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This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. CAREL INDUSTRIES S.p.A. 2025 – 9M Results 13th November 2025
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2 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document has been prepared by CAREL Industries S.p.A for use during meetings with investors and financial analysts and is solely for information purposes. The information set out here in has not been verified by an independent audit company. Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the “Group”), as well as any of their directors, officers, employees, advisers or agents (the “Group Representatives”) accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other related information regarding the Group, whether written, oral or in visual or electronic form, transmitted or made available. This document may contain forward-looking statements about the Company and/or the Group based on current expectations and opinions developed by the Company, as well as based on current plans, estimates, projections and projects of the Group. These forward-looking statements are subject to significant risks and uncertainties (many of which are outside the control of the Company and/or the Group) which could cause a material difference between forward-looking information and actual future results. The information set out in this document is provided as of the date indicated herein. Except as required by applicable laws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward-looking statements. Under no circumstances shall the Group and/or any of the Group Representatives beheld liable (for negligence or otherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward looking statements. This document does not constitute an offer to sell or a solicitation to buy or subscribe to Company shares and neither this entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude any legal act of any kind whatsoever. This document may not be reproduced or distributed, in whole or in part, by any person other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations Disclaimer 2
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3 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. +8.4% Org. Revenue growth 9M 2025 – Highlights • Reported revenue reached €463.7 million, up 7.1% versus 9M 2024 (+8.4% org.). • All regions contributed to Q3 2025 organic growth supported by improving market conditions and the company’s strong execution in capturing business opportunities. • HVAC remained the primary growth driver, posting over 14% organic growth in Q3 2025, underpinned by sustained positive trends across DCs, Commercial, and Residential segments. • Following a soft Q2, affected by temporary factors, the Refrigeration segment rebounded strongly in Q3, achieving ~13% organic growth. • Adj. EBITDA margin equal to 19.8% (19.6% reported). • Q3 2025 EBITDA margin was ~21% benefitting both from the operating leverage, the positive dynamics in raw materials procurement prices and the accretive contribution from Kiona. • R&D investments-to-revenue ratio confirmed at target level: >5%. 3 In Q3 2025, organic revenue grew by 14.0%, exceeding the guidance provided in August. This strong performance further improved the EBITDA margin, which reached its highest level in the past seven quarters. 19.8% Adj. EBITDA margin 15m€ Net debt • Strong cash generation reduced Net Debt from 50.2m€ at FY 2024 to 14.8m€ currently, with 9M 2025 net operating CF doubling versus 9M 2024. • Net of the IFRS 16 impact (30.3m€), the company would be net cash positive.
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4 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. 9M 2025 – Results KPIs • Revenue +7.1%: In percentage terms, Q3 marked a further acceleration. All the region contributed: EMEA, North America, and APAC each delivered double-digit organic revenue increases. 3.7m€ negative FX impact due mainly to the weakness of the USD. • EBITDA Adj. +15.7%: Net of a number of non-recurring reorganization costs, the EBITDA margin stood at 19.8%, marking a solid improvement on both 9M 2024 (18.3%) and on H2 2025 (19.3%). Margin expansion is supported by a favorable raw material trend, operating leverage and Kiona accretive profitability. >5%R&D expenses on revenues ratio confirmed. • Net Profit +6.6%: Positive performance despite the absence of extraordinary items that benefitted 9M 2024 as well as negative FX effect. Tax rate stood at 23.1%, substantially in line with 9M 2024. • Capex: Capex was lower than last year, which had represented a record high in 2024. 4 m€ 9M 2024 9M 2025 Δ% Revenue 432.9 463.7 7.1% Revenue (constant FX) 432.9 469.3 8.4% EBITDA 78.7 91.0 15.6% EBITDA Adj. 79.4 91.9 15.7% EBITDA adj. /Revenue 18.3% 19.8% Net Profit 39.7 42.3 6.6% Capex 22.0 14.2 (35.5%)
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5 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. HVAC 71% Refrig. 29% Sector 9M 2024 9M 2025 Δ% Δ% fx HVAC 306.0 330.8 8.1% 9.4% Refrig. 126.4 132.2 4.6% 6.0% Core Revenue 432.4 463.0 7.1% 8.4% No core 0.5 0.7 41.4% 41.7% Total Revenue 432.9 463.7 7.1% 8.4% 9M 2025 – Revenue breakdowns EMEA 65% APAC 13% North America 20% South America 2% Breakdown by region Breakdown by sector • EMEA – Q3 2025 results supported by the continuous positive momentum in the HVAC segment, already reported in Q2 2025, and by a strong recovery in the Refrigeration sector (+10% organic growth). • APAC – Q3 2025 marked another solid quarter (+10% org.) following +17% achieved in Q2 2025. The growth was fueled by excellent results in North APAC (in particular China and India). Performance in South APAC remained mixed. • Americas (North) – North America delivered another robust quarter (~30% organic growth rate), in spite of high comps, supported by sustained momentum in the data centre segment and a positive performance in the commercial sector. • Americas (South) – Positive Q3 2025 organic performance, achieved despite the ongoing economic uncertainty in Brazil. • HVAC: Excellent Q3 2025 performance (~14% org. growth) across the board, driven by continued growth in the Data Centre sector, alongside sustained momentum in the Commercial segment and strong acceleration in the Heat Pumps market in Europe. • Refrigeration: Q3 2025 delivered a low-teens organic growth, supported by a clear recovery in the EMEA following the easing of temporary factors affecting Q2 2025 performance. The sector also posted very positive results across other regions, with APAC emerging as the fastest-growing geography. 463.7 M€ 463.7 M€ m€ m€ 5 m€ m€ Area 9M 2024 9M 2025 Δ% Δ% fx EMEA 285.5 302.7 6.0% 6.0% APAC 60.4 60.4 0.0% 3.4% Americas (North) 75.5 90.3 19.5% 23.1% Americas (South) 11.5 10.4 (9.8%) (1.9%) Total Revenue 432.9 463.7 7.1% 8.4%
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6 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. From EBITDA to Net Profit 6 K€ 9M '24 9M '25 Δ% EBITDA 78,710 90,994 15.6% D&A -28,579 -31,835 EBIT 50,131 59,159 18.0% Financial (charges)/income -5,291 -4,320 FX gains/losses 2,397 -791 Gain/Losses from FV on liabilities for options on minorities 3,373 -165 Companies cons.with equity method 1,737 1,038 EBT 52,346 54,921 4.9% Taxes -12,128 -12,667 Minorities -495 89 Group net profit 39,723 42,343 6.6% • Higher D&A due primarily to 2024 record capex level. • Absence of extraordinary item related to CFM minority, which positively impacted on 9M 2024. • Negative FX trend. • 23.1% tax-rate. Substantially in line with 9M 2024
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7 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. 50.2 (42.3) (31.8) 6.3 (0.2) 15.3 18.6 (1.4) 14.8 NFP FY 2024 Net Profit D&A Leasing/ rent fees NWC CAPEX Dividends Other NFP 9M 2025 31.5m€ from IFRS 16 • Once again, a strong cash generation. thanks to excellent operating results and an optimized management of the NWC. This resulted in a further reduction in the Net Debt, which led the company to report, excluding the IFRS 16 effects, a net cash positive position. 9M 2025 – NFP Bridge m€ 7 30.3m€ from IFRS 1615.5m€ Net cash positive
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8 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Closing Remarks Scenario 8 • CAREL’s strong Q3 and 9M 2025 results confirm the Group’s ability to deliver consistent growth and profitability even in a complex market environment. These results highlight the effectiveness of CAREL’s international diversification, broad and innovation-driven product portfolio, and balanced presence across multiple verticals. • While the macroeconomic backdrop remains challenging, characterized by ongoing geopolitical tensions and moderate market volatility, the Group continues to demonstrate resilience and agility, positioning itself to capture opportunities and sustain solid performance going forward. • Another Strong Quarter: Q3 2025 once again delivered very positive results, slightly exceeding guidance. All business segments and geographies contributed to the performance, with double-digit organic growth in both HVAC and Refrigeration, as well as across EMEA, APAC, and North America. • Profitability at Multi-Quarter High: The EBITDA margin increased significantly, reaching its highest level in the past seven quarters. This improvement reflects continued operating leverage, favorable raw material trends, and the sustained positive contribution from Kiona. • Robust Cash Generation: Cash flow remained solid, with net operating cash flow doubling compared to 9M 2024. This strong performance positioned the company as net-cash positive (excluding IFRS 16). Taking this into account, the Group expects a substantial continuity with the trends observed in the previous period As a result, fourth-quarter reported revenues are expected to be broadly in line with those recorded in the third quarter of the year (meaning a substantial growth on Q4 2024) Q3/9M 2025 Results Guidance
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Annexes
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10 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Shareholding structure (>3% voting rights) 10 Luigi Rossi Luciani S.a.p.a; 44.46% Athena FH S.p.A.; 24.59% Capital Research and Management Company; 5.00% 7 Industries Holding B.V.; 4.29% Other Shareholders; 21.65% CAREL Industries S.p.A. Voting rights Luigi Rossi Luciani S.a.p.a; 33.96% Athena FH S.p.A.; 18.79%Capital Research and Management Company; 7.63% 7 Industries Holding B.V.; 6.56% Other Shareholders; 33.07 CAREL Industries S.p.A. Number of shares
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11 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Income statement and Balance Sheet Income statement Balance sheet 11 K€ 9M 2025 9M 2024 Delta % Revenues 463,694 432,897 7.1% Other revenues 3,898 3,766 3.5% Operating costs (376,598) (357,952) 5.2% EBITDA 90,994 78,710 15.6% Depreciation and impairments (31,835) (28,579) 11.4% EBIT 59,159 50,131 18.0% EBT 54,921 52,346 4.9% Taxes (12,667) (12,128) 4.4% Net result of the period 42,254 40,219 5.1% Non controlling interest (89) 495 (118.0%) Group net result 42,343 39,723 6.6% K€ 9M 2025 FY 2024 Delta % Fixed Capital 489,676 508,920 (3.8%) Working Capital 68,464 76,909 (11.0%) Employees defined benefit plans (7,106) (7,390) (3.9%) Net invested capital 551,034 578,438 (4.7%) Equity 451,063 441,535 2.2% Non currrent liabilities on put and call options 85,151 86,714 (1.8%) Net financial position (asset) 14,820 50,190 (70.5%) Total 551,034 578,438 (4.7%)
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Company Profile
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13 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. OEMs 64% Installers/ contractors / VARs / End Users 20% HVAC 71%Refrigeration 29% EMEA 65% North America 18% South America 3% APAC 14% Leading provider of advanced control solutions for HVAC/R Growing key markets • HVAC: Industrial, Residential, Commercial • Refrigeration: Food Retail and Food Service Revenue breakdown - 2024A €579m +12% CAGR 2015A-24A Revenue €105m +12% CAGR 2015-24A EBITDA €63m +13% CAGR 2015A-24A Net income By market By geography Key financials – 2024A By channel Distributors / affiliates 16% Source: Company information Note: 1) avg. 2015A-24A Note: financial data refer to consolidated accounts of CAREL Industries S.p.a. 2015-2022 IFRS. Comparability might be affected by change in consolidation perimeter Global footprint • 15 production plants (6x Italy, 2xCroatia, Poland, 2x Germany, China, 2xUS and Brazil) Innovation focus • 6 main R&D centers (Europe x3, China and US 2x) • >5%1 of Revenues invested in R&D Leadership in premium niches • Control solutions • High Efficiency applications 13
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14 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Refrigerated Merchandisers Restaurant Chains Food Retail Food Service We operate in attractive niches across a wide range of end-markets… HVAC Refrigeration Residential CommercialIndustrial Residential Convenience Stores Data Centers Recreational Industry and Process Pharma and Food Hypermarkets Shopping Centers Office Space Source: Company information 14
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15 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Heat recovery units Dampers Power solutions Sensors and protection devices Electronic expansion valves & drivers Heat exchangers for AHU Dampers and other AHU components Electrical panels Temperature/humidity and air quality sensors Electronic valves for the modulation of refrigerant flow Programmable controls HMI and unit terminals Parametric controls Adiabatic humidifiers and evaporative coolers Isothermal humidifiers Electronic controls easily programmable and customizable User interfaces for units and systems Entry level electronic controllers Pressure water atomizers Steam production systems Speed controllers & inverters Compressors1 Remote management, monitoring systems, IoT Services Speed control devices for BLDC compressors BLDC compressors Solution for local / remote management monitoring and optimization Innovative services based on the IoT capabilities …through a one-stop-shop portfolio of components and platforms Source: Company information Note: 1) developed with partners Distinctive ability to meet customers’ demand for tailored integrated solutions using standard platforms 15
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16 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Long track record of revenue growth 203 231 255 280 327 332 420 545 650 579 1990s 2000A 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A Revenue (€m) Branches Plants & R&D Legend: R&D centre Plants Acquisitions of local distributors Source: Company information Note: financial data refer to consolidated accounts of CAREL Industries S.p.a. for the period 2011A-2024A (IFRS 2015A- 2020A); ITA GAAP 2011A-2014A) and CAREL S.p.a. for the period 2000A-2010A (ITA GAAP). Comparability might be affected by change in reporting standard and in consolidation perimeter. 16 • 2018 – RECUPERATOR (ITA) • 2018 – HYGROMATIK (GER) • 2021 – ENGINIA (ITA) • 2021- CFM (TUR) • 2022 – ARION (ITA) • 2022 – SAUBER (ITA) • 2022 – KLINENBURG (GER/POL) • 2022 – SENVA (US) • 2023 – KIONA (NOR) IPO 38 43 51 55 63 65 85 112 140 105 1990s 2000A 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A Adj. EBITDA (€m)
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17 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Well-articulated strategies to continue the growth track record Human Resources Innovation Disciplined bolt-on M&A Increase focus on Services HVAC to consolidate its market leadership Refrigeration to increase market share • Consolidation of HVAC market leadership • Growth in Refrigeration driven by technology leadership • Upselling and cross-selling • Global penetration Industrial Footprint and Lean Approach • Connectivity, IoT and AI capabilities already developed • Advanced monitoring and optimization services to end customers to represent one of CAREL’s organic growth drivers • Maintain innovation leadership • Develop talent • Disciplined bolt-on M&A activity focused on complementing core- business in Europe, on expanding in US and APAC and on adjacent capabilities, leveraging on solid balance sheet • Deliver strong profitability • Leveraging the current production capacity, further enhancing flexibility A B C CAREL general strategy for 2023-2026 will be oriented to the research for new innovative technological solutions with a major focus on energy saving, transition to natural refrigerants, widening high-efficiency solutions offer and geographical expansion Source: Company information 17
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18 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Leading provider of advanced energy efficient control solutions Attractive growth supported by secular trends Positioning and technological innovation capability hard to replicate Highly efficient global operations serving locally diversified blue- chip customers Track record of organic growth with strong profitability and cash generation Well-articulated strategies to continue the growth track record High-tech leader in attractive niches of the HVAC/R industry 2 1 4 5 6 3 18
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19 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. …resulting in leadership positioning High-tech leader in attractive niches of the HVAC/R industry1 Source: Company elaborations as of 31 December 2022 based on Building Services Research and Information Association data as of 31 December 2021 Note: 1) the rest of the market is mainly driven by proprietary solutions 2) tested by third-party laboratory compared to Top-ten EU benchmarks; 3) compared to average semi-hermetic High value applications Deep knowledge of final applications is key Energy efficiency and high performance are critical Requirement for tailored and customizable solutions Solutions accounting for a low percentage of the final equipment value #1 In Europe 39% European market share in Chillers In Europe #1 In Europe 60% European market share in Roof-tops #142% market share In CRAC for Data Centers(1) …CONSOLIDATED IN HVAC PREMIUM NICHES BREAK-THROUGH INNOVATIONS -50% kWh2 HEEZ energy consumption Higher efficiency3 Rotary DC technology SIGNIFICANT ROOM FOR FURTHER EXPANSION …INNOVATION-ORIENTED IN REFRIGERATION GROWING PRESENCE Globally Focus on attractive niches… 19
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20 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. • Focus on WASTE REDUCTION in food sector • Increase in number of convenience stores/FRESH FOOD CHANGE IN CONSUMER HABITS Secular trends… Attractive market growth supported by secular trends2 Source: Company information Reference HVAC and refrigeration Market …supporting attractive market growth • Increasing adoption of AUTOMATION TECHNOLOGIES and CONNECTED SOLUTIONS INTERNET OF THINGS • Improvement in LIVING STANDARDS increasing demand for HVAC/R GROWING POPULATION • ECONOMIC ACTIVITY driving demand for HVAC/R GLOBAL GROWTH 20 +3%/4% Expected long-term cagr
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21 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Growth is driven by market trends and focused strategic actions… Geo expansion Expansion to adjacent niches Secular trends Cross-selling Up-selling Energy savings Digitalisation Focus on environment SECULAR TRENDS Increasing the market of the applications addressed by CAREL Expansion of market of reference NICHES EXPANSION Leverage of deep knowledge of final applications to expand to adjacent niches GEOGRAPHIC EXPANSION Geographic expansion into new markets CAREL share of applications market Growth drivers Market trends Increase in market share UP-SELLING / CROSS-SELLING Increase in the share of wallet of CAREL’s products driven by break-through innovations, such as energy saving features, digitalisation and environmental focus Increase in share of wallet Market of reference for applications CAREL can address 2 21
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22 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. …and favoured by up-selling and cross-selling FROM PRODUCT PLATFORMS TO INTEGRATED ELECTRONIC SOLUTIONS… From a COMBINATION OF PRODUCTS FROM DIFFERENT PLATFORMS SYSTEMSPRODUCT PLATFORMS …IN THE HVAC AND REFRIGERATION MARKETS Refrigeration Example of a BEVERAGE COOLER Before Example of a CHILLER UNIT HVAC To an ECOSYSTEM TO QUICKLY ADOPT NEW TECHNOLOGIES 2 22
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23 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Positioning and innovation capability hard to replicate Nov-13 Jan-16 Apr-17 Sep-17 Oct-17 Apr-18 >5% OF REVENUE1 Invested annually in R&D PROPRIETARY SOFTWARE Vast library of proprietary software modules developed over the past 20 years: maximizing customizations and reducing time-to-market ~12% OF TOTAL WORKFORCE dedicated to R&D 6 R&D CENTRES COMBINING 5 DOMAINS • Hardware & Firmware • Software • Mechanics • Thermodynamycs • IoT RESEARCH COLLABORATION With Tier-1 Universities and Research Institutions TECHNOLOGICAL PARTNERS Cooperation with technology leaders UNIQUE KNOW HOW AWARD WINNING BUSINESS 3 Electrolux Supplier Award AHR Expo Innovation Award China Refrigeration Innovation Award World Beverage Innovation Award RAC Cooling Industry Award China Refrigeration Award Source: Company information at 31/12/2024 Note: 1) avg. 2015A-24A. 01100 10110 11110 23
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24 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. 39% 27% 14% 8% 5% 6% Leadership position in HVAC OEM premium niches… …with no perfect comparableLeadership positioning in premium niches… OEM proprietary solutions Large diversified competitors EM / Low cost competitors Vertical niche approach ✓✓✓ ✓✓ ✓ ✓✓✓ Innovation pace & knowledge of final applications ✓✓✓ ✓ ✓✓ ✓✓ Integrated solutions ✓✓✓ ✓ ✓✓ ✓ Global operations ✓✓✓ ✓✓ ✓✓✓ ✓ Flexibility for tailored solutions ✓✓✓ ✓✓ ✓ ✓✓✓ Economies of scale ✓✓✓ ✓ ✓✓ ✓ Source: Company elaborations as of 31 December 2022 based on Building Services Research and Information Association data as of 31 December 2021 Chiller European Market Share 60% 16% 10% 10% 4% Rooftop European Market Share 3 24
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25 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Large diversified competitors EM / Low cost competitors Vertical niche approach ✓✓✓ ✓✓ ✓✓✓ Innovation pace & knowledge of final applications ✓✓✓ ✓✓ ✓ Integrated solutions ✓✓✓ ✓✓ ✓ Global operations ✓✓✓ ✓✓✓ ✓ Flexibility for tailored solutions ✓✓✓ ✓✓ ✓✓✓ Economies of scale ✓✓✓ ✓✓ ✓ …and leading in innovation in the refrigeration market …CAREL is a leader in innovationLeveraging on HVAC experience… HEOS SISTEMA Waterloop system with DC tech for refrigeration HECU SISTEMA High efficiency condensing unit control for multi-split refrigeration system HEEZ Control solution for refrigerated merchandiser with rotary DC tech 2015 2014 2017 2018 EMJ Winner at China Refrigeration award 2018 3 Source: Company information and elaborations 25 2020 IJ Highly customizable controller with advanced connectivity
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26 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Highly efficient global operations serving locally… 4 Legend: R&D centres Plants Commercial subsidiaries DIRECT AND HIGHLY SKILLED SALES NETWORK NORTH AMERICA WESTERN EUROPE NORTH APAC SOUTH AMERICA RoEMEA SOUTH APAC 2 Plants 285 Employees 98 Sales force 2 R&D Centre 1 Plant 63 Employees 24 Sales force 1 Plant 313 Employees 85 employees 9 Plants 1421 Employees 388 Sales force 3 R&D Centre 2 Plants 425 Employees 123 Sales force 87 Sales force 1 R&D Centre Source: Company information at 31/12/2024 x3 GLOBAL PRODUCTION FOOTPRINT Revenue 2024A breakdown by geography BEST POSITIONED TO CAPTURE GLOBAL GROWTH OPPORTUNITIES 85 Sales force 26 x3 x2 x3 EMEA 65% North America 18% South America 3% APAC 14%
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27 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Track record of profitable growth5 Revenue1 (€m) Double-digit growth Strong profitability EBITDA1 (€m) 203 231 255 280 327 332 420 555 650 579 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 38 43 51 47 63 65 85 112 137 105 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Cash generative business Operating cash2 (€m) 28 24 40 21 45 53 50 60 103 77 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 High conversion to net income Net Income1 (€m) 21 25 31 31 35 35 49 62 71 63 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Source: Company information Note: 2015-2020 IFRS Note: 1) Including the contribution from M&A and the impact of the non recurring IPO Costs (~8m€ in 2018); 2) Operating cash calculated as cash flow from operations – Net Capex; Resulting in a solid balance sheet and strong value creation to shareholders 27
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28 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. Global expansion, innovation and services BIGCUMULATED INVESTMENTSECONOMIES OFSCALE PRODUCT & TECHNOLOGY PLATFORM CONTAMINATION OF DIFFERENT TECHNOLOGIES LEADERSHIP IN HVAC&GROW TH IN REFRIGERATION IMPROVEMENTOF SERVICESOFFER CROSS-SELLING & UP-SELLING GEOGRAPHICAL EXPANSIONCross-selling and up- selling exploiting high-efficiency trends Consolidation of leadership positions in HVAC Growth in Refrigeration Geographical expansion through the introduction of innovative solutions in new geographies Pursuing additional opportunities improving services offer with IoT and advanced monitoring solutions 6 A 28
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29 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. COMPLEMENTING CORE-BUSINESS through the acquisition of complementary products / services, competences and niche markets, and increasing its presence in European markets A GEOGRAPHICAL EXPANSION, mainly US and Europe B Potential selected acquisitions in NEW APPLICATIONS AND SERVICES C Pursuing external growth through disciplined bolt-on M&A CAREL has performed detailed analyses and scouting of potential targets, thus promoting an opportunistic approach with a focus on 3 MAIN EXPANSION AREAS: 6 B 29
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31 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. M&A – 2023 – Kiona • Industrial fitting: ✓ Increasing R&D fire-power in digital solutions by joining CAREL and Kiona teams. ✓ Strengthening CAREL capabilities to develop and sell digital services. ✓ Opening new commercial opportunities for Kiona ✓ Developing technological synergies between the Kiona system at the installation level and the CAREL controls on the HVAC/R units 31 • Company profile: Kiona is a leading Norway-based Software as a Service (“SaaS”) provider of property technologies solutions for energy consumption optimization and building digitalization in retail & industrial refrigeration, public, commercial and multi- residential facilities. • Rationale: The transaction serves as a strategic move to further strengthen CAREL's positioning as a global leader in the HVAC-R industry, addressing the increasing digitalization and shift towards servitization of the sector, as Kiona is expected to materially enhance and accelerate the development of CAREL’s software and digital services offering. • Transaction structure: Carel Industries S.p.A acquired 82.4% of Kiona on the 31st of August 2023. The acquisition consideration implies a 100% Enterprise Value of NOK 2.35 billion (c. €210m). Each of the founder & CEO and other minor shareholders retained a significant portion of their stake, which on an aggregate basis accounts for a c. 17.6% minority stake subject to a 3-years lock up period followed by a put and call option scheme.
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32 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. M&A – 2022 – Senva 32 • Company profile: SENVA is a US company located in Oregon specialising in the design and manufacture of a wide range of sensors, mainly in the air-conditioning and ventilation sectors, and with a significant presence in indoor air quality. • Rationale: the acquisition of SENVA is a further step towards the process of external growth through complementary products in reference applications that began in 2018. As in the case of Arion’s acquisition (April 2022), the focus in the sensors segment is key to making products more efficient and more connected to their ecosystem, while also facilitating the activation of digital services. Furthermore, Numerous synergies can be achieved through the integration of CAREL and SENVA • Transaction structure: Carel Industries S.p.A acquires all SENVA Inc.'s business through a SPV held by Carel USA Inc., Carel Industries S.p.A.’s US subsidiary. That acquisition is valued at USD 34 million. CAREL will also make an additional payment of up to USD 4 million tied to certain EBITDA results, for a total potential acquisition value of USD 38 million.
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33 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. M&A – 2022 – Klingenburg 33 • Company profile: Klingenburg GmbH and Klingenburg International Sp. Z.o.o. are leading producers of a wide range of products used mainly for heat recovery in ventilation and humidification systems, adiabatic cooling and air purification. • Rationale: The transaction rationale is mainly attributable to the high degree of complementarity between Recuperator and Klingenburg in relation to the respective technologies of specialisation (plate exchangers for Recuperator and rotary for Klingenburg) and to the application areas. Furthermore it will strengthen CAREL’s profile as a supplier of complete control solutions with high added value in the conditioning and refrigeration industry, with energy efficiency as one of their main characteristics. • Transaction structure: The transaction, through which CAREL Industries S.p.A. takes over control of Klingenburg GmbH and Klingenburg International Sp. Z.o.o. via the acquisition of 100% of the share capital of the German and Polish companies, took place in response to an Enterprise Value of Euro 12.0 million (adjusted for approximately 2 million deferred capex).
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34 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. M&A – 2022 – Sauber 34 • Company profile: Sauber is based in Porto Mantovano (Mantua) and is active mainly in the sector of on-field installation and maintenance services for HVAC/humidification systems in commercial and residential buildings, with a strong focus on energy saving and optimization. • Rationale: the transaction can be traced back to the implementation of one of the main pillars of CAREL's strategy of strengthening its services area (digital, on- field and consulting) both by internal activities and through acquisitions. • Transaction structure: Carel takes over control of Sauber through the acquisition of 70% of its share capital. The acquisition of the remaining 30%, the valuation of which is tied to Sauber future results, is governed by a cross-option mechanism between the parties, exercisable in 2025.
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35 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. M&A – 2022 – Arion 35 • Company profile: Arion is the joint venture based in Bolgare (Bergamo Province - Italy), established in 2015 between CAREL and Bridgeport S.p.A. with the aim of developing sensor technology expressly dedicated to the air conditioning and refrigeration sectors. • Rationale: The transaction is consistent with the Group's long-term strategy since the use of increasingly advanced sensors will make the equipment more efficient, more reliable and more connected with the eco-system in which they are inserted, also facilitating the activation of digital services. • Transaction structure: Carel acquired a further 30% of the share capital of Arion reaching a 70% stake.
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36 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. M&A – 2021 – CFM 36 • Company profile: a long-standing distributor and partner in Turkey as well as a provider of digital and on-field services and complete high added value solutions dedicated to OEMs, contractors and end users in the Turkish HVAC (Heating, Ventilation and Air conditioning) and Refrigeration market. • Transaction structure: Carel took control of CFM through the acquisition of 51% of the share capital of the company The acquisition of the remaining 49% of CFM, the valuation of which is tied to CFM future results, is governed by a cross-option mechanism between the parties, exercisable between 2024 and 2027.
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37 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. M&A – 2021 – Enginia 37 • Company profile: Enginia has been operating in the AHU sector since 1997 and has grown year after year to become a recognized leader, particularly as regards the manufacture production of dampers for air handling units. • Rationale: expansion of the product portfolio in the HVAC market, consolidating CAREL's role as a supplier of complete solutions to manufacturers of air handling units through advanced solutions in terms of performance and energy efficiency. • Transaction structure: Carel, through its subsidiary Recuperator, acquired 100% of the share capital of Enginia. *The transaction included the real estate complex that houses the company's headquarters, which was valued separately.
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38 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. M&A – 2018 – Recuperator 38 • Company profile: Recuperator is an Italy-based company active in the design, production and sale of "air-to-air" heat exchangers. • Transaction structure: The purchase price for the entire share capital of Recuperator is EUR 25.7 million, financed through the use of CAREL’s own funds and bank loans • Rationale: Integration with Recuperator expands CAREL’s product portfolio in the HVAC market, consolidating its role as a supplier of complete solutions to manufacturers of air handling units, providing them with ever better solutions in terms of performance and energy efficiency.
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39 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden. M&A – 2018 – HygroMatik 39 • Company profile: Hygromatik is based in Henstedt- Ulzburg, near Hamburg. It designs, produces and markets humidifiers and related accessories, in the industrial, commercial and wellness field. • Transaction structure: The purchase price and the related cash-out for the entire share capital of HygroMatik GmbH amounted to EUR 56.1 million, financed through the use of own funds and bank loans, • Rationale: integration with HygroMatik will consolidate Carel's positioning in German-speaking countries and in northern Europe thanks to the strong penetration of the acquired company in these markets and will allow for a better positioning in the context of different applications, leveraging the strength of the brand, the industrial excellence and specialised expertise in the field of humidification of one of the main players in the sector
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40 This document and all of its contents are property of CAREL. All unauthorised use, reproduction or distribution of this document or the information contained in it, by anyone other than CAREL, is severely forbidden.