CAREL revenues grow by nearly 30%


07 March 2023
Francesco Nalini, CAREL Group CEO

Controls specialist CAREL has reported revenues of €544.9million for 2022, an increase of 29.6% on the previous year.

The results followed an increase of 27% in 2021 and Francesco Nalini, CEO of the CAREL Group, said: "The year 2022 ends with record-breaking consolidated revenue growth close to 30% (+18% organic), which is even more significant when added to the +27% recorded in 2021; this result, also thanks to the operating leverage factor, was reflected in the profitability, understood as EBITDA as a percentage of revenue (EBITDA margin), which stood at 20.5%, slightly higher than the previous year.

"Growth and profitability positively impacted the robust cash generation, part of which was used for the development of M&A activity. Four transactions were completed during the year, enabling CAREL to strengthen its national and international presence in key sectors such as ventilation, sensors and services. 

Content continues after advertisements

"The performance just mentioned is part of a strategic framework increasingly oriented towards a sustainable vision of success, as evidenced by the adhesion to the UN Global Compact and the recognition by several ESG rating companies of the improvements achieved during 2022. These improvements have enabled the Group to be included in the 'ESG leader' category by MSCI, one of the world's leading 'ESG rating providers'.

"The year 2022 was therefore a complex but rewarding year and marks a substantial doubling of the size of CAREL compared to 2018, the year of listing. In less than a five-year period, we have succeeded in becoming bigger, more resilient, efficient and sustainable, and can therefore proudly celebrate our first 50 years! In 2023, in fact, CAREL will turn half a century old, half a century of innovation, development and growth. Half a century that does not represent a point of arrival but a starting point to take up and win the challenges of tomorrow."