis not owned by the Company in cash, and its intention to delist the shares of Zardoya Otis from the Spanish stock exchanges subsequent to the Tender Offer (the "Tender Offer").

The price per share of the Tender Offer was €7.07 in cash as of March 31, 2022, after adjustments for dividends paid.

The Tender Offer was approved by the Spanish regulator on February 28, 2022.

As a result of the Tender Offer approval, the issued and outstanding shares of Zardoya Otis owned by Euro Syns, S.A. ("Euro Syns") were reclassified to current liabilities as Forward purchase agreement, and the remaining shares not owned by the Company were deemed redeemable at the option of the other shareholders and were reclassified from Noncontrolling interest to Redeemable noncontrolling interest on our Consolidated Financial Statements.

The results of the Tender Offer were announced on April 7, 2022, with tenders, including Euro Syns' shares, of 45.49% of the shares outstanding accepted, resulting in the Company owning 95.51% of Zardoya Otis.

The shares tendered to the Company were settled in cash on April 12, 2022 for approximately €1.5 billion from the Company's restricted cash held in escrow.

The acquisition and settlement of the remaining issued and outstanding shares of Zardoya Otis not owned by the Company occurred in the second quarter of 2022 for approximately €150 million.

The automatic delisting of Zardoya Otis shares occurred on May 9, 2022.

Zardoya Otis was then renamed Otis Mobility S.A. ("Otis Mobility").

The Company owned 50.02% of Otis Mobility prior to the Tender Offer and 100% after completion of the Tender Offer.

Sale of Russia Business

The Company sold its business in Russia during 2022.

See Note 5, "Accounts Receivable, Net" for additional information on the Company's policy for evaluation of expected credit losses.

These items are expected to be billed and collected in the ordinary course of business.

Unbilled receivables where we have an unconditional right to payment are included in Accounts receivable, net as of December 31, 2024 and 2023.

Additionally, in 2024, we have initiated new programs with payment terms of 240 days from the invoice date.

materials recognized in cost of sales, and are reported directly in earnings along with offsetting transaction gains and losses on the items being hedged.

The Company recorded $18 million in 2022 in Additional paid-in capital for transaction costs associated with the acquisition of shares of Otis Mobility (formerly Zardoya Otis) not owned by the Company.

There were no transaction costs recorded in Additional paid-in capital in 2024 and 2023.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): *Accounting for Contract Assets and Contract Liabilities from Contracts with Customers*.

This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers.

The Company adopted ASU 2021-08 effective January 1, 2023.

the related stock awards during the period because the effect would be anti-dilutive.

Contract assets decreased by $11 million and Contract liabilities decreased by $108 million during 2024, primarily as a result of the movement of foreign exchange rates.

The balances were also impacted by the progression of current contracts and the timing of billing on customer contracts relative to the progression on the contracts, which were mostly offsetting during 2024.

Note 5: Accounts Receivable, Net

Accounts receivable, net consisted of the following as of December 31:

| Trade receivables | | | | | | $ | 3,285 | | | | | $ | 3,390 | |

| Unbilled receivables | | | | | | 129 | | | | | | 119 | | |

| Miscellaneous receivables | | | | | | 84 | | | | | | 96 | | |

As required by Rule 13a-15(e) under the Exchange Act, we carried out an evaluation under the supervision and with the participation of our management, including the Chair, President and Chief Executive Officer ("CEO"), the Executive Vice President and Chief Financial Officer ("CFO") and the Senior Vice President and Chief Accounting Officer ("CAO"), of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, [removed: 2024.][added: 2025.]

Based upon our evaluation, our CEO, our CFO and our CAO have concluded that, as of December 31, [removed: 2024,] [added: 2025,] our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our CEO, our CFO and our CAO, as appropriate, to allow timely decisions regarding required disclosure.

There has been no change in our internal control over financial reporting during the quarter ended December 31, [removed: 2024,] [added: 2025,] that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

The information required by Item 10 with respect to directors, the Audit Committee of the Board of Directors and audit committee financial experts is incorporated herein by reference to the section of our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders titled "Corporate governance" (under the subheadings "Proposal 1: Election of directors", "Our Board leadership structure", "Areas of Board oversight" and "Our Board nominees").

| Name | | | | | | Position | | | | | | Other Business Experience Since [removed: 1/1/2020] [added: 1/1/2021] | | | | | | Age as of [removed: 2/4/2025] [added: 2/5/2026] | | |

| Neil Green | | | | | | Executive Vice President and Chief Digital Officer (since April 2020) | | | | | | [removed: Vice President, Transformation and Chief Digital Officer, Otis] [added: n/a] | | | | | | [removed: 54] [added: 55] | | |

| Nora E. LaFreniere | | | | | | Executive Vice President and General Counsel (since July 2021) | | | | | | Executive Vice President, Chief General Counsel and Corporate Secretary, [removed: Vice President, General Counsel,] Otis | | | | | | [removed: 53] [added: 54] | | |

| Sally A. Loh | | | | | | President, Otis China (since March 2023) | | | | | | Chief Operating Officer and Chief Financial Officer, Otis China; Chief Financial Officer, Otis China | | | | | | [removed: 51] [added: 52] | | |

| Cristina Méndez | | | | | | Executive Vice President and Chief Financial Officer (since August 2024) | | | | | | Senior Vice President Finance and [removed: Transformation,] [added: Transformation] EMEA; Chief Controlling Officer and Deputy CFO, Telefónica Deutschland | | | | | | [removed: 44] [added: 45] | | |

| Judith F. Marks | | | | | | Chair, President and Chief Executive Officer (since February 2022) | | | | | | President and Chief Executive Officer, Otis | | | | | | [removed: 61] [added: 62] | | |

| Enrique Miñarro Viseras | | | | | | [removed: President, Otis EMEA] [added: Chief Operating Officer] (since [removed: October 2023)] [added: January 2026)] | | | | | | [added: President, Otis EMEA; President, Otis EMEA & Latin America;] Senior Vice President and General Manager ("GM"), Global Precision [removed: &] [added: and] Science Technologies, Ingersoll Rand; Senior Vice President and GM, [removed: Global] [added: Industrial Technologies & Services EMEIA and] Pressure & Vacuum Solutions, [removed: Europe, Middle East, India and Africa ("EMEIA"),] Ingersoll [removed: Rand; Vice President and GM, EMEIA, Gardner Denver Holdings, Inc.] [added: Rand] | | | | | | [removed: 47] [added: 48] | | |

| Stephane de Montlivault | | | | | | President, Otis Asia Pacific (since April 2020) | | | | | | [removed: President, Otis Asia Pacific] [added: n/a] | | | | | | [removed: 65] [added: 66] | | |

| Michael P. Ryan | | | | | | Senior Vice President and Chief Accounting Officer (since April 2020) | | | | | | [removed: Vice President and Assistant Controller, UTC] [added: n/a] | | | | | | [removed: 55] [added: 56] | | |

| Peiming Zheng (Perry) | | | | | | Executive Vice President, Chief Product, Delivery and Customer Officer (since March 2023) | | | | | | Chief Customer Product Officer, Otis; President, Otis China | | | | | | [removed: 56] [added: 57] | | |

Information concerning Section 16(a) compliance is incorporated herein by reference to the section of our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders titled "Other important information" under the subheading "Delinquent section 16(a) reports." We have adopted a code of ethics, the Otis Absolutes, that applies to all our directors, officers, employees and representatives.

| Joseph Armas | | | | | | President, Otis Americas (since January 2026) | | | | | | President, Otis U.S. & Canada; Senior Vice President and GM, North America; Senior Vice President, Western Region, Otis Americas; Vice President, Sales and Marketing, APAC; Executive Director and Managing Director, Hong Kong, Macau, and Taiwan | | | | | | 50 | | |

| Kimberly Gosk | | | | | | Executive Vice President and Chief People Officer (since August 2025) | | | | | | Senior Vice President, Human Resources ("HR") EMEA & Latin America; Vice President, HR, Global Functions; Interim Vice President, HR, EMEA; Executive Director, Organizational Design & Change Management | | | | | | 52 | | |

| Thibault Lefébure | | | | | | President, Otis EMEA (since January 2026) | | | | | | Senior Vice President & General Manager Western Europe; Senior Vice President & General Manager, Otis Japan; Vice President & General Manager, Otis Japan | | | | | | 47 | | |

| Tracy A. Embree | | | | | | President, Otis Americas (since October 2023) | | | | | | Vice President and President - Distribution, Cummins, Inc.; Vice President and President - Components, Cummins, Inc. | | | | | | 51 | | |

| Abbe Luersman | | | | | | Executive Vice President and Chief People Officer (since July 2021) | | | | | | Chief Human Resource Officer, Ahold Delhaize | | | | | | 57 | | |

The information required by Item 11 is incorporated herein by reference to the sections of our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders titled "Compensation of directors", "Executive compensation" and "Report of the compensation committee".

The information relating to security ownership of certain beneficial owners and management is incorporated herein by reference to the section of our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders titled "Other important information" under the subheading "Stock ownership" ("Beneficial stock ownership of directors and executive officers" and "Certain beneficial owners").

The following table provides information as of December 31, [removed: 2024] [added: 2025] concerning Common Stock issuable under Otis’ equity compensation plans.

(1) Consists of the following issuable shares of Common Stock awarded under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan ("LTIP"): (i) shares of Common Stock issuable upon the exercise of outstanding non-qualified stock options; (ii) shares of Common Stock issuable upon the exercise of outstanding stock appreciation rights ("SARs"); (iii) shares of Common Stock issuable pursuant to outstanding restricted stock unit and performance share unit awards, assuming performance at the target level (up to an additional [removed: 747,239] [added: 803,575] shares of Common Stock could be issued if performance goals are achieved above target); and (iv) shares of Common Stock issuable upon the settlement of outstanding deferred stock units and restricted stock units under the Otis Worldwide Corporation Board of Directors Stock Unit Plan.

For purposes of determining the total number of shares to be issued in respect of outstanding SARs, we have used the New York Stock Exchange ("NYSE") closing price for a share of Common Stock on December 31, [removed: 2024] [added: 2025] of [removed: $92.61.][added: $87.35.]

(2) Represents the maximum number of shares of Common Stock available to be awarded under the LTIP as of December 31, [removed: 2024.][added: 2025.]

| Equity compensation plans approved by shareholders | | | | | | 3,147,522 | | | | | | (1) | | | $74.05 | | | | | | | | | | | | 18,066,895 | | | | | | (2) | | |

| Equity compensation plans approved by shareholders | | | | | | 3,635,709 | | | | | | (1) | | | $71.52 | | | | | | | | | | | | 19,374,690 | | | | | | (2) | | |

The information required by Item 13 is incorporated herein by reference to the sections of our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders titled "Corporate governance" under the subheading "Our board nominees" (including under the subheading "Director independence") and "Other important information" (under the subheading "Transactions with related persons").

The information required by Item 14 is incorporated by reference to the section of our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders titled "Proposal 3: Appoint an independent auditor for [removed: 2025",] [added: 2026",] including the information provided in that section with regard to "Audit Fees", "Audit-Related Fees", "Tax Fees" and "All Other Fees".

| 3.2 | | | | | | [Amended and Restated Bylaws of Otis Worldwide Corporation, [added: adopted March 19, 2025](https://www.sec.gov/Archives/edgar/data/1781335/000114036125010060/ef20046011_ex3-1.htm)[,] incorporated by reference to Exhibit [removed: 3.2 of] [added: 3.](https://www.sec.gov/Archives/edgar/data/1781335/000114036125010060/ef20046011_ex3-1.htm)[1](https://www.sec.gov/Archives/edgar/data/1781335/000114036125010060/ef20046011_ex3-1.htm) [of] Otis’ Current Report on Form 8-K (Commission file number 001-39221) filed with the SEC [removed: on April 3, 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120007885/nc10010458x4_ex3-2.htm)] [added: on](https://www.sec.gov/Archives/edgar/data/1781335/000114036125010060/ef20046011_ex3-1.htm) [March 19, 2025](https://www.sec.gov/Archives/edgar/data/1781335/000114036125010060/ef20046011_ex3-1.htm)[.](https://www.sec.gov/Archives/edgar/data/1781335/000114036125010060/ef20046011_ex3-1.htm)] | | | | | |

| [removed: 4.9] [added: 4.10] | | | | | | [Description of [removed: Securities.*](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000010/exhibit492024-12x3110xk.htm)] [added: Securities.*](https://www.sec.gov/Archives/edgar/data/1781335/000178133526000011/exhibit4102025-12x3110xk.htm)] | | | | | |

| 10.11 | | | | | | [Schedule of Terms for Restricted Stock Unit Awards [added: (Off-Cycle)] granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan, incorporated by reference to Exhibit [removed: 10.8] [added: 10.9] to Otis’ Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on February 7, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-8.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-9.htm)] | | | | | |

| [removed: 10.12] [added: 10.13] | | | | | | [Schedule of Terms for [removed: Restricted] Stock [removed: Unit] [added: Appreciation Right] Awards (Off-Cycle) granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan, incorporated by reference to Exhibit [removed: 10.9] [added: 10.11] to Otis’ Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on February 7, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-9.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-11.htm)] | | | | | |

| [removed: 10.13] [added: 10.12] | | | | | | [Schedule of Terms for Stock Appreciation Right Awards granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.10 to Otis’ Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on February 7, 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-10.htm) | | | | | |

| 10.14 | | | | | | [removed: [Schedule of Terms for Stock Appreciation Right Awards (Off-Cycle) granted under the Otis] [added: [Otis] Worldwide Corporation [removed: 2020 Long-Term Incentive] [added: Deferred Compensation] Plan, incorporated by reference to Exhibit [removed: 10.11] [added: 10.14] to Otis’ Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on February 7, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-11.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-14.htm)] | | | | | |

| [removed: 10.15] [added: 10.17] | | | | | | [removed: [Schedule of Terms for] [added: [Otis Worldwide Corporation LTIP] Performance Share Unit [removed: Awards granted under the Otis Worldwide Corporation 2020 Long-Term Incentive] [added: Deferral] Plan, incorporated by reference to Exhibit [removed: 10.12] [added: 10.17] to Otis’ Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on February 7, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-12.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-17.htm)] | | | | | |

| 10.16 | | | | | | [Otis Worldwide Corporation [removed: Deferred Compensation] [added: Company Automatic Contribution Excess] Plan, incorporated by reference to Exhibit [removed: 10.14] [added: 10.16] to Otis’ Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on February 7, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-14.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-16.htm)] | | | | | |

| [removed: 10.17] [added: 10.15] | | | | | | [Otis Worldwide Corporation Amended and Restated Savings Restoration Plan, incorporated by reference to Exhibit 10.15 to Otis’ Amendment No. 1 to Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on March 11, 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120005505/nt10003666x13_ex10-15.htm) | | | | | |

| 10.18 | | | | | | [removed: [Otis Worldwide] [added: [Legacy United Technologies] Corporation [removed: Company Automatic Contribution Excess Plan,] [added: Executive Leadership Group Agreements,] incorporated by reference to Exhibit [removed: 10.16] [added: 10.19] to Otis’ Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on February 7, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-16.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-19.htm)] | | | | | |

| 10.19 | | | | | | [removed: [Otis Worldwide] [added: [Legacy Schedule of Terms for United Technologies] Corporation [removed: LTIP Performance Share] [added: Executive Leadership Group Restricted Stock] Unit [removed: Deferral Plan,] [added: Retention Awards,] incorporated by reference to Exhibit [removed: 10.17] [added: 10.20] to Otis’ Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on February 7, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-17.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-20.htm)] | | | | | |

| 10.20 | | | | | | [removed: [Legacy United Technologies Corporation Executive Leadership Group Agreements,] [added: [Letter of Assignment with Stephane de Montlivault, dated December 18, 2019,] incorporated by reference to Exhibit [removed: 10.19] [added: 10.25] to Otis’ Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on February 7, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-19.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-25.htm)] | | | | | |

| 10.21 | | | | | | [removed: [Legacy Schedule] [added: [Letter] of [removed: Terms for United Technologies Corporation Executive Leadership Group Restricted Stock Unit Retention Awards,] [added: Appointment/Employment with Stephane de Montlivault, dated December 18, 2019,] incorporated by reference to Exhibit [removed: 10.20] [added: 10.26] to Otis’ Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on February 7, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-20.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-26.htm)] | | | | | |

| 10.22 | | | | | | [Letter [removed: of Assignment] [added: Agreement] with [removed: Stephane de Montlivault,] [added: Judith F. Marks regarding LTIP award amendment,] dated [removed: December 18, 2019,] [added: February 3, 2020,] incorporated by reference to Exhibit [removed: 10.25] [added: 10.29] to Otis’ Registration Statement on Form 10 (Commission file number 001-39221) filed with the SEC on February 7, [removed: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-25.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-29.htm)] | | | | | |

| [removed: 10.23] | | | | | | [removed: [Letter] [added: [Extension] of [removed: Appointment/Employment with] [added: Letter of Assignment for] Stephane de [removed: Montlivault, dated December 18, 2019,] [added: Montlivault effective September 24, 2025,] incorporated by reference to Exhibit [removed: 10.26 to Otis’ Registration Statement] [added: 10.4 of Otis' Quarterly Report] on Form [removed: 10] [added: 10-Q for the quarter ended September 30, 2025] (Commission file number 001-39221) filed with the SEC on [removed: February 7, 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-26.htm)] [added: October 30, 2025](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000049/exhibit1042025-09x3010xq.htm).] | | | | | |

| 10.24 | | | | | | [removed: [Letter Agreement with Judith F. Marks regarding LTIP award amendment, dated February 3, 2020,] [added: [Otis Worldwide Corporation Executive Leadership Group Severance Plan,] incorporated by reference to Exhibit [removed: 10.29 to] [added: 10.1 of] Otis’ [removed: Registration Statement] [added: Current Report] on Form [removed: 10] [added: 8-K] (Commission file number 001-39221) filed with the SEC on [removed: February 7, 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120002547/nt10003666x11_ex10-29.htm)] [added: September 18, 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120020899/brhc10015261_ex10-1.htm)] | | | | | |

| [removed: 10.25] [added: 10.23] | | | | | | [Summary of Compensation and Benefits for Non-Employee Directors, incorporated by reference to Exhibit 10.27 to Otis' Annual Report on Form 10-K for the year ended December 31, 2021 (Commission file number 001-39221) filed with the SEC on February 4, 2022.](https://www.sec.gov/Archives/edgar/data/1781335/000178133522000007/exhibit10272021-12x3110xk.htm) | | | | | |

| [removed: 10.26] [added: 10.48] | | | | | | [removed: [Otis] [added: [Offer Letter between Otis] Worldwide Corporation [removed: Executive Leadership Group Severance Plan,] [added: and Kimberly Gosk,] incorporated by reference to Exhibit [removed: 10.1] [added: 10.3] of [removed: Otis’ Current] [added: Otis' Quarterly] Report on Form [removed: 8-K] [added: 10-Q for the quarter ended September 30, 2025] (Commission file number 001-39221) filed with the SEC on [removed: September 18, 2020.](https://www.sec.gov/Archives/edgar/data/1781335/000114036120020899/brhc10015261_ex10-1.htm)] [added: October 30, 2025](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000049/exhibit1032025-09x3010xq.htm).] | | | | | |

| [removed: 10.27] [added: 10.25] | | | | | | [Letter of Assignment for Peiming (Perry) Zheng, effective January 1, 2021, incorporated by reference to Exhibit 10.33 of Otis' Annual Report on Form 10-K for the year ended December 31, 2020 (Commission file number 001-39221) filed with the SEC on February 5, 2021.](https://www.sec.gov/Archives/edgar/data/1781335/000178133521000023/exhibit10332020-12x3110xk.htm) | | | | | |

| [removed: 10.28] [added: 10.26] | | | | | | [Revolving Credit Agreement, dated as of [removed: March 10, 2023,] [added: August 8, 2025,] by and among Otis Worldwide Corporation, as borrower, Otis Intercompany Lending Designated Activity Company, as subsidiary borrower, each other subsidiary borrower party thereto, the [removed: financial institutions from time to time] [added: lenders] party [removed: thereto and] [added: thereto,] JPMorgan Chase Bank, N.A., as administrative [removed: agent,] [added: agent and the other parties thereto from time to time,] incorporated by reference to Exhibit 10.01 of Otis' Current Report on Form 8-K (Commission File No. 001-39221) filed with the SEC on [removed: March 20, 2023.](https://www.sec.gov/Archives/edgar/data/1781335/000114036123011191/brhc10049467_ex10-01.htm)] [added: August](https://www.sec.gov/Archives/edgar/data/1781335/000114036125029921/ef20053618_ex10-01.htm) [8](https://www.sec.gov/Archives/edgar/data/1781335/000114036125029921/ef20053618_ex10-01.htm)[, 2025.](https://www.sec.gov/Archives/edgar/data/1781335/000114036125029921/ef20053618_ex10-01.htm)] | | | | | |

| [removed: 10.29] [added: 10.27] | | | | | | [Schedule of Terms for Restricted Stock Unit Awards (February 5, 2021) granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.5 to Otis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (Commission file number 001-39221) filed with the SEC on April 28, 2021.](https://www.sec.gov/Archives/edgar/data/1781335/000178133521000034/exhibit1052021-03x3110xq.htm) | | | | | |

| [removed: 10.30] [added: 10.28] | | | | | | [Schedule of Terms for Stock Appreciation Right Awards (February 5, 2021) granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.6 to Otis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (Commission file number 001-39221) filed with the SEC on April 28, 2021.](https://www.sec.gov/Archives/edgar/data/1781335/000178133521000034/exhibit1062021-03x3110xq.htm) | | | | | |

| [removed: 10.31] [added: 10.29] | | | | | | [Schedule of Terms for Performance Share Unit Awards (February 5, 2021) granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.7 to Otis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (Commission file number 001-39221) filed with the SEC on April 28, 2021.](https://www.sec.gov/Archives/edgar/data/1781335/000178133521000034/exhibit1072021-03x3110xq.htm) | | | | | |

| [removed: 10.32] [added: 10.30] | | | | | | [Form of Executive Award Statement under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.8 to Otis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (Commission file number 001-39221) filed with the SEC on April 28, 2021.](https://www.sec.gov/Archives/edgar/data/1781335/000178133521000034/exhibit1082021-03x3110xq.htm) | | | | | |

| [removed: 10.33] [added: 10.31] | | | | | | [Offer Letter between Otis Worldwide Corporation and Abbe L. Luersman, dated March 27, 2021, incorporated by reference to Exhibit 10.5 to Otis' Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (Commission file number 001-39221) filed with the SEC on October 26, 2021.](https://www.sec.gov/Archives/edgar/data/1781335/000178133521000062/exhibit1052021-09x3010xq.htm) | | | | | |

| [removed: 10.34] [added: 10.46] | | | | | | [Offer [removed: Letter, dated as of June 23, 2022, by and] [added: Letter] between [removed: Anurag Maheshwari and] Otis Worldwide [removed: Corporation,] [added: Corporation and Joseph Armas,] incorporated by reference to Exhibit [removed: 10.1] [added: 10.2] of [removed: Otis’ Current] [added: Otis' Quarterly] Report on Form [removed: 8-K] [added: 10-Q for the quarter ended June 30, 2025] (Commission [removed: File No.] [added: file number] 001-39221) filed with the [removed: Commission] [added: SEC] on [removed: June 27, 2022.](https://www.sec.gov/Archives/edgar/data/1781335/000114036122024055/brhc10039083_ex10-1.htm)] [added: July 24, 2025](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000038/exhibit1012025-06x3010xq.htm).] | | | | | |

| [removed: 10.35] [added: 10.32] | | | | | | [Offer Letter, dated as of August 22, 2023, by and between Tracy Embree and Otis Worldwide Corporation, incorporated by reference to Exhibit 10.36 of Otis’ Annual Report on Form 10-K for the year ended December 31, 2023 (Commission file number 001-39221) filed with the SEC on February 2, 2024.](https://www.sec.gov/Archives/edgar/data/1781335/000178133524000013/exhibit10362023-12x3110xk.htm) | | | | | |

| [removed: 10.36] [added: 10.33] | | | | | | [Service Agreement between Otis Mobility, S.A. and Enrique Minarro Viseras, dated October 26, 2023, incorporated by reference to Exhibit 10.37 of Otis’ Annual Report on Form 10-K for the year ended December 31, 2023 (Commission file number 001-39221) filed with the SEC on February 2, 2024.](https://www.sec.gov/Archives/edgar/data/1781335/000178133524000013/exhibit10372023-12x3110xk.htm) | | | | | |

| [removed: 10.37] [added: 10.34] | | | | | | [Employment Contract (Foreign National or Hong Kong, Macao or Taiwan Resident) for Sally Loh, effective January 1, 2024, incorporated by reference to Exhibit 10.38 of Otis’ Annual Report on Form 10-K for the year ended December 31, 2023 (Commission file number 001-39221) filed with the SEC on February 2, 2024.](https://www.sec.gov/Archives/edgar/data/1781335/000178133524000013/exhibit10382023-12x3110xk.htm) | | | | | |

| [removed: 10.38] [added: 10.35] | | | | | | [Letter of Assignment for Sally Loh, effective January 1, 2024, incorporated by reference to Exhibit 10.39 of Otis’ Annual Report on Form 10-K for the year ended December 31, 2023 (Commission file number 001-39221) filed with the SEC on February 2, 2024.](https://www.sec.gov/Archives/edgar/data/1781335/000178133524000013/exhibit10392023-12x3110xk.htm) | | | | | |

| [removed: 10.39] [added: 10.36] | | | | | | [Schedule of Terms for Performance Share Unit Awards granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan (Effective February 6, 2024), incorporated by reference to Exhibit 10.3 of Otis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (Commission file number 001-39221) filed with the SEC on April 25, 2024.](https://www.sec.gov/Archives/edgar/data/0001781335/000178133524000022/exhibit1032024-03x3110xq.htm) | | | | | |

| [removed: 10.40] [added: 10.37] | | | | | | [Schedule of Terms for Restricted Stock Unit Awards granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan (Effective February 6, 2024), incorporated by reference to Exhibit 10.4 of Otis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (Commission file number 001-39221) filed with the SEC on April 25, 2024.](https://www.sec.gov/Archives/edgar/data/0001781335/000178133524000022/exhibit1042024-03x3110xq.htm) | | | | | |

| [removed: 10.41] [added: 10.38] | | | | | | [Schedule of Terms for Stock Appreciation Right Awards granted under the Otis Worldwide Corporation 2020 Long -Term Incentive Plan (Effective February 6, 2024), incorporated by reference to Exhibit 10.5 of Otis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (Commission file number 001-39221) filed with the SEC on April 25, 2024.](https://www.sec.gov/Archives/edgar/data/0001781335/000178133524000022/exhibit1052024-03x3110xq.htm) | | | | | |

| [removed: 10.42] [added: 10.39] | | | | | | [Schedule of Terms (July 2024) for Performance Share Unit Award (CEO one-time supplemental) granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan, as amended and restated as of January 1, 2024, incorporated by reference to Exhibit 10.1 of Otis' Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (Commission file number 001-39221) filed with the SEC on July 25, 2024.](https://www.sec.gov/Archives/edgar/data/0001781335/000178133524000039/exhibit1012024-06x3010xq.htm) | | | | | |

| [removed: 10.43] [added: 10.40] | | | | | | [Schedule of Terms (July 2024) for Restricted Stock Unit Award (CEO one-time supplemental) granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan, as amended and restated as of January 1, 2024, incorporated by reference to Exhibit 10.2 of Otis' Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (Commission file number 001-39221) filed with the SEC on July 25, 2024.](https://www.sec.gov/Archives/edgar/data/0001781335/000178133524000039/exhibit1022024-06x3010xq.htm) | | | | | |

| [removed: 10.44] [added: 10.41] | | | | | | [Amended and Restated Employment Agreement, dated September 18, 2024, between Cristina Méndez and Otis International Sàrl, incorporated by reference to Exhibit 10.1 of Otis’ Current Report on Form 8-K (Commission file number 001-39221) filed with the SEC on September 20, 2024.](https://www.sec.gov/Archives/edgar/data/0001781335/000178133524000045/exhibit101.htm) | | | | | |

| [removed: 10.45] [added: 10.42] | | | | | | [Letter of Assignment for Cristina Méndez, effective December 1, 2024, incorporated by reference to Exhibit 10.2 of Otis’ Current Report on Form 8-K (Commission file number 001-39221) filed with the SEC on September 20, 2024.](https://www.sec.gov/Archives/edgar/data/0001781335/000178133524000045/exhibit102.htm) | | | | | |

| [removed: 10.46] [added: 10.43] | | | | | | [Schedule of Terms for Restricted Stock Unit Awards (Off-Cycle) granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan, as amended and restated as of January 1, [removed: 2024.*](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000010/exhibit10462024-12x3110xk.htm)] [added: 2024, incorporated by reference to Exhibit 10.46 of Otis' Annual Report on Form 10-K for the year ended December 31, 2024 (Commission file number 001-39221) filed with the SEC on February 4, 2025.](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000010/exhibit10462024-12x3110xk.htm)] | | | | | |

| 19 | | | | | | [Insider trading policies and [removed: procedures.](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000010/exhibit192024-12x3110xk.htm)[*](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000010/exhibit192024-12x3110xk.htm)] [added: procedures, incorporated by reference to Exhibit 19 of Otis’ Annual Report on Form 10-K for the year ended December 31, 2024.](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000010/exhibit192024-12x3110xk.htm)] | | | | | |

| 21 | | | | | | [Subsidiaries of the [removed: Registrant.*](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000010/exhibit212024-12x3110xk.htm)] [added: Registrant.*](https://www.sec.gov/Archives/edgar/data/1781335/000178133526000011/exhibit212025-12x3110xk.htm)] | | | | | |

| 4.9 | | | | | | [Supplemental Indenture No. 5, dated as of September 4, 2025, between Otis Worldwide Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee, incorporated by reference to Exhibit 4.2 of Otis' Current Report on Form 8-K (Commission File No. 001-39221) filed with the SEC on September 4, 2025.](https://www.sec.gov/Archives/edgar/data/0001781335/000114036125033998/ny20054558x4_ex4-2.htm) | | | | | |

| | | | | | | [Employment Contract (Foreign National or Hong Kong, Macao or Taiwan Resident) for Sally Loh, effective January 1, 2026, incorporated by reference to Exhibit 10.6 of Otis' Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (Commission file number 001-39221) filed with the SEC on October 30, 2025](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000049/exhibit1062025-09x3010xq.htm). | | | | | |

| | | | | | | [Extension of Letter of Assignment for Sally Loh effective September 24, 2025, incorporated by reference to Exhibit 10.5 of Otis' Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (Commission file number 001-39221) filed with the SEC on October 30, 2025](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000049/exhibit1052025-09x3010xq.htm). | | | | | |

| 10.44 | | | | | | [Schedule of Terms for Performance Share Unit Awards granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan (Effective February 4, 2025), incorporated by reference to Exhibit 10.1 of Otis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (Commission file number 001-39221) filed with the SEC on April 24, 2025](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000021/exhibit1012025-03x3110xq.htm). | | | | | |

| 10.45 | | | | | | [Schedule of Terms for Restricted Stock Unit Awards granted under the Otis Worldwide Corporation 2020 Long-Term Incentive Plan (Effective February 4, 2025), incorporated by reference to Exhibit 10.2 of Otis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (Commission file number 001-39221) filed with the SEC on April 24, 2025](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000021/exhibit1022025-03x3110xq.htm). | | | | | |

| 10.47 | | | | | | [Letter of Assignment for Kimberly Gosk effective December 22, 2022, incorporated by reference to Exhibit 10.2 of Otis' Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (Commission file number 001-39221) filed with the SEC on October 30, 2025](https://www.sec.gov/Archives/edgar/data/1781335/000178133525000049/exhibit1022025-09x3010xq.htm). | | | | | |

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| Exhibit Number | | | | | | Exhibit Description | | | | | |

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| Dated: | | | February [removed: 4, 2025] [added: 5, 2026] | | | by: | | | /s/ [removed: CRISTINA MÉNDEZ] [added: Cristina Méndez] | | |

| Dated: | | | February [removed: 4, 2025] [added: 5, 2026] | | | by: | | | /s/ [removed: MICHAEL] [added: Michael] P. [removed: RYAN] [added: Ryan] | | |

| /s/ [removed: JUDITH] [added: Judith] F. [removed: MARKS] [added: Marks] | | | | | | Director, Chair, President and Chief Executive Officer | | | | | | February [removed: 4, 2025] [added: 5, 2026] | | |

| /s/ [removed: CRISTINA MÉNDEZ] [added: Cristina Méndez] | | | | | | Executive Vice President and Chief Financial Officer | | | | | | February [removed: 4, 2025] [added: 5, 2026] | | |

| /s/ [removed: MICHAEL] [added: Michael] P. [removed: RYAN] [added: Ryan] | | | | | | Senior Vice President and Chief Accounting Officer | | | | | | February [removed: 4, 2025] [added: 5, 2026] | | |

| Date: February [removed: 4, 2025] [added: 5, 2026] | | | | | | | | | | | | | | |

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| /s/ SHAILESH G. JEJURIKAR* | | | | | | Director | | | | | | | | |

| Shailesh G. Jejurikar | | | | | | | | | | | | | | |