In the first half of 2023 CAREL’s growth has exceeded 26%

Francesco Nalini

The CAREL INDUSTRIES S.p.A. Board of Directors has approved the consolidated results as of 30 June 2023. Consolidated revenues came to € 330.3 million: an increase of 26.4%.

Financial highlights
Consolidated revenues of € 330.3 million, +26.4% compared to the first six months of 2022 (net of the impact of exchange rates the growth would have been 27.2%). On a like-for-like and constant exchange rates basis the growth would have been equal to +13.9%.
Consolidated EBITDA of € 72.6 million (€ 4.2 million from the change in the scope of consolidation due to several acquisitions). +29.4% compared to the first six months of 2022.
Consolidated net income of € 40.3 million, +15.7% compared to the first six months of 2022.
Negative consolidated net financial position of € 107.6 million.

Statement by the Chief Executive Officer
Francesco Nalini, CEO of the Group, commented: “It is with great pride that I emphasise not only that the quarter just ended represents the tenth consecutive quarter in which the Group has recorded double-digit percentage organic revenue growth, but that the revenues achieved as at 30 June are substantially comparable to those of the entire year 2020 (in turn up on the previous year), thus representing a doubling of turnover in just 3 years. The consistency of said performances, achieved in the presence of often diverse scenarios characterised by sudden changes, confirms the resilience of the company’s business model, based on a continuous process of internationalisation and expansion into adjacent market niches, also thanks to the 11 M&A transactions carried out since its listing. And in fact, if we include the contribution from the newly acquired companies, revenue growth to 30 June exceeded 26%.
Shifting the focus to the future, the Group looks forward with confidence and optimism to the coming quarters, which are expected to be particularly challenging due to the deterioration of the international macroeconomic scenario marked by a still significant inflationary pressure and the restrictive monetary policy pursued mainly by the FED and the ECB. We will continue to work with the same enthusiasm as always, keeping technological innovation at the heart of our development strategy, helped in this by our partnership with Kiona, a leading Norwegian company in the provision of software solutions for optimising energy consumption and digitalising refrigeration systems and buildings, with which a binding agreement was signed a few days ago for CAREL to acquire 82.4% of its share capital.

Company Profile
CAREL is one of the world’s leading manufacturers of control solutions for air conditioning, refrigeration and heating, and systems for humidification and evaporative cooling. We design our products so as to bring energy savings and reduce environmental impact, thanks to the combination of the most advanced technologies and customised services, aimed at optimising the performance of equipment and systems. Our solutions are used in commercial, industrial and residential applications. Founded in 1973, in 2022 CAREL had a turnover of more than 540 million euros, with over 2000 employees, 38 fully-owned subsidiaries and 15 production sites, in addition to partners and distributors in a further 75 countries.