Kepler Capital Maintained a Buy Rating on Genfit (GNFT)
The rating comes after the company released its mid-year update on its liquidity contract with Credit Industriel et Commercial. The company noted that as of June 30, 2025, there were 201,000 shares in the liquidity account along with €398,484.67 in cash in liquidity. Moreover, the company also released details about its trading activity, which shows 1,412,901 shares were bought, 1,419,301 shares were sold, with the number of buy and sell trades standing at 2,673 and 1,894, respectively.
A biotechnologist in a laboratory wearing a lab coat, preparing samples for a clinical trial.
Genfit S.A. (NASDAQ:GNFT) is a French biopharmaceutical company that develops treatments and diagnostic tools for rare and serious liver diseases.
While we acknowledge the potential of GNFT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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"Our performance continues to be led by Americas Commercial HVAC, with strong demand for our sustainable solutions across a broad base of highly complex projects. In the second quarter, orders for our bespoke applied solutions were up over 60 percent, adding to our backlog and our visibility to future equipment and services revenues. With our leading innovation, elevated backlog and strong financial position, we are confident in raising our full year revenue and EPS guidance and are well positioned to deliver differentiated shareholder value over the long term." Highlights from the Second Quarter of 2025 (all comparisons against second-quarter 2024 unless otherwise noted) Delivered strong revenue, operating income, EBITDA and EPS growth. Strong bookings of $5.6 billion, up 5 percent; organic bookings up 4 percent. Bookings strength led by Commercial HVAC up mid-teens, with a book-to bill greater than 100 percent in Commercial HVAC in all regions. 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The Americas segment encompasses commercial heating, cooling and ventilation systems, building controls and solutions, energy services and solutions, residential heating and cooling; and transport refrigeration systems and solutions. $, millions Q2 2025 Q2 2024 Y-O-Y Change Organic Y-O-Y Change Bookings $4,543.5 $4,221.9 8% 7% Net Revenues $4,692.3 $4,290.9 9% 9% GAAP Operating Income $1,052.5 $912.1 15% GAAP Operating Margin 22.4% 21.3% 110 bps Adjusted Operating Income $1,052.8 $903.9 16% Adjusted Operating Margin 22.4% 21.1% 130 bps Adjusted EBITDA $1,125.3 $978.2 15% Adjusted EBITDA Margin 24.0% 22.8% 120 bps Strong bookings of $4.5 billion, up 8 percent; organic bookings up 7 percent. Bookings strength led by Americas Commercial HVAC, up over 20 percent. Reported and organic revenues were both up 9 percent. GAAP operating margin was up 110 basis points, adjusted operating margin was up 130 basis points and adjusted EBITDA margin was up 120 basis points. Strong volume growth, positive price realization and productivity more than offset inflation. The Company also continued high levels of business reinvestment. Europe, Middle East and Africa (EMEA) Segment: innovates for customers in the Europe, Middle East and Africa region. The EMEA segment encompasses heating, cooling and ventilation systems, services and solutions for commercial buildings and transport refrigeration systems and solutions. $, millions Q2 2025 Q2 2024 Y-O-Y Change Organic Y-O-Y Change Bookings $704.7 $669.4 5% (2)% Net Revenues $707.9 $645.3 10% 3% GAAP Operating Income $122.7 $120.7 2% GAAP Operating Margin 17.3% 18.7% (140) bps Adjusted Operating Income $122.7 $121.0 1% Adjusted Operating Margin 17.3% 18.8% (150) bps Adjusted EBITDA $129.5 $131.0 (1)% Adjusted EBITDA Margin 18.3% 20.3% (200) bps Bookings were up 5 percent; organic bookings were down 2 percent. Reported revenues were up 10 percent including approximately 5 percentage points of positive foreign exchange impact and 2 percentage points related to acquisitions. Organic revenues were up 3 percent. GAAP operating margin was down 140 basis points; adjusted operating margin was down 150 basis points and adjusted EBITDA margin was down 200 basis points. Continued high levels of business reinvestment and inflation offset volume growth and productivity. Asia Pacific Segment: innovates for customers throughout the Asia Pacific region. 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Continued high levels of business reinvestment, lower volumes and inflation offset productivity. Balance Sheet and Cash Flow $, millions Q2 2025 Q2 2024 Y-O-Y Change Cash From Continuing Operating Activities Y-T-D $1,044 $959 $85 Free Cash Flow Y-T-D* $841 $810 $31 Working Capital/Revenue* 3.7% 4.2% (50 bps) Cash Balance June 30 $774 $1,326 ($552) Debt Balance June 30 $4,615 $5,268 ($653) Through June 30, 2025, cash flow from continuing operating activities was approximately $1 billion and free cash flow was $841 million. Year-to-date through July, the Company deployed or committed approximately $1.8 billion of capital including approximately $420 million for dividends, $275 million for M&A, $1 billion for share repurchases and $150 million for debt retirement. The Company expects to pay a competitive and growing dividend and to deploy 100 percent of excess cash to shareholders over time. Company Raises Full-Year 2025 Guidance The Company expects full-year 2025 reported revenue growth of approximately 9 percent, including 100 basis points related to acquisitions, and organic revenue growth of approximately 8 percent versus full-year 2024. The Company expects GAAP continuing EPS for full-year 2025 of approximately $13.30, including $0.25 for non-GAAP adjustments. The Company expects adjusted continuing EPS for full-year 2025 of approximately $13.05. Additional information regarding the Company's 2025 guidance is included in the Company's second-quarter earnings presentation found at in the Investor Relations section. This news release includes "forward-looking" statements within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our future financial performance and targets, including revenue, EPS, and earnings; our business operations; demand for our products and services, including bookings and backlog; capital deployment, including the amount and timing of our dividends, our share repurchase program, anticipated capital commitments for M&A activity, and our capital allocation strategy; our available liquidity; our anticipated revenue growth, and the performance of the markets in which we operate. 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, global economic conditions, including recessions and economic downturns, inflation, volatility in interest rates and foreign exchange; trade protection measures such as import or export restrictions, tariffs, or quotas; changing energy prices; worldwide geopolitical conflict; financial institution disruptions; climate change and our sustainability strategies and goals; future health care emergencies on our business, our suppliers and our customers; commodity shortages; price increases; government regulation; restructurings activity and cost savings associated with such activity; secular trends toward decarbonization, energy efficiency and internal air quality, the outcome of any litigation, including the risks and uncertainties associated with the Chapter 11 proceedings for our deconsolidated subsidiaries Aldrich Pump LLC and Murray Boiler LLC; cybersecurity risks; 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, 2024, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events and how they may affect the Company. We assume no obligation to update these forward-looking statements. This news release 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 and reconciliation to GAAP are attached to this news release. All amounts reported within the earnings release above related to net earnings (loss), earnings (loss) from continuing operations, earnings (loss) from discontinued operations, adjusted EBITDA and per share amounts are attributed to Trane Technologies' ordinary shareholders. Trane Technologies (NYSE:TT) is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. For more information, visit # # # 7/30/2025 (See Accompanying Tables) Table 1: Condensed Consolidated Income Statement Tables 2 - 5: Reconciliation of GAAP to Non-GAAP Table 6: Condensed Consolidated Balance Sheets Table 7: Condensed Consolidated Statement of Cash Flows Table 8: Balance Sheet Metrics and Free Cash Flow *Q2 and Year-to-Date Non-GAAP measures definitions Adjusted operating income in 2025 is defined as GAAP operating income adjusted for restructuring costs, merger and acquisition transaction costs, and a non-cash adjustment for contingent consideration. Adjusted operating income in 2024 is defined as GAAP operating income adjusted for restructuring costs, merger and acquisition transaction costs, legacy legal liability, and a non-cash adjustment for contingent consideration. Please refer to the reconciliation of GAAP to non-GAAP measures on tables 2, 3 and 4 of the news release. 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 2025 is defined as GAAP earnings from continuing operations attributable to Trane Technologies plc adjusted for net of tax impacts of restructuring costs, merger and acquisition transaction costs, and a non-cash adjustment for contingent consideration. Adjusted net earnings in 2024 is defined as GAAP earnings from continuing operations attributable to Trane Technologies plc adjusted for net of tax impacts of restructuring costs, merger and acquisition transaction costs, legacy legal liability, and a non-cash adjustment for contingent consideration. Please refer to the reconciliation of GAAP to non-GAAP measures on tables 2 and 3 of the news release. Adjusted continuing EPS in 2025 is defined as GAAP continuing operations attributable to Trane Technologies plc adjusted for net of tax impacts of restructuring costs, merger and acquisition transaction costs, and a non-cash adjustment for contingent consideration. Adjusted continuing EPS in 2024 is defined as GAAP continuing operations attributable to Trane Technologies plc adjusted for net of tax impacts of restructuring costs, merger and acquisition transaction costs, legacy legal liability, and a non-cash adjustment for contingent consideration. Please refer to the reconciliation of GAAP to non-GAAP measures on tables 2 and 3 of the news release. Adjusted EBITDA in 2025 is defined as adjusted operating income adjusted to exclude depreciation and amortization expense and include other income / (expense), net. Adjusted EBITDA in 2024 is defined as adjusted operating income adjusted to exclude depreciation and amortization expense and include other income / (expense), net. Other income / (expense), net mainly comprises interest income, foreign currency exchange gains and losses and certain components pension and postretirement benefit costs. Please refer to the reconciliation of GAAP to non-GAAP measures on tables 4 and 5 of the news release. Adjusted EBITDA margin is defined as the ratio of adjusted EBITDA divided by net revenues. Adjusted effective tax rate for 2025 is defined as the ratio of income tax expense adjusted for the net tax effect of adjustments for restructuring costs and merger and acquisition transaction costs divided by adjusted net earnings. Adjusted effective tax rate for 2024 is defined as the ratio of income tax expense adjusted for the net tax effect of adjustments for restructuring costs, merger and acquisition transaction costs, and legacy legal liability divided by adjusted net earnings. This measure allows for a direct comparison of the effective tax rate between periods. Free cash flow in 2025 is defined as net cash provided by (used in) continuing operating activities adjusted for capital expenditures, cash payments for restructuring costs, legacy legal liability, and merger and acquisition transaction costs. Free cash flow in 2024 is defined as net cash provided by (used in) continuing operating activities adjusted for capital expenditures, cash payments for restructuring costs, legacy legal liability, and merger and acquisition transaction costs. Please refer to the free cash flow reconciliation on table 8 of the news release. Operating leverage is defined as the ratio of the change in adjusted operating income for the current period (e.g. Q2 2025) less the prior period (e.g. Q2 2024), divided by the change in net revenues for the current period less the prior period. Organic revenue is defined as GAAP net revenues adjusted for the impact of currency and acquisitions. Organic bookings is defined as reported orders in the current period adjusted for the impact of currency and acquisitions. 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 payable and income tax payables. Working capital as a percent of revenue is calculated by dividing the working capital balance (e.g. as of June 30) by the annualized revenue for the period (e.g. reported revenues for the three months ended June 30 multiplied by 4 to annualize for a full year). The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). The following schedules provide non-GAAP financial information and a quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures calculated and reported in accordance with GAAP. The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to, financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may not be comparable to non-GAAP financial measures reported by other companies. We believe the non-GAAP financial information provides important supplemental information to both management and investors regarding financial and business trends used in assessing our financial condition and results of operations. Non-GAAP financial measures assist investors with analyzing our business results as well as with predicting future performance. In addition, these non-GAAP financial measures are also reviewed by management in order to evaluate the financial performance of each segment. Presentation of these non-GAAP financial measures helps investors and management to assess the operating performance of the Company. As a result, one should not consider these measures in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results. Table 1 TRANE TECHNOLOGIES PLC Condensed Consolidated Income Statement (In millions, except per share amounts) UNAUDITED For the quarter For the six months ended June 30, ended June 30, 2025 2024 2025 2024 Net revenues $ 5,746.4 $ 5,307.4 $ 10,434.9 $ 9,523.0 Cost of goods sold (3,585.8 ) (3,371.9 ) (6,596.8 ) (6,127.6 ) Selling and administrative expenses (996.4 ) (901.3 ) (1,855.0 ) (1,727.4 ) Operating income 1,164.2 1,034.2 1,983.1 1,668.0 Interest expense (57.4 ) (57.5 ) (115.5 ) (115.5 ) Other income/(expense), net (14.1 ) (4.1 ) (22.0 ) (29.2 ) Earnings before income taxes 1,092.7 972.6 1,845.6 1,523.3 Provision for income taxes (216.7 ) (205.8 ) (351.6 ) (311.3 ) Earnings from continuing operations 876.0 766.8 1,494.0 1,212.0 Discontinued operations, net of tax 2.9 (6.9 ) (6.0 ) (12.3 ) Net earnings 878.9 759.9 1,488.0 1,199.7 Less: Net earnings from continuing operations attributable to noncontrolling interests (4.1 ) (4.6 ) (8.3 ) (8.1 ) Net earnings attributable to Trane Technologies plc $ 874.8 $ 755.3 $ 1,479.7 $ 1,191.6 Amounts attributable to Trane Technologies plc ordinary shareholders: Continuing operations $ 871.9 $ 762.2 $ 1,485.7 $ 1,203.9 Discontinued operations 2.9 (6.9 ) (6.0 ) (12.3 ) Net earnings $ 874.8 $ 755.3 $ 1,479.7 $ 1,191.6 Diluted earnings (loss) per share attributable to Trane Technologies plc ordinary shareholders: Continuing operations $ 3.87 $ 3.33 $ 6.58 $ 5.25 Discontinued operations 0.02 (0.03 ) (0.03 ) (0.05 ) Net earnings $ 3.89 $ 3.30 $ 6.55 $ 5.20 Weighted-average number of common shares outstanding: Diluted 225.1 228.7 225.8 229.1 Table 2 TRANE TECHNOLOGIES PLC Reconciliation of GAAP to non-GAAP (In millions, except per share amounts) UNAUDITED For the quarter ended June 30, 2025 For the six months ended June 30, 2025 As As As As Reported Adjustments Adjusted Reported Adjustments Adjusted Net revenues $ 5,746.4 $ — $ 5,746.4 $ 10,434.9 $ — $ 10,434.9 Operating income 1,164.2 2.0 (a,b) 1,166.2 1,983.1 (57.2 ) (a,b,c) 1,925.9 Operating margin 20.3 % 20.3 % 19.0 % 18.5 % Earnings from continuing operations before income taxes 1,092.7 2.0 (a,b) 1,094.7 1,845.6 (57.2 ) (a,b,c) 1,788.4 Provision for income taxes (216.7 ) (0.5 ) (d) (217.2 ) (351.6 ) (1.0 ) (d) (352.6 ) Tax rate 19.8 % 19.8 % 19.1 % 19.7 % Earnings from continuing operations attributable to Trane Technologies plc $ 871.9 $ 1.5 (e) $ 873.4 $ 1,485.7 $ (58.2 ) (e) $ 1,427.5 Diluted earnings per common share Continuing operations $ 3.87 $ 0.01 $ 3.88 $ 6.58 $ (0.26 ) $ 6.32 Weighted-average number of common shares outstanding: Diluted 225.1 — 225.1 225.8 — 225.8 Detail of Adjustments: (a) Restructuring costs (COGS & SG&A) $ 1.3 $ 1.3 (b) M&A transaction costs (SG&A) 0.7 2.7 (c) Non-cash adjustment for contingent consideration (SG&A) — (61.2 ) (d) Tax impact of adjustments (a,b) (0.5 ) (1.0 ) (e) Impact of adjustments on earnings from continuing operations attributable to Trane Technologies plc $ 1.5 $ (58.2 ) Pre-tax impact of adjustments on cost of goods sold $ 0.2 $ 0.2 Pre-tax impact of adjustments on selling & administrative expenses 1.8 (57.4 ) Pre-tax impact of adjustments on operating income $ 2.0 $ (57.2 ) Table 3 TRANE TECHNOLOGIES PLC Reconciliation of GAAP to non-GAAP (In millions, except per share amounts) UNAUDITED For the quarter ended June 30, 2024 For the six months ended June 30, 2024 As As As As Reported Adjustments Adjusted Reported Adjustments Adjusted Net revenues $ 5,307.4 $ — $ 5,307.4 $ 9,523.0 $ — $ 9,523.0 Operating income 1,034.2 (7.1 ) (a,b,c,d) 1,027.1 1,668.0 (1.3 ) (a,b,c,d) 1,666.7 Operating margin 19.5 % 19.4 % 17.5 % 17.5 % Earnings from continuing operations before income taxes 972.6 (7.1 ) (a,b,c,d) 965.5 1,523.3 (1.3 ) (a,b,c,d) 1,522.0 Provision for income taxes (205.8 ) (0.3 ) (e) (206.1 ) (311.3 ) (1.7 ) (e) (313.0 ) Tax rate 21.2 % 21.3 % 20.4 % 20.6 % Earnings from continuing operations attributable to Trane Technologies plc $ 762.2 $ (7.4 ) (f) $ 754.8 $ 1,203.9 $ (3.0 ) (f) $ 1,200.9 Diluted earnings per common share Continuing operations $ 3.33 $ (0.03 ) $ 3.30 $ 5.25 $ (0.01 ) $ 5.24 Weighted-average number of common shares outstanding: Diluted 228.7 — 228.7 229.1 — 229.1 Detail of Adjustments: (a) Restructuring costs (COGS and SG&A) $ 0.8 $ 5.5 (b) Legacy legal liability (SG&A) 0.6 1.7 (c) M&A transaction costs (SG&A) 0.4 0.4 (d) Non-cash adjustment for contingent consideration (SG&A) (8.9 ) (8.9 ) (e) Tax impact of adjustments (a,b,c) (0.3 ) (1.7 ) (f) Impact of adjustments on earnings from continuing operations attributable to Trane Technologies plc $ (7.4 ) $ (3.0 ) Pre-tax impact of adjustments on cost of goods sold $ 0.6 $ 0.6 Pre-tax impact of adjustments on selling & administrative expenses (7.7 ) (1.9 ) Pre-tax impact of adjustments on operating income $ (7.1 ) $ (1.3 ) Table 4 TRANE TECHNOLOGIES PLC Reconciliation of GAAP to non-GAAP (In millions) UNAUDITED For the quarter ended June 30, 2025 For the quarter ended June 30, 2024 As Reported Margin As Reported Margin Americas Net revenues $ 4,692.3 $ 4,290.9 Segment operating income $ 1,052.5 22.4 % $ 912.1 21.3 % Restructuring/Other (a) 0.3 — % (8.2 ) (0.2 )% Adjusted operating income * 1,052.8 22.4 % 903.9 21.1 % Depreciation and amortization 76.3 1.7 % 76.5 1.8 % Other income/(expense), net (3.8 ) (0.1 )% (2.2 ) (0.1 )% Adjusted EBITDA * $ 1,125.3 24.0 % $ 978.2 22.8 % Europe, Middle East & Africa Net revenues $ 707.9 $ 645.3 Segment operating income $ 122.7 17.3 % $ 120.7 18.7 % Restructuring/Other (a) — — % 0.3 0.1 % Adjusted operating income * 122.7 17.3 % 121.0 18.8 % Depreciation and amortization 12.0 1.7 % 10.7 1.7 % Other income/(expense), net (5.2 ) (0.7 )% (0.7 ) (0.2 )% Adjusted EBITDA * $ 129.5 18.3 % $ 131.0 20.3 % Asia Pacific Net revenues $ 346.2 $ 371.2 Segment operating income $ 73.7 21.3 % $ 89.3 24.1 % Restructuring/Other (a) 1.0 0.3 % — — % Adjusted operating income * 74.7 21.6 % 89.3 24.1 % Depreciation and amortization 4.6 1.3 % 4.4 1.1 % Other income/(expense), net 1.5 0.4 % 1.1 0.3 % Adjusted EBITDA * $ 80.8 23.3 % $ 94.8 25.5 % Corporate Unallocated corporate expense $ (84.7 ) $ (87.9 ) Restructuring/Other (b) 0.7 0.8 Adjusted corporate expense * (84.0 ) (87.1 ) Depreciation and amortization 5.2 4.6 Other income/(expense), net (6.6 ) (2.3 ) Adjusted EBITDA * $ (85.4 ) $ (84.8 ) Total Company Net revenues $ 5,746.4 $ 5,307.4 Operating income $ 1,164.2 20.3 % $ 1,034.2 19.5 % Restructuring/Other (a,b) 2.0 — % (7.1 ) (0.1 )% Adjusted operating income * 1,166.2 20.3 % 1,027.1 19.4 % Depreciation and amortization 98.1 1.7 % 96.2 1.8 % Other income/(expense), net (14.1 ) (0.2 )% (4.1 ) (0.1 )% Adjusted EBITDA * $ 1,250.2 21.8 % $ 1,119.2 21.1 % *Represents a non-GAAP measure, refer to pages 5-6 in the Earnings Release for definitions. (a) Restructuring/Other in 2025 and 2024 includes restructuring amounts unless specified otherwise. Restructuring/Other within Americas in 2024 includes ($8.9) million of a non-cash adjustment for contingent consideration. (b) Restructuring/Other within Corporate in 2025 includes $0.7 million of M&A transaction costs. Restructuring/Other within Corporate in 2024 includes $0.6 million and $0.4 million of legacy legal liability and M&A transaction costs, respectively. Table 5 TRANE TECHNOLOGIES PLC Reconciliation of GAAP to non-GAAP (In millions) UNAUDITED For the quarter ended June 30, 2025 2024 Total Company Adjusted EBITDA * $ 1,250.2 $ 1,119.2 Less: items to reconcile adjusted EBITDA to net earnings attributable to Trane Technologies plc Depreciation and amortization (98.1 ) (96.2 ) Interest expense (57.4 ) (57.5 ) Provision for income taxes (216.7 ) (205.8 ) Restructuring costs (1.3 ) (0.8 ) M&A transaction costs (0.7 ) (0.4 ) Legacy legal liability — (0.6 ) Non-cash adjustment for contingent consideration — 8.9 Discontinued operations, net of tax 2.9 (6.9 ) Net earnings from continuing operations attributable to noncontrolling interests (4.1 ) (4.6 ) Net earnings attributable to Trane Technologies plc $ 874.8 $ 755.3 *Represents a non-GAAP measure, refer to pages 5-6 in the Earnings Release for definitions. Table 6 TRANE TECHNOLOGIES PLC Condensed Consolidated Balance Sheets (In millions) UNAUDITED June 30, December 31, 2025 2024 ASSETS Cash and cash equivalents $ 774.2 $ 1,590.1 Accounts and notes receivable, net 3,607.1 3,090.2 Inventories 2,361.0 1,971.5 Other current assets 763.9 686.0 Total current assets 7,506.2 7,337.8 Property, plant and equipment, net 2,177.5 2,024.5 Goodwill 6,446.1 6,127.9 Intangible assets, net 3,308.9 3,308.2 Other noncurrent assets 1,551.8 1,348.3 Total assets $ 20,990.5 $ 20,146.7 LIABILITIES AND EQUITY Accounts payable $ 2,528.6 $ 2,148.0 Accrued expenses and other current liabilities 3,576.1 3,468.7 Short-term borrowings and current maturities of long-term debt 694.6 452.2 Total current liabilities 6,799.3 6,068.9 Long-term debt 3,920.4 4,318.1 Other noncurrent liabilities 2,415.6 2,272.8 Total equity 7,855.2 7,486.9 Total liabilities and equity $ 20,990.5 $ 20,146.7 Table 7 TRANE TECHNOLOGIES PLC Condensed Consolidated Statement of Cash Flows (In millions) UNAUDITED For the six months ended June 30, 2025 2024 Operating Activities Earnings from continuing operations $ 1,494.0 $ 1,212.0 Depreciation and amortization 197.2 187.7 Changes in assets and liabilities and other non-cash items (647.7 ) (441.1 ) Net cash provided by (used in) continuing operating activities 1,043.5 958.6 Net cash provided by (used in) discontinued operating activities (11.9 ) (15.5 ) Net cash provided by (used in) operating activities 1,031.6 943.1 Investing Activities Capital expenditures, net (208.8 ) (156.7 ) Acquisition of businesses, net of cash acquired (275.5 ) (5.2 ) Purchases of short-term investments, net — (450.0 ) Other investing activities, net (1.7 ) (14.7 ) Net cash provided by (used in) investing activities (486.0 ) (626.6 ) Financing Activities Net proceeds from (payments of) debt (157.3 ) 491.0 Dividends paid to ordinary shareholders (420.0 ) (379.4 ) Repurchase of ordinary shares (879.6 ) (624.4 ) Other financing activities, net (24.0 ) 8.5 Net cash provided by (used in) financing activities (1,480.9 ) (504.3 ) Effect of exchange rate changes on cash and cash equivalents 119.4 (32.9 ) Net increase (decrease) in cash and cash equivalents (815.9 ) (220.7 ) Cash and cash equivalents - beginning of period 1,590.1 1,095.3 Cash and cash equivalents - end of period $ 774.2 $ 874.6 Table 8 TRANE TECHNOLOGIES PLC Balance Sheet Metrics and Free Cash Flow ($ in millions) UNAUDITED June 30, June 30, December 31, 2025 2024 2024 Net Receivables $ 3,607.1 $ 3,433.3 $ 3,090.2 Days Sales Outstanding 57.3 59.0 57.9 Net Inventory $ 2,361.0 $ 2,203.5 $ 1,971.5 Inventory Turns 6.1 6.1 6.4 Accounts Payable $ 2,528.6 $ 2,180.1 $ 2,148.0 Days Payable Outstanding 64.3 59.0 62.0 ------------------------------------------------------------------------------------------------------------------------------------------------------- Six months ended Six months ended June 30, 2025 June 30, 2024 Net cash flow provided by continuing operating activities $ 1,043.5 $ 958.6 Capital expenditures (208.8 ) (156.7 ) Cash payments for restructuring 2.0 5.9 Legacy legal liability 0.6 1.7 M&A transaction costs 4.1 0.6 Free cash flow * $ 841.4 $ 810.1 *Represents a non-GAAP measure, refer to pages 5-6 in the Earnings Release for definitions. View source version on Contacts Media:Travis Bullard919-802-2593Media@ Investors:Zac Nagle704-990-3913InvestorRelations@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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2025 Accommodation Barometer: UK Sector Resilient, Yet Pressed on Talent and Digital Fronts
AMSTERDAM, July 30, 2025 /PRNewswire/ -- A new set of reports from Statista, produced in partnership with sheds light on key developments shaping Europe's accommodation sector — from evolving skills requirements and investment patterns to diverging national outlooks and the uneven pace of digital transformation. UK hoteliers report a stable and optimistic outlook for 2025, with just over half experiencing positive economic development in recent months. Only 4% feel pessimistic about the upcoming six months. UK accommodations' hiring appetite is low compared to neighbours in Europe, with salary expectations seen as a key recruitment challenge. While AI's potential is recognised, barriers like costs and integration difficulties persist. As tourism-related levy proposals crop up across the UK, most accommodations anticipate little impact on occupancy, but one in five expect a negative effect. Chain accommodation providers tend to report greater optimism and investment intent than independent businesses. "This year's data from the UK points to two pressing challenges: a widening skills gap and uneven digital progress," said Thomas Hinton, Data Journalist at Statista. "Nearly half of respondents cite difficulties hiring qualified staff. Meanwhile, while AI is making inroads in some areas, broader adoption remains limited — often due to cost or technical hurdles." About the Barometer: The European Accommodation Barometer 2025 — in its fifth edition — draws on survey responses from more than 1,000 hoteliers across the continent. It combines a comprehensive Europe-wide report in English with 14 country-specific editions, available in local languages, for Austria, Croatia, France, Germany, Greece, Ireland, Italy, the Netherlands, Nordics, Poland, Portugal, Spain, Switzerland, and the UK. All reports are available for free download from the Statista website. Click here to view picture. Shanhong Liu Senior Editorial Researcher & Project Manager Phone: +49 40 284 841 791 View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
