Cicor Technologies (CICN) Q2 2026 earnings summary

Executive summary

• Revenue grew 19% year-over-year to CHF 334.1 million, driven by acquisitions and a return to organic growth in Q2.

• Order intake surged 39.8% to CHF 399.8 million, with a book-to-bill ratio of 1.2 for the fifth consecutive quarter.

• Integration of 2025 acquisitions is largely complete, delivering operational synergies and expected recurring annual EBITDA improvements of over CHF 10 million.

• Workforce reduced by 5% (220 employees) through site divestments and consolidation.

• Aerospace & Defence segment saw exceptional growth, now representing 28% of total revenue.

Financial highlights

• Adjusted EBITDA was CHF 28.0 million (margin 8.4%), down from CHF 29.0 million (10.3%) year-over-year due to integration costs and lower margins from acquisitions.

• Adjusted EBIT reached CHF 19.1 million (margin 5.7%), compared to CHF 21.4 million (7.6%) in H1 2025.

• Adjusted net profit was CHF 12.2 million, with adjusted EPS at CHF 2.76, both slightly below prior year.

• Free cash flow before M&A was CHF -11.5 million, impacted by higher net working capital and inventory build-up.

• Net debt increased to CHF 82.6 million, with financial leverage at 1.34x adjusted EBITDA.

Outlook and guidance

• Sequential revenue growth of 10–25% expected from H1 to H2, with full-year 2026 guidance confirmed: revenue CHF 700–750 million and adjusted EBITDA CHF 70–80 million.

• Growth in H2 to be mostly organic, with supply chain execution as the main risk to achieving the upper end of guidance.

• Robust double-digit adjusted EBITDA margin anticipated in H2 due to completed integration and efficiency measures.

• Focus remains on converting working capital into cash and pursuing further acquisitions.