Annual Report 2025
Cicor has published its 2025 Annual Report. The results for 2025 reflect transformative growth at an accelerated pace.
CHF616.5million
Net sales from deliveries and services
28.2%
Sales growth compared to previous year
10.5%
EBITDA margin (adjusted)
9.1%
EBITDA margin (reported)
CHF645.0million
Order intake
83%
Sales were generated in the strategic target markets of healthcare technology, industry, as well as aerospace and defence
4524
Cicor employees (FTEs) as of 31 December 2025
14
Countries with Cicor sites
In 2025, Cicor entered a phase of transformative growth. The Company had closed 2024 with revenues of CHF 480.8 million and achieved revenues of CHF 616.5 million in 2025, corresponding to growth of about 28%. On a pro forma basis, including all M&A transactions completed, revenues increased even to CHF 691.0 million. The accelerated pace of growth represents more than purely quantitative expansion, as Cicor is moving into a new league in terms of scale, customers, markets, and relevance. This development materially strengthened Cicor’s competitive position as a leading European electronics partner for high‑end applications.
Four key drivers place Cicor in a strong position to continue both organic and inorganic growth: A further optimised strategic geographic footprint, the expansion of capacity required to serve relevant customer programmes, a proven ability to act as a partner of choice in acquisitions and continued substantial financial firepower. The continued gain in market share and acquisition-adjusted earnings growth demonstrate the success of the strategy initiated in 2024.
Adjusted EBITDA increased to CHF 64.6 million, while adjusted earnings per share decreased slightly to CHF 7.45 (2024: CHF 7.85). Strong free cash flow generation before M&A of CHF 49.1 million largely offset the cash outflow of CHF 49.9 million for the five transactions completed during 2025. This disciplined capital allocation ensures strategic flexibility for future opportunities.
Interview with the CEO
Alexander Hagemann sat down to discuss Cicor's results for 2025. This interview was filmed at our Bronschhofen site in Switzerland. Enjoy the video below.