Trane Technologies plc - Ordinary Shares - Class A

Strong Q1 Performance: Trane Technologies reported an 11% organic revenue growth, adjusted EBITDA margin expanded by 130 basis points, and adjusted EPS grew by 26%. The company achieved robust growth across its Commercial HVAC and Services businesses, showcasing resilience in a dynamic macroeconomic environment.

Record Commercial HVAC Bookings: The Americas segment set a new quarterly record for Commercial HVAC bookings, surpassing last year’s high. This growth was driven by strong demand across multiple verticals, including data centers, healthcare, and education, indicating a solid project pipeline and customer demand.

Optimistic Full-Year Guidance: Trane maintained its guidance for 2025, expecting organic revenue growth of 7% to 8% and adjusted EPS of $12.70 to $12.90. The company is confident in performing toward the high end of these ranges, backed by strong order growth and backlog in the Commercial HVAC sector.