Carel Industries Spa · MIL:CRL
Carel Industries Spa — H1 2026 Earnings Presentation
41 slides from Carel Industries Spa's earnings presentation, Aug 4, 2026
Slide 1: 2026 – H1 Results
CAREL INDUSTRIES S.p.A. 2026 – H1 Results 4th August 2026 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: H1 2026 – Highlights
H1 2026 – Highlights Q2 2026 revenues approached €200 million, the highest quarterly result in CAREL’s history. Both HVAC and Refrigeration delivered organic growth above 20% in H1 2026, highlighting the quality, resilience and diversification of the Group’s business model. • Reported revenues reach
Slide 4: H1 2026 – Results
H1 2026 – Results KPIs m€ H1 2025 H1 2026 Δ% Revenue 306.2 370.1 20.9% Revenue (constant FX) 306.2 376.7 23.0% EBITDA 58.2 83.1 42.7% EBITDA /Revenue 19.0% 22.5% Net Profit 26.5 45.7 72.5% Capex 8.9 9.5 7.1% • Revenue +20.9%: H1 2026 organic growth reached 23.0%, driven by double-digit growth across
Slide 5: H1 2026 – Revenue breakdowns
H1 2026 – Revenue breakdowns Breakdown by region Breakdown by sector South America 2% North America 23% EMEA 61% Refrig. HVAC 72% 28% 370.1 370.1 M€ M€ m€ m€ APAC Area H1 2025 H1 2026 Δ% Δ% fx m€ m€ 14% EMEA 201.1 225.1 11.9% 11.8% Sector H1 2025 H1 2026 Δ% Δ% fx APAC 39.5 50.8 28.7% 31.6% HVAC 219.
Slide 6: M&A – Cotes
M&A – Cotes • Key Data: ✓ Enterprise value (100%) = 56m€ ✓ 2026E Revenues = 31.5m€ ✓ 2026E EBITDA = 6,5m€ ✓ Employees = ~120 • Industrial fitting: ✓ Bolt-on acquisition. ✓ Highly complementary product portfolio, strengthening CAREL's offering in industrial humidity control. • Company profile: Founde
Slide 7: From EBITDA to Net Profit
From EBITDA to Net Profit K€ H1 '25 H1 '26 Δ% • D&A in line with H1 2025. EBITDA 58,283 83,144 42.7% D&A -21,513 -21,406 EBIT 36,770 61,738 67.9% Financial (charges)/income -2,754 -1,789 • Negative exchange rate trend mainly due to FX gains/losses -492 -1,999 FX on Put&Call option. Gain/Losses from
Slide 8: H1 2026 – (NFP)/Net Cash Bridge
H1 2026 – (NFP)/Net Cash Bridge 67.4m€ FFO 21.4 (4.3) 46.0 29.9m€ from IFRS (32.2) 30.9m€ 16 (9.5) from IFRS 16 (17.4) 18.4 6.0 (21.4) 7.1 m€ Net Cash Net Profit D&A Leasing/ ΔNWC CAPEX Senva earn-out Dividends Other Net Cash FY 2025 rent fees H1 2026 • Robust cash generation during H1 2026, with FF
Slide 9: Closing Remarks
Closing Remarks • Record quarter and broad-based growth: Q2 2026 was the strongest quarter in CAREL's history, with revenues approaching €200 million. H1 2026 organic growth hit 23%, supported by double-digit growth across all regions and business verticals, with further acceleration during Q2. • St
Slide 10: Annexes
Annexes
Slide 11: Shareholding structure (>3% voting rights)
Shareholding structure (>3% voting rights) CAREL Industries S.p.A. CAREL Industries S.p.A. Number of shares Voting rights Luigi Rossi Luciani Other Shareholders; Luigi Rossi Luciani Altri azionisti S.a.p.a 36.94% S.a.p.a; 33.96% 25.00% 45.96% 7 Industries Holding B.V. 5.18% 7 Industries Holding B.V.
Slide 12: Income statement and Balance Sheet
Income statement and Balance Sheet Income statement Balance sheet K€ H1 2026 H1 2025 Delta % K€ H1 2026 FY 2025 Delta % Revenues 370,124 306,177 20.9% Fixed Capital 486,548 488,810 (0.5%) Other revenues 3,897 2,382 63.6% Working Capital 76,385 48,882 56.3% Operating costs (290,878) (250,277) 16.2% E
Slide 13: Company Profile
Company Profile
Slide 14: Leading provider of advanced control solutions for HVAC/R
Leading provider of advanced control solutions for HVAC/R Key financials – 2025A • HVAC: Industrial, Residential, Growing key Commercial markets • Refrigeration: Food Retail and Revenue EBITDA Net income Food Service €629m €124m €73m Leadership in • Control solutions premium +12% +13% +13% niches •
Slide 15: 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 16: 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 17: Long track record of revenue growth
Long track record of revenue growth 650 629 579 545 420 327 332 280 231 255 203 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 2025A 140 126 112 106 85 63 65 51 55 38 43 Adj. EBI
Slide 18: 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 19: 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 20: 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 21: 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 22: 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 23: …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 24: 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 25: 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 26: …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 27: 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 307 1431 Employees Employees DIRECT AND HIGHLY SKILLED SALES NETWORK 104 x3 495 Sales force Sales force 1 93 x3 Plant Sales force 2 3 BEST POSITIONED TO CAPTURE
Slide 28: 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) 118 137 73 650 71 629 103 124 579 62 63 555 112 105 77 49 85 420 60 53 50 35 35 327 332 63 65 45 31 31
Slide 29: 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 30: 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 31: M&A
M&A
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: This document and all of its contents are property of CAREL. All unauthorised use,
41 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.