Cir S.p.a. - Compagnie Industriali Riunite · MIL:CIR
Cir S.p.a. - Compagnie Industriali Riunite — CIR S.p.A. - Compagnie Industriali Riunite — H1 2026 Earnings Presentation
21 slides from Cir S.p.a. - Compagnie Industriali Riunite's earnings presentation, July 2026
Slide 1: 1H2026 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 100% F.lli De 44.4%(1) 60.0% Benedetti S.p.A. Private Equity & liquid assets Businesses Healthcare group specialized in Long Global automotive supplier of Liquid assets, Private Equity Term Care (Nursing Homes, suspensions, and air intake & Portfolio Rehabilitation, Psyc
Slide 4: 1H 2026 Highlights
1H 2026 Highlights Sales: ▪ KOS +4,3% vs 1H 2025 +1,7% vs 1H 2025 ▪ Sogefi -0,5% vs 2025; +0,4% at constant exchange rates Consolidated Net result(1): ▪ Improvement of KOS (+€ 8,7M vs +€ 4,7M) Financial +€ 18,6M ▪ Sogefi flat at +€ 10,5M (vs +€ 14,5 in 1H 2025) ▪ CIR HoldCo also stable (-€ 1,3M vs -
Slide 5: Significant events occurred in 1H2026
Significant events occurred in 1H2026 ➢ On 29 January 2026, CIR (through its 100% controlled 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 Acquisition of ➢ Th
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
CIR Group Consolidated P&L Revenues 1H 2025 1H 2026 Var % 1H 2025 1H 2026 KOS - Italy 270,7 279,0 3,1% €/M KOS - Germany 132,9 142,0 6,8% Revenues 898,4 913,5 KOS - total 403,6 421,0 4,3% SOGEFI 494,8 492,5 -0,5% % change vs 2024 1,7% GROUP revenues 898,4 913,5 1,7% EBITDA 139,7 142,1 Financial resu
Slide 8: CIR Group Financial Indebtedness
CIR Group Financial Indebtedness NFP Excluding IFRS16 ➢ KOS: net debt increase of € 55,9M in 1H 2026, mainly due to dividend payment €/M 31 Dec 2025 30 June 2026 (€ 55,8M), as well as development capex and NWC seasonality ➢ Sogefi: net debt decrease of € 10,9M, despite NWC seasonality KOS Group (123
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 New In- Cash Fair value 30 June 31 Dec 2025 30 June 2026 €/M 2025 vestments In / fees 2026 €/M Private Equity 56,8 1,1 (2,0) 0,6 56,5 KOS 221,8 318,2 Other investments 0,5 0,0 0,0 0,5 Sogefi 166,9 183,5 ➢ Diversified portfolio of private equity funds, dire
Slide 11: CIR Holding P&L
CIR Holding P&L 1H 2025 1H 2026 €/M Income from Fixed Income, Hedge Funds and Private Equity portfolios higher than in 2025, Income from Financial Assets 3,8 6,0 despite decrease of financial assets managed, due to KOS acquisition (1) CIR Holding Recurring costs (5,5) (5,4) CIR Holding Non Recurring
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 +450(1) & Psychiatry (Italy) 13.777 13.722 13.762 32 facilities 13.518 13.753 13.151 12.686 12.133 Long Nursing Term Homes 3.844 (Italy) Care 56 facilities 8.157 7.764 Nursing Homes (Germany) 54 facili
Slide 14: KOS - Summary of 1H 2026 results and outlook
KOS - Summary of 1H 2026 results and outlook 1H 2019 * 1H 2025 1H 2026 KOS 1H 2026 results €/M Revenues 244,3 403,6 421,0 ➢ Revenues +4,3% vs. 1H 2025: ✓ In Italian NHs revenues grew 4,8%, with occupancy up by 0,6 p.p., average EBITDA 55,9 79,0 81,3 tariffs +3,5% and thanks to the development of hom
Slide 15: KOS – Revenues and KPIs by segment
KOS – Revenues and KPIs by segment LTC Italy * NH Rehab Acute Care NH Germany 1H 2019 1H 2025 1H 2026 1H 2019 1H 2025 1H 2026 1H 2019 1H 2025 1H 2026 1H 2019 1H 2025 1H 2026 Number of beds 5.739 6.451 6.421 2.147 2.504 2.445 307 218 218 3.844 4.575 4.678 % change vs 2019 12,4% 11,9% 16,6% 13,9% 19,0
Slide 16: KOS – P&L by segment
KOS – P&L by segment ➢ Margins of LTC Italy overall stable in 1H 2026 vs. 2025 and almost in line with 2019 at EBITDA IFRS16 and EBIT level; EBITDA ante IFRS16 ca. 2 p.p. below 2019, due to higher share of rented facilities ➢ In Germany profitability improved slightly vs. prior year, but is still dr
Slide 17: Sogefi – Summary of 2026 results and outlook
Sogefi – Summary of 2026 results and outlook €/M 1H 2025 1H 2026 Sogefi 1H 2026 results Revenues 494,8 492,5 ➢ In 1H 2026 world car production fell by 1,0% vs 1H 2025, with Europe at -1,4%, NAFTA (1) EBITDA Adjusted 70,9 73,8 -0,7%, China -5,3%; growth in India (+13,6%) and South America (+5,8%) % o
Slide 18: Sogefi – Performance by division
Sogefi – Performance by division Revenues % change EBITDA Adjusted Euro M ➢ Sales -2% at constant FX, stable in ➢ Sales up (+3,5%) at constant FX, with Europe, declining in China (-11%) and strong recovery (+14,9%) in Europe, Latam, growing +16,4% in India stability in North America and decline in ➢
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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