Circle (CIRC) H1 2026 earnings summary

Executive summary

• Value of Production rose 34% year-over-year to €15.8 million for the first half of 2026, driven by growth in core activities and integrated solutions.

• Milos® Federative Services revenue surged 75% compared to the first half of 2025, reflecting strong demand for digital logistics solutions.

• Backlog reached €36.7 million as of June 2026, providing visibility through 2027 for most projects.

• Positive business performance was supported by the completion of National Recovery and Resilience Plan (PNRR) contracts and ongoing growth in recurring revenue streams.

• The in-house AI division launched MILOS SINAPSE, with a major development milestone expected by Q1 2027.

Financial highlights

• Group Value of Production increased to €15.8 million from €11.8 million, up 34% year-over-year.

• Proprietary Software Products revenue grew 11% to €4.6 million.

• Milos® Federative Services revenue rose 75% to €1.6 million.

• Net Financial Position improved to a cash positive €4.8 million, up from €2.6 million at year-end 2025.

Outlook and guidance

• Value of Production for 2026 is expected to significantly exceed the previously announced guidance of €27.2–28.8 million.

• Growth trajectory is increasingly independent of PNRR-related contracts, with recurring revenue expected to rise.

• Multi-year visibility is supported by ongoing European projects and a new Innovation Agreement.

• M&A activities are ongoing, with updates expected in the coming months.