Cicor Posts Strong Order Intake in a Continued Challenging Environment

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The Cicor Group continued its growth path during the third quarter of 2025. Quarterly sales increased by 33% to CHF 160.1 million (YTD: CHF 440.8 million, an increase of 25.4%). The strong order intake of CHF 174.5 million corresponds to a book-to-bill rate of 1.09.

Cicor was able to further strengthen its position in the third quarter of 2025 as one of Europe’s leading development and manufacturing partners for complex electronics in its core markets of medical technology, industrial applications, as well as aerospace and defence (A&D). Organically, the Cicor Group's sales declined by 1.1% in the third quarter of 2025. This is entirely attributable to the Advanced Substrates (AS) division. It was mainly due to individual customers in the medical sector reducing their inventories and the closure of the Ulm site.

The Electronic Manufacturing Services (EMS) division achieved organic growth in the third quarter. Cicor once again gained market share and was able to significantly counter the overall trend in the EMS market, which saw in Europe a 8.1% year-on-year decline in the first half of 2025. 

This trend is expected to be further strengthened in the last quarter of the year by new orders that are already in the pipeline, particularly in the A&D sector. 

The integration of this year's acquisitions – Profectus in Germany, Éolane in France, Mercury in Switzerland and Mades in Spain – remains on track. Cross-site teams already collaborating on supply chain optimization and new business wins, particularly at the newly acquired Éolane sites. Cicor expects all integration processes to be fully completed by the end of the year. Éolane in France, which was acquired from bankruptcy in April, is already operating at a positive run rate, whereas the operating margins are expected to reach the level usually seen at Cicor, by end of 2026. It is particularly encouraging that the newly integrated Éolane sites have already been able to win significant new business.

The focus on three core markets with largely independent market cycles, the unique pan-European focus and close customer relationships, should enable Cicor to continue to achieve organic growth rates above market average in the future. 

Despite worsening geopolitical, economic and financial conditions, Cicor still expects sales to grow to between CHF 620 and 650 million for the whole of 2025, with EBITDA of between CHF 62 and 70 million. On a pro forma basis (excluding one-off integration costs and including the revenue and earnings contributions generated prior to the completion of the acquisitions), this corresponds to expected revenue of CHF 673 to 703 million and EBITDA of CHF 67 to 75 million.

This year's Cicor Group Capital Markets Day is scheduled for Monday, 1 December 2025, starting at 4.30 p.m. at a central location in Zurich.