Presentazione Risultati 2025

CAREL INDUSTRIES S.p.A.

2025 - FY Results

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10th March 2026

FY 2025 - Highlights

• Reported revenue reached €629.0 million, up 8.7% vs. FY 2024 (+10.6% org.).

  +10.6%

  Org. Revenue growth

• As already observed in Q3, all regions and Macro-segments contributed to the organic growth in Q4, confirming the quality and the broad-based nature of the performance.

• HVAC remained the primary growth driver, delivering ~19% organic growth in Q4 2025,

  supported by sustained positive trends across DCs, Commercial, and Residential segments.

• Refrigeration also posted a strong performance with further acceleration in both EMEA and North America, achieving ~11% organic growth.

  20.0%

  Adj. EBITDA margin

• Adj. EBITDA margin equal to 20.0% (19.7% reported).

• Q4 2025 EBITDA margin was ~20%. The typical seasonal softening in profitability during Q4 was partially offset by robust revenue growth, the favorable dynamics in raw materials procurement costs and the accretive contribution from Kiona.

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

18m€

Net cash position

•

•

Strong cash generation enabled the company to move from a net debt position in FY 2024 to a

net cash position of 18m€ at the end of 2025.

Excluding the IFRS 16 impact (~30m€), the company would have reported a net cash position of 48m€.

3

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FY 2025 - Results

KPIs

• Revenue +8.7%: Q4 marked the third consecutive quarter of double-digit organic growth rate in revenue. All the region contributed: EMEA, North America, and APAC each delivering double-digit organic revenue increases. ~11m€ negative FX impact, mainly due to the weakness of the USD.

• EBITDA Adj. +19.0%: Net of several non-recurring reorganization costs, the EBITDA margin stood at 20.0%, at the upper end of mid-cycle guidance, representing a solid improvement on FY 2024 (18.3%). Q4 adj. profitability equal to 20.7%, supported by strong revenue growth.

• Net Profit +17.6%: Reflecting the strong momentum in operating performance. Tax rate stood at 22.6%, a touch below what reported in the first

  9M 2025.

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• Capex: Capex were lower than last year, which had represented a record high.

  • Dividend: 0.195€ per share proposed dividend, corresponding to ~30% pay-out ratio.

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  4

  
  
  

  FY 2025 - Revenue breakdowns

  629.0

  M€

  Breakdown by region Breakdown by sector

  20%

  629.0

  M€

  North America

  South America 2%

  APAC 14%

  EMEA 64%

  Area	FY 2024	FY 2025	Δ%	Δ% fx
  EMEA	376.7	405.3	7.6%	7.7%
  APAC	83.0	84.1	1.4%	5,9%
  Americas (North)	103.6	125.3	20.9%	26.2%
  Americas (South)	15.2	14.2	(6.4%)	0.0%
  Total Revenue	578.5	629.0	8.7%	10.6%

  m€ m€

  Refrig. 28%

  HVAC 72%

  Sector	FY 2024	FY 2025	Δ%	Δ% fx
  HVAC	410.0	450.9	10.0%	11.9%
  Refrig.	167.9	177.2	5.5%	7.2%
  Core Revenue	577.9	628.1	8.7%	10.5%
  No core	0.7	0.9	35.7%	36.2%
  Total Revenue	578.5	629.0	8.7%	10.6%

  m€ m€

• EMEA - Q4 2025 results showed a further acceleration in HVAC and in

  Refrigeration, both of them growing double-digit.

• APAC - Excluding FX impact, Q4 2025 delivered another solid quarter (+13% org.) following double-digit org. growth achieved in Q2 and Q3 2025. Growth was mainly driven by excellent performance in the HVAC segment, while Refrigeration remained flat in the quarter due to tough comps.

• Americas (North) - Another extremely strong quarter in North America (>30% org. growth rate), supported by continued momentum in the data centre segment and an outstanding performance in the Refrigeration sector (~50% org. growth).

• Americas (South) - Positive Q4 2025 organic performance, achieved despite the ongoing economic uncertainty in Brazil.

• HVAC: Excellent Q4 2025 performance (~19% org. growth) across the board, driven by continued growth in the Data Centre sector, alongside a sustained acceleration in the Heat Pumps market (in Europe) and solid results in the Commercial segment.

• Refrigeration: Q4 2025 delivered another low-teens organic growth quarter, supported by strong performance in EMEA (confirming Q2 2025 as a temporary negative outlier), and robust growth in North America, driven by increasing demand for sustainable and energy-efficient solutions. 5

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From EBITDA to Net Profit

K€ FY '24 FY '25 Δ%

EBITDA 104,871 124,075 18.3%

D&A -38,345 -42,116

EBIT 66,526 81,959 23.2%

Financial (charges)/income -7,073 -5,905

FX gains/losses 3,183 -1,311

• Higher D&A due primarily to 2024 record capex level.

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

  Gain/Losses from FV on liabilities for

  Companies cons.with	equity method	1,737	1,039
  EBT		79,729	95,177	19.4%
  	Taxes	-16,470	-21,497
  	Minorities	-617	-38
  Group net profit		62,642	73,642	17.6%

  options on minorities

  15,356 19,395

  • FV changes on Put&Call and earn-out liabilities.

22.6% tax-rate. The increase on 2024 (20.8%) is mainly due to a different country-mix.

6

FY 2025 - NFP Bridge

50.2

31.5m€ from IFRS

16 m€

(73.6)

(42.1)

8.5

24.0

18.6

16.5

(18.4)

(48.3)*

29.9m€ from IFRS 16

(20.7)

*Net Cash Position excl. IFRS 16 effect

• Strong cash generation throughout the year (net operating CF +40% over 2024), with further acceleration in Q4, thanks to excellent operating results and an optimized management of the NWC.

• This resulted in a net cash positive position for 18.4m€ (48.3m€ excluding the IFRS 16 effect).

  7

  A redesigned Refrigeration field ecosystem

  CAREL redesigned its Refrigeration field ecosystem enabling distributed and connected intelligence to support

  advanced diagnostics, analytics and performance optimization.

  iJ - platform

  Stand-alone cabinets

  
  
  

  • The iJ platform provides a wide range of rapidly deployable customization options, enabling Clients to differentiate their units starting from standardized versions for different applications (Food, Merchandising, Scientific).

    MPXPRO

    Supermarket cabinets

    
    
    

  • Built In Energy Optimization: MPXPRO is CAREL's most advanced controller, integrating sensors for

    real-time monitoring, early anomaly detection and reduced operating costs.

  • Scalable and Connected Architecture: MPXPRO supports multiple configurations, simplifying installation

    and enabling smart, connected refrigeration systems.

    New pRack

    Compressor racks

• The new version of CAREL's flagship compressor rack controller will leverage on the "STone development ecosystem", offering maximum connectivity, virtual simulation and advanced gen. AI development tools.

  
  
  

  New boss

  Supervisory system

  
  
  
  
  

• CAREL's new supervisory system, launched in February, is the bridge with the cloud ecosystem with native integration with Kiona, simplified "no code" configuration, and CO₂ focused functionalities.

• The New boss, has been awarded the German Design Award 2026.

• CAREL's controllers interface seamlessly with a broad range of advanced sensors, ensuring optimal performance and completing the CAREL ecosystem with fully integrated solutions.

  8

  Decarbonization overview

  NEXT STEPS

  Building on the strong progress achieved so far, CAREL is committed to accelerating its journey and embracing an even more ambitious vision.

  Alongside the 2033 targets already submitted to SBTi, the Group will work throughout 2026 to define new Net Zero goals for 2050 covering Scope 1 and

  2 emissions

  This renewed ambition will guide future investment decisions, strengthen the resilience of our value chain and support the evolution of increasingly efficient, low-impact solutions.

  Above all, it reaffirms our intention to contribute to a sustainable future for the next generations.

  Strategy

  CAREL's decarbonization strategy is embedded in its Climate Transition Plan. We see it not only as an environmental commitment but as a strategic lever that strengthens our competitive positioning, enabling us to deliver increasingly energy-efficient solutions, anticipate regulatory trends, open access to new markets driven by sustainability expectations, and reinforce stakeholder trust through a credible long-term transition pathway.

  Targets

  CAREL's decarbonization targets, validated by the SBTi (Science Based Targets initiative) in early 2025, outline a clear and science-based trajectory for the Group: a 54.6% reduction in absolute Scope 1 and 2 emissions by 2033 (baseline 2023) and a 32.5% reduction in Scope 3 across key categories such as purchased goods, logistics and product use.

  
  
  

  Pathway

  To advance its climate ambitions, CAREL is rolling out a practical and forward-looking pathway that combines operational upgrades, product innovation and supply-chain engagement: electrifying heating systems through high-efficiency heat pumps, expanding photovoltaic capacity and moving towards 100% renewable electricity across plants. These initiatives have already led to a 34% cut in Scope 1 and 2 Emission.

  2021 2022 2023-24 2025

  C

  B-

  B

  A-

  
  
  

  9

  Closing Remarks

  Q4/FY 2025

  Results

  • Excellent Q4 Performance: Q4 delivered very solid results, exceeding expectations. For the second consecutive quarter, all geographies (ex. South America) and both HVAC and Refrigeration markets achieved a doubled-digit organic growth, underscoring the strength and balance of the Group's business portfolio.

  • High profitability despite seasonal headwinds: the EBITDA margin reached 20% in the quarter, an especially strong result, given that Q4 is typically the least profitable quarter of the year. For FY 2025, EBITDA margin stood at 19.7% (20.0% adj.), positioning the Group at the upper end of its mid-term guidance.

  • Strengthened Financial position: For the first time since its IPO, CAREL closed the year with a positive net-cash position, reflecting the Group's solid cash-generation capability.

    Scenario

  • Positive momentum into early 2026: CAREL's performance in 2025, particularly in the second half, shows broadly positive trends across most of the verticals in which the Group operates. This momentum has carried into the first weeks of 2026, contributing to a solid order intake.

  • Challenging macroeconomic environment: At the same time, the global backdrop remains highly uncertain. The recent Middle East conflict, combined with persistent geopolitical and macroeconomic volatility, is significantly reducing forward visibility and making forecasting more complex.

Guidance

Taking this into account, the Group expects Q1 2026 consolidated revenues to be in the range of 160-170m€, corresponding to a year-on-year growth between 9% and 15%.

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. 10

Annexes

Shareholding structure (>3% voting rights)

CAREL Industries S.p.A.

Number of shares

Other Shareholders;

33.05%

Luigi Rossi Luciani

S.a.p.a; 33.96%

7 Industries Holding

B.V.;

6.57%

Capital Research and

Management Company; 7.63%

Athena FH S.p.A.;

18.79%

Other

Shareholders; 21.65%

CAREL Industries S.p.A.

Voting rights

Luigi Rossi Luciani

S.a.p.a; 44.47%

7 Industries Holding

B.V.; 4.31%

Capital Research

and Management Company;

5.00%

Athena FH S.p.A.;

24.59%

Income statement and Balance Sheet

Income statement

K€ FY 2025 FY 2024 Delta %

Revenues 629,028 578,536 8.7%

Balance sheet

K€ FY 2025 FY 2024 Delta %

Fixed Capital 488,810 508,920 (4.0%)

Company Profile

Leading provider of advanced control solutions for

Key financials - 2024A

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%

15

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

16

…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 17

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.

18

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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 19

Source: Company information

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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.

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

20

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

21

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