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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.
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H2 2025 earnings summary9 Mar, 2026

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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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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