Informazione
Regolamentata n.
2092-31-2026Data/Ora Inizio Diffusione 4 Agosto 2026 14:42:57Euronext Star Milan
Societa' :CAREL INDUSTRIES
Utenza - referente :CARELINDUSN03 - Grosso Giampiero
Tipologia :1.2
Data/Ora Ricezione :4 Agosto 2026 14:42:57 Data/Ora Inizio Diffusione :4 Agosto 2026 14:42:57 Oggetto :CAREL - BoDs approves H1 2026 results Testo del comunicato
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1
Press Release
The CAREL Industries Board of Directors has approved the consolidated results as of 3 0 June 2026
• Consolidated revenues equal to € 370.1 million, +20.9% compared to the first six months 2025.
On a constant exchange rate basis the growth would have been +23.0%.
• Consolidated EBITDA equal to € 83.1 million corresponding to 22.5% of revenues , +42.7% compared to the first six months 2025 ;
• Consolidated net result equal to € 45.7 million, +72.5% compared to the net result recorded in the first six months 2025 ;
• Positive net cash position at € 7.1 million , compared with € 18.4 million as of 31 December 2025, including the negative accounting effect related to the application of IFRS 16 amounting to € 30.9 million.
Brugine, 4 August 2026 - The Boa rd of Directors of CAREL Industries S.p.A. (' CAREL ', or the ' Company ' or the ' Parent Company ') met today and approved the consolidated results as of 30 June 2026.
Francesco Nalini, CEO of the Group , commented: “We are presenting these results with particu lar satisfaction. The second quarter of 2026 was the best in CAREL’s history, with revenues approaching €200 million and growth exceeding 25% compared with the same period last year. This outstanding performance is even more significant when viewed against the economic and geopolitical backdrop in which it was achieved, and it confirms the Group’s ability to translate the key structural trends shaping its end markets into tangible growth opportunities.
Once again, our growth was characterized by a high degr ee of balance across businesses. In the first half, both HVAC and Refrigeration delivered growth of more than 20%, confirming the strength of our business model and the quality of our applica tion and customer portfolio. Refrigeration, in particular, recorded an even stronger performance in the second quarter, supported by the recovery of selected projects in the EMEA region and by the increasing adoption in the United States of energy -efficient technologies and natural refrigerant -based solutions, areas whe re CAREL benefits from distinctive expertise and a well -established competitive position.
The strong revenue expansion also translated into significantly improved profitability. Supported by operating leverage and disciplined execution, our EBITDA margin exceeded 23% in the second quarter, bringing first -half profitability to 22.5%. These results demonstrate our ability to combine growth and value creation while continuing to invest in innovation, talent, and technologi cal development.
Alongside organic gro wth, we have also devoted significant attention during the first part of the year to opportunities for growth through acquisitions. In this context, the signing of the Cotes transaction represents a strategic step that further expands our expertise in humidity control and strengthens the Group’s ability to serve customers with an increasingly comprehensive range of high value -added technological solutions.
Looking ahead to the coming quarters, we remain mindful of the complexities of the international envir onment and the limited visibility that continues to characterize several markets. At the same time, we believe we can rely on solid fundamentals, a strengthened competitive position, and long -term trends that continue to support demand for our solutions. F or this reason, we approach the future with confidence, maintaining an unwavering focus on sustainable growth, innovation, and the creation of v alue for all our stakeholders. ”
Consolidated revenues
As of 30 June 2026, consolidated revenues amounted to €37 0.1 million, representing strong growth (+20.9% at current exchange rates, +23.0% at constant exchange rates) compared with €306.2 million recorded in the same period of 2025. This performance confirms the strength of the trends already observed in recent quarters and reflects a further acceleration compared with the previous quarter.
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Growth in the second quarter remained broad -based across both geographies and end markets, with double -digit contributions from both business segments, HVAC and Refrigeration , as well as from all geographic regions. This once again highlights the quality and excellent balance of the Group’s business portfolio.
From a business segment perspective, the HVAC business reported constant -currency growth of approximately 24.0% during the quarter, with positive performance across all verticals. Once again, the data center segment delivered particularly strong re sults, continuing to benefit from structurally robust demand, with especially high growth rates in North America and a very po sitive trend across all other regions as well. The second quarter also confirmed the ongoing recovery in the industrial sector, which cont inued to post double -digit growth across substantially all regions in which the Group operates. The residential segment, driven by heat pumps, maintained the growth momentum already observed during 2025, with expansion primarily concentrated in Germany. The commercial sector also remained positive.
Turning to Refrigeration, the Group recorded a significant acceleration in the second quarter, mainly driven by EMEA and North America. In EMEA, this performance was supported by the recovery of several projects that had been delayed during the first m onths of the year and, more broadly, by the ongoing transition toward natural refrigerant -based solutions, also driven by F -Gas regulations.
In North America, performance was particularly strong, with revenues almost tripling between April and June 2026 on a constan t-
currency basis compared with the same period of the previous year. This result confirms the Group’s ability to continue gaining market share during a period of profound industry transformation, characterized by increasing focus on energy efficiency and the adoption of low environmental impact refrigerants. In this context, CAREL is benefiting from its technological leadership in solutions for the efficient management of both traditional and natural refrigerants, as well as from its ability to promote innovative technologies among customers, including variable speed system s, which enable significant improvements in energy consumption and sustainability. Refrigeration also delivered positive results in APAC, where revenues grew by more than 10% at constant excha nge rates.
Analyzing the individual geographical areas:
• EMEA (Europe, Middle East and Africa) , representing 61% of Group revenues, recorded constant -currency growth of approximately 12%, with an acceleration in recent months. Strong performance in the residential sector, particularly supported by the German market, was accompanied by double -digit growth in the Data Center segment. The industrial sector consolidated the recovery signals already visible in the previous quarter, while the commercial sector showed more moderate growth. Refrigeration delivered particularly positive results, supported by the recovery of projects that had experienced slower execution in the previous period and by the increasing adoption of efficient architectures based on low environmental impact refrigerants.
• APAC (Asia -Pacific) , accounting fo r 14% of Group revenues, reported constant -currency growth of nearly 32%, with a significant improvement in absolute revenues compared with the previous quarter. The strong performance during the first half was primarily driven by HVAC. The Commercial, Industrial and Data Center verticals all achieved growth rates well above 20%, with a particularly significant contribution from the latter. Refrigeration also posted excellent results, with organic growth exceeding 10%.
• North America , representing 23% of Gro up revenues, delivered an outstanding first half, with organic growth above 50%, supported by a balanced contribution across different segments. While applications related to data center cooling remained the primary growth driver, with revenues nearly doubling compared with the first half of last year, all other verticals also recorded double -digit growth. The balanced nature of the performance is further confirmed by the exceptionally strong Refrigeration business, where revenues nearly doubled at constant exchange rates compared with the first six months of 2025. This was driven by the Group’s ability to capture significant opportunities linked to demand for high energy -efficiency solutions, including variable speed technology, as well as low environmental impact refrigerants, particularly natural refrigerants.
• South America , which accounts for approximately 2% of Group revenues, reported constant -currency growth of around 21%, despite a macroeconomic environment that remains challenging in several countrie s across the region.
3 Table 1 - Revenue by business area ( thousands of euros) 30.06.2026 30.06.2025 Delta % Delta fx % HVAC revenue 265,825 219,650 21.0% 23.7% REF revenue 103,407 86,118 20.1% 20.9% Total core revenue 369,232 305,768 20.8% 22.9% Non-core revenue 892 409 117.8 % 118.7 % Total Revenue 370,124 306,177 20.9% 23.0% Table 2 Revenue by geographical area ( thousands of euros) 30.06.2026 30.06.2025 Delta % Delta fx %
EMEA 225,091 201,142 11.9% 11.8%
APAC 50,846 39,493 28.7% 31.6%
North America 86,156 59,019 46.0% 55.7% South America 8,032 6,523 23.1% 20.9% Total Revenue 370,124 306,177 20.9% 23.0%
Consolidated EBITDA
Consolidated EBITDA reached €83.1 million as of 30 June 2026, representing a significant increase of 42.7% compared with €58. 3 million recorded in the first half of 2025. EBITDA margin, calculated as EBITDA over revenues, stood at 22.5%, also showing s trong expansion both compared with the same period last year (approximately 350 basis points) and versus the previous quarter. The substantial increase in revenues enabled the Group to benefit from operating leverage, partially offset by certain inflationa ry pressures. Profitability also benefited from the positive contribution of Kiona, which once again reported an EBITDA margin c lose to 30%.
The Group continued to invest heavily in research and development activities. Total resources allocated to R&D, includi ng both operating expenses and capitalized investments, exceeded €18 million during the first half and remained stable at approximate ly 5% of revenues.
Consolidated net income Consolidated net profit amounted to €45.7 million, up 72.5% compared with €26.5 million as of 30 June 2025, reflecting the Gr oup’s outstanding operating performance during the period. Net financial charges totaled €1.8 million, while the effective tax rate stood at 23.1%.
Consolidated net financial position As of 30 June 2026, the G roup reported a positive net cash position of €7.1 million, compared with a positive net cash position of €18.4 million recorded at the end of 2025. Excluding the accounting effect related to the application of IFRS 16, amounting t o €30.9 million, positive net cash would have amounted to €38.0 million.
Strong cash generation largely covered net investments during the period (€9.5 million), the impact of the increase in net wo rking capital (amounting to approximately €49.6 million and including the earn -out related to Senva Inc. of €17.4 million), mainly due to seasonal factors and revenue growth, and dividends paid during the period amounting to €21. 4 million.
Business outlook
The international environment continues to be characterized by a high degree of u ncertainty, driven both by the persistence of geopolitical tensions and by the ongoing volatility of commodity markets and supply chains. In this context, the interpretati on of macroeconomic indicators continues to present elements of complexity.
4
Despite this, in the second quarter of 2026 the Group recorded a continuation of the positive trends observed in previous quarters, with signs of further strengthening in certain verticals. These signs are also reflected in the order backlog, which remains very so lid.
In light of these factors, the Group also expects a very positive performance in the third quarter of 2026, with consolidated revenues close to €190 million, corresponding to growth of approximately 20% compared with the third quarter of 2025.
These e stimates are based on the information currently available and assume a geopolitical and macroeconomic scenario with no further significant deterioration. Any negative developments or a prolonged period of international tensions could affect ene rgy, logistics and demand dynamics, with potential impacts on future performance.
CONFERENCE CALL
The results as of 3 0 June 2026 will be illustrated today , 4 August 2026 at 16.30 (Italian time ) during a conference call to the financial community, which will also be t he subject of a webcast in listen -only mode on www.carel.com, Investor Relations section.
The CFO, Nicola Biondo, stated, pursuant to paragraph 2 of Article 154 -bis of the Consolidated Finance Act, that the accounting information in this press release corresponds to the documented results, accounts and bookkeeping records.
For further information
INVESTOR RELATIONS MEDIA RELATIONS
Giampiero Grosso - Investor Relations Manager Barabino & Partners giampiero.g rosso@carel.com Fabrizio Grassi +39 049 9731961 f.grassi@barabino.it +39 392 73 92 125
Giuseppe Fresa
g.fresa@barabino.it
+39 348.57.03.197
***
CAREL
The CAREL Group is a global leader in the design, production and marketing of technologically -advanced components and solutions for excellent energy efficiency in the control of heating, ventilation and air conditioning ( “HVAC ”) and refrigeration equipment and systems. CAREL is focused on several vertical niche markets wit h extremely specific needs, catered for with dedicated solutions developed comprehensively for these requirements, as opposed to mass markets.
The Group designs, produces and markets hardware, software and algorithm solutions aimed at both improving the performance of the units and systems they are intended for and for energy saving, with a globally -recognised brand in the HVAC and refrigeration markets (collectively, “HVAC/R ”) in which it operates and, in the opinion of the Company ’s management, with a di stinctive position in the relevant niches in those markets.
HVAC is the Group ’s main market, representing 72% of the Group ’s revenues in the financial year to 31 December 20 25, while the refrigeration market accounted for 28% of the Group ’s revenues.
5 The Group commits significant resources to research and development, an area which plays a strategic role in helping it maint ain its position of leadership in the reference HVAC/R market niches, with special attention focused on energy efficiency, the reduct ion of environmental impact, trends relating to the use of natural refrigerant gases, automation and remote connectivity (the Intern et of Things), and the development of data -driven solutions and services.
As of 31 December 202 5 the Group operates through 47 branches including 15 production areas located in various countries, approximately 80% of the Group ’s revenues was generated outside of Italy and more than 30% outside of EMEA (Europe, Middle East, Africa).
Original Equipment Manufacturers or OEMs – suppl iers of complete units for applications in HVAC/R markets – make up the Company ’s main category of customers, which the Group focuses on to build long -term relationships.
6 The accounting statements of the CAREL Industries Group, currently subject to limited independent auditing, are illustrated below.
Consolidated F inancial Statements as of 30 June 2026
Consolidated Statement of financial position (€’000) 30/06/2026 30/12/2025 Property, plant and equipment 113,457 114,661 Intangible assets 363,726 366,398 Equity -accounted investments 7,070 6,223 Other non -current assets 4,006 3,862 Deferred tax assets 15,137 12,794 Non-current as sets 503,397 503,937 Trade receivables 141,378 111,745 Inventories 102,429 88,536 Current tax assets 4,460 3,054 Other current assets 21,669 16,972 Current financial assets 14,536 21,913 Cash and cash equivalents 111,758 121,850 Curren t assets 396,231 364,069
TOTAL ASSETS 899,628 868,006
Equity attributable to the owners of the parent company 506,845 477,243 Equity attributable to non -controlling interests 5,803 5,702 Total equity 512,647 482,945 Non-current financial liabilities 100,910 83,427 Provisions for risks 5,507 5,195 Defined benefit plans 7,008 7,166 Deferred tax liabilities 23,662 24,573 Other non -current liabilities 1,713 50,804 Non-current liabilities 138,799 171,165 Current financial liab ilities 18,333 41,904 Trade payables 97,281 79,678 Current tax liabilities 8,624 4,450 Provisions for risks 5,477 3,038 Other current liabilities 118,467 84,825 Current liabilities 248,182 213,896
TOTAL LIABILITIES AND EQUITY 899,628 868,006
7 Consolidated Statement of profit or loss (€’000) 30/06/2026 30/06/2025 Revenue 370,124 306,177 Other revenue 3,897 2,382 Costs of raw materials, consumables and goods and changes in inventories (143,749) (119,513) Services (49,522) (42,890) Capitalised development expenditure 2,283 2,432 Personnel expenses (95,835) (86,257) Other expenses, net (4,054) (4,048) Amortisation, depreciation and impairment losses (21,406) (21,513)
OPERATING PROFIT 61,738 36,770
Net financial income /(charges) (1,789) (2,754) Net exchange rate gains/( losses ) (1,999) (492) Gains/(losses) on from FV of liabilities for options on minority stakes 944 -
Net results of companies consolidated with equity method 946 1,041
PROFIT BEFORE TA X 59,839 34,565
Income taxes (13,841) (8,018)
PROFIT FOR THE PERIOD 45,998 26,547
Non-controlling interests 315 56
PROFIT FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF
THE PARENT COMPANY 45,683 26,490
Consolidated Statement of comprehensive income (€’000) 30/06/2026 30/06/2025 Profit for the period 45,998 26,547 Items that may be subsequently reclassified to profit or loss:
- Fair value gains (losses) on hedging derivatives net of the tax effect (20) (71)
- Exchange differences 5,764 (13,816) Items that may not be subsequently reclassified to profit or loss:
- Discounted benefits to employees net of fiscal effect (62) 68 Comprehensive income 51,680 12,728
attributable to:
- Owners of the parent company 51,434 12,679
- Non-controlling interests 246 49
Earnings per share Earnings per share (in euros) 0.41 0.24
8 Consolidated Statement of cash flows (€’000) 30.06.2026 30.06.2025 Profit for the period 45,998 26,547
Adjustments for:
Amortisation, depreciation and impairment losses 21,405 21,513 Accruals to/utilisations of provisions 5,339 2,456 Other non -mometary charges/(gains) 2,401 1,990 Taxes 13,841 8,018
Changes in working capital:
Change in trade re ceivables and other current assets (32,426) (9,517) Change in inventories (13,708) (4,001) Change in trade payables and other current liabilities (1,872) 6,123 Change in non -current assets (60) (13) Change in non -current liabilities (1,164) (194) Cash flows generated from operations 39,753 52,923 Net interest paid (1,659) (2,099) Tax paid (14,201) (7,762) Net cash flows generated by operating activities 23,893 43,062 Investments in property, plant and equipment (5,167) (4,742) Investments in intangible assets (4,330) (4,127) Investments in financial assets (5,568) -
Disinvestments in financial assets 13,329 2,430 Disinvestments of property, plant and equipment and intangible assets 20 205 Interest collected 1,056 963 Investments in equity -accounted investees - (1,150) Business combinations, net of cash acquired (297) -
Cash flows generated by (used in) investing activities (956) (6,421) Disposal (Purchase) of minorities (717) -
Dividends to Shareholders (21,389) (18,561) Dividends to minorities (41) (61) Increase in financial liabilities 20,000 10,000 Decrease in financial liabilities (27,712) (17,370) Decrease in financial liabilities for leasing fees (4,295) (3,950) Cash flows generated by (used in) financing activities (34,154) (29,942) Change in cash and cash equivalents (11,217) 6,699 Cash and cash equivalents - opening balance 121,850 99,119 Conversion variations 1,125 (3,550) Cash and cash equivalents - closing balance 111,759 102,268
9
Consolidated Statement of changes
in equity
(€’000) Share
capital Legal
reserve Translation
reserve Hedging
reserve Other
reserves Retained
earnings Profit for the period Equity Equity att.
to non -
controlling
interests Total equity Balance as of 1/1/2025 11,250 2,250 638 127 205,069 152,967 62,642 434,944 6,591 441,535
Owner transactions
- Allocation of profit for the period - - - - 4,604 58,038 (62,642) - - -
- Change in scope of consolidation - - - - - - - - - -
- Dividends distribution - - - - - (18,561) - (18,561) (61) (18,622) Total owner transactions 11,250 2,250 638 127 209,673 192,444 - 416,383 6,530 422,914
- Profit for the period 26,490 26,490 57 26,547
- Other comprehensive income (expenses) (13,808) (71) 68 (13,811) (8) (13,819) Total other comprehensive income (expenses) - - (13,808) (71) 68 - 26,490 12,679 49 12,729 Balance as of 30/06/2025 11,250 2,250 (13,170) 56 209,741 192,444 26,490 429,063 6,579 435,643
Balance as of 1/ 01/2026 11,250 2,250 (13,082) 20 209,838 193,324 73,642 477,243 5,702 482,945
Owner transactions
- Allocation of profit for the period - - - - 22,661 50,981 (73,642) - - -
- Dividends distribution - - - - - (21,936) - (21,936) (41) (21,977)
- Change in scope of consolidation - - - - - 104 - 104 (104) -
Total owner transactions 11,250 2,250 (13,082) 20 232,499 222,474 - 455,411 5,557 460,967
- Profit for the period 45,683 45,683 315 45,998
- Other comprehensive expenses 5,833 (20) (62) 5,751 (69) 5,682 Total other comprehensive expenses - - 5,833 (20) (62) - 45,683 51,434 246 51,680 Balance as of 3 0/06/2026 11,250 2,250 (7,249) (0) 232,437 222,474 45,683 506,845 5,803 512,647
Fine Comunicato n.2092-31-2026 Numero di Pagine: 11