Circle (CIRC) H2 2024 earnings summary

Executive summary

• 2024 marked a pivotal year with continued integration of solutions, organic growth, and strategic acquisitions despite a challenging macroeconomic environment and project delays in the logistics sector.

• The group accelerated its strategy, focusing on telematics for EU road transport and dematerialization of transport documents, while updating its industrial plan to reflect new market realities.

• Key contracts were secured in digitalization services for major ports, and new ventures such as PCS Newco S.r.l. were established to optimize port operations.

Financial highlights

• Consolidated value of production reached EUR 14.6 million, up 10% year-over-year; pro-forma value of production was EUR 21.4 million, up 62%.

• EBITDA was EUR 3 million (down from EUR 3.2 million in 2023); adjusted EBITDA was EUR 3.3 million (up from EUR 3.2 million), with a 23% margin.

• Net profit was EUR 1.5 million (down from EUR 1.7 million in 2023); adjusted net profit was EUR 1.8 million (up from EUR 1.7 million).

• Equity increased to EUR 16.7 million from EUR 10 million, supported by capital increases.

• Multi-year backlog rose to EUR 28.5 million, up 109% from EUR 13.6 million.

Outlook and guidance

• 2025 consolidated production value is forecast between EUR 22.8–26.3 million, above previous guidance.

• 2025 consolidated EBITDA expected between EUR 4.6–5.5 million.

• Updated strategic plan extends projections to 2028, with seasonality indicating stronger performance as the year progresses.