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Carel Industries (CRL) investor relations material
Carel Industries Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 delivered strong results, with organic revenue up 14% and all regions contributing to growth, surpassing previous guidance.
Year-to-date revenue reached €463.7M, up 7.1% year-over-year (8.4% organic), with growth distributed across regions and markets.
HVAC was the main growth driver, with over 14% organic growth in Q3, while Refrigeration rebounded with double-digit organic growth.
EBITDA margin reached a seven-quarter high, supported by operating leverage, favorable raw material trends, and the Kiona acquisition.
Robust cash generation reduced net debt to €14.8M from €50.2M at 2024 year-end, positioning the group as net-cash positive excluding IFRS 16 effects.
Financial highlights
Adjusted EBITDA for nine months rose 15.7% to €91.9M (19.8% of sales), up from €79.4M (18.3%) last year.
Reported revenue for 9M 2025 was €463.7M, up 7.1% year-over-year (+8.4% organic).
Net profit increased 6.6% to €42.3M, despite the absence of prior-year extraordinary items and negative FX effects.
Free cash flow for nine months was €63.35M, up from €17.9M last year.
CapEx was €14.2M, down from last year’s record €22M.
Outlook and guidance
Q4 2025 revenues are expected to be broadly in line with Q3, indicating substantial growth over Q4 2024.
Cautiousness for Q4 due to strong prior-year Q4 and December volatility; no significant trend changes anticipated.
Guidance assumes no unforeseen negative geopolitical developments.
Detail key HVAC growth drivers in Q3
Kiona's Q3 EBITDA margin and contribution
Drivers for positive net cash ex-IFRS 16
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Next Carel Industries earnings date
Q4 20256 Mar, 2026
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Q4 20256 Mar, 2026
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Frequently asked questions
Carel Industries S.p.A. is a company providing advanced control solutions for air conditioning, refrigeration, and heating, as well as systems for humidification and evaporative cooling. Carel's offerings include a wide range of products such as programmable controls, HVAC and refrigeration parametric controls, isothermal and adiabatic humidifiers, remote management systems, sensors, and protection devices, among others. These solutions cater to a diverse set of applications across commercial, industrial, and residential sectors, supporting various industries like automotive, agriculture, food, electronics, healthcare, textiles, and printing. The company is headquartered in Brugine, Veneto, Italy, and its shares are listed on the Borsa Italiana.
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