Slide 1: Cicor to acquire TT Electronics and create the leading global pure play EMS provider in HMLV
Cicor to acquire TT Electronics and create the leading global pure play EMS provider in HMLV October 2025
Slide 2: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION This Presentation has been prepared by Cicor (“Cicor”) for info
Slide 3: Transaction overview
Transaction overview • Recommended cash and share offer, valuing TT Electronics at an Equity Value of CHF 303m, and an Enterprise Value of CHF 396m Offer − consisting of 155p per TT Electronics share – made up of 100p cash (~64%) and 55p Cicor shares (~36%) • The cash component of the offer will be
Slide 4: Transaction details
Consideration structure Transaction details TT Electronics shareholders will receive: 155p • Offer value: 155p per TT Electronics share per TT Electronics share • Cash consideration: 100p per TT Electronics share 64% 36% • Share consideration: 55p per TT Electronics share(1)(2) 100p 0.0028 • 155p pe
Slide 5: Overview of TT Electronics
Overview of TT Electronics Provider of advanced electronics technologies for performance critical applications Broad footprint across N. America, UK and Asia(2) • Company was incorporated in 1908 and is headquartered in Woking, UK 8x • TT Electronics engages in the business of design, manufacture an
Slide 6: Transformational acquisition with highly compelling rationale
Transformational acquisition with highly compelling rationale Creation of the leading global pure play EMS provider in the • Creates the largest global pure play EMS provider in the high-mix low-volume business 1 high-mix low-volume business with expanded technical and manufacturing capabilities and
Slide 7: Highly strategic fit across products, end-markets and geographies
1 Highly strategic fit across products, end-markets and geographies + Distribution Other • Enhancement of capabilities Other Automation & Industrial & 17% 10% through aligned business models 17% Industrial Electrification Distribution Automation 33% in engineered electronics and core 36% 7% 35% high
Slide 8: Creation of the largest, pure play global EMS provider in the HMLV business
1 Creation of the largest, pure play global EMS provider in the HMLV business, with substantial scale and leading EBITDA margin Revenue(1) (CHFm) EBITDA(1) and EBITDA margins (CHFm) CHF 1.2bn+ 137 743 700 ~680+ 616 220 550 69 69 ~280 481 63 ~60+ 58 54 11 325 ~20+ 41 481 404 58 39 PF (2) PF (2) PF PF
Slide 9: Creation of an agile and competitive platform that will accelerate organic growth
2 Creation of an agile and competitive platform that will accelerate organic growth Switzerland Baudry Sweden Bronschhofen Norrtälje Significant opportunity in the Wangs US to leverage TT Electronics’ Germany manufacturing sites and Cicor’s Dresden operational expertise to accelerate Radeberg revenu
Slide 10: Significant synergy potential, driving enhanced financial profile
3 Significant synergy potential, driving enhanced financial profile Synergy timing Full run-rate of at least GBP 13m cost synergies expected to be achieved within 3 years after At least GBP 13m(1) transaction close estimated run-rate cost synergies Year 2 95% 15% Synergies from reducing overlapping
Slide 11: Proven track-record of successful M&A transactions
4 Proven track-record of successful M&A transactions, contributing to shareholder value creation Carve-out from Carve-out from Carve-out from Oct-2025(1) Jun-2025 Announced acquisition Carve-out of one site in of two sites from Mar-2024 Jan-2025 Geneva and establishing Dec-2021 Jan-2023 Carve-out of
Slide 12: Integration plan and synergies case study - Project Albert
4 Integration plan and synergies case study- Project Albert Stable Business Profitability step-up FCF Generation GBP 70.9 M GBP 16.1 M Pre-closing LTM Revenue of net cash outlay GBP 71.3 M +112% GBP 13.6 M Forecasted 2025 Revenue EBITDA 2025 vs pre-closing LTM of FCF since acquisition +0.6% 84% Reve
Slide 13: Managing our integration
4 Managing our integration What we plan to do How we will do it Retain the best talent from each of Cicor and TT Post completion review of TT Electronics plan within 6 Electronics to ensure a “best-in-class” offering for months of acquisition customers, partners and stakeholders Improve the performa
Slide 14: Cicor is the ideal owner creating a stronger platform for continued market growth
4 Cicor is the ideal owner creating a stronger platform for continued market growth Fully aligned with Cicor Strategy 2028… … to become the leading pure-play pan-European electronics design and manufacturing partner • Creates a leader in high-mix low-volume EMS focused on Industrial, A&D and Healthc
Slide 15: Transaction process and path to close
Transaction process and path to close Dec 2025 30 October 2025 H1 2026 TT Electronics Transaction announced Expected completion shareholder vote November 2025 March 2026 Scheme document published Cicor and TT Electronics (as soon as practicable, within 28 days FY25 results of the transaction announc
Slide 16: Transformational acquisition with highly compelling rationale
Transformational acquisition with highly compelling rationale Creation of the leading global pure play EMS provider in the • Creates the largest global pure play EMS provider in the high-mix low-volume business 1 high-mix low-volume business with expanded technical and manufacturing capabilities and
Slide 17: Cicor team
Cicor team Cicor Management AG, Gebenloostrasse 15, 9552 Bronschhofen, Switzerland investor@cicor.com | +41 71 913 73 00 17
Slide 18: Thank You
Thank You cicor.com Cicor Group @cicor.group
Slide 19: Appendix
Appendix cicor 19
Slide 20: A fast-growing design and manufacturing partner for advanced electronics in Europe
Cicor Group A fast-growing design and manufacturing partner for advanced electronics in Europe Foundation Divisions Aerospace & Defence (A&D) 1966 EMS & AS 28% of FY 2025E sales(2) As part of newly set up • Electronic Manufacturing Cicor ensures safety, reliability and microelectronics cluster Servi
Slide 21: European market leader for A&D EMS
Building of leading platforms in attractive markets European market leader for A&D EMS • Long-standing supplier of design and manufacturing services to most leading A&D integrators in Europe • True one-stop shop from systems engineering, critical components, assembly, on-site support and training •
Slide 22: Advancing healthcare through technology
Building of leading platforms in attractive markets Advancing healthcare through technology • Development and manufacturing partner for medical devices supporting people to live healthier lives • Unique position as one-stop shop from product engineering to critical component manufacturing and device
Slide 23: Driving automation and miniaturisation in industry
Building of leading platforms in attractive markets Driving automation and miniaturisation in industry • Development and manufacturing partner for high-tech industrial electronic solutions • Serving high-growth verticals such as equipment for semiconductor manufacturing, smart building technologies,
Slide 24: Financial Mid-Term Objectives for 2028
Financial Mid-Term Objectives for 2028 (1) Note: (1) ROIC in % = EBIT (12m rolling) / Average Net Invested Capital (12m rolling). Average Net Invested Capital (12m rolling) = Equity plus Financial liabilities 24
Slide 25: Quantified Financial Benefits Statement
Quantified Financial Benefits Statement A copy of the Quantified Financial Benefits Statement is set out below: The Cicor Directors, having reviewed and analysed the potential synergies of the Acquisition, based on their knowledge of TT Electronics’ business and the EMS sector, and taking into accou
Slide 26: Quantified Financial Benefits Statement (cont'd)
Quantified Financial Benefits Statement (cont’d) Bases of belief In preparing the Quantified Financial Benefits Statement, Cicor management had input from TT Electronics management on the development of the cost synergy plan. The plan has been developed with the aim of ensuring a best-in-class organ
Slide 27: Quantified Financial Benefits Statement (cont'd)
Quantified Financial Benefits Statement (cont’d) Reports As required by Rule 28.1(a) of the Code, PwC have provided a report stating that, in their opinion, the Quantified Financial Benefits Statement has been properly compiled on the basis stated. In addition, UBS as sole financial adviser to Cicor