Italy · Delayed Price · Currency is EUR Carel Industries Earnings Call Transcripts
Fiscal Year 2026
-
Q1 2026 saw robust revenue and profit growth, driven by strong HVAC and refrigeration performance, especially in North America and data centers. EBITDA margin expanded to 21.5%, and net profit nearly doubled year-over-year. Management expects continued double-digit growth in Q2 despite macroeconomic uncertainties.
Fiscal Year 2025
-
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.
-
Q3 saw strong organic revenue and EBITDA margin growth, with robust performance across all regions and verticals, especially in data centers and HVAC. Cash generation was strong, net debt fell sharply, and guidance points to continued growth, though Q4 may see typical seasonal margin softness.
-
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.
-
Q1 2025 saw modest revenue growth and improved EBITDA margin, driven by strong demand in data centers and European refrigeration, while net profit declined due to prior year’s non-recurring gains. Outlook for Q2 is positive, with high single- to low double-digit revenue growth expected.
Fiscal Year 2024
-
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.
-
Nine-month revenues declined 12.9% year-over-year, mainly due to EMEA heat pump weakness, while EBITDA margin fell to 18.2%. Data centers and North America showed strong growth, and de-stocking is nearly normalized. Full-year revenues are projected near EUR 580 million.
-
H1 2024 saw revenues decline 11.7% year-over-year to €291.5 million, with EBITDA margin dropping to 18.3% due to EMEA heat pump weakness and tough comparables. Americas delivered strong growth, and gradual improvement is expected in H2, with full-year revenues guided near €600 million.