Cir S.p.a. - Compagnie Industriali Riunite · MIL:CIR
Cir S.p.a. - Compagnie Industriali Riunite — CIR S.p.A. - Compagnie Industriali Riunite — FY2025 Earnings Presentation
21 slides from Cir S.p.a. - Compagnie Industriali Riunite's earnings presentation, 2026
Slide 1: FY 2025 Results
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Slide 2: Executive Summary
CIR Group KOS Group Executive CIR Consolidated and ESG Summary Holding Results Sogefi strategy 2
Slide 3: Group structure and strategy
Group structure and strategy 59.8%(2) F.lli De 43.7%(1) 60.1% Benedetti S.p.A. Liquid assets & Private Equity Businesses Healthcare group specialized in Long Global automotive supplier of Liquid assets, Private Equity Term Care (Nursing Homes, suspensions, and air intake & Portfolio Rehabilitation,
Slide 4: 2025 Highlights
2025 Highlights Sales: ▪ KOS +2,2% vs FY 2024 -1,1% vs FY 2024 ▪ Sogefi -3,7% vs 2024, -0,1% at constant FX ▪ Net result from continuing operations: +€ 29,2M (vs +€ 39,0 in 2024), due to an Net result(1): improvement at KOS (+€ 19,2M vs +€ 12,3M), and a decrease in contribution from Consolidated +€
Slide 5: Significant events that have occurred since December 31st 2025
Significant events that have occurred since December 31st 2025 On 29 January 2026, the subsidiary CIR Investimenti S.p.A. completed the acquisition of the 40.23% stake in KOS S.p.A. held by F2i Healthcare S.p.A., pursuant to the binding agreement signed on 19 November 2025 by the parent company CIR
Slide 6: CIR Group Consolidated Results
CIR Group KOS Group Executive CIR Consolidated and ESG Summary Holding Results Sogefi strategy 6
Slide 7: CIR Group Consolidated P&L main elements
CIR Group Consolidated P&L main elements Revenues 2024 2025 Var % KOS - Italy 547,2 544,3 -0,5% 2024 2025 €/M KOS - Germany 251,6 271,8 8,0% KOS - total 798,8 816,1 2,2% Revenues 1.821,1 1.800,9 SOGEFI 1.022,3 984,8 -3,7% GROUP revenues 1.821,1 1.800,9 -1,1% % change vs 2024 -1,1% EBITDA 272,1 274,1
Slide 8: CIR Group Financial Indebtedness
CIR Group Financial Indebtedness NFP Excluding IFRS16 €/M 31 Dec 2024 31 Dec 2025 ➢ KOS: net debt decrease of € 6,5M; improving operating CF ➢ Sogefi: net debt increase of € 9,7M, after dividend payment (€ 21,1M) KOS Group (129,6) (123,1) Sogefi Group (9,5) (19,2) Subsidiaries (1) (138,7) (141,9) CI
Slide 9: CIR Holding
CIR Group KOS Group Executive CIR Consolidated and ESG Summary Holding Results Sogefi strategy 9
Slide 10: CIR Holding Balance Sheet
CIR Holding Balance Sheet Book value 31 Dec Cash Fair value / 31 Dec 31 Dec 2024 31 Dec 2025 €/M 2024 New In other 2025 €/M KOS 214,4 221,8 Private Equity 58,6 (2,2) 2,7 (2,3) 56,8 Sogefi 179,2 166,9 Other investments 0,5 0,0 0,0 0,5 ➢ Diversified portfolio of private equity funds, direct minority p
Slide 11: CIR Holding P&L
CIR Holding P&L 2024 2025 €/M Income from Fixed Income, Hedge Funds and Private Equity portfolios Income from Financial Assets 30,5 17,2 (1) CIR Holding Recurring costs (11,8) (10,8) CIR Holding Non Recurring costs (1,2) (0,7) Taxes (0,1) (2,2) Net result from continuing operations 17,4 3,5 Assets h
Slide 12: KOS Group
CIR Group KOS Group Executive CIR Consolidated and ESG Summary Holding Results Sogefi strategy 12
Slide 13: KOS - a leader in LTC with a consistent growth track record
KOS - a leader in LTC with a consistent growth track record Greenfield pipeline: // Rehabilitation +549(2) & psychiatry (Italy) 13.777 13.722 33 facilities 13.753 13.518 13.151 12.686 12.133 SHAREHOLDERS(1) Long ▪ CIR (59.77%) Nursing ▪ F2i (40.23%) Term Homes (Italy) 8.157 Care 57 facilities 7.764
Slide 14: KOS - Summary of FY 2025 results and outlook
KOS - Summary of FY 2025 results and outlook €/M 1H 2019 * 2024 2025 KOS 2025 results Revenues 517,1 798,8 816,1 ➢ Overall revenues higher than 2024, +2,2%, mainly thanks to the improvement of NH LTC / Acute Italy vs 2019 11,7% 11,1% performance and despite the slight decline of the functional rehab
Slide 15: KOS – Revenues and KPIs by segment
KOS – Revenues and KPIs by segment LTC Italy * NH Rehab Acute Care NH Germany 2019 2024 2025 2019 2024 2025 2019 2024 2025 2019 2024 2025 Number of beds 5.835 6.611 6.451 2.147 2.407 2.470 184 184 218 3.844 4.575 4.583 % change vs 2019 13,3% 10,6% 12,1% 15,0% 19,0% 19,2% Occupancy - average 95,6% 91
Slide 16: KOS – P&L by segment
KOS – P&L by segment ➢ Margins of LTC Italy further improving in 2025, in line with 2019 at EBITDA IFRS16 and EBIT level; EBITDA ante IFRS16 ca. 0,9 p.p. below 2019, due to higher share of rented facilities. ➢ In Germany profitability is flat, still dragged by staff shortages and some extra ordinary
Slide 17: Sogefi – Summary of FY 2025 results and outlook
Sogefi – Summary of FY 2025 results and outlook €/M 2024 2025 Sogefi FY 2025 results ➢ In 2025 world car production increased by 3,7% vs 2024, with Europe at -1,2%, Revenues 1.022,3 984,8 NAFTA -1,0%, China +10,4%, India at +7,2%. EBITDA 125,3 111,4 ➢ Sogefi’s sales decreased by 0,1% at constant FX,
Slide 18: Sogefi – Performance by division
Sogefi – Performance by division Suspensions Air&Cooling Group 2019 2024 2025 2019 2024 2025 2019 2024 2025 Net sales 549,7 564,6 539,1 425,9 457,4 446,0 975,6 1.022,3 984,8 % change vs 2019 2,7% -1,9% 7,4% 4,7% 4,8% 0,9% % change vs 2024 -4,5% -2,5% -3,7% EBITDA Euro M 134,9 136,0 119,3 82,4 73,2 7
Slide 19: ESG and strategy
CIR Group KOS Group Executive CIR Consolidated and ESG Summary Holding Results Sogefi strategy 19
Slide 20: ESG plans and performance
ESG plans and performance 20 Further information on achievement of 2025 targets and ESG plans targets for 2026-29 are published in the Sustainability Statements of CIR, KOS and Sogefi
Slide 21: Disclaimer
Disclaimer ➢ This document has been prepared by CIR for information purposes only and for use in presentations of the Group’s results and strategies ➢ For further details on CIR and its Group, reference should be made to publicly available information, including the Annual and the Semi-Annual Report
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