Engineering a Cleaner, Healthier World

Strategic Acquisitions Today FY2024 FY2025-27 Build Acquisition Bolt-On Targets (Revenue: $25-100M) Strategic Targets (Revenue: $300-500M) Pipeline Ideal Targets ■ Enhance product portfolio اشا Financial Discipline ☐ Short-term focus on bolt-on targets ■ Broaden systems and service solutions in growth verticals ■ Reach new geographies Key target areas: - Heating - IAQ - Data Centers EV systems ☐ Longer-term focus on larger strategic targets Target inorganic growth of $400-$600M over next 5 years Free cash flow should provide debt capacity to fund larger transactions Covenants provide flexibility- would plan to rapidly reduce debt back to responsible leverage range Utilize 80/20 to drive synergies and extract value 24 24

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