Carel Industries S p A : and SECO working together to develop an innovative solution in the conditioning and refrigeration industry

PRESS RELEASE

CAREL and SECO working together to develop an

innovative solution in the conditioning and

refrigeration industry

Brugine/Arezzo, May 6, 2024 - CAREL Industries S.p.A. ("CAREL"), world leader in control solutions for conditioning and refrigeration, and SECO S.p.A. ("SECO"), leading provider of end-to-end technological solutions for industrial digitalization, have signed an agreement to develop a new solution to support the digital transformation of the infrastructures in the segments where CAREL operates.

CAREL and SECO have started the design of an innovative and powerful supervision system, a fundamental device for controlling refrigeration and air conditioning processes, allowing real-time data collection and remote monitoring. Among the aims of the collaboration will be operational streamlining and safety improvement through process optimization and prompt identification of potential issues or malfunctions.

The new supervision system will also enable the implementation of advanced digital solutions based not only on live monitoring but also on intelligent control of field devices to enhance product efficiency by maximizing performance and improving overall reliability.

Leveraging on SECO's portfolio and know-how, through the combination of the most advanced technologies and customised services, this new solution will help to build additional functionalities for CAREL's equipment, while promoting energy savings and reducing environmental impact.

The first samples for field testing will be available by mid-2025, with mass production scheduled to start by the end of the same year.

"We are proud that two Italian excellences with a strong international footprint, such as CAREL and SECO, are pooling their know-how and experience to develop an extremely advanced supervision system aimed at further enhancing the efficiency and sustainability of air conditioning and refrigeration processes. Efficiency and sustainability have always been two fundamental elements in CAREL's strategy, and the collaboration with SECO, a

1

PRESS RELEASE

leader in technological solutions for digitization, IoT, and AI, represents a further reinforcement of this strategic vision", stated Francesco Nalini, CEO of CAREL.

"We are thrilled to partner one of the leading global players in the industry, such as CAREL. Our joint commitment to digitalization aims to provide operators with cutting-edge solutions, enhancing quality, and promoting sustainability. SECO's technologies enable more sustainable business models, allowing for predictive maintenance, reducing consumption, increasing efficiency. By integrating our expertise with CAREL's, we are providing an additional boost towards innovation and the creation of impactful solutions for a wide range of applications within their reference niches", stated Massimo Mauri, CEO of SECO.

In addition, the two companies are exploring further collaboration opportunities that could enable CAREL to develop innovative devices to enhance the user-machine experience, through the integration of Artificial Intelligence at the Edge, on the final field device level.

2

PRESS RELEASE

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 73% of the Group's revenues in the financial year to 31 December 2023, while the refrigeration market accounted for 27% 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.

As of 31 December 2023 the Group operates through 49 branches including 15 production plants located in various countries, 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.

SECO

SECO (IOT.MI) is a high-tech company that develops and manufactures cutting-edge solutions for the digitalization of industrial products and processes. SECO's hardware and software offerings enable B2B companies to easily introduce edge computing, Internet of Things, data analytics, and artificial intelligence to their businesses. SECO's technology spans across multiple fields of application, serving more than 450 customers across sectors such as medical, industrial automation, fitness, vending, transportation, and many others. Through live monitoring and smart control of in-the-field devices, SECO solutions contribute to low environmental impact business operations via a more efficient use of resources.

For more information: http://www.seco.com/

Contacts

	CAREL	SECO
CAREL Industries S.p.A.	Barabino & Partners	SECO S.p.A.
Giampiero Grosso	Fabrizio Grassi	Lorenzo Tosi
Investor Relations Manager	[e-mail]	Investor Relations
Tel. [phone]	Tel. [phone]	Tel. [phone]
[e-mail]	Marco Trevisan	[e-mail]
[e-mail]	[e-mail]	[e-mail]
	Tel. + 39 02 72 02 35 35

3