Half-Year Results 2025
Cicor grows double-digit again and creates strong foundation for further expansion.
In the first half of 2025, Cicor took a significant step towards its ambition of becoming the pan-European leader in its chosen markets as announced in the strategy 2028, expanding market presence into France and Spain.
Net sales reached CHF 280.7 million, an increase of 21.4% to the previous year (CHF 231.3 million). With increased momentum in the second quarter, Cicor achieved a positive book-to-bill rate of 1.02 in the reporting period, compared to 0.87 in H1 2024. Underlying profitability developed positively with an EBITDA margin of 11.2% (H1 2024: 10.7%) when excluding the effects from the Éolane France integration. Cicor generated a strong underlying Free Cash Flow of CHF 18.5 million – excluding acquisitions and before integration of Éolane France.
Sales growth of 21.4% was primarily driven by acquisitions, which contributed 24.8% to growth. The further appreciation of the Swiss Franc had a negative impact of -1.4%. Organic growth was positive in Q2; however, for the full first half year, organic growth was -2.1% mainly due to the Advanced Substrates (AS) division. The shift to positive organic growth and a positive book-to-bill rate in Q2 represent a notable development, especially against the backdrop of a persistently weak economic environment.
Cicor has made major strategic progress, positioning the company as the pan-European leader in aerospace & defence electronics and establishing the scale and footprint that significantly increase its attractiveness to customers across all addressed market verticals. The pipeline of new customers and projects combined with the positive book-to-bill rate in Q2, lead Cicor to expect a return to healthy organic growth in the second half of 2025. Progress in integrating recently acquired businesses will further support net sales and margin growth.
Read the full Half-Year Report 2025 here: https://www.cicor.com/en/investors/reports/half-year-report-2025.
Watch CEO Alexander Hagemann share insights into a strong first half and major strategic progress towards the 2028 “Creating Together” strategy: