Slide 1: Half-Year Results 2025
Half-Year Results 2025 Cicor Technologies Ltd. 23 July 2025 Alexander Hagemann, CEO Peter Neumann, CFO
Slide 2: Disclaimer
23 July 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 an
Slide 3: The Cicor Group
Alexander Hagemann The Cicor Group 3
Slide 4: 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 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 Closing expected in HY2 China (subject to regulatory approvals) Tunisia Vietnam Morocco Singapore Indonesia 5
Slide 6: 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. 6
Slide 7: Cicor Group in HY1 2025
Alexander Hagemann Cicor Group in HY1 2025 7
Slide 8: Key Messages from HY1 2025
Cicor Group in HY1 2025 Key Messages from HY1 2025 Net sales growth of 21.4% year-on-year, driven by acquisitions Positive book-to-bill rate of 1.02 (HY1 2024: 0.87) Positive organic growth in Q2 Positive development of underlying profitability with EBITDA margin of 11.2% (HY1 2024: 10.7%) when adju
Slide 9: Timing of acquisitions impacts sales by industry
Cicor Group in HY1 2025 Timing of acquisitions impacts sales by industry Sales by Industry Sales by Region Americas Other Other Other 3% 1% 15% 17% 4% 1% Switzerland 19% 18% 18% Industrial Industrial Asia 19% 42% 36% 8% 33% 33% 9% A&D A&D HY1/2025 PF 2025E* HY1/2025 22% 28% HY1/2024 2024A HY1/2024 2
Slide 10: European leader in EMS for A&D
Cicor Group in HY1 2025 European leader in EMS for A&D – secure, robust and scalable platform • Long-standing supplier of design and manufacturing services to most leading A&D integrators in Europe Cicor A&D presence • True one-stop shop from systems engineering, critical components, assembly, on-si
Slide 11: EMS Division – growing rapidly
Cicor Group in HY1 2025 EMS Division – growing rapidly • Increase in net sales, driven by acquisitions • Increased underlying profitability (adjusted for Éolane France integration) • Rapid integration of Profectus Solutions (Suhl, Germany) and Mercury International site (Geneva, Switzerland) and Éol
Slide 12: Éolane France acquisition: A unique value creation opportunity
Cicor Group in HY1 2025 Éolane France acquisition: A unique value creation opportunity • Acquisition of 7 Éolane sites with 890 employees in France and Morocco • Establishing a strong position in France, the 2nd largest market overall and for A&D applications in Europe • Adding footprint in Morocco
Slide 13: CHF 15.3 million cash invested for Éolane France acquisition
Cicor Group in HY1 2025 CHF 15.3 million cash invested for Éolane France acquisition CHF million 15.3 • Cicor has invested a total of CHF 15.3m cash to acquire and integrate Éolane France • While CHF 9.8m were recorded as 9.1 purchase price (CHF 7.3m) and 2.5 transaction cost (CHF 2.5m), outflow was
Slide 14: AS Division – robust performance despite reduced sales
Cicor Group in HY1 2025 AS Division – robust performance despite reduced sales • Reduction in reported sales caused by inventory reduction of the two largest healthcare technology customers • Continuously robust operating performance following multi-year excellence programme in Boudry (Switzerland)
Slide 15: Financial Results HY1 2025
Peter Neumann Financial Results HY1 2025 15
Slide 16: Key Figures 2024 – 2025
Half-Year Report 2025 Key Figures 2024 – 2025 • Cicor achieves best half-year results ever in in CHF million 01.01. - 30.06.2025 in % 01.01. - 30.06.2024 in % terms of Sales and EBITDA, demonstrating the success of its growth strategy Order entry 286.0 101.9 201.1 86.9 • Book-to-Bill turned positive
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: Sales contribution
Half-Year Report 2025 Sales contribution in CHF million +21.4% • Strong sales growth (+21.4%) driven by (+49.4) M&A activity (+24.8%). -3.2 0.2 -4.5 280.7 -0.5 +57.5 • Negative currency impact (-1.4%) due to 231.3 depreciation of GBP, EUR and USD against CHF Organic growth: CHF -4.8 million (-2.1%)
Slide 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: Acquisition of business from Éolane France
Half-Year Report 2025 Acquisition of business from Éolane France in CHF million Éolane • Acquisition of five sites in France and two sites in Morocco with a strong position in Aerospace & Defense, Railway and Nuclear technology. Purchase consideration 7.3 • Acquired business was under judicial admin
Slide 29: Three M&A transactions completed in HY 2025
Half-Year Report 2025 Three M&A transactions completed in HY 2025 in CHF million Profectus Éolane Mercury HY 2025 Profectus • Acquisition closed on 3 January 2025. Purchase consideration 6.0 7.3 5.9 19.3 • One site in Germany focused on industrial business. Direct costs related to acquisition 0.4 3.
Slide 30: Outlook
Alexander Hagemann 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 17 September Investora 2025 in Zurich 22 September Baader Investment Conference 2025 in Munich 24-26 November Deutsches Eigenkapitalforum in Frankfurt November Cicor Capital Markets Event 2025 in Zurich 32
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 Michael Götti CEO CFO VP Corporate Marketing & Communications 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 Cicor Group @cicor.group