Carel Industries Spa · MIL:CRL
Carel Industries Spa — 9M 2025 Earnings Presentation
40 slides from Carel Industries Spa's earnings presentation, Nov 13, 2025
Slide 1: 2025 – 9M Results
CAREL INDUSTRIES S.p.A. 2025 – 9M Results 13th November 2025 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden.
Slide 2: Disclaimer
Disclaimer This document has been prepared by CAREL Industries S.p.A for use during meetings with investors and financial analysts and is solely for information purposes. The information set out here in has not been verified by an independent audit company. Neither the Company nor any of its subsidi
Slide 3: 9M 2025 – Highlights
9M 2025 – Highlights In Q3 2025, organic revenue grew by 14.0%, exceeding the guidance provided in August. This strong performance further improved the EBITDA margin, which reached its highest level in the past seven quarters. • Reported revenue reached €463.7 million, up 7.1% versus 9M 2024 (+8.4%
Slide 4: 9M 2025 – Results
9M 2025 – Results KPIs m€ 9M 2024 9M 2025 Δ% Revenue 432.9 463.7 7.1% Revenue (constant FX) 432.9 469.3 8.4% EBITDA 78.7 91.0 15.6% EBITDA Adj. 79.4 91.9 15.7% EBITDA adj. /Revenue 18.3% 19.8% Net Profit 39.7 42.3 6.6% Capex 22.0 14.2 (35.5%) • Revenue +7.1%: In percentage terms, Q3 marked a further
Slide 5: 9M 2025 – Revenue breakdowns
9M 2025 – Revenue breakdowns Breakdown by region Breakdown by sector South America 2% North America 20% Refrig. HVAC EMEA 71% 65% 29% 463.7 463.7 APAC M€ 13% M€ m€ m€ Area 9M 2024 9M 2025 Δ% Δ% fx m€ m€ EMEA 285.5 302.7 6.0% 6.0% Sector 9M 2024 9M 2025 Δ% Δ% fx APAC 60.4 60.4 0.0% 3.4% HVAC 306.0 33
Slide 6: From EBITDA to Net Profit
From EBITDA to Net Profit K€ 9M '24 9M '25 Δ% • Higher D&A due primarily to 2024 record capex level. EBITDA 78,710 90,994 15.6% D&A -28,579 -31,835 EBIT 50,131 59,159 18.0% Financial (charges)/income -5,291 -4,320 • Absence of extraordinary item related to FX gains/losses 2,397 -791 CFM minority, wh
Slide 7: 9M 2025 – NFP Bridge
9M 2025 – NFP Bridge 50.2 31.5m€ 18.6 14.8 from IFRS (42.3) (1.4) 15.3 16 6.3 30.3m€ (0.2) from 15.5m€ IFRS 16 (31.8) Net cash positive m€ NFP Net Profit D&A Leasing/ NWC CAPEX Dividends Other NFP FY 2024 rent fees 9M 2025 • Once again, a strong cash generation. thanks to excellent operating results
Slide 8: Closing Remarks
Closing Remarks • Another Strong Quarter: Q3 2025 once again delivered very positive results, slightly exceeding guidance. All business segments and geographies contributed to the performance, with double-digit organic growth in both HVAC and Refrigeration, as well as across EMEA, APAC, and North Am
Slide 9: Annexes
Annexes
Slide 10: Shareholding structure (>3% voting rights)
Shareholding structure (>3% voting rights) CAREL Industries S.p.A. Number of shares CAREL Industries S.p.A. Other Voting rights Other Shareholders; Shareholders; 33.07 Luigi Rossi Luciani 21.65% S.a.p.a; 33.96% Luigi Rossi Luciani S.a.p.a; 44.46% 7 Industries Holding B.V.; 4.29% 7 Industries Holding
Slide 11: Income statement and Balance Sheet
Income statement and Balance Sheet Income statement Balance sheet K€ 9M 2025 9M 2024 Delta % K€ 9M 2025 FY 2024 Delta % Revenues 463,694 432,897 7.1% Fixed Capital 489,676 508,920 (3.8%) Other revenues 3,898 3,766 3.5% Working Capital 68,464 76,909 (11.0%) Operating costs (376,598) (357,952) 5.2% Em
Slide 12: Company Profile
Company Profile
Slide 13: Leading provider of advanced control solutions for HVAC/R
Leading provider of advanced control solutions for HVAC/R Key financials – 2024A • HVAC: Industrial, Residential, Growing key Commercial markets • Refrigeration: Food Retail and Revenue EBITDA Net income Food Service €579m €105m €63m Leadership in • Control solutions premium +12% +12% +13% niches •
Slide 14: We operate in attractive niches across a wide range of end-markets
We operate in attractive niches across a wide range of end-markets… HVAC Refrigeration Industrial Residential Commercial Food Retail Food Service Data Centers Residential Shopping Centers Convenience Stores Restaurant Chains Industry and Process Office Space Hypermarkets Refrigerated Merchandisers P
Slide 15: One-stop-shop portfolio of components and platforms
…through a one-stop-shop portfolio of components and platforms Adiabatic humidifiers and Programmable controls HMI and unit terminals Parametric controls Isothermal humidifiers evaporative coolers Electronic controls easily programmable and customizable User interfaces for units and systems Entry le
Slide 16: Long track record of revenue growth
Long track record of revenue growth 650 579 545 420 327 332 280 231 255 203 Revenue (€m) 1990s 2000A 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 140 112 105 85 63 65 51 55 38 43 Adj. EBITDA (€m) 1990s
Slide 17: Well-articulated strategies to continue the growth track record
Well-articulated strategies to continue the growth track record • Consolidation of HVAC market leadership • Growth in Refrigeration driven by technology leadership • Upselling and cross-selling HVAC Refrigeration • Global penetration to consolidate to increase its market leadership market share • Co
Slide 18: Leading provider of advanced energy efficient control solutions
Leading provider of advanced energy efficient control solutions 1 High-tech leader in attractive niches of the HVAC/R industry 2 Attractive growth supported by secular trends Positioning and technological innovation capability hard to 3 replicate Highly efficient global operations serving locally di
Slide 19: High-tech leader in attractive niches of the HVAC/R industry
1 High-tech leader in attractive niches of the HVAC/R industry Focus on attractive niches… …resulting in leadership positioning …CONSOLIDATED …INNOVATION-ORIENTED High value applications IN HVAC PREMIUM NICHES IN REFRIGERATION Deep knowledge of final applications is 39% #1 SIGNIFICANT ROOM FOR key E
Slide 20: Attractive market growth supported by secular trends
2 Attractive market growth supported by secular trends Secular trends… …supporting attractive market growth Reference HVAC and refrigeration Market GROWING • Improvement in LIVING STANDARDS POPULATION increasing demand for HVAC/R • Focus on WASTE REDUCTION in CHANGE IN food sector CONSUMER • Increas
Slide 21: Growth is driven by market trends and focused strategic actions
2 Growth is driven by market trends and focused strategic actions… Growth drivers SECULAR TRENDS Market Increasing the market of the applications addressed by CAREL trends NICHES EXPANSION Secular Leverage of deep knowledge of final trends applications to expand to adjacent niches Expansion to Incre
Slide 22: …and favoured by up-selling and cross-selling
2 …and favoured by up-selling and cross-selling FROM PRODUCT PLATFORMS TO INTEGRATED ELECTRONIC SOLUTIONS… PRODUCT PLATFORMS SYSTEMS From a COMBINATION OF PRODUCTS FROM DIFFERENT PLATFORMS To an ECOSYSTEM TO QUICKLY ADOPT NEW TECHNOLOGIES …IN THE HVAC AND REFRIGERATION MARKETS HVAC Refrigeration Exa
Slide 23: Positioning and innovation capability hard to replicate
3 Positioning and innovation capability hard to replicate >5% OF REVENUE1 ~12% OF TOTAL WORKFORCE Invested annually in R&D dedicated to R&D 6 R&D CENTRES PROPRIETARY SOFTWARE COMBINING 5 DOMAINS Vast library of proprietary software modules UNIQUE 01100 • Hardware & Firmware developed over the past 2
Slide 24: Leadership position in HVAC OEM premium niches
3 Leadership position in HVAC OEM premium niches… Leadership positioning in premium …with no perfect comparable niches… Chiller European Market Share OEM Large 39% proprietary diversified EM / Low cost solutions competitors competitors 27% 14% 8% Vertical niche 5% 6% ✓✓✓ ✓✓ ✓ ✓✓✓ approach Innovation
Slide 25: …and leading in innovation in the refrigeration market
3 …and leading in innovation in the refrigeration market Leveraging on HVAC experience… …CAREL is a leader in innovation Large diversified EM / Low cost 2014 competitors competitors HEOS SISTEMA Waterloop system with DC tech for refrigeration Vertical niche approach ✓✓✓ ✓✓ ✓✓✓ 2015 HECU SISTEMA Inno
Slide 26: Highly efficient global operations serving locally diversified customers
4 Highly efficient global operations serving locally… NORTH AMERICA WESTERN EUROPE NORTH APAC GLOBAL PRODUCTION FOOTPRINT 2 9 Plants Plants 285 1421 Employees Employees DIRECT AND HIGHLY SKILLED SALES NETWORK 98 x3 388 Sales force Sales force 1 87 x3 Plant Sales force 2 3 BEST POSITIONED TO CAPTURE
Slide 27: Track record of profitable growth
5 Track record of profitable growth Double-digit growth Strong profitability High conversion to net income Cash generative business Revenue1 (€m) EBITDA1 (€m) Net Income1 (€m) Operating cash2 (€m) 137 103 650 71 579 62 63 555 112 105 77 49 85 60 420 53 50 35 35 45 327 332 63 65 40 31 31 280 51 255 4
Slide 28: Global expansion, innovation and services
6 A Global expansion, innovation and services Pursuing additional OF LE BIG S IN H Consolidation of ET FER CA opportunities MENI F E IN R VEAC UDME IN V M AO O L EF S & leadership positions ECS RI T RS improving services ROV NE G ULGRNTSTION SE ERCOOV in HVAC S HA M ER FIC offer with IoT and IPTEW E
Slide 29: Pursuing external growth through disciplined bolt-on M&A
6 Pursuing external growth through disciplined bolt-on B M&A CAREL has performed detailed analyses and scouting of potential targets, thus promoting an opportunistic approach with a focus on 3 MAIN EXPANSION AREAS: A B C COMPLEMENTING GEOGRAPHICAL Potential selected CORE-BUSINESS EXPANSION, mainly a
Slide 30: M&A
M&A
Slide 31: M&A – 2023 – Kiona
M&A – 2023 – Kiona • Industrial fitting: ✓ Increasing R&D fire-power in digital solutions by joining CAREL and Kiona teams. ✓ Strengthening CAREL capabilities to develop and sell digital services. ✓ Opening new commercial opportunities for • Company profile: Kiona is a leading Norway-based Software
Slide 32: M&A – 2022 – Senva
M&A – 2022 – Senva • Company profile: SENVA is a US company located in Oregon specialising in the design and manufacture of a wide range of sensors, mainly in the air-conditioning and ventilation sectors, and with a significant presence in indoor air quality. • Rationale: the acquisition of SENVA is
Slide 33: M&A – 2022 – Klingenburg
M&A – 2022 – Klingenburg • Company profile: Klingenburg GmbH and Klingenburg International Sp. Z.o.o. are leading producers of a wide range of products used mainly for heat recovery in ventilation and humidification systems, adiabatic cooling and air purification. • Rationale: The transaction ration
Slide 34: M&A – 2022 – Sauber
M&A – 2022 – Sauber • Company profile: Sauber is based in Porto Mantovano (Mantua) and is active mainly in the sector of on-field installation and maintenance services for HVAC/humidification systems in commercial and residential buildings, with a strong focus on energy saving and optimization. • Ra
Slide 35: M&A – 2022 – Arion
M&A – 2022 – Arion • Company profile: Arion is the joint venture based in Bolgare (Bergamo Province - Italy), established in 2015 between CAREL and Bridgeport S.p.A. with the aim of developing sensor technology expressly dedicated to the air conditioning and refrigeration sectors. • Rationale: The t
Slide 36: M&A – 2021 – CFM
M&A – 2021 – CFM • Company profile: a long-standing distributor and partner in Turkey as well as a provider of digital and on-field services and complete high added value solutions dedicated to OEMs, contractors and end users in the Turkish HVAC (Heating, Ventilation and Air conditioning) and Refrig
Slide 37: M&A – 2021 – Enginia
M&A – 2021 – Enginia • Company profile: Enginia has been operating in the AHU sector since 1997 and has grown year after year to become a recognized leader, particularly as regards the manufacture production of dampers for air handling units. • Rationale: expansion of the product portfolio in the HV
Slide 38: M&A – 2018 – Recuperator
M&A – 2018 – Recuperator • Company profile: Recuperator is an Italy-based company active in the design, production and sale of "air-to-air" heat exchangers. • Rationale: Integration with Recuperator expands CAREL’s product portfolio in the HVAC market, consolidating its role as a supplier of complet
Slide 39: M&A – 2018 – HygroMatik
M&A – 2018 – HygroMatik • Company profile: Hygromatik is based in Henstedt- Ulzburg, near Hamburg. It designs, produces and markets humidifiers and related accessories, in the industrial, commercial and wellness field. • Rationale: integration with HygroMatik will consolidate Carel's positioning in
Slide 40: This document and all of its contents are property of CAREL. All unauthorised use,
40 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden.