Daikin Europe N.V. reported annual revenues of €5.03 billion for the 2024 financial year ending March 31, 2025. The result was slightly higher than the previous year and is included in the total revenues of its parent company Daikin Industries, Ltd., of €28.98 billion. The growth was driven by the commercial, industrial, services and cold chain businesses in the Europe, Middle East and Africa (EMEA) regions.
Despite a decline in residential heat pump sales in Europe due to high electricity prices compared to gas and regulatory uncertainty, Daikin increased its share in the fragmented market. Residential cooling sales in the EU also declined, but the company expanded its air-to-air heat pumps, positioning them as a year-round low-carbon solution. The launch of the Multi+ range with domestic water heating and strong sales in Turkey supported the residential results.
The commercial and industrial businesses showed strong growth, particularly in the R-32 direct expansion (DX) and chilled water solutions segments. The company also introduced its first VRV systems with CO2 (R-744) refrigerant. Although industrial demand remained flat in parts of Europe and data centre projects in Northern Europe were delayed, Daikin won new contracts in the healthcare and industrial sectors, as well as major projects in the UAE and Saudi Arabia.
The company’s integrated service offering, branded Daikin 360, showed strong growth, offering complete solutions, remote monitoring and rental services. The refrigeration sector benefited from growth in the hotel and foodservice segments, as well as the market shift to propane (R-290) systems.
“As we demonstrated at ISH in Europe, Daikin is ready for the challenges ahead with our advanced heat pump technologies,” said Toshitaka Tsubouchi, President of Daikin Europe. “Our commitment to innovation and sustainability enables us to lead the transition to a carbon-neutral future.”