Cir, accounts in chiaroscuro. Board launches tender offer on own shares without dividend
Ebitda up, net result down. Offer not for delisting
Lights and shadows on Cir's accounts. The company - listed on Euronext Milan and owned by the De Benedetti family - closed 2025 with revenues of €1.8 billion, down 1.1% on 2024 (€1.82 billion), but up 2% at equivalent perimeter and constant exchange rates. Kos reported revenues up 2.2% and 4.8% at equivalent perimeter, while Sogefi reported stable revenues at constant exchange rates and down 3.7% at current exchange rates.
Consolidated EBITDA in 2025 amounted to 274.1 million (15.2% of revenues), up slightly from 272.1 million in 2024 (14.9% of revenues), despite the increase in non-recurring expenses at Sogefi. Consolidated EBIT amounted to 103.7 million (100 million in 2024).
The parent company's portfolio of financial assets recorded net financial income of EUR 16.6m with a return of 4%, compared to EUR 30.3m in 2024 and a return of 7.1%. The 2025 return was negatively impacted by the private equity portfolio, mainly in US dollars, which was devalued against the euro.
Consolidated net profit from continuing operations amounted to 29.2 million (it was 39 million in 2024 thanks to particularly high returns from financial management). In 2024, it should be recalled, Sogefi's Filtration division was sold, realising a significant capital gain, and the sale of the real estate complex at Via dell'Orso 8 in Milan was finalised. As of December 31, 2025, the consolidated net financial position before Ifrs 16 was positive at 220.4 million (compared to 202.6 million as of December 31, 2024). The stock closed down at -2.65% (or EUR 0.66 per share) at Piazza Affari.
The Board of Directors has decided to propose to the Shareholders' Meeting not to distribute a dividend, in view of the promotion of a voluntary tender offer for 50 million of the company's own shares at a price of €0.68 per share, for a total value of €34 million, equal to 5.458% of Cir's share capital. The offer does not concern the treasury shares held by the issuer and is not conditional on reaching a minimum number of acceptances, nor is it intended to, nor will it result in the delisting of the ordinary shares from the Euronext market.
