#1Investor Presentation December 2021 TRANE TECHNOLOGIES#2Safe Harbor This presentation includes "forward-looking statements" which are statements that are not historical facts, including statements that relate to our future performance, statements relating to the continued impact of the COVID-19 global pandemic, capital deployment including the amount and timing of our dividends, our share repurchase program including the amount of shares to be repurchased and the timing of such repurchases and our capital allocation strategy including acquisitions (if any); our projected free cash flow and usage of such cash; our available liquidity; performance of the markets in which we operate; restructuring activity and cost savings associated with such activity; our projected financial performance and targets including assumptions regarding our effective tax rate. 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, the impact of the global COVID-19 pandemic on our business, our suppliers and our customers, global economic conditions taking into account the global COVID-19 pandemic, disruption and volatility in the financial markets due to the COVID-19 pandemic, improvement in market conditions (if any) with global vaccine administration, supply chain constraints, the outcome of any litigation, the outcome of the Chapter 11 proceedings for our deconsolidated subsidiaries Aldrich Pump LLC and Murray Boiler LLC, demand for our products and services, 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, 2020, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-looking statements. This presentation also includes non-GAAP financial information which should be considered supplemental to, not a substitute for, or superior to, the financial measure calculated in accordance with GAAP. The definitions of our non-GAAP financial information are included as an appendix in our presentation and reconciliations can be found in our earnings releases for the relevant periods located on our website at www.tranetechnologies.com. Unless otherwise indicated, all data beyond the third quarter of 2021 are estimates. TRANE TECHNOLOGIES 2#3CLEAR PRIORITIES Focused Strategy Delivers Differentiated Shareholder Returns 1 Win Through Sustainable + Innovation 2 Grow Margins and Cash Via Execution Excellence + 3 Maximize Value As Focused Climate Co. до + 4 Continue With Dynamic Capital Allocation Д Strong operating system and performance culture Strong Foundation Powerful cash flow Uplifting culture - integrity, ingenuity, community & engagement TRANE TECHNOLOGIES 3#4TRANE TECHNOLOGIES TODAY Pure-Play Climate Control Business with Leading Brands and Market Positions; High Aftermarket Mix Regional Segments Franchise Brands Americas Total $12.5B Sales APAC EMEA Revenue Streams 67% Equipment 33% Aftermarket All figures are FY 2020 historical information restated to reflect Ingersoll Rand Industrial segment in discontinued operations. Commercial HVAC TRANE Transport Refrigeration THERMO KING Residential HVAC TRANE American Standard HEATING & AIR CONDITIONING TRANE TECHNOLOGIES 4#5SUSTAINABILITY LEADER Global Megatrends Continue to Intensify – Demanding Bold Action Heating and Cooling Buildings Global emissions from heating / cooling buildings* - Food Loss Global emissions come from food loss / waste* 15% + 10% = GHG Emissions Combined share of global emissions 25% Source: Project Drawdown and BCG TRANE TECHNOLOGIES 5#6SUSTAINABILITY LEADER Uniquely Positioned with Innovative Solutions to Lead a Movement to Reduce GHG Emissions Business as Usual % Global Carbon Emissions (CO₂e) from Heating and Cooling Buildings and Food Loss ~25% ~35% Today 2030 Key Actions We are Taking Delivery on the Gigaton Challenge ✓ Accelerating clean technologies ✓ Addressing system energy efficiency ✓ Reducing food loss from cold chain ✓ Transitioning out of high GWP refrigerants Like minded companies to join movement Reduce customer carbon footprint by 1 GIGATON of CO2e (1 billion metric tons) by 2030 Bending the Curve % Global Carbon Emissions (CO2e) from Heating and Cooling Buildings and Food Loss TRANE Today TECHNOLOGIES 2030 1 TAYAYAYAYAYAYAYAYAY ZZZZ ZAYAYAYAY 6#7SUSTAINABILITY LEADER Our Sustainability Purpose Yields Benefits Beyond CO2e Reduction SOCIAL BENEFITS Defines Our Culture LUIS FINANCIAL BENEFITS Focuses Business Priorities Generates uplifting culture that builds. engagement and empowers people Drives innovative solutions More targeted investments Simplifies business model Creates purpose driven performance Fosters employee retention and safety Increases speed and agility Improves productivity and execution More value to shareholders, customers and employees TRANE TECHNOLOGIES 7#8SUSTAINABILITY LEADER Highly Regarded ESG Performance MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM Corporate Knights FTSE4Good WEG 11 Years Listed on North America Index #26 On Corporate Knights Top 100 Global Most Sustainable Corporations 61% Higher score than industrial machinery average Gold Medal Winner 35th annual award for International Achievement in Sustainable Development A- CDP DISCLOSURE INSIGHT ACTION FORTUNE WORLD'S MOST ADMIRED COMPANIES SUSTAINALYTICS Reuters Climate Change disclosure submitted 10+ consecutive years 9 Years Listed on most admired companies list Top Decile Globally Identified as "Industry Leader" Global Recognition for Sustainability • Financial Times • Reuters Responsible Business Award 2021 for Business Transformation Financial Times Climate Leaders 2021 TRANE TECHNOLOGIES 8#9SUSTAINABILITY LEADER Purpose Alignment Drives Uplifting Culture PARADIGM FOR PARITY ONE TEN To Forbes Great Place Work Certified FORTUNE 2020 BEST WORKPLACES IN MANUFACTURING AND PRODUCTION™ 2021 1st in our industry to sign on to Paradigm for Parity - A Call to Action for Gender Equality Founding Member Coalition to hire 1 million Black Americans Best Employer Awards • • Forbes America's Best Employers for Diversity for 3rd Consecutive year Forbes World's Best Employers 2021 Forbes World's Best Employers for Women 2021 Fortune and Great Places to Work® 2021 Best Workplaces in Manufacturing and Production CEO ACTION FOR DIVERSITY & INCLUSION Joined 150 of America's leading CEOs in a pledge to diversity and inclusion in the workplace Employee Engagement Top Quartile of all companies TRANE TECHNOLOGIES 9#10The New Trane Technologies: Reimagined to Unlock Our Full Potential 1 Sustainability innovation fuels our growth 2 Exceptional performance maximizes our margins 3 Structural transformation unlocks our potential Customer-focused innovation 100% tied to sustainability secular mega trends Relentlessly focused on leaning out processes and driving excellent execution Redesigned to maximize our value as a pure-play climate focused innovator → Trane Technologies Reimagined: Streamlined, Customer-Focused Climate Innovator TRANE TECHNOLOGIES 10#11TRANE TECHNOLOGIES REIMAGINED Uniquely Positioned as IPO-like Climate Innovator with Proven Expertise Essence of a Startup Credibility of a Market Leader Purpose-driven alignment Fit for purpose organizational design Strategic choice budgeting Built for speed + Long track record of execution Trusted industry & technical expertise Deep customer relationships Strong performance culture. TRANE TECHNOLOGIES 11#12TRANE TECHNOLOGIES REIMAGINED Why Pure Play Matters? – Purpose Drives Performance 1 World class climate innovator relentlessly reinvesting to bend the curve on climate change 2 Lean-based, customer-focused model 3 Increased speed and agility in the marketplace 4 Strong competitive position with full spectrum of product and service capabilities 5 Global reach provides scale to deliver next generation technologies through unequaled channel expertise 100% focus on sustainability drives differentiated results for shareholders TRANE TECHNOLOGIES 12#13TRANE TECHNOLOGIES REIMAGINED Business Transformation Delivers $300M in Cost Savings by 2023 to Fund Continued Market Outgrowth With 25% Sustainable Leverage High Performance Flywheel 1 Increased reinvestment in innovation Sustainable Operating Leverage Improvement 25% + 4 Sustainable leverage (25% plus) & margin improvement 3 Improved cost structure 2 Above market growth profile 16% 2017-2019 Actual* Transformational Model Note: Information as of November 3, 2021 NOT AN UPDATE OR REAFFIRMATION --- Operating leverage calculated based on change in historical Climate segment adjusted operating income less adjusted unallocated corporate costs divided by change in Climate segment revenues, TRANE TECHNOLOGIES 13#14INNOVATION Megatrends are Powerful Drivers of Growth and Accelerate Need for Innovative Trane Technologies' Solutions Continuing Megatrends Accelerating Megatrends Climate Change Urbanization Resource Scarcity Demographics Indoor Environmental Quality Digital Connectedness Driving Sustainability Accelerating need for innovative climate sustainability solutions Trane Technologies Innovation Advantage Leader in innovative climate solutions at nexus of environmental sustainability and impact TRANE TECHNOLOGIES 14#15Proven Business Operating System Delivers Results 1 Business Operating System Aligns resources for customer value 2 Empowers people to solve problems • Results World class sales, service capabilities offerings Sustained market outgrowth Margin expansion • Continuous improvement and sustainable performance 4 Accelerates profitable growth 3 Embeds sustainability in our operations TRANE TECHNOLOGIES 15#16CULTURE OF PERFORMANCE EXCELLENCE Driving Sustained Growth and Operating Margin Improvement 2017-2020 13% $12 -4% 11% +110 bps Revenue* $9 CAGR Adj. Op. ($B) Inc. 9% $6 Margin + 7% $3 2017 2018 2019 2020 5% 2017 2018 2019 2020 18% 160% 16% 120% FCF % of Avg. = 116% +110 Adjusted bps 14% Adj. Net 80% EBITDA Earnings** Margin* 40% 12% 0% 2017 2018 2019 2020 10% 2017 2018 2019 2020 2017, 2018, 2019 and 2020 historical information restated to reflect Ingersoll Rand Industrial segment in discontinued operations ** 2017 and 2018 free cash flow conversion history based on pre-RMT transaction consolidated Ingersoll Rand financial statements † 2018, 2019 and 2020 historical information restated to reflect Ingersoll Rand Industrial segment in discontinued operations. 2017 calculated based on historical Climate segment adj. op. inc. less adj. unallocated corporate costs divided by Climate segment revenues TRANE TECHNOLOGIES 16#17CULTURE OF PERFORMANCE EXCELLENCE Long Track Record of Disciplined and Balanced Capital Deployment (2016 to 2020) M&A ~$2.2B on 25 acquisitions as of January 2021 Dividends ~12% CAGR dividend per share. Long history of growing dividend. CAPEX Capex lite business model ~1.6% of revenue ~26% ~25% $8.8B* ~13% -36% Share Repurchase ~$3.2 billion on share repurchases * Historical information based on pre-RMT transaction consolidated Ingersoll Rand financial statements through 2019; 2020 reflects Trane Technologies. TRANE TECHNOLOGIES 17#18Secular Tailwinds Sustainability Focused Innovation Margin Expansion Financial Strength IN SUMMARY Positioned to Outperform. Consistently. The markets we serve will continue to outgrow GDP fueled by long-term sustainability megatrends We are positioned to outgrow the market and expand margins with market-leading sustainable innovations Our execution excellence and transformational work position us to maximize margins and cash generation Our strong balance sheet, exceptional cash generation and balanced capital allocation strategy deliver significant value to shareholders 18#19Non-GAAP Measures Definitions Adjusted operating income in 2021 is defined as GAAP operating income plus restructuring costs, transformation costs and M&A transaction costs. Adjusted operating income 2020 is defined as GAAP operating income plus restructuring costs and transformation costs. Adjusted operating income in 2019, 2018 and 2017 is defined as GAAP operating income plus restructuring costs. Adjusted operating margin is defined as the ratio of adjusted operating income divided by net revenues. Adjusted earnings from continuing operations attributable to Trane Technologies plc (adjusted net earnings) is defined as GAAP earnings from continuing operations attributable to Trane Technologies plc plus/minus certain adjustments applicable to each respective year such as restructuring costs, transformation costs, gain on M&A transaction, M&A transaction costs and charges related to certain entities deconsolidated under Chapter 11, net of tax impacts, legacy legal liability adjustment, gain from deconsolidation of certain entities under Chapter 11, debt redemption premium and related charges, net of tax impacts as well as separation-related tax costs, tax reform/tax legislation adjustments and other U.S. and Non-U.S. discrete non-cash tax adjustments. Adjusted EBITDA in 2021 is defined as adjusted operating income plus depreciation and amortization expense plus or minus other income / (expense), net plus charges related to certain entities deconsolidated under Chapter 11. Adjusted EBITDA in 2020 is defined as adjusted operating income plus depreciation and amortization expense plus or minus other income / (expense), net. Adjusted EBITDA in 2019, 2018 and 2017 is defined as adjusted operating income plus depreciation and amortization expense plus or minus other income / (expense), net. Adjusted EBITDA margin is defined as the ratio of adjusted EBITDA divided by net revenues. Free cash flow is defined as net cash provided by (used in) continuing operating activities, less capital expenditures, plus cash payments for restructuring costs and transformation costs. Operating leverage is defined as the ratio of the change in adjusted operating income for the current period (e.g. 2020) less the prior period (e.g. 2019), divided by the change in net revenues for the current period less the prior period. TRANE TECHNOLOGIES 19#20Third-Quarter 2021 Results November 3, 2021 TRANE TECHNOLOGIES#21CLEAR PRIORITIES Focused Strategy Delivers Differentiated Shareholder Returns 1 Win Through Sustainable + Innovation 2 Grow Margins and Cash Via Execution Excellence + 3 Maximize Value As Focused Climate Co. до + 4 Continue With Dynamic Capital Allocation Д Strong operating system and performance culture Strong Foundation Powerful cash flow Uplifting culture - integrity, ingenuity, community & engagement TRANE TECHNOLOGIES#22Q3 2021 UPDATE Solid Execution in Challenging Environment - 2021 Guidance Unchanged; Bookings / Backlog Support Strong Positioning for 2022 FY 2021 revenue, EPS, FCF guidance unchanged Continuing to target top-quartile adj. EPS growth in FY 2021 • • Underlying demand remains robust w/ Q3 bookings up 20% plus in Americas and EMEA; >10% in Asia Tight supply chain pushing ~$150M in revs from Q3; Expect ~$50M to ~$75M to ship in Q4, balance in 2022 Well-positioned for strong 2022 performance with robust bookings and record backlog. Q3 ending backlog of ~$5B, up ~$2B (70+%) from year-end 2020 Strong execution of business operating system against backdrop of continued tight supply chain and persistent inflation 3Q21 YOY price realization of~$150M (+4.3%) offsetting ~$150M inflation Transformation self-help savings helping to mitigate challenging operating environment On track for $90M incremental savings in 2021 supporting significant business reinvestment in leading innovation and growth programs On track to deliver ~30% incremental margins FY 2021 Powerful FCF, financial position, liquidity and balance sheet optionality support balanced capital allocation strategy in 2021 • On track to deliver FCF => 100% of earnings Deployed $1.8B YTD; expect $2.5B plus in 2021 Purpose-driven sustainability strategy remains focused on long-term secular tailwinds towards sustainability megatrends Leader in addressing sustainability challenges, delivering top-tier financial performance Note: Information as of November 3, 2021 --- NOT AN UPDATE OR REAFFIRMATION * Includes certain Non-GAAP financial measures. See the company's Q3 2021 earnings release for additional details and reconciliations. TRANE HNOLOGIE 22#23INITIAL 2022 OUTLOOK Record Backlogs, Secular Megatrends & Continued Economic Recovery Support Strong 2022 Outlook Record Backlogs, Strong Price Realization and Cost Savings Entering 2022 • Backlog up 70%+ in Americas, EMEA, ~20% up in Asia Pacific • Continued strong price realization driven by innovation, business operating system • Transformation savings driving high levels of business reinvestment, innovation Strong Secular Megatrends Aligned with Sustainability Strategy Decarbonization of built environment still in early stages and accelerating • Indoor air quality momentum continues • U.S. education upgrade stimulus Global Economic Recovery Continues • Non-residential markets improving with ABI over 50 for several months; cont'd recovery in office, hospitality and other verticals • Transport refrigeration industry outlook remains strong in both North America and Europe with continued growth in 2022 and 2023 Material inflation, tight labor markets, constrained supply chain and logistics systems to be actively managed Note: Information as of November 3, 2021 - NOT AN UPDATE OR REAFFIRMATION --- TRANE TECHNOLOGIES 23#24Q3 2021 ORGANIC BOOKINGS AND REVENUES Robust Bookings w/ Broad-Based Growth in All Segments / Businesses; ~$150M in Revenues Impacted by Tight Supply Chain Q3 Organic Y-O-Y Change Bookings Revenue + 20% + 4% Enterprise flat + Americas + 20% + 4% Commercial HVAC + + Residential HVAC Transport + + EMEA + 25% Commercial HVAC + Transport + Asia Pacific Commercial HVAC Transport + 8% flat + Americas CHVAC bookings up 30+% vs down LSD comp PY; Revs up MSD led by HSD svcs rev growth; Equip revs up LSD; IAQ demand remains healthy • Res HVAC bookings up LSD and revs flat on tough PY comps (30+% / high-teens, respectively); Record backlog entering Q4 Transport bookings up 20+%; reflects orders for 1Q 2022, 2021 shipments largely in backlog; revs up low to mid-teens, YTD bookings up 80+%, YTD revs up 30+%, outpacing transport end mkts • Americas - record backlog entering Q4 EMEA • • CHVAC bookings strong; Revs flat on strong HSD svcs revs growth Transport bookings strong; Revs up high-teens; YTD bookings up 50+%, YTD revs up 20+%, outpacing transport end mkts EMEA record backlog entering Q4 Asia Pacific + 11% + 1% + + + • Note: Information as of November 3, 2021 ⚫ CHVAC bookings up low-teens; Revs up LSD led by China growth • Transport bookings up MSD and revs down MSD COVID-19 pandemic remains a challenge in the region overall • Asia Pacific- record backlog entering Q4 - NOT AN UPDATE OR REAFFIRMATION *Organic bookings and organic revenues exclude acquisitions and currency TRANE TECHNOLOGIES#25ENTERPRISE Strong Price Execution Drives Organic Revenue Growth, Offsetting Persistent Inflation Net Revenue +4% Adj. EBITDA %* Adj. Operating Margin* Adj. Continuing EPS* Organic -70 bps -60 +5% bps +6%. $3,720 18.7% 18.0% 16.7% $1.80 16.1% $3,496 $1.72 Q3 '20 Q3'21 Org rev growth driven by strong price execution (+~$150M) to offset (+$150M) inflation HSD org svcs rev growth; LSD org equip rev growth; Q3 revs impacted by timing of shipments (~$150M) Q3 '20 Q3 '21 Q3 '20 Q3 '21 Q3 '20 Q3 '21 Positive price / cost offset supply-chain-challenged productivity / other inflation and continued high levels of business reinvestment in innovation, technology, productivity income Primarily driven by higher op Effective tax rate of ~19%, up 80bps YOY *Includes certain Non-GAAP financial measures. See the company's Q3 2021 earnings release for additional details and reconciliations. TRANE TECHNOLOGIES#26Q3 2021 SEGMENT RESULTS Strong Pricing Execution Drives Organic Revenue Growth in Challenging Environment $M Asia Pacific EMEA Americas Revenue Org. Growth Adj. EBITDA% vs PY Adj. 01% vs PY $2,910 +4% $495 +8% 19.5% 17.4% -70 bps -80 bps 20.1% +40 bps 18.5% +120 bps Highlights Strong price, productivity and cost controls offset inflation and supply chain inefficiencies while maintaining high levels of business reinvestment IAQ full systems approach (services, controls, equipment), innovation driving strong demand Strong execution / productivity / price / volume / cost controls drive margin expansion Electrification of heat/transport new product launches driving strong demand $315 +1% 18.2% -100 bps 17.1% • Rev growth across mixed end markets Price cost challenging near term -80 bps • FY 2021 margin expansion on track Note: Information as of November 3, 2021. --- * NOT AN UPDATE OR REAFFIRMATION * Includes certain Non-GAAP financial measures. See the company's Q3 2021 earnings release for additional details and reconciliations. TRANE TECHNOLOGIES#27Q3 2021 SEGMENT RESULTS Improving End Markets, Strong Underlying Growth; Tight Supply Chain Strengthening 2022/23 Tailwinds Americas EMEA Asia Pacific Commercial HVAC • Strong backlog exiting Q3 supporting Q4 outlook, strengthening visibility into 2022 and confidence in underlying end-market conditions • End markets improving; ABI > 50 for several months • Data center / warehouse remain strong; education / healthcare demand growing; well-positioned to take advantage of education stimulus spending • IAQ demand strong for systems-focused solutions; IAQ remains long-term tailwind (~2% tailwind in 2021) Residential HVAC • Markets / demand remain strong, delivered historically high revs in Q3; record backlog entering Q4 • Continuing to meet customer demand while ramping capacity Transport Strong revenue growth during 3Q21; weighted average mkt growth outlook remains strong, ~14% in 2021 • 2021 industry trailer production near max capacity; ACT forecasts upswing into 2022 (+18%) / 2023 (+14%) • Economic conditions improving broadly across region • ⚫ CHVAC continued underlying demand for innovative, sustainability-focused products and services; expect further improving markets with increased vaccination rates • Transport growth expected to continue through 2021 w/ strong low-teens weighted avg mkt growth; IHS forecasting modest Europe trailer growth in 2022 and 2023 ⚫ China vertical markets mixed with cont'd strength in data center, electronics, pharma and healthcare • • Rest of Asia outlook remains mixed, low vaccination rates, partial lockdowns in some countries driving continued challenges / uncertainty Note: Information as of November 3, 2021 NOT AN UPDATE OR REAFFIRMATION --- TRANE TECHNOLOGIES#282021 GUIDANCE UPDATE Leveraging Value Creation Framework to Outgrow Improving Markets to Deliver Top-Quartile EPS Growth Organic Revenues Adj. EPS w/ M&A & FX Unchanged FY Guidance + ~11% (Up 12.5% w/M&A) (Up-13.5% w/ M&A & FX) ~$6.05* ($5.95 Organic) • • • Commentary FY21 outlook unchanged Q4 revs supported by record backlog Modest shift in timing of revs between Q3 and Q4 / 2022 (~$150M in revs shifted from Q3; Expect -$50M to ~$75M to ship in Q4, balance in 2022) Cont'd strong pricing offsetting inflation Operating Leverage Organic 30%+ Free Cash Flow = /> Adj. Net Earnings See slide 38 for detailed guidance for modeling purposes Note: Information as of November 3, 2021. NOT AN UPDATE OR REAFFIRMATION * --- Includes certain Non-GAAP financial measures. See the company's Q3 2021 earnings release for additional details and reconciliations. TRANE TECHNOLOGIES 28 28#29TRANSFORMATION SAVINGS On Track to Deliver ~$300M Total Transformation Savings by 2023; Fueling Innovation / Investments Across Portfolio Transformation Savings Stranded Cost Target at RMT Current Target ~$300M¹ ~$240M -$190M ~$100M ~$100M ~$40M On track to deliver ~$90M incremental savings in 2021 after delivering stranded / fixed cost take-out of $100M in 2020; 2021 total = ~$190M ~$300M transformation savings adds fuel to high- performance flywheel 4 High Performance Flywheel Sustainable leverage (25% plus) & margin improvement 1 Increased reinvestment in innovation 2 Above market growth profile 2020 2021 2020 2021 2022 2023 3 Improved cost structure Note: Information as of November 3, 2021 NOT AN UPDATE OR REAFFIRMATION --- 1. Expenses Related to Achieving Cost Reductions $100M - $150M through 2021; ~$11M spent in Q3; ~$122M cumulative 2020 and YTD 2021 TRANE TECHNOLOGIES#30Strong FCF Drives Continued Balanced Capital Deployment Strategy 1 Invest for Growth 2 Maintain Healthy, Efficient Balance Sheet 3 Return Capital to Shareholders • • Strengthen the core business and extend product & market leadership Invest in new technology and innovation Fully invest in strategic, value- accretive M&A · • Expect to deliver FCF ≥ 100% of adjusted net earnings Strengthening balance sheet Strong BBB investment grade rating offers optionality as markets evolve • . Expect to consistently deploy 100% of excess cash over time Pay competitive dividend and grow dividend at or above rate of earnings growth over time Repurchase shares with excess cash when intrinsic value provides high returns * Includes certain Non-GAAP financial measures. See the company's Q3 2021 earnings release for additional details and reconciliations. TRANE TECHNOLOGIES#312021 BALANCED CAPITAL DEPLOYMENT Expect to Deploy At Least $2.5B in Balanced Capital Allocation in FY 2021; ~$1.8B Deployed YTD Balanced Capital Deployment FY 2021 Outlook - Balanced capital deployment of $1.8B YTD; well-positioned to deploy a minimum $2.5B in FY 2021 M&A pipeline remains active (channel and technology) Farrar Scientific closed mid-October Shares remain attractive, trading below intrinsic value YTD* 2021 FY 2021 Dividends** $0.4B ~$0.6B Acquisitions and investments $0.4B ~$1.5B+ Share repurchases • $0.6B Debt retirement $0.4B -$0.4B Total Capital Deployed -$1.8B ~$2.5B+ * YTD capital deployment through November 3, 2021 ** Quarterly dividend increased in 2021 by 11% to $2.36 per share annualized Note: Information as of November 3, 2021 --- NOT AN UPDATE OR REAFFIRMATION TRANE TECHNOLOGIES 31#32Topics of Interest TRANE TECHNOLOGIES#33TOPICS OF INTEREST EMEA Transport Markets Strengthening, North America Transport Markets Remain Strong in 2021 N.A. and EMEA Market Results / Forecast 2020 Transport N.A. Market Results Trailer/Truck/ APU wtd avg -33% 2020 Transport EMEA Market Results Trailer / Truck wtd avg -23% 2021 Transport N.A. Market Outlook* Trailer/Truck/ APU wtd avg +17% (-15 pts**) 2021 Transport EMEA Market Outlook Trailer / Truck wtd avg +16% (+6 pts**) • N.A. and EMEA 2021 Strong Market Outlook EMEA Stronger / N.A. Timing Shifting to 2022 & 2023 Trailer/Truck/APU: ~2/3rds of Total Transport Revenue • N.A. growth estimates up ~17%; EMEA growth estimates up ~16% Marine/Bus/Rail/Air/Aftermarket ("all other"): ~1/3rd of Total Transport Revenue • N.A. and EMEA wtd avg. growth estimates up -7.5% (unchanged) Total 2021 Transport: Truck/Trailer/APU/Marine/Bus/Rail/Air Americas** weighted avg. growth est. +14% (-10 pts**) EMEA ** weighted avg. growth est. +12% (+3 pts **) Diversified Americas / EMEA transport business outperformed end-markets in 2020; Continued outperformance in 2021 Source: ACT/IHS / Company Estimates *Includes 2021 N.A. Trailer build fcst downward revision to 38K from 43.6K (up 18% vs. 2020 current from up 35% vs. 2020 prior) Note: Information as of November 3, 2021- NOT AN UPDATE OR REAFFIRMATION --- ** Change vs 2Q21 earnings market outlook (August 4, 2021) *** Americas and EMEA represent ~50% and -40% of global Transport revenues, respectively TRANE TECHNOLOGIES#34TOPICS OF INTEREST Transport Growth Outlook: ACT / IHS Projecting Continued Growth into 2022/23 50 40 30 20 10 North America Trailer Market Outlook 0 2015 2016 2017 2018 2019 2020 2021 2022* 2023* N.A. Trailer Build -9 yr Avg * Forecast shown in grey Source: ACT Note: Information as of November 3, 2021. N.A. / EMEA Strong Market Outlook into 2022/23 Underlying transport refrigeration demand remains strong 2021 N.A. OEM build capacity constrained for trailer/truck/APU Underlying demand pushing out to 2022 / 23. • ACT N.A. Trailer 2022/23 outlook strong, +18% and +14%, respectively ACT N.A. Truck/APU forecasts also strong; projecting double-digit growth in 2022/23 IHS forecasts modest Europe Trailer growth in 2022/23 Diversified Americas / EMEA transport businesses poised to outperform end-markets w/ cont'd innovation / execution --- NOT AN UPDATE OR REAFFIRMATION TRANE TECHNOLOGIES#35Secular Tailwinds Sustainability Focused Innovation Margin Expansion Financial Strength IN SUMMARY Positioned to Outperform. Consistently. The markets we serve will continue to outgrow GDP fueled by long-term sustainability megatrends We are positioned to outgrow the market and expand margins with market-leading sustainable innovations Our execution excellence and transformational work position us to maximize margins and cash generation Our strong balance sheet, exceptional cash generation and balanced capital allocation strategy deliver significant value to shareholders 35 55#36Appendix#372021 GUIDANCE UPDATE Detailed Guidance for Modeling Purposes FY 2021 Revenue Adj. EPS Organic + -11% ~$5.95 Acquisitions ~1.5% ~$0.05 • . Commentary ~30+% FY organic leverage; modest shift in timing of revs between Q3 and Q4/2022; ~$150M revs shifted from Q3; ~$50M to ~$75M to ship Q4, balance in 2022 ~5% Ol contribution in year 1; impact of integration costs FX ~1.0% Combined* +~13.5% ~$0.05 -$6.05 • FX revs expected to leverage at translational Ol% (~13% in 2020) Note: Information as of November 3, 2021. --- NOT AN UPDATE OR REAFFIRMATION Other Items ~$240M Corporate Costs (unchanged) . ~$240M Interest Expense (unchanged) -19% to 20% Adj. Eff. Tax Rate (unchanged) • ~241M Diluted Shares (unchanged) ~$75M in transformation and other restructuring costs (unchanged and excluded from adj. EPS)** *Includes certain Non-GAAP financial measures. See the company's Q3 2021 earnings release for additional details and reconciliations. **Supports initiatives to deliver ~$300M in annualized savings by 2023 (3X initial $100M RMT stranded cost reduction target) TRANE TECHNOLOGIES#382030 SUSTAINABILITY COMMITMENTS Trane Technologies Core Sustainability Strategy: Challenge Possible Global Megatrends Our Commitments CLIMATE CHANGE DEMOGRAPHICS URBANIZATION DIGITAL CONNECTEDNESS RESOURCE SCARCITY INDOOR AIR QUALITY (IAQ) The Gigaton Challenge Reducing one gigaton of carbon emissions (CO₂e) from our customers' footprint by 2030 Leading by Example Achieving carbon neutral operations, 10% absolute energy reduction, zero waste to landfill and net positive water Material Issues to Focus Our Efforts Supply Chain Responsible sourcing Operations Emissions intensity Renewable energy Products and Services Energy efficiency Low-emission products Supplier diversity Technology & innovation Emerging market innovations Water usage Heating electrified Product life cycle Employees Diversity and inclusion Ethics and integrity Safety Development Engagement Opportunity for All Creating gender parity in leadership, workforce diversity, investing in STEM education Communities Access to cooling Food and wellness Education Workforce development Governance Board oversight Financial performance Public policy Decent Work Industry, Sustainable Targets Align with Global Priorities 2 Zero Hunger Quality Education 5 Gender Equality 6 Clean Water 7 & Sanitation Affordable & Clean Energy & Economic Growth 9 Innovation & 11 Cities & Infrastructure Communities Responsible 12 Consumption & Production 13 Climate Action Sss ☐ ☐ SUSTAINABLE DEVELOPMENT GOALS "C We have more than 37,000 amazing, talented people around the world who are aligned to a singular purpose - to boldly challenge what's possible for a sustainable world. - DAVE REGNERY, CEO TRANE TECHNOLOGIES#39Q3 Organic Bookings Up 20% Y-O-Y; Organic Revenues Up 4% Organic* Bookings 2019 2020 2021 Q1 Q2 Q3 Q4 FY Q1 Q2 Americas EMEA -2% -4% +2% -9% +0% -2% -1% -3% -7% -3% +11% -2% Q3 -5% +8% +2% Q4 FY Q1 +4% +36% +29% +20% Q2 Q3 Asia Pacific +0% -6% +3% -5% -2% Total -3% -4% +2% -6% -3% +6% -20% +6% +9% -17% -2% -5% +2% -7% +7% +3% -3% +18% +53% +25% -6% +14% +12% +11% +2% +31% +30% +20% Organic* 2019 2020 2021 Revenue Q1 Q2 Americas EMEA Asia Pacific Total +12% +7% +1% -3% +3% +2% +0% -4% +10% +5% +8% Q3 +10% Q4 FY Q1 Q2 Q3 Q4 +9% +10% +1% +1% -1% -1% +7% +7% FY -2% -13% +2% +1% -3% +9% +19% +4% -3% -15% -6% -6% -8% +12% +28% +8% -34% -5% -2% -6% -11% +34% +2% +1% -5% -13% +50bps -1% -5% +11% +18% Q1 Q2 Q3 +4% TRANE *Organic revenues and bookings exclude acquisitions and currency TECHNOLOGIES#40Q3 Non-GAAP Measures Definitions Organic bookings is defined as reported orders in the current period adjusted for the impact of currency and acquisitions. Organic revenue is defined as GAAP net revenues adjusted for the impact of currency and acquisitions Adjusted operating income in 2021 is defined as GAAP operating income plus restructuring costs, transformation costs and M&A transaction costs. Adjusted operating income 2020 is defined as GAAP operating income plus restructuring costs and transformation costs. Adjusted operating margin is defined as the ratio of adjusted operating income divided by net revenues. Adjusted earnings from continuing operations attributable to Trane Technologies plc (adjusted net earnings) in 2021 is defined as GAAP earnings from continuing operations attributable to Trane Technologies plc plus restructuring costs, transformation costs, M&A transaction costs and charges related to certain entities deconsolidated under Chapter 11, net of tax impacts. Adjusted net earnings in 2020 is defined as GAAP earnings from continuing operations attributable to Trane Technologies plc plus restructuring costs and transformation costs, net of tax impacts Adjusted continuing EPS in 2021 is defined as GAAP continuing EPS plus restructuring costs, transformation costs, M&A transaction costs and charges related to certain entities deconsolidated under Chapter 11, net of tax impacts. Adjusted continuing EPS in 2020 is defined as GAAP continuing EPS plus restructuring costs and transformation costs, net of tax impacts. Adjusted EBITDA in 2021 is defined as adjusted operating income plus depreciation and amortization expense plus or minus other income/ (expense), net plus charges related to certain entities deconsolidated under Chapter 11. Adjusted EBITDA in 2020 is defined as adjusted operating income plus depreciation and amortization expense plus or minus other income / (expense), net. Adjusted EBITDA margin is defined as the ratio of adjusted EBITDA divided by net revenues. TRANE TECHNOLOGIES#41Q3 Non-GAAP Measures Definitions Free cash flow in 2021 and 2020 is defined as net cash provided by (used in) continuing operating activities, less capital expenditures, plus cash payments for restructuring costs and transformation costs. Working capital measures a firm's operating liquidity position and its overall effectiveness in managing the enterprise's current accounts. • Working capital is calculated by adding net accounts and notes receivables and inventories and subtracting total current liabilities that exclude short-term debt, dividend payables and income tax payables. Working capital as a percent of revenue is calculated by dividing the working capital balance (e.g. as of September 30) by the annualized revenue for the period (e.g. reported revenues for the three months ended September 30 multiplied by 4 to annualize for a full year). Adjusted effective tax rate for 2021 is defined as the ratio of income tax expense less the net tax effect of adjustments for restructuring costs, transformation costs, M&A transaction costs and charges related to certain entities deconsolidated under Chapter 11 divided by earnings from continuing operations before income taxes plus restructuring costs, transformation costs, M&A transaction costs and charges related to certain entities deconsolidated under Chapter 11. Adjusted effective tax rate for 2020 is defined as the ratio of income tax expense less the net tax effect of adjustments for restructuring costs and transformation costs divided by earnings from continuing operations before income taxes plus restructuring costs and transformation costs. This measure allows for a direct comparison of the effective tax rate between periods. Operating leverage is defined as the ratio of the change in adjusted operating income for the current period (e.g. Q3 2021) less the prior period (e.g. Q3 2020), divided by the change in net revenues for the current period less the prior period. TRANE TECHNOLOGIES