This report does not constitute a rating action. What?s new : Carrier Global?s first-quarter revenues increased 2.4% compared with a year ago, at $21.8 billion for the 12-months-ended March 31, 2026. The increase was mainly because of foreign currency translations, which helped offset modest organic sales declines. At the same time, its S&P Global Ratings-adjusted EBITDA margins declined to around 15% for the trailing 12 months ended March 31, 2026, compared with 17.5% the year prior. This followed lower volumes in higher-margin businesses, particularly residential volumes within Climate Solutions Americas segment. The company affirmed its guidance and expects some improvement in performance in the second half of 2026 largely because of aftermarket and data center sales growth, which should offset
