Cicor Technologies (CICN) Q4 2025 earnings summary

Executive summary

• Achieved transformative growth in 2025, with sales rising 28% year-over-year to CHF 616.5 million (pro forma CHF 691.0 million), driven by five strategic acquisitions and strong order intake.

• Expanded presence in France, Spain, Morocco, Germany, Switzerland, and the U.S., strengthening positions in aerospace, defense, healthcare, and industrial markets.

• Became a leading pan-European peer, ranked number six in Europe overall, with significant market share gains in key segments.

• Adjusted EBITDA reached CHF 64.6 million (10.5% margin), with margin dilution from newly acquired businesses and free cash flow before acquisitions at CHF 49.1 million.

• Integration of acquisitions and operational excellence remain top priorities for 2026.

Financial highlights

• Net sales increased 28% year-over-year to CHF 616.5 million, with M&A contributing 32% and organic/FX impacts negative 2% each.

• Adjusted EBITDA reached CHF 64.6 million (10.5% margin), up from CHF 60.7 million, with margin dilution from acquisitions.

• Adjusted net profit was CHF 32.7 million, with adjusted EPS of CHF 7.45; net profit declined due to FX impacts.

• Free cash flow before acquisitions was CHF 49.1 million, supporting acquisition funding; free cash flow conversion at 87%.

• Net debt increased to CHF 70.1 million, with leverage at 1.10x EBITDA.

Outlook and guidance

• 2026 sales expected between CHF 700–750 million, with adjusted EBITDA projected at CHF 70–80 million, assuming stable macro conditions.

• Focus on margin improvement, especially for acquired businesses, and continued operational efficiency.

• Organic growth anticipated to return, with stronger momentum in the second half of 2026.

• Guidance excludes major new M&A; any such activity would further increase top and bottom lines.

• Medium-term targets for 2028: sales > CHF 1 billion, EBIT margin 7–10%, EBITDA margin 10–13%, ROIC > 15%, leverage < 2.75, CAPEX < 3% of sales.