The CAREL Board of Directors has approved the consolidated results as of 30 September 2023. Consolidated revenues came to €497.2 million: an increase of 24%.
• Consolidated revenues of € 497.2 million, +24% compared to the first nine months of 2022 (excluding the impact of exchange rates the growth would have been 25.7%).
• Adjusted Consolidated EBITDA of € 113.0 million, corresponding to 22.7% of revenues (or to 22.3% including € 2.3 million non-recurring costs related mainly to the acquisition of Kiona and of Eurotec). The growth compared to the first nine months of 2022 equal to 28.9%.
• Consolidated net income of € 59.1 million, +12.2% compared to the first nine months of 2022.
• Negative consolidated net financial position of € 265.3 million.
Statement by the Chief Executive Officer
Francesco Nalini, CEO of the Group, commented: “The first nine months of 2023 closed with revenue growth of 24% or 12.7 % on a like-for-like basis and at constant exchange rates, in line with the expectations communicated in August. The result is particularly positive if we take into account, on the one hand, the comparison with the same period in 2022, which had already shown organic growth of over 20%, and on the other, a macroeconomic context characterised by a still high inflation rate in the Euro area, which along with some regulatory uncertainties is affecting the short-term growth trends of some of the applications as commercial refrigeration and heat pumps. The contribution of the newly acquired companies to total revenues was more than € 50 million, which underlines the benefits of the M&A strategy that we have pursued since the listing and which culminated, most recently, in the completion, on 31 August 2023, of the acquisition of Kiona.
Also very positive was the trend in profitability, as measured by Adjusted EBITDA Margin, which stood at about 22.7%, thus increasing both compared to the first nine months of 2022 (21.9%) and to the first half of this year (22.1%). Even including the non-recurring costs linked to the acquisitions made during the year, profitability would still have increased. This performance resulted mainly from the unfolding of the operating leverage phenomenon, an improved product mix, and the contribution of certain price reviews carried out in recent years in order to offset the inflationary phenomenon on raw materials.
Shifting the focus to the future, in spite of a significant volatility present today on the market, the Group will proceed with conviction and enthusiasm to implement its strategy, aimed at capturing the structural medium to long term growth trends in most applications in which it operates.”