Full-year results
Cicor Technologies reported fiscal 2025 sales of CHF617m, a 28% increase from the prior year and a touch above UBSs CHF613m estimate and the CHF610m consensus. On an organic basis, revenue fell 2% for the year.
Profitability and margin dynamics
Adjusted EBITDA was CHF65m, in line with both UBS and consensus expectations. The company's EBITDA margin narrowed by 160 basis points to 10.5%, slightly below UBSs estimated 10.7%. Management attributed the margin squeeze chiefly to the acquisition of Eolane.
Orders, cash flow and balance sheet
Order intake rose sharply, increasing 46% to CHF645m and producing a book-to-bill ratio of 1.05x. Cicor generated CHF49m of free cash flow, a markedly stronger outcome than UBSs CHF18m projection. Leverage remained moderate with net debt to EBITDA at 1.1x.
Quarterly performance notes
UBSs quarterly breakdown indicates organic sales declined 2.7% in the fourth quarter, a weakness driven mainly by the Advanced Substrates division amid destocking by medical customers. The Electronic Manufacturing Services division - which accounts for roughly 90% of group sales - recorded organic growth of 0.1% in the second half, matching its performance in the first half.
Outlook for fiscal 2026
For fiscal 2026, Cicor has guided top-line sales between CHF700m and CHF750m, implying growth of 14% to 22%. UBS estimates that approximately 13% of that projected increase is attributable to acquisitions completed in 2025, leaving a projected organic growth range of 3% to 11% for the year. The company indicated it expects to return to organic growth in 2026, describing the recovery as back-end loaded.
Adjusted EBITDA guidance for 2026 is set between CHF70m and CHF80m, corresponding to margins of 10.0% to 10.7%. These figures sit below UBSs CHF80m and the consensus CHF81m. Management reiterated that margins will remain affected by the integration of Eolane, which is expected to attain high-single digit margins by the end of 2026.
Takeaway
The company delivered revenue slightly above external estimates while posting margin pressure associated with its M&A activity. Strong order intake and exceptional free cash flow helped offset some investor concerns, but guidance shows margins and EBITDA that trail some analyst expectations as integration efforts continue.