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CIR (CIR) investor relations material
CIR H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Consolidated revenues declined 1.1% year-over-year to €1,800.9M, but rose 2.0% on a like-for-like basis and at constant exchange rates.
Group net result dropped to €28.4M from €132.2M in 2024, mainly due to the absence of one-off gains from asset sales and discontinued operations.
EBITDA increased to €274.1M (15.2% margin), and EBIT rose to €103.7M, despite higher non-recurring charges at Sogefi.
Net financial position before IFRS 16 improved to €220.4M, after dividend payments and treasury share purchases.
A voluntary public tender offer was launched for 50M shares at €0.68/share, totaling €34M.
Financial highlights
KOS revenues rose to €816.1M (+2.2%), with EBITDA at €177.9M and EBIT at €80.8M, both above 2024.
Sogefi revenues fell to €984.8M (-3.7%), with adjusted EBITDA margin up to 13.8% from 13.2%.
Group EBITDA: €274.1M (15.2% margin), EBIT: €103.7M (5.8% margin), both up from 2024.
Net result from continuing operations was €29.2M, down from €39.0M in 2024.
Free cash flow before IFRS 16 was €54.1M (2024: €58.0M).
Outlook and guidance
KOS expects further occupancy recovery and significant operating improvement in 2026, targeting higher occupancy and fee adjustments.
Sogefi anticipates a low/mid-single-digit revenue decline in 2026, with adjusted EBIT margin stable, amid market uncertainty.
Persistent geopolitical and macroeconomic uncertainty may lead to higher volatility and potential write-downs in the financial portfolio.
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