Carel Industries S p A : Completion of the acquisition of 82.4% of Kiona Holding AS.

Press Release

Completion of the acquisition of 82.4% of Kiona Holding AS.

Brugine, 31 August 2023 - Following the press release published on 24 July 2023 (and to which reference should be made for details of the transaction) CAREL Industries S.p.A. ("CAREL" or the "Company") informs that, today, the acquisition of a 82.4% stake in Kiona Holding AS ("Kiona" or the "Company") has been completed. Kiona is a leading Norway-based Software as a Service ("SaaS") provider of solutions for energy consumption optimization and building digitalization in retail & industrial refrigeration, public, commercial and multi-residential facilities.

For further information

INVESTOR RELATIONS	MEDIA RELATIONS
Giampiero Grosso - Investor Relations Manager	Barabino & Partners
[e-mail]	Fabrizio Grassi
[phone]	[e-mail]
	+39	392 73 92 125
	Marco Trevisan
	m. [e-mail]
	+39	02 72 02 35 35

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CAREL

CAREL 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 recognized brand in the HVAC and refrigeration markets (collectively, "HVAC-R") in which it operates and, in the opinion of the Group'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 ended 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 with 15 production plants located in various countries. As of 31 December 2022, approximately 80% of the Group's revenues were 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 Group's main category of customers, which the Group focuses on to build long-term relationships.

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