CAREL INDUSTRIES S.p.A.
2025 - H1 Results
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1st August 2025
H1 2025 - Highlights
Q2 2025 organic revenue growth stood at 11.3%, placing it at the high-end of the guidance given in May. The excellent top-line results positively affected profitability (Q2 2025 EBITDA margin ~20%)Reported revenue reached 306.2m€, up 5.0% compared to H1 2024 (5.7% excluding FX).
+5.7%
Org. Revenue growth
- Strong acceleration in Q2 2025 driven by a sharp organic recovery in APAC (+16%) and EMEA (+7%). On top of this, the positive momentum in the US continues, with organic growth exceeding 26% in Q2 2025, following double-digit growth already achieved in Q1.
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HVAC was the primary growth driver, delivering +15% organic growth in Q2 2025 supported by a recovery in the commercial and residential segments, coupled with sustained demand in data centre cooling.
19.3%
Adj. EBITDA margin
- Adj. EBITDA margin equal to 19.3% (19.0% reported).
Q2 2025 EBITDA margin was approximately 20% benefitting both from the operating leverage and the positive dynamics in raw materials procurement prices.
Q2 2025 even more accretive contribution coming from Kiona (H1 2025 EBITDA margin >25%)
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R&D investments-to-revenue ratio confirmed at target level: >5%.
41m€
Net debt
•
•
Further reduction in Net Debt, moving from 50.2m€ to 41.1m€ driven by a strong cash
generation (H1 2025 operating CF doubled compared to H1 2024).
ND/LTM EBITDA 0.4x. Net of 30.0m€ related to the IFRS16 accounting principle, Net Debt would stand a touch above 11m€, a negligible level compared to LTM EBITDA.
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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.
H1 2025 - Results
KPIs
m€ | H1 2024 | H1 2025 | Δ% |
Revenue | 291.5 | 306.2 | 5.0% |
Revenue (constant FX) | 291.5 | 308.1 | 5.7% |
EBITDA | 53.2 | 58.3 | 9.5% |
EBITDA Adj. | 53.8 | 59.1 | 9.9% |
EBITDA adj. /Revenue | 18.4% | 19.3% | |
Net Profit | 27.8 | 26.5 | (4.8%) |
Capex | 13.0 | 8.9 | (32.0%) |
- Revenue +5.0%: A strong acceleration in Q2 across all regions, except South America, drove the mid-single digit growth in the H1 2025. Kiona's performance improved, as well, in Q2 (>20%) bringing its H1 2025 growth to high-teens in local currency. 2m€ negative FX impact due mainly to the weakness of the USD.
EBITDA Adj. +9.9%: Net of a number of non-recurring reorganization costs, the EBITDA margin stood at 19.3%, marking a solid improvement on both H2 2024 (18.4%) and on Q1 2025 (18.6%). Margin expansion is supported by a favorable raw material trend and operating leverage. Kiona's profitability remained accretive (>25%). >5%R&D expenses on revenues ratio confirmed.
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Net Profit -4.8%: The slight decline is mainly attributable to the absence of extraordinary items that benefitted H1 2024 as well as negative FX
effect. Tax rate stood at 23.2%, substantially in line with H1 2024 (22.9%).
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Capex: FY 2025 capex-to-revenue target of ~5% confirmed. H1 2025 capex level was influenced by the typical seasonality. 4
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.
H1 2025 - Revenue breakdowns
306.2
M€
Breakdown by region Breakdown by sector
19%
306.2
M€
North America
South America 2%
APAC 13%
EMEA 66%
Area
H1 2024
H1 2025
Δ%
Δ% fx
EMEA
193.5
201.1
3.9%
3.9%
APAC
40.2
39.5
(1.7%)
0.0%
Americas (North)
50.1
59.0
17.7%
19.0%
Americas (South)
7.7
6.5
(15.2%)
(5.3%)
Total Revenue
291.5
306.2
5.0%
5.7%
m€ m€
Refrig. 28%
HVAC 72%
Sector
H1 2024
H1 2025
Δ%
Δ% fx
HVAC
206.5
219.7
6.4%
6.9%
Refrig.
84.6
86.1
1.7%
2.7%
Core Revenue
291.1
305.8
5.0%
5.7%
No core
0.4
0.4
(0.2%)
(0.1%)
Total Revenue
291.5
306.2
5.0%
5.7%
m€ m€
EMEA - Q2 2025 marked a further improvement in performance, with a ~7% YoY
growth, primarily driven by a strong acceleration in the HVAC sector.
APAC - Sharp and anticipated recovery in Q2 2025 (+17%) reversing the Q1 trend. The growth was fueled by excellent results in China and the ability of the company in securing some important projects. Performance outside China remained mixed.
Americas (North) - North America delivered another strong quarter, in spite of high comps, supported by sustained momentum in the data centre segment and a positive performance in the commercial sector.
Americas (South) - The Q2 2025 deceleration was largely due to economic uncertainty in Brazil.
HVAC: Excellent Q2 2025 performance (HSD org. growth) across the board, driven mainly by an acceleration in the Commercial segment and tangible signals of recovery in the HPs market in Europe. Additional uplift came from the sustained growth in the Data Centre sector.
Refrigeration: Q2 2025 results reflected a mix of heterogenous trends and temporary factors: While North America and APAC posted a solid growth, EMEA saw a slight decline due to tough comps in Eastern Europe and the postponement of key projects in Western Europe. A recovery is anticipated in the coming quarters. 5
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.
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.
From EBITDA to Net Profit
K€ H1 '24 H1 '25 Δ%
EBITDA 53,230 58,283 9.5%
D&A -18,914 -21,513
EBIT 34,316 36,770 7.2%
Financial (charges)/income -3,500 -2,754
FX gains/losses 839 -492
Gain/Losses from FV on liabilities for options on minorities Companies cons.with equity method | 3,373 1,732 | - 1,041 | ||
EBT | 36,760 | 34,565 | -6.0% | |
Taxes | -8,421 | -8,018 | ||
Minorities | -524 | -56 | ||
Group net profit | 27,814 | 26,490 | -4.8% | |
- Higher D&A due primarily to 2024 record capex level.
Absence of extraordinary item related to CFM minority, which positively impacted on H1 2024.
Negative FX trend.
- 23.2% tax-rate. Substantially in line with H1 2024 level (22.9%).
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.
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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.