Double-digit percentage growth also in the first quarter of 2022

The Board of Directors approved the consolidated results as of 31 March 2022, with consolidated revenues of € 128.9 million, up 32.1% compared to the first three months of 2021 and a consolidated EBITDA of € 27.2 million.

As was the case in 2021, once again in the first quarter this year there was robust demand across all HVAC and refrigeration segments with a particular acceleration in certain applications, such as heat pumps, data centres and end units that can be traced back to air treatment and humidification. Thanks to the important initiatives undertaken by CAREL in 2020 and 2021 order to guarantee greater resilience and production flexibility, the Group managed to satisfy much of the above demand, even though the scenario remains quite challenging in terms of scarcity of raw materials and electronic components, in addition to major geopolitical instability due to the conflict between Russia and Ukraine.

“The results recorded in the first three months of 2022 are a significant record for the Group, since the recently concluded quarter has been the fifth consecutive one during which the organic revenue growth exceeded double-digit percentages. A constant development based on a strategy that has always been hinged on innovation and on the anticipation of Customer needs and in which the ability to adapt to unexpected and critical scenarios plays a fundamental role” Francesco Nalini, Group Chief Executive Officer, commented. “The latter characteristic was also fundamental in this scenario, characterised by a particularly uncertain geopolitical landscape, by difficulties in the supply of commodities/electronic equipment and by the consequent generalised increase in prices. Over the past 18 months, we have implemented a number of countermeasures, including the re-design of some of our products, in order to use alternative microprocessors (chip-pivoting), purchase orders with longer terms, and a significant increase in inventory, which have added to the structural flexibility of our manufacturing facilities. All this has made it possible to satisfy a large part of the demand recorded in the niches in which the Group operates, a demand that is growing rapidly and that is sustained by secular trends, including those of sustainability, electrification and energy efficiency. The forthcoming quarters remain very challenging: at the moment, there are no visible signs of improvement in the phenomenon linked to the shortage of commodities, nor signs of a slowdown in inflation. Despite this, the Group will continue to implement the strategic guidelines that have directed its action over the past few years, pursuing its growth and development goals with courage and optimism.”