Circle (CIRC) H2 2025 earnings summary

Executive summary

• Value of Production reached €25.1M in 2025, up 72% year-over-year, in line with updated guidance.

• EBITDA rose 102% to €6.1M, exceeding guidance, with margin improving to 24% from 21% in 2024.

• Net income increased 59% to €2.3M, reflecting strong operational leverage and demand for digital logistics solutions.

• Multi-year backlog grew to €34.1M, providing strong revenue visibility through 2027.

Financial highlights

• Revenues from sales and services rose to €20.4M from €10.7M (+90%) year-over-year.

• EBITDA reached €6.1M (vs. €3.0M in 2024), EBIT €2.9M (vs. €1.7M), and net income €2.3M (vs. €1.5M).

• Shareholders’ equity increased to €18.3M from €16.7M.

• Net financial debt (cash positive) improved to €2.6M from €2.2M.

• Cash and cash equivalents at year-end were €3.85M, up from €3.4M.

Outlook and guidance

• 2026 guidance for Value of Production raised to €27.2–28.8M (from €27–28.5M), and EBITDA to €6.3–7.1M (from €6–7M).

• Growth expected to be driven by digitalization projects, regulatory momentum (eFTI, e-CMR), and PNRR initiatives.

• Ongoing geopolitical risks (Persian Gulf crisis) are being monitored for potential macroeconomic impact.