CIR (CIR) H1 2025 earnings summary

Executive summary

• Consolidated revenues for H1 2025 were €912.2 million, down 1.7% year-over-year, but up 1.4% on a like-for-like and constant currency basis.

• Group net result dropped to €14.5 million from €114.3 million in H1 2024, reflecting the absence of prior year one-off gains.

• 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.

• Operating performance of subsidiaries improved significantly, with KOS and Sogefi both increasing margins despite Sogefi's lower sales.

• Parent company net financial position improved by €22 million to €363.3 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%) in H1 2024.

• Net financial position before IFRS 16 was €190.9 million at June 30, 2025, down from €202.6 million at year-end 2024, mainly due to dividend payments and share buybacks.

• Free cash flow before IFRS 16 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 consolidation and improved operating results for 2025, barring unforeseen events.

• Sogefi anticipates a mid-single-digit revenue decline but a slightly higher EBIT margin for 2025, with risks from tariffs and market volatility.

• Financial asset management faces continued market volatility due to geopolitical and macroeconomic uncertainty.

• Management expects a significant improvement in 2025 compared to 2024.