CAREL reports solid first quarter results and eyes further growth in Q2 2025

BRUGINE, Italy, 14 May 2025: CAREL Industries announced its consolidated financial results for the quarter ending 31 March 2025 through a Press Release. According to the company, consolidated revenues reached €147.4 million, reflecting a 0.7% increase compared to the same period in 2024. CAREL said consolidated adjusted EBITDA stood at €27.6 million, equating to 18.6% of revenues, which the company stated was an improvement over the prior-year quarter.

CAREL noted that the strong start to the year, combined with a robust order backlog and favourable market dynamics, positions the Group to achieve revenue growth in Q2 2025. The company anticipates this growth to fall within the high single-digit to low double-digit percentage range compared to Q2 2024.

Francesco Nalini, CEO, CAREL Group, commented: “The results as of 31 March 2025 confirm the ongoing improvement in performance that began in mid-2024. Whereas last year this trend was mainly supported by the gradual fading of the negative impact of de-stocking and the normalisation of the comparison base with 2023, the first quarter of 2025 marks a further step forward, thanks to a significant recovery in demand – particularly in the refrigeration sector in the EMEA region – despite a global environment that remains marked by instability. This trend is reflected in a strongly growing order backlog, which indicates promising potential for revenue in the coming quarters.

Margins have also shown encouraging signs: the EBITDA margin remained solid compared to the previous year and, net of non-recurring items, improved by 50 basis points, reaching 18.6%. This result was made possible by effective procurement management, which allowed the Group to benefit from the decline in the prices of electronic raw materials. This was further supported by the development of high-margin digital services, which have always been one of the main pillars of our strategy.

We continue to monitor the evolution of the macroeconomic scenario and geopolitical tensions closely, as they remain a source of uncertainty. However, our globally distributed production footprint, based on the duplication of processes, provides us with strong resilience, even in the face of tariffs and trade duties. This enables us to look ahead to 2025 with confidence. The Group will continue to invest in innovation, sustainability, and customer value, with the aim of swiftly and decisively seizing the opportunities that may arise in the near future.”