CAREL: double-digit growth and a “collective achievement” in the third quarter of 2025

The CAREL Board of Directors has approved the consolidated results as of 30 September 2025. In the third quarter of the year, consolidated revenues amounted to Euro 157.5 million, up 11.4% compared to the third quarter of 2024, and up 14.0% at constant exchange rates.
 
Francesco Nalini, Chief Executive Officer of the Group, stated: “The results achieved in the third quarter of 2025 represent a milestone of great pride for the entire Group, confirming the solidity and resilience of our business model, as well as CAREL’s ability to continue creating value in a complex global context. For the second consecutive quarter, we recorded double-digit organic revenue growth (+14%), slightly above our forecasts, demonstrating the strength and cohesion of the entire organisation. This is a collective achievement, supported by the contribution of all geographical areas and both of the main segments in which we operate: HVAC and Refrigeration.
The HVAC segment once again proved particularly dynamic, with growth at constant exchange rates exceeding 14%, driven by outstanding performance in the data centre sector and by strong demand in strategic areas such as the commercial segment and heat pumps. Refrigeration also delivered a very positive performance, showing double-digit growth and rapidly recovering from the temporary slowdown of the previous quarter. The strong rebound observed in Europe confirms the robustness of our competitive position and the effectiveness of the strategy undertaken.
The results have been extremely positive but, as is always the case for CAREL, they do not represent an end point but rather a new starting point. We will continue to pursue continuous improvement with the determination and enthusiasm of the women and men who work at CAREL, ready to face with confidence the business and geopolitical challenges that the future holds”.