Circus trims 2026 sales outlook as Ukraine deployment starts
Published on 07/17/2026 at 05:52 | Redaktion boerse-global.de
Circus SE chose the same day to spotlight two very different milestones: a sharp cut to its revenue outlook and the launch of live operations for its robot-based catering system in Ukraine. For investors, though, the numbers came first. The company now expects 2026 sales of just EUR 5.2 million, down from a previous range of EUR 44 million to EUR 55 million.
The revised forecast is still above last year’s EUR 1.6 million in revenue, but it marks a severe step down from Circus’s earlier ambitions. The company also said EBITDA is now expected to come in at a loss of around EUR 17 million, compared with its prior forecast for a deficit of EUR 6 million to EUR 8 million. In 2025, Circus posted EBITDA of minus EUR 18.8 million.
Management said the downgrade reflects the postponement of planned system deliveries from the second half of 2026 into 2027. The group is deliberately slowing the pace of new rollouts in order to improve the economics of the technology before scaling globally. Circus said operating costs for onboarding and service have not so far grown as planned alongside the number of systems, and it wants to strengthen the reliability of the whole ecosystem — from the supply chain to AI-enabled robot maintenance — before pushing ahead.
The market’s reaction was brutal. On Thursday, the stock at one point fell by more than 35 percent to around EUR 3 in Xetra trading, one of the sharpest moves since the shares listed.
Should investors sell immediately? Or is it worth buying Circus?
At the operational level, Circus did have a concrete development to announce. Live use of its autonomous food service system began on 16 July 2026 with the 3rd Assault Brigade of the Ukrainian Ground Forces in the Kyiv area. The company described it as the first deployment of an autonomous catering system in an active conflict zone. The systems had previously been certified by the relevant Ukrainian food safety authority.
That deployment rests on a framework agreement for up to 25 systems, first announced in December 2025. Circus presents the Ukraine launch as evidence that the technology is now operating in the field, a point it argues should matter for future defense and security customers. Defense is expected to become one of the company’s two core segments, alongside community catering.
The company also used its update to signal a broader internal reset. It presented a new co-chief executive and chief financial officer, a manager with long experience in corporate strategy and international expansion, especially in the aviation and automotive industries. Nikolas Bullwinkel will now lead Circus as sole managing director and CEO, while the new co-CEO is expected to help professionalize the operating structure.
Circus at a turning point? This analysis reveals what investors need to know now.
Claus Holst Gydesen, the outgoing co-CEO, is moving to chair the advisory board. Former finance chief Fabian Becker will remain involved as an adviser and as a supervisory board member of Circus Defence SE.
Circus said in its call that it remains sufficiently funded and that current R&D spending is secured. The company is now focusing on proprietary ingredient systems and a fully autonomous supply chain. For the time being, though, the story has shifted decisively toward 2027, when the postponed system launches are now expected to land.
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