First half 2025 results
Published on 17/09/2025
Continued growth in revenue: up 20% at constant currency[1]
Strong improvement in profitability (net attributable income: up 143% at CC1)
[1] CC: constant currencies
The Board of Directors met on 17 September 2025 to adopt the financial statements for the six-month period ended 30 June 2025. The Statutory Auditors have completed their procedures for these accounts and the issuance of their report is pending.
Business: first half of 2025 driven by ramp-up of major contracts in Africa and Eurasia
CIS posted revenue on a constant currency basis of €238.9 million for the first half of 2025, showing growth of 19.8% from the first half of 2024.
On a reported basis, revenue totalled €236.5 million, for growth of 18.6%. This figure included a negative currency impact of €2.4 million, as opposed to a negative impact of €13.0 million in the first half of 2024.
Business was driven by the ramp-up of major contracts in Africa and Eurasia, as well as the renegotiation of contractual terms. These regions now account for 54.7% and 42.0% of revenue respectively. Due to the end of certain contracts in the public sector in Brazil, South America now only represents 3.3% of the Group’s total business.
Results: positive effect of new contracts and performance plans
CIS reported EBITDA of €19.2 million, up 52.5% compared with the first half of 2024, leading to a significantly higher margin of 8.1% of revenue (6.3% in H1 2024). The growing contribution of new contracts and the impact of performance plans offer strong control over the structure of operating expenses.
Net income rose 90.4% to €4.9 million, while net profit or loss attributable to Group shareholders grew by 145.9% to €4.0 million (up 143.3% at constant currency1).
This growth resulted in higher cash flow (up 38%), which enabled the Group to significantly reduce its bank debt by 28%.
At 30 June 2025, CIS reported shareholders’ equity of €67.6 million and unrestricted cash of €40.0 million.
2025: a year of consolidation with improved profitability and cash flow
The targeted performance plans (promotion of CIS’s range of services, alignment of pricing strategy, cost optimisation, etc.) associated with the ramp-up of recently signed contracts will improve the Group’s profitability over the full year in 2025.
In the medium term, CIS now aims to reach €500 million in revenue by stepping its business development while remaining on the lookout for potential external growth opportunities.
Next press release: 15 October 2025, after the close of trading: Q3 2025 revenue
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