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Carel Industries (CRL) investor relations material
Carel Industries H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Organic revenue growth reached 11.3% in Q2 2025, at the high end of guidance, with strong acceleration in APAC, EMEA, and North America, led by HVAC and data center cooling.
H1 2025 revenue was €306.2M, up 5.0% year-over-year (5.7% at constant FX), with adjusted EBITDA up 9.9% to €59.1M and margin improving to 19.3%.
Net profit for H1 2025 was €26.5M, down 4.8% year-over-year, mainly due to the absence of prior year extraordinary items and negative FX effects.
Strong cash generation doubled operating cash flow year-over-year, reducing net debt to €41.1M (just above €11M excluding IFRS 16 effects).
Dividend payments of €18.6M and capex of €8.9M in H1 2025 were fully funded by internal cash generation.
Financial highlights
H1 2025 revenue: €306.2M (+5.0% year-over-year; +5.7% at constant FX).
Adjusted EBITDA margin improved to 19.3% (from 18.4% last year); EBITDA up 9.9% to €59.1M.
Net profit: €26.5M, down 4.8% year-over-year.
Capex for H1 2025 was €8.9M, down 32% year-over-year; full-year capex-to-revenue target of 5% confirmed.
Net financial debt reduced to €41.1M from €50.2M at year-end 2024.
Outlook and guidance
Q3 2025 organic revenue growth expected in the high single-digit to low double-digit range at constant FX.
Full-year 2025 organic revenue growth expected in the high single-digit to low double-digit range at constant FX.
Profitability in Q3 expected to be in line with Q2, barring unforeseen volatility.
Capex for the year projected between €27M and €30M, maintaining a 5% of sales target.
The company remains confident in its market position and order backlog despite geopolitical risks.
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