OTIS REPORTS SECOND QUARTER 2026 RESULTS

Otis delivers organic Service sales growth of 9% matching the highest level since spin with strong double-digit growth in modernization and repair and accelerating maintenance trends Second quarter 2026 Net sales up 7% and organic sales up 6%, driven by Service net sales up 11% with organic sales up 9%, and New Equipment net sales flat with organic sales down (1)%, improving sequentially GAAP operating profit up $28 million and adjusted operating profit down $25 million Modernization orders up 9% at constant currency, backlog up 24%, 26% at constant currency Operating cash flow of $267 million; adjusted free cash flow of $290 million Share repurchases of approximately $400 million First half 2026 Net sales up 7% and organic sales up 4%, driven by Service net sales up 11% with organic sales up 7% GAAP operating profit up $156 million and adjusted operating profit down $35 million Operating cash flow of $680 million; adjusted free cash flow of $562 million Share repurchases of approximately $800 million

Otis Worldwide Corporation (NYSE: OTIS) reported second quarter 2026 net sales of $3.9 billion with organic sales up 6% versus the prior year. GAAP earnings per share (EPS) increased 13% to $1.12 and adjusted EPS decreased 4% to $1.01.

"Otis delivered a solid quarter, with net sales up 7%, supported by growth across all Service lines and sequential improvement in New Equipment trends. Our strategy, actions and investments in Service quality are gaining traction as evidenced by double-digit growth in both modernization and repair sales with maintenance growth also accelerating, contributing to Service sales growth that matched the highest level achieved since spin," said Chair, CEO & President Judy Marks.

Judy Marks continued, "As we look to the second half of the year and take a measured approach to our outlook, we remain confident in the durability of our Service-led growth model. We are continuing to invest in our strategic priorities including Service quality, pricing initiatives, and the application of digital technology with a focus on front-line operating excellence and strong execution across the globe. This Service-driven strategy reinforces our conviction in the long-term growth potential of the business and our ability to deliver sustainable value creation for shareholders over time."

Key Figures Quarter Ended June 30, Six Months Ended June 30, (dollars in millions, except per share amounts) 2026 2025 Y/Y Y/Y (CFX) 2026 2025 Y/Y Y/Y (CFX) Net sales $ 3,859 $ 3,595 7 % 6 % $ 7,425 $ 6,945 7 % 4 % Organic sales growth 6 % 4 % GAAP Operating profit $ 575 $ 547 $ 28 $ 1,114 $ 958 $ 156 Operating profit margin 14.9 % 15.2 % (30) bps 15.0 % 13.8 % 120 bps Net income $ 428 $ 393 9 % $ 768 $ 636 21 % Earnings per share $ 1.12 $ 0.99 13 % $ 1.99 $ 1.60 24 % Adjusted non-GAAP comparison Operating profit $ 587 $ 612 $ (25) $ (32) $ 1,137 $ 1,172 $ (35) $ (70) Operating profit margin 15.2 % 17.0 % (180) bps 15.3 % 16.9 % (160) bps Net income $ 389 $ 416 (6) % $ 736 $ 784 (6) % Earnings per share $ 1.01 $ 1.05 (4) % $ 1.90 $ 1.97 (4) %

Second quarter net sales of $3.9 billion, increased 7% versus the prior year, driven by Service sales with growth in all lines of business. Second quarter GAAP operating profit of $575 million increased $28 million driven primarily by the absence of UpLift transformation costs, separation-related adjustments, and other non-recurring items in the prior year. Adjusted operating profit of $587 m...