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    Amit Mehrotra • UBS

    Amit Mehrotra's questions to Parker-Hannifin Corp (PH) leadership

    Amit Mehrotra's questions to Parker-Hannifin Corp (PH) leadership • Q4 2025

    Question

    Amit Mehrotra of UBS Group asked for a breakdown of the strong margin performance between pricing and cost reduction, noting the absolute cost base declined in FY25. He then questioned why FY26 incremental margin guidance was only 35% given this strong cost control.

    Answer

    Chairman and CEO Jennifer Parmentier attributed the performance to the 'Power of the Win Strategy' and a continuous improvement culture that enables cost reduction even in negative growth environments. EVP & CFO Todd Leombruno credited the decentralized structure and flexible compensation. Regarding the 35% incremental margin guide, Leombruno explained that with industrial organic growth guided at only 1%, the 35% figure is appropriate and is already above the typical 30% model.

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    Amit Mehrotra's questions to Ingersoll Rand Inc (IR) leadership

    Amit Mehrotra's questions to Ingersoll Rand Inc (IR) leadership • Q2 2025

    Question

    Amit Mehrotra asked about the opportunity presented by announced U.S. pharmaceutical production expansions and whether this was reflected in the strong first-half book-to-bill ratio.

    Answer

    CEO Vicente Reynal acknowledged this as a significant long-cycle opportunity that the company is tracking closely, but stated it is too early for it to appear in the order book. He clarified that the full-year book-to-bill is still expected to be around 1.0x, implying a sub-1.0x ratio in the second half as the company maintains a precautionary outlook.

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    Amit Mehrotra's questions to Vertiv Holdings Co (VRT) leadership

    Amit Mehrotra's questions to Vertiv Holdings Co (VRT) leadership • Q2 2025

    Question

    Amit Mehrotra of UBS Group AG asked for more color on the improving regulatory environment for AI infrastructure and whether trailing-twelve-month orders could reaccelerate past tough comps.

    Answer

    CEO Giordano Albertazzi focused on the regulatory environment, noting increased U.S. administration focus on the power grid and growing strategic awareness of AI in EMEA. He believes this is creating a more conducive environment for data center investment. He declined to comment on the future direction of orders.

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    Amit Mehrotra's questions to Vertiv Holdings Co (VRT) leadership • Q2 2025

    Question

    Amit Mehrotra of UBS Group AG asked for more color on the improving regulatory environment for AI infrastructure and whether trailing-twelve-month orders could reaccelerate as the company moves past tougher comparisons.

    Answer

    CEO Giordano Albertazzi commented on the regulatory environment, citing a supportive U.S. administration focus on power and growing strategic awareness of AI in EMEA. He described EMEA as a 'coiled spring' but declined to provide forward-looking commentary on order trends.

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    Amit Mehrotra's questions to Trane Technologies PLC (TT) leadership

    Amit Mehrotra's questions to Trane Technologies PLC (TT) leadership • Q2 2025

    Question

    Amit Mehrotra of UBS Group asked if higher CapEx would lead to a reduction in the backlog and questioned the level of visibility into 2026. He also inquired about Trane's positioning in high-growth data center segments, such as liquid cooling, following recent product announcements.

    Answer

    EVP & CFO Chris Kuehn confirmed the backlog is expected to remain elevated, with $2.5 billion already booked for 2026 and beyond, providing solid visibility. Chair & CEO Dave Regnery added that early investments in capacity are enabling them to meet the current demand surge. Regarding data centers, Regnery highlighted their system-level approach, deep customer partnerships, and recent innovations like a new CDU, citing a project in Australia that achieved an unprecedented COP of over 10.

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    Amit Mehrotra's questions to Trane Technologies PLC (TT) leadership • Q1 2025

    Question

    Amit Mehrotra questioned if the underlying growth in revenue and orders is becoming more concentrated in specific verticals compared to the previously broad-based demand. He also asked if the full-year guidance, which implies a more modest second-half revenue uptick, reflects a normalization of growth or embedded conservatism.

    Answer

    CEO David Regnery reiterated that demand remains broad-based, with a majority of their 14 tracked verticals showing growth, highlighting strength in data centers, healthcare, and higher education without being overly concentrated in any single one. CFO Christopher Kuehn acknowledged the second-half growth implied by the guidance is more modest but stated it was prudent to maintain the current guidance range given it's early in the year. He expressed confidence in performing at the high end of the range and will provide updates after Q2.

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    Amit Mehrotra's questions to Trane Technologies PLC (TT) leadership • Q4 2024

    Question

    Amit Mehrotra of UBS inquired about the long-term margin opportunity within the growing Service business, given investments in technician efficiency and predictive maintenance. He also asked how the payback calculation for customers might evolve and potentially improve as energy prices rise and technology like the newly acquired BrainBox AI increases equipment efficiency.

    Answer

    CFO Chris Kuehn stated that the Service business has higher margins and that investments in digital tools and diagnostics support the company's goal of 25% or better organic leverage. CEO Dave Regnery added that the BrainBox AI acquisition will augment their structured data with unstructured data, enabling greater efficiency gains. Regnery agreed that rising energy costs would make paybacks even more compelling in the future, increasing the penalty for not optimizing systems and creating a tremendous long-term opportunity.

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    Amit Mehrotra's questions to Johnson Controls International PLC (JCI) leadership

    Amit Mehrotra's questions to Johnson Controls International PLC (JCI) leadership • Q3 2025

    Question

    Amit Mehrotra of UBS Group AG asked CEO Joakim Weideminis about his initial observations after nearly five months, the key performance indicators (KPIs) he is focused on, and the anticipated timeline for tangible progress on the company's return profile.

    Answer

    CEO Joakim Weideminis explained his focus on customer-centricity, innovation, and leveraging the company's 40,000-person field organization. He introduced a new business system focused on 'simplify, accelerate, scale' using 80/20 principles and lean methodologies. He highlighted two initial projects: one to double customer-facing time for sellers in the HVAC business and another to cut chiller lead times in half for the data center market, emphasizing these efforts will build capabilities to be scaled across the company.

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    Amit Mehrotra's questions to Johnson Controls International PLC (JCI) leadership • Q2 2025

    Question

    Amit Mehrotra sought to understand if margin improvement would come from quick, absolute cost-out measures or longer-term service leverage. He also asked how JCI manages pricing in long-cycle contracts amid inflation and tariff risks.

    Answer

    CEO Joakim Weidemanis clarified that it will be both: cost leverage in the field service business and a combination of leverage and direct cost-out in other areas. CFO Marc Vandiepenbeeck explained that JCI has implemented strong contractual terms and overhauled processes to reprice and manage change orders effectively, protecting margins.

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    Amit Mehrotra's questions to Johnson Controls International PLC (JCI) leadership • Q1 2025

    Question

    Amit Mehrotra asked what specific qualities the board found attractive in incoming CEO Joakim Weidemanis for the company's next phase. He also inquired about the expected cadence of margins through fiscal 2025 and the largest long-term margin opportunities.

    Answer

    CEO George Oliver highlighted Joakim's operational and strategic experience as key to capitalizing on growth opportunities. CFO Marc Vandiepenbeeck indicated that EMEA/LA, Global Products, and APAC present the biggest margin opportunities in the near term. Long-term, he pointed to continued simplification and leveraging the cost base through growth.

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    Amit Mehrotra's questions to Carrier Global Corp (CARR) leadership

    Amit Mehrotra's questions to Carrier Global Corp (CARR) leadership • Q2 2025

    Question

    Amit Mehrotra of UBS Group asked about any potential volume impact from expiring tax incentives, whether the outlook assumes any pricing rollbacks, and for more detail on the productivity gains driving the expected Q3 to Q4 margin improvement in Europe.

    Answer

    Chairman & CEO David Gitlin said the expiring incentives are not expected to have a material impact. He and SVP & CFO Patrick Goris confirmed no material price rollbacks are assumed in the forecast. Goris explained the European margin step-up is driven by a combination of typical second-half sales seasonality (up 10-20% vs first half) and an acceleration of cost synergy realization, which is more second-half weighted.

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    Amit Mehrotra's questions to Carrier Global Corp (CARR) leadership • Q1 2025

    Question

    Amit Mehrotra from UBS asked for a breakdown of the revised Americas residential guidance into volume and price/mix. He also questioned the European outlook and sought commentary on the confidence in achieving the $3.60 EPS proxy target.

    Answer

    CEO David Gitlin confirmed the revised residential guidance includes contributions from both better-than-expected price and some volume. CFO Patrick Goris outlined the path to the $3.60 EPS target, citing the company's framework of 6-8% organic growth, 50+ bps of annual margin expansion, strong free cash flow for buybacks or M&A, and the potential monetization of a significant tax benefit to lower the effective tax rate.

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    Amit Mehrotra's questions to GE Vernova Inc (GEV) leadership

    Amit Mehrotra's questions to GE Vernova Inc (GEV) leadership • Q2 2025

    Question

    Amit Mehrotra inquired about the implications of the recent tax bill on the Power business, including potential impacts on permitting, and whether data centers are becoming a larger driver of growth.

    Answer

    CEO Scott Strazik stated that while it is still early, the tax bill has spurred an acceleration of customer activity in Wind, solar inverters, and grid equipment. He explained that this near-term renewables activity is also strengthening the long-term case for gas power for grid firming, leading to a growing pipeline for gas demand for deliveries in the 2029-2031 timeframe.

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    Amit Mehrotra's questions to GE Vernova Inc (GEV) leadership • Q2 2025

    Question

    Amit Mehrotra asked about the implications of the recent tax bill on the Power business, including any potential easing of permitting bottlenecks and whether data centers are becoming a larger part of the growth story.

    Answer

    CEO Scott Strazik stated that while it is still early, the company has seen an acceleration of customer activity in its Wind, solar inverter, and grid equipment businesses since the bill passed. He believes the legislation reinforces a 'more gas longer' theme, noting that the pipeline for gas power demand is growing for deliveries in the 2029-2031 timeframe as utilities plan for the long term.

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    Amit Mehrotra's questions to 3M Co (MMM) leadership

    Amit Mehrotra's questions to 3M Co (MMM) leadership • Q2 2025

    Question

    Amit Mehrotra of UBS Group AG requested an update on the PFAS litigation outlook following the New Jersey settlement and asked for an explanation for the implied second-half margin decline despite sequentially higher revenues.

    Answer

    CEO William Brown described the New Jersey settlement as a strategic move to reduce risk and noted that over 30 other state AG cases are being managed individually. CFO Anurag Maheshwari explained the second-half margin step-down is not due to weaker operations but is driven by the timing of tariff impacts (over 120 basis points), higher stranded costs, and a pickup in investments, which more than offset volume and productivity gains.

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    Amit Mehrotra's questions to 3M Co (MMM) leadership • Q1 2025

    Question

    Amit Mehrotra from UBS asked for guidance on the EPS cadence from Q1 to Q2, considering various factors like stock compensation timing and tariffs. He also questioned whether the current tariff environment presents an opportunity to accelerate the company's existing efficiency initiatives.

    Answer

    CFO Anurag Maheshwari provided a detailed EPS bridge, forecasting year-over-year EPS growth of $0.05 to $0.10 for Q2. CEO William Brown added that while the tariff situation forces a deeper, SKU-level analysis of the business that can uncover new opportunities, the company is primarily focused on executing its existing operational excellence game plan, which is already yielding results like the margin improvement seen in Q1.

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    Amit Mehrotra's questions to 3M Co (MMM) leadership • Q4 2024

    Question

    Amit Mehrotra asked about the sustainability of high incremental margins beyond 2025 and the rationale for a lower share buyback plan. He also inquired about the timeline for improving the low 80% OTIF rate in the Safety & Industrial (SIBG) business.

    Answer

    CFO Anurag Maheshwari deferred long-term margin framework questions to the upcoming Investor Day. CEO William Brown expressed urgency on improving SIBG's OTIF, stating he expects progress immediately with a goal to get closer to 90% this year. He noted SIBG's complexity but emphasized the team is laser-focused on making improvements, prioritizing operational execution within factories first.

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    Amit Mehrotra's questions to Eaton Corporation PLC (ETN) leadership

    Amit Mehrotra's questions to Eaton Corporation PLC (ETN) leadership • Q1 2025

    Question

    Amit Mehrotra asked if data center orders could reaccelerate due to the technology transition to higher-density racks like Blackwell. He also questioned if there is a content difference between retrofit and greenfield AI data centers and whether the Electrical Americas backlog is expected to grow this year.

    Answer

    President and COO Paulo Sternadt confirmed that higher rack power density directly benefits Eaton's business and will increase its dollar-per-megawatt content. While difficult to forecast quarterly orders, he pointed to the data center negotiation pipeline being up 18% sequentially as a strong positive indicator. Regarding the backlog, he stated the goal is for the book-to-bill ratio to remain above 1. CFO Olivier Leonetti added that the company's 15% CAGR forecast for the data center market is still intact.

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    Amit Mehrotra's questions to Honeywell International Inc (HON) leadership

    Amit Mehrotra's questions to Honeywell International Inc (HON) leadership • Q1 2025

    Question

    Amit Mehrotra asked for an update on the timing of the planned business separations and whether Aerospace margins could improve from Q1 levels. He also questioned if the raised Building Automation guidance now fully reflects its strong performance.

    Answer

    CEO Vimal Kapur stated the Advanced Materials spin is on track for Q4 2025/Q1 2026, with a specific date pending regulatory approvals, while it's early days for the Aerospace spin. He indicated Q1 Aero margins are representative for the year due to mix and integration costs. CFO Mike Stepniak noted the BA guidance was raised but remains prudent given macro uncertainty.

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    Amit Mehrotra's questions to Otis Worldwide Corp (OTIS) leadership

    Amit Mehrotra's questions to Otis Worldwide Corp (OTIS) leadership • Q1 2025

    Question

    Amit Mehrotra of UBS followed up on tariffs, asking if pricing actions were surcharges or permanent repricing. He also inquired about any signs of local retaliation against U.S. companies in China, the outlook for China order stabilization, and the drivers behind maintenance and repair pricing.

    Answer

    Chair, CEO and President Judy Marks stated that Otis is not seeing any targeted retaliation in China and confirmed that pricing actions are structural price increases, not temporary surcharges. She reiterated the expectation for the China new equipment market to stabilize in the second half of the year. CFO Cristina Mendez explained that maintenance pricing is around 2% due to softer inflation and that the muted 3% maintenance and repair growth was due to the timing of repair backlog conversion, which is expected to accelerate.

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    Amit Mehrotra's questions to Otis Worldwide Corp (OTIS) leadership • Q4 2024

    Question

    Amit Mehrotra questioned the structural impact on New Equipment margins from the pivot to Service and asked for the rationale behind the confidence in the China market stabilizing. He also asked about the disconnect between strong modernization orders and the more conservative 2025 revenue growth guidance.

    Answer

    Executive Judith Marks noted that while China's New Equipment market is more challenging, the focus is on improving profitability through service density and modernization, where margins now exceed New Equipment. Executive Cristina Mendez explained the modernization revenue guide is conservative due to the need to ramp up resources and clarified that while mod has lower margins than maintenance, it is a positive dollar contributor and its margins are improving.

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