This Research Note examines Carel Industries SpA, an Italian public company manufacturing control products for HVAC and refrigeration applications.  We highlight their latest 2025 financial results, revised strategy and product and service development in 2025. This article updates our previous coverage of the company in July 2023. Carel Group Profile Established in 1973, the Carel group sells control products to Original Equipment Manufacturers (OEMs) of HVAC equipment and in the food retail and food service segments of the commercial refrigeration market. The Group designs, produces, and markets hardware, software, and solutions aimed at both improving the performance of the units and systems they are intended for and for energy saving. HVAC is the Group’s main market, representing 72% of the Group’s revenues in the financial year to 31 December 2025, while the refrigeration market accounted for 28% of the Group’s revenues. The group’s most important region, the EMEA (Europe, Middle East and Africa), earns roughly […]