Circle (CIRC) H2 2025 earnings summary

Executive summary

• Achieved significant growth in value of production despite a challenging macroeconomic and geopolitical environment, meeting targets set in the "Connect 4 Agile Growth" plan.

• Acquisitions completed at the end of 2024 contributed to a notable increase in service sales and strengthened market presence across Central, Eastern, and Mediterranean Europe.

• Operational and commercial acceleration in the second half of 2025 enabled results to exceed the upper end of guidance and improved the outlook for 2026.

• Product enhancements and the launch of new digital solutions, including the first European eFTI platform and advanced fleet management tools, reinforced the Group's position as a technological enabler in multimodal logistics.

Financial highlights

• Multi-year backlog as of December 31, 2025, increased to €34.1 million, up from €28.5 million year-over-year.

• Results for 2025 closed above expectations, which had already been revised upward in September 2024.

Outlook and guidance

• Strengthened outlook for 2026, with structural growth and new strategic partnership opportunities emerging in early 2026.

• Guidance for 2025 was exceeded, and the Group is positioned for further growth along the "Connect 4 Agile Growth" plan trajectory.