Slide 1: Annual Results 2024
Annual Results 2024 Cicor Technologies Ltd. March 6, 2025 Alexander Hagemann (CEO) Peter Neumann (CFO)
Slide 2: Disclaimer
March 6, 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 a
Slide 3: The Cicor Group
Alexander Hagemann The Cicor Group 3
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) 24% of sales in 2024 33% of sales in 2024 25% of sales in 2024 Cicor helps improve Cicor is at the forefront Cicor ensures safety, global healthcare by the of t
Slide 6: European market leader for A&D EMS
Building ofin 2023 29% of sales leading platforms in attractive markets Bedford, UK Radeberg, Germany Newport, UK European market leader Gosport, UK Ulm, Germany for A&D EMS Boudry, Switzerland Bronschhofen, Switzerland Wangs, Switzerland • Long-standing supplier of design and manufacturing services
Slide 7: 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 Arad, Bucharest through technology Switzerland Boudry, Bronschhofen, Wangs China Don
Slide 8: 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 Arad miniaturisation in industry Switzerland Boudry, Bronschhofen, Wangs China Don
Slide 9: 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 10: Cicor in 2024
Alexander Hagemann Cicor in 2024 10
Slide 11: Highlights 2024
Cicor in 2024 Highlights 2024 Significant market share gains Successful acquisitions and integrations Increased profit margins at all levels – EPS jumping to CHF 6.20 Strong free cash flow generation – low debt leverage Strategy 2028 – "Creating Together“ 11
Slide 12: Focus on target markets
Cicor in 2024 Focus on target markets Sales by industry Sales by region 12
Slide 13: EMS Division achieves breakthrough in the European market
Electronic Manufacturing Services (EMS) EMS Division achieves breakthrough in the European market • High resilience against adverse market influences • Market share gains • Four strategically and financially significant acquisitions • Quadrupled product development capacities for the medical technol
Slide 14: AS Division continues positive development
Advanced Substrates (AS) AS Division continues positive development • Both the printed circuit board and the hybrid circuit businesses performed well • Increased sales primarily through organic growth • The Boudry site continued building on operational excellence and achieved key milestones in new c
Slide 15: Strategy 2028 – creating together
Alexander Hagemann Strategy 2028 – creating together 15
Slide 16: 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. 16
Slide 17: 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 18: 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 19: 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 20: 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 21: Financial Results FY 2024
Peter Neumann Financial Results FY 2024 21
Slide 22: Change in Accounting Principles – Offset Goodwill in Equity
Year End Report 2024 Change in Accounting Principles – Offset Goodwill in Equity • Cicor changed its accounting policy that goodwill from acquisitions will be offset directly against shareholders' equity at the time of acquisition • Previously goodwill was capitalized and amortized over its estimate
Slide 23: Key Figures 2021 – 2024
Key Figures 2021 – 2024 in CHF million 20211) in % 20221) in % 20231) in % 2024 in % Order entry 286.6 119.9 358.9 114.6 399.8 102.5 440.4 91.6 Net sales 239.0 100.0 313.2 100.0 389.9 100.0 480.8 100.0 Change to previous year (in %) 11.2 31.0 24.5 23.3 - Organic growth (in %) 9.8 14.1 11.1 -1.6 - Cu
Slide 24: Long-term view – Impact of Cicor growth strategy
Long-term view – Impact of Cicor growth strategy CHF million % 500 15 • Cicor achieved best results ever in terms of Sales 450 12.1% and EBITDA, demonstrating the success of its 11.6% 400 growth strategy 10.3% 350 9.7% 250 9.0% 10 300 191 • Strong sales contribution from acquired 250 155 companies 2
Slide 25: Financial achievements Year End 2024
Financial achievements Year End 2024 CHF million Orders received Net sales EBITDA EBIT Net profit FCF excl. Acquisition +10.2% +23.3% +29.3% +131.7% +132.7% 31.1% 440.4 480.8 58.4 38.1 27.3 61.1 399.8 389.9 45.1 29.0 11.8 26.3 ROS ROS ROS ROS ROS ROS 11.6% 12.1% 7.4% 7.9% 3.0% 5.7% FY 2023 FY 2024 F
Slide 26: Performance 2020 – 2024
Performance 2020 – 2024 Cicor Group EMS Division AS Division CHF million % CHF million % CHF million % 500 481 20 500 20 250 20 17.8% 450 11.6% 450 438 390 12.5% 15.1% 400 400 200 14.0% 14.4% 14.1% 10.3% 15 10.7% 348 15 15 350 250 350 9.0% 9.7% 313 9.2% 229 300 191 300 8.4% 270 150 239 12.1% 169 13.
Slide 27: Consolidated Income Statement
Consolidated Income Statement YE 2024 in % YE 2023 in % %YoY • Record high in Net sales and EBITDA in CHF millions restated • EBITDA margin increase to 12.1% despite Net sales 480.8 100.0 389.9 100.0 23.3 negative one-time impacts of Material expenses -241.9 -50.3 -207.2 -53.1 16.8 CHF 2.3 million (
Slide 28: Sales contribution
Sales contribution CHF million +23.3% (+90.9) 480.8 • Strong contribution from newly acquired -4.3 -7.0 +2.1 -1.4 companies +101.6 389.9 Organic growth: • Negative currency impact due to CHF -6.4 million (-1.6%) depreciation of EUR, RON and USD against CHF • Organic decline in EMS division due to we
Slide 29: EBITDA - one-time impacts and acquisitions pro forma
EBITDA - one-time impacts and acquisitions pro forma CHF million +3.6 +5.8 (+6.3%) (+9.9%) • PPA Impacts1) are one-time adjustment on Inventory of 64.1 Acquisitions and onerous contracts CHF 1.2 million 62.0 +2.1 • EBITDA for new acquisitions in 2024 for full twelve +1.3 +0.4 months (pro forma) – CH
Slide 30: Consolidated Balance Sheet
Consolidated Balance Sheet 2024 in % 2023 in % in CHF millions restated • Net debt increased slightly by CHF 0.6 Current assets 302.9 72.6 251.9 73.1 million Non-current assets 114.2 27.4 92.6 26.9 Total Assets 417.1 100.0 344.5 100.0 • Financial leverage of 0.74 in line with Current liabilities 167
Slide 31: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement 2024 2023 in CHF millions restated • Strong cash flow from operating activities Net profit 27.3 11.8 driven by strong net income performance Depreciation, amortization and impairment 20.3 16.1 and proven working capital management Other non cash items 0.3 8.6 Changes
Slide 32: Operating Net Working Capital
Operating Net Working Capital CHF million % 200 50 • Absolute increase in ONWC due to 45 acquisitions 40 34.8% 150 35 • Very favorable development in ONWC in % of 30.3% 24.8% net sales as a result of improved inventory 26.5% 30 25.7% management (customer funded inventory) and 100 25 growth in the A+
Slide 33: Capex for Property, plant and equipment
Capex for Property, plant and equipment 30 6.0 1) 5.5 • Investment in PPE was in line with 25 5.0 9.6 our expectations and support our 4.1% 4.5 further growth strategy 3.9% 20 3.6% 4.0 3.4% • Capex of 3% at the upper end of 3.7% 1) 3.5 the range for our mid-term goal 3.0% 3.0% 3.6 15 1.5% 3.0 2.4% 2
Slide 34: Return on Invested Capital
Return on Invested Capital CHF million % 14.7% 40 15 • ROIC above Cicor’s cost of capital 35 11.4% 30 • New ROIC definition in line with the change 10 in accounting for goodwill as disclosed in 25 8.6% footnote 8.0% 20 6.7% 38.1 • Steady increase in ROIC demonstrates 15 29.0 successful execution of
Slide 35: Key Figures per Share
Key Figures per Share 2024 2023 Change % • OEP conversion of Mandatory restated Convertible Bond has simplified Cicor’s Number of registered shares issued 31.12. 4 564 946 3 411 169 +33.8% capital structure Number of Treasury shares 31.12. - 307 007 - 249 404 +23.1% Number of outstanding registered
Slide 36: Long-term development of Earnings per Share
Long-term development of Earnings per Share CHF million CHF 6.20 40 6.5 • Positive development of EPS as a result of 6.0 improved Net Profit performance with the 35 5.5 implementation of Cicor’s growth strategy 30 5.0 4.5 25 4.0 3.5 20 38.1 2.71 2.66 3.0 2.47 15 29.0 2.5 27.3 2.0 1.44 10 1.5 17.6 12
Slide 37: Four M&A transactions completed in 2024
Four M&A transactions completed in 2024 2024 STS Defence (UK) in CHF millions • Engineering solutions for the UK A&D sector • Closing in January 2024 for a consideration of CHF 30.7 million Total purchase consideration 62.1 • Goodwill of CHF 21.4 million Direct costs related to acquisition 2.5 Total
Slide 38: Mid-term Targets
Peter Neumann, CFO Mid-term Targets 38
Slide 39: 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 EBITDA <2.75 p.A. 10-13% CHF Capex 2.5-3.0% • Gaining market share through focus on strategic verti
Slide 40: 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 41: Outlook & Closing
Alexander Hagemann Outlook & Closing 41
Slide 42: Resilience and continued growth
Guidance Resilience and continued growth These expectations are based on the assumption that geopolitical, economic, and financial conditions do not deteriorate significantly. • Following a slight decline in organic sales, Cicor expects a normalisation in 2025, though the anticipated further appreci
Slide 43: Offer to acquire certain Éolane France businesses
Latest developments Offer to acquire certain Éolane France businesses • On Monday, 3 March 2025, the Paris Court has opened the judicial reorganisation proceedings for several Éolane France businesses • Éolane France is one of the market leaders in France with most business in Cicor core markets • C
Slide 44: Cicor – an asset for your portfolio
Outlook 2025 Cicor – an asset for your portfolio • Market with long-term growth driven by megatrends of electronification‚ outsourcing and nearshoring • Strategy 2028 targeting the most profitable segments of the market: Healthcare Technology, Aerospace & Defence, Industrial • Establishing strong an
Slide 45: Agenda 2025
Investor Relations Agenda 2025 March 6 Annual Report & Sustainability Report 2024 April 15 Business Update Q1/2025 April 17 Annual General Meeting (AGM) 2025 in Zurich July 23 Interim Report 2025 October 15 Business Update Q3/2025 March 19 Kepler Cheuvreux Swiss Seminar in Zurich September 17 - 18 I
Slide 46: Analysts
Financial Research Analysts Baader Helvea Kepler Cheuvreux mwb Research Zana Mamelli Torsten Sauter Alexander Zienkowicz zmamelli@helvea.com tsauter@keplercheuvreux.com a.zienkowicz@mwb-research.com +41 43 388 92 50 +41 43 333 60 02 +49 40 309 293 56 Research Partners Zürcher Kantonalbank Reto Huber
Slide 47: Contacts
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 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