OTIS REPORTS THIRD QUARTER 2026 RESULTS

Otis delivers high single digit Service net sales growth and low single digit New Equipment net sales growth; Service operating profit margin improved sequentially; broadly maintaining full year outlook

Third quarter 2026

• Net sales up 6% and organic sales up 6%, driven by Service net sales up 8% with organic sales up 7%, and New Equipment net sales up 3% with organic sales up 3%
• GAAP operating profit up $34 million and adjusted operating profit down $6 million
• Service operating profit margin improved by 100 bps sequentially to 24.2%
• Modernization orders up 10% at constant currency, backlog up 20% at actual and constant currency
• Operating cash flow of $337 million; adjusted free cash flow of $272 million

Year-to-date 2026

• Net sales up 7% and organic sales up 4%, driven by Service net sales up 10% with organic sales up 7%
• GAAP operating profit up $190 million and adjusted operating profit down $41 million
• Operating cash flow of $1.0 billion; adjusted free cash flow of $834 million
• Share repurchases of approximately $800 million and dividends of approximately $500 million, returning approximately $1.3 billion to shareholders

FARMINGTON, Conn., October 28, 2026 – Otis Worldwide Corporation (NYSE:OTIS) reported third quarter 2026 net sales of $3.9 billion with organic sales up 6% versus the prior year. GAAP earnings per share (EPS) increased 14% to $1.08 and adjusted EPS of $1.05 was flat compared to the prior year.

"Otis delivered another quarter of strong top-line growth, supported by sustained performance across all Service lines and growth in New Equipment. Our investments in field capability and AI-enabled pricing, combined with disciplined execution, continue to support double digit modernization growth and high single digit repair growth. Alongside our focus on service quality, reliability, uptime, and cost control, these actions drove the incremental increase in Service margin to above 24%," said Chair, CEO & President Judy Marks. "The third quarter Service revenue growth and sequential margin improvement continue to reinforce our Service flywheel strategy and give us confidence in the steps we are taking to build a stronger foundation for sustained growth."

Key Figures

Third quarter net sales of $3.9 billion, increased 6% versus the prior year, driven by Service net sales with growth in all lines of business, and New Equipment net sales with growth in the Americas, EMEA, and Asia Pacific partially offset by a decline in China.

Third quarter GAAP operating profit of $620 million increased $34 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 $626 million decreased $6 million at actual currency and $3 million at constant currency, with the benefits from growth in Service more than offset by a decline in New Equipment. GAAP operating profit margin contracted 10 basis points to 15.8% and adjusted operating profit margin of 16.0% declined 110 basis points versus the prior year driven by unfavorable segment performance, partially offset by segment mix. While the performance was impacted by ongoing investment in key Service growth initiatives, Service operating profit margin improved sequentially by 100 bps.

GAAP EPS of $1.08 increased 14% compared to the prior year primarily driven by the absence of UpLift transformation costs, separation-related adjustments, and other non-recurring items in the prior year. Adjusted EPS of $1.05 was flat versus the prior year with the benefits from lower share count and minority interest offset by a higher tax rate, higher interest, and unfavorable FX rates.

Service

In the third quarter, net sales of $2.6 billion increased 8%, with a 7% increase in organic sales. Organic maintenance and repair sales increased 4% and organic modernization sales increased 20%.

Segment operating profit of $633 million increased $12 million at actual currency and increased $20 million at constant currency as higher volume, favorable pricing and other employment related cost reductions were partially offset by higher labor cost including the impact of ongoing strategic initiatives and productivity, and unfavorable mix. Segment operating profit margin contracted 130 basis points to 24.2%, but improved 100 bps sequentially.

New Equipment

In the third quarter, net sales of $1.3 billion increased 3%, with a 3% increase in organic sales, driven by low teens growth in the Americas, mid-single digit growth in EMEA, and high single digit growth in Asia Pacific, partially offset by a greater than 20% decline in China.

Segment operating profit of $42 million decreased $17 million at actual currency and $22 million at constant currency primarily from unfavorable price and mix, partially offset by productivity and higher volume. Segment operating profit margin contracted 150 basis points to 3.2%.

New Equipment orders were up 1% at constant currency with low teens growth in the Americas, and low single digit growth in both EMEA and Asia Pacific, partially offset by low teens decline in China. New Equipment backlog increased 4% at actual currency and constant currency.

Cash flow

Third quarter cash flow changes were driven by an increase in net income offset by changes in working capital.

2026 Outlook1

Otis is maintaining its full year outlook for the following:

• Net sales of $15.1 to $15.3 billion
• Organic sales up low to mid-single digits
• Organic New Equipment sales down low single digits to flat
• Organic Service sales up mid to high single digits
• Adjusted operating profit of approximately $2.4 billion, down $45 to $15 million at constant currency; down $30 million to flat at actual currency
• Adjusted EPS of $4.01 to $4.05
• Adjusted free cash flow of ~$1.5 billion (vs. prior range of $1.50 to $1.55 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 Otis

Otis is the world’s leading elevator and escalator manufacturing, installation, service and modernization company. We move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide, the industry’s largest Service portfolio. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 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, YouTube, 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:

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), 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 sustainability targets or other corporate responsibility initiatives, 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 as a result of the U.S. midterm elections, tensions between the U.S. and China and geopolitical conflicts, including the ongoing conflicts and instability in the Middle East and the conflict between Russia and Ukraine 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) challenges in the development, production, delivery, support, employee adoption, performance and realization of the anticipated benefits of advanced technologies and new products and services; (4) future levels of indebtedness, capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability or costs thereof, including credit market conditions and Otis’ capital structure; (6) 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; (7) fluctuations in prices and delays and disruptions in delivery of materials and services from suppliers, whether as a result of changes in general economic conditions, geopolitical conflicts or otherwise; (8)

inflation in the markets in which Otis and its businesses operate globally; (13) the effect of changes in laws, regulations and enforcement priorities in the U.S., including as a result of the midterm elections, and other countries in which Otis and its businesses operate; (14) the ability of Otis to retain and hire key personnel; (15) 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; (16) 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 (17) 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.

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Condensed Consolidated Statements of Operations

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Reconciliation of Reported (GAAP) to Adjusted Operating Profit & Operating Profit Margin

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Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Net Income, Earnings Per Share, and Effective Tax Rate

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Components of Changes in Net Sales

Quarter Ended September 30, 2026 Compared with Quarter Ended September 30, 2025

Components of Changes in New Equipment Backlog

Components of Changes in Modernization Backlog

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Reconciliation of Segment and Total Adjusted Operating Profit at Constant Currency

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Condensed Consolidated Balance Sheet

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Condensed Consolidated Statement of Cash Flows

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Adjusted Free Cash Flow Reconciliation