Trane Technologies plc

As a courtesy to all participants, we ask that you limit yourself to one question and one follow-up. I will now turn the call over to Zach Nagel, Vice President of Investor Relations. Please go ahead.

Thanks, operator. Good morning, and thank you for joining us for Trane Technologies' third quarter 2025 earnings conference call. This call is being webcast on our website at tranetechnologies.com, where you'll find the accompanying presentation. We're also recording and archiving this call on our website. Please go to slide two. Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities law. Please see our FCC filings for a description of some of the factors that may cause our actual results to differ materially from anticipated results. This presentation also includes non-GAAP measures which are explained in the financial tables attached to our news release. Joining me on today's call are Dave Regneri, chair and CEO, and Chris Kuhn, executive vice president and CFO. With that, I'll turn the call over to Dave. Dave?

Thanks, Zach, and everyone for joining today's call. Please turn to slide number three. I'd like to open the call with a few thoughts on our purpose-driven strategy that fuels our strong performance over time. The demand for sustainable resilient infrastructure has never been greater. That's especially true here in the U.S., where the AI revolution and reshoring of industry are transforming how businesses operate at an unprecedented pace. Trane Technologies is at the heart of this evolution, helping customers reimagine their operations for greater performance and sustainability. Our high efficiency solutions help our customers save energy and reduce operational costs. We're proving that there is no trade-off. What's good for the environment is good for the bottom line. As we look ahead, our innovation and expertise continue to set us apart. With our elevated backlog, robust customer demand, and strong financial performance, we are well positioned to continue to deliver long-term value to our employees, customers, shareholders, and the planet. Please turn to slide number four. Q3 was another strong quarter, marked by record quarterly bookings of $6 billion, representing organic growth of 13% year over year. We delivered 170 basis points of adjusted operating margin expansion, 15% adjusted EPS growth, and robust free cash flow. Our global commercial HVAC businesses delivered outstanding performance. This was particularly true in the Americas, where commercial HVAC bookings reached an all-time high, surging 30% year over year, with applied bookings more than doubling. The strength of our commercial HVAC business is further underscored by our Q3 ending backlog of $7.2 billion. However, this total backlog figure does not tell the whole story. Compared to year-end 2024, our Americas and EMEA commercial HVAC backlog has grown substantially, increasing by over 800 million, or approximately 15%. Excluding residential, revenue growth remains robust, up approximately 10% in the third quarter. We are well positioned for growth in 2026, given strong execution to our business operating system and our rapidly expanding pipeline of projects and data centers and core verticals. Our leading innovation and direct sales force provide us with distinct competitive advantages. Our services business, which constitutes approximately one-third of our total enterprise revenues, remains a durable and consistent growth driver, up low double digits year to date, and boasting a low team's compound annual growth rate since 2020. Our guidance reflects the impact discussed during our September update, which Chris will elaborate on shortly. Please turn to slide number five. As discussed in our America segment, commercial HVAC continues to deliver standout performance. The team achieved its third consecutive quarter of record-breaking bookings with approximately 30% growth. We are winning in both core vertical markets and high growth verticals, such as data centers. In high growth verticals, customers demand innovative, highly engineered solutions tailored to their specific requirements. They need customer-focused partners with the expertise and capacity to grow alongside them, which plays to our strengths. Our direct sales strategy enables us to capture a significant share of these opportunities and consistently outgrow our end markets. This is demonstrated by our applied solutions bookings growth of over 100% in the third quarter. Commercial HVAC revenue growth was also robust, increasing by low teams and equipment and low double digits in services. Our consistent market outgrowth compounds revenues year after year. For perspective, in the third quarter, our applied revenue growth on a three-year stack was up more than 125%. Turning to residential, bookings and revenues declined approximately 30% and 20% respectively, consistent with the update we provided in September. In America's transport refrigeration, bookings were up low teens, while revenues were flat. Despite end markets being down over 25%, we continued to outperform. Commercial HVAC strength was not limited to the Americas. In EMEA, commercial HVAC bookings increased by high teens, while revenues grew by mid-single digits, consistent with our expectations. EMEA transport bookings rose by high single digits, while revenues declined by low single digits, outperforming end markets, which were down mid-single digits. In Asia Pacific, commercial HVAC bookings were up mid-30s, while revenues grew low teens in the quarter. Growth was strongest in China. rebounding from the anniversary of our credit tightening policy in the prior year. The rest of Asia delivered solid performance. Now, I'd like to turn the call over to Chris. Chris?