CIR (CIR) H1 2026 earnings summary

Executive summary

• Consolidated revenues reached €913.5 million in H1 2026, up 1.7% year-over-year, with 68% generated abroad, driven by KOS's 4.3% growth and stable Sogefi performance.

• Net profit rose to €18.6 million from €14.5 million in H1 2025, mainly due to improved operating results and the full consolidation of KOS.

• Major strategic moves included the €220–221.4 million acquisition of the remaining 40.23% of KOS, making it wholly owned, and €25.4 million in share buybacks.

• Sogefi completed the sale of its Precision Springs business for €21 million, with benefits to be realized in H2 2026.

• Operating performance improved, supported by higher financial portfolio income.

Financial highlights

• Group revenues reached €913.5 million in H1 2026, up from €898.4 million in H1 2025.

• EBITDA increased to €142.1 million (15.6% margin), and EBIT to €57.5 million (6.3% margin), both stable or slightly improved year-over-year.

• Net financial position shifted from +€220.4 million at Dec 2025 to -€24.7 million at June 2026, mainly due to the KOS acquisition and share buybacks.

• Net debt including IFRS 16 rose to €790.1 million from €558.8 million at year-end 2025.

• Free cash flow before IFRS 16 was €21.0 million, up from €12.6 million in H1 2025.

Outlook and guidance

• KOS expects continued strong demand and improved profitability in Italy and Germany, with tariff increases in rehabilitation to impact from H2 2026 and full effect from 2027.

• Sogefi anticipates a low single-digit revenue decline for 2026, with adjusted EBIT margin stable and cautious outlook due to global auto market uncertainty and raw material price volatility.

• Group net income for 2026 is expected to exceed 2025 levels barring extraordinary events.

• Occupancy rates in Italy are near capacity, while Germany has upside potential as some regions lag.