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Carel Industries
Carel Industries (CRL) investor relations material
Carel Industries Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Mar, 2026
Executive summary
Achieved fourth consecutive quarter of double-digit organic growth, with Q4 2025 organic growth at 16.9%, surpassing expectations and guidance.
Full-year 2025 revenue reached €629 million, up 8.7% year-over-year (10.6% organic at fixed FX).
HVAC was the main growth driver, achieving 19% organic growth in Q4, while Refrigeration also saw strong performance, especially in EMEA and North America.
Robust cash generation led to a positive net financial position for the first time since IPO, with net cash of €18.4 million (or €48 million excluding IFRS 16).
Dividend proposal of €0.195 per share, about 30% of net profit.
Financial highlights
Adjusted EBITDA grew 19% to €126.1 million (20% of sales), up from €106 million (18.3% of sales) in 2024.
Net profit increased 17.6% to €73.6 million from €62.6 million in 2024, with a tax rate of 22.6%.
Free cash flow reached €97.4 million, up from €53.8 million in 2024.
CapEx was €22.8 million, 27.8% lower than 2024 due to prior year’s extraordinary investments.
Earnings per share was €0.65, up from €0.56 in 2024.
Outlook and guidance
Entering 2026 with strong momentum and solid order intake; Q1 2026 revenue expected between €160–170 million, implying 9–15% year-on-year growth.
Cautious outlook due to macroeconomic and geopolitical uncertainties, including Middle East conflict and potential supply chain disruptions.
Data center cooling growth drivers in N. America
Working capital and inventory optimization impact
Strategic rationale for the new buyback program
Impact of NVIDIA liquid cooling on portfolio
US refrigeration growth and EPA regulation risk
M&A pipeline and technology acquisition targets
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Latest events from Carel Industries
- Revenue and profit declined, but North America and innovation support a positive outlook.CRL
H1 20242 Feb 2026 - Revenue down 12.9% to €432.9m, but Americas growth offsets EMEA and HVAC declines.CRLQ3 202415 Jan 2026
- 2024 revenue fell 11% as EMEA and APAC weakened, but cash flow and innovation remained strong.CRLH2 202426 Dec 2025
- Revenue up 0.7%, margin at 18.6%, net profit down; strong order backlog supports outlook.CRLQ1 202521 Nov 2025
- Strong Q3/9M 2025 growth, margin expansion, and net debt reduction; positive Q4 outlook.CRLQ3 202515 Nov 2025
- Q2 2025 delivered 11.3% organic growth, strong margins, and improved net debt; outlook remains robust.CRLH1 202529 Oct 2025
Next Carel Industries earnings date
Q1 202614 May, 2026
Carel Industries
Next Carel Industries earnings date
Q1 202614 May, 2026
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Amina0781App Store
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