Carrier Global (CARR): what its 10-K says it depends on

Customers

U.S. government

earns fromnamed as a risk

As a supplier and service provider to the U.S. government, including as a subcontractor under prime contracts with the U.S. government, we are subject to certain heightened risks, such as those associated with the government’s rights to audit and conduct investigations and with its rights to terminate contracts for convenience or default.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

Suppliers

Single-source proprietary component suppliers

depends onnamed as a risk

In addition, certain proprietary component parts used in some of our products are provided by single-source unaffiliated third-party suppliers.Risk factors (Item 1A)

Partners and platforms

Watsco, Inc. (Carrier Enterprise joint ventures)

earns fromnamed as a risk

We sell our products and services through certain key distributor, joint venture and similar relationships, including the Carrier Enterprise joint ventures with Watsco, Inc., AHI-Carrier FZC, a United Arab Emirates-based joint venture and various joint ventures with members of the Midea Group.Risk factors (Item 1A)

AHI-Carrier FZC

earns fromnamed as a risk

We sell our products and services through certain key distributor, joint venture and similar relationships, including the Carrier Enterprise joint ventures with Watsco, Inc., AHI-Carrier FZC, a United Arab Emirates-based joint venture and various joint ventures with members of the Midea Group.Risk factors (Item 1A)

Midea Group

earns fromnamed as a risk

We sell our products and services through certain key distributor, joint venture and similar relationships, including the Carrier Enterprise joint ventures with Watsco, Inc., AHI-Carrier FZC, a United Arab Emirates-based joint venture and various joint ventures with members of the Midea Group.Risk factors (Item 1A)

Amazon Web Services (AWS)

depends on

In addition, our Lynx digital platform, developed in collaboration with Amazon Web Services (“AWS”), allows customers to leverage data to enhance visibility, resiliency, agility and efficiency in the cold chain to reduce loss of cargo, lower operations costs and support real-time decisions.Business (Item 1)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CG, COF, COMP and 56 more

Other companies

U.S. collective bargaining agreements

78% of our approximately 3,800 production and maintenance employeesnamed as a risk

As of December 31, 2025, in the U.S., 78% of our approximately 3,800 production and maintenance employees were covered under six collective bargaining agreements with expiration dates ranging from 2026 to 2029.Business (Item 1)

Also named by APG, BALL, CAG, HLT, HSY, IEX, KR, NI and 10 more

Viessmann Group GmbH & Co. KG

58,608,959 sharesnamed as a risk

Additionally, in connection with our acquisition of the VCS Business, we issued 58,608,959 shares of our common stock to Viessmann, with which we entered into an Investor Rights Agreement that provides for, among other things, customary resale, demand and piggyback registration rights.Risk factors (Item 1A)

Ariston Group (Riello sale)

approximately $430 million

On December 16, 2025, we entered into a purchase agreement to sell our Riello business ("Riello") to Ariston Group with expected gross proceeds of approximately $430 million.Business (Item 1)

Also named by LII

RTX Corporation (UTC)

named as a risk

In certain circumstances, we could be required to indemnify UTC for material taxes and other related amounts pursuant to indemnification obligations under the TMA.Risk factors (Item 1A)

Also named by BA, HWM, LMT, OTIS, WWD

Moody's and S&P credit ratings

named as a risk

Any future downgrades could increase our borrowing costs, reduce market capacity for our commercial paper or require the posting of collateral under our derivative contracts.Risk factors (Item 1A)

Also named by JLL, PPL

Viessmann Climate Solutions (VCS Business)

named as a risk

Furthermore, integrating a business, including the VCS Business, may result in material challenges, including the diversion of management’s attention from ongoing business concerns; retaining key management and other employees; retaining or attracting business and operational relationships; managing the expenses and operational challenges of the integration process; consolidating corporate and administrative infrastructures; coordinating geographically separate organizations; loss of customers, distributors, suppliers, and other business partners of the acquired business; unanticipated issues in integrating information technology, communications, internal controls and other systems; as well as potential unknown liabilities and unforeseen expenses related to integration.Risk factors (Item 1A)

Otis Worldwide Corporation

named as a risk

If we are required to pay UTC and/or Otis under these indemnities, our financial results could be negatively impacted.Risk factors (Item 1A)

Truck production cycles in North America and Europe

earns fromnamed as a risk

In addition, our financial performance may be influenced by the production and utilization of transport equipment, including truck production cycles in North America and Europe.Risk factors (Item 1A)

Competitors

Transport refrigeration customers producing competing units

competes withnamed as a risk

For example, an affiliate of a customer in our transport refrigeration business produces refrigeration units for shipping containers that compete with our products, and another one of our transport refrigeration customers produces refrigeration units for truck trailers that compete with our refrigeration units.Risk factors (Item 1A)

Places

Europe (employees and works councils)

operates in · approximately 16,500 employeesnamed as a risk

In Europe, approximately 16,500 employees are represented by a European Works Council and, at national and local levels, we inform and consult with 42 local works councils and with unions representing employees at approximately 40 sites.Business (Item 1)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

International operations (non-U.S. sales)

earns from · Approximately 52% of our net salesnamed as a risk

Approximately 52% of our net sales for the year ended December 31, 2025, are derived from international operations, including U.S. export sales.Risk factors (Item 1A)

Also named by APG, AXP, COP, COST, DD, ECL, EQIX, FIS and 14 more

China

operates innamed as a risk

The implementation of more restrictive trade policies, including tariffs, by the U.S. or by other countries, such as China and Mexico, where we sell or produce our products and services or procure materials, or unpredictability or rapid shifts in trade policies, including as a result of trade conflict between the U.S. and other countries, have in the past negatively impacted, and could in the future negatively impact, our business, results of operations and financial condition.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Mexico

operates innamed as a risk

The implementation of more restrictive trade policies, including tariffs, by the U.S. or by other countries, such as China and Mexico, where we sell or produce our products and services or procure materials, or unpredictability or rapid shifts in trade policies, including as a result of trade conflict between the U.S. and other countries, have in the past negatively impacted, and could in the future negatively impact, our business, results of operations and financial condition.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Hazards

Asbestos

named as a risk

Existing and future asbestos-related claims could adversely affect our financial condition, results of operations and cash flows.Risk factors (Item 1A)

Also named by AAP, APG, BLDR, JCI, NVT, PLD, RPM, TRV

North America residential HVAC seasonality (weather)

concentrated innamed as a risk

Cooler than normal summers depress sales of our replacement air conditioning products and services and warmer than normal winters have the same effect on our heating products.Risk factors (Item 1A)

Single-factory production concentration

concentrated innamed as a risk

In some cases, we have one factory that can manufacture a specific product or product line.Risk factors (Item 1A)

Commodities and inputs

Copper

exposed to its pricenamed as a risk

Our reliance on suppliers and commodity markets to secure components (such as motors and valves), finished goods (including products purchased directly from suppliers for resale), and raw materials (such as copper, aluminum and steel), as well as on service providers to deliver our products, exposes us to volatility in the prices and availability of these materials, products, and services.Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Aluminum

exposed to its pricenamed as a risk

Our reliance on suppliers and commodity markets to secure components (such as motors and valves), finished goods (including products purchased directly from suppliers for resale), and raw materials (such as copper, aluminum and steel), as well as on service providers to deliver our products, exposes us to volatility in the prices and availability of these materials, products, and services.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Steel

exposed to its pricenamed as a risk

Our reliance on suppliers and commodity markets to secure components (such as motors and valves), finished goods (including products purchased directly from suppliers for resale), and raw materials (such as copper, aluminum and steel), as well as on service providers to deliver our products, exposes us to volatility in the prices and availability of these materials, products, and services.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Fuel

exposed to its pricenamed as a risk

In addition, we are exposed to fuel costs to ship our products and materials.Market risk (Item 7A)

Also named by ASO, COR, CPNG, CPRT, DDS, DKS, DY, ECG and 16 more

Semiconductors

depends on

In addition, we also use semi-conductors and other electronic components in the manufacture of our products.Business (Item 1)

Also named by AAPL, AIOT, ARW, AXON, CAT, CIEN, CSCO, GD and 16 more

Regulators

Export Administration Regulations (U.S. Department of Commerce)

subject tonamed as a risk

In the U.S., these laws include, amongst others, the Export Administration Regulations administered by the U.S. Department of Commerce and embargoes and sanctions regulations administered by the U.S. Department of the Treasury.Risk factors (Item 1A)

Also named by ADI, ALAB, AMD, APP, ARW, AVGO, CDRE, COHR and 40 more

Laws and programs

U.S. tariffs

subject tonamed as a risk

For example, because we have a number of factories and suppliers in foreign countries, the imposition of tariffs or additional sanctions, which we continue to monitor and mitigate, as necessary, or unusually restrictive border crossing rules could adversely affect our supply chain, operations and overall business.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Kigali Amendment to the Montreal Protocol

subject tonamed as a risk

Increased public awareness and concern about climate events may continue to: (1) generate more international, regional and/or national requirements to curtail the use of high global warming potential refrigerants (e.g., the Kigali Amendment to the Montreal Protocol and the American Innovation and Manufacturing ("AIM") Act of 2020, which are essential to many of our products); (2) increase building energy and cold chain efficiency; (3) cause a shift away from the use of fossil fuels as an energy source, including natural gas prohibitions; and (4) lead to the adoption of additional rules and regulations surrounding public disclosures relating to greenhouse gas emissions, including those adopted in California and the European Union as well as in other jurisdictions, which may vary by jurisdiction.Risk factors (Item 1A)

Also named by ATR, WSO

American Innovation and Manufacturing (AIM) Act of 2020

subject tonamed as a risk

Increased public awareness and concern about climate events may continue to: (1) generate more international, regional and/or national requirements to curtail the use of high global warming potential refrigerants (e.g., the Kigali Amendment to the Montreal Protocol and the American Innovation and Manufacturing ("AIM") Act of 2020, which are essential to many of our products); (2) increase building energy and cold chain efficiency; (3) cause a shift away from the use of fossil fuels as an energy source, including natural gas prohibitions; and (4) lead to the adoption of additional rules and regulations surrounding public disclosures relating to greenhouse gas emissions, including those adopted in California and the European Union as well as in other jurisdictions, which may vary by jurisdiction.Risk factors (Item 1A)

Also named by WSO

Paris Agreement

subject tonamed as a risk

Inconsistent international, regional and/or national requirements associated with climate regulations, including the withdrawal by the U.S. from the Paris Climate Agreement, also create economic and regulatory uncertainty.Risk factors (Item 1A)

Also named by SLB

U.S. energy efficiency incentives

subject tonamed as a risk

There is also regulatory and budgetary uncertainty associated with government incentives, which, if discontinued or materially reduced, could adversely impact the demand for energy-efficient buildings and homes and could increase costs of compliance.Risk factors (Item 1A)