CIR (CIR) H1 2025 earnings summary

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.