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CIR
CIR (CIR) investor relations material
CIR H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary1 Aug, 2025
Executive summary
Consolidated revenues declined 1.7% year-over-year to €912.2 million, mainly due to Sogefi's 3.0% drop, while KOS remained stable and both improved profitability.
Group net result was €14.5 million, down sharply from €114.3 million in 1H 2024 due to the absence of one-off gains from the prior year.
Operating performance of subsidiaries improved, with KOS and Sogefi both increasing recurring EBIT margins despite lower sales.
Net income attributable to shareholders was €14.2 million, with net income from continuing operations at €26.6 million.
Financial highlights
EBITDA rose to €141.4 million (15.5% margin) from €134.4 million (14.5%) year-over-year; EBIT increased to €58.1 million (6.4% margin) from €49.5 million (5.3%).
KOS EBITDA reached €79 million, with EBIT at €31.1 million (7.7% margin); Sogefi EBITDA was €69.5 million, EBIT €32.7 million (6.4% margin).
Net financial position at the holding company improved to €363.3 million at June 2025 from €341 million at December 2024.
Free cash flow from continuing operations was €11.4 million, down from €31.0 million in H1 2024.
Net financial income from the parent company's portfolio was €3.2 million (0.8% return), down from €17.3 million (4.6%) in H1 2024, mainly due to dollar depreciation.
Outlook and guidance
KOS expects further occupancy recovery and significant operating improvement in 2025, barring unforeseen events.
Sogefi anticipates a mid-single-digit revenue decline for FY 2025 but a slightly higher recurring EBIT margin, with risks from tariffs and market volatility.
KOS anticipates a stronger second half due to seasonality and tariff increases, especially in Italy and Germany.
Management expects a significant improvement in 2025 compared to 2024.
Financial asset management faces continued market volatility due to geopolitical and macroeconomic uncertainty.
KOS Germany H1 profit impact from tariff lag
Sogefi's plan for client reshoring production
Re-evaluate private equity FX hedging policy?
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Next CIR earnings date
H2 202513 Mar, 2026
CIR
Next CIR earnings date
H2 202513 Mar, 2026
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Frequently asked questions
CIR S.p.A. - Compagnie Industriali Riunite is an Italian holding company that operates through long-term investments in several key sectors, with a primary focus on healthcare and automotive components. The company also has a presence in the media business through its subsidiary, GEDI Publishing Group, which is involved in publishing daily newspapers, magazines, radio, television, and advertising. Another significant part of CIR's operations is Sogefi, which specializes in automotive components like engine systems, filters, and flexible suspension components. In the healthcare sector, CIR's subsidiary KOS Group provides a range of services including the management of psychiatric rehabilitation, functional rehabilitation, and nursing homes, among others. The company is headquartered in Milan, Italy, and its shares are listed on the Borsa Italiana.
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