CIRCLE Group has announced a strong first half of 2026, with a consolidated Value of Production of €15.8 million, up 34% from €11.8 million in the same period of 2025.
The Innovative SME, listed on Euronext Growth Milan, is specialized in the analysis of processes and the development of digital solutions for the port and intermodal logistics sectors, as well as international consultancy focused on the Green Deal and energy transition. The unaudited selected financial data for the six months ended 2026 has been approved by its Board of Directors.
Latest figures show continued momentum in the Group’s core activities.
Proprietary Software Products, including solutions delivered via a cloud-based Software as a Service (SaaS) model, were up 11% year over year. Milos Federative Services showed an even more impressive increase of 75% compared to the first half of 2025.
The backlog for CIRCLE also rose. It stood at €36.7 million at the end of June 2026 compared with €34.1 million at the end of 2025. This provides visibility through December 31, 2027, based on operational data, except for European projects that remain visible through their respective expiration dates.
The Group’s Net Financial Position also showed a significant improvement. CIRCLE’s cash balance at the end of the period was €4.8 million, compared with €2.6 million as of 31 December 2025.
Core activities are increasingly fueling growth
CIRCLE said the first-half results were aided partly by the residual contribution of contracts associated with Italy’s National Recovery and Resilience Plan (PNRR). The contracts were closed during the period and helped to accelerate revenue growth.
The Group also pursued its core activities and the development of its integrated solutions.
This better performance was combined with further profitability gains, proving CIRCLE’s ability to grow and operate efficiently and to have a high quality business mix.
The Group also continued to implement its “Connect 4 Agile Growth” strategy, with a particular focus on digitalization and innovation of logistics and transportation.
On the basis of first-half results and the positive operational and commercial performance recorded since the beginning of the year, CIRCLE now expects to significantly exceed its 2026 Value of Production guidance.
The company had previously given an outlook for 2026 between 27.2 million and 28.8 million euros.
AI makes Strategy bigger
CIRCLE Group President and CEO Luca Abatello stated: “The positive performance already seen in the first quarter was confirmed in the first six months of the year, confirming the Group’s growth trajectory and the strength of its business model.
“The second half of the year started off on the right foot with equally positive operational and commercial indicators, emphasizing the growth that is increasingly independent from PNRR contracts,” he added.
During the first months of the year, the Group has continued to win new contracts at a steady rate and is working to bring all services to full operational capacity. That should drive a lot of recurring revenue, Abatello said.
The new Innovation Agreement and European projects are also expected to provide multi-year visibility in investment planning over the next three years, strengthening the Group’s prospects for medium- and long-term development.
CIRCLE’s own artificial intelligence division is also a significant strategic focus. During 2026 we have added significant expertise and project capabilities to the division and are already operating.
This work has resulted in the development of a new product, MILOS SINAPSE, currently being tested with selected clients. We will continue to build over the coming months, with a critical development milestone expected in the first quarter of 2027.
M&A and international expansion continues
CIRCLE is also continuing its M&A activity in line with strategic objectives of its growth plan.
The Group expects to provide further updates in the months ahead, including progress with federated services and international expansion.
The company also said it has several investor events planned. Integrae SIM and CIRCLE will be attending the European MidCap Event in Paris on September 30.
On 5 October 2026 at 11.30 am, the Group will host an Investor Day at Integrae SIM, during which it will present to the market the consolidated results of the first half of 2026. In the next few days we will be sending out a “save-the-date” with all the details.
A wider digital logistics ecosystem
Founded in Genoa in 2012, Circle S.p.A. is the innovative SME that leads the CIRCLE Group. Listed on Euronext Growth Milan since 2018, the company is dedicated to the analysis of processes and solutions for digital transformation for port and intermodal logistics and international consulting on the Green Deal and energy transition.
The Group’s portfolio consists of the software companies Info.era, NEXT Freight, eXyond, Cargo Start and QMap, the consulting firms Magellan Circle and Magellan Circle Italy, NEXT Customs and the associate company ACCUDIRE.
Its digital innovation offer is based on the Milos® Intelligence platform, which uses artificial intelligence, simulation and Digital Twin technologies to help you make decisions and digitalize systems.
Its solutions include MasterSPED®, Milos® TOS, Milos® MTO, Milos® TFP, Milos® Global Supply Chain Visibility and StarTracking and Extended Port Community System. Complementing the portfolio is Federated Services delivered through the cloud, supporting a more efficient transition to digital business models.
CIRCLE is active in Brussels and across Europe through Magellan Circle and Magellan Circle Italy which conducts advocacy work with European Institutions. The companies support public bodies and businesses with services such as Strategic Communication and Advocacy and EU Funding Accelerator, with a special focus on the Green Deal and energy transition.
CIRCLE has also reinforced its position in air cargo with Cargo Start, which focuses on technology solutions for the sector and is a strategic element of the Group’s industrial plan Connect 4 Agile Growth.
The Group offers advanced infomobility services with InfoBluNewGen and telematics solutions for logistics, transport and insurance with Kmaster, through eXyond.
The Group has a 20% stake in the innovative start-up ACCUDIRE, which has a collaborative platform for supporting document management in global supply chains, starting with e-CMR and e-DDT electronic consignment notes.
Meanwhile, NEXT Customs develops digital customs optimization services to support the harmonization of processes in line with the strategic direction of Connect 4 Agile Growth.
CIRCLE Group enters second half of 2026 well above its initial annual production target, with first half production already at €15.8 million, growing backlog, improving cash position, expanding recurring digital services and an increasingly active AI operation.
