Cicor Technologies Ltd.

Latest Results (07.02.2026):

Cicor Technologies Ltd. — Nine‑month results to 30 September 2024 (Q3 2024): net sales CHF 351.7m (+19.4% y/y, organic -3.5%), EBITDA CHF 40.7m (margin 11.6%), net profit CHF 17.4m (+52% y/y) and basic EPS CHF 3.95. Free cash flow before acquisitions rose sharply to CHF 37.4m, order backlog is roughly one year and book‑to‑bill over nine months was 0.92. Management reiterates positive profitability momentum but narrows full‑year sales guidance to CHF 470–490m while keeping EBITDA guidance at CHF 55–60m.

Revenue and profitability

Net sales for the first nine months of 2024 were CHF 351.7m (up 19.4% vs. CHF 294.5m in 2023). EBITDA reached CHF 40.7m (11.6% margin, up 23.7% y/y) and reported net profit was CHF 17.4m (up ~52% y/y). Basic earnings per share were CHF 3.95.

Margins, cash generation and working capital

EBIT margin improved to 7.4% (EBIT CHF 26.0m). Free cash flow before acquisitions increased to CHF 37.4m (prior year CHF 10.8m), supported by a reduction in net current assets. Operating net working capital was CHF 137.0m (≈27.6% of LTM sales).

Balance sheet and leverage

Total assets as of 30.09.2024 were CHF 344.5m with equity ~CHF 131.5m. Net debt was reduced (net debt CHF ~43.5m), and management reports a financial leverage around 1.1 (net debt / LTM EBITDA). Cash and cash equivalents were ~CHF 57.9m.

Divisional performance

EMS Division: sales CHF 318.9m (+21% y/y) and EBITDA CHF 39.7m. AS Division: sales CHF 34.6m (organic +8.3%) and EBITDA CHF 5.1m. Both divisions contributed positively to margin expansion.

M&A and integration

Cicor completed three 2024 acquisitions: STS Defence (UK), Evolution Medtec (Romania) and TT Electronics IoT Solutions (UK/China). Integration is reported as successful with newly acquired sites moving quickly toward Cicor margins; the IoT deal included a preliminary bargain purchase recognized on acquisition.

Outlook

For full‑year 2024 Cicor expects sales of CHF 470–490m (narrowed to the lower half of prior guidance) and EBITDA of CHF 55–60m (upper half of prior guidance). Management notes a slight expected decline in organic growth for 2024 and negative sales impact from a stronger Swiss franc versus the euro, but stronger profitability from integrations.

Other operational items

FTEs increased to ~3,385 as of 30 September 2024. CAPEX for tangible assets in the period was about CHF 8.6m. Major customer concentration remains low (largest customer <6% of sales).