Overview Key strengths Key risks Recurring service activity which results in relatively stable end-market demand. Competitive original equipment market dominated by large, capable incumbents. Solid market position and engineering expertise as one of four global OEMs, with the largest service portfolio. Narrow product range compared with large industrial manufacturing peers. Well-balanced geographic mix. Exposure to weakness in China?s residential property development market. Strong free cash flow. This segment generates 85% of Otis Worldwide Corp. ?s operating income before corporate expenses. We expect its performance will be stable through downturns in new equipment activity as it was during the 2008 financial crisis and COVID-19 pandemic. The segment benefits from service contracts that average about four years. Furthermore, the number of elevators
