Carel Industries S p A : improves its score in the Ecovadis rating - Silver medal confirmed

Press Release

CAREL improves its score in the Ecovadis rating - Silver medal confirmed

Brugine, 28 August 2023 - For the second year in a row, CAREL has been awarded a silver medal by Ecovadis, following an assessment covering four aspects of Corporate Social Responsibility: Environment, Personnel and Human Rights, Ethics and Sustainable Procurement. The confirmation of the silver medal is also linked to the improved overall score of 60/100 (56/100 in 2022), which places the Group in the top 16% (23% in 2022) of companies in its sector.

For CAREL, this is further confirmation of the soundness of its long-term strategy, which has environmental sustainability as the beacon that has guided it and will guide it for years to come. It also emphasises the excellent results achieved in the ESG sphere thanks to continuous improvement activities and the achievement of the goals set out in the "Multi-Year Sustainability Plan - Driven by the Future".

ECOVADIS is one of the world's largest and most trusted providers of sustainability assessments, with over 100,000 companies assessed in more than 175 countries.

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INVESTOR RELATIONS	MEDIA RELATIONS
Giampiero Grosso - Investor Relations Manager	Barabino & Partners
[e-mail]	Fabrizio Grassi
[phone]	[e-mail]
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	Marco Trevisan
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CAREL

The CAREL Group is a global leader in the design, production and marketing of technologically-advanced components and solutions for excellent energy efficiency in the control of heating, ventilation and air conditioning ("HVAC") and refrigeration equipment and systems. CAREL is focused on several vertical niche markets with extremely specific needs, catered for with dedicated solutions developed comprehensively for these requirements, as opposed to mass markets.

The Group designs, produces and markets hardware, software and algorithm solutions aimed at both improving the performance of the units and systems they are intended for and for energy saving, with a globally-recognised brand in the HVAC and refrigeration markets (collectively, "HVAC/R") in which it operates and, in the opinion of the Company's management, with a distinctive position in the relevant niches in those markets.

HVAC is the Group's main market, representing 68% of the Group's revenues in the financial year to 31 December 2022, while the refrigeration market accounted for 31% of the Group's revenues.

The Group commits significant resources to research and development, an area which plays a strategic role in helping it maintain its position of leadership in the reference HVAC/R market niches, with special attention focused on energy efficiency, the reduction of environmental impact, trends relating to the use of natural refrigerant gases, automation and remote connectivity (the Internet of Things), and the development of data-driven solutions and services.

The Group operates through 36 branches including 15 production plants located in various countries. As of 31 December 2022, approximately 80% of the Group's revenues was generated outside of Italy and 30% outside of EMEA (Europe, Middle East, Africa). Original Equipment Manufacturers or OEMs - suppliers of complete units for applications in HVAC/R markets - make up the Company's main category of customers, which the Group focuses on to build long-term relationships.

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