Annual Report 2024

Cicor continues to grow – sales and profits at record levels thanks to strategic expansion

Cicor looks back on an exceptionally successful year 2024. Significant market share gains and steadily increasing profit margins at all levels demonstrate the consistent execution of Cicor’s strategy. Earnings per share rose to CHF 6.20 (2023 restated: CHF 2.66), and free cash flow remained very positive even after accounting for acquisitions completed during the reporting year. The new strategy, under the motto “Creating Together”, paves the way towards the sales target of at least CHF 1 billion by 2028, positioning Cicor as the leading pan-European electronics developer and manufacturer in the fields of medical technology, aerospace and defence, and industrial applications.

Cicor Reports Strong Growth and Market Expansion in 2024

Cicor increased sales by 23.3% to CHF 480.8 million in 2024, despite a challenging EMS market. Acquisitions contributed significantly (+26.1%), offsetting a slight organic decline (-1.6%). The order intake improved in the second half, with a 10.2% increase, maintaining a stable backlog.

Profitability continued to rise, with the EBITDA margin reaching a record 12.1%. Net profit surged by 131.7% to CHF 27.3 million, driven by favourable exchange rates and a normalized tax rate. Strong operational excellence efforts led to a sharp increase in free cash flow before acquisitions (+132.7% to CHF 61.1 million).

Cicor strengthened its market position through acquisitions, becoming a leader in aerospace & defence and the fourth-largest EMS provider in medical technology. The EMS division expanded by 25.9%, while the AS division grew by 5.3%. Cicor’s strategy remains focused on high-growth markets, operational excellence, and co-development activities.

With a strong balance sheet and a reduced leverage ratio (0.74), Cicor aims for further expansion. No dividend is proposed, prioritizing strategic acquisitions. Sustainability efforts advanced, cutting energy consumption and increasing renewable energy use.

Looking ahead, Cicor expects organic growth to return in 2025, with projected sales of CHF 520–560 million and EBITDA of CHF 60–70 million. The company’s 2028 targets include CHF 1 billion in sales, 7–10% EBIT, and continued leadership in its key markets.

Read the full Annual Report 2024 here .

CEO Alexander Hagemann held an interview at our Bronschhofen site to discuss the 2024 year results, watch the video and get an insight.