The CAREL Industries Board of Directors has approved the consolidated results as of 31 March 2025, with consolidated revenues equal to €147.4 million, +0.7% compared to the first three months 2024.
The consolidated adjusted EBITDA amounted to €27.6 million, representing 18.6% of revenues and showing an improvement compared to the same period of the previous year.
Second quarter with revenue
Given the solid results achieved during the first quarter, the continued strength of the order backlog, and the positive market trends observed, the Group expects to close the second quarter with revenue growth-compared to the second quarter of 2024- ranging between the high single digits and low double digits in percentage terms.
Francesco Nalini, Amministratore Delegato del Gruppo, stated: "The results as of 31 March 2025 confirm the ongoing improvement in performance that began in mid-2024."
Refrigeration sector in the EMEA region
Group expects to close the second quarter with revenue growth-compared to the second quarter of 2024
Francesco Nalini adds: "Whereas last year this trend was mainly supported by the gradual fading of the negative impact of de-stocking and the normalization of the comparison base with 2023, the first quarter of 2025 marks a further step forward, thanks to a significant recovery in demand – particularly in the refrigeration sector in the EMEA region – despite a global environment that remains marked by instability."
He continues, "This trend is reflected in a strongly growing order backlog, which indicates promising potential for revenue in the coming quarters."
High-margin digital services
Francesco Nalini further states: "Margins have also shown encouraging signs: the EBITDA margin remained solid compared to the previous year and, net of non-recurring items, improved by 50 basis points, reaching 18.6%."
He adds, "This result was made possible by effective procurement management, which allowed the Group to benefit from the decline in the prices of electronic raw materials. This was further supported by the development of high-margin digital services, which have always been one of the main pillars of our strategy."
Innovation, sustainability, and customer value
Francesco Nalini concluded: "We continue to monitor the evolution of the macroeconomic scenario and geopolitical tensions closely, as they remain a source of uncertainty. However, our globally distributed production footprint, based on the duplication of processes, provides us with strong resilience, even in the face of tariffs and trade duties."
He adds, "This enables us to look ahead to 2025 with confidence. The Group will continue to invest in innovation, sustainability, and customer value, with the aim of swiftly and decisively seizing the opportunities that may arise in the near future."