Otis Worldwide

Management continues to prioritize organic investments and productivity (UpLift), while returning capital through a fifth consecutive dividend increase to $0.42 per share and ongoing buybacks ($550 million in H1 2025; new $2.0 billion authorization in January 2025 with ~$1.5 billion remaining at 6/30/25).

M&A has been modest and focused on service density. We view the mix as sensible for an asset‑light, cash‑generative model. Watch items include ensuring buybacks are value‑accretive and maintaining prudent leverage as macro conditions evolve.