A strong track record to build on

For over 34 years, CIS has been a pure player in integrated base camp management services for complex and/or remote sites (mines, onshore/offshore energy platforms, major infrastructure projects, etc.), offering a comprehensive range of services across 17 countries and over 400 sites.

An integrator serving its clients: CIS stands out as a global integrator, covering all the needs of remote site accommodation: catering, accommodation, facility management . This ‘one-stop- shop’ approach allows industrial clients to focus on their core business and streamline
their operational costs. The group has demonstrated its ability to manage large – scale sites (over 8 ,000 residents) with a contract renewal rate of ove r 90%.

The target market is structurally buoyant: CIS operates in markets benefiting from favourable structural trends, driven by the energy transition and the need to secure resource supplies. The market for critical minerals could thus grow from around $400 –450 billion in 2025 to $750 –900 billion by 204 0 (a fivefold increase for lithium, a 50 –60% rise for rare earths and around a 30% increase for copper in the IEA’s central scenario). As for oil, despite stable demand, the natural decline of existing fields requ ires significant investment (around $400 billion per year) simply to maintain production levels. Mining projects in remote areas are expected to increase, within a market for mining services forecast to see double – digit growth by 2030.

Pursuing a winning strategy. CIS’s strategy is based on three complementary pillars: moving upmarket, innovation and targeted geographical expansion. The development of facility management activities increases the added value of the business portfolio and strengthens customer loyalty. At the same time, the group is investing in digitalisation (apps, AI, CMMS) and in innovative solutions for water, energy and hygiene, meeting growing ESG requirements. Finally, CIS is continuing its expansion into high – growth regions such as Africa and E urasia, capitalising on its long – standing expertise in complex environments, which act as a genuine barrier to entry.

A solid balance sheet to fund M&A: With net cash of over €50 m and sustained cash generation (averaging over €15 m per year), CIS has the financial resources necessary for its development (capex and WCR) whilst being able to seize targeted M&A opportunities. Acquisitions could target well – established local players or complementary, higher value-added business lines ( facility management ), enabling the company to both expand its geographical footprint and accelerate the move upmarket in its portfolio of activities.

Following several years of strong growth (AAGR >15% since 2020), CIS is expected to exceed €500 million in sales in 2026. Given the base effect (record profitability in 2025), we are more cautious regarding margins in 2026 and beyond. We therefore expect revenue of €538 million (+10% (+9% on a constant – currency basis), EBITDA of €45.0 million +5% (margin 8.35% – 40 bps), net profit of €31.0 million (+18%) (margin 5.8%, +50 bps), and net income of €12.8 million (+41%).

Based on these assumptions, we believe the valuation is attractive at 3.7x EBIT and 10.8x P/E for 2026. We are initiating coverage of the stock with a Strong Buy rating (1) and a target price of €20.3 per share, derived from a DCF valuation (75%, €19.9 per share) and market comparables (25%, €21.5 per share).

This document is issued by Portzamparc, subsidiary of the BNP Paribas Group. The investment recommendation in this document was issued on 19/05/2026 – 17:06 (GMT+1) and published for the first time on 20/05/2026 – 08:37 (GMT+1).