Circle (CIRC) H1 2024 earnings summary

Executive summary

• Consolidated value of production reached €7.3 million in H1 2024, up 1% from H1 2023 and 10% from normalized H1 2023, reflecting steady growth despite prior year incentives impact.

• Proprietary software products and Milos® Federated Services saw significant increases, with Milos® up 28% year-over-year.

• Growth aligns with the Connect 4 Agile Growth 2027 Plan, focusing on digitalization, automation, and green transition in logistics.

Financial highlights

• Value of production increased 1% year-over-year, 10% over normalized H1 2023, and 20% over H2 2023.

• Proprietary software products rose 1% year-over-year, 27% over normalized H1 2023, and 68% over H2 2023.

• Milos® Federated Services grew 28% year-over-year, 37% over normalized H1 2023, and 42% over H2 2023.

Outlook and guidance

• Delays in PNRR and e-CMR implementation are expected to shift growth to Q4 2024 and 2025.

• Regulation 1056 (eFTI) and e-CMR adoption in late 2024 anticipated to accelerate digitalization.

• Management expects positive trends to continue, supported by recent regulatory and market developments.