Trane Technologies (TT) 10-K risk factor changes: FY2025 vs FY2024

[added: In addition, many of our customers, manufacturing operations and suppliers are located outside the U.S.] These activities are subject to risks that are inherent in operating globally, including:

- trade protection measures such as import or export restrictions and requirements, the imposition of tariffs and [removed: quotas] [added: quotas, trade embargoes,] or revocation or material modification of trade agreements;

- national and international conflict, including war, civil disturbances and terrorist [removed: acts;] [added: acts or the threat thereof;] and

Disruptions have previously occurred and may occur in the future due to [removed: global pandemics,] [added: public health crises,] natural disasters, regulatory changes, geopolitical events, electronic component shortages, supplier capacity constraints, labor shortages, port congestion, logistical problems, political unrest, and other issues.

While we use financial derivatives, supplier price locks or indices-based pricing mechanisms to partially hedge against this volatility, by using these instruments we may potentially forego the benefits that might result from favorable fluctuations in prices and could experience lower margins in periods of declining commodity [removed: prices.]

There has been consolidation and new entrants (including non-traditional competitors) within our industries and there may be future consolidation and new [removed: entrants] [added: entrants, either of] which could result in increased competition and [added: pricing pressures and] significantly alter the dynamics of the competitive landscape in which we operate.

As we integrate acquisitions into our portfolio of solutions, we may face new competitors in our target markets and incur increased competition from alternative [removed: solutions.][added: solutions, which could lead to decreased demand or reduced market share for our products and services.]

We must [added: maintain the quality of our products, retain longstanding relationships with major customers, continue to grow our business by establishing relationships with new customers, and] continually innovate new or enhanced products and services to maintain and expand our brand recognition and market leadership position to effectively compete in the markets that we serve.

A failure or inability to effectively address market trends, [added: incorporate technology developments,] adapt to changes in customer preferences, and compete in our market may adversely affect demand for our products and services, which may cause a material adverse effect on our financial condition.

Failure to timely and accurately predict customer needs and preferences, anticipate regulatory conditions affecting current and future products, mitigate supply chain disruptions on new products, or our failure to develop new and enhanced products and services [removed: that are accepted by these markets] [added: in a timely fashion, including implementing emerging technological changes such as integrated AI solutions in our products and services,] could have a material adverse impact on our competitive position, operations, financial condition, and cash flows.

Significant decreases in discount rate or [removed: investment losses on] [added: the value of] plan assets may increase our funding obligations, which may adversely affect our financial results.

Changes in U.S. or foreign trade policies and other factors beyond our control may adversely impact our business and operating [removed: results][added: results.]

Changes in governmental policies on foreign trade, geopolitical [removed: tensions] [added: tensions,] and trade disputes can disrupt supply chains and increase the cost of our products.

This could cause our products to be more expensive for customers, which could reduce the demand for or [added: the] attractiveness of such products.

In addition to tariffs, [added: duties, quotas,] trade embargoes, and sanctions, countries also could adopt other measures, such as controls on imports or exports of goods, technology, or data, which could adversely affect our operations and supply chain and limit our ability to offer our products and services as intended.

These kinds of restrictions could be adopted with little to no [removed: advanced] [added: advance] notice, and we may not be able to effectively mitigate the adverse impacts from such measures.

The global economy has been negatively impacted by geopolitical conflicts, including the military conflict between Russia and Ukraine and [removed: conflict] [added: conflicts] in the Middle East.

Governments including the U.S., [added: China,] United Kingdom, and those of the European Union have imposed export controls on certain products and financial and economic sanctions on certain industry sectors and parties in Russia which has triggered retaliatory sanctions by the Russian government and its allies.

Risks associated with world geopolitical conflicts that have arisen or could arise in the future, include, but are not limited to, adverse effects on political developments and on general economic conditions, including inflation and consumer spending; disruptions to our supply chains; disruptions to our information systems, including through network failures, malicious or disruptive software, or cyberattacks; trade disruptions; [added: additional tariffs;] energy shortages or rationing that may adversely impact our manufacturing facilities and consumer spending, particularly in Europe; rising fuel and/or rising costs of producing, procuring and shipping our products; our exposure to foreign currency exchange rate fluctuations; and constraints, volatility or disruption in the financial markets.

Although neither the Russia-Ukraine conflict nor the Middle East [removed: conflict] [added: conflicts] have, to date, caused any material adverse effect on our business or financial performance, until there are peaceful resolutions, these conflicts could have a material adverse effect on our operations, results of operations, financial condition, liquidity, growth prospects and business outlook.

The full extent to which [removed: a pandemic, epidemic, or spread of infectious diseases or other] public health crises will affect us will depend on future developments that are highly uncertain and cannot be accurately predicted.

The extent to which a pandemic, epidemic, or other widespread outbreaks of infectious disease or other public health crises, including a resurgence of any previously identified outbreaks of infectious diseases, may impact our business going forward [added: will depend on factors such as the duration and scope of infections; governmental, business, and individuals' actions in response to the health crisis; travel and other restrictions; and the impact on economic activity including the possibility of financial market instability or recession.]

[removed: Prior experience with] [added: The global spread of] the Coronavirus Disease 2019 (COVID-19) pandemic demonstrated widespread, rapidly evolving and unpredictable impacts on global society, economics, financial markets and business practices.

Material adverse legal judgments, fines, penalties or settlements could adversely affect our results of [removed: operations or] [added: operations, and our] financial condition.

Our business may be adversely affected by the outcome of these proceedings and other contingencies (including, without limitation, contract claims or other commercial disputes, product liability, product defects, environmental matters, [added: intellectual property claims, employment claims,] and asbestos-related matters) that cannot be predicted with certainty.

As required by [removed: generally accepted accounting principles in the United States,] [added: U.S. Generally Accepted Accounting Principles (GAAP),] we establish reserves based on our assessment of contingencies.

The Chapter 11 cases remain pending as of February [removed: 6, 2025.][added: 5, 2026.]

- the actions of representatives of the asbestos claimants, including the ACC's pursuit of certain causes of action against us, [removed: following the Bankruptcy Court's grant of the ACC's motion seeking standing to investigate] and [removed: pursue certain causes of action at a hearing held on January 27, 2022, and] other potential actions by the ACC in opposition to, or otherwise inconsistent with, the efforts by Aldrich and Murray to diligently prosecute the Chapter 11 cases and ultimately seek Bankruptcy Court approval of a plan of reorganization;

- the decisions of the Bankruptcy Court relating to numerous substantive and procedural aspects of the Chapter 11 cases, [removed: including in connection with a proceeding by Aldrich] and [removed: Murray to estimate their aggregate liability for asbestos claims, following the Bankruptcy Court's grant of their motion seeking such a proceeding, and] other efforts by Aldrich and Murray to diligently prosecute the Chapter 11 cases and ultimately seek Bankruptcy Court approval of a plan of reorganization, whether such decisions are in response to actions of representatives of the asbestos claimants or otherwise;

- the decisions of the appellate courts regarding any orders of the Bankruptcy Court or the District Court that may be [removed: appealed, including the Bankruptcy Court's order dated December 28, 2023 denying the motions to dismiss the Chapter 11 cases brought by the ACC and certain individual claimants and any orders of the Bankruptcy Court or District Court approving a plan of reorganization;][added: appealed;]

We cannot ensure that Aldrich and Murray can successfully reorganize, nor can we give any assurances as to the amount of the ultimate obligations under [removed: the] Funding Agreements [added: pursuant to which certain subsidiaries are obligated, among other things, to pay the costs and expenses of Aldrich and Murray during the pendency of the Chapter 11 cases to the extent distributions from their respective subsidiaries are insufficient to do so and to provide an amount for the funding for a trust established pursuant to section 524(g) of the Bankruptcy Code, to the extent that the other assets of Aldrich and Murray are insufficient to provide the requisite trust funding] or any plan of reorganization, or the resulting impact on our financial condition, results of operations or future prospects.

If these systems cease to function properly, if these systems experience security breaches or [removed: disruptions or] [added: disruptions,] if these systems do not provide the anticipated benefits or if we are unable to commit sufficient resources to maintain and enhance our information technology infrastructure to [added: ensure data quality and to] keep [added: pace with continuous development in information processing technology, our ability to manage our operations could be impaired, which could have a material adverse impact on our results of operations, financial condition, and cash flows.]

Our information technology systems, networks, connected services, and infrastructure and technology, including artificial intelligence [added: (AI)] technology, embedded in certain of our control products have been and are at risk to cyber attacks and unauthorized access.

[removed: Like] [added: Although we maintain processes and procedures designed to mitigate cybersecurity risk, like] other large companies, certain of our information technology systems and the systems of our vendors have been subject to computer viruses, malicious code, unauthorized access, phishing attempts, denial-of-service attacks and other cyber attacks and we expect that we and our vendors will be subject to similar attacks in the future.

[removed: We] [added: While we] continue to make investments and adopt measures designed to enhance our protection, detection, response, and recovery capabilities, and to mitigate potential risks to our technology, products, services and operations from potential cyber [removed: attacks.][added: attacks, insufficient controls or other vulnerabilities in our systems and those of our business partners or third-party vendors could result in misappropriation, destruction, exfiltration, or unauthorized disclosure of our information.]

Hardware, software, [removed: artificial intelligence] [added: AI] technology, or applications we develop or obtain from third parties sometimes contain defects in design or deployment or other problems that could unexpectedly result in security breaches or disruptions.

[removed: We are required to comply] [added: Compliance] with [removed: complex] [added: these] regulations [removed: when collecting, transferring and using personal data, which] increases our costs, affects our competitiveness and can expose us to substantial fines or other [removed: penalties.][added: penalties, and/or additional reporting or other obligations.]

Our reputation, ability to do business and results of operations could be impaired by improper conduct by any of our employees, [removed: agents or] [added: agents,] business [removed: partners.][added: partners, or other third parties.]

We cannot provide assurance our internal controls will always protect us from the improper conduct of our employees, [removed: agents and] [added: agents,] business [removed: partners.][added: partners, or other third parties.]

While we are committed to pursuing these sustainability objectives, our ability to achieve our sustainability objectives is subject to numerous risks and uncertainties, including increased [removed: operation] [added: operating] costs and future changes in regulation, and there can be no assurance that we will successfully achieve our [removed: commitments.][added: commitments or that any future investments we make in furtherance of achieving our sustainability targets and goals will meet investor expectations or any future legal requirements regarding sustainability performance.]

Approximately 75% of our net revenues in 2025 were derived inside the U.S., and we sold products in approximately 100 countries.

prices.

Refer to "Item 1.

Business" for additional details.

AI also presents emerging issues and the pace presents uncertainties, and we may experience competitive harm, harm to our reputation, or legal liability.

The accelerating pace of technological change increases the risk of shortened product lifecycles.

The successful development and commercialization of products and services depends on attracting, retaining, and developing highly skilled talent in engineering, technology, and product management.

Constraints in the labor market or increased competition for skilled professionals may delay innovation initiatives or increase costs, or require the company to accelerate automation.

We also have investments in our subsidiaries located in foreign countries.

The U.S. continues to implement certain trade actions, including imposing tariffs on certain goods imported from several countries, which has resulted in retaliatory tariffs by other countries.

Additional tariffs have been proposed by the current U.S. administration and there are active negotiations for extending trade treaties.

It is not possible to predict the extent or focus of any such tariffs at this time.

These lawsuits may include claims for compensatory damages, punitive and consequential damages, and/or injunctive relief.

The defense of these lawsuits may divert our management's attention, we may incur significant expenses in defending these lawsuits, we may experience disruption in supply or sales, and we may be required to pay damage awards or settlements or become subject to equitable remedies that could adversely affect our operations or financial results.

In addition, the rapid evolution and increased adoption of AI technologies may intensify our cybersecurity risks, including risks from malicious or misuse of AI to craft increasingly sophisticated cybersecurity attacks against us, our business partners, or our third-party vendors.

We are required to comply with complex regulations when collecting, transferring and using personal data, including the E.U. Global Data Protection Regulation (GDPR), the various state privacy laws, and other regulatory requirements.

Failure to achieve our sustainability commitments, address stakeholder expectations related to sustainability, or meet evolving legal requirements related to sustainability could harm our reputation, business operations, and financial performance.

We have previously announced certain defined sustainability commitments with a goal of achieving these commitments by 2030.

We also periodically announce new initiatives and product innovations that further our sustainability commitments.

If we are unable to meet our targets and goals, it could result in reputational and other harm to our company, adverse publicity and reaction from investors, activist groups and other stakeholders, which could adversely impact our financial condition and results of operations.

Stakeholders are increasingly scrutinizing sustainability practices, and stakeholders' expectations regarding these practices are diverse and rapidly changing.

Furthermore, many jurisdictions where we operate have enacted or are in the process of enacting legislation regarding sustainability reporting, monitoring, and other requirements.

Failure to meet these evolving legal requirements may subject us to fines, penalties, or other legal obligations.

will depend on factors such as the duration and scope of infections; governmental, business, and individuals' actions in response to the health crisis; travel and other restrictions; and the impact on economic activity including the possibility of financial market instability or recession.

pace with continuous development in information processing technology, our ability to manage our operations could be impaired, which could have a material adverse impact on our results of operations, financial condition, and cash flows.

Failure to meet these commitments could result in reputational and other harm to our company.

There are additional risks related to our Reverse Morris Trust transaction, see Part I, Item 1A, "Risk Factors - Risks Related to the Transactions" for more information.

Risks Related to our Reverse Morris Trust Transaction

On February 29, 2020 (Distribution Date), we completed our Reverse Morris Trust transaction (the Transaction) with Gardner Denver Holdings, Inc. (Gardner Denver, which changed its name to Ingersoll Rand Inc. (Ingersoll Rand) after the Transaction) whereby we distributed Ingersoll-Rand U.S. HoldCo, Inc., which contained our former Industrial segment (Ingersoll Rand Industrial) through a pro rata distribution (the Distribution) to shareholders of record as of February 24, 2020 (Spin-off Shareholders).

Ingersoll Rand Industrial then merged with a wholly-owned subsidiary of Ingersoll Rand.

Upon close of the Transaction, the Spin-off Shareholders received approximately 50.1% of the shares of Ingersoll Rand common stock on a fully-diluted basis and Gardner Denver shareholders retained approximately 49.9% of the shares of Ingersoll Rand on a fully diluted basis.

As a result, Spin-off Shareholders received 0.8824 shares of Ingersoll Rand common stock with respect to each share of our stock owned as of February 24, 2020.

In connection with the Transaction, we received a special cash payment of $1.9 billion.

If the Distribution as part of our Reverse Morris Trust Transaction is determined to be taxable for Irish tax purposes, significant Irish tax liabilities may arise for the Spin-off Shareholders.

We received an opinion from Irish Revenue regarding certain tax matters associated with the Distribution, as well as a legal opinion from our Irish counsel Arthur Cox LLP, regarding certain Irish tax consequences of the Distribution for the Spin-off Shareholders.

For the Spin-off Shareholders who are not resident or ordinarily resident in Ireland for Irish tax purposes and who do not hold their shares in connection with a trade or business carried on by such Spin-off Shareholders through an Irish branch or agency, we consider, based on both opinions taken together, that no adverse Irish tax consequences for such Spin-off Shareholders should have arisen.

These opinions relied on certain facts and assumptions and certain representations.

Notwithstanding the opinion from Irish Revenue, Irish Revenue could ultimately determine on audit that the Distribution is taxable for Irish tax purposes, for example, if it determines that any of these facts, assumptions or representations are not correct or have been violated.

A legal opinion represents the tax adviser's best legal judgment and is not binding on Irish Revenue or the courts and Irish Revenue or the courts may not agree with the legal opinion.

In addition, the legal opinion is based on current law and cannot be relied upon if current law changes with retroactive effect.

If the Distribution ultimately is determined to be taxable for Irish tax purposes, we and the Spin-off Shareholders could have significant Irish tax liabilities as a result of the

Distribution, and there could be a material adverse impact on our business, financial condition, results of operations and cash flows in future reporting periods.

If the Distribution together with certain related transactions do not qualify as tax-free under Sections 355 and 368(a) of the Internal Revenue Code, including as a result of subsequent acquisitions of stock of the Company or Ingersoll Rand, then the Company and the Spin-off Shareholders may be required to pay substantial U.S. federal income taxes, and Ingersoll Rand may be obligated to indemnify the Company for such taxes imposed on the Company.

At the time of the Distribution, we received an opinion from our U.S. tax counsel Paul, Weiss, Rifkind, Wharton & Garrison LLP (Paul Weiss) substantially to the effect that, for U.S. federal income tax purposes, the Distribution together with certain related transactions undertaken in anticipation of the Distribution and taking into account the merger of Ingersoll Rand Industrial with the wholly-owned subsidiary of Ingersoll Rand will qualify as a tax-free transaction under Sections 368(a), 361 and 355 of the Internal Revenue Code (the Code), with the result that we and the Spin-off Shareholders will not recognize any gain or loss for U.S. federal income tax purposes as a result of the spin-off.

The opinion of our counsel was based on, among other things, certain representations and assumptions as to factual matters made by Ingersoll Rand, Ingersoll Rand Industrial and the Company.

The failure of any factual representation or assumption to be true, correct and complete in all material respects could adversely affect the validity of the opinion of counsel.

An opinion of counsel represents counsel's best legal judgment, is not binding on the Internal Revenue Service (IRS) or the courts, and the IRS or the courts may not agree with the opinion.

In addition, an opinion will be based on current law, and cannot be relied upon if current law changes with retroactive effect.

If the Distribution, and/or related internal transactions in anticipation of the Distribution ultimately are determined to be taxable, we could incur significant U.S. federal income tax liabilities, which could cause a material adverse impact on our business, financial condition, results of operations and cash flows in future reporting periods, although if this determination resulted from certain actions taken by Ingersoll Rand Industrial or Ingersoll Rand, Ingersoll Rand would be required to bear the cost of any resultant tax liability pursuant to the terms of the Tax Matters Agreement dated February 29, 2020, among Ingersoll-Rand Plc, Ingersoll-Rand Lux International Holding Company S.à r.l, Ingersoll-Rand Services Company, Ingersoll-Rand U.S. HoldCo, Inc., and Gardner Denver Holdings, Inc. (Tax Matters Agreement).

The Distribution will be taxable to the Company pursuant to Section 355(e) of the Code if there is a 50% or greater change in ownership of either the Company or Ingersoll Rand Industrial, directly or indirectly (including through such a change in ownership of Ingersoll Rand), as part of a plan or series of related transactions that include the Distribution.

A Section 355(e) change of ownership would not make the Distribution taxable to the Spin-off Shareholders, but instead may result in corporate-level taxable gain to certain of our subsidiaries.

Because the Spin-off Shareholders will collectively be treated as owning more than 50% of the Ingersoll Rand common stock following the merger, the merger alone should not cause the Distribution to be taxable to our subsidiaries under Section 355(e).

However, Section 355(e) might apply if other acquisitions of stock of the Company before or after the merger, or of Ingersoll Rand before or after the merger, are considered to be part of a plan or series of related transactions that include the Distribution together with certain related transactions.

If Section 355(e) applied, certain of our subsidiaries might recognize a very substantial amount of taxable gain, although if this applied as a result of certain actions taken by Ingersoll Rand Industrial, Ingersoll Rand or certain specified Ingersoll Rand stockholders, Ingersoll Rand would be required to bear the cost of any resultant tax liability under Section 355(e) pursuant to the terms of the Tax Matters Agreement.

If the merger does not qualify as a tax-free reorganization under Section 368(a) of the Code, the Spin-off Shareholders may be required to pay substantial U.S. federal income taxes.

On the Distribution Date, we have received an opinion from Paul Weiss, and Ingersoll Rand received an opinion from their counsel Simpson Thacher & Bartlett LLP, substantially to the effect that the merger will qualify as a reorganization within the meaning of Section 368(a) of the Code with the result that U.S. holders of Ingersoll Rand Industrial common stock who received Ingersoll Rand common stock in the merger will not recognize any gain or loss for U.S. federal income tax purposes (except with respect to cash received in lieu of fractional shares of Ingersoll Rand common stock).

These opinions were based upon, among other things, certain representations and assumptions as to factual matters made by Ingersoll Rand, the Company, Ingersoll Rand Industrial and the merger subsidiary used by Ingersoll Rand.

The failure of any factual representation or assumption to be true, correct and complete in all material respects could adversely affect the validity of the opinions.

An opinion of counsel represents counsel's best legal judgment, is not binding on the IRS or the courts, and the IRS or the courts may not agree with the opinion.

In addition, the opinions are based on current law, and cannot be relied upon if current law changes with retroactive effect.

If the merger were taxable, U.S. holders of the common stock of Ingersoll Rand Industrial would be considered to have made a taxable sale of their Ingersoll Rand Industrial common stock to Ingersoll Rand, and such U.S. holders of Ingersoll Rand Industrial would generally recognize taxable gain or loss on their receipt of Ingersoll Rand common stock in the merger.

*This section discusses [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] significant items affecting our consolidated operating results, financial condition and liquidity and provides a year-to-year comparison between [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Discussions of [removed: 2022] [added: 2023] significant items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] have been excluded in this Form 10-K and can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Annual Report on Form 10-K for year ended December 31, [removed: 2023.*][added: 2024.*]

Finally, our Opportunity for All commitment focuses on investing in our people and our uplifting and inclusive culture, and broadening access to [removed: Science, Technology, Engineering and Math (STEM)] [added: STEM] education and careers in our communities.

The [removed: results of the acquisition] [added: Company's minority interest] will be reported [added: as an equity method investment] within the EMEA segment.

[removed: The second] [added: On January 2, 2025, we completed the] acquisition [removed: is] [added: of BrainBox AI Inc.,] a building management platform for HVAC optimization, using advanced [removed: artificial intelligence] [added: AI] technologies.

The results of the [removed: acquisitions will be] [added: acquisition are reported within the Americas segment and are] included in our consolidated financial statements from the date of the [removed: acquisitions.][added: acquisition.]

[removed: In 2021, Aldrich and Murray reached an agreement] [added: On the same date,] in [removed: principle] [added: connection] with the [removed: court-appointed legal representative of future asbestos claimants (the FCR)] [added: Plan, Aldrich] and [added: Murray] filed a motion to create a $270.0 million trust intended to constitute a "qualified settlement fund" within the meaning of the Treasury Regulations under Section 468B of the Internal Revenue Code (QSF).

[removed: On April 6, 2023, certain] [added: Certain] individual claimants [added: and the ACC] filed [removed: a motion] [added: Motions] to dismiss the [removed: Chapter 11 cases (Claimant Motion] [added: bankruptcy proceedings on April 6, 2023 and May 15, 2023, respectively (the Motions] to Dismiss).

[removed: On] [added: In addition, on] January 23, 2023, an individual claimant filed a motion to lift the automatic [removed: order] [added: stay imposed by the Bankruptcy Code] to pursue its asbestos suit against Aldrich and Murray notwithstanding the Chapter 11 cases (the Stay Relief Motion).

The Bankruptcy Court denied the Stay Relief [removed: Motion after holding a hearing on March 30, 2023.][added: Motion.]

The individual claimant filed a notice [removed: with the Bankruptcy Court] appealing the order denying the Stay Relief Motion to the [added: U.S.] District Court [removed: on November 27, 2024.][added: for the Western District of North Carolina (the District Court).]

It is not possible to predict [removed: how the District Court will rule on these pending motions,] whether [removed: an appellate court will affirm or reverse] the Bankruptcy Court [removed: orders denying the Motions to Dismiss and the Stay Relief Motion, whether the Bankruptcy Court] will approve the terms of the Plan, what the extent of the asbestos liability will be or how long the Chapter 11 cases will [removed: last.The Chapter 11 cases remain pending as of February 6, 2025.][added: last.]

We regularly perform detailed evaluations of the different market segments we serve to proactively detect trends and to adapt our strategies accordingly, including potential triggers and actions to be taken under recessionary [added: and other macroeconomic] scenarios.

[removed: We expect conditions to] [added: Conditions] remain mixed across our served end markets and geographies.

Transport refrigeration markets [removed: are experiencing lower demand as freight rates remain low,] [added: continue to experience weaker demand,] particularly in the United States.

Geopolitical risks and macroeconomic [removed: events] [added: developments, including changes in global trade policies, tariffs and other measures] could cause disruptions to operations, supply chains, end markets, financial markets and overall economic conditions which could negatively impact our business.

Our geographic mix, [removed: diversity of] our [added: diverse] portfolio, and our large installed product base, provide growth opportunities from replacement demand and within our service revenue streams.

We define Segment Adjusted EBITDA as net earnings excluding interest expense, income taxes, depreciation and amortization, restructuring, [removed: non-cash adjustments for contingent consideration,] merger and [removed: acquisition-related] [added: acquisition transaction] costs, unallocated corporate expenses, discontinued operations and other [added: significant] non-recurring [added: or non-cash] items.

We define Segment Adjusted Operating Income as operating income adjusted to exclude restructuring costs, merger and [removed: acquisition-related] [added: acquisition transaction] costs, [removed: non-cash adjustments for contingent consideration] and other [added: significant] non-recurring [added: or non-cash] items.

Year Ended December 31, [removed: 2024] [added: 2025] Compared to the Year Ended December 31, [removed: 2023] [added: 2024] - Consolidated Results

| Dollar amounts in millions | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Period Change | | | | | | [removed: 2024] [added: 2025] % of revenues | | | | | | [removed: 2023] [added: 2024] % of revenues | | |

| Net revenues | | | | | | $ | [removed: 19,838.2] [added: 21,321.9] | | | | | $ | [removed: 17,677.6] [added: 19,838.2] | | | | | $ | [removed: 2,160.6] [added: 1,483.7] | | | | | | | | | | | | | |

| Cost of goods sold | | | | | | [removed: (12,757.7)] [added: (13,611.7)] | | | | | | [removed: (11,820.4)] [added: (12,757.7)] | | | | | | [removed: (937.3)] [added: (854.0)] | | | | | | [removed: 64.3%] [added: 63.8%] | | | | | | [removed: 66.9%] [added: 64.3%] | | |

| Gross profit | | | | | | [removed: 7,080.5] [added: 7,710.2] | | | | | | [removed: 5,857.2] [added: 7,080.5] | | | | | | [removed: 1,223.3] [added: 629.7] | | | | | | [removed: 35.7%] [added: 36.2%] | | | | | | [removed: 33.1%] [added: 35.7%] | | |

| Selling and administrative expenses | | | | | | [removed: (3,580.4)] [added: (3,742.8)] | | | | | | [removed: (2,963.2)] [added: (3,580.4)] | | | | | | [removed: (617.2)] [added: (162.4)] | | | | | | [removed: 18.1%] [added: 17.6%] | | | | | | [removed: 16.7%] [added: 18.1%] | | |

| Operating income | | | | | | [removed: 3,500.1] [added: 3,967.4] | | | | | | [removed: 2,894.0] [added: 3,500.1] | | | | | | [removed: 606.1] [added: 467.3] | | | | | | [removed: 17.6%] [added: 18.6%] | | | | | | [removed: 16.4%] [added: 17.6%] | | |

| Interest expense | | | | | | [removed: (238.4)] [added: (226.7)] | | | | | | [removed: (234.5)] [added: (238.4)] | | | | | | [removed: (3.9)] [added: 11.7] | | | | | | | | | | | | | | |

| Other income/(expense), net | | | | | | [removed: (19.9)] [added: (62.1)] | | | | | | [removed: (92.2)] [added: (19.9)] | | | | | | [removed: 72.3] [added: (42.2)] | | | | | | | | | | | | | | |

| Earnings before income taxes | | | | | | [removed: 3,241.8] [added: 3,678.6] | | | | | | [removed: 2,567.3] [added: 3,241.8] | | | | | | [removed: 674.5] [added: 436.8] | | | | | | | | | | | | | | |

| Provision for income taxes | | | | | | [removed: (627.6)] [added: (705.9)] | | | | | | [removed: (498.4)] [added: (627.6)] | | | | | | [removed: (129.2)] [added: (78.3)] | | | | | | | | | | | | | | |

| Earnings from continuing operations | | | | | | [removed: 2,614.2] [added: 2,972.7] | | | | | | [removed: 2,068.9] [added: 2,614.2] | | | | | | [removed: 545.3] [added: 358.5] | | | | | | | | | | | | | | |

| Discontinued operations, net of tax | | | | | | [removed: (24.7)] [added: (37.0)] | | | | | | [removed: (27.2)] [added: (24.7)] | | | | | | [removed: 2.5] [added: (12.3)] | | | | | | | | | | | | | | |

| Net earnings | | | | | | $ | [removed: 2,589.5] [added: 2,935.7] | | | | | $ | [removed: 2,041.7] [added: 2,589.5] | | | | | $ | [removed: 547.8] [added: 346.2] | | | | | | | | | | | | | |

*Net revenues* for the year ended December 31, [removed: 2024] [added: 2025] increased by [removed: 12.2%,] [added: 7.5%,] or [removed: $2,160.6] [added: $1,483.7] million, compared with the same period of [removed: 2023.][added: 2024.]

| Organic revenue (1) | | | [removed: 11.7] [added: 6.2] | | % |

| Currency translation | | | [removed: (0.5)] [added: 0.5] | | % |

The increase in *Net revenues* was primarily driven by higher volumes as a result of stronger end-customer demand within our Americas and EMEA segments, realization of price increases and incremental revenue from [removed: acquisitions, partially offset by an unfavorable impact from foreign currency translation.][added: acquisitions.]

Gross profit margin for the year ended December 31, [removed: 2024] [added: 2025] increased [removed: 260] [added: 50] basis points to [removed: 35.7%] [added: 36.2%] compared to [removed: 33.1%] [added: 35.7%] for the same period of [removed: 2023] [added: 2024] primarily due to gross productivity and price realization, partially offset by inflation.

*Selling and administrative expenses* for the year ended December 31, [removed: 2024] [added: 2025] increased by [removed: 20.8%,] [added: 4.5%,] or [removed: $617.2] [added: $162.4] million, compared with the same period of [removed: 2023.][added: 2024.]

Additionally, non-cash adjustments to contingent consideration reduced *Selling and administrative expenses* for the years ended December 31, [removed: 2024] [added: 2025] and December 31, [removed: 2023] [added: 2024] by [removed: $25.0] [added: $61.2] million and [removed: $49.3] [added: $25.0] million, respectively.

In the first half of 2025, we also acquired multiple distributors with sales and service businesses in Europe that are reported in the EMEA segment from the dates of acquisition.

Subsequent to the balance sheet date of December 31, 2025, the Company completed multiple acquisitions.

The Company acquired two Transport refrigeration distributors with sales and service businesses that will be reported in the Americas and EMEA segments from their respective dates of acquisition.

The Company also acquired a 49% interest in Kieback&Peter, a provider of building automation hardware, software and solutions across the building lifecycle and energy management.

On August 26, 2021, the Company announced that Aldrich and Murray reached an agreement in principle with the FCR in the bankruptcy proceedings.

The agreement in principle includes the key terms for the permanent resolution of all current and future asbestos claims against Aldrich and Murray pursuant to a plan of reorganization (the Plan).

Under the agreed terms, the Plan would create a trust pursuant to section 524(g) of the Bankruptcy Code and establish claims resolution procedures for all current and future claims against Aldrich and Murray (Asbestos Claims).

On September 24, 2021, Aldrich and Murray filed the Plan with the Bankruptcy Court.

The Plan is supported by and reflects the agreement in principle reached with the FCR.

The Bankruptcy Court denied the Motions to Dismiss, and the District Court and the Fourth Circuit declined to review the Bankruptcy Court's ruling.

The District Court has entered an order staying all deadlines in the appeal of the order denying the Stay Relief Motion pending the outcome of a separate appeal before the Fourth Circuit in another bankruptcy case pending in the Bankruptcy Court.

On December 17, 2025, the Bankruptcy Court granted the FCR's motion to streamline the Bankruptcy Court proceedings to estimate the Debtors' asbestos-related liabilities.

The first phase of the estimation hearing will commence the week of August 10, 2026.

The Chapter 11 cases remain pending as of February 5, 2026.

In Asia, markets remain dynamic with mixed macro-economic conditions across the region.

Residential markets have weakened considerably throughout 2025 due to navigating a regulatory refrigerant transition and softer consumer demand, while uncertainties remain from economic risks and higher interest rates.

We continue to monitor macroeconomic indicators and uncertainties resulting from the tariffs announced and implemented by the United States in 2025, as well as the tariffs imposed by other countries in response.

These global trade policy changes continue to be dynamic and, as a result, we may experience supply chain challenges, commodity cost volatility, and consumer and economic uncertainty.

We believe our business operating system, our in-region for region strategy, and strength in execution will enable us to navigate potential risks stemming from these recent events.

| Volume | | | 3.2 | | % |

| Pricing | | | 3.0 | | % |

| Acquisitions | | | 0.8 | | % |

| Total | | | 7.5 | | % |

Excluding the effect of contingent consideration adjustments, *Selling and administrative expenses* were 17.8% and 18.2% of *Net revenues* for the years ended December 31, 2025 and December 31, 2024, respectively.

| Volume | | | 3.6 | | % |

| Pricing | | | 3.8 | | % |

| Acquisitions | | | 0.7 | | % |

| Total | | | 8.0 | | % |

| Volume | | | 3.7 | | % |

| Pricing | | | (0.3) | | % |

| Acquisitions | | | 2.2 | | % |

| Total | | | 9.6 | | % |

| Volume | | | (2.9) | | % |

| Pricing | | | 0.4 | | % |

| Total | | | (2.0) | | % |

Segment Adjusted EBITDA margin for the years ended December 31, 2025 and 2024 remained flat at 23.9%.

- Business reinvestment

The

| In millions | | | | | | 2025 | | | | | | 2024 | | |

| Proceeds from sale of corporate asset | | | | | | 20.6 | | | | | | — | | |

During the third quarter of 2024, we completed acquisitions of two businesses.

One acquisition is a Commercial HVAC distributor with sales and service business in the United States.

The second acquisition is a technology-focused acquisition that expands the Company's product offerings in the Transport Refrigeration business.

The results of both acquisitions are reported within the Americas segment.

The Company completed the acquisition of two businesses in January 2025.

One acquisition is a Commercial HVAC distributor with sales and service business in Belgium and Luxembourg.

The results of the acquisition will be reported within the Americas segment.

Subsequently, on May 15, 2023, the committee representing current asbestos claimants (the ACC) filed its own motion to dismiss the Chapter 11 cases (ACC Motion to Dismiss, and, together with the Claimant Motion to Dismiss, the Motions to Dismiss).

Aldrich, Murray and the FCR filed responses in opposition to the Motions to Dismiss, and the Company filed papers joining in Aldrich and Murray's opposition.

A hearing on the Motions to Dismiss was held on July 14, 2023.

On December 28, 2023, the Bankruptcy Court entered an order denying the Motions to Dismiss.

On January 11, 2024, the ACC and the individual claimants filed motions with the United States District Court for the District of North Carolina (the District Court) seeking leave to appeal the order denying the Motions to Dismiss (Motions for Leave to Appeal) and to certify the appeals directly to the Court of Appeals for the Fourth Circuit.

At a hearing on February 9, 2024, the Bankruptcy Court granted the motions to certify direct appeals to the Fourth Circuit.

On April 17, 2024, the Fourth Circuit entered an order denying the petitions for direct appeal.

On May 1, 2024, the ACC and the individual claimants filed petitions with the Fourth Circuit seeking rehearing *en banc.* Aldrich and Murray opposed the petitions and the Fourth Circuit denied the petitions by order dated May 15, 2024.

On May 28, 2024, Aldrich and Murray filed their response with the District Court in opposition to the Motions for Leave to Appeal.

The FCR filed its response to the Motions for Leave to Appeal on May 29, 2024.

The ACC and the individual claimants filed their replies in support of the Motions for Leave to Appeal on June 11, 2024.

The Bankruptcy Court entered an order memorializing its March oral ruling on November 13, 2024.

In Asia, markets are more dynamic, with weak macro-economic conditions driving soft demand in China and more stable macro-economic conditions driving modest demand in the rest of Asia.

Residential markets in the United States have improved in 2024 but are undergoing a regulatory transition which could bring short-term variation in demand, and uncertainties remain from economic risks and higher interest rates.

We continue to see material and wage inflation impact our cost structure.

| Volume | | | 9.4 | | % |

| Pricing | | | 2.3 | | % |

| Acquisitions | | | 1.0 | | % |

| Total | | | 12.2 | | % |

Interest Expense

*Interest expense* for the year ended December 31, 2024 increased by 1.7% or $3.9 million compared with the same period of 2023 primarily due to the issuance of $500 million of 5.100% Senior Notes due in 2034.

The increase in interest expense was partially offset by an increase in interest income from short-term investments purchased with proceeds from the debt issuance, which is reported in *Other (income)/expense, net*.

Revenues from non-U.S. jurisdictions accounted for approximately 26% of our total 2024 revenues, such that a material portion of our pretax income was earned and taxed outside the U.S. at rates up to 38%.

The 2023 effective tax rate was 19.4% which was lower than the U.S. Statutory rate of 21% due to a $30.3 million reduction in valuation allowances primarily related to deferred tax assets associated with both foreign tax credits and operations of international subsidiaries.

Additional items that impact the effective tax rate are excess tax benefits from employee share-based payments and earnings in non-U.S. jurisdictions, which in aggregate have a lower effective tax rate offset by an impairment of an equity investment, and U.S. state and local taxes.

Revenues from non-U.S. jurisdictions accounted for approximately 28% of our total 2023 revenues, such that a material portion of our pretax income was earned and taxed outside the U.S. at rates up to 38%.

| Volume | | | 11.6 | | % |

| Pricing | | | 2.7 | | % |

| Total | | | 15.0 | | % |

| Volume | | | 4.9 | | % |

| Pricing | | | 0.9 | | % |

| Acquisitions | | | 1.3 | | % |

| Total | | | 6.5 | | % |

Our largest concentration of revenues from non-U.S. operations as of December 31, [removed: 2024] [added: 2025] are in Euros and Chinese Yuan.

A hypothetical 10% unfavorable change in the average exchange rate used to translate *Net revenues* for the year ended December 31, [removed: 2024] [added: 2025] from either Euros or Chinese Yuan-based operations into U.S. dollars would result in a decline of approximately [removed: $170] [added: $180] million and [removed: $60] [added: $50] million, respectively.

The instruments utilized are viewed as risk management [removed: tools, primarily involve little complexity] [added: tools] and are not used for trading or speculative purposes.

Based on the currency derivative instruments in place at December 31, [removed: 2024,] [added: 2025,] a hypothetical change in fair value of those derivative instruments assuming a 10% adverse change in exchange rates would result in an unrealized loss of [removed: $15.5] [added: $18.4] million, as compared with [removed: $6.5] [added: $15.5] million at December 31, [removed: 2023.][added: 2024.]

Based on the commodity derivative instruments in place at December 31, [removed: 2024,] [added: 2025,] a hypothetical change in fair value of those derivative instruments assuming a 10% decrease in commodity prices would result in an unrealized loss of [removed: $12.7] [added: $18.4] million, as compared with [removed: $8.2] [added: $12.7] million at December 31, [removed: 2023.][added: 2024.]

We also have investments in our subsidiaries located in foreign countries.

Through our sustainability-focused strategy and purpose to *boldly challenge what's possible for a sustainable world*, we meet critical needs and growing global demand for innovation that reduces greenhouse gas emissions while enabling [removed: healthier,] [added: more] efficient [removed: indoor environments] [added: buildings] and [removed: safe,] [added: industry, and] reliable delivery of essential temperature-controlled cargo.

This segment had [removed: 2024] [added: 2025] net revenues of [removed: $15,903.2] [added: $2,802.1] million.

The EMEA segment encompasses heating, cooling and ventilation [removed: systems,] [added: systems and services, energy] services and [removed: solutions for commercial buildings] [added: solutions,] and transport refrigeration systems and solutions.

This segment had [removed: 2024] [added: 2025] net revenues of [removed: $2,556.7] [added: $1,351.0] million.

This segment had [removed: 2024] [added: 2025] net revenues of [removed: $1,378.3] [added: $17,168.8] million.

| Bus air purification systems | | | | | | [removed: Rail] [added: Portable and mobile] refrigeration systems | | |

| Bus and rail HVAC systems | | | | | | [removed: Rate chambers] [added: Rail refrigeration systems] | | |

| [removed: Coils and condensers] [added: Cold storage units] | | | | | | Renewable energy and storage projects | | |

| Container refrigeration systems and gensets | | | | | | [removed: Residential air filters] [added: Repair and maintenance services] | | |

| Control systems | | | | | | Residential air [removed: filtration system] [added: filters] | | |

| Controls contracting and commissioning | | | | | | Residential [removed: hybrid heating solutions] [added: air filtration system] | | |

| [removed: Cryogenic refrigeration systems] [added: Data center liquid cooling solutions] | | | | | | Self-powered truck refrigeration systems | | |

| Data center [removed: HVAC systems] [added: services] | | | | | | Service agreements | | |

| [removed: Dehumidifiers] [added: Ductless systems] | | | | | | Telematics solutions | | |

| [removed: Ductless systems] [added: Energy and water efficiency programs] | | | | | | Temporary heating and cooling systems | | |

| Energy [removed: and water efficiency] [added: infrastructure] programs | | | | | | Thermal energy storage | | |

| Energy [removed: infrastructure programs] [added: management services] | | | | | | Thermostats/controls & associated digital solutions | | |

| Energy [removed: management services] [added: recovery - power solutions] | | | | | | Trailer refrigeration systems (diesel, electric and hybrid) | | |

Approximately [removed: 26%] [added: 25%] of our net revenues in [removed: 2024] [added: 2025] were derived outside the U.S. and we sold products in approximately 100 countries.

We have no [added: single external] customer that accounted for more than 10% of our consolidated net revenues in [removed: 2024, 2023] [added: 2025, 2024] or [removed: 2022.][added: 2023.]

For many components we procure, we have an effective supply chain resiliency plan and [removed: multiple] capable sources to ensure sufficient supply, however there are certain categories of components that could occasionally see limited availability or shortages.

In [removed: 2024,] [added: 2025,] we spent [removed: $309.6] [added: $347.6] million on research and development, focused on product and system sustainability improvements such as increasing energy efficiency, developing products that allow for use of lower global warming potential refrigerants, reducing material content in products, and designing products for circularity.

| In millions | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Americas | | | | | | $ | [removed: 5,323.1] [added: 6,298.6] | | | | | $ | [removed: 5,302.9] [added: 5,323.1] | |

| EMEA | | | | | | [removed: 585.3] [added: 775.9] | | | | | | [removed: 614.9] [added: 585.3] | | |

| Asia Pacific | | | | | | [removed: 839.3] [added: 694.9] | | | | | | [removed: 1,012.7] [added: 839.3] | | |

| Total | | | | | | $ | [removed: 6,747.7] [added: 7,769.4] | | | | | $ | [removed: 6,930.5] [added: 6,747.7] | |

We expect to ship a majority of the December 31, [removed: 2024] [added: 2025] backlog during [removed: 2025.][added: 2026.]

As of December 31, [removed: 2024,] [added: 2025,] we employed [removed: approximately 45,000] [added: approximately, 44,000] people in [removed: 61] [added: 62] countries including over 16,000 employees outside of the United States.

The [removed: 2024] [added: 2025] retention rate of our key talent, those with the highest potential rating, was [removed: 97.6%,] [added: 96.4%,] excluding retirements.

Our company‑wide (all employees) voluntary retention rate excluding retirements was [removed: 91.9%.][added: 92.1%.]

In [removed: 2024,] [added: 2025,] we continued to drive our purpose to boldly challenge what's possible for a sustainable world with a sharp focus on our strategic priorities and 2030 Sustainability Commitments.

In [removed: 2024, 90%] [added: 2025, 91%] of our workforce participated in our annual engagement survey, and our overall employee engagement score remains high relative to external benchmarks.

We invest in our people and an inclusive culture where everyone can grow and thrive; and we give back [removed: in] [added: to] our communities [removed: to support] [added: supporting] the next generation of the workforce with the potential to transform our world.

Our aspiration is a workforce that [removed: mirrors] [added: cultivates belonging, embeds inclusion creating organizational purpose and opportunity for all in] the communities where we live and work.

In [removed: 2024,] [added: 2025,] we partnered with Opportunity at Work, a non-profit coalition dedicated to hiring skilled talent through alternative routes (STARs), which prioritizes skills and experience for workforce entry and removes the requirement of degrees where unnecessary.

We also collaborate with organizations such as [removed: Federation for Advanced Manufacturing Education,] National Association of Manufacturers, Society for Women Engineers, National Society of Black Engineers, and Society of Hispanic Professional Engineers, that help us recruit qualified talent from varied backgrounds.

- [removed: Employee] [added: Business] Resource Groups [removed: (ERGs)] [added: (BRGs)] – All [removed: ERGs] [added: BRGs] are voluntary, open to all employees and offer a sense of belonging, networking and learning opportunities.

Our [removed: ERGs] [added: BRGs] also play an important role in our business through community involvement, brand advocacy, recruiting, and business and target market insights.

- Being at my Best – [removed: a change management] [added: A leader development] program [removed: introduced in 2024, which] [added: that] contributes to building an inclusive and psychologically safe [removed: workplace.][added: workplace focused on resilience and resourcefulness.]

| Chillers | | | | | | Rate chambers | | |

| Coils and condensers | | | | | | Refrigerant reclamation | | |

| Data center facility controls | | | | | | Residential cold climate heat pumps | | |

| Data center HVAC systems | | | | | | Residential hybrid heating solutions | | |

| Dehumidifiers | | | | | | Stationary cold storage solutions | | |

- Bridging Connection Sessions – Bridging Connections means bringing people and ideas together by respecting differences and making everyone feel included.

When we connect with openness and kindness, we help everyone understand and learn from each other.

By letting each person share their best, we make the most of our differences and give everyone a chance to succeed.

- The Work of the Inclusive Leader course – This course equips our employees with the skills to create an environment where people feel respected, valued, and empowered to contribute their best.

It turns intention into action and shapes behaviors that drive our leadership principles.

- Tuition Advancement Program – We provide financial assistance to qualified employees for associate, undergraduate, graduate and post-graduate degree programs, as well as certain technical trade certifications.

To eliminate financial barriers, the program covers tuition costs in advance.

To further support employee well-being, we implemented Inflection, a program that provides locally relevant information and support for Fertility, Family Building and Menopause in the U.S. in 2025, with global rollout in January 2026.

In the U.S., we also increased the parental leave for non-birth parents to 4 weeks, which aligns with the leave provided to birth parents.

| Mingxiao (Gary) Guo (57) | | | | | | 12/4/2025 | | | | | | Senior Vice President, Chief Global Integrated Supply Officer (since December 2025); President, Global Supply Chain, the Coca-Cola Company (November 2020 to November 2025) | | |

| Victoria V. Lazar (60) | | | | | | 9/29/2025 | | | | | | Senior Vice President, General Counsel and Secretary (since September 2025); Private Investor (August 2023 to September 2025); Executive Vice President, Chief Legal Officer and Secretary of TechnipFMC plc (November 2020 to July 2023) | | |

| Chillers | | | | | | Refrigerant reclamation | | |

| Cold storage units | | | | | | Repair and maintenance services | | |

- CEO Day of Understanding – a forum created to allow our employees and leaders to speak about their personal experiences and commitment to fostering inclusion and belonging in the workplace.

- Global Diversity & Inclusion Summit – the 2024 Summit continued its focus on development of inclusive leader behaviors, and highlighted ERGs and learnings and reflections from leaders.

Purpose-driven and locally relevant benefit programs are provided globally.

| Raymond D. Pittard (59) | | | | | | 7/1/2021 | | | | | | Executive Vice President, Chief Integrated Supply Chain Officer (since January 2024); Executive Vice President, Supply Chain, Engineering and Information Technology (July 2021 to January 2024); Transformation Office Leader (December 2019 to June 2021); Vice President, SBU President of Transport Solutions North America and EMEA (December 2013 to December 2019) | | |

| Evan M. Turtz (56) | | | | | | 4/3/2019 | | | | | | Senior Vice President and General Counsel (since April 2019); Secretary (since October 2013) | | |

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

The aggregate market value of ordinary shares held by nonaffiliates on June 30, [removed: 2024] [added: 2025] was [removed: $74.1] [added: $97.2] billion based on the closing price of such stock on the New York Stock Exchange.

The number of ordinary shares outstanding of Trane Technologies plc as of January [removed: 31, 2025] [added: 30, 2026] was [removed: 224,290,964.][added: 221,331,905.]

Portions of the registrant's proxy statement to be filed within 120 days of the close of the registrant's fiscal year in connection with the registrant's Annual General Meeting of Shareholders to be held June 5, [removed: 2025] [added: 2026] are incorporated by reference into Part III of this Form 10-K.

| Part I | | | Item 1. | | | [removed: [Business](#ife1b05f3957944c885bc9962124692e3_16)] [added: [Business](#i0c48dae389694d6095cae106ba196ba5_16)] | | | [removed: [4](#ife1b05f3957944c885bc9962124692e3_16)] [added: [4](#i0c48dae389694d6095cae106ba196ba5_16)] | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#ife1b05f3957944c885bc9962124692e3_19)] [added: Factors](#i0c48dae389694d6095cae106ba196ba5_19)] | | | [removed: [12](#ife1b05f3957944c885bc9962124692e3_19)] [added: [13](#i0c48dae389694d6095cae106ba196ba5_19)] | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#ife1b05f3957944c885bc9962124692e3_22)] [added: Comments](#i0c48dae389694d6095cae106ba196ba5_22)] | | | [removed: [24](#ife1b05f3957944c885bc9962124692e3_22)] [added: [25](#i0c48dae389694d6095cae106ba196ba5_22)] | | |

| | | | Item 1C. | | | [removed: [Cybersecurity](#ife1b05f3957944c885bc9962124692e3_25)] [added: [Cybersecurity](#i0c48dae389694d6095cae106ba196ba5_25)] | | | [removed: [24](#ife1b05f3957944c885bc9962124692e3_25)] [added: [25](#i0c48dae389694d6095cae106ba196ba5_25)] | | |

| | | | Item 2. | | | [removed: [Properties](#ife1b05f3957944c885bc9962124692e3_28)] [added: [Properties](#i0c48dae389694d6095cae106ba196ba5_28)] | | | [removed: [25](#ife1b05f3957944c885bc9962124692e3_28)] [added: [27](#i0c48dae389694d6095cae106ba196ba5_28)] | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#ife1b05f3957944c885bc9962124692e3_31)] [added: Proceedings](#i0c48dae389694d6095cae106ba196ba5_31)] | | | [removed: [25](#ife1b05f3957944c885bc9962124692e3_31)] [added: [27](#i0c48dae389694d6095cae106ba196ba5_31)] | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#ife1b05f3957944c885bc9962124692e3_34)] [added: Disclosures](#i0c48dae389694d6095cae106ba196ba5_34)] | | | [removed: [25](#ife1b05f3957944c885bc9962124692e3_34)] [added: [27](#i0c48dae389694d6095cae106ba196ba5_34)] | | |

| Part II | | | Item 5. | | | [Market for [removed: Registrant](#ife1b05f3957944c885bc9962124692e3_40)['](#ife1b05f3957944c885bc9962124692e3_40)[s] [added: Registrant's] Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ife1b05f3957944c885bc9962124692e3_40)] [added: Securities](#i0c48dae389694d6095cae106ba196ba5_40)] | | | [removed: [26](#ife1b05f3957944c885bc9962124692e3_40)] [added: [28](#i0c48dae389694d6095cae106ba196ba5_40)] | | |

| | | | Item 6. | | | [removed: [\[Reserved\]](#ife1b05f3957944c885bc9962124692e3_43)] [added: [\[Reserved\]](#i0c48dae389694d6095cae106ba196ba5_43)] | | | [removed: [27](#ife1b05f3957944c885bc9962124692e3_43)] [added: [29](#i0c48dae389694d6095cae106ba196ba5_43)] | | |

| | | | Item 7. | | | [removed: [Management](#ife1b05f3957944c885bc9962124692e3_46)['](#ife1b05f3957944c885bc9962124692e3_46)[s] [added: [Management's] Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ife1b05f3957944c885bc9962124692e3_46)] [added: Operations](#i0c48dae389694d6095cae106ba196ba5_46)] | | | [removed: [28](#ife1b05f3957944c885bc9962124692e3_46)] [added: [30](#i0c48dae389694d6095cae106ba196ba5_46)] | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosure About Market [removed: Risk](#ife1b05f3957944c885bc9962124692e3_64)] [added: Risk](#i0c48dae389694d6095cae106ba196ba5_64)] | | | [removed: [44](#ife1b05f3957944c885bc9962124692e3_64)] [added: [46](#i0c48dae389694d6095cae106ba196ba5_64)] | | |

| | | | Item 8. | | | [Financial [removed: Statements](#ife1b05f3957944c885bc9962124692e3_67)] [added: Statements](#i0c48dae389694d6095cae106ba196ba5_67)] | | | [removed: [45](#ife1b05f3957944c885bc9962124692e3_67)] [added: [46](#i0c48dae389694d6095cae106ba196ba5_67)] | | |

| | | | Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ife1b05f3957944c885bc9962124692e3_70)] [added: Disclosure](#i0c48dae389694d6095cae106ba196ba5_70)] | | | [removed: [45](#ife1b05f3957944c885bc9962124692e3_70)] [added: [46](#i0c48dae389694d6095cae106ba196ba5_70)] | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#ife1b05f3957944c885bc9962124692e3_73)] [added: Procedures](#i0c48dae389694d6095cae106ba196ba5_73)] | | | [removed: [45](#ife1b05f3957944c885bc9962124692e3_73)] [added: [47](#i0c48dae389694d6095cae106ba196ba5_73)] | | |

| | | | Item 9B. | | | [Other [removed: Information](#ife1b05f3957944c885bc9962124692e3_76)] [added: Information](#i0c48dae389694d6095cae106ba196ba5_76)] | | | [removed: [46](#ife1b05f3957944c885bc9962124692e3_76)] [added: [47](#i0c48dae389694d6095cae106ba196ba5_76)] | | |

| | | | Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ife1b05f3957944c885bc9962124692e3_79)] [added: Inspections](#i0c48dae389694d6095cae106ba196ba5_79)] | | | [removed: [46](#ife1b05f3957944c885bc9962124692e3_79)] [added: [48](#i0c48dae389694d6095cae106ba196ba5_79)] | | |

| Part III | | | Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#ife1b05f3957944c885bc9962124692e3_85)] [added: Governance](#i0c48dae389694d6095cae106ba196ba5_85)] | | | [removed: [47](#ife1b05f3957944c885bc9962124692e3_85)] [added: [48](#i0c48dae389694d6095cae106ba196ba5_85)] | | |

| | | | Item 11. | | | [Executive [removed: Compensation](#ife1b05f3957944c885bc9962124692e3_88)] [added: Compensation](#i0c48dae389694d6095cae106ba196ba5_88)] | | | [removed: [47](#ife1b05f3957944c885bc9962124692e3_88)] [added: [48](#i0c48dae389694d6095cae106ba196ba5_88)] | | |

| | | | Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ife1b05f3957944c885bc9962124692e3_91)] [added: Matters](#i0c48dae389694d6095cae106ba196ba5_91)] | | | [removed: [47](#ife1b05f3957944c885bc9962124692e3_91)] [added: [48](#i0c48dae389694d6095cae106ba196ba5_91)] | | |

| | | | Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ife1b05f3957944c885bc9962124692e3_94)] [added: Independence](#i0c48dae389694d6095cae106ba196ba5_94)] | | | [removed: [47](#ife1b05f3957944c885bc9962124692e3_94)] [added: [48](#i0c48dae389694d6095cae106ba196ba5_94)] | | |

| | | | Item 14. | | | [Principal Accountant Fees and [removed: Services](#ife1b05f3957944c885bc9962124692e3_97)] [added: Services](#i0c48dae389694d6095cae106ba196ba5_97)] | | | [removed: [47](#ife1b05f3957944c885bc9962124692e3_97)] [added: [48](#i0c48dae389694d6095cae106ba196ba5_97)] | | |

| Part IV | | | Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#ife1b05f3957944c885bc9962124692e3_103)] [added: Schedules](#i0c48dae389694d6095cae106ba196ba5_103)] | | | [removed: [48](#ife1b05f3957944c885bc9962124692e3_103)] [added: [49](#i0c48dae389694d6095cae106ba196ba5_103)] | | |

| | | | Item 16. | | | [Form 10-K [removed: Summary](#ife1b05f3957944c885bc9962124692e3_109)] [added: Summary](#i0c48dae389694d6095cae106ba196ba5_109)] | | | [removed: [60](#ife1b05f3957944c885bc9962124692e3_109)] [added: [61](#i0c48dae389694d6095cae106ba196ba5_109)] | | |

| | | | [removed: [Signatures](#ife1b05f3957944c885bc9962124692e3_112)] [added: [Signatures](#i0c48dae389694d6095cae106ba196ba5_112)] | | | | | | [removed: [61](#ife1b05f3957944c885bc9962124692e3_112)] [added: [62](#i0c48dae389694d6095cae106ba196ba5_112)] | | |

- impacts of global health crises, [removed: other] epidemics, pandemics, or other contagious outbreaks on our business operations, financial results and financial position and on the world [removed: economy;][added: economy.]

For the Fiscal Year Ended December 31, 2025

The ERIC is charged with providing guidance and direction for integrating enterprise risk [added: intelligence with important business processes, such as strategic planning, business forecasting, operational management, and investment allocation to ensure consistent consideration of risks in decision making.]

Finally, we maintain an Enterprise Cybersecurity Governance Committee [added: (ECGC)] that presents updates on cybersecurity initiatives, known and emerging issues and risks, and program updates to a cross-section of our senior management.

The Audit Committee receives a report from our Chief Information Security Officer on cybersecurity matters at least twice per year.

ERIC members are leaders responsible for assessing, managing, and reporting on enterprise risks, including, but not limited to, Cybersecurity.

ECGC members are leaders whose roles and responsibilities require engagement with and input into the enterprise Cybersecurity program.

Members involved in these committees possess experience across general management, risk management, cybersecurity and technology.

intelligence with important business processes, such as strategic planning, business forecasting, operational management, and investment allocation to ensure consistent consideration of risks in decision making.

As of December 31, [removed: 2024,] [added: 2025,] we owned or leased approximately [removed: 30] [added: 31] million square feet of space worldwide.

Manufacturing and assembly operations are principally conducted in [removed: 36] [added: 38] plants across the world.

The locations of our principal plant facilities, by segment, at December 31, [removed: 2024] [added: 2025] were as follows:

| Lynn Haven, Florida | | | | | | [removed: Tribano, Italy] [added: Leipheim, Germany] | | | | | | | | |

| Noblesville, Indiana | | | | | | [added: Wittenberg, Germany] | | | | | | | | |

| Monterrey, Mexico | | | | | | Tribano, Italy | | | | | | | | |

| York, Pennsylvania | | | | | | | | | | | | | | |

| Monterrey, Mexico | | | | | | Wittenberg, Germany | | | | | | | | |

As of January [removed: 31, 2025,] [added: 30, 2026,] the approximate number of record holders of ordinary shares was [removed: 2,171.][added: 2,067.]

The following table provides information with respect to purchases of our ordinary shares during the quarter ended December 31, [removed: 2024:][added: 2025:]

In [removed: February 2022, our Board of Directors authorized the repurchase of up to $3.0 billion of our ordinary shares (2022 Authorization) and in] December 2024, our Board of Directors authorized the repurchase of up to [removed: an additional] $5.0 billion of our ordinary shares (2024 [removed: Authorization) upon the completion of the 2022 Authorization.][added: Authorization).]

During the fourth quarter of [removed: 2024,] [added: 2025,] we repurchased approximately [removed: $355] [added: $231] million of our ordinary shares, consistent with our capital allocation strategy, leaving [removed: $1.2 billion remaining under the 2022 Authorization and $5.0] [added: $4.8] billion remaining under the 2024 Authorization.

We reacquired [removed: 791] [added: 826] shares in October, [removed: 14] [added: 305] shares in November, and [removed: 168] [added: 243] shares in December in transactions outside the repurchase programs.

The following graph compares the cumulative total shareholder return on our ordinary shares with the cumulative total return on (i) the Standard & Poor's 500 Stock Index and (ii) the Standard & Poor's 500 Industrial Index for the five years ended December 31, [removed: 2024.][added: 2025.]

The graph assumes an investment of $100 in our ordinary shares, the Standard & Poor's 500 Stock Index and the Standard & Poor's 500 Industrial Index on December 31, [removed: 2019] [added: 2020] and assumes the reinvestment of dividends.

[removed: ][added: ]

| Company/Index | | | [removed: 2019 | | |] 2020 | | | 2021 | | | 2022 | | | 2023 | | | 2024 | | | [added: 2025 | | |]

| October 1 - October 31 | | | | | | 285.8 | | | | | | $ | 422.18 | | | | | 285.0 | | | | | | $ | 4,879,537 | |

| November 1 - November 30 | | | | | | 88.2 | | | | | | 422.81 | | | | | | 87.9 | | | | | | 4,842,360 | | |

| December 1 - December 31 | | | | | | 187.0 | | | | | | 395.52 | | | | | | 186.7 | | | | | | 4,768,514 | | |

| Total | | | | | | 561.0 | | | | | | $ | 413.40 | | | | | 559.6 | | | | | | | | |

| Trane Technologies | | | 100 | | | 141 | | | 119 | | | 176 | | | 269 | | | 286 | | |

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

| S&P 500 Industrials Index | | | 100 | | | 121 | | | 114 | | | 135 | | | 158 | | | 189 | | |

| October 1 - October 31 | | | | | | 266.8 | | | | | | $ | 393.81 | | | | | 266.0 | | | | | | $ | 1,499,772 | |

| November 1 - November 30 | | | | | | 354.6 | | | | | | 402.91 | | | | | | 354.6 | | | | | | 1,356,912 | | |

| December 1 - December 31 | | | | | | 268.0 | | | | | | 400.06 | | | | | | 267.8 | | | | | | 1,249,772 | | |

| Total | | | | | | 889.4 | | | | | | $ | 399.32 | | | | | 888.4 | | | | | | | | |

| Trane Technologies | | | 100 | | | 144 | | | 202 | | | 171 | | | 252 | | | 386 | | |

| S&P 500 | | | 100 | | | 118 | | | 152 | | | 125 | | | 157 | | | 197 | | |

| S&P 500 Industrials Index | | | 100 | | | 111 | | | 134 | | | 127 | | | 150 | | | 176 | | |

(a)The following Consolidated Financial Statements and the report thereon of PricewaterhouseCoopers LLP dated February [removed: 6, 2025,] [added: 5, 2026,] are presented in this Annual Report on Form 10-K beginning on page F-1.

[Report of Independent Registered Public Accounting [removed: Firm](#ife1b05f3957944c885bc9962124692e3_118)][added: Firm](#i0c48dae389694d6095cae106ba196ba5_118)]

[Consolidated Statements of [removed: Earnings](#ife1b05f3957944c885bc9962124692e3_121)] [added: Earnings](#i0c48dae389694d6095cae106ba196ba5_121)] for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

[Consolidated Statements of Comprehensive [removed: Income](#ife1b05f3957944c885bc9962124692e3_124)] [added: Income](#i0c48dae389694d6095cae106ba196ba5_124)] for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

[Consolidated Balance [removed: Sheets](#ife1b05f3957944c885bc9962124692e3_127)] [added: Sheets](#i0c48dae389694d6095cae106ba196ba5_127)] at December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

[Consolidated Statements of [removed: Equity](#ife1b05f3957944c885bc9962124692e3_130)] [added: Equity](#i0c48dae389694d6095cae106ba196ba5_130)] for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

[Consolidated Statements of Cash [removed: Flows](#ife1b05f3957944c885bc9962124692e3_133)] [added: Flows](#i0c48dae389694d6095cae106ba196ba5_133)] for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

[Notes to Consolidated Financial [removed: Statements](#ife1b05f3957944c885bc9962124692e3_136)][added: Statements](#i0c48dae389694d6095cae106ba196ba5_136)]

Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded as of December 31, [removed: 2024,] [added: 2025,] that the Company's disclosure controls and procedures were effective in ensuring that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act has been recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms, and that such information has been accumulated and communicated to the Company's management including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

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

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

The effectiveness of the Company's 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 appears herein.

There were no changes in internal control over financial reporting (as defined by Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 31, [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

We believe compensating our directors and executive officers with a mix of equity-based awards effectively links compensation to long-term shareholder value creation, [removed: Environmental, Social, and Governance (ESG),] [added: sustainability performance,] and financial results.

[removed: Our insider trading policy] permits our directors and executive officers to enter trading plans designed to prearrange transactions in our securities in accordance with Rule 10b5-1.

During the fourth quarter of [removed: 2024,] [added: 2025,] none of our directors or [removed: executive] [added: Section 16] officers adopted or terminated a "non-Rule 10b5-1 trading arrangement," as defined in Item 408(a) of Regulation S-K.

The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted or terminated by our directors and [removed: executive] [added: Section 16] officers during the fourth quarter of [removed: 2024,] [added: 2025,] each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans:

| [removed: Paul A. Camuti(3)] [added: Christopher J. Kuehn] *Executive Vice President and Chief [removed: Technology and Sustainability] [added: Financial] Officer* | | | | | | Adopt | | | | | | [removed: 11/13/2024] [added: 10/31/2025] | | | | | | [removed: 5/2/2025] [added: 5/4/2026] | | | | | | Sale of up to [removed: 14,270(4)] [added: 11,275(3)] shares of common stock | | |

(1) In each case [removed: a] [added: the Rule 10b5-1] trading plan may also expire prior to the scheduled expiration date if all transactions under the trading plan are completed before the scheduled expiration date.

[removed: (4)] [added: (3)] This figure includes a grant of [removed: 4,487] [added: 7,620] unvested PSUs that are expected to vest during the term of the Rule 10b5-1 trading plans, which are assumed to vest at 100% of the target award amount.

Our insider trading policy

| Donald E. Simmons *Group President, Americas* | | | | | | Adopt | | | | | | 10/31/2024 | | | | | | 5/10/2025 | | | | | | Sale of up to 24,358(5) shares of common stock | | |

(3) Mr. Camuti retired on December 31, 2024.

The actual number of PSUs that may vest can vary between 0% - 200% of the target award amount, subject to the achievement of certain performance conditions as set forth in the PSU award agreement.

(5) This figure includes a grant of 2,991 unvested PSUs that are expected to vest during the term of the Rule 10b5-1 trading plans, which are assumed to vest at 100% of the target award amount.

Election of Directors," "Delinquent Section 16(a) Reports (to the extent reported therein)" and "Corporate Governance" in our definitive proxy statement for the [removed: 2025] [added: 2026] annual general meeting of shareholders [removed: (2025] [added: (2026] Proxy Statement).

The other information required by this item is incorporated herein by reference to the information contained under the headings "Compensation Discussion and Analysis," "Compensation of Directors," "Executive Compensation," "Human Resources and Compensation Committee Report" and "Human Resources and Compensation Committee Interlocks and Insider Participation" in our [removed: 2025] [added: 2026] Proxy Statement.

The other information required by this item is incorporated herein by reference to the information contained under the headings "Security Ownership of Certain Beneficial Owners and Management" and "Equity Compensation Plan Information" in our [removed: 2025] [added: 2026] Proxy Statement.

The other information required by this item is incorporated herein by reference to the information contained under the headings "Corporate Governance" and "Certain Relationships and Related Person Transactions" in our [removed: 2025] [added: 2026] Proxy Statement.

The information required by this item is incorporated herein by reference to the information contained under the caption "Fees of the Independent Auditors" in our [removed: 2025] [added: 2026] Proxy Statement.

| 4.46 | | | | | | [Description of [removed: Registrant](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/exhibit446descriptionofreg.htm)['](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/exhibit446descriptionofreg.htm)[s Securities](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/exhibit446descriptionofreg.htm)] [added: Registrant's Securities](https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/exhibit446descriptionofreg.htm)] | | | | | | Filed herewith. | | | | | |

| 10.1* | | | | | | [Form of Global Stock Option Award Agreement (January 2025).](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex101-2025globaloptionagre.htm) | | | | | | [removed: Filed herewith.] [added: Incorporated by reference to Exhibit 10.1 to the Company's 2024 Form 10-K (File No. 001-34400) filed with the SEC on February 6, 2025.] | | | | | |

| 10.2* | | | | | | [Form of Global Restricted Stock Unit Award Agreement (January 2025).](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex102-2025globalrsuagreeme.htm) | | | | | | [removed: Filed herewith.] [added: Incorporated by reference to Exhibit 10.2 to the Company's 2024 Form 10-K (File No. 001-34400) filed with the SEC on February 6, 2025.] | | | | | |

| 10.3* | | | | | | [Form of Global Performance Stock Unit Award Agreement (January 2025).](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex103-20252025x2027globalp.htm) | | | | | | [removed: Filed herewith.] [added: Incorporated by reference to Exhibit 10.3 to the Company's 2024 Form 10-K (File No. 001-34400) filed with the SEC on February 6, 2025.] | | | | | |

| 10.4 | | | | | | [Credit Agreement dated [removed: June 18, 2021] [added: April 25, 2022] among Trane Technologies Holdco [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000148/exhibit101creditagreementf.htm)[,] [added: Inc.,] Trane Technologies Global Holding Company Limited and Trane Technologies Financing Limited, Trane Technologies plc, Trane Technologies Lux International Holding Company S.à [removed: r.l.,](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000148/exhibit101creditagreementf.htm) [Trane](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000148/exhibit101creditagreementf.htm) [Technologies](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000148/exhibit101creditagreementf.htm) [Irish] [added: r.l., Trane Technologies Irish] Holdings Unlimited Company, Trane Technologies Company LLC, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, J.P. Morgan Securities LLC and BNP Paribas, as Sustainability Structuring Agents, [added: Bank of America, N.A., BNP Paribas,] Deutsche Bank Securities Inc., Goldman Sachs Bank USA, MUFG Bank, Ltd. and U.S. [removed: Bank National Association] [added: Bank, N.A.,] as Documentation Agents, and JPMorgan Chase Bank, N.A., Citibank, N.A., BofA Securities, Inc., BNP Securities Corp. and Mizuho Bank, Ltd., as joint lead arrangers and joint bookrunners, and certain lending institutions from time to time parties [removed: thereto](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000148/exhibit101creditagreementf.htm).] [added: thereto.](https://www.sec.gov/Archives/edgar/data/1466258/000120677422001278/tt4053851-ex101.htm)] | | | | | | Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on [removed: June 24, 2021.] [added: April 28, 2022.] | | | | | |

| [removed: 10.5] [added: 10.6] | | | | | | [removed: [First] [added: [Consent and Second] Amendment dated as of [removed: June 30, 2022,] [added: November 20, 2023,] to the Credit Agreement dated as of [removed: June 18, 2021,] [added: April 25, 2022,] among Trane Technologies Holdco [removed: Inc,] [added: Inc.,] Trane Technologies Global Holding Company Limited, Trane Technologies Financing [removed: Limited] [added: Limited, as Borrowers; Trane Technologies PLC, as Guarantor;] and JPMorgan Chase Bank N.A. as Administrative [removed: Agent.](https://www.sec.gov/Archives/edgar/data/1466258/000146625822000172/ex103-trane_firstamendment.htm)] [added: Agent.](https://www.sec.gov/Archives/edgar/data/1466258/000146625824000047/ex1010secondamendment2022c.htm)] | | | | | | Incorporated by reference to Exhibit [removed: 10.3] [added: 10.10] to the Company's [removed: Q2 2022] [added: 2023] Form [removed: 10-Q] [added: 10-K] (File No. 001-34400) filed with the SEC on [removed: August 3, 2022.] [added: February 8, 2024.] | | | | | |

| [removed: 10.6] [added: 10.5] | | | | | | [removed: [Second] [added: [First] Amendment dated as of September 20, 2023 [removed: dated as of] September 20, 2023, to the Credit Agreement dated as of [removed: June 18, 2021 (as amended by that First Amendment dated as of June 30, 2022, the] [added: April 25, 2022 (the] “Existing Credit Agreement” and as amended by this Amendment, the “Amended Credit Agreement”), among Trane Technologies Holdco Inc., a Delaware corporation (“Trane Holdco”), Trane Technologies Global Holding Company Limited, a Delaware corporation (“Trane Global”), Trane Technologies Financing [removed: Limited.](https://www.sec.gov/Archives/edgar/data/1466258/000146625823000209/trane-amendment2021.htm)] [added: Limited.](https://www.sec.gov/Archives/edgar/data/1466258/000146625823000209/trane-amendment2022.htm)] | | | | | | Incorporated by reference to Exhibit [removed: 10.1] [added: 10.2] to the Company's Q3 2023 Form 10-Q (file No. 001-34400) filed with the SEC on November 1, 2023. | | | | | |

| [removed: 10.8] [added: 10.7] | | | | | | [Credit Agreement dated [removed: April 25, 2022] [added: May 27, 2025] among Trane Technologies Holdco Inc., Trane Technologies [removed: Global Holding Company Limited and Trane Technologies] Financing Limited, Trane Technologies plc, Trane Technologies Lux International Holding Company S.à r.l., Trane Technologies Irish Holdings Unlimited Company, Trane Technologies [added: Americas Holding Corporation, Trane Technologies Global Holding II] Company [removed: LLC,] [added: Limited, and Trane Technologies Company LLC;] JPMorgan Chase Bank, N.A., as Administrative [removed: Agent,] [added: Agent;] Citibank, N.A., as Syndication [removed: Agent, J.P. Morgan Securities LLC and BNP Paribas, as Sustainability Structuring Agents, Bank of America, N.A.,] [added: Agent;] BNP [removed: Paribas,] [added: Paribas Securities Corporation,] Deutsche Bank Securities Inc., Goldman Sachs Bank USA, [removed: MUFG] [added: Mizuho] Bank, [removed: Ltd.] [added: Ltd.,] and U.S. [removed: Bank, N.A.,] [added: Bank National Association] as Documentation [removed: Agents,] [added: Agents;] and JPMorgan Chase Bank, N.A., Citibank, N.A., BofA Securities, Inc., BNP [added: Paribas] Securities Corp. and Mizuho Bank, Ltd., as joint lead arrangers and joint bookrunners, and certain lending institutions from time to time parties [removed: thereto.](https://www.sec.gov/Archives/edgar/data/1466258/000120677422001278/tt4053851-ex101.htm)] [added: thereto.](https://www.sec.gov/Archives/edgar/data/1466258/000162828025028153/exhibit101toregarding2025c.htm)] | | | | | | Incorporated by reference to Exhibit 10.1 to the [removed: Company's] [added: Registrant's Current Report on] Form 8-K (File No. 001-34400) filed [removed: with the SEC] on [removed: April] [added: May] 28, [removed: 2022.] [added: 2025.] | | | | | |

| 10.9 | | | | | | [removed: [First Amendment dated as of September 20, 2023 September 20, 2023, to the Credit Agreement dated as] [added: [Deed Poll Indemnity] of [removed: April 25, 2022 (the “Existing Credit Agreement” and as amended by this Amendment, the “Amended Credit Agreement”), among] Trane Technologies [removed: Holdco Inc., a Delaware corporation (“Trane Holdco”), Trane Technologies Global] [added: Lux International] Holding [removed: Company Limited, a Delaware corporation (“Trane Global”), Trane Technologies Financing Limited.](https://www.sec.gov/Archives/edgar/data/1466258/000146625823000209/trane-amendment2022.htm)] [added: company S.à r.l. dated August 2, 2022](https://www.sec.gov/Archives/edgar/data/1466258/000146625822000172/ex102-deedpollindemnityoft.htm)] | | | | | | Incorporated by reference to Exhibit 10.2 to the Company's [removed: Q3 2023] [added: Q2 2022] Form 10-Q [removed: (file] [added: (File] No. 001-34400) filed with the SEC on [removed: November 1, 2023.] [added: August 3, 2022.] | | | | | |

| [removed: 10.11] [added: 10.8] | | | | | | [Deed Poll Indemnity of Trane Technologies plc dated August 2, 2022](https://www.sec.gov/Archives/edgar/data/1466258/000146625822000172/ex101-deedpollindemnityoft.htm) | | | | | | Incorporated by reference to Exhibit 10.1 to the Company's Q2 2022 Form 10-Q (File No. 001-34400) filed with the SEC on August 3, 2022. | | | | | |

| [removed: 10.12] [added: 97.1] | | | | | | [removed: [Deed Poll Indemnity of Trane] [added: [Trane] Technologies [removed: Lux International Holding company S.à r.l. dated August 2, 2022](https://www.sec.gov/Archives/edgar/data/1466258/000146625822000172/ex102-deedpollindemnityoft.htm)] [added: plc Clawback / Recoupment Policy](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex971plcclawbackpolicy12624.htm)] | | | | | | Incorporated by reference to Exhibit [removed: 10.2] [added: 97.1] to the Company's [removed: Q2 2022] [added: 2024] Form [removed: 10-Q] [added: 10-K] (File No. 001-34400) filed with the SEC on [removed: August 3, 2022.] [added: February 6, 2025.] | | | | | |

| [removed: 10.13*] [added: 10.10*] | | | | | | [Trane Technologies Incentive Stock Plan of 2013 (amended and restated as of March 2, 2020).](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000027/exhibit109-2013isp.htm) | | | | | | Incorporated by reference to Exhibit 10.9 to the Company's 2020 Form 10-K (File No. 001-34400) filed with the SEC on February 9, 2021. | | | | | |

| [removed: 10.14*] [added: 10.11*] | | | | | | [Trane Technologies Incentive Stock Plan of 2018 (amended and restated as of March 2, 2020).](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000027/exhibit1010-2018isp.htm) | | | | | | Incorporated by reference to Exhibit 10.10 to the Company's 2020 Form 10-K (File No. 001-34400) filed with the SEC on February 9, 2021. | | | | | |

| [removed: 10.15*] [added: 10.12*] | | | | | | [Trane Technologies Executive Deferred Compensation Plan (as amended and restated effective May 4, 2020).](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000027/exhibit1011-executivedefer.htm) | | | | | | Incorporated by reference to Exhibit 10.11 to the Company's 2020 Form 10-K (File No. 001-34400) filed with the SEC on February 9, 2021. | | | | | |

| [removed: 10.16*] [added: 10.13*] | | | | | | [Trane Technologies Executive Deferred Compensation Plan II (as amended and restated effective May 4, 2020).](https://www.sec.gov/Archives/edgar/data/1466258/000146625822000031/exhibit1013executivedeferr.htm) | | | | | | Incorporated by reference to Exhibit 10.13 to the Company's 2021 Form 10-K (File No. 001-34400) filed with the SEC on February 7, 2022. | | | | | |

| [removed: 10.17*] [added: 10.14*] | | | | | | [Trane Technologies Director Deferred Compensation and Stock Award Plan (as amended and restated effective March 2, 2020).](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000027/exhibit1013-directordeferr.htm) | | | | | | Incorporated by reference to Exhibit 10.13 to the Company's 2020 Form 10-K (File No. 001-34400) filed with the SEC on February 9, 2021. | | | | | |

| [removed: 10.18*] [added: 10.15*] | | | | | | [Trane Technologies Director Deferred Compensation and Stock Award Plan II (as amended and restated effective March 2, 2020).](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000027/exhibit1014-directordeferr.htm) | | | | | | Incorporated by reference to Exhibit 10.14 to the Company's 2020 Form 10-K (File No. 001-34400) filed with the SEC on February 9, 2021. | | | | | |

| [removed: 10.19*] [added: 10.16*] | | | | | | [Trane Technologies Supplemental Employee Savings Plan (amended and restated effective May 4, 2020).](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000027/exhibit1015-supplementalem.htm) | | | | | | Incorporated by reference to Exhibit 10.15 to the Company's 2020 Form 10-K (File No. 001-34400) filed with the SEC on February 9, 2021. | | | | | |

| [removed: 10.20*] [added: 10.17*] | | | | | | [Trane Technologies Supplemental Employee Savings Plan II (effective January 1, 2005 and amended and restated through May 4, 2020).](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000027/exhibit1016-supplementalem.htm) | | | | | | Incorporated by reference to Exhibit 10.16 to the Company's 2020 Form 10-K (File No. 001-34400) filed with the SEC on February 9, 2021. | | | | | |

| [removed: 10.21*] [added: 10.18*] | | | | | | [Trane Inc. Deferred Compensation Plan (as amended and restated as of May 4, 2020, except where otherwise stated).](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000027/exhibit1017-traneincdeferr.htm) | | | | | | Incorporated by reference to Exhibit 10.17 to the Company's 2020 Form 10-K (File No. 001-34400) filed with the SEC on February 9, 2021. | | | | | |

| [removed: 10.22*] [added: 10.19*] | | | | | | [Trane Technologies Supplemental Pension Plan (Amended and Restated Effective May 4, 2020).](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000027/exhibit1018-supplementalpe.htm) | | | | | | Incorporated by reference to Exhibit 10.18 to the Company's 2020 Form 10-K (File No. 001-34400) filed with the SEC on February 9, 2021. | | | | | |

| [removed: 10.23*] [added: 10.20*] | | | | | | [Trane Technologies Supplemental Pension Plan II (Amended and Restated Effective May 4, 2020).](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000027/exhibit1019-supplementalpe.htm) | | | | | | Incorporated by reference to Exhibit 10.19 to the Company's 2020 Form 10-K (File No. 001-34400) filed with the SEC on February 9, 2021. | | | | | |

| [removed: 10.24*] [added: 10.21*] | | | | | | [Trane Technologies Key Management Supplemental Program (Effective January 1, 2005 and Amended and Restated effective May 4, 2020).](https://www.sec.gov/Archives/edgar/data/1466258/000146625822000031/exhibit1022keymanagementsu.htm) | | | | | | Incorporated by reference to Exhibit 10.22 to the Company's 2021 Form 10-K (File No. 001-34400) filed with the SEC on February 7, 2022. | | | | | |

| [removed: 10.25*] [added: 10.22*] | | | | | | [Description of Annual Incentive Matrix Program.](https://www.sec.gov/Archives/edgar/data/1466258/000146625822000031/exhibit1023descriptionofan.htm) | | | | | | Incorporated by reference to Exhibit 10.23 to the Company's 2021 Form 10-K (File No. 001-34400) filed with the SEC on February 7, 2022. | | | | | |

| [removed: 10.26*] [added: 10.23*] | | | | | | [Amendment One to the Trane Technologies Key Management Supplemental Program (effective October 11, 2022).](https://www.sec.gov/Archives/edgar/data/1466258/000146625823000058/ex1023-amendmentonetothetr.htm) | | | | | | Incorporated by reference to Exhibit 10.23 to the Company's 2022 Form 10-K (File No. 001-34400) filed with the SEC on February 10, 2023. | | | | | |

| [removed: 10.27*] [added: 10.24*] | | | | | | [Trane Inc. Deferred Compensation Plan (as Amended and Restated as of May 4, 2020).](https://www.sec.gov/Archives/edgar/data/1466258/000146625823000058/ex1024traneincdeferredcomp.htm) | | | | | | Incorporated by reference to Exhibit 10.24 to the Company's 2022 Form 10-K (File No. 001-34400) filed with the SEC on February 10, 2023. | | | | | |

| [removed: 10.28*] [added: 10.25*] | | | | | | [Form of Tier 1 Change in Control Agreement (New Officers on or after May 19, 2009).](http://www.sec.gov/Archives/edgar/data/1466258/000119312509166979/dex1032.htm) | | | | | | Incorporated by reference to Exhibit 10.32 to the Company's Form 10-Q for the period ended June 30, 2009 (File No. 001-34400) filed with the SEC on August 6, 2009. | | | | | |

| [removed: 10.29*] [added: 10.26*] | | | | | | [Form of Tier 2 Change in Control Agreement (New Officers on or after May 19, 2009).](http://www.sec.gov/Archives/edgar/data/1466258/000119312509166979/dex1033.htm) | | | | | | Incorporated by reference to Exhibit 10.33 to the Company's Form 10-Q for the period ended June 30, 2009 (File No. 001-34400) filed with the SEC on August 6, 2009. | | | | | |

| [removed: 10.30*] [added: 10.27*] | | | | | | [Amended and Restated Major Restructuring Severance Plan (as amended and restated effective May 4, 2020).](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000027/exhibit1027-majorrestructu.htm) | | | | | | Incorporated by reference to Exhibit 10.27 to the Company's 2020 Form 10-K (File No. 001-34400) filed with the SEC on February 9, 2021. | | | | | |

| [removed: 10.31*] [added: 10.28*] | | | | | | [David S. Regnery Letter, dated as of September 1, 2017.](http://www.sec.gov/Archives/edgar/data/1466258/000146625819000073/ex1044daveregneryletter.htm) | | | | | | Incorporated by reference to Exhibit 10.44 to the Company's Form 10-K for the year ended December 31, 2018 (File No. 001-34400) filed with the SEC on February 12, 2019. | | | | | |

| [removed: 10.32*] [added: 10.29*] | | | | | | [David S. Regnery Letter, dated as of December 9, 2019.](http://www.sec.gov/Archives/edgar/data/1466258/000095014219002457/eh1901308_ex1001.htm) | | | | | | Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on December 11, 2019. | | | | | |

| [removed: 10.33*] [added: 10.30*] | | | | | | [David S. Regnery Letter, dated as of June 3, 2021.](http://www.sec.gov/Archives/edgar/data/1466258/000146625821000099/exhibit101.htm) | | | | | | Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (Filed No. 001-34400) filed with the SEC on June 4, 2021. | | | | | |

| [removed: 10.34*] [added: 10.31*] | | | | | | [Christopher J. Kuehn Letter, dated as of December 10, 2019.](http://www.sec.gov/Archives/edgar/data/1466258/000095014219002425/eh1901307_ex1001.htm) | | | | | | Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on December 10, 2019. | | | | | |

| [removed: 10.35*] [added: 10.33*] | | | | | | [removed: [Paul A. Camuti Letter,] [added: [Mauro Atalla Offer Letter] dated [removed: December 5, 2019.](https://www.sec.gov/Archives/edgar/data/1466258/000146625822000031/exhibit1042camuti-letterex.htm)] [added: January 6, 2025](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex1038mauroatallaofferlett.htm)] | | | | | | Incorporated by reference to Exhibit [removed: 10.42] [added: 10.38] to the Company's [removed: 2021] [added: 2024] Form 10-K (File No. 001-34400) filed with the SEC on February [removed: 7, 2022.] [added: 6, 2025.] | | | | | |

| [removed: 10.36*] [added: 10.32*] | | | | | | [removed: [Mark Majocha] [added: [Beth Elwell] Offer Letter dated [removed: October 12, 2022](https://www.sec.gov/Archives/edgar/data/1466258/000120677422002528/tt4118901-ex101.htm)] [added: January 4, 2024](https://www.sec.gov/Archives/edgar/data/1466258/000146625824000007/ex10_1-offerletterxelwellx.htm)] | | | | | | Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 001-34400) filed with the SEC on [removed: October 14, 2022.] [added: January 10, 2024.] | | | | | |

| [removed: 10.37*] [added: 19] | | | | | | [removed: [Beth Elwell Offer Letter dated January 4, 2024](https://www.sec.gov/Archives/edgar/data/1466258/000146625824000007/ex10_1-offerletterxelwellx.htm)] [added: [Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex19-insidertradingpolicy2.htm)] | | | | | | Incorporated by reference to Exhibit [removed: 10.1] [added: 19] to the Company's [added: 2024] Form [removed: 8-K] [added: 10-K] (File No. 001-34400) filed with the SEC on [removed: January 10, 2024.] [added: February 6, 2025.] | | | | | |

| [removed: 10.38*] [added: 10.34*] | | | | | | [removed: [Mauro Atalla] [added: [Gary Guo] Offer Letter dated [removed: January 6, 2025](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex1038mauroatallaofferlett.htm)] [added: September 25, 2025](https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/ex1034garyguoofferletter09.htm)] | | | | | | Filed herewith. | | | | | |

| 21 | | | | | | [List of Subsidiaries of Trane Technologies [removed: plc.](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex21subsidiarylisting2024.htm)] [added: plc.](https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/ex21subsidiarylisting2025.htm)] | | | | | | Filed herewith. | | | | | |

| 22.1 | | | | | | [List of Guarantors and Subsidiary Issuers of Guaranteed [removed: Securities.](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex221-listofguarantorsands.htm)] [added: Securities.](https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/ex221-listofguarantorsands.htm)] | | | | | | Filed herewith. | | | | | |

| 23.1 | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex231consentofindependentr.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/1466258/000162828026005731/ex231consentofindependentr.htm)] | | | | | | Filed herewith. | | | | | |

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

| 10.7 | | | | | | [Consent and Third Amendment dated as of November 20, 2023, to the Credit Agreement dated as of June 18, 2021, among Trane Technologies Holdco Inc., Trane Technologies Global Holding Company Limited, and Trane Technologies Financing Limited, as Borrowers; Trane Technologies PLC, as Guarantor; and JPMorgan Chase Bank N.A. as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1466258/000146625824000047/ex107thirdamendment2021cre.htm) | | | | | | Incorporated by reference to Exhibit 10.7 to the Company's 2023 Form 10-K (File No. 001-34400) filed with the SEC on February 8, 2024. | | | | | |

| 10.10 | | | | | | [Consent and Second Amendment dated as of November 20, 2023, to the Credit Agreement dated as of April 25, 2022, among Trane Technologies Holdco Inc., Trane Technologies Global Holding Company Limited, Trane Technologies Financing Limited, as Borrowers; Trane Technologies PLC, as Guarantor; and JPMorgan Chase Bank N.A. as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1466258/000146625824000047/ex1010secondamendment2022c.htm) | | | | | | Incorporated by reference to Exhibit 10.10 to the Company's 2023 Form 10-K (File No. 001-34400) filed with the SEC on February 8, 2024. | | | | | |

| 19 | | | | | | [Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex19-insidertradingpolicy2.htm) | | | | | | Filed herewith. | | | | | |

| 97.1 | | | | | | [Trane Technologies plc Clawback / Recoupment Policy](https://www.sec.gov/Archives/edgar/data/1466258/000146625825000039/ex971plcclawbackpolicy12624.htm) | | | | | | Filed herewith. | | | | | |

| Date: | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ David S. Regnery | | | | | | Chair of the Board and Chief Executive Officer (Principal Executive Officer) | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ Christopher J. Kuehn | | | | | | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ Elizabeth Elwell | | | | | | Vice President and Chief Accounting Officer (Principal Accounting Officer) | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ Kirk E. Arnold | | | | | | Director | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ Ana P. Assis | | | | | | Director | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ Ann C. Berzin | | | | | | Director | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ April Miller Boise | | | | | | Director | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ Mark R. George | | | | | | Director | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ John A. Hayes | | | | | | Director | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ Linda P. Hudson | | | | | | Director | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ Myles P. Lee | | | | | | Director | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ Melissa N. Schaeffer | | | | | | Director | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| /s/ John P. Surma | | | | | | Director | | | | | | February [removed: 6, 2025] [added: 5, 2026] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#ife1b05f3957944c885bc9962124692e3_118)] [added: Firm](#i0c48dae389694d6095cae106ba196ba5_118)] (PCAOB ID 238) | | | [removed: F-[2](#ife1b05f3957944c885bc9962124692e3_118)] [added: F-[2](#i0c48dae389694d6095cae106ba196ba5_118)] | | |

| [Consolidated Statements of [removed: Earnings](#ife1b05f3957944c885bc9962124692e3_121)] [added: Earnings](#i0c48dae389694d6095cae106ba196ba5_121)] | | | [removed: F-[5](#ife1b05f3957944c885bc9962124692e3_121)] [added: F-[4](#i0c48dae389694d6095cae106ba196ba5_121)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ife1b05f3957944c885bc9962124692e3_124)] [added: Income](#i0c48dae389694d6095cae106ba196ba5_124)] | | | [removed: F-[6](#ife1b05f3957944c885bc9962124692e3_124)] [added: F-[5](#i0c48dae389694d6095cae106ba196ba5_124)] | | |

| [Consolidated Balance [removed: Sheets](#ife1b05f3957944c885bc9962124692e3_127)] [added: Sheets](#i0c48dae389694d6095cae106ba196ba5_127)] | | | [removed: F-[7](#ife1b05f3957944c885bc9962124692e3_127)] [added: F-[6](#i0c48dae389694d6095cae106ba196ba5_127)] | | |

| [Consolidated Statements of [removed: Equity](#ife1b05f3957944c885bc9962124692e3_130)] [added: Equity](#i0c48dae389694d6095cae106ba196ba5_130)] | | | [removed: F-[8](#ife1b05f3957944c885bc9962124692e3_130)] [added: F-[7](#i0c48dae389694d6095cae106ba196ba5_130)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ife1b05f3957944c885bc9962124692e3_133)] [added: Flows](#i0c48dae389694d6095cae106ba196ba5_133)] | | | [removed: F-[9](#ife1b05f3957944c885bc9962124692e3_133)] [added: F-[8](#i0c48dae389694d6095cae106ba196ba5_133)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ife1b05f3957944c885bc9962124692e3_136)] [added: Statements](#i0c48dae389694d6095cae106ba196ba5_136)] | | | [removed: F-[10](#ife1b05f3957944c885bc9962124692e3_136)] [added: F-[9](#i0c48dae389694d6095cae106ba196ba5_136)] | | |

We have audited the accompanying consolidated balance sheets of Trane Technologies plc and its subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024,] and the related consolidated statements of earnings, of comprehensive income, of 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 (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.

The critical audit [removed: matters] [added: matter] communicated below [removed: are matters] [added: is a matter] arising from the current period audit of the consolidated financial statements that [removed: were] [added: was] communicated or required to be communicated to the audit committee and that (i) [removed: relate] [added: relates] to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matters] [added: matter] below, providing [added: a] separate [removed: opinions] [added: opinion] on the critical audit [removed: matters] [added: matter] or on the accounts or disclosures to which [removed: they relate.][added: it relates.]

As described in Notes 2 and 12 to the consolidated financial statements, the Company recognized [removed: $19.8] [added: $21.3] billion of consolidated net revenue for the year ended December 31, [removed: 2024.][added: 2025.]

To determine the transaction price, management assesses variable and noncash [removed: consideration] [added: consideration,] as well as whether a significant financing component exists.

| For the years ended December 31, | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Products | | | | | | $ | [removed: 13,314.5] [added: 13,982.3] | | | | | $ | [removed: 11,975.4] [added: 13,314.5] | | | | | $ | [removed: 10,930.8] [added: 11,975.4] | |

| Services | | | | | | [removed: 6,523.7] [added: 7,339.6] | | | | | | [removed: 5,702.2] [added: 6,523.7] | | | | | | [removed: 5,060.9] [added: 5,702.2] | | |

| | | | | | | [removed: 19,838.2] [added: 21,321.9] | | | | | | [removed: 17,677.6] [added: 19,838.2] | | | | | | [removed: 15,991.7] [added: 17,677.6] | | |

| Cost of products sold | | | | | | [removed: (8,927.9)] [added: (9,426.5)] | | | | | | [removed: (8,414.2)] [added: (8,927.9)] | | | | | | [removed: (7,935.2)] [added: (8,414.2)] | | |

| Cost of services sold | | | | | | [removed: (3,829.8)] [added: (4,185.2)] | | | | | | [removed: (3,406.2)] [added: (3,829.8)] | | | | | | [removed: (3,091.7)] [added: (3,406.2)] | | |

| Selling and administrative expenses | | | | | | [removed: (3,580.4)] [added: (3,742.8)] | | | | | | [removed: (2,963.2)] [added: (3,580.4)] | | | | | | [removed: (2,545.9)] [added: (2,963.2)] | | |

| Operating income | | | | | | [removed: 3,500.1] [added: 3,967.4] | | | | | | [removed: 2,894.0] [added: 3,500.1] | | | | | | [removed: 2,418.9] [added: 2,894.0] | | |

| Interest expense | | | | | | [removed: (238.4)] [added: (226.7)] | | | | | | [removed: (234.5)] [added: (238.4)] | | | | | | [removed: (223.5)] [added: (234.5)] | | |

| Other income/(expense), net | | | | | | [removed: (19.9)] [added: (62.1)] | | | | | | [removed: (92.2)] [added: (19.9)] | | | | | | [removed: (23.3)] [added: (92.2)] | | |

| Earnings before income taxes | | | | | | [removed: 3,241.8] [added: 3,678.6] | | | | | | [removed: 2,567.3] [added: 3,241.8] | | | | | | [removed: 2,172.1] [added: 2,567.3] | | |

| /s/ Matthew F. Pine | | | | | | Director | | | | | | February 5, 2026 | | |

| (Matthew F. Pine) | | | | | | | | | | | | | | |

February 5, 2026

| For the years ended December 31, | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Net earnings | | | | | | 2,935.7 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,918.6 | | | | | | — | | | | | | 17.1 | | | | | | | | |

| Repurchase of ordinary shares | | | | | | (1,481.3) | | | | | | (3.8) | | | | | | (3.8) | | | | | | — | | | | | | (98.4) | | | | | | (1,379.1) | | | | | | — | | | | | | — | | | | | | | | |

| Cancellation of treasury shares | | | | | | — | | | | | | (1.0) | | | | | | (1.0) | | | | | | 70.2 | | | | | | — | | | | | | (69.2) | | | | | | — | | | | | | — | | | | | | | | |

| Share-based compensation | | | | | | 84.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | 86.6 | | | | | | (2.6) | | | | | | — | | | | | | — | | | | | | | | |

| Balance at December 31, 2025 | | | | | | $ | 8,600.9 | | | | | $ | 245.0 | | | | | 245.0 | | | | | | $ | (1,649.1) | | | | | $ | — | | | | | $ | 10,422.1 | | | | | $ | (438.8) | | | | | $ | 21.7 | | | | | | | |

| For the years ended December 31, | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| Net earnings | | | | | | $ | 2,935.7 | | | | | $ | 2,589.5 | | | | | $ | 2,041.7 | |

In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the accounting for Internal-Use Software" (ASU 2025-06) which modernizes accounting guidance for the costs to develop software for internal use, aligning the various stages of software development with current software development methods.

ASU 2025-06 can be applied prospectively, retrospectively, or with a modified transition approach.

| In millions | | | | | | 2025 | | | | | | 2024 | | |

| | | | | | | 2,323.2 | | | | | | 2,140.2 | | |

| In millions | | | | | | 2025 | | | | | | 2024 | | |

| | | | | | | 4,633.9 | | | | | | 4,207.6 | | |

| Acquisitions (1) | | | | | | 169.4 | | | | | | 22.8 | | | | | | — | | | | | | 192.2 | | |

| Currency translation | | | | | | 11.8 | | | | | | 107.9 | | | | | | 20.2 | | | | | | 139.9 | | |

| Net balance as of December 31, 2025 | | | | | | $ | 4,949.1 | | | | | $ | 950.5 | | | | | $ | 557.4 | | | | | $ | 6,457.0 | |

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

| 2026 | | | $ | 112 | |

| 2030 | | | 60 | | |

| In millions | | | | | | 2025 | | | | | | 2024 | | |

| 3.500% Senior Notes due March 2026 | | | | | | 399.9 | | | | | | — | | |

During the year ended December 31, 2025, no material amount of puts were elected to be exercised.

| In millions | | | | | | 2025 | | | | | | 2024 | | |

| 2026 | | | $ | 693.0 | |

| 2028 | | | 548.5 | | |

| 2029 | | | 747.8 | | |

| 2030 | | | — | | |

| Thereafter | | | 2,625.8 | | |

| Total | | | $ | 4,615.1 | |

On May 27, 2025, the Company entered into a $1.0 billion senior unsecured revolving credit facility with a term that ends in May 2030 and terminated its $1.0 billion credit facility that would have expired in June 2026.

| In millions | | | | | | 2025 | | | | | | 2024 | | |

As a result, the arrangements expired with no payments made and the remaining liability for contingent consideration was derecognized in March 2025.

| In millions | | | 2025 | | | | | | 2024 | | |

| In millions | | | 2025 | | | | | | 2024 | | | | | | | | |

| In millions | | | December 31, 2025 | | |

| 2026 | | | $ | 259.8 | |

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| /s/ Gary D. Forsee | | | | | | Director | | | | | | February 6, 2025 | | |

| (Gary D. Forsee) | | | | | | | | | | | | | | |

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

*Annual Goodwill Impairment Test – Nuvolo Reporting Unit*

As described in Notes 2 and 5 to the consolidated financial statements, the Company's consolidated goodwill balance was $6,128 million as of December 31, 2024, of which $313 million relates to one reporting unit formed upon the acquisition of Nuvolo in November 2023.

Management tests goodwill for impairment annually during the fourth quarter or whenever there is a significant change in events or circumstances that indicate that the fair value of the asset is more likely than not less than the carrying amount of the asset.

Impairment of goodwill is tested at the reporting unit level.

The test compares the carrying amount of the reporting unit to its estimated fair value.

If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired.

To the extent that the carrying value of the reporting unit exceeds its estimated fair value, an impairment loss would be recognized for the amount by which the reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit.

As disclosed by management, because quoted market prices are not available for the Company's reporting units, the calculation of their estimated fair value is determined using three valuation techniques: a discounted cash flow model (an income approach), a market-adjusted multiple of earnings or revenues (a market approach), and a similar transactions method (also a market approach).

The discounted cash flow approach relies on management's estimates of future cash flows and explicitly addresses factors such as timing, revenue growth rates, and margins, with due consideration given to forecasting risk.

The market-adjusted multiple of earnings or revenues approach reflects the market's expectations for future growth and risk, with adjustments to account for differences between the guideline publicly traded companies and the Company's reporting units.

The similar transactions method considers prices paid in transactions that have recently occurred in the reporting unit's industry or in related industries.

These valuation techniques are weighted 50%, 40% and 10%, respectively.

Under the income approach, management's assumptions include the revenue growth rate and discount rate.

Under the guideline public company method, the Company used multiples of earnings before interest, taxes, depreciation and amortization (EBITDA) or revenues based on the market information of comparable companies.

The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment of the Nuvolo reporting unit is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the Nuvolo reporting unit; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's significant assumptions related to revenue growth rate and discount rate used in the

discounted cash flow valuation model; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

These procedures included testing the effectiveness of controls relating to management's goodwill impairment test, including controls over the valuation of the Nuvolo reporting unit.

These procedures also included, among others (i) testing management's process for developing the fair value estimate of the Nuvolo reporting unit; (ii) evaluating the appropriateness of the valuation techniques used by management; (iii) testing the completeness and accuracy of underlying data used in the discounted cash flow model and market-adjusted multiple of revenues valuation approach; and (iv) evaluating the reasonableness of the significant assumptions used by management related to revenue growth rate and discount rate used in the discounted cash flow valuation model.

Evaluating management's assumptions related to revenue growth rate involved evaluating whether the assumptions used by management were reasonable considering (i) the current performance of the Nuvolo reporting unit; (ii) the consistency with external market and industry data; and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the valuation techniques and (ii) the reasonableness of the discount rate assumption.

February 6, 2025

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| Balance at December 31, 2021 | | | | | | $ | 6,273.1 | | | | | $ | 259.7 | | | | | 259.7 | | | | | | $ | (1,719.4) | | | | | $ | — | | | | | $ | 8,353.2 | | | | | $ | (637.6) | | | | | $ | 17.2 | | | | | | | |

| Net earnings | | | | | | 1,774.7 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,756.5 | | | | | | — | | | | | | 18.2 | | | | | | | | |

| Repurchase of ordinary shares | | | | | | (1,200.2) | | | | | | (7.5) | | | | | | (7.5) | | | | | | — | | | | | | (45.4) | | | | | | (1,147.3) | | | | | | — | | | | | | — | | | | | | | | |

| Share-based compensation | | | | | | 54.3 | | | | | | — | | | | | | — | | | | | | — | | | | | | 56.2 | | | | | | (1.9) | | | | | | — | | | | | | — | | | | | | | | |

| Acquisition/divestiture of noncontrolling interests | | | | | | (15.1) | | | | | | — | | | | | | — | | | | | | — | | | | | | (12.4) | | | | | | — | | | | | | — | | | | | | (2.7) | | | | | | | | |

| Separation of Ingersoll Rand Industrial | | | | | | (18.9) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18.9) | | | | | | — | | | | | | — | | | | | | | | |

| Other | | | | | | 0.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |

| Net cash provided by (used in) investing activities | | | | | | (562.9) | | | | | | (1,172.2) | | | | | | (540.4) | | |

| Settlement related to special cash payment | | | | | | — | | | | | | — | | | | | | (6.2) | | |

| Net cash provided by (used in) financing activities | | | | | | (2,020.6) | | | | | | (1,350.3) | | | | | | (1,852.2) | | |