Slide 1: Annual Results 2025
Cicor Technologies Ltd. Annual Results 2025 5 March 2026 Alexander Hagemann, CEO Peter Neumann, CFO
Slide 2: Disclaimer
5 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 an
Slide 3: The Cicor Group
Alexander Hagemann, CEO The Cicor Group
Slide 4: 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 5: 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 6: Expanding Cicor's global footprint
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 7: 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 8: 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 9: 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 10: Cicor in 2025
Alexander Hagemann, CEO Cicor in 2025
Slide 11: Highlights 2025
Cicor in 2025 Highlights 2025 Transformative growth – sales increased to CHF 616.5 million (+28%) Five strategic acquisitions completed, significantly expanding European footprint and market entry into USA Record adjusted EBITDA – margin temporarily diluted by acquisitions Strong free cash flow gene
Slide 12: Target markets
Cicor in 2025 Target markets Sales by industry Sales by region Other Americas Other 17% 4% 1% 18% 4% 1% Asia Switzerland 8% 17% Industrial 10% 17% Medical 2025 39% 2025 19% 2024 33% 2024 24% Aerospace and Defence Europe (without Switzerland) UK: 25% 26% 70% DE: 16% 25% 68% FR: 13% 12
Slide 13: 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 14: 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 15: Strategy 2028 – Creating together M&A Update
Alexander Hagemann, CEO Strategy 2028 – Creating together M&A Update
Slide 16: 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 17: Unique strategic positioning
Market and Business Unique strategic Applications that matter positioning High-Mix Low- Volume @ scale Pan-European market access 17
Slide 18: 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 19: Acquisitions announced or completed 2025
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 20: Financial Results FY 2025
Peter Neumann, CFO Financial Results FY 2025
Slide 21: 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 22: 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 23: Strong Free Cash Flow Conversion as engine for inorganic growth
Year End Report 2025 Strong Free Cash Flow Conversion as engine for inorganic growth CHF million % 75 225 • Strong Free Cash Flow Conversion 61 funding M&A Strategy • Free Cash Flow Conversion before Net 49 50 150 Working Capital (NWC) stable around 105% 50% (purple line) 87% 26 • Total Free Cash Fl
Slide 24: Cicor's M&A Execution has been picking up momentum
Year End Report 2025 Cicor’s M&A Execution has been picking up momentum CHF million 250 221 200 • Acquisitions of 2021 to 2024 in line or above Cicor margins 150 • 2025 acquisitions came with low 116 acquisition multiples and low single- 100 digit EBITDA margin 55 50 • Short term margin dilution, bu
Slide 25: Short-term Margin Dilution impact of 2025 Acquisitions
Year End Report 2025 Short-term Margin Dilution impact of 2025 Acquisitions Share of • 2025 acquisitions (light blue) progress on margin on Sales adjusted and reported basis CHF million 700 - 750 • EBITDA progression on 2025 acquisitions is value 750 Mid-Point 10.3% creation as purchase consideratio
Slide 26: 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 27: 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 28: EMS Division – Performance 2021 – 2025
Year End Report 2025 EMS Division – Performance 2021 – 2025 CHF million % • Growth of 33.3%, thereof 600 15.0 • Acquisitions: 35.7% 13.3% 12.6% • Currency impact: -2.5% 500 12.5 10.9% • Organic growth: +0.1% 10.9% 321 • Cicor continues to build market share in 400 9.2% 10.0 declining market (in4ma:
Slide 29: AS Division – Performance 2021 – 2025
Year End Report 2025 AS Division – Performance 2021 – 2025 CHF million % • Two major Healthcare Technology 75 20 customers were driving inventory 17.8% optimisation 15.8% • Softer end market demand in Hearing 14.4% Aids Segment 14.2% 15 • AS Division is around 5% of total 50 Group Sales 10.8% 10 23
Slide 30: Consolidated adjusted Income Statement
Year End Report 2025 Consolidated adjusted Income Statement CHF million 2025 in % 2024 in % %YoY • Record high in net sales and adjusted EBITDA Net sales 616.5 100.0 480.8 100.0 28.2 • EBITDA margin diluted by acquisitions in Material and operating expenses -551.9 -89.5 -420.1 -87.4 31.4 2025 with l
Slide 31: Sales contribution
Year End Report 2025 Sales contribution CHF million 750 +28.2% 691.0 • Strong contributions (+135.7) +74.5 from M&A +32.5% -11.2 +0.6 -10.0 616.5 -2.3% -0.2 • Negative currency impact due to +156.4 Organic development: depreciation of USD, CHF -9.5 million (-2.0%) 500 480.8 EUR, RON and GBP +32.5% a
Slide 32: Consolidated Balance Sheet
Year End Report 2025 Consolidated Balance Sheet CHF million 2025 in % 2024 in % • Net debt increased to finance 2025 acquisitions Current assets 399.7 71.8 302.9 72.6 • Moderate financial leverage of 1.10 Non-current assets 157.1 28.2 114.2 27.4 • Cicor has a strong financial foundation Total Assets
Slide 33: Consolidated Cash Flow Statement
Year End Report 2025 Consolidated Cash Flow Statement CHF million 2025 2024 • Strong cash flow from operating activities driven by net income and Net profit 16.9 27.3 strong working capital progression Depreciation, amortisation and impairment 25.5 20.3 • CAPEX of 2.3% of net sales in line Other non
Slide 34: Operating Net Working Capital
Year End Report 2025 Operating Net Working Capital CHF million % • Absolute increase in Operating NWC 200 50 due to acquisitions 45 • Very favourable development in 40 ONWC in percent of net sales as a 150 34.8% 35 result of improved inventory 30.3% management 25.7% 30 24.8% 100 22.3% 25 • Cicor tar
Slide 35: Capex for Property, Plant and Equipment
Year End Report 2025 Capex for Property, Plant and Equipment CHF million % • Investment in PPE is in line with 15 5 expectations and support for the further growth strategy 3.6% 3.6% 4 • Capex of 2.3% in line with Cicor’s mid-term goal below 3.0% 10 3.0% 3.0% 3 1) 2.3% 3 14 14 12 2 5 9 8 1 0 0 2021
Slide 36: Return on Invested Capital
Year End Report 2025 Return on Invested Capital CHF million % • ROIC impacted by lower EBITDA 50 18.3% 20 margin of newly acquired companies 16.5% • Mid-term target ROIC of >15% 40 14.7% 13.3% 15 30 10.8% 9.9% 8.9% 11.4% 10 48 47 20 8.6% 8.0% 34 5 10 22 13 0 0 2021 2022 2023 2024 2025 ROIC in % = ad
Slide 37: 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 38: 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 39: Five M&A transactions completed in 2025
Year End Report 2025 Five M&A transactions completed in 2025 CHF million 2025 Profectus (Germany) • Customers in the industrial sector • Closing in January 2025 for a consideration of CHF 6.5 million Total purchase consideration 54.0 • Goodwill of CHF 2.6 million Direct costs related to acquisition
Slide 40: 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 41: Outlook & Closing
Alexander Hagemann, CEO Outlook & Closing
Slide 42: 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 43: Agenda 2026
Outlook Agenda 2026 5 March Annual Media and Analyst Conference, virtual 31 March A&D Conference, Kepler Cheuvreux, virtual 14 April Business Update Q1/2026 15 April Annual General Meeting, Zurich 20 – 22 May Cantor European Summit, Hamburg 27 May Nordea’s Nordic EMS Day 2026, Oslo 9 June Commerzban
Slide 44: 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 45: 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 45
Slide 46: cicor.com Cicor Group @cicor.group
cicor.com/ir-mailinglist cicor.com/ir-mailinglist cicor.com Cicor Group @cicor.group
Slide 47: Appendix
Appendix
Slide 48: Appendix – Adjusted results
Year End Report 2025 Appendix – Adjusted results 48
Slide 49: Appendix – Adjusted results
Year End Report 2025 Appendix – Adjusted results 49
Slide 50: Appendix – Adjusted results
Year End Report 2025 Appendix – Adjusted results 50
Slide 51: Appendix – Adjusted results
Year End Report 2025 Appendix – Adjusted results 51
Slide 52: Appendix – Adjusted results
Year End Report 2025 Appendix – Adjusted results 52