Cicor Technologies (CICN) H1 2025 earnings summary

Executive summary

• Net sales grew 21.4% year-over-year to CHF 280.7 million, driven by acquisitions and positive organic growth in Q2, with strategic expansion into France and Spain.

• Achieved record revenue and EBITDA in H1 2025, with EBITDA reaching CHF 26.5 million; margin diluted to 9.4% due to Éolane France integration, but excluding Éolane, margin was 11.2%.

• Strategic focus on pan-European leadership in mission-critical electronics for aerospace, defense, industrial, and healthcare technology markets.

• Book-to-bill ratio improved to 1.02 from 0.87, indicating positive order momentum and a return to organic growth in Q2.

• Full-year guidance raised, reflecting strong order intake, sales growth, and successful M&A integration.

Financial highlights

• EBITDA up 7.0% year-over-year to CHF 26.5 million; margin at 9.4% (11.2% excl. Éolane); EBIT at CHF 15.4 million (5.5% margin).

• Free cash flow before acquisitions was CHF 9.4 million; conversion at 64% of EBITDA excl. Éolane; CapEx at 1.8% of net sales.

• Net debt increased to CHF 73 million due to acquisitions; leverage at 1.16, equity ratio at 30%.

• Earnings per share at CHF 1.94, down from CHF 2.69, impacted by FX and integration effects.

• Negative FX impact and one-time Éolane integration costs affected net profit and EPS, but underlying performance remains strong.

Outlook and guidance

• Raised 2025 reported sales guidance to CHF 620–650 million (previously CHF 520–560 million); pro forma sales expected at CHF 700 million+.

• EBITDA guidance increased to CHF 64–72 million (excluding Éolane one-offs); including Éolane, CHF 62–70 million.

• Anticipates return to healthy organic growth in H2 2025, supported by a strong project pipeline and recent acquisitions.

• ROIC target above 15% reaffirmed for 2028.

• Guidance assumes no significant changes in economic, geopolitical, or financial environment.