Carel Industries (CRL) Q2 2026 earnings summary

Executive summary

• H1 2026 revenues reached €370.1 million, up 20.9% year-over-year (23% at constant FX), with record Q2 revenues near €200 million and double-digit growth across all regions and segments.

• Both HVAC and Refrigeration segments grew over 20% organically, reflecting a resilient and diversified business model.

• EBITDA rose 42.7% to €83.1 million, with margin expanding to 22.5% (up 350 bps year-over-year).

• Net profit increased to €46.0 million, up 73.3% year-over-year, with a stable tax rate of 23.1%.

• The acquisition of Cotes for €56 million adds dehumidification technology and expands the industrial humidity control portfolio.

Financial highlights

• Operating profit for H1 2026 was €61.7 million, up from €36.8 million in H1 2025.

• Adjusted EBITDA reached €83.6 million, mainly due to operating leverage and cost discipline.

• Net cash position at 30 June 2026 was €7.1 million, maintained despite dividends and earn-out payments.

• CapEx was €9.5 million, focused on expanding production capacity in Europe and North America.

• Net financial expenses decreased to €1.8 million, reflecting lower interest and option-related costs.

Outlook and guidance

• Q3 2026 revenues are expected near €190 million, up ~20% year-over-year, assuming no further geopolitical or macroeconomic deterioration.

• Robust order intake and strong fundamentals support continued positive performance, though visibility remains limited due to macro and geopolitical uncertainties.