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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________

FORM 10-Q

_______________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-34400

_____________________________

TRANE TECHNOLOGIES PLC

(Exact name of registrant as specified in its charter)

_______________________________


Ireland			98-0626632
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

170/175 Lakeview Dr.

Airside Business Park

Swords Co. Dublin

Ireland

(Address of principal executive offices, including zip code)

+(353) (0) 18707400

(Registrant's telephone number, including area code)

______________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Ordinary Shares, Par Value $1.00 per Share

New York Stock Exchange

5.250% Senior Notes due 2033

TT33

New York Stock Exchange

5.100% Senior Notes due 2034

TT34

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated filer

Emerging growth company

☐

Non-accelerated filer

Smaller reporting company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of ordinary shares outstanding of Trane Technologies plc as of April 25, 2025 was 223,018,007.

Table of Contents

TRANE TECHNOLOGIES PLC

FORM 10-Q

INDEX



PART I FINANCIAL INFORMATION		1

Item 1 -	Financial Statements	1

	Condensed Consolidated Statements of Earnings for the three months ended March 31, 2025 and 2024	1

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024	2

	Condensed Consolidated Balance Sheets at March 31, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Equity for the three months ended March 31, 2025 and 2024	4

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024	5

	Notes to Condensed Consolidated Financial Statements	6

Item 2 -	Management 's Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3 -	Quantitative and Qualitative Disclosures about Market Risk	37

Item 4 -	Controls and Procedures	37

PART II OTHER INFORMATION		38

Item 1 -	Legal Proceedings	38

Item 1A -	Risk Factors	38

Item 2 -	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 5 -	Other Information	39

Item 6 -	Exhibits	40
		39
SIGNATURES		41

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.Financial Statements


TRANE TECHNOLOGIES PLC CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)

	Three months ended
	March 31,
In millions, except per share amounts	2025		2024
Net revenues	$	4,688.5	$	4,215.5
Cost of goods sold	(3,011.0)		(2,755.6)
Selling and administrative expenses	(858.6)		(826.1)
Operating income	818.9		633.8
Interest expense	(58.1)		(58.1)
Other income/(expense), net	(7.9)		(25.0)
Earnings before income taxes	752.9		550.7
Provision for income taxes	(134.9)		(105.5)
Earnings from continuing operations	618.0		445.2
Discontinued operations, net of tax	(8.9)		(5.4)
Net earnings	609.1		439.8
Less: Net earnings from continuing operations attributable to noncontrolling interests	(4.2)		(3.5)
Net earnings attributable to Trane Technologies plc	$	604.9	$	436.3

Amounts attributable to Trane Technologies plc ordinary shareholders:
Continuing operations	$	613.8	$	441.7
Discontinued operations	(8.9)		(5.4)
Net earnings	$	604.9	$	436.3
Earnings (loss) per share attributable to Trane Technologies plc ordinary shareholders:
Basic:
Continuing operations	$	2.74	$	1.94
Discontinued operations	(0.04)		(0.02)
Net earnings	$	2.70	$	1.92
Diluted:
Continuing operations	$	2.71	$	1.92
Discontinued operations	(0.04)		(0.02)
Net earnings	$	2.67	$	1.90
Weighted-average shares outstanding:
Basic	224.4		227.4
Diluted	226.4		229.5

See accompanying notes to Condensed Consolidated Financial Statements.

Table of Contents


TRANE TECHNOLOGIES PLC CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

	Three months ended
	March 31,
In millions	2025		2024
Net earnings	$	609.1	$	439.8
Other comprehensive income (loss):
Currency translation	110.5		(76.6)
Cash flow hedges:
Unrealized net gains (losses) arising during period	17.6		(4.9)
Net (gains) losses reclassified into earnings	0.9		3.0
Tax (expense) benefit	(4.1)		0.1
Total cash flow hedges, net of tax	14.4		(

SEC Form 10-Q filed by Trane Technologies plc