Bronschhofen – In 2025, Cicor Group (SIX Swiss Exchange: CICN) entered a phase of transformative growth. The Company had closed 2024 with revenues of CHF 480.8 million and achieved revenues of CHF 616.5 million in 2025, corresponding to growth of about 28%. On a pro forma basis, including all M&A transactions completed, revenues increased even to
CHF 691.0 million.
The accelerated pace of growth represents more than purely quantitative expansion, as the Company is moving into a new league in terms of scale, customers, markets, and relevance. This development materially strengthened Cicor’s competitive position as a leading European electronics partner for high-end applications.
Four key drivers place Cicor in a strong position to continue both organic and inorganic growth: A further optimised strategic geographic footprint, the expansion of capacity required to serve relevant customer programmes, a proven ability to act as a partner of choice in acquisitions and continued substantial financial firepower. The continued gain in market share and acquisition-adjusted earnings growth demonstrate the success of the strategy initiated in 2024.
Adjusted EBITDA increased to CHF 64.6 million, while adjusted earnings per share decreased slightly to CHF 7.45 (2024: CHF 7.85). Strong free cash flow generation before M&A of CHF 49.1 million largely offset the cash outflow of CHF 49.9 million for the five transactions completed during 2025. This disciplined capital allocation ensures strategic flexibility for future opportunities.
Cicor accelerated the growth momentum of the previous years, increasing sales by 28.2% from CHF 480.8 million in 2024 to CHF 616.5 million in 2025 (pro forma: CHF 691.0 million). Acquisitions contributed 32.5% to sales growth, while the appreciation of the Swiss franc had a negative impact of – 2.3%. Organic growth was -2.0%, primarily due to softness in the AS division.
The EMS division achieved organic growth of 0.1%, compared to a -1.3%1 decline in the European Electronics Manufacturing Services (EMS) market. Order intake exceeded the prior year by almost 50% reaching CHF 645.0 million, mainly due to acquisitions (2024: CHF 440.4 million). This strong order intake provides a solid basis for continued growth. The book-to-bill ratio of 1.05 indicates a return to organic growth.
Cicor has made meaningful progress in executing the strategy defined in 2024, which targets revenues of CHF 1 billion by 2028. This strong trajectory reinforces confidence in achieving the medium-term targets. In light of this progress, the Company expects to review and, if appropriate, revise its medium term objectives during the course of 2026.
2025 is the first year in which the Company recorded significant one-time earnings effects as a result of its acquisition activity. In particular, the acquisition of Éolane in France in April 2025, which was completed out of a restructuring situation, initially led to non-recurring ramp-up effects and entails margin dilution. Cicor intends to gradually bring former Éolane to the Group’s margin level and is prudently assuming a high single-digit EBITDA margin run rate by the end of the current year. The integration process is proceeding according to plan.
Because of the termination of the acquisition of TT Electronics, CHF 4.4 million of transaction costs that would have been capitalised are recognised as operating expenses, and approximately CHF 2.4 million as financial expenses in the 2025 income statement.
Adjusted EBITDA increased to CHF 64.6 million. However, the margin dilution resulting from the acquisitions, in particular from the integration of the insolvent Éolane entities, led to a lower adjusted EBITDA margin of 10.5% (2024: 12.6%). As in the previous year, depreciation of tangible assets and amortisation of intangible assets amounted to 2.8% of sales, resulting in adjusted EBIT of CHF 47.2 million (2024: CHF 47.5 million), corresponding to an adjusted EBIT margin of 7.7% (2024: 9.9%). Adjusted net profit decreased slightly from CHF 34.5 million to CHF 32.7 million, primarily driven by unfavourable exchange rate effects.
