OTIS REPORTS FIRST QUARTER 2025 RESULTS

Otis delivers mid-single digit organic Service sales growth and strong Service operating profit margin expansion Service net sales up 1% with organic sales up 4% GAAP operating profit margin down 350 bps, adjusted operating profit margin up 40 bps GAAP EPS down 29% and adjusted EPS up 5% Maintenance portfolio units up 4% Modernization orders up 12%, backlog up 13%, up 14% at constant currency GAAP cash flow from operations of $190 million; adjusted free cash flow of $186 million Share repurchases of approximately $250 million , /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) reported first quarter 2025 net sales of $3.3 billion with organic sales flat versus the prior year. GAAP earnings per share (EPS) decreased 29% to $0.61 and adjusted EPS increased 5% to $0.92. "Otis delivered solid performance supported by the strength of our Service segment, which contributed mid-single digit organic sales growth and 40 basis points of operating profit margin expansion. We continued to execute our modernization strategy with orders up 12% leading to a mid-teens backlog growth that sets us up well for the rest of the year. We also grew our industry leading maintenance portfolio 4% again this quarter," said Chair, CEO & President Judy Marks. "With this strong performance, confidence in our strategy, and commitment to creating value for our shareholders, yesterday we announced a dividend increase for the fifth consecutive year." Key Figures ($ millions, except per share amounts) Quarter Ended March 31, 2025 2024 Y/Y Y/Y (CFX) Net sales $ 3,350 $ 3,437 (3) % — % Organic sales growth — % GAAP Operating profit $ 411 $ 544 $ (133) Operating profit margin 12.3 % 15.8 % (350) bps Net income $ 243 $ 353 (31) % Earnings per share $ 0.61 $ 0.86 (29) % Adjusted non-GAAP comparison Operating profit $ 560 $ 561 $ (1) $ 15 Operating profit margin 16.7 % 16.3 % 40 bps Net income $ 368 $ 361 2 % Earnings per share $ 0.92 $ 0.88 5 % First quarter net sales of $3.3 billion decreased 3% versus the prior year, driven primarily by New Equipment in China. First quarter GAAP operating profit of $411 million decreased $133 million driven by UpLift transformation costs, separation-related adjustments, and other non-recurring items. Adjusted operating profit of $560 million decreased $1 million at actual currency and increased $15 million at constant currency, driven by Service. GAAP operating profit margin contracted 350 basis points to 12.3% and adjusted operating profit margin expanded 40 basis points to 16.7%, driven by favorable segment mix and favorable segment performance partially offset by headwinds in corporate costs. GAAP EPS of $0.61 decreased 29% compared to the prior year driven by UpLift transformation costs, separation-related adjustments, and other non-recurring items. Adjusted EPS of $0.92 increased 5% due to solid operational performance and a lower share count, partially offset by FX headwind. Service Quarter Ended March 31, ($ millions) 2025 2024 Y/Y Y/Y (CFX) Net sales $ 2,187 $ 2,157 1 % 4 % Organic sales 4 % Segment operating profit $ 537 $ 523 $ 14 $ 29 Segment operating profit margin 24.6 % 24.2 % 40 bps In the first quarter, net sales of $2.2 billion increased 1%, with a 4% increase in organic sales. Organic maintenance and repair sales increased 3% and organic modernization sales increased 10%. Segment operating profit of $537 million increased $14 million at actual currency and $29 million at constant currency due to higher volume, favorable pricing and productivity, partially offset by inflationary pressures including higher labor and higher material costs, and mix. Segment operating profit margin expanded 40 basis points to 24.6%. New Equipment Quarter Ended March 31, ($ millions) 2025 2024 Y/Y Y/Y (CFX) Net sales $ 1,163 $ 1,280 (9) % (6) % Organic sales (7) % Segment operating profit $ 66 $ 71 $ (5) $ (4) Segment operating profit margin 5.7 % 5.5 % 20 bps In the first quarter, net sales of $1.2 billion decreased 9% versus the prior year, with approximately 10% organic growth in Asia Pacific and mid-single digit organic sales growth in EMEA more than offset by a greater than 20% decline in China and a high-single digit decline in the Americas. Segment operating profit of $66 million decreased $5 million at actual currency and $4 million at constant currency from the impacts of lower volume and unfavorable mix, partially offset by productivity and commodity tailwinds. Pricing was relatively flat. Segment operating profit margin expanded 20 basis points to 5.7%. New Equipment orders were down 1% at constant currency with greater than 20% growth in Asia Pacific and mid-teens growth in the Americas offset by a greater than 20% decline in China and a mid-single digit decline in EMEA. New Equipment backlog decreased 4% at actual currency and decreased 3% at constant currency. Cash flow Quarter Ended March 31, ($ millions) 2025 2024 Y/Y Cash flow from operations $ 190 $ 171 $ 19 Free cash flow $ 156 $ 140 $ 16 Adjusted free cash flow $ 186 $ 155 $ 31 First quarter cash flow changes were driven by a benefit from changes in working capital offset by a decrease in net income. 2025 Outlook1 Otis is revising its full year outlook: Net sales of $14.6 to $14.8 billion, up 3 to 4% Organic sales up 2 to 4% Organic New Equipment sales down 1 to 4% Organic Service sales up 5 to 7% Adjusted operating profit of $2.4 to $2.5 billion, up $105 to $135 million at constant currency excluding ($75) to ($45) million of tariff impact, up $55 to $105 million at actual currency including the tariff impact Adjusted EPS of $4.00 to $4.10, up 4 to 7%; adjusted effective tax rate of approximately 24.8% Adjusted free cash flow of approximately $1.6 billion 1 Note: When we provide outlook for organic sales, adjusted operating profit, adjusted EPS, adjusted effective tax rate and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See "Use and Definitions of Non-GAAP Financial Measures" below for additional information. About OtisOtis is the world's leading elevator and escalator manufacturing, installation and service company. We move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, Instagram, and Facebook @OtisElevatorCo. Use and Definitions of Non-GAAP Financial Measures Otis Worldwide Corporation ("Otis") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures (referenced in this press release) to the corresponding amounts prepared in accordance with GAAP appears in the attached tables. These tables provide additional information as to the items and amounts that have been excluded from the adjusted measures. Below are our non-GAAP financial measures: Non-GAAP measure Definition Organic sales Represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a non-recurring and/or nonoperational nature ("other significant items"). Management believes organic sales is a useful measure in providing period-to-period comparisons of the results of the Company's ongoing operational performance. Adjusted selling, general and administrative ("SG&A") expense Represents SG&A expense (a GAAP measure), excluding restructuring costs and other significant items. Adjusted operating profit Represents income from continuing operations (a GAAP measure), excluding restructuring costs and other significant items. Adjusted net interest expense Represents net interest expense (a GAAP measure), adjusted for the impacts of non-recurring acquisition related financing costs and related net interest expense pending the completion of a transaction and other significant items. Adjusted noncontrolling interest in earnings Represents noncontrolling interest in earnings (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects. Adjusted net income Represents net income attributable to Otis Worldwide Corporation (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects. Adjusted earnings per share ("EPS") Represents diluted earnings per share attributable to common shareholders (a GAAP measure), adjusted for the per share impact of restructuring and other significant items, including related tax effects. Adjusted effective tax rate Represents the effective tax rate (a GAAP measure) adjusted for other significant items and the tax impact of restructuring costs and other significant items. Constant currency GAAP financial results include the impact of changes in foreign currency exchange rates ("AFX"). We use the non-GAAP measure "at constant currency" or "CFX" to show changes in our financial results without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, income statement results are translated in U.S. dollars at the average exchange rate for the period presented. Management believes that this non-GAAP measure is useful in providing period-to-period comparisons of the results of the Company's ongoing operational performance. Free cash flow Represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Otis' ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP. Adjusted free cash flow Represents cash flow from operations (a GAAP measure) less capital expenditures, adjusted to exclude certain items management believes affect the comparability of operating results. Management believes adjusted free cash flow is a useful measure of liquidity that provides investors additional information regarding the Company's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Adjusted free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP. Management believes that organic sales, adjusted SG&A expense, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted EPS and the adjusted effective tax rate are useful measures in providing period-to-period comparisons of the results of the Company's ongoing operational performance. When we provide our expectations for adjusted net sales, organic sales, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted effective tax rate, adjusted EPS, free cash flow and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected diluted EPS from continuing operations, operating profit, the effective tax rate, net sales and expected cash flow from operations) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. Cautionary Statement This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for Otis' future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "medium-term," "near-term," "confident," "goals" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, dividends, share repurchases, tax rates, research & development spend, restructuring or transformation actions (including UpLift and related reorganization and outsourcing activities and China), credit ratings, net indebtedness and other measures of financial performance or potential future plans, strategies or transactions, or statements that relate to climate change and our intent to achieve certain environmental, social and governance targets or goals, including operational impacts and costs associated therewith, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, Otis claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate and any changes therein, including financial market conditions, fluctuations in commodity prices and other inflationary pressures, interest rates and foreign currency exchange rates, levels of end market demand in construction, pandemic health issues, natural disasters, whether as a result of climate change or otherwise, and the financial condition of Otis' customers and suppliers; (2) the effect of changes in political conditions in the U.S. and in other countries in which Otis and its businesses operate, including increasing tensions between the U.S. and China, on general market conditions, commodity costs, global trade policies and related sanctions, export controls and tariffs, and currency exchange rates in the near term and beyond; (3) the effect of geopolitical conflicts, including the effect of the on-going conflict between Russia and Ukraine and conflicts in the Middle East; (4) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (5) future levels of indebtedness, capital spending and research and development spending; (6) future availability of credit and factors that may affect such availability or costs thereof, including credit market conditions and Otis' capital structure; (7) the timing and scope of future repurchases of Otis' common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (8) fluctuations in prices and delays and disruption in delivery of materials and services from suppliers, whether as a result of changes in general economic conditions, geopolitical conflicts or otherwise; (9) cost reduction or containment actions, restructuring or transformation costs and related savings and other consequences thereof, including with respect to UpLift and China and related impacts of reorganization and outsourcing activities and change management, as applicable; (10) new business and investment opportunities; (11) the outcome of legal proceedings, investigations and other contingencies; (12) pension plan assumptions and future contributions; (13) the impact of the negotiation of collective bargaining agreements and labor disputes, labor actions, including strikes or work stoppages, and labor inflation in the markets in which Otis and its businesses operate globally; (14) the effect of changes in tax, environmental, regulatory (including among other things import/export, tariffs, climate change or other ESG-related legal and regulatory changes) and other laws and regulations in the U.S., including in connection with the new administration's policies and priorities, and other countries in which Otis and its businesses operate; (15) the ability of Otis to retain and hire key personnel; (16) the scope, nature, impact or timing of acquisition and divestiture activity, the integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; (17) the determination by the Internal Revenue Service (the "IRS") and other tax authorities that the distribution or certain related transactions should be treated as taxable transactions in connection with the separation (the "Separation") of Otis and Carrier Global Corporation ("Carrier") from United Technologies Corporation (now known as RTX Corporation ("RTX"); and (18) our obligations and disputes that have or may hereafter arise under the agreements we entered into with RTX and Carrier in connection with the Separation. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see Otis' registration statement on Form 10 and the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Otis Worldwide Corporation Condensed Consolidated Statements of Operations Quarter Ended March 31, (Unaudited) (dollars in millions, except per share amounts; shares in millions) 2025 2024 Net Sales $ 3,350 $ 3,437 Costs and Expenses: Cost of products and services sold 2,349 2,409 Research and development 37 36 Selling, general and administrative 464 462 Total Costs and Expenses 2,850 2,907 Other income (expense), net (89) 14 Operating profit 411 544 Non-service pension cost (benefit) — — Interest expense (income), net 45 44 Net income before income taxes 366 500 Income tax expense (benefit) 110 126 Net income 256 374 Less: Noncontrolling interest in subsidiaries' earnings 13 21 Net income attributable to Otis Worldwide Corporation $ 243 $ 353 Earnings Per Share of Common Stock: Basic $ 0.61 $ 0.87 Diluted $ 0.61 $ 0.86 Weighted Average Number of Shares Outstanding: Basic shares 396.6 405.2 Diluted Shares 399.1 408.1 Otis Worldwide Corporation Reconciliation of Reported (GAAP) to Adjusted Operating Profit & Operating Profit Margin Quarter Ended March 31, (Unaudited) (dollars in millions) 2025 2024 Net Sales New Equipment $ 1,163 $ 1,280 Service 2,187 2,157 Total Net Sales $ 3,350 $ 3,437 Operating Profit New Equipment $ 66 $ 71 Service 537 523 Total segment operating profit 603 594 Corporate and Unallocated (192) (50) Total Otis GAAP Operating Profit 411 544 UpLift restructuring 20 1 Other restructuring 23 19 UpLift transformation costs 23 12 Separation-related adjustments 1 52 (15) Litigation-related settlement costs 2 21 — Held for sale impairment 10 — Total Otis Adjusted Operating Profit $ 560 $ 561 Reported Total Operating Profit Margin 12.3 % 15.8 % Adjusted Total Operating Profit Margin 16.7 % 16.3 % 1 Separation-related adjustments in the quarter ended March 31, 2025 represent estimated amounts due to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement, including those amounts related to a favorable ruling received in August 2024 regarding a tax litigation in Germany. 2 Litigation-related settlement costs in the quarter ended March 31, 2025 represent the aggregate amount of settlement costs and increase in loss contingency accruals, excluding legal costs, for certain legal matters that are outside of the ordinary course of business due to the size, complexity and/or unique facts of these matters. Otis Worldwide Corporation Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Net Income, Earnings Per Share, and Effective Tax Rate Quarter Ended March 31, (Unaudited) (dollars in millions, except per share amounts) 2025 2024 Adjusted Operating Profit $ 560 $ 561 Adjusted net interest expense 1 46 44 Adjusted income from operations before income taxes 514 517 Income tax expense (benefit) 110 126 Tax impact on restructuring and non-recurring items 21 9 Adjusted net income from operations 383 382 Adjusted noncontrolling interest 2 15 21 Adjusted net income attributable to common shareholders $ 368 $ 361 GAAP net income attributable to common shareholders $ 243 $ 353 UpLift restructuring 20 1 Other restructuring 23 19 UpLift transformation costs 23 12 Separation-related adjustments 52 (15) Litigation-related settlement costs 21 — Held for sale impairment 10 — Interest income related to non-recurring tax items 1 (1) — Tax effects of restructuring, non-recurring items and other adjustments (21) (9) Other, net 2 (2) — Adjusted net income attributable to common shareholders $ 368 $ 361 Diluted Earnings Per Share $ 0.61 $ 0.86 Impact to diluted earnings per share 0.31 0.02 Adjusted Earnings Per Share $ 0.92 $ 0.88 Effective Tax Rate 30.1 % 25.2 % Impact of adjustments on effective tax rate (4.5) % 0.8 % Adjusted Effective Tax Rate 25.6 % 26.0 % 1 In August 2024, we received a favorable ruling regarding a tax litigation in Germany. As a result, income tax benefits and related interest income were recorded in 2024. Net interest expense is reflected as adjusted without $1 million of interest income for the quarter ended March 31, 2025. 2 Noncontrolling interest is reflected as adjusted without $2 million of the noncontrolling interest share of Other restructuring for the quarter ended March 31, 2025. Otis Worldwide Corporation Components of Changes in Net Sales Quarter Ended March 31, 2025 Compared with Quarter Ended March 31, 2024 Factors Contributing to Total % Change in Net Sales Organic FX Translation Acquisitions / Divestitures, net and Other Total New Equipment (7) % (3) % 1 % (9) % Service 4 % (3) % — % 1 % Maintenance and Repair 3 % (3) % — % — % Modernization 10 % (3) % — % 7 % Total Net Sales — % (3) % — % (3) % Components of Changes in New Equipment Backlog March 31, 2025 Y/Y Growth % New Equipment Backlog increase at actual currency (4) % Foreign exchange impact to New Equipment Backlog 1 % New Equipment Backlog increase at constant currency (3) % Components of Changes in Modernization Backlog March 31, 2025 Y/Y Growth % Modernization Backlog increase at actual currency 13 % Foreign exchange impact to Modernization Backlog 1 % Modernization Backlog increase at constant currency 14 % Otis Worldwide Corporation Reconciliation of Segment and Total Adjusted Operating Profit at Constant Currency Quarter Ended March 31, 2025 Compared with Quarter Ended March 31, 2024 (dollars in millions) 2025 2024 Y/Y New Equipment Segment Operating Profit $ 66 $ 71 $ (5) Impact of foreign exchange 1 — 1 Segment Operating Profit at constant currency $ 67 $ 71 $ (4) Service Segment Operating Profit $ 537 $ 523 $ 14 Impact of foreign exchange 15 — 15 Segment Operating Profit at constant currency $ 552 $ 523 $ 29 Otis Consolidated Adjusted Operating Profit $ 560 $ 561 $ (1) Impact of foreign exchange 16 — 16 Adjusted Operating Profit at constant currency $ 576 $ 561 $ 15 Otis Worldwide Corporation Condensed Consolidated Balance Sheet March 31, 2025 December 31, 2024 (dollars in millions) (Unaudited) Assets Cash and cash equivalents $ 1,918 $ 2,300 Accounts receivable, net 3,570 3,428 Contract assets 690 706 Inventories 586 557 Other current assets 671 679 Total Current Assets 7,435 7,670 Future income tax benefits 305 302 Fixed assets, net 708 701 Operating lease right-of-use assets 456 422 Intangible assets, net 326 311 Goodwill 1,588 1,548 Other assets 360 362 Total Assets $ 11,178 $ 11,316 Liabilities and Equity (Deficit) Short-term borrowings and current portion of long-term debt $ 1,483 $ 1,351 Accounts payable 1,618 1,879 Accrued liabilities 1,921 1,921 Contract liabilities 2,870 2,598 Total Current Liabilities 7,892 7,749 Long-term debt 6,923 6,973 Future pension and postretirement benefit obligations 432 434 Operating lease liabilities 319 298 Future income tax obligations 217 207 Other long-term liabilities 386 383 Total Liabilities 16,169 16,044 Redeemable noncontrolling interest 62 57 Shareholders' Equity (Deficit): Common Stock and additional paid-in capital 278 265 Treasury Stock (3,646) (3,390) Accumulated deficit (889) (978) Accumulated other comprehensive income (loss) (871) (745) Total Shareholders' Equity (Deficit) (5,128) (4,848) Noncontrolling interest 75 63 Total Equity (Deficit) (5,053) (4,785) Total Liabilities and Equity (Deficit) $ 11,178 $ 11,316 Otis Worldwide Corporation Condensed Consolidated Statement of Cash Flows Quarter Ended March 31, (Unaudited) (dollars in millions) 2025 2024 Operating Activities: Net income from operations $ 256 $ 374 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization 42 44 Deferred income tax expense (benefit) — 16 Stock compensation cost 21 16 Change in: Accounts receivable, net (104) (162) Contract assets and liabilities, current 260 275 Inventories (18) 9 Other current assets (2) (24) Accounts payable (281) (217) Accrued liabilities 12 (142) Pension contributions (18) (12) Other operating activities, net 22 (6) Net cash flows provided by (used in) operating activities 190 171 Investing Activities: Capital expenditures (34) (31) Acquisitions of businesses and intangible assets, net of cash (36) (30) Other investing activities, net (91) (18) Net cash flows provided by (used in) investing activities (161) (79) Financing Activities: Increase (decrease) in short-term borrowings, net (11) 3 Dividends paid on Common Stock (155) (138) Repurchases of Common Stock (253) (300) Dividends paid to noncontrolling interest (2) (9) Acquisition of noncontrolling interest shares — (4) Other financing activities, net (7) (19) Net cash flows provided by (used in) financing activities (428) (467) Summary of Activity: Net cash provided by (used in) operating activities 190 171 Net cash provided by (used in) investing activities (161) (79) Net cash provided by (used in) financing activities (428) (467) Effect of exchange rate changes on cash and cash equivalents 7 (18) Net increase (decrease) in cash, cash equivalents and restricted cash (392) (393) Cash, cash equivalents and restricted cash, beginning of period 2,321 1,280 Cash, cash equivalents and restricted cash, end of period 1,929 887 Less: Restricted cash 11 3 Cash and cash equivalents, end of period $ 1,918 $ 884 Otis Worldwide Corporation Adjusted Free Cash Flow Reconciliation Quarter Ended March 31, (Unaudited) (dollars in millions) 2025 2024 Net cash flows provided by operating activities (GAAP) $ 190 $ 171 Capital expenditures (34) (31) Free cash flow (Non-GAAP) 156 140 Adjustments for: UpLift restructuring payments 11 7 UpLift transformation payments 19 8 Adjusted free cash flow (Non-GAAP) $ 186 $ 155 SOURCE Otis Worldwide Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

OTIS REPORTS FIRST QUARTER 2025 RESULTS

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