Slide 1: Half-Year Results 2026
Cicor Technologies Ltd. Half-Year Results 2026 22 July 2026 Alexander Hagemann, CEO Peter Neumann, CFO
Slide 2: Disclaimer
22 July 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 an
Slide 3: Cicor Group in H1 2026
Alexander Hagemann Cicor Group in H1 2026 3
Slide 4: Cicor is one of the leading EMS providers in Europe
Cicor Group – Facts and figures Cicor is one of the leading EMS providers in Europe 2020 to 2025 Sales CAGR 2020 to 2025 EBITDA CAGR 24% 28% Organic 6%, M&A 19%, FX -2% Margin increase from 9% to 10.5%* Market access Europe 2025 M&A pro-forma growth 70% 40% Addressable market as share of 2025 vs. 20
Slide 5: Return to organic growth in Q2
Business Update H1 2026 Return to organic growth in Q2 Order Intake Revenue Book-to-Bill CHF 399.8m CHF 334.1m 1.20 H1/25: CHF 286m H1/25: CHF 280.7m H1/25: 1.02 • 19% revenue growth on the back of acquisitions • 5.3% organic growth in Q2 – increasing momentum • +39.8% order intake growth – strong c
Slide 6: A&D as growth engine with balanced revenue across Europe
Cicor Group in H1 2026 A&D as growth engine with balanced revenue across Europe Revenue by Industry Revenue by Region 6
Slide 7: Continued strong A&D Growth
Cicor Group in H1 2026 Continued strong A&D Growth Share of revenue 16% 24% 22% 28% • Two new A&D customers – including Kongsberg – and new in CHF million major programme with existing 100 94 customer were won in H1 2026 • A&D revenue CAGR of 45% since +45% p.a. 75 2023, and increase by 57% in H1 60
Slide 8: Driving operational synergies of businesses acquired in 2025
Integration of companies acquired 2025 Driving operational synergies of businesses acquired in 2025 January 2025 • Creation of Thuringia cluster with Wutha-Farnroda and Buttlar sites Germany 1 site • Consolidation of management organization April 2025 • Focus on operational excellence, new customer
Slide 9: Returning to organic growth
Electronic Manufacturing Services (EMS) Returning to organic growth • Driven by acquisitions completed in 2025, divisional revenue increased by 20% to CHF 315.8 million, compared with CHF 263.1 million in the prior-year period • Adjusted* EBITDA amounted to CHF 26.9 million, corresponding to an adju
Slide 10: Return to growth while facing operational challenges
Advanced Substrates (AS) Return to growth while facing operational challenges • AS generated revenue of CHF 20.1 million in the first half of 2026, an increase of 4% compared with CHF 19.3 million in the prior-year period • While the printed circuit board business was affected by a soft market envir
Slide 11: Financial Results H1 2026
Peter Neumann Financial Results H1 2026 11
Slide 12: Long-term view – Impact of Cicor growth strategy
Half-Year Report 2026 Long-term view – Impact of Cicor growth strategy in CHF million % • 2025 and 2026 EBITDA margins 700 14 diluted by 2025 acquisitions (low average EBITDA margins and low 600 11.4% 12 purchase considerations) 10.9% 10.3% 9.9% 9.7% • Integration programme largely 500 10 completed
Slide 13: Key Figures 2025 to 2026
Half-Year Report 2026 Key Figures 2025 to 2026 • Book-to-bill of 1.2 and Q2 marking the fifth consecutive quarter above one • Cicor achieves best half-year results ever in terms of revenue (+19%) mainly due to M&A, offset by FX impacts • Strong organic growth in Q2 of +5.3% contributes to H1 organic
Slide 14: Key Figures EBITDA reported to adjusted
Half-Year Report 2026 Key Figures EBITDA reported to adjusted One-time 2026 EBITDA adjustments linked to announced Cicor integration and efficiency programme: • Divestiture of the Tunisian facility • Relocation of tool-making for plastic injection moulding from Singapore to Indonesia • Final closure
Slide 15: Financial results Half-Year 2026
Half-Year Report 2026 Financial results Half-Year 2026 in CHF million Order Intake Revenue EBITDA EBIT Net profit FCF before M&A -11.0% -5.9% +39.8% +19.0% -3.4% 21.4 12.9 -222.9% 29.0 12.2 28.0 399.8 334.1 19.1 9.4 24.7 280.7 286.0 11.6 6.5 ROS ROS ROS ROS ROS ROS ROS ROS ROS 10.3% 7.4% 8.4% 7.6% 3
Slide 16: EMS Division – Performance 2021 to 2026
Half-Year Report 2026 EMS Division – Performance 2021 to 2026 in CHF million % • EMS Division is around 95% of Group 600 15 revenue 12.3% • EBITDA margin diluted by 2025 500 11.6% acquisitions 10.4% 320.9 • Production transfer costs (not adjusted) 400 10 8.4% 10.2% 8.5% and continued softness in Ger
Slide 17: AS Division – Performance 2021 to 2026
Half-Year Report 2026 AS Division – Performance 2021 to 2026 in CHF million % • AS Division is around 5% of total 75 20 18.0% Group revenue • Thin-film benefited from increased market demand, but profitability was 14.4% 15 13.2% 13.3% impacted by capacity ramp-up 50 11.9% • PCB was impacted by shift
Slide 18: Consolidated adjusted Income Statement
Half-Year Report 2026 Consolidated adjusted Income Statement Adjusted in CHF million H1 2026 in % H1 2025 in % %YoY • Record high in revenue mainly driven by M&A Revenue 334.1 100.0 280.7 100.0 19.0 • Stable depreciation rate of around Material expenses -168.8 -50.5 -142.7 -50.8 18.3 2.5% of revenue
Slide 19: Revenue contribution
Half-Year Report 2026 Revenue contribution in CHF million +19.0% • Strong revenue growth (+19.0%) driven 350 (+53.4) -10.8 by M&A activity (+22.8%) 334.1 -0.6 0.9 -0.2 325 • Negative currency impact (-3.8%) due +64.0 to depreciation of GBP, EUR and USD 300 Organic growth: against CHF CHF 0.1 million
Slide 20: Adjusted and reported EBITDA Bridge
Half-Year Report 2026 Adjusted and reported EBITDA Bridge in CHF million • EBITDA declined in H1 2026 mainly 35 driven by FX impacts and organic decline in AS. -3% 30 +1.6 -1.2 -12% • Adjustments of CHF 3.3 million of one- 29.0 -1.5 28.0 time restructuring costs from integration and efficiency progr
Slide 21: Consolidated Balance Sheet
Half-Year Report 2026 Consolidated Balance Sheet in CHF million Jun 26 in % Dec 2025 in % • Equity ratio improvement to 29.3% mainly due to net profit and more efficient treasury operations Current assets 397.0 72.4 399.7 71.8 Non-current assets 151.5 27.6 157.1 28.2 • Financial leverage of 1.34, ne
Slide 22: Consolidated Cash Flow Statement
Half-Year Report 2026 Consolidated Cash Flow Statement in CHF million H1 2026 H1 2025 • Decrease in net cash from operating activities to CHF -1.7 million due to Net profit 6.5 8.5 increased working capital Depreciation, amortization and impairment 13.1 11.1 Other non cash items 0.8 0.8 • Increase i
Slide 23: Operating Net Working Capital
Half-Year Report 2026 Operating Net Working Capital in CHF million % • Continued decrease in operating net 200 40 working capital (ONWC) in % of revenue 34.2% 35.3% over the last four years, driven by Cicor operational excellence program 29.3% 150 30 • ONWC increased from 22.3% of 25.2% 24.3% revenu
Slide 24: Return on Invested Capital
Half-Year Report 2026 Return on Invested Capital in CHF million % • H1 2026 LTM reported EBIT impacted by 50 18.8% 20 H2 2025 TT one-time costs and H1 2026 integration programme 45 40 14.9% 14.8% • Adjusted ROIC above Cicor’s cost of 15 capital 35 11.3% 14.8% • Cicor committed to its 2028 goal of 30
Slide 25: Key Figures per Share
Half-Year Report 2026 Key Figures per Share H1 2026 H1 2025 Change % Optional conversion of the MCN started in January 2024. Number of registered shares issued (million) 30.6. 4.7 4.7 +0.1% 7’895 additional shares will be Number of Treasury shares (million) 30.6. -0.3 -0.3 -10.6% created until 2027
Slide 26: Adjusted Net Profit H1 / H2 and EPS
Half-Year Report 2026 Adjusted Net Profit H1 / H2 and EPS in CHF million CHF • EPS growth in line with business and 7.85 profitability development 35 7.45 8 7 • H1 2026 EPS impacted by adverse 30 FX development of CHF -0.2 6 25 18.8 19.7 5 20 3.51 3.54 4 3.33 15 2.95 2.76 6.1 3 10 7.3 2 2.12 15.6 12
Slide 27: Revenue and Profitability Step up in H2
Half-Year Report 2026 Revenue and Profitability Step up in H2 in CHF million 400 366 - 416 2026 growth and profitability is accelerating towards second half. Four Revenue 350 major areas impacting changes from H1 334 to H2 2026: • Integration of 2025 acquisitions leading to profitability step up, wi
Slide 28: Outlook
Alexander Hagemann Outlook 28
Slide 29: Converting scale into earnings, pursuing organic and M&A growth
Outlook Converting scale into earnings, pursuing organic and M&A growth • Having largely completed the integration of the businesses acquired in 2025, Cicor will continue its established M&A strategy through further acquisitions in H2 • The return to positive organic growth in Q2 combined with the r
Slide 30: Agenda 2026
Outlook Agenda 2026 19 – 20 August Nordea Small & Mid Cap Days 25 August Pareto Securities’ Defence Seminar Oslo 26 August DnB Nordic TMT Conference Oslo 1 September Commerzbank & ODDO BHF Corporate Conference 2026 2 September ZBK Roadshow London 9 September Kepler Cheuvreux Autumn Conference 2026 P
Slide 31: 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 32: 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 32
Slide 33: Thank You
Thank You cicor.com/ir-mailinglist cicor.com/ir-mailinglist cicor.com Cicor Group @cicor.group
Slide 34: Appendix – Adjusted results
Half-Year Report 2026 Appendix – Adjusted results 34
Slide 35: Appendix – Adjusted results
Half-Year Report 2026 Appendix – Adjusted results 35
Slide 36: Appendix – Adjusted results
Half-Year Report 2026 Appendix – Adjusted results 36
Slide 37: Appendix – Adjusted results
Half-Year Report 2026 Appendix – Adjusted results 37
Slide 38: Appendix – Adjusted results
Half-Year Report 2026 Appendix – Adjusted results 38
Slide 39: Appendix – Adjusted results
Half-Year Report 2026 Appendix – Adjusted results 39