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O 40 20 5 6 7 8 9 10 11 12 CAREL Teleborsa distribution and commercial emarket sdir storage CERTIFIED CAREL INDUSTRIES S.p.A. 2026 - H1 Results FIG.16 10 11 6.000 4,000 2,000 70 B SO 40 30 20 10 4th August 2026
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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. +23.0% Org. Revenue growth H1 2026 – Highlights • Reported revenues reached €370.1 million, up 20.9% vs. H1 2025 (+23.0% at constant FX). • Growth accelerated versus the previous quarter and remained broad based across all regions and business segments, highlighting the strength, resilience and balance of CAREL’s portfolio. • Both businesses delivered strong momentum: HVAC grew c.24% organically, supported by Data Centers, Heat Pumps and Industrial recovery, while Refrigeration (c.+21%) accelerated in Q2, driven by EMEA and North America. • EBITDA margin reached 22.5%, increasing by c.350 bps versus H1 2025 and further improving compared to the previous quarter. • The outstanding profitability performance was primarily driven by operating leverage from strong revenue growth, which more than offset selected inflationary headwinds, with additional support from Kiona’s contribution. • The R&D investments-to-revenue ratio confirmed at target level: ~5%. 3 Q2 2026 revenues approached €200 million, the highest quarterly result in CAREL’s history. Both HVAC and Refrigeration delivered organic growth above 20% in H1 2026, highlighting the quality, resilience and diversification of the Group’s business model. 22.5% EBITDA margin ~7m€ Net cash position • CAREL closed the semester with a positive net cash position of €7.1 million, despite dividends, earn-out payments and seasonal working capital absorption.
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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. H1 2026 – Results KPIs • Revenue +20.9%: H1 2026 organic growth reached 23.0%, driven by double-digit growth across all regions and business verticals. Growth further accelerated in Q2, confirming the strength of underlying demand. H1 2026 FX represented a c.€7 million headwind to reported revenues. • EBITDA +42.7%: The strong revenue performance translated into a significant uplift in EBITDA, which increased by more than 40% over the period. This resulted in a margin expansion of over 350bps compared to H1 2025. • Net Profit +72.5%: Net profit increased significantly versus H1 2025, supported by strong revenue growth and operating leverage. The tax rate stood at 23.1% for the period, substantially in line with H1 2025. • Capex: H1 2026 capex amounted to 9.5m€, in line with the same period of the previous year. 4 m€ H1 2025 H1 2026 Δ% Revenue 306.2 370.1 20.9% Revenue (constant FX) 306.2 376.7 23.0% EBITDA 58.2 83.1 42.7% EBITDA /Revenue 19.0% 22.5% Net Profit 26.5 45.7 72.5% Capex 8.9 9.5 7.1%
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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 72% Refrig. 28% Sector H1 2025 H1 2026 Δ% Δ% fx HVAC 219.7 265.8 21.0% 23.7% Refrig. 86.1 103.4 20.1% 20.9% Core Revenue 305.8 369.2 20.8% 22.9% No core 0.4 0.9 117,8% 118,7% Total Revenue 306.2 370.1 20.9% 23.0% H1 2026 – Revenue breakdowns EMEA 61% APAC 14% North America 23% South America 2% Breakdown by region Breakdown by sector • EMEA – H1 2026 delivered double-digit, well balanced, organic growth. Further acceleration during Q2, supported mainly by Refrigeration and Data Centres. • APAC – Another very solid quarter, bringing H1 organic growth above 30%, driven by accelerating momentum in both HVAC and Refrigeration. • Americas (North) Another step-up in performance during Q2, with strong sequential acceleration across both businesses. Refrigeration revenues nearly doubled in H1, Refrigeration revenues nearly doubled in H1 2026 while HVAC delivered robust growth across the board, led by another outstanding performance in Data Centres. • Americas (South) – Positive H1 2026 organic performance, achieved despite the ongoing economic uncertainty in Brazil. • HVAC: Organic growth accelerated to c.24%, supported by continued strength in Heat Pumps, further recovery in Industrial applications and positive contribution from Commercial. Data Centres once again delivered an outstanding performance. • Refrigeration: Organic growth exceeded 20%, with a marked acceleration during Q2 (>30%), driven by project recovery in EMEA and strong momentum in North America, where the Group continues to gain market share. 370.1 M€ 370.1 M€ m€ m€ 5 m€ m€ Area H1 2025 H1 2026 Δ% Δ% fx EMEA 201.1 225.1 11.9% 11.8% APAC 39.5 50.8 28.7% 31.6% Americas (North) 59.0 86.2 46.0% 55.7% Americas (South) 6,5 8.0 23.1% 20.9% Total Revenue 306.2 370.1 20.9% 23.0%
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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. M&A – Cotes • Industrial fitting: ✓ Bolt-on acquisition. ✓ Highly complementary product portfolio, strengthening CAREL's offering in industrial humidity control. ✓ Significant cross-selling opportunities across multiple industrial end markets and geographies. ✓ Enhanced technological expertise and application know-how, creating a stronger platform for future growth. • Financial fitting: ✓ ~9x EV/EBITDA • Key Data: ✓ Enterprise value (100%) = 56m€ ✓ 2026E Revenues = 31.5m€ ✓ 2026E EBITDA = 6,5m€ ✓ Employees = ~120 6 • Company profile: Founded in 1986 and headquartered in Denmark, Cotes is a recognized leader in the design, development, manufacturing and marketing of energy efficient adsorption dehumidifiers for a broad range of industrial applications and off-shore wind energy production. • Rationale: The transaction is fully aligned with CAREL’s strategy of pursuing growth through targeted acquisitions of businesses offering complementary technologies and solutions in attractive HVAC and refrigeration market segments. Cotes further reinforces CAREL’s positioning in the humidity control industry, enabling the Group to offer a more comprehensive and complementary portfolio covering both humidification, dehumidification and control technologies. • Transaction structure: The transaction, through which CAREL Industries S.p.A. takes over control of Cotes A/S and Tørbåd ApS, via the acquisition of 100% of the share capital of the companies, took place in response to an Enterprise Value of DKK 419 million (approx. 56m€).
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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. From EBITDA to Net Profit 7 K€ H1 '25 H1 '26 Δ% EBITDA 58,283 83,144 42.7% D&A -21,513 -21,406 EBIT 36,770 61,738 67.9% Financial (charges)/income -2,754 -1,789 FX gains/losses -492 -1,999 Gain/Losses from FV on liabilities for options on minorities - 944 Companies cons.with equity method 1,041 946 EBT 34,565 59,839 73.1% Taxes -8,018 -13,841 Minorities -56 -315 Group net profit 26,490 45,683 72.5% • D&A in line with H1 2025. • Negative exchange rate trend mainly due to FX on Put&Call option. • Gain from FV on Kiona shares. • Positive results in companies consolidated with equity methods linked to Free Polska. • 23.1% tax-rate, in line with H1 2025 (23.2%).
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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. 18.4 46.0 21.4 (4.3) (32.2) (9.5) (17.4) (21.4) 6.0 7.1 Net Cash FY 2025 Net Profit D&A Leasing/ rent fees ΔNWC CAPEX Senva earn-out Dividends Other Net Cash H1 2026 29.9m€ from IFRS 16 • Robust cash generation during H1 2026, with FFO reaching €67.4 million (+40% vs. H1 2025), enabled the Group to maintain a positive net cash position despite the payment of dividends and the Senva earn-out. • NWC increase linked mainly to higher receivables (higher revenues) and an expected increase in inventory. • Excluding the IFRS16 effect the net cash position would be equal to 37.9m€. H1 2026 – (NFP)/Net Cash Bridge m€ 8 30.9m€ from IFRS 16 67.4m€ FFO
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9 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 9 • Positive momentum continues: Strong demand trends further strengthened during H1 2026, with growth accelerating in Q2 and remaining broad based across geographies and business verticals. Despite limited market visibility, order intake remains robust. • External environment remains challenging: Geopolitical tensions and macroeconomic volatility continue to create uncertainty across several markets, reducing visibility and increasing the complexity of forecasting. • Record quarter and broad-based growth: Q2 2026 was the strongest quarter in CAREL's history, with revenues approaching €200 million. H1 2026 organic growth hit 23%, supported by double-digit growth across all regions and business verticals, with further acceleration during Q2. • Strong operating leverage driving profitability: Excellent revenue growth translated into significant margin expansion, with EBITDA margin reaching 22.5%, up c.350bps versus H1 2025 and above the Group's mid-term target. • M&A back on the agenda: Following a period focused on organic growth, CAREL signed the acquisition of Cotes, a transaction with a strong industrial and commercial fit that further strengthens the Group’s offering. The Company will continue to evaluate additional value-creating opportunities. In light of these factors, the Group expects another very positive performance in Q3 2026, with consolidated revenues close to €190 million, corresponding to a growth of approximately 20% versus Q3 2025. H1 2026 Results Guidance These estimates are based on currently available information and assume no material worsening of the geopolitical and macroeconomic environment. Further adverse developments could impact demand and overall performance.
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Annexes
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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. Shareholding structure (>3% voting rights) 11 Luigi Rossi Luciani S.a.p.a 45.96% Athena FH S.p.A. 18.69% Capital Research and Management Company** 5.16% 7 Industries Holding B.V. 5.18% Altri azionisti 25.00% CAREL Industries S.p.A. Voting rights Luigi Rossi Luciani S.a.p.a; 33.96% Athena FH S.p.A.; 13.81%Capital Research and Management Company; 7.63% 7 Industries Holding B.V.; 7.66% Other Shareholders; 36.94% CAREL Industries S.p.A. Number of shares
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12 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 12 K€ H1 2026 H1 2025 Delta % Revenues 370,124 306,177 20.9% Other revenues 3,897 2,382 63.6% Operating costs (290,878) (250,277) 16.2% EBITDA 83,144 58,283 42.7% Depreciation and impairments (21,406) (21,513) (0.5%) EBIT 61,738 36,770 67.9% EBT 59,839 34,565 73.1% Taxes (13,841) (8,018) 72.6% Net result of the period 45,998 26,547 73.3% Non controlling interest 315 56 n.r. Group net result 45,683 26,490 72.5% K€ H1 2026 FY 2025 Delta % Fixed Capital 486,548 488,810 (0.5%) Working Capital 76,385 48,882 56.3% Employees defined benefit plans (7,008) (7,166) (2.2%) Net invested capital 555,925 530,526 4.8% Equity 512,647 482,945 6.2% Non currrent liabilities on put and call options 50,330 66,012 (23.8%) Net financial position (asset) (7,052) (18,432) (61.7%) Total 555,925 530,526 4.8%
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Company Profile
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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. OEMs 66% Installers/ contractors / VARs / End Users 20% EMEA 64% North America 20% South America 2% 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 - 2025A €629m +12% CAGR 2015A-25A Revenue €124m +13% CAGR 2015-25A EBITDA €73m +13% CAGR 2015A-25A Net income By market By geography Key financials – 2025A By channel Distributors / affiliates 14% Source: Company information Note: 1) avg. 2015A-25A 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 14 HVAC 72%Refrigeration 28%
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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. 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 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. 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 and Software Speed control devices for BLDC compressors BLDC compressors Solution for local / remote management monitoring and optimization Full portfolio of digital and non-digital services …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 16
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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. Long track record of revenue growth 203 231 255 280 327 332 420 545 650 579 629 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 2025A 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. 17 • 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 85 112 140 106 126 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 2025A Adj. EBITDA (€m)
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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. 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 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. 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 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. …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… 20
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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. • 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 21 +3%/4% Expected long-term cagr
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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. 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 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. …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 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. 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 31/12/2025 Note: 1) avg. 2015A-25A. 01100 10110 11110 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. 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 25
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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. 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 26 2020 IJ Highly customizable controller with advanced connectivity
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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. 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 REMEA SOUTH APAC 2 Plants 307 Employees 104 Sales force 2 R&D Centre 1 Plant 64 Employees 23 Sales force 1 Plant 327 Employees 83 employees 9 Plants 1431 Employees 495 Sales force 3 R&D Centre 2 Plants 497 Employees 133 Sales force 93 Sales force 1 R&D Centre Source: Company information at 31/12/2025 x3 GLOBAL PRODUCTION FOOTPRINT Revenue 2025A breakdown by geography BEST POSITIONED TO CAPTURE GLOBAL GROWTH OPPORTUNITIES 83 Sales force x3 x2 x3 EMEA 65% North America 18% South America 3% APAC 14%
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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. Track record of profitable growth5 Revenue1 (€m) Double-digit growth Strong profitability EBITDA1 (€m) 203 231 255 280 327 332 420 555 650 579 629 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 25 38 43 51 47 63 65 85 112 137 105 124 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 25 Cash generative business Operating cash2 (€m) 28 24 40 21 45 53 50 60 103 77 118 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 25 High conversion to net income Net Income1 (€m) 21 25 31 31 35 35 49 62 71 63 73 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 25 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 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. 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 29
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30 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 30
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M&A
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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 – 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 32 • 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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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 – Senva 33 • 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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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 – Klingenburg 34 • 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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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 – Sauber 35 • 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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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 – 2022 – Arion 36 • 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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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 – CFM 37 • 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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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 – 2021 – Enginia 38 • 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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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 – Recuperator 39 • 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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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. M&A – 2018 – HygroMatik 40 • 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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41 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.