Cicor Technologies · SIX:CICN
Cicor Technologies — Investor Presentation (July 2025)
48 slides from Cicor Technologies's investor presentation, July 2025
Slide 1: Investor Relations
Investor Relations Cicor Technologies Ltd. July 2025
Slide 2: Disclaimer
July 2025 Disclaimer The information in this presentation does not constitute an offer or invitation and may not be construed as a recommendation by us to purchase, hold or sell shares of Cicor Technologies Ltd. This information or any copy thereof may not be sent or taken to or distributed in any j
Slide 3: The Cicor Group
cicor The Cicor Group
Slide 4: Fastest growing design and manufacturing partner for advanced electronics in Europe
The Cicor Group Fastest growing design and manufacturing partner for advanced electronics in Europe 2024 Sales 2024 EBITDA CHF 480.8 million CHF 58.4 million Organic growth ahead of Electronic Mid-Term 10-13% margin. Manufacturing market Top profitability vs peer group 2024 Earnings per share 2024 F
Slide 5: Turning ideas into advanced electronic solutions
Electronification of everything Turning ideas into advanced electronic solutions Healthcare Technology Industrial Aerospace & Defence (A&D) 19% of pro-forma FY 2025 sales* 37% of pro-forma FY 2025 sales* 28% of pro-forma FY 2025 sales* Cicor helps improve Cicor is at the forefront Cicor ensures safe
Slide 6: Pan-European market presence, global manufacturing footprint
Expanding Cicor’s global footprint Pan-European market presence, global manufacturing footprint Sweden United Kingdom Germany France Romania Spain Switzerland Closing expected in HY2 China (subject to regulatory approvals) Tunisia Vietnam Morocco Singapore Indonesia 6
Slide 7: European market leader for A&D EMS
Building ofin 2023 29% of sales leading platforms in attractive markets Bedford, UK Radeberg, Germany European market leader Newport, UK Gosport, UK Ulm, Germany for A&D EMS Boudry, Switzerland Bronschhofen, Switzerland Wangs, Switzerland • Long-standing supplier of design and manufacturing services
Slide 8: Advancing healthcare through technology
United Kingdom Sweden Hartlepool, Newport Norrtälje Building ofin 2023 29% of sales leading platforms in attractive markets Germany Dresden, Radeberg, Suhl, Ulm, Wutha-Farnroda / Buttlar Advancing healthcare Romania through technology Arad, Bucharest China Switzerland Dongguan, Suzhou Boudry, Bronsc
Slide 9: Driving automation and miniaturisation in industry
United Kingdom Sweden Hartlepool, Newport Norrtälje Building ofin 2023 29% of sales leading platforms in attractive markets Germany Dresden, Radeberg, Suhl, Ulm, Wutha-Farnroda / Buttlar Driving automation and Romania miniaturisation in industry Arad China Switzerland Dongguan, Suzhou Boudry, Bronsc
Slide 10: Leadership – step by step
The Cicor Group Leadership – step by step European market position UK market position # 10 #1 Pro-forma 2024, From acquisitions from # 28 in 2021 made 2021-2024 Position in Aerospace & Defence Position in Healthcare Technology #1 #4 In Europe - expanding the lead In Europe - working towards vs. # 2
Slide 11: Cicor Group in HY1 2025
cicor Cicor Group in HY1 2025
Slide 12: Key Messages from HY1 2025
Cicor Group in HY1 2025 Key Messages from HY1 2025 Net sales growth of 21.4% year-on-year, driven by acquisitions Positive book-to-bill rate of 1.02 (HY1 2024: 0.87) Positive organic growth in Q2 Positive development of underlying profitability with EBITDA margin of 11.2% (HY1 2024: 10.7%) when adju
Slide 13: Timing of acquisitions impacts sales by industry
Cicor Group in HY1 2025 Timing of acquisitions impacts sales by industry Sales by Industry Sales by Region Americas Other Other Other 3% 1% 15% 17% 4% 1% Switzerland 19% 18% 18% Industrial Industrial Asia 19% 42% 36% 8% 33% 33% 9% A&D A&D HY1/2025 PF 2025E* HY1/2025 22% 28% HY1/2024 2024A HY1/2024 2
Slide 14: European leader in EMS for A&D – secure, robust and scalable platform
Cicor Group in HY1 2025 European leader in EMS for A&D – secure, robust and scalable platform • Long-standing supplier of design and manufacturing services to most leading A&D integrators in Europe Cicor A&D presence • True one-stop shop from systems engineering, critical components, assembly, on-si
Slide 15: EMS Division – growing rapidly
Cicor Group in HY1 2025 EMS Division – growing rapidly • Increase in net sales, driven by acquisitions • Increased underlying profitability (adjusted for Éolane France integration) • Rapid integration of Profectus Solutions (Suhl, Germany) and Mercury International site (Geneva, Switzerland) and Éol
Slide 16: Éolane France acquisition: A unique value creation opportunity
Cicor Group in HY1 2025 Éolane France acquisition: A unique value creation opportunity • Acquisition of 7 Éolane sites with 890 employees in France and Morocco • Establishing a strong position in France, the 2nd largest market overall and for A&D applications in Europe • Adding footprint in Morocco
Slide 17: CHF 15.3 million cash invested for Éolane France acquisition
Cicor Group in HY1 2025 CHF 15.3 million cash invested for Éolane France acquisition CHF million 15.3 • Cicor has invested a total of CHF 15.3m cash to acquire and integrate Éolane France • While CHF 9.8m were recorded as 9.1 purchase price (CHF 7.3m) and 2.5 transaction cost (CHF 2.5m), outflow was
Slide 18: AS Division – robust performance despite reduced sales
Cicor Group in HY1 2025 AS Division – robust performance despite reduced sales • Reduction in reported sales caused by inventory reduction of the two largest healthcare technology customers • Continuously robust operating performance following multi-year excellence programme in Boudry (Switzerland)
Slide 19: Strategy 2028 – creating together
Strategy 2028 – creating together 19
Slide 20: Vision Statement for Cicor in 2028
Cicor Strategy 2028 – creating together Vision Statement for Cicor in 2028 We are the leading pan-European electronics design and manufacturing partner for healthcare technology, aerospace/- defence and industrial, recognised as an employer of choice, committed to operating sustainably. 20
Slide 21: 8 strategic pillars with a clear implementation plan
Core strategy initiatives towards delivering on 2028 objectives 8 strategic pillars with a clear implementation plan Focus on high growth Transformation into a true Business excellence AS Division as high tech verticals creator of products driving performance differentiator Accelerate growth with Em
Slide 22: Rationale for M&A – the external market view
Rationale for M&A – the external market view The European EMS market is highly fragmented and growing, pre-destined for consolidation Fragmented market Growing market Customer loyalty Economies of scale 1,700 EMS € 25 billion In Europe, consolidation Adressed market (2023), has just begun: 44% of to
Slide 23: Key reasons why Cicor’s M&A strategy is successful
Value creation through M&A Key reasons why Cicor’s M&A strategy is successful Attractive external market Selective Strategy Personal Management Financial discipline engagement High growth, loyal 90% of proposals rejected Strict valuation & strong customer base and Face to face to get to know financi
Slide 24: M&A Strategy – Acquired companies delivering excellent results
Value creation through M&A M&A Strategy – Acquired companies delivering excellent results Growth Acceleration Profitability step-up FCF Generation CHF 208 M CHF 25 M CHF 130 M Revenue (LTM pre-closing) EBITDA (LTM pre-closing) of net cash outlay from 7 acquisitions * from 7 acquisitions * from 7 acq
Slide 25: Financial Results HY1 2025
Financial Results HY1 2025 25
Slide 26: Key Figures 2024 – 2025
Half-Year Report 2025 Key Figures 2024 – 2025 • Cicor achieves best half-year results ever in in CHF million 01.01. - 30.06.2025 in % 01.01. - 30.06.2024 in % terms of Sales and EBITDA, demonstrating the success of its growth strategy Order entry 286.0 101.9 201.1 86.9 • Book-to-Bill turned positive
Slide 27: Long-term view – Impact of Cicor growth strategy
Half-Year Report 2025 Long-term view – Impact of Cicor growth strategy Sales and EBITDA development CHF million % • Cicors growth strategy is consistently 500 10.7% 10.7% 11.2% 12 delivering balanced organic and inorganic 450 9.9% 9.5% growth and margin expansion 10 400 8.5% 350 249.5 8 • Éolane acq
Slide 28: Financial achievements Half-Year 2025
Half-Year Report 2025 Financial achievements Half-Year 2025 in CHF million Orders received Net sales EBITDA EBIT Net profit FCF before Acquisition +21.4% -55.5% +42.2% +7.0% 28.9 21.1 286.0 280.7 26.5 265.2 259.0 24.7 18.5 1.9% 231.3 18.7 201.1 15.1 15.4 -28.7% 11.9 11.9 9.4 8.5 ROS ROS ROS ROS ROS
Slide 29: Consolidated Income Statement
Half-Year Report 2025 Consolidated Income Statement in CHF million HY 2025 in % HY 2024 in % %YoY • Record high in Net sales and EBITDA Net sales 280.7 100.0 231.3 100.0 21.4 • EBITDA margin dilution from the integration of the Éolane acquisition to 9.4% (Cicor Material expenses -144.3 -51.4 -119.4
Slide 30: Sales contribution
Half-Year Report 2025 Sales contribution in CHF million +21.4% • Strong sales growth (+21.4%) driven by (+49.4) M&A activity (+24.8%). -3.2 0.2 -4.5 280.7 -0.5 +57.5 • Negative currency impact (-1.4%) due to 231.3 depreciation of GBP, EUR and USD against CHF Organic growth: CHF -4.8 million (-2.1%)
Slide 31: Consolidated Balance Sheet
Half-Year Report 2025 Consolidated Balance Sheet in CHF million Jun 2025 in % Dec 2024 in % • Financial leverage of 1.16 in line with strategy and strong FCF generation build a Current assets 364.0 73.3 302.9 72.6 solid foundation for continued in-organic Non-current assets 132.9 26.7 114.2 27.4 gro
Slide 32: Consolidated Cash Flow Statement
Half-Year Report 2025 Consolidated Cash Flow Statement in CHF million HY 2025 HY 2024 Net profit 8.5 11.9 • Free cash flow before acquisitions Depreciation, amortization and impairment 11.1 9.6 excluding the new acquired Éolane Other non cash items 0.8 -1.5 business of CHF 18.5 million, representing
Slide 33: Operating Net Working Capital
Half-Year Report 2025 Operating Net Working Capital CHF million % • Absolute increase in ONWC due to 200 50 acquisitions 25% 45 29% 40 • Favourable development in ONWC in % of 150 34% 35% 35 net sales driven by Cicor operational 29% excellence program 30 24% 100 25 • Cicor operates at long-term ONWC
Slide 34: Return on Invested Capital
Half-Year Report 2025 Return on Invested Capital CHF million 14.7% 14.8% % 40 15 • ROIC above Cicor’s cost of capital 35 12.0% 11.4% • Steady increase in ROIC demonstrates 30 9.5% successful execution of Cicor's growth 10 strategy 25 8.6% 8.6% 8.0% 7.5% 20 38.1 38.4 • Increase in ROIC due to strong
Slide 35: Strong underlying 2025 net profit development
Half-Year Report 2025 Strong underlying 2025 net profit development in CHF million -2.8 • Strong base performance progression in line with the Cicor growth strategy +5.3 -2.5 11.9 • Continuous growth in net profit before fluctuating net FX result (non-cash -3.4 intercompany financing impact due to t
Slide 36: Long-term development of Earnings per Share
Half-Year Report 2025 Long-term development of Earnings per Share CHF 2.8 2.69 2.51 • Cicor’s M&A Strategy is consistently 2.6 delivering EPS improvements. 2.4 2.2 2.07 1.94 1.96 • Strong continuous growth in EPS 2.0 1.77 1.8 before fluctuating net FX result over 1.6 1.74 past six years. 1.4 1.64 1.
Slide 37: Key Figures per Share
Half-Year Report 2025 Key Figures per Share HY 2025 HY 2024 Change % • Cicor capital structure simplified as majority of MCN (99%) converted Number of registered shares issued 30.6. 4 664 856 3 478 616 +34.1% during optional conversion period. Number of Treasury shares 30.6. - 283 443 - 307 929 -8.0
Slide 38: Acquisition of business from Éolane France
Half-Year Report 2025 Acquisition of business from Éolane France in CHF million Éolane • Acquisition of five sites in France and two sites in Morocco with a strong position in Aerospace & Defense, Railway and Nuclear technology. Purchase consideration 7.3 • Acquired business was under judicial admin
Slide 39: Three M&A transactions completed in HY 2025
Half-Year Report 2025 Three M&A transactions completed in HY 2025 in CHF million Profectus Éolane Mercury HY 2025 Profectus • Acquisition closed on 3 January 2025. Purchase consideration 6.0 7.3 5.9 19.3 • One site in Germany focused on industrial business. Direct costs related to acquisition 0.4 3.
Slide 40: Mid-term Targets
cicor Mid-term Targets
Slide 41: Financial Mid-Term Objectives for 2028
Financial Mid-Term Objectives for 2028 Creating together: Establishing the pan-European leader Organic Growth Revenue Profitability Other EBIT ROIC 1) >1’000 7-10% >15% 7-10% Net Debt / EBITDA million <2.75 p.A. EBITDA CHF 10-13% Capex 2.5-3.0% • Gaining market share through focus on strategic verti
Slide 42: 2028 vision in context of past performance
Financial 2028 Mid-Term Objectives 2028 vision in context of past performance 2028 Mid-Term Objectives CHF million >1’000 2024 2020 481 year-over-year Year-over-year Growth 22.5% Growth 20% 215 Organic 8.3% Organic 7-10% 10-13% Margin 12% Margin Inorganic 15.7% Inorganic >12-15% 9% Margin 100-130 FX
Slide 43: Outlook
cicor Outlook
Slide 44: Robust performance expected in 2025 despite FX and economic headwinds
Outlook Robust performance expected in 2025 despite FX and economic headwinds • Expected return to organic growth in the second half of the year • Progress in integrating recently acquired businesses will further support revenue and margin growth • This leads to a higher guidance than previously com
Slide 45: Agenda 2025
Outlook Agenda 2025 15 October Business Update Q3/2025 17 September Investora 2025 in Zurich 22 September Baader Investment Conference 2025 in Munich 24-26 November Deutsches Eigenkapitalforum in Frankfurt November Cicor Capital Markets Event 2025 in Zurich 45
Slide 46: Analysts
Cicor Technologies Ltd. Analysts Kepler Cheuvreux Research Partners Zürcher Kantonalbank Torsten Sauter Reto Huber Bernd Laux tsauter@keplercheuvreux.com reto.huber@researchpartners.ch bernd.laux@zkb.ch +41 43 333 60 02 +41 44 533 40 30 +41 44 292 37 23 Baader Bank mwb Research Rene Rückert Alexande
Slide 47: Investor Relations Contacts
Cicor Technologies Ltd. Investor Relations Contacts Alexander Hagemann Peter Neumann Michael Götti CEO CFO VP Corporate Marketing & Communications Cicor Management AG, Gebenloostrasse 15, 9552 Bronschhofen, Switzerland investor@cicor.com | +41 71 913 73 00 47
Slide 48: Stay up to date and sign up now to our investor mailing list
Stay up to date and sign up now to our investor mailing list: Weblink cicor.com Cicor Group @cicor.group
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