Presentazione Risultati 1Q 2026

CAREL INDUSTRIES S.p.A.

2026 - Q1 Results

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14th May 2026

Q1 2026 - Highlights

• Reported revenue reached €170.9 million, up 15.9% vs. Q1 2025 (+19.7% org.).

  +19.7%

  Org. Revenue growth

• As in previous quarters, growth was broad-based across all regions and both end markets, confirming the strong balance of the Group's business portfolio.

• HVAC continued to be the main growth driver, with >23% organic growth in Q1 2026, driven by a strong momentum in Data Centers and Heat Pumps, early signs of recovery in Industrial and positive contribution from Commercial.

• Refrigeration also delivered solid organic growth, reaching approximately +11% in Q1 2026, with a particularly strong performance in North America, where organic growth exceeded 40%.

  21.5%

  EBITDA margin

• EBITDA margin reached 21.5%, significantly higher than mid-term guidance.

• This strong margin expansion was supported by excellent revenue performance and operating leverage, together with a favorable gross profit trend and the accretive contribution from Kiona.

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• The R&D investments-to-revenue ratio confirmed at target level: >5%.

24m€

Net cash position

•

•

Q1 2026 saw strong cash generation, comfortably covering the seasonal increase in NWC and

the period capex.

Excluding the IFRS 16 impact (~30m€), the company would have reported a net cash position exceeding 50m€

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Q1 2026 - Results

KPIs

• Revenue +15.9%: The excellent organic revenue growth achieved in Q1 2026 (+19.7%) was driven by double-digit organic growth across virtually all market and regions. North America once again delivered an outstanding performance, posting organic growth in excess of 50%. FX had a significant negative impact, amount to over 5m€.

• EBITDA +38.3%: The strong revenue performance translated into a significant uplift in EBITDA, which increased by almost 40% over the

  period. This resulted in a margin expansion of over 300bps compared to Q1 2025.

• Net Profit +81.5%: Net profit nearly doubled versus Q1 2025, with a tax rate of 23.0% for the period.

• Capex: Lower capex compared to Q1 2025, in line with expectations.

  
  
  

  4

  Q1 2026 - Revenue breakdowns

  170.9

  M€

  Breakdown by region Breakdown by sector

  22%

  170.9

  M€

  North America

  South America 2%

  APAC 13%

  EMEA 63%

  Area	Q1 2025	Q1 2026	Δ%	Δ% fx
  EMEA	99.5	108.4	9.0%	9.0%
  APAC	17.8	21.7	21.9%	29.4%
  Americas (North)	26.8	36.8	37.4%	52.4%
  Americas (South)	3.3	3.9	20.5%	23.2%
  Total Revenue	147.4	170.9	15.9%	19.7%

  m€ m€

  Refrig. 28%

  HVAC 72%

  Sector	Q1 2025	Q1 2026	Δ%	Δ% fx
  HVAC	103.8	123.4	18.8%	23.3%
  Refrig.	43.4	47.2	8.7%	10.7%
  Core Revenue	147.2	170.5	15.9%	19.6%
  No core	0.2	0.4	83.0%	84.7%
  Total Revenue	147.4	170.9	15.9%	19.7%

  m€ m€

• EMEA - Q1 2026 delivered an HSD growth rate, well balanced between HVAC and Refrigeration. Growth would have been higher without the timing of certain projects in Eastern Europe

• APAC - Another very solid quarter, despite the season impact of the Chinese New Year. Excluding FX, growth reached nearly 30%, mainly driven by HVAC, with outstanding Data Centre performance.

• Americas (North) - Momentum remained extremely strong in North America (>50% org. growth rate), supported by continued Data Centre demand and, once again, an excellent performance in the Refrigeration sector (>40% org. growth).

• Americas (South) - Positive Q1 2026 organic performance, achieved despite the ongoing economic uncertainty in Brazil.

• HVAC: Further acceleration in organic growth (+23.3%), with solid performance across all geographies. APAC and North America stood out in particular, both delivering organic growth above 40%.

• Refrigeration: Delivered double-digit organic growth (+10.7%), reflecting the Group's ability to capture attractive business opportunities, primarily driven by the adoption of solutions based on natural refrigerants and enhanced energy efficiency

  5

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  From EBITDA to Net Profit

  	K€	Q1 '25	Q1 '26	Δ%
  EBITDA		26,622	36,817	38.3%
  	D&A	-11,161	-10,663
  EBIT		15,461	26,154	69.2%
  	Financial (charges)/income FX gains/losses	-1,731 -891	-1,122 -2,434
  	Gain/Losses from FV on liabilities for options on minorities	-	450
  	Companies cons.with equity method	-	1,070
  EBT		12,839	24,119	87.9%
  	Taxes	-2,733	-5,552
  	Minorities	-22	178
  Group net profit		10,129	18,389	81.5%

  • D&A substantially in line with Q1 2025

  • Negative exchange rate trend mainly due to FX on Put&Call option

  • Positive results in companies consolidated with equity methods linked to Free Polska.

  • 23.0% tax-rate, not far from what reported at the end of 2025 (22.6%)

6

Q1 2026 - (NFP)/Net Cash Bridge

29.3m€

FFO

29.9m€ from IFRS 16

18.6

10.7

(2.1)

24.3

(19.5)

(3.7)

1.9

30.0m€ from IFRS 16

Net Cash FY 2025

Net Profit D&A Leasing/ rent fees

m€

NWC CAPEX Other Net Cash

Q1 2026

• Funds from operations equal to 29.3m€ (~40% up on Q1 2025), easily covering NWC increase and Capex, bringing Net Cash level to

  24m€. Excluding the IFRS16 effect, the Net Cash would be 54.3m€

• NWC increase linked mainly to higher revenues and seasonality.

  7

  Embedding Cloud to Edge intelligence in HVAC/R system control

  CAREL is building a fully integrated AI ecosystem, where intelligence is not an add-on but a core capability, designed to connect data, algorithms, and domain expertise across platforms, products, and real-world applications, turning AI into a tangible driver of efficiency, performance, and sustainability.

  CAREL's A.I. strategy: an end-to-end approach

  Our objective is to span the entire value chain, from cloud-based intelligence to A.I. capabilities embedded directly in field devices, ensuring coherence and scalability across solutions.

  By integrating A.I. across digital platforms, control systems, and products, CAREL maintains direct ownership of models and value creation.

  This approach strengthens our ability to innovate over time and consistently enhance system performance.

  Cloud Layer - Digital Intelligence Platforms.

  
  
  

  At the cloud level, CAREL leverages advanced digital platforms such as Kiona and RED Optimise to transform data into actionable intelligence.

  Middleware Layer - Supervisory Intelligence.

  At the middleware layer, CAREL BOSS acts as the intelligent supervisory backbone connecting cloud services and field devices.

  Edge Layer - Smart Controls Powered by STone.

  At the edge, CAREL's programmable controls are increasingly developed and orchestrated through the STone platform, enabling future-ready intelligence directly on devices

  8

  Closing Remarks

  • Strong start to 2026: Q1 delivered an excellent performance, with revenues exceeding expectations and marking the fourth consecutive quarter of double-digit organic growth, supported by broad-based momentum across regions and end markets.

    Q1 2026 Results

  • Quality growth reflected into margin expansion: The strong top-line performance translated into a significant uplift in EBITDA margin, exceeding the mid-term guidance.

  • Further strengthening of the Balance Sheet: Robust cash generation in the quarter comfortably covered seasonal working capital absorption and period capex, further supporting the Group's financial flexibility.

    Scenario

  • Positive momentum into early 2026: The solid demand trends observed in the second half of 2025 carried into the first quarter of 2026, supported by sustained strength across key verticals and geographies. Though the visibility remains low, the order intake stays strong.

  • Macroeconomic uncertainty remains: Although the direct impacts on the company of the Middle East conflict remains limited, the macroeconomic and geopolitical backdrop continue to be volatile, constraining forward visibility and increasing forecast complexity.

Guidance

Taking this into account, the Group expects Q2 2026 consolidated revenues to be in the range

of €180-190 million, corresponding to a growth between 13% and 20% on Q2 2025.

9

These estimates are based on currently available information and assume no material worsening of the geopolitical and macroeconomic environment. Further adverse developments could impact demand and overall performance.

Annexes

Shareholding structure (>3% voting rights)

CAREL Industries S.p.A.

Number of shares

Other Shareholders;

31.97%

Luigi Rossi Luciani

S.a.p.a; 33.96%

7 Industries Holding

B.V.;

7.66%

Capital Research and

Management Company; 7.63%

Athena FH S.p.A.;

18.79%

CAREL Industries S.p.A.

Voting rights

Other Shareholders;

20.93%

Luigi Rossi Luciani

S.a.p.a; 44.47%

7 Industries Holding

B.V.; 5.01%

Capital Research and

Management Company; 5.00%

Athena FH S.p.A.;

24.59%

Income statement and Balance Sheet

Income statement

K€ Q1 2026 Q1 2025 Delta %

Revenues 170,901 147,400 15.9%

Balance sheet

K€ Q1 2026 FY 2025 Delta %

Fixed Capital 487,778 488,810 (0.2%)

Company Profile

Leading provider of advanced control solutions for

Key financials - 2025A

HVAC/R

• HVAC: Industrial, Residential,

  Growing key

  markets

  Commercial

• Refrigeration: Food Retail and

  Food Service

  Revenue

  EBITDA

  Net income

  €629m +12%

  CAGR 2015A-25A

  €124m +13%

  CAGR 2015-25A

  €73m +13%

  CAGR 2015A-25A

  Leadership in premium niches

  • Control solutions

  • High Efficiency applications

    Innovation focus

  • 6 main R&D centers (Europe x3, China and US 2x)

  • >5%1 of Revenues invested in

    R&D

    Revenue breakdown - 2025A

    By market By geography

    
    
    

    APAC

    By channel

    14%

    Distributors / affiliates

    Global footprint

    Refrigeration 28%

    HVAC 72%

    South

    14%

    EMEA 64%

  • 15 production plants (6x Italy, 2xCroatia, Poland, 2x Germany, China, 2xUS and Brazil)

Source: Company information Note: 1) avg. 2015A-25A

America

2%

North America 20%

Installers/ contractors / VARs / End Users

20%

OEMs 66%

14

Refrigeration

Food Retail

Food Service

HVAC

Residential

Commercial

Industrial

We operate in attractive niches across a wide range of end-markets…

Data Centers

Residential

Shopping Centers

Industry and Process

Office Space

Pharma and Food

Recreational

Convenience Stores

Hypermarkets

Restaurant Chains

Refrigerated Merchandisers

15

…through a one-stop-shop portfolio of components

and platforms

Programmable controls HMI and unit terminals Parametric controls Adiabatic humidifiers and

evaporative coolers

Isothermal humidifiers

Electronic controls easily programmable and customizable

User interfaces for units and systems Entry level electronic controllers Pressure water atomizers Steam production systems

Heat recovery units Dampers Power solutions Sensors and protection devices Electronic expansion valves & drivers

Heat exchangers for AHU Dampers and other AHU components Electrical panels Temperature/humidity and air quality sensors Electronic valves for the modulation of

refrigerant flow

Speed controllers & inverters Compressors1 Remote management, monitoring systems, IoT Services and Software

Speed control devices for BLDC compressors BLDC compressors Solution for local / remote management monitoring and

optimization

Full portfolio of digital and non-digital services

Distinctive ability to meet customers' demand for tailored integrated solutions using standard platforms

Source: Company information 16

Long track record of revenue growth

231

255 280

203

Revenue (€m)

327 332

420

650 629

545 579

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

112

126

106

85

55

63

65

Adj. EBITDA (€m)

38

43

51

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Plants & R&D

Branches

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

IPO

• 2018 - RECUPERATOR (ITA)

• 2018 - HYGROMATIK (GER)

• 2021 - ENGINIA (ITA)

• 2021- CFM (TUR)

• 2022 - ARION (ITA)

• 2022 - SAUBER (ITA)

• 2022 - KLINENBURG (GER/POL)

• 2022 - SENVA (US)

• 2023 - KIONA (NOR)

Source: Company information Note: financial data refer to consolidated accounts of CAREL Industries S.p.a. for the period 2011A-2024A (IFRS 2015A- 2020A); ITA GAAP 2011A-2014A) and CAREL S.p.a. for the period 2000A-2010A (ITA GAAP). Comparability might be affected by change in reporting standard and in consolidation perimeter.

17

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Legend: R&D centre Plants

Acquisitions

of local distributors

Well-articulated strategies to continue the growth track record

HVAC

to consolidate

its market leadership

A

Refrigeration to increase market share

• Consolidation of HVAC market leadership

• Growth in Refrigeration driven by technology leadership

• Upselling and cross-selling

• Global penetration

• Connectivity, IoT and AI capabilities already developed

• Advanced monitoring and optimization services to end customers

  Increase focus on Services

  Innovation

  to represent one of CAREL's organic growth drivers

  • Maintain innovation leadership

    Industrial Footprint and Lean Approach

    B

    Human Resources

    C Disciplined bolt-on M&A

• Deliver strong profitability

• Leveraging the current production capacity, further enhancing

  flexibility

• Develop talent

• Disciplined bolt-on M&A activity focused on complementing core-business in Europe, on expanding in US and APAC and on adjacent capabilities, leveraging on solid balance sheet

CAREL general strategy for 2023-2026 will be oriented to the research for new innovative technological solutions

with a major focus on energy saving, transition to natural refrigerants, widening high-efficiency solutions offer and geographical expansion 18

Source: Company information

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.

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

4

5

6 Well-articulated strategies to continue the growth track record

19

1

High-tech leader in attractive niches of the HVAC/R industry

Focus on attractive niches…

…resulting in leadership positioning

…CONSOLIDATED

IN HVAC PREMIUM NICHES

…INNOVATION-ORIENTED

IN REFRIGERATION

High value applications

Deep knowledge of final applications is key

European market share

Energy efficiency and high performance are critical

in Chillers

European market share

Requirement for tailored and customizable solutions

in Roof-tops

Solutions accounting for a low percentage of the final equipment value

market share

In CRAC for Data Centers(1)

Source: Company elaborations as of 31 December 2022 based on Building Services Research and Information Association data as of 31 December 2021

In Europe

In Europe

In Europe

#1

#1

INNOVATIONS

-50% kWh2

HEEZ energy consumption

Higher efficiency3

#1

Rotary DC technology

Globally

20

Note: 1) the rest of the market is mainly driven by proprietary solutions 2) tested by third-party laboratory compared to Top-ten EU benchmarks; 3) compared to average semi-hermetic

2

Attractive market growth supported by secular trends

Secular trends…

…supporting attractive market growth

CHANGE IN

CONSUMER HABITS

•

Focus on WASTE REDUCTION in

food sector

• Increase in number of convenience stores/FRESH FOOD

GROWING

POPULATION

• Improvement in LIVING STANDARDS

increasing demand for HVAC/R

Reference HVAC and refrigeration Market

INTERNET

OF THINGS

• Increasing adoption of AUTOMATION TECHNOLOGIES and CONNECTED SOLUTIONS

GLOBAL

GROWTH

• ECONOMIC ACTIVITY driving

demand for HVAC/R

+3%/4%

Expected long-term cagr

Source: Company information 21