Refrigeration remains LU-VE’s largest application segment at EUR 296.7 million

LU-VE said its board has approved the integrated annual report for the year ended 31 December 2025, with turnover of EUR 605.4 million, up 2.8% from 2024, and record adjusted EBITDA of EUR 88.7 million, equal to 14.7% of turnover. Group adjusted net income rose 12.6% to EUR 42.1 million, while the order book at year-end reached EUR 233.7 million, up 34.2% from December 2024.

As at 31 December 2025, the net financial position amounted to EUR 72.7 million, an improvement of EUR 24.8 million on December 2024. The board also proposed a dividend of EUR 0.47 per share.

The company said product sales returned to growth in 2025, supported by a recovery in the second half of the year and a 10.2% increase in the fourth quarter. Refrigeration remained the largest application segment at EUR 296.7 million, while air conditioning rose 7.5% to EUR 143.8 million and industrial cooling increased 2.7% to EUR 69.5 million.

LU-VE said growth in air conditioning was supported by the recovery of the heat pump market and progress in data centre applications. In industrial cooling, the group said its year-end order backlog reflected projects secured in 2025 for motor cooling systems in power generation and for power transformers.

“In 2025, we achieved the return to growth anticipated a year ago, thanks to the recovery in the second half of the year and, in particular, the strong acceleration in the fourth quarter (+10.2%). We once again achieved record profitability, with an adjusted EBITDA of 14.7% of revenue. The orders portfolio also performed very well, with a 34.2% increase compared to 2024,” said Matteo Liberali, Chairman and CEO of LUVE.