Slide 1: Cicor Investor Presentation
Cicor Technologies Ltd. Cicor Investor Presentation May 2026
Slide 2: Disclaimer
March 2026 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
Slide 3: The Cicor Group
The Cicor Group
Slide 4: Positioning in the Electronics Manufacturing Services Market
Cicor Group Positioning in the Electronics Manufacturing Services Market Advanced Electronics at Cicor The European EMS market Cicor's competitive position Engineering & Design Total market size in billion EUR* Cicor is now the number four among 70 the EMS companies in Europe.* Interdisciplinary des
Slide 5: Cicor Group – Facts and figures
Cicor Group – Facts and figures Cicor has become one of the leading design and manufacturing partners for advanced electronics in Europe 2025 Sales 2025 EBITDA CHF 616.5 million CHF 64.6 million* Growth of 28.2% EBITDA margin 10.5%* 2025 Earnings per share 2025 Free Cash Flow CHF 7.45* CHF 49.1 mill
Slide 6: Our focus: High end electronics for applications that matter
Market and business Our focus: High end electronics for applications that matter Aerospace & Defence (A&D) Healthcare Technology Industrial 19% of pro-forma FY 2025 sales* 37% of pro-forma FY 2025 sales* 28% of pro-forma FY 2025 sales* 26% of sales in 2025 19% of sales in 2025 38% of sales in 2025 S
Slide 7: Unique pan-European market access, global manufacturing
Expanding Cicor’s global footprint Unique pan-European market access, global manufacturing • Footprint 2025: M&A has increased manufacturing and engineering presence in 7 markets • Market access to >70% of European electronics OEMs (by EMS market size) • Tailor-made manufacturing solutions: Sovereig
Slide 8: Strongest position to support the European A&D Industry scaling up
Further strengthening leading platforms in attractive markets Strongest position to support the European A&D Industry scaling up • Long-standing supplier of design and manufacturing services to over 30 leading A&D integrators in Europe • True one-stop shop from systems engineering, critical componen
Slide 9: Advancing healthcare through technology
Further strengthening 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
Slide 10: Driving automation and miniaturisation in industry
Further strengthening leading platforms in attractive markets Driving automation and miniaturisation in industry • Development and manufacturing partner for high-tech industrial electronic solutions • Serving attractive verticals such as semiconductor manufacturing equipment, smart building technolo
Slide 11: EMS Division returning to organic growth
Electronic Manufacturing Services (EMS) EMS Division returning to organic growth • Sales increased 33.3% to CHF 584.0 million • Small organic growth of 0.1%, outperforming the cyclically declining EMS market • Solid EBITDA margin of 10.9%* demonstrating operational discipline while Éolane acquisitio
Slide 12: AS Division improves cost structure
Advanced Substrates (AS) AS Division improves cost structure • Sales reduced by 22.2% to CHF 35.3 million • Lower demand driven by two medical device customers reducing their inventory levels • Improved cost structure through operational efficiency measures • Ulm site closed and production consolida
Slide 13: Strategy & M&A Update
cicor Strategy & M&A Update
Slide 14: Proven track-record of successful M&A transactions
Driving Industry Consolidation in Europe Proven track-record of successful M&A transactions, contributing to shareholder value creation Carve-out from Carve-out from Carve-out from Nov-2025 Jun-2025 Acquisition of two sites Carve-out of one site in from Valtronic in Mar-2024 Jan-2025 Geneva and esta
Slide 15: Expansion into France, Spain, and the US while strengthening A&D position
Driving Industry Consolidation in Europe – Acquisitions announced or completed 2025 Expansion into France, Spain, and the US while further strengthening European position in Aerospace & Defence Profectus (DE) Éolane (FR) Mercury (CH) Mades (ES) Valtronic (CH) • Transaction • Acquisition of • Carve o
Slide 16: Financial Results FY 2025
cicor Financial Results FY 2025
Slide 17: Key Figures 2022 to 2025
Year End Report 2025 Key Figures 2022 to 2025 • Cicor progressed extremely well on its growth strategy with adjusted EBITDA doubling and adjusted net profit almost tripling over the past three years • Strong Free Cash Flow conversion provides Cicor financial flexibility for future growth • 2025 mark
Slide 18: Key Figures EBITDA reported to adjusted
Year End Report 2025 Key Figures EBITDA reported to adjusted • Key figures show both reported and adjusted measures • Given the high level of acquisition activity, this approach enhances transparency and comparability with peers • In 2025 the key one-time EBITDA adjustments were: • Write down of TT
Slide 19: Long-Term View – Impact of Cicor Growth Strategy
Year End Report 2025 Long-Term View – Impact of Cicor Growth Strategy CHF million % 750 15 3.5 12.6% 11.9% 3.0 600 10.5% 10.5% 2.75 9.7% 2.5 10 1.96 450 2.0 1.5 1.34 300 616 1.10 481 5 0.94 390 1.0 0.71 150 313 239 0.5 0 0 0.0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Sales adj. EBITDA margi
Slide 20: Financial achievements year end 2025
Year End Report 2025 Financial achievements year end 2025 CHF million Orders received Net Sales EBITDA EBIT Net Profit Free Cash Flow excl. Acquisition +46.5% +28.2% -19.7% +6.4% -0.8% -5.3% 645.0 616.5 64.6 47.5 47.2 34.5 61.1 60.7 32.7 56.3 480.8 49.1 440.4 30.8 16.9 ROS ROS ROS ROS ROS ROS ROS RO
Slide 21: Key Figures per Share
Year End Report 2025 Key Figures per Share 2025 2024 %YoY • OEP conversion of Mandatory Convertible Number of registered shares issued (millions) 31.12. 4.67 4.56 2.3% Bond has simplified Cicor’s Number of treasury shares (millions) 31.12. -0.28 -0.31 -9.4% capital structure Number of outstanding re
Slide 22: Long-term Development of Adjusted Earnings per Share
Year End Report 2025 Long-term Development of Adjusted Earnings per Share CHF million CHF • Cicor’s EPS develops in line with 50 10 its growth journey • EPS 2025 impacted by dilution of 7.85 margin due to acquired 40 7.45 8 companies in 2025 • EPS impacted by FX 30 6 • 2023: -0.93 CHF per Share 48 4
Slide 23: 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 24: 2028 vision in context of past performance
Year End Report 2025 2028 vision in context of past performance 2028 Mid-Term Objectives CHF million >1’000 2025 pro forma 691 616 2020 year-over-year Year-over-year Growth 23.7% Growth >15% 10.5% 215 Organic 6.3% margin Organic 7-10% 10-13% margin Inorganic 19.1% pro forma Inorganic 7-10% 9% margin
Slide 25: Outlook
Outlook
Slide 26: Integration and further consolidation
Outlook Integration and further consolidation • Integration of five acquired companies remains key priority • Return to organic growth expected, supported by positive book-to-bill ratio, with slower start to the year and momentum building throughout 2026 • Margin improvement and operational efficien
Slide 27: Agenda 2026
Outlook Agenda 2026 20 – 22 May Cantor European Summit, Hamburg 27 May Nordea’s Nordic EMS Day 2026, Oslo 9 June Commerzbank and ODDO BHF Swiss Equities Conference, Interlaken 11 – 12 June Berenberg’s Pan-European Discovery Conference, Porto 23 July Half-Year Report 2026 27
Slide 28: Analysts
Cicor Technologies Ltd. Analysts Baader Bank Berenberg Kepler Cheuvreux mwb Research Rene Rückert Chiara Di Giammaria Torsten Sauter Alexander Zienkowicz rene.rueckert@baaderbank.de chiara.digiammaria@berenberg.com tsauter@keplercheuvreux.com a.zienkowicz@mwb-research.com +49 89 5150 1896 +41 44 283
Slide 29: Investor Relations Contacts
Cicor Technologies Ltd. Investor Relations Contacts Alexander Hagemann Peter Neumann Marina Winder CEO CFO Investor Relations Cicor Management AG, Gebenloostrasse 15, 9552 Bronschhofen, Switzerland investor@cicor.com | +41 71 913 73 00 29
Slide 30: cicor.com
cicor.com/ir-mailinglist cicor.com/ir-mailinglist cicor.com Cicor Group @cicor.group