Cicor Technologies Ltd.

Latest Results (06.09.2026):

This summary covers Cicor Technologies Ltd.'s Half‑Year (HY1) 2025 results (first half of 2025). The group reported record H1 net sales of CHF 280.7 million, up 21.4% year‑on‑year largely driven by acquisitions, with EBITDA of CHF 26.5 million (9.4% margin). Adjusting for the integration impact of the Éolane France acquisition, underlying EBITDA margin improves to 11.2%. Free cash flow before acquisitions was CHF 18.5 million. Net profit declined to CHF 8.5 million (EPS CHF 1.94) due to adverse FX and a higher effective tax rate. The company raised full‑year guidance and remains in growth mode via recent and pending acquisitions.

Top‑line and growth

Net sales: CHF 280.7m, +21.4% YoY (acquisitions contributed +24.8pp; organic H1 -2.1% but Q2 showed positive organic growth of +0.3%). Orders received CHF 286.0m (+42.2% YoY) and book‑to‑bill for HY1 2025 was 1.02, indicating improving demand momentum.

Profitability

EBITDA: CHF 26.5m (9.4% margin). Adjusted for Éolane France integration effects, EBITDA margin is 11.2% (HY1 2024: 10.7%). EBIT was CHF 15.4m and net profit CHF 8.5m (-28.7% YoY), with EPS CHF 1.94 (HY1 2024: CHF 2.69).

Cash flow and acquisitions

Free cash flow before acquisitions: CHF 18.5m (reported as 64% of EBITDA excl. Éolane). Total cash invested for the Éolane France transaction was CHF 15.3m (purchase and transaction costs partially offset by cash in acquired businesses). CAPEX for tangible assets was CHF 5.2m in H1.

Acquisition strategy and footprint

HY1 activity further expands Cicor’s pan‑European EMS footprint: completed Éolane France (7 sites, ~890 employees, sites in France and Morocco), integrated Profectus and Mercury sites, and signed MADES (Málaga, Spain) subject to regulatory approval. Pro‑forma sales contributions cited for these transactions.

Segments and regional mix

Sales mix shifts reflect acquisitions: EMS/A&D and Healthcare Technology remain core verticals. Management notes short‑term margin dilution from Éolane integration but sees it as strategic market entry into France and Morocco nearshoring.

FX, taxes and one‑offs

Negative net FX result of CHF -2.5m (vs +2.8m prior) from USD/GBP weakening hit profitability. Tax rate increased to 26.6% (HY1 2024: 23.0%), contributing to lower net profit. EBITDA includes a CHF -0.5m PPA inventory step‑up adjustment and CHF 2.5m of integration/transaction costs related to Éolane were recorded.

Guidance and outlook

Full‑year revenue guidance raised to CHF 620–650m. Management expects order and sales growth to continue and progress in integrating newly acquired businesses to support margin recovery in the second half and beyond.