Bronschhofen – Cicor Group (SIX Swiss Exchange: CICN) achieved strong growth in revenue and orders in the first half, while profitability and cash conversion reflected the ongoing integration phase and supply chain challenges. Revenue increased by 19% to CHF 334.1 million (H1 2025: CHF 280.7 million). Order intake rose by 39.8% to CHF 399.8 million (H1 2025: CHF 286.0 million). This resulted in a book-to-bill ratio of 1.2, marking the fifth consecutive quarter above one and providing strong visibility for future growth. Organic growth of 0% in the first half was affected by supply chain constraints and component availability but became positive in the second quarter with +5.3%.
Adjusted1 EBITDA amounted to CHF 28 million, corresponding to an adjusted margin of 8.4%. The integration of the businesses acquired in 2025 is progressing according to plan, while production transfers, capacity expansion and integration activities temporarily weighed on operating profitability in the first half. The integration and profitability programme, initiated in the first half of 2026, has been largely completed. It is expected to deliver recurring annual EBITDA improvements of more than CHF 10 million, with the full run-rate expected to be achieved during the third quarter.
Revenue in the first half of 2026 increased by 19% to CHF 334.1 million (H1 2025: CHF 280.7 million). Growth was primarily driven by Cicor’s M&A strategy, which contributed 22.8%, while adverse currency movements reduced reported growth by 3.8% due to the depreciation of GBP, EUR and USD against the Swiss franc. Organic growth amounted to 0% (H1 2025: -2.1%), reflecting supply chain constraints and limited component availability during the first quarter. Organic growth returned to positive territory in the second quarter at 5.3%.
Continued strong demand in the A&D market
Order intake increased 39.8% to CHF 399.8 million (H1 2025: CHF 286.0 million), driven primarily by continued momentum in the A&D market. The Group achieved a book-to-bill ratio of 1.2, marking the fifth consecutive quarter above one and providing strong visibility for future revenue development. Cicor further strengthened its position in A&D by winning two new customers, including Kongsberg. Cicor now counts around three quarters of Europe’s leading defence primes among its customers. In addition, Cicor France secured a new long-term partnership in the rail infrastructure market. Initial orders from all these new customers are expected during 2026, with combined annual revenue contributions expected to exceed CHF 20 million ongoing. These customer wins reflect Cicor’s unique position as the leading pan-European EMS provider in strategically important markets. In the first half of 2026, A&D revenues have grown 55%, supported by double digit organic growth, and accounted for 28% of the Group’s revenue.
Integration and profitability programme is progressing according to plan
The integration of the businesses acquired in 2025 is progressing according to plan. To accelerate margin improvement and strengthen operational performance, Cicor has implemented a comprehensive integration and profitability programme in the first half of the year. As part of these measures, the Group sold its production site in Tunisia, employing around 90 people, for a purchase price of EUR 1.4 million. The transaction has closed in June 2026 and results in a one-off negative impact of CHF 0.2 million on reported net profit, while having no impact on Group revenue as customer relationships remain with Cicor. Manufacturing activities in North Africa are being consolidated at the Group’s sites in Berrechid and Temara near Casablanca, Morocco. The merger of the former Éolane and Valtronic operations in Berrechid is largely complete, with the new operating structure established and legal integration scheduled for the second half of 2026.
Further integration and efficiency measures include the consolidation and relocation of selected production activities, targeted capacity and productivity enhancements to support growth markets, and the simplification of overlapping management structures across the Group. As a result, Cicor will cease manufacturing operations in Singapore and Geneva, Switzerland, after moving the operations to existing sites in Batam, Indonesia, and Newport, UK, respectively. Management puts a special focus on measures to expand profitability at the former Éolane France including organizational adjustments that are planned to result in Cicor France achieving operating margins close to the Cicor Group targets towards the end of 2026.
Altogether, these measures will reduce the workforce by approximately 220 employees, equivalent to around 5% of Cicor’s total workforce, including the divestment of the Tunisian site. As of the end of June, more than 80% of the planned reduction has already been completed.
Recurring annual EBITDA improvements
The integration and profitability programme is expected to result in one-off implementation costs in the mid-single-digit million Swiss franc range during 2026, with CHF 3.3 million recognised in the first half. These measures have been largely completed and are expected to deliver recurring annual EBITDA improvements of more than CHF 10 million, with a significant portion already benefiting the second half of 2026. While production transfers, capacity expansion and integration activities temporarily weighed on operating profitability, adjusted EBITDA amounted to CHF 28.0 million (H1 2025: CHF 29.0 million), corresponding to an adjusted EBITDA margin of 8.4% (10.3%). Adjusted EBIT amounted to CHF 19.1 million (CHF 21.4 million), corresponding to an adjusted EBIT margin of 5.7% (7.6%).
Free cash flow before M&A amounted to CHF -11.5 million. Free cash flow was temporarily impacted by higher net working capital, reflecting strong revenue in the second quarter, which resulted in higher trade receivables at the end of the first half, as well as increased inventory to support the expected ramp-up in revenue during the second half and mitigate temporary supply chain delays. Management’s priority in the second half is to convert the working-capital build-up into cash as the expected sales ramp-up materialises. Cicor remains committed to its long-term target of maintaining a free cash flow to EBITDA conversion of around 50%.
Adjusted net profit amounted to CHF 12.2 million (H1 2025: CHF 12.9 million). Unfavorable foreign exchange effects continued to affect net profit and earnings per share but were less pronounced than in the prior year period.
Revenue by end market and region
Revenue remained well diversified across end markets, with Industrial accounting for 40% of revenue, Aerospace & Defence 28%, Healthcare Technology 18% and other markets 14%. Geographically, EMEA (Europe, Middle East, Africa) represented 86% of Group revenue including UK with 23%, Switzerland with 16%, France with 15%, Germany 14% and rest of EMEA with 17%. APAC (Asia-Pacific) contributed 10% and Americas 5%.
EMS Division: Integration driving future profitability
The Electronic Manufacturing Services (EMS) Division made further progress towards its goal of becoming the leading pan-European provider in its target markets of Aerospace & Defence, Healthcare Technology and Industrial. Driven by acquisitions completed in 2025, divisional revenue increased by 20% to CHF 315.8 million, compared with CHF 263.1 million in the prior-year period. The EMS Division accounted for 95% of the Group’s total revenue. Adjusted EBITDA amounted to CHF 26.9 million, corresponding to an adjusted EBITDA margin of 8.5%. Profitability was impacted by integration-related costs associated with the acquired businesses.
AS Division: Return to growth while facing operational challenges
The Advanced Substrate (AS) Division, representing 5% of total Group revenue, generated revenue of CHF 20.1 million in the first half of 2026, an increase of 4% compared with CHF 19.3 million in the prior-year period. While the printed circuit board business was affected by a soft market environment, the hybrid substrate business benefitted from increased market demand.
Profitability in the first half was impacted by a shift in customer demand for PCBs in Asia towards the second half of the year and manufacturing issues in Wangs, Switzerland, related to a capacity ramp-up. As a result, the adjusted EBITDA margin of the AS Division decreased to 7.7% in the first half of 2026. The operational challenges in Wangs are now resolved, leading to an expected recovery of operating margins in the second half.
Outlook: Converting scale into earnings while pursuing organic and M&A growth
In the first half of the year, the primary focus was on integrating the businesses acquired in 2025 with most measures already completed during H1. In the second half, further acquisitions will be pursued in line with Cicor’s established strategy.
The return to positive organic growth in the second quarter combined with the record-high orderbook support expectations for a stronger second half of the year. Cicor expects sequential revenue growth between 10% and 25% from H1 to H2. This growth is partially driven by acquisition effects and is based on the assumption that supply chain constraints do not worsen. The expected robust double digit adjusted EBITDA margin for the second half will be the result of completed integration and efficiency measures plus the increased fixed cost leverage from revenue growth. Therefore, Cicor confirms its financial guidance for 2026 of revenues between CHF 700 million and CHF 750 million and adjusted EBITDA of CHF 70 million to CHF 80 million. Geopolitical developments, foreign exchange movements and limited visibility on potential component shortages are the key risks for delivering the 2026 guidance.
The Board of Directors and Executive Management of the Cicor Group remain committed to executing the Group’s growth strategy. Cicor aims to become the leading European development and manufacturing partner for high-reliability electronics in the Healthcare Technology, Industrial, and Aerospace & Defence sectors.
1Cicor presents adjusted performance measures in its financial reporting. The adjustments mainly relate to significant non-recurring items and acquisition-related accounting effects. Management uses these measures to assess underlying performance and enhance comparability across reporting periods and with peers. Key figures include both reported and adjusted financial information.
The full Half-Year Report 2026 of the Cicor Group is available online: https://report.cicor.com
