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CIR (CIR) investor relations material
CIR H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Consolidated revenues declined 1.7% year-over-year to €912.2 million in H1 2025, with KOS stable and Sogefi down 3.0%; like-for-like revenues rose 1.4%.
Group net result dropped to €14.5 million from €114.3 million in H1 2024, mainly due to the absence of prior year one-off gains.
Operating performance of subsidiaries improved, with KOS showing better results and Sogefi's recurring EBIT margin rising despite lower sales.
Net income from continuing operations was €26.6 million, slightly below €27.7 million in H1 2024; net income attributable to shareholders was €14.2 million.
Private equity and financial asset returns declined due to US dollar depreciation and market volatility.
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%).
Net financial position before IFRS 16 was €190.9 million at June 2025, improved from €202.6 million at December 2024.
Free cash flow before IFRS 16 from continuing operations was €11.4 million, down from €31.0 million in H1 2024.
Share buybacks and €21.4 million in dividends distributed in H1 2025.
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.
Guidance for 2025 anticipates a significant improvement over 2024.
Financial asset management faces continued market volatility due to geopolitical and macroeconomic uncertainty.
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