Organic revenue, which adjusts for currency, acquisitions, and divestitures, grew by 11.2%. This indicates solid underlying business performance.

Acquisitions contributed 0.9% to the overall revenue increase. The company completed the acquisition of BrainBox AI Inc. and two distributors in Europe during the quarter.

The company continues to progress its ambitious 2030 Sustainability Commitments, including its Gigaton Challenge and Leading by Example initiatives. This demonstrates a focus on long-term sustainable growth.

Selling and administrative expenses as a percentage of net revenues decreased from 19.6% to 18.3%. This indicates improved operational efficiency.

Management is actively managing and strengthening the business portfolio through research and development, sustaining activities, and acquisitions. This demonstrates a proactive approach to long-term value creation.

The effective tax rate for the three months ended March 31, 2025 was 17.9%, lower than the U.S. statutory rate of 21.0%. This is primarily due to excess tax benefits from employee share-based payments, a non-taxable adjustment for contingent consideration, and earnings in non-U.S. jurisdictions.

The company is involved in various litigation, claims and administrative proceedings, including those related to the bankruptcy proceedings for Aldrich and Murray and environmental and product liability matters. These matters could have a material adverse effect on the financial condition, results of operations, liquidity or cash flows of the Company.

The company acknowledges that its performance may be impacted by future developments that are uncertain, including geopolitical risks and macroeconomic developments. These factors could cause disruptions to operations, supply chains, end markets, financial markets and overall economic conditions.

The company continues to face uncertainties related to asbestos-related lawsuits and the bankruptcy proceedings of Aldrich and Murray. The outcome of these proceedings could have a material impact on the company's financial results.

The company believes it has a solid foundation of global brands that are highly differentiated in all of its major product lines. This provides a competitive advantage in the market.

The company's geographic mix and diverse portfolio provide growth opportunities and help mitigate the impact of any one industry or economy on its consolidated operating results.

Overall Commercial HVAC markets in Americas and EMEA remain strong due to demand for our differentiated customer driven solutions and the benefits of installing energy efficient products and decarbonizing the built environment. In Asia, markets remain dynamic, with weak macro-economic conditions driving soft demand in China balanced by strong demand in the rest of Asia.

Gross profit margin increased 120 basis points primarily due to gross productivity and price realization, partially offset by inflation. This indicates improved operational efficiency.

Selling and administrative expenses as a percentage of net revenues decreased from 19.6% to 18.3%. This indicates improved operational efficiency.

The company continues to incur costs associated with restructuring initiatives intended to result in improved operating performance, profitability and working capital levels.

The acquisition of BrainBox AI Inc., a building management platform for HVAC optimization using advanced artificial intelligence technologies, demonstrates a commitment to innovation and technology.

The company makes investments in new product development and new technology innovation as they are key factors in achieving its strategic objectives as a leader in the climate sector. Research and development and sustaining costs account for approximately two percent of annual Net revenues.

The company makes investments in technology and business for its operational sustainability programs. This demonstrates a commitment to innovation and technology in the area of sustainability.

During the three months ended March 31, 2025, the company repurchased and canceled approximately $477 million of its ordinary shares. This reflects a commitment to returning capital to shareholders.

Since the launch of Trane Technologies in March 2020, the company has increased its quarterly share dividend by 77%. This demonstrates a commitment to returning capital to shareholders.

The company paid approximately $265 million in cash for acquisitions completed during the three months ended March 31, 2025. This reflects a commitment to strategic acquisitions.

The company continues to progress its ambitious 2030 Sustainability Commitments, including its Gigaton Challenge and Leading by Example initiatives. This demonstrates a focus on long-term sustainable growth.

The company also committed to reducing embodied carbon in its products by 40%, while also designing products for circularity. This demonstrates a focus on long-term sustainable growth.

The company committed to Opportunity for All, focusing on investing in its people and its uplifting and inclusive culture, and broadening access to Science, Technology, Engineering and Math (STEM) education and careers in our communities. This demonstrates a focus on long-term sustainable growth.

Overall Commercial HVAC markets in Americas and EMEA remain strong due to demand for our differentiated customer driven solutions and the benefits of installing energy efficient products and decarbonizing the built environment. In Asia, markets remain dynamic, with weak macro-economic conditions driving soft demand in China balanced by strong demand in the rest of Asia.

The company continues to monitor macroeconomic indicators and uncertainties resulting from the tariffs recently announced and implemented by the United States, as well as the tariffs imposed by other countries in response.

The company believes its business operating system, its in-region for region strategy, and strength in execution will enable it to navigate potential risks stemming from these recent events.