Watsco US: Watsco Inc. reported revenue of US$1.53 billion for the first quarter of 2026, remaining broadly flat compared to the previous year, reflecting stabilising conditions in the HVAC distribution market. Gross profit stood at US$428 million, with operating income declining slightly to US$110 million, while net income reached approximately US$79 million. Earnings per share decreased to US$1.87, indicating marginal pressure on profitability despite steady pricing gains.

LG Electronics South Korea: LG Electronics Inc. reported consolidated revenue of 23.73 trillion won (approximately US$16 billion) and operating profit of 1.67 trillion won (approximately US$1.12 billion) for the first quarter of 2026, marking a year-on-year increase of 4.3% in revenue and 32.9% in operating profit. The company recorded its highest-ever first-quarter revenue, supported by stable growth in core businesses and expansion in business-to-business segments, particul

Amazon India: Rising temperatures across India have led to increased demand for compact and energy-efficient air conditioners, particularly 1-tonne inverter models suited for small rooms and offices. Online discounts offered by platforms such as Amazon have made these systems more accessible to budget-conscious consumers, supporting higher adoption during the summer season. These units are designed to deliver stable cooling while reducing energy consumption through inverter t

Air Conditioners India: Rising temperatures exceeding 50 degrees Celsius across several parts of India have led to a sharp increase in demand for high-performance and heavy-duty air conditioners. Consumers are increasingly opting for models capable of operating efficiently under extreme climatic conditions, as standard units struggle to maintain cooling at such high temperatures. Online platforms have reported a surge in interest for these systems, reflecting a shift toward m

Haier China: Haier Smart Home Co Ltd reported revenue of 73.69 billion yuan (approximately US$10.7 billion) for the first quarter of 2026, reflecting a decline compared to the previous year amid softer demand conditions in key markets. Net profit attributable to shareholders reached 4.65 billion yuan (approximately US$0.67 billion), showing a sequential improvement compared to the previous quarter. The overall performance was influenced by weaker demand in North America and C

Mitsubishi Electric Japan: Mitsubishi Electric Corporation reported consolidated revenue of 5,894.7 billion yen (approximately US$36.71 billion) for fiscal year 2026, marking a 7% year-on-year increase supported by currency impact and pricing improvements. Operating profit reached 433.0 billion yen (approximately US$2.6 billion), while net profit attributable to shareholders rose to 407.7 billion yen (approximately US$2.53 billion), reflecting stronger profitability across ma

Watsco US: Watsco Inc. has entered into a definitive agreement to acquire Jackson Supply Company, a major HVAC distributor operating across the United States Sunbelt region. Jackson Supply recorded annual sales of US$230 million in 2025 and serves approximately 5,000 customers through a network of 25 locations across states, including Texas, Louisiana, Tennessee, Alabama, Mississippi, Oklahoma, and Arizona. The acquisition is expected to close in the second quarter of 2026, s

Indian Startup Develops 50°C Air Conditioner with IIT Delhi INDIA: Climate-tech startup Optimist has developed a next-generation air conditioner capable of operating efficiently in temperatures up to 50°C, following an 18-month collaboration with IIT Delhi. The system has successfully completed pilot testing and is moving toward market launch as rising heat intensifies demand for resilient cooling solutions. The partnership focused on advanced engineering, including HVAC simu

Johnson Controls Acquires Nantum AI to Strengthen OpenBlue UNITED STATES: Johnson Controls has acquired Nantum AI to expand AI-driven energy optimization and control capabilities within its OpenBlue digital ecosystem. The acquisition adds proprietary algorithms that optimize real-time airflow based on occupancy, improve HVAC performance and reduce energy consumption across complex facilities such as healthcare campuses and advanced manufacturing sites. The first combined offe

Electrolux and Midea Form Joint Ventures in North America USA/Mexico: Electrolux Group has entered into a long-term strategic partnership with Midea Group to establish joint ventures in refrigeration and laundry manufacturing and sales across North America. The agreement includes a sales joint venture for food preservation products, alongside manufacturing joint ventures in Juarez, Mexico and Anderson, United States. The partnership is expected to commence in the third quarte

Global Heat Pump Sales Decline Slightly in 2025 Global: Global heat pump sales declined by around 2% in 2025, with mixed trends across major markets. Sales in China and Japan remained largely stable, while Europe recorded growth of 11%, supported by increased demand in Germany, where sales rose in the first half of the year and heat pumps exceeded gas boiler sales. In contrast, France reported a decline, and the United States saw sales fall by approximately 13%, influenced by

TCL Opens Guangzhou Facility to Expand Air Conditioning Production China: TCL has inaugurated a new smart manufacturing base in Guangzhou as part of its expansion in air conditioning production. The facility supports the company’s growing global operations, with products sold across more than 160 countries and regions. The development follows the company reaching a cumulative production milestone of 100 million air conditioning units within five years, reflecting increased de

German PHVAC Sector Shows Signs of Slowdown Germany: The plumbing, heating, and air conditioning (PHVAC) sector in Germany is showing signs of decline, according to a survey conducted by ZVSHK among approximately 1,690 member companies. While the current business situation remains positive with an indicator of +36.4 percent, expectations for the coming months are negative at -7.4 percent. Order backlogs have fallen to an average of 11.5 weeks, around four weeks lower than the

Beijer Ref and Copeland Extend Distribution Agreement in ANZ Australia & New Zealand: Beijer Ref and Copeland have extended their exclusive distribution agreement for Copeland ZX condensing units across Australia and New Zealand. The agreement includes distribution through Beijer Ref Australia, Kirby HVAC&R, Patton NZ and SCM Ref Australia, and covers ZX condensing units manufactured in Asia, including the HLR (Horizontal Receiver Scroll Unit) and associated platform-specific

Swegon Partners with Ahlsell to Expand Distribution in Norway Norway: Swegon has entered into a strategic partnership with Ahlsell to strengthen its market presence in Norway. Under the agreement, selected ventilation products from Swegon will be distributed through Ahlsell’s national network. As part of the arrangement, Ahlsell will take over Swegon Norway’s traded goods business, including five sales locations and associated employees. “This agreement reflects Swegon’s long

Alfa Laval Reports First Quarter Results for 2026 Sweden: Alfa Laval AB reported its financial results for the period from 1 January to 31 March 2026, showing a mixed performance. Order intake declined by 1 percent to SEK 17.6 billion (approximately USD 1.63 billion), although it recorded an organic increase of 6 percent. Net sales decreased by 3 percent to SEK 15.9 billion (approximately USD 1.47 billion), with an organic increase of 2 percent. Adjusted EBITA remained at SEK

Rising AC Demand in India Faces Supply Constraints India: Demand for air conditioners in India has increased by around 20–25 percent in recent weeks, following a decline of 5–8 percent during March and April. However, supply has not kept pace, with retailers receiving only about 50 percent of their ordered volumes. The shortage is most pronounced in newer energy-efficient models, as compliance with updated government efficiency standards has made production more complex, part

Acquire Hitachi’s Household Japan: Japanese home appliance retailer Nojima Corp. announced that it will acquire the household appliance business of Hitachi Ltd. for approximately ¥110.1 billion (USD 734 million). The deal, the largest acquisition in Nojima’s history, is expected to be completed in fiscal 2026, ending March 2027. As part of the transaction, Hitachi Global Life Solutions Inc. will spin off its household appliance division into a new entity, in which Nojima will

Government Raises Boiler Upgrade Grants UK: Households facing rising heating oil costs will receive increased financial support as the Government raises grants under the “boiler upgrade scheme” from GBP 7,500 (USD 9,450) to GBP 9,000 (USD 11,340) for properties relying on heating oil and LPG. The initiative is designed to help households and small businesses across England and Wales particularly in rural areas transition to electric heat pumps and achieve more predictable ene

Expands into AI Data Center Infrastructure South Korea: LG Electronics announced its strategic expansion into the artificial intelligence data center infrastructure market, introducing a suite of advanced cooling and energy solutions while positioning its HVAC segment as a key business-to-business growth driver. The company showcased its latest portfolio at the Data Center World 2026 in Washington, where global firms addressed increasing infrastructure and energy efficiency d