Carel Industries (CRL) Q4 2025 earnings summary

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.