- Consolidated revenues of € 913.5 million, up 1.7% compared with the first half of 2025
- Operating performance of the subsidiaries slightly improved compared with the first half of 2025, supported by higher income from financial portfolio management
- Net profit of € 18.6 million, up from € 14.5 million in the first half of 2025
- Consolidated net financial position before IFRS16 – € 24.7 million, after total cash outlays of € 266.1 million (acquisition of the remaining 40% stake in KOS, share buybacks and dividend distributions to minority shareholders)
- Parent company net financial position positive at € 162.3 million
Milan, 31 July 2026 – The Board of Directors of CIR S.p.A. – Compagnie Industriali Riunite (“CIR”, the “Group” or the “Company”), meeting today under the chairmanship of Rodolfo De Benedetti, approved the Half-Year Financial Report as of 30 June 2026, presented by Chief Executive Officer Monica Mondardini.
Key events in the first half of 2026
During the first half of 2026, CIR acquired the 40.23% stake in KOS S.p.A. held by the minority shareholder. KOS, a leading provider of long-term care and rehabilitation services, was founded by CIR in 2002 and has become the holding company’s largest investment. KOS operates approximately 11,100 nursing home beds across 110 facilities, including around 6,400 in Italy and 4,700 in Germany, as well as approximately 2,500 beds dedicated to rehabilitation and psychiatric care in Italy across 32 facilities.
The growing demand for healthcare and social care services, KOS’s well-established and widely recognized expertise, together with its growth trajectory and strong operating performance, led CIR to further increase its investment in both the sector and the company, deploying part of its available cash resources.
Furthermore, during the first half of the year, CIR repurchased treasury shares for a total consideration of € 25.4 million, primarily through the Tender Offer announced in March 2026 and completed at the end of May.
Finally, during the first half of 2026, Sogefi, the Group’s automotive components subsidiary, entered into an agreement for the sale of its precision springs business, which forms part of the Suspension Division. In full-year 2025, the business generated revenues of € 28.6 million and EBITDA of € 3.8 million. The net enterprise value of the transaction amounts to approximately € 21 million. Completion of the transaction is expected to take place today. As a result, the data relating to the divested business are presented in accordance with IFRS5[1]; however, the first-half results do not include any benefits arising from the sale.
Consolidated Results
In the first half of 2026, the CIR Group reported net income of € 18.6 million, up from € 14.5 million in the first half of 2025.
Both KOS and Sogefi delivered operating results that were slightly ahead of those recorded in the first half of 2025.
Income generated by the Parent Company’s financial portfolio management increased compared with the corresponding period of 2025. This was achieved despite lower cash balances, thanks to a portfolio return of 2.4% during the period, exceeding that achieved in the first half of 2025.
In addition, KOS made a stronger contribution to Group net income following the consolidation of the entire shareholding during the first half of 2026.
Operating Free Cash Flow (FCF) before IFRS 16 amounted to € 21.0 million, compared with € 12.6 million in the first half of 2025. During the period, consolidated cash outflows totaled € 266.1 million, mainly relating to the acquisition of the remaining 40% stake in KOS, dividend distributions to minority shareholders and CIR S.p.A.’s share buyback program.
As of 30 June 2026, the Group reported a consolidated net financial position before IFRS 16 of negative € 24.7 million, compared with positive € 220.4 million at 31 December 2025.
The net financial position of the Parent Company (including CIR Investimenti) remained solid at positive € 162.3 million, compared with € 362.3 million at 31 December 2025, following cash outflows related to the acquisition by CIR Investimenti S.p.A. of the stake in KOS (€ 220.0 million) and treasury share purchases (€ 25.4 million), partially offset by substantial dividend receipts totaling € 45.1 million.
Including IFRS 16 lease liabilities, consolidated net debt amounted to € 790.1 million as of 30 June 2026, including lease liabilities of € 765.4 million, primarily attributable to KOS (€ 722.8 million), whose operations are largely conducted through leased properties.
KOS
In the first half of 2026, KOS reported revenues of € 421.0 million, an increase of 4.3% compared with the corresponding period of the previous year (€ 403.6 million).
In Italy, the nursing home business (RSA) recorded revenue growth of 4.8%, driven by higher occupancy levels, tariff increases and the expansion of home-care services. Facilities in Lombardy, Marche, Tuscany and Lazio are currently operating at full capacity, while Piedmont, Veneto, Liguria and Emilia-Romagna still offer room for further growth due to suboptimal conditions at certain facilities, which are currently being addressed through targeted improvement plans.
The Rehabilitation, Psychiatry, Outpatient and Acute Care segments collectively reported revenue growth of 1.2%. It should be noted that, effective 1 July 2026, a decree updating the national maximum tariffs reimbursed by the Italian National Health Service for inpatient rehabilitation and post-acute long-term care services provided by accredited public and private facilities came into force. Regional authorities will be required to adjust their reimbursement systems in order to access the additional funding allocated, while the revised maximum tariffs will also serve as the benchmark for interregional reimbursement mechanisms. The full impact of these tariff increases is expected to be reflected from 2027 onwards.
In Germany, revenues increased by 6.8% compared with the first half of 2025, supported by an approximately one-percentage-point increase in occupancy rates and significant tariff increases, against a backdrop of continued growth in healthcare personnel costs. Occupancy rates in Germany, which reached 91.5% in the first half of 2026, also retain further growth potential, particularly at facilities and in regions that have not yet reached full operating capacity.
EBITDA increased from € 79.0 million in the first half of 2025 to € 81.3 million in 2026, mainly driven by the contribution of the nursing home business in Italy and Germany. EBIT amounted to € 31.7 million, equal to 7.5% of revenues, compared with € 31.1 million in the first half of 2025.
Net profit amounted to € 8.7 million, compared with € 7.9 million in the first half of 2025 (€ 32.2 million for full-year 2025). It should be noted that KOS typically generates a disproportionately higher share of its annual earnings in the second half of the year, primarily as a result of the timing of tariff increases in Germany during the financial year.
Free cash flow before IFRS 16 and dividends was positive at € 5.7 million in the first half of 2026, compared with negative € 2.8 million in the first half of 2025. The improvement was largely attributable to a more favourable working capital trend.
Net debt before IFRS 16 stood at € 179.0 million at 30 June 2026, compared with € 123.1 million at 31 December 2025, after dividend distributions of € 55.8 million, of which € 45.1 million was paid to CIR and CIR Investimenti, and treasury share purchases related to the exercise of stock option plans amounting to € 5.8 million.
As of 30 June 2026, lease liabilities amounted to € 722.8 million, compared with € 742.4 million at 31 December 2025.
Sogefi
Sogefi Group’s consolidated revenues amounted to € 492.5 million, compared with € 494.8 million in the first half of 2025, representing a decline of 0.5% year on year and an increase of 0.4% at constant exchange rates. At constant exchange rates, revenues increased by 5.3% in Europe and were substantially in line with the first half of 2025 in North America. Revenue performance was weaker in China, where revenues at constant exchange rates declined by 12.4% due to unfavourable market conditions during the period.
EBIT amounted to € 32.5 million, compared with € 31.7 million in the first half of 2025, with an EBIT margin of 6.6% of revenues versus 6.4% in 2025. The 2026 EBIT was affected by non-recurring costs higher than those recorded in the corresponding period of the previous year. Adjusted EBIT amounted to € 36.8 million, up 5.7% year on year.
Net profit amounted to € 18.7 million, broadly in line with that reported in the corresponding period of the previous year.
Free cash flow before IFRS 16 was positive at € 13.2 million, compared with € 8.1 million in the first half of 2025.
Net debt before IFRS 16 stood at € 8.3 million as of 30 June 2026, compared with € 19.2 million at 31 December 2025.
Including lease liabilities, net debt at the end of June 2026 amounted to € 51.2 million, compared with € 56.3 million at 31 December 2025.
Financial Portfolio Management
The Parent Company’s financial asset portfolio, managed primarily by subsidiary CIR Investimenti, generated net financial income of € 6.0 million, corresponding to a 2.4% return, compared with € 3.2 million and a return of 0.8% in the first half of 2025. In particular, the portfolio of readily marketable assets (equities, bonds and hedge funds) delivered a return of 2.8%, while the private equity portfolio generated a return of 1.2%.
Significant Events Subsequent to 30 June 2026
There have been no significant events subsequent to 30 June 2026 that could affect the financial information as of that date.
Outlook
With regard to KOS, demand in the long-term care sector remains very strong in both Italy and Germany, and occupancy rates are expected to continue increasing throughout 2026, consistent with the trend recorded in the first half of the year. In Germany, tariff dynamics are also expected to support further improvements in profitability.
In the Rehabilitation sector, the decree updating the national maximum tariffs reimbursed by the Italian National Health Service for inpatient rehabilitation and post-acute long-term care services provided by accredited public and private facilities came into force on 1 July 2026. It is expected that the Regions will adjust their reimbursement systems in line with the new national thresholds. At the same time, negotiations on the main collective labour agreements are currently underway or are expected to commence shortly.
Against this backdrop, in 2026 KOS expects to consolidate the significant improvement of results achieved in 2025, when net profit increased to € 32.2 million from € 20.5 million in 2024. Further growth in activity levels is anticipated, although this is expected to be partially offset by higher labour costs arising from collective bargaining renewals, as well as by the ongoing increase in electricity and natural gas costs driven by current market conditions.
As regards Sogefi, the company has already communicated to the market that it expects a low single-digit decline in revenues in 2026 and an Adjusted EBIT margin broadly in line with that achieved in 2025. These expectations have been formulated in a context of significant uncertainty regarding global geopolitical and macroeconomic developments.
With respect to the holding company’s financial asset management activities, persistent geopolitical, macroeconomic and financial uncertainties are expected to continue generating elevated market volatility.
Barring unforeseen extraordinary events or circumstances currently unknown, CIR expects to report net income for 2026 above the level achieved in 2025.
[1] For the first halves of 2026 and 2025, only the net result of the divested business is reported under “Profit/(loss) from discontinued operations”, net of tax effects. The operating data discussed below refer exclusively to continuing operations, while net profit and free cash flow are presented both for continuing operations and for assets held for sale.
