CAREL: revenues reach €629 million in 2025, up 8.7%

The Board of Directors of CAREL INDUSTRIES S.p.A. has approved the consolidated results as of 31 December 2025, confirming another year of strong growth for the Group.

In 2025 CAREL’s consolidated revenues reached €629.0 million, an increase of 8.7% compared to 2024 (+10.6% at constant exchange rates). Profitability also improved: EBITDA amounted to €124.1 million, corresponding to 19.7% of revenues, up 18.3% compared to the previous year. Consolidated net income stood at €73.6 million, an increase of 17.6%. In addition, for the first time since its listing in 2018, as of 31 December 2025 the Group reported a positive net cash position of €18.4 million (compared with consolidated net debt of €50.2 million recorded on the same date in 2024).

“For the third consecutive quarter, CAREL confirms a trend of double-digit organic revenue growth, with a 17% increase that brings the overall performance of the year to more than +10% on an annual basis. This is a result that makes us particularly proud, especially in light of an international context marked by geopolitical tensions and progressively shifting economic dynamics. Both markets contributed significantly to the year’s results: the HVAC segment benefited from dynamic demand across numerous applications, particularly those supporting digital infrastructure, while Refrigeration continued its expansion path, driven by structural factors such as energy efficiency and technology innovation oriented toward sustainability. Overall, 2025 closes with results that further strengthen the growth path undertaken in recent years. In a global context that remains challenging, CAREL has demonstrated resilience, an ability to innovate and strong execution discipline.” – said Francesco Nalini, CAREL Group CEO.