CIR (CIR) investor relations material

Executive summary

• Consolidated revenues declined 1.1% year-over-year to €1,800.9 million, with KOS growing 2.2% and Sogefi down 3.7%, but up 2.0% on a like-for-like basis and at constant exchange rates.

• Group net profit was €28.4 million, down from the prior year's €132.2 million, which included extraordinary gains from divestitures.

• KOS improved occupancy and revenues, while Sogefi's contribution decreased due to restructuring provisions and market headwinds, especially in Europe.

• The holding company posted a result of €3.5 million, lower than the previous year.

• EBITDA rose to €274.1 million (15.2% margin), and EBIT increased to €103.7 million, despite higher non-recurring charges at Sogefi.

Financial highlights

• KOS revenues rose to €816.1 million (+2.2%), with EBITDA at €177.9 million and EBIT at €80.8 million, both above 2024.

• Sogefi revenues fell to €984.8 million (-3.7%), with adjusted EBITDA margin up to 13.8% from 13.2%.

• Group EBITDA increased to €274.1 million (15.2% margin), EBIT to €103.7 million (5.8% margin).

• Net financial position at year-end was a positive €220.4 million after dividends and buybacks.

• Group shareholders' equity approached €800 million, aided by buybacks.

Outlook and guidance

• KOS expects further occupancy recovery and significant operating improvement in 2026, driven by strong occupancy in Italy and improving trends in Germany.

• Sogefi anticipates a low- to mid-single-digit revenue decline in 2026, with stable or slightly improved operating margins targeted.

• Persistent geopolitical and macroeconomic uncertainty may lead to higher volatility and potential write-downs in the financial portfolio.