11 March 2026
CAREL reports 2025 growth in HVAC and refrigeration
CAREL Industries said its board approved consolidated results for the year ended 31 December 2025, with revenue up 8.7% year on year to €629.0 million [about $686 million], or 10.6% at constant exchange rates. EBITDA rose 18.3% to €124.1 million [about $135 million], equal to 19.7% of revenue, while consolidated net result increased 17.6% to €73.6 million [about $80 million]. The group also reported a positive net cash position of €18.4 million [about $20 million], compared with net debt of €50.2 million [about $55 million] a year earlier.
HVAC revenue increased 10.0% to €450.9 million [about $491 million], while refrigeration revenue rose 5.5% to €177.2 million [about $193 million]. In the fourth quarter, CAREL said organic growth reached 16.9%, with both HVAC and refrigeration posting double-digit growth. In refrigeration, fourth-quarter organic growth was around 11%, supported by resumed investment in EMEA and the transition toward natural refrigerants, alongside strong growth in North America.
By geography, 2025 revenue grew 7.6% in EMEA, 20.9% in North America and 1.4% in APAC, while South America declined 6.4% in reported terms and was flat at constant exchange rates. CAREL said North America was driven by HVAC demand in data-center cooling and commercial applications. In refrigeration, the region recorded its best quarter ever at constant exchange rates.
The group said resources dedicated to R&D, combining operating expenses and investments, reached €32.7 million [about $36 million], remaining above 5% of revenue. Cash flow generated from operations totaled €140.4 million [about $153 million]. For the first quarter of 2026, CAREL estimates consolidated revenue of €160 million to €170 million [about $174 million to $185 million], corresponding to growth of 9% to 15%, based on currently available information and assuming no further significant deterioration in the geopolitical and macroeconomic scenario.
“For the third consecutive quarter, CAREL confirms a trend of double-digit organic revenue growth, with a 17% increase that brings the overall performance of the year to more than +10% on an annual basis,” said Francesco Nalini, CEO of the Group.
HVAC revenue increased 10.0% to €450.9 million [about $491 million], while refrigeration revenue rose 5.5% to €177.2 million [about $193 million]. In the fourth quarter, CAREL said organic growth reached 16.9%, with both HVAC and refrigeration posting double-digit growth. In refrigeration, fourth-quarter organic growth was around 11%, supported by resumed investment in EMEA and the transition toward natural refrigerants, alongside strong growth in North America.
By geography, 2025 revenue grew 7.6% in EMEA, 20.9% in North America and 1.4% in APAC, while South America declined 6.4% in reported terms and was flat at constant exchange rates. CAREL said North America was driven by HVAC demand in data-center cooling and commercial applications. In refrigeration, the region recorded its best quarter ever at constant exchange rates.
The group said resources dedicated to R&D, combining operating expenses and investments, reached €32.7 million [about $36 million], remaining above 5% of revenue. Cash flow generated from operations totaled €140.4 million [about $153 million]. For the first quarter of 2026, CAREL estimates consolidated revenue of €160 million to €170 million [about $174 million to $185 million], corresponding to growth of 9% to 15%, based on currently available information and assuming no further significant deterioration in the geopolitical and macroeconomic scenario.
“For the third consecutive quarter, CAREL confirms a trend of double-digit organic revenue growth, with a 17% increase that brings the overall performance of the year to more than +10% on an annual basis,” said Francesco Nalini, CEO of the Group.