The CAREL Industries Board of Directors approved the consolidated results as of 31 December 2022. Making the announcement through a Press release, CAREL said consolidated revenues came to € 544.9 million – an increase of 29.6%.

According to CAREL, financial highlights include…

• Consolidated revenues of €544.9 million, +29.6% compared to 2021 (+26.5% at constant exchange rates)
• Consolidated EBITDA of €111.7 million (€7.5 million from the change in the scope of consolidation due to several acquisitions), +31% compared to 2021
• Consolidated net income of €62.1 million, +26.6% compared to 2021
• Negative consolidated net financial position of €95.8 million
• Proposed dividend of €0.18 per share (20% increase compared to 2021)
• Improvement in the scores of all the main ESG ratings (MSCI, Sustainalytics, CDP)

Francesco Nalini, CEO, CAREL Group, said: “In a scenario as complex as the one of the last three years, the Group expressed all its ability to adapt to unexpected situations and sudden changes. The year 2022 ends with record-breaking consolidated revenue growth close to 30% (+18% organic), which is even more significant when added to the +27% recorded in 2021; this result, also thanks to the operating leverage factor, was reflected in the profitability, understood as EBITDA as a percentage of revenue (EBITDA margin), which stood at 20.5%, slightly higher than the previous year.

Francesco Nalini

“Growth and profitability positively impacted the robust cash generation, part of which was used for the development of M&A activity. Four transactions were completed during the year, enabling CAREL to strengthen its national and international presence in key sectors such as ventilation, sensors and services.

The performance just mentioned is part of a strategic framework increasingly oriented towards a sustainable vision of success, as evidenced by the adhesion to the UN Global Compact and the recognition by several ESG rating companies of the improvements achieved during 2022. These improvements have enabled the Group to be included in the ‘ESG leader’ category by MSCI, one of the world’s leading ‘ESG rating providers’.

The year 2022 was, therefore, a complex but rewarding year and marks a substantial doubling of the size of CAREL, compared to 2018, the year of listing. In less than a five-year period, we have succeeded in becoming bigger, more resilient, efficient and sustainable and can, therefore, proudly celebrate our first 50 years. In 2023, in fact, CAREL will turn half a century old, half a century of innovation, development and growth. Half a century that does not represent a point of arrival but a starting point to take up and win the challenges of tomorrow.”