Circle (CIRC) H1 2026 earnings summary

Executive summary

• Value of production reached €15.8M in H1 2026, up 34% year-over-year, driven by proprietary software, federative services, and integrated solutions.

• Milos® Federative Services revenue surged 75% year-over-year, reflecting strong demand for digital logistics solutions.

• Growth supported by digitalization trends, expansion of SaaS/cloud offerings, and international projects (18% of production value from abroad).

• Strategic focus on digital supply chain, interoperability, and AI integration, with significant R&D investments and new product launches, including the launch of MILOS SINAPSE.

• Backlog reached €36.7M as of June 2026, providing strong revenue visibility through 2027.

Financial highlights

• Revenue from sales and services: €14.0M (+45% vs H1 2025).

• Proprietary software revenue: €4.6M (+11%), federative services: €1.6M (+75%).

• EBITDA rose 44% to €3.8M (margin 24.3%), EBIT up 76% to €2.2M, and net profit increased 65% to €1.7M.

• Net financial position: €4.8M cash positive, up from €2.6M at year-end 2025, adjusted to €7.3M including EU credits.

• Equity increased to €18.2M from €15.5M at year-end 2025.

Outlook and guidance

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

• Continued demand for digitalization, predictive services, and compliance with new EU regulations (eFTI, e-CMR).

• Strategic focus on international expansion, especially in MENA, Central/Eastern Europe, and India.

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

• Ongoing investments in AI, machine learning, and federative cloud services to drive future growth.