Cicor Technologies · SIX:CICN
Cicor Technologies — Investora Zurich 2025
35 slides from Cicor Technologies's conference presentation, Sep 17, 2025
Slide 1: Welcome to Investora
Welcome to Investora Cicor Group 17 September 2025 Alexander Hagemann, CEO Peter Neumann, CFO
Slide 2: Disclaimer
17 September 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
Slide 3: The Cicor Group
Alexander Hagemann, CEO The Cicor Group 3
Slide 4: Positioning in the European EMS market
Cicor Group Positioning in the European EMS 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 the Interdisciplinary design and 70 listed EMS companies in Europe.* enginee
Slide 5: 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 China Tunisia Vietnam Morocco Singapore Indonesia 5
Slide 6: 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 7: Advancing healthcare through technology
Sweden Building ofin 2023 29% of sales leading platforms in attractive markets United Kingdom Advancing healthcare Germany France Romania Switzerland through technology Spain China • Development and manufacturing partner for medical devices supporting people to live healthier lives Vietnam Singapore
Slide 8: Driving automation and miniaturisation in industry
Sweden Building ofin 2023 29% of sales leading platforms in attractive markets United Kingdom Driving automation and Germany France Romania Switzerland miniaturisation in industry Morocco Spain Tunisia China • Development and manufacturing partner for high- tech industrial electronic solutions Vietn
Slide 9: European market leader for A&D EMS
Building ofin 2023 29% of sales leading platforms in attractive markets European market United Kingdom Germany leader for A&D EMS France Switzerland • Long-standing supplier of design and manufacturing Spain services to most leading A&D integrators in Europe • True one-stop shop from systems enginee
Slide 10: Selected Credentials
The biggest customers in the field of Aerospace & Defence Selected Credentials 10
Slide 11: Driving Industry Consolidation in Europe
Alexander Hagemann, CEO Driving Industry Consolidation in Europe 11
Slide 12: The European EMS market is highly fragmented and growing, pre-destined for consolidation
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 >2,000 EMS € 25 billion In Europe, consolidation Addressed market (2024), has just begun: ca. 50%
Slide 13: Timeline of completed and signed acquisitions
Driving Industry Consolidation in Europe Timeline of completed and signed acquisitions Carve-out from Carve-out from Mar-2024 Carve-out of three sites Jun-2025 Dec-2021 Jan-2023 from TT Electronics Jan-2025 Carve-out of one site in Establishing a Further strengthening strengthens UK Strengthening ma
Slide 14: Expansion into France, Spain while strengthening European position in A&D
M&A projects to be closed in 2025 Expansion into France, Spain while further strengthening European position in Aerospace & Defence Acquisition of Eolane business in France, Morocco • Transaction completed 04/2025 • Strong market position in France: A&D, rail, nuclear power • Morocco as an excellent
Slide 15: 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 16: Financial Results HY1 2025
Peter Neumann, CFO Financial Results HY1 2025 16
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: Mid-term Targets
Peter Neumann, CFO Mid-term Targets 27
Slide 28: 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 29: 2028 vision in context of past performance
Financial Mid-Term Objectives for 2028 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 100-13
Slide 30: Outlook
Alexander Hagemann, CEO Outlook 30
Slide 31: 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 32: Agenda 2025
Outlook Agenda 2025 15 October Business Update Q3/2025 22 September Baader Investment Conference 2025 in Munich 1 October Berenberg Swiss Stockpicker 2025 in Paris 5 November ZKB Swiss Equities Conference 2025 10 November Cicor Capital Markets Event 2025 in Zurich 24-26 November Deutsches Eigenkapit
Slide 33: 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 34: 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 34
Slide 35: Thank you
Thank you cicor.com/ir-mailinglist cicor.com/ir-mailinglist cicor.com Cicor Group @cicor.group