Cicor Technologies Ltd.

Latest Results (24.03.2026):

Cicor Technologies Ltd. — Third quarter 2024 (Nine‑month results to 30 September 2024): Cicor reported strong nine‑month results with net sales of CHF 351.7m (up 19.4% y/y, organic -3.5%), EBITDA of CHF 40.7m (11.6% margin, +23.7% y/y), and net profit of CHF 17.4m (CHF 3.95 basic EPS), supported by successful 2024 acquisitions and improved cash generation.

Revenue and growth

Net sales for the nine months to 30 Sep 2024 were CHF 351.7m (vs CHF 294.5m LY). Organic sales were down 3.5% but Cicor outperformed a weak market, capturing share; order intake stabilised in Q3 with a book‑to‑bill of ~0.92 and an order backlog of about one year.

Profitability

EBITDA rose to CHF 40.7m (11.6% margin) from CHF 32.9m, and EBIT was CHF 26.0m. Net profit increased to CHF 17.4m (basic EPS CHF 3.95; diluted CHF 3.87), reflecting margin improvement and lower amortization after the change in goodwill accounting presentation (goodwill offset against equity).

Cash flow and balance sheet

Free cash flow before acquisitions improved sharply to CHF 37.4m (PY CHF 10.8m). Net debt was reduced (reported at CHF 43.5m as of 30 Sep 2024) and financial leverage decreased (Net debt / LTM EBITDA ~1.1). Equity remained around CHF 131.5m with a strong liquidity position (cash ~CHF 57.9m at 30 Sep).

Divisional performance

EMS Division: sales CHF 318.9m (+21% y/y) and EBITDA CHF 39.7m (12.4% margin). AS Division: sales CHF 34.6m (organic +8.3%) and EBITDA CHF 5.05m (14.6% margin). Both divisions contributed positively to group results.

Acquisitions and integration

Cicor completed multiple 2024 acquisitions (STS Defence, Evolution Medtec, TT Electronics IoT portfolio). Purchase consideration was ~CHF 56.7m (cash outflow on acquisitions ~CHF 48.9m); management says integrations were rapid and margins of acquired sites aligned quickly with Cicor standards.

Outlook

For full‑year 2024 Cicor expects sales of CHF 470–490m (lower half of prior guidance) and EBITDA of CHF 55–60m (upper half of guidance). Management flags a negative FX impact from a stronger Swiss franc but expects continued profitability improvements and solid balance‑sheet support for growth.