•Sales of $5.1 billion, up 19% compared to 2023 including 6% organic growth

•GAAP EPS from continuing operations of ($0.05); adjusted EPS from continuing operations of $0.54, up 50%

•Operating margin expansion of 250 basis points and adjusted operating margin expansion of 370 basis points

•Sales of $22.5 billion, up 19% compared to 2023 including 3% organic growth

•GAAP EPS from continuing operations of $1.22; adjusted EPS from continuing operations of $2.56 up 16%

•Operating margin expansion of 40 basis points and adjusted operating margin expansion of 180 basis points

•Returned ~$2.6 billion to shareholders, including ~$0.7 billion in dividends and ~$1.9 billion shares repurchased

PALM BEACH GARDENS, Fla., February 11, 2025 – Carrier Global Corporation (NYSE:CARR), global leader in intelligent climate and energy solutions, today reported strong financial results for the fourth quarter and full year of 2024.

“We capped a transformational year for Carrier with robust fourth quarter financial results including 6% organic growth, significant adjusted operating profit margin expansion of 370 basis points and 50% adjusted EPS growth. The quarter also marked the completion of our portfolio transformation, which resulted in total divestiture proceeds of over $10 billion,” said Carrier Chairman & CEO David Gitlin. “We successfully acquired and integrated Viessmann Climate Solutions in 2024, giving us the most comprehensive and differentiated global portfolio in our industry. We are well-positioned to deliver strong results in 2025, reinforced by our growing global commercial HVAC backlog supported by the acceleration in data centers, commitment to double-digit aftermarket growth, and leading positions across our businesses.

We remain laser focused on delivering value for our customers, employees and shareholders.”

Carrier’s fourth quarter sales of $5.1 billion increased 19% versus the prior year, including 6% organic growth and a 13% net contribution from acquisitions and divestitures.

Sales in the HVAC segment increased 11% organically. Americas sales were up high-teens organically driven by continued strength in Commercial and North America Residential, both up double-digits, partially offset by declines in Light Commercial. EMEA sales were flat organically, with double-digit growth in Commercial offsetting a decline in Residential and Light Commercial. Asia Pacific sales were slightly positive, driven by strength in Japan and South Asia partially offset by declines in residential light commercial in China.

Refrigeration sales were down 6% organically, mostly driven by declines in North America truck and trailer, with flat sales growth across the remainder of the segment.

GAAP operating profit in the quarter of $774 million was up 44% from last year, primarily due to the gain on the sale of Commercial Refrigeration. Adjusted operating profit of $678 million from continuing operations increased 65%, driven by the contribution of Viessmann Climate Solutions, the benefit of organic growth, and productivity.

GAAP net loss from continuing operations was $48 million primarily driven by a tax charge of approximately $650 million related to an internal business re-organization which was more than offset by a related tax benefit recorded in discontinued operations. Adjusted net earnings from continuing operations was $492 million. GAAP EPS and adjusted EPS from continuing operations were ($0.05) and $0.54, respectively.

Carrier’s 2024 sales of $22.5 billion increased 19% compared to the prior year including organic sales growth of 3% and a 16% impact from acquisitions and divestitures. GAAP operating profit of $2.6 billion from continuing operations increased 23%. Adjusted operating profit of $3.5 billion from continuing operations increased 34%, driven by the addition of Viessmann Climate Solutions and strong operational performance.

GAAP net earnings and adjusted net earnings from continuing operations were $1.1 billion and $2.3 billion, respectively. GAAP EPS and adjusted EPS from continuing operations were $1.22 and $2.56, respectively.

The Company projects accelerated organic growth in 2025 supported by secular tailwinds, continued innovation and double-digit aftermarket growth.

•Mid-single-digit organic* growth; Reported sales of $22.5 – $23.0 billion

•Commercial Refrigeration divestiture represents a ~$750 million sales headwind versus prior year

•Adjusted operating margin* of 16.5% – 17.0% up ~100 basis points compared to 2024

•Adjusted EPS* of $2.95 – $3.05, up mid to high-teens

•Free cash flow* of $2.4 – $2.6 billion

•Expect to repurchase ~$3 billion in shares

Carrier will host a webcast of its earnings conference call today, Tuesday, February 11, 2025, at 7:30 a.m. ET. To access the webcast, visit the Events & Presentations section of the Carrier Investor Relations site at ir.carrier.com/news-and-events/events-and-presentations or to listen to the earnings call by phone, participants must pre-register at Carrier Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing access to the live call.

In 2023, the Company announced plans to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024. The announced plan to exit the Fire & Security segment represented a single disposal plan to separately divest multiple businesses over different reporting periods. Upon the Commercial and Residential Fire Business qualifying as held for sale during the three months ended September 30, 2024, the components of the Fire & Security segment in aggregate met the criteria to be presented as discontinued operations in the Company’s unaudited condensed consolidated statement of operations and unaudited condensed consolidated statement of cash flows. In addition, the assets and liabilities of the Commercial and Residential Fire Business have been reclassified to held for sale at December 31, 2023. The results of the Commercial Refrigeration business did not meet the criteria to be presented in discontinued operations. Accordingly, all financial measures presented herein, including non-GAAP financial measures, are associated with Carrier's continuing operations unless specifically noted. See “Use and Definitions of Non-GAAP Financial Measures” below.

This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating solutions that matter for people and our planet for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do. For more information, visit corporate.carrier.com or follow Carrier on social media at @Carrier.

Investor Relations

Michael Rednor

561-365-2020

Investor.Relations@Carrier.com

Media Inquiries

Jason Shockley

561-542-0207

Jason.Shockley@Carrier.com

Following are tables that present selected financial data of Carrier Global Corporation. Also included are reconciliations of non-GAAP measures to their most comparable GAAP measures.

Carrier Global Corporation (“we” or "our") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.

Organic sales, adjusted operating profit, adjusted operating margin, incremental margins / earnings conversion, earnings before interest, taxes and depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted net earnings (loss), adjusted earnings per share (“EPS”), adjusted interest expense, net, adjusted effective tax rate and net debt are non-GAAP financial measures and are associated with Carrier's continuing operations unless specifically noted.

Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as “other significant items”). Adjusted operating profit represents operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted operating margin represents adjusted operating profit as a percentage of net sales (a GAAP measure). Incremental margins / earnings conversion represents the year-over-year change in adjusted operating profit divided by the year-over-year change in net sales. EBITDA represents net earnings (loss) attributable to common shareholders (a GAAP measure), adjusted for interest income and expense, income tax expense, and depreciation and amortization. Adjusted EBITDA represents EBITDA, as calculated above, excluding non-service pension benefit, non-controlling interest in subsidiaries’ earnings from operations, restructuring costs and other significant items. Adjusted net earnings (loss) represents net earnings (loss) attributable to common shareowners (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted interest expense, net represents interest expense (a GAAP measure) and interest income (a GAAP measure), net excluding other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents (a GAAP measure). For the business segments, when applicable, adjustments of operating profit and operating margins represent operating profit, excluding restructuring, amortization of acquired intangibles and other significant items.

Free cash flow is a non-GAAP financial measure that represents net cash flows provided by operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing our ability to fund its activities, including the financing of acquisitions, debt service, repurchases of our common stock and distribution of earnings to shareowners.

Orders are contractual commitments with customers to provide specified goods or services for an agreed upon price and may not be subject to penalty if cancelled.

When we provide our expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted interest expense, net, adjusted effective tax rate, incremental margins/earnings conversion, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected net sales, operating profit, operating margin, interest expense, effective tax rate, incremental operating margin, diluted EPS and net cash flows provided by operating activities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

(1) Amortization of the step-up to fair value of acquired inventory and backlog.

(1) Amortization of the step-up to fair value of acquired inventory and backlog.

(2) Gain associated with an adjustment to our tax-related liability owed to UTC.

(3) The carrying value of our previously held TCC equity investments were recognized at fair value and subsequently adjusted.

(1) Amortization of the step-up to fair value of acquired inventory and backlog.

(2) Gain associated with an adjustment to our tax-related liability owed to UTC.

(3) Tax expense associated with the integration of the Viessmann and Carrier legal entity structure.

(1) Amortization of the step-up to fair value of acquired inventory and backlog.

(2) The carrying value of our previously held TCC equity investments were recognized at fair value and subsequently adjusted.

(3) Includes commitment fees recognized in Operating profit.