The Board of Directors of Trane Technologies plc (NYSE:TT), a global climate innovator, today announced it will increase its dividend by 12%, from $0.67 to $0.75 per share quarterly and from $2.68 to $3.00 per share annualized. The dividend is payable March 31, 2023 to shareholders of record on March 3, 2023.

"Our purpose-driven strategy and strong execution enables us to continuously invest in sustainable innovation while returning substantial cash to shareholders," said Dave Regnery, chair and chief executive officer. "We have increased the dividend by 42% since the launch of Trane Technologies as a focused climate innovator in March of 2020. Today's announcement reflects confidence in our ability to generate strong free cash flow and demonstrates our commitment to pay a competitive dividend that grows with earnings over time."

Trane Technologies has paid consecutive quarterly cash dividends on its common shares since 1919 and annual dividends since 1910.

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes, and transportation. Learn more at tranetechnologies.com.

This communication includes "forward-looking statements," which are statements that are not historical facts, including statements that relate to our future free cash flows and future payments of dividends. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, global economic conditions, including recessions and economic downturns, inflation, volatility in interest rates and foreign exchange; changing energy prices; the impact of the global COVID-19 pandemic or future health care emergencies on our business, our suppliers and our customers; the Russia-Ukraine conflict; climate change and our sustainability strategies and goals; commodity shortages; supply chain constraints and price increases; government regulation; restructurings activity and cost savings associated with such activity; secular trends toward decarbonization, energy efficiency and internal air quality, the outcome of any litigation, including the risks and uncertainties associated with the Chapter 11 proceedings for our deconsolidated subsidiaries Aldrich Pump LLC and Murray Boiler LLC; cybersecurity risks; and tax audits and tax law changes and interpretations. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2021, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-looking statements.

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Trane Technologies Increases Annual Dividend by 12 Percent