The Board of Directors of Trane Technologies plc (NYSE:TT), a global climate innovator, authorized a new share repurchase program of up to $5 billion, to commence upon the completion of the company’s 2022 $3 billion program. As of October 31, 2024, the 2022 program had approximately $1.5 billion remaining.

“Today’s announcement reflects our strong balance sheet, liquidity position and continued confidence in our ability to generate strong future free cash flow,” said Dave Regnery, chair and CEO of Trane Technologies. “We remain committed to deploying 100% of excess cash over time through our balanced capital allocation strategy, which includes maintaining a competitive dividend that grows with earnings and repurchasing shares when they trade below the company’s calculated intrinsic value.”

The timing of the program will be dependent on the company’s available liquidity and cash flow, and general market conditions. The repurchase program may be executed through various methods, including open market repurchases.

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 news release includes “forward-looking statements” within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to the timing and execution of the Company’s share repurchase program and the amount of shares to be repurchased (if any). 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. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2023, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We assume no obligation to update these forward-looking statements.

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