Germany PHVAC Sector Maintains Stability Amid Slowing Growth Germany: Germany’s plumbing, heating, and air conditioning (PHVAC) sector ended 2025 at a stable level, although sales declined and growth momentum slowed following a period of strong demand. Industry sales reached approximately EUR 59.1 billion (USD 64 billion), generated by around 48,000 companies employing 390,000 people. Orders and capacity utilisation have decreased, and no immediate growth acceleration is expe

Facility UK: Ultimate Renewables Supplies has launched a newly developed, purpose-built facility in Bicester as part of its ongoing expansion efforts. The new site represents a significant step forward for the company, featuring a larger warehouse, a fully equipped showroom, and a dedicated technical training workshop. It is designed to support rising nationwide demand for renewable energy solutions, offering installers, merchants, and commercial partners a hands-on environme

Logo USA: SPX Technologies, Inc. announced its financial results for the first quarter ended March 28, 2026. First Quarter Highlights (continuing operations; year-on-year comparison with Q1 2025). The company reported revenue of $566.8 million, reflecting a 17.4% increase, including 7.4% organic growth. GAAP income from continuing operations rose to $64.4 million, up 24.6%, while GAAP earnings per share (EPS) reached $1.27, marking a 15.5% increase. Adjusted EPS stood at $1.6

Trane technologies USA: Trane Technologies plc reported its financial performance for the first quarter of 2026, highlighting steady earnings growth and strong demand across key segments. The company recorded GAAP diluted earnings per share (EPS) from continuing operations of $2.66, while adjusted EPS stood at $2.63, reflecting a 7% increase year-on-year. Revenue reached $5 billion, marking a 6% rise, with organic revenue growth of 3%. Organic bookings increased significantly

AO Smith North America: The company reported sales of $946 million, with net earnings of $118 million and diluted earnings per share (EPS) of $0.85. In the North America segment, sales reached $753.4 million, reflecting a modest 1% increase. Growth was supported by the inclusion of Leonard Valve and pricing improvements, which helped offset weaker volumes in the water heater industry as well as production and shipping disruptions caused by adverse weather conditions. In contr

carrier USA: Carrier Global Corporation reported its financial results for the first quarter of 2026, highlighting strong momentum in key segments. Data center orders surged by more than 500%, with the current backlog fully covering anticipated data center sales for 2026. Overall company orders rose by 11%, driven in part by a 35% increase in the Commercial HVAC segment. "We started the year with better-than-expected sales performance across the portfolio," said Carrier Chair

Logo SOUTH KOREA: Samsung Electronics reported its financial results for the first quarter ended March 31, 2026. The Digital Appliances (DA) business posted only modest earnings improvement during the quarter, impacted by ongoing cost pressures and tariffs. Looking ahead to the second quarter of 2026, the company expects to support revenue growth through the launch of a new premium product lineup and a recovery in air conditioner demand. In the second half of 2026, the busine

HVAC Presence with Mercaluz Acquisition Spain: Grafton Group plc has completed the acquisition of Mercaluz, a Spanish distributor of domestic and commercial air conditioning systems, along with select white goods and home appliances. The deal, finalized on 30 April 2026, includes multiple Mercaluz entities and builds on Grafton’s earlier announcement in March. Mercaluz serves approximately 10,500 SME installer customers, highlighting its strong presence in the regional HVAC d

A Niche but Growing Segment India’s air conditioner market has long been shaped by the country’s intense summers, with cooling-only split ACs dominating residential and commercial spaces. As temperatures soar for much of the year, air conditioning has moved from being a luxury to a near-necessity in many urban households. However, rather than a broad market shift, a small but emerging niche is beginning to take shape. Reversible split air conditioners, which provide both coo

Ingersoll Rand Posts Solid First-Quarter 2026 Performance USA: Ingersoll Rand Inc. reported solid first-quarter 2026 results, with revenue reaching approximately $1.85 billion and adjusted earnings per share of $0.77. The company recorded net income of about $192 million and adjusted EBITDA of roughly $469 million, reflecting steady operational performance. Growth was supported by strong demand across key segments, particularly in precision and industrial technologies. Manage

GIFT City Expands District Cooling Network with Major Capacity Increase Plans INDIA: Gujarat International Finance Tec-City (GIFT City) is set to significantly expand its district cooling system, aiming to triple capacity to 30,000 TR by 2030. A new 10,000 TR plant in the SEZ, alongside upgrades to the existing network, will support this growth. Capacity is expected to reach 20,000 TR by 2028, serving around 55 buildings across commercial, residential and social infrastructur

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