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CAREL CAREL INDUSTRIES S.p.A. Cap . Soc . € 10.000.000 i.v. via dell'Industria , 11-35020 Brugine - Padova - Italy Phone ( +39 ) 049 97 16 611 - Fax ( +39 ) 049 97 16 600 carel.com - carel@carel.com N. Reg . Prod . Pile : IT09060P00000903 C.C.I.A.A. Padova Reg . Imp n . 04359090281 N. Reg . Prod . AEE : IT16030000009265 Part . IVA e Cod . Fisc . 04359090281 GISTER ROA REGIST ( R ) UKAS ISO 9001 0 14001 OHSAS 18001 MANAGEMENT 001 Press Release The CAREL Industries Board of Directors has approved the consolidated results as of 30 September 2021 • • • • Consolidated revenues of € 310.3 million , + 25.1 % compared to the first nine months of 2020 ( + 26.2 % at constant exchange rates ; + 25.2 % on the first nine months of 2019 ) . On a like - for - like basis the growth would have been equal to + 21.4 % ; Consolidated EBITDA of € 66.0 million ( € 2.3 million from the inclusion of CFM and Enginia in the scope of consolidation ) corresponding to 21.3 % of revenues . + 36.1 % compared to the first nine months of 2020 ; net of a number of non - recurring expenses , mainly linked to M & A activities , the consolidated EBITDA for the period would have been equal to € 68.0 million ( 21.9 % of revenues ) ; Consolidated net income of € 38.8 million , + 48.2 % compared to the first nine months of 2020 ; Negative consolidated net financial position of € 68.5 million , compared to € 49.6 million reported on 31 December 2020. Net of the impact deriving from the acquisitions made in the first six months of the year , equal to € 35.0 million , the net consolidated financial position would stand at € 33.5 million , including € 28.2 million accounting effect deriving from IFRS16 . Brugine , 4 November 2021 - The Board of Directors of CAREL Industries S.p.A. ( ' CAREL ' or the ' Company ' or the ' Parent Company ' ) , which met today , has approved the results as of 30 September 2021 . Francesco Nalini , CEO of the Group , commented : " Compared to the third quarter of last year , when we had already recorded significant growth ( + 7.7 % ) on the third quarter of the previous year , the increase in revenues between July and September of this year , on a like - for - like basis , was well into the double digits in percent terms ( + 15 % ) , confirming a record performance for the first 9 months of 2021 , higher than 20 % on 2020. The magnitude of this performance is maintained even when comparing it to 2019 revenues , which were not impacted by the COVID - 19 pandemic . This was despite confirmation of expectations of a greater impact , in the third quarter , of the global shortage of electronic materials , a phenomenon which did not allow the group to reach the full growth potential arising from very strong demand in both the air - conditioning and refrigeration segments . In relation to profitability , the EBITDA margin recorded in the first nine months of the year was close to 22 % , a strong increase compared to the same period in 2020 ( 19.6 % ) , mainly due to both the effect of operating leverage and the effects of a series of initiatives , already taken in 2020 , to contain operating costs . These elements made it possible to mitigate higher raw material costs due to a generalised inflation trend and to the aforementioned shortage . These results , the best of the last ten years , not only confirm the sound balance of the Group's business portfolio , but also , and above all , reward its resilience , i.e. its ability to adapt its strategy and production processes to exceptional , unpredictable situations . This will be essential to meet future challenges , first and foremost in the short term : the recent lock - downs in some Asian countries have exacerbated problems with production and the resulting limited global availability of electronic equipment . In the medium - to - long term , the climate issue will increasingly be at the heart of our strategy : this is also why the Group has recently strengthened its ESG governance and is closely watching COP26 , which is still underway . " Consolidated Revenues Consolidated revenues came to € 310.3 million , compared to € 248.0 million for the period ended September 30 , 2020 , an increase of 25.1 % . Net of the contribution deriving from the inclusion of CFM and Engina in the scope of consolidation , amounting to approximately € 9.4 million , the increase would have been + 21.4 % . The above performance appears even more favourable considering that growth remains above 20 % even compared with the first nine months of 2019 , which do not include any pandemic impact . In the third quarter , the positive trends that had shaped demand in the first part of 2021 continued , although they failed to reach their full potential due to an expected greater incidence of the shortage of electronic material . This is also due to a resurgence of the pandemic in some key Asian countries in the microprocessor production chain , leading to new regional lockdowns . Nonetheless , in the third quarter of the year the Group recorded growth well into the double digits ( + 15 % ) thanks also to a series of countermeasures , such as " chip - pivoting " , which enabled further improvement in flexibility and resilience . This result is even more significant 1