Financial Data

2025 was a year of great intensity, characterized by significant challenges but also by important confirmations of the solidity and industrial vision of our Group. In an international context marked by volatility, geopolitical tensions and constantly evolving market dynamics, we were able to maintain a strong and responsible presence on all fronts: production, technology, business and finance.

The results obtained allow us to look to the future with renewed confidence. The 2025 consolidated turnover, amounting to 725 million euros, remains substantially stable compared to the previous year, despite the global scenario described above. Profitability, with an EBITDA of €76.1 million (10.5% of turnover), once again proves the Group's ability to maintain balanced margins thanks to management rigour, targeted investments and effective use of global production capacity.

These results represent a further confirmation of the industrial solidity that has distinguished Carraro for years, coming from a consistent strategy and a constant commitment to innovation. In fact, even in 2025 we continued to invest on the future: 30.9 million euros dedicated to the technological evolution of our plants, accompanied by a commitment to Research and Development equal to 3.6% of the turnover, in line with our strategic objectives and with the desire to guarantee increasingly advanced and sustainable products.

Our reference sectors showed heterogeneous dynamics. In the agricultural area, western markets suffered from protectionist policies and weak demand. However, India recorded a very positive trend, exceeding one million tractors sold and confirming itself as one of the most dynamic poles in the entire global scenario. The rest of Asia and South America also showed encouraging signs, while the earthmoving sector continued to experience a slowdown mainly linked to the private construction segment.

It is precisely in this global framework with variable geometries that the strength of our choice to operate according to a "local for local" model emerges even more clearly. Over the years we have built a deep-rooted presence in the most important markets, equipping India and China with technological, production and decision-making capabilities that allow them to develop with an increasing level of operational autonomy. 

The in-depth knowledge of local contexts, market dynamics and cultural specificities of each country allows us to design and develop product solutions that are truly suited to customer needs and local application scenarios. This approach allows us not only to respond quickly and adherently to the needs of the reference markets but also represents one of the fundamental elements to ensure competitiveness and sustainability in the long term.

The listing of our Indian company on the Mumbai Stock Exchange, which took place on December 30, 2024, represents a significant step in this path. This is not simply a financial operation, but a real recognition of the ability of our Indian settlement to generate value, innovation and growth. 

The drive for innovation continues to be a distinctive element of Carraro's positioning. To confirm this, even in 2025 we invested to consolidate and expand our technological offer with new products designed to meet the needs of rapidly changing markets. The new generations of transmissions (including electric propulsion) and the developments in the field of specialised tractors (with the integration of the CVT continuously variable transmission) confirm our desire to anticipate our customers’ needs and to be protagonists in our reference sectors. A commitment that continues to be recognized by the world's leading manufacturers, who renew their trust in us and, at the same time, attract new partnerships from emerging players.

In the first months of 2026 we are recording positive signs: demand is gradually regaining strength and the order book shows a progressive improvement.

However, caution remains high and we continue to carefully monitor the evolution of geopolitical scenarios, in particular those related to Middle Eastern dynamics and the possible implications in international supply chains.

In a context that remains complex, our priority continues to be to ensure flexibility and responsiveness. The ability to adapt quickly – also thanks to an advanced supply chain and a global network of partners – is one of the hallmarks of our way of doing business. The rigorous monitoring of our financial position, combined with selective and targeted investments, will continue to guide us in 2026, with the aim of maintaining profitability levels in line with those of the previous year.

The goals achieved so far are the result of the work, talent and determination of our people in Italy and around the world. At the same time I thank our customers, suppliers, industrial and institutional partners, who continue to believe in our path and in the value of our solutions. 

It will be a year full of challenges, but also of new opportunities. With a clear strategy, a solid international structure, a constant commitment to innovation and a vision based on sustainable growth, we are ready to continue our journey with determination, responsibility and trust.

Enrico Carraro
Chairman

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