Daikin Europe N.V. has reported an annual turnover of €5.03 billion for fiscal year 2024, ending March 31, 2025. This result reflects a slight increase over the previous year and contributes to the global turnover of €28.98 billion for parent company Daikin Industries, Ltd. Growth in commercial and industrial business lines, as well as services and cold chain sectors, supported the regional performance across Europe, the Middle East, and Africa (EMEA).
Despite lower-than-expected sales of residential heat pumps in Europe due to high electricity-to-gas price ratios and regulatory uncertainty, Daikin increased its market share in a fragmented segment. Residential cooling sales across the EU also declined, but the company expanded sales of air-to-air heat pumps by promoting them as all-season low-carbon solutions. The launch of products like the Multi+ Domestic Hot Water range and strong sales in Turkey further supported residential results.
Daikin's commercial and industrial business lines experienced strong growth, particularly in Direct Expansion (DX) systems with R-32 refrigerant and in Applied Solutions using chilled water technology. The company also introduced its first VRV systems with CO2 (R-744) refrigerant. Though industrial demand remained flat in parts of Europe and some Nordic data center projects were delayed, Daikin secured new projects in healthcare and industrial markets, as well as large-scale contracts in the UAE and Saudi Arabia.
The company's unified services portfolio, branded as Daikin 360, saw notable growth, offering turnkey, remote monitoring, and rental solutions. Meanwhile, the Cold Chain business benefited from increased demand in hospitality and grocery segments and from the market shift toward propane (R-290) systems.
“As we showcased at Europe’s ISH, Daikin is ready to embrace the challenges ahead with our cutting-edge heat pump technology,” said Toshitaka Tsubouchi, President of Daikin Europe. “Our commitment to innovation and sustainability positions us to lead the transition towards a carbon-neutral future.”
Read our new interview with Patrick Crombez, Deputy General Manager of Daikin's Environment Research Centre and President of the European Heat Pump Association (EHPA), as he discusses Daikin's strategy and the evolving refrigeration and heat pump markets.