Cicor Technologies (CICN) Q4 2025 earnings summary

Executive summary

• Achieved transformative growth in 2025, with sales rising 28% year-over-year to CHF 616.5–660 million, driven by five strategic acquisitions and expansion in France, Spain, the US, and Morocco, strengthening positions in Aerospace & Defence, Industrial, and Healthcare/Medtech.

• Adjusted EBITDA reached CHF 64.6–65 million (10.5% margin), with margin dilution from newly acquired businesses and strong free cash flow supporting ongoing growth.

• Order intake surged nearly 50% to CHF 645 million, with a book-to-bill ratio of 1.05, indicating strong future demand.

• Outperformed the European EMS market, achieving 6.3% annual average sales growth since 2020 versus the market's 4%.

• Workforce expanded to 4,524 FTEs by year-end 2025.

Financial highlights

• Net sales increased 28% year-over-year, with M&A contributing 32–32.5%, organic/FX impacts negative 2–2.3% each.

• Adjusted EBITDA margin declined from 12.6% to 10.5% due to lower margins in acquired companies; reported EBITDA was CHF 60.7 million after CHF 8.4 million in one-off M&A costs.

• Adjusted net profit was CHF 32.7 million, with adjusted EPS of CHF 7.45; net profit declined 5% due to FX impacts.

• Net debt increased to CHF 70.1 million to finance acquisitions, with leverage at 1.10–1.1x EBITDA.

• CapEx was CHF 12.6 million (2.3% of sales), below midterm targets.

Outlook and guidance

• 2026 sales expected at CHF 700–750 million, with adjusted EBITDA at CHF 70–80 million, assuming stable macro conditions.

• Focus on integrating acquisitions, driving cross-selling, and improving margins, especially at Éolane.

• Organic growth anticipated to return, with momentum building through the year and medium-term targets for 2028: sales > CHF 1 billion, EBIT margin 7–10%, EBITDA margin 10–13%, ROIC > 15%, leverage < 2.75, CAPEX < 3% of sales.