Modern Slavery Statement approved for FY2025 Otis Limited's board approved its Modern Slavery Statement for the year ending 31 December 2025, signed by Robert Sadler on 15 May 2026. Statement covers UK Modern Slavery Act, Australian, Norwegian, Canadian, and Swiss legislation.
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Inherent risk assessments expanded across entire supplier base Inherent risk assessments have been expanded across Otis's entire supplier base, considering geography, industry, and operational profile.
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Sustainability scoring embedded in sourcing and supplier monitoring Otis embedded sustainability criteria into competitive bidding tools and expanded measurement to include sustainability scoring in global strategic sourcing and supplier performance monitoring processes.
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Sustainability training added to global supplier conference Otis included sustainability training at the 2025 global supplier conference covering Supplier Code of Conduct, prohibition of child and forced labor, and basic worker rights.
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Acquired 100% of Otis Electric Elevator Company Limited (China) In October 2025, Otis purchased all outstanding shares of Otis Electric Elevator Company Limited from its noncontrolling shareholder (Xizi Elevator Group Co.) for approximately $215 million. Otis Electric is now 100% owned by Otis China. $188M recorded to accumulated deficit, $27M to noncontrolling interest.
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China operations reorganization with ~$30M restructuring In January 2025, Otis announced the reorganization of its operations in China, resulting in restructuring actions of approximately $30 million in severance-related costs. Actions are substantially completed as of December 31, 2025.
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$109M in targeted maintenance portfolio acquisitions Otis invested $109 million in targeted acquisitions in 2025 to strengthen its maintenance portfolio in the United States, several European countries, and South Korea. Primarily in the Service segment.
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Fourth annual Connect & Thrive sustainability report with third-party assurance In June 2025, Otis published its fourth annual Connect & Thrive sustainability report, drafted per GRI Standards, SASB and TCFD. Third parties provided limited or reasonable assurance on certain health, safety and environmental metrics.
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Primary: Energy management and operational efficiency across factories, real estate and fleet Otis' climate strategy is built on near-term SBTi-validated targets (55% absolute Scope 1&2 reduction by 2033 from 2021 base). Key near-term initiatives focus on energy management and operational efficiency across manufacturing facilities, the real estate portfolio and the vehicle fleet. The company also targets real estate portfolio climate resilience as a medium-to-long-term initiative.
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Primary: Product sustainability through digitalization and innovation (energy-efficient elevators) Otis advances product sustainability through digitalization and innovation, including energy-efficient elevator platforms such as Gen3 and Gen360. Escalators feature sensors that run only when passengers approach or operate at reduced speeds to conserve energy when idle. The company directs 1.4% of net sales to R&D and digital/strategic initiatives to develop solutions that enhance sustainability.
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