Joseph (Unidentified Analyst)'s questions to Lennox International Inc (LII) leadership • Q2 2025
Question
An analyst named Joseph asked for a comparison of volume performance between the independent distribution channel and the direct dealer network. He also sought to clarify the underlying residential volume assumption for H2, excluding the pre-buy impact, and asked about the potential for positive mix in 2026.
Answer
CFO Michael Quenzer responded that total revenue in the two-step (independent) channel was up about 10%, while the one-step (direct) channel was about flat. CEO Alok Maskara confirmed the analyst's thinking that underlying H2 volume, excluding the pre-buy comp, is expected to be down only slightly. Maskara also affirmed that product mix should be a positive tailwind in 2026 as the portfolio fully transitions to 100% R-454B products.