Italy · Delayed Price · Currency is EUR Carel Industries Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 marked a fourth consecutive quarter of double-digit organic growth, with full-year revenue up 8.7% and adjusted EBITDA margin reaching 20%. Strong cash generation led to a positive net financial position, and robust momentum is expected to continue into 2026 despite macroeconomic uncertainties.
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Q3 saw strong organic revenue and EBITDA margin growth, with robust performance across all regions and verticals, especially data centers and HVAC. Cash generation was strong, net debt fell sharply, and guidance points to continued growth, though Q4 is expected to show typical seasonality.
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Q2 2025 saw strong acceleration in revenue and profitability, led by HVAC and data centers, with robust growth in Asia Pacific, EMEA, and North America. Outlook for Q3 is high single- to low double-digit organic growth, with continued focus on innovation, cash generation, and margin expansion.
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Q1 2025 saw modest revenue growth and improved EBITDA margin, driven by strong data center and refrigeration demand, especially in Europe and the US. Net profit declined due to absence of prior year one-offs, but cash flow and balance sheet remain strong.
Fiscal Year 2024
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2024 saw an 11% revenue decline due to heat pump weakness and destocking, but profitability and cash generation remained strong, supporting record R&D and CapEx. Q4 showed improvement, and 2025 is expected to bring recovery, especially in EMEA refrigeration and APAC, with stable margins and continued innovation.
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Nine-month revenues fell 12.9% year-over-year, mainly due to EMEA weakness and heat pump declines, but North America and data centers showed strong growth. EBITDA margin dropped to 18.2%, with full-year revenues expected near EUR 580 million. Inventory normalization and positive trends in APAC and North America support a cautiously optimistic outlook.
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H1 2024 saw revenues down 11.7% year-over-year, mainly due to EMEA heat pump weakness, but North and Latin America delivered strong growth. EBITDA margin fell to 18.3%, with gradual improvement and full-year revenues near €600 million expected, while innovation and integration efforts continue.