Cicor Technologies Ltd., Boudry, is a public company, the shares of which are traded on the Swiss Stock Exchange (SIX). Cicor Group offers a seamless production and service chain for electronic components and systems – from development and engineering to large-scale manufacturing, after-sales service and product life-cycle management. Mainly active in Europe, the USA and Asia, Cicor’s main competences are:
The consolidated financial statements of Cicor Group are based on uniform accounting and valuation principles applicable to all subsidiaries of the Group. The consolidated financial statements have been prepared in accordance with Swiss GAAP FER (GAAP = Generally Accepted Accounting Principles / FER = Fachempfehlungen zur Rechnungslegung) and the requirements of the Swiss Code of Obligations.
The consolidated financial statements of Cicor Group for the year ended 31 December 2025 were authorised for issue on 4 March 2026 and are subject to approval at the Annual General Meeting of Shareholders on 15 April 2026.
The consolidated financial statements have been prepared on an accrual basis under the historical cost convention except for derivative financial instruments which are measured at fair value.
The consolidated financial statements are presented in Swiss francs (CHF).
The consolidated financial statements comprise the financial statements of Cicor Technologies Ltd. and all subsidiaries which the parent company, directly or indirectly, controls either by holding more than 50% of the voting rights or by otherwise having the power to govern their operating and financial policies. These subsidiaries are fully consolidated. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. A list of all subsidiaries is disclosed in note 3. Cicor does not hold any subsidiaries, investments, assets or liabilities which are not fully consolidated within the financial statements of the Cicor Group.
Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. Non-controlling interests in equity and profit are shown separately. Changes in the Group’s interest that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Group. Intercompany balances, transactions and profits are eliminated on consolidation.
Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The consideration paid plus directly attributable transaction costs for each acquisition are eliminated at the date of acquisition against the fair value of the net assets acquired, determined based on uniform accounting policies. Any excess of the consideration transferred over the net assets acquired is resulting as goodwill, which is directly offset against equity.
Transactions in foreign currencies are converted at the rate of exchange as of the transaction date. Gains and losses from foreign currency transactions and from converting year-end foreign currency balances are recognised in the income statement. Foreign exchange differences on long-term loans to foreign operations with equity characteristics, where a repayment is neither likely nor planned, are recognised in equity. The financial statements of subsidiaries that report in foreign currencies are translated into Swiss francs as follows:
The translation differences resulting from the conversion of financial statements denominated in foreign currencies are directly charged to equity. At the date of sale of a foreign subsidiary, the respective cumulative foreign currency translation differences are recognised in profit or loss.
Foreign exchange rates | Code | Closing rate 2025 | Closing rate 2024 | Average rate 2025 | Average rate 2024 |
Euro | EUR | 0.9308 | 0.9402 | 0.9368 | 0.9522 |
United States dollar | USD | 0.7928 | 0.9050 | 0.8286 | 0.8801 |
Pound sterling | GBP | 1.0668 | 1.1345 | 1.0931 | 1.1248 |
Romanian leu | RON | 0.1827 | 0.1889 | 0.1858 | 0.1914 |
Singapore dollar | SGD | 0.6167 | 0.6642 | 0.6346 | 0.6588 |
Chinese yuan | CNY | 0.1133 | 0.1240 | 0.1153 | 0.1225 |
Hong Kong dollar | HKD | 0.1019 | 0.1165 | 0.1063 | 0.1128 |
Swedish krona | SEK | 0.0861 | 0.0820 | 0.0847 | 0.0833 |
Moroccan dirham | MAD | 0.0869 | n/a | 0.0888 | n/a |
Cicor defines its reportable segments based on the internal reporting to its Board of Directors. They base their strategic and operational decisions on these monthly distributed reports, which include the aggregated financial data for the Group and for the Divisions. The two Divisions, EMS and AS, have been identified as the two reportable segments. The segment result used to steer the business is EBITDA.
Items of property, plant and equipment are individually measured at cost less accumulated depreciation and accumulated impairment losses. Depreciation is computed on a straight-line basis over the estimated useful life of the assets as follows:
Land | no depreciation |
Buildings | 25–50 years |
Leasehold Improvements | 3–10 years |
Machinery | 3–10 years |
Furniture | 5–15 years |
Equipment | 3–10 years |
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
Subsequent expenditure is capitalised if the market value or the value in use or the useful live of the respective item of property, plant and equipment has increased substantially.
Goodwill, which can be positive or negative (badwill), represents the excess of the consideration transferred over the Group’s interest in the net of the identifiable assets acquired and the liabilities assumed measured at acquisition date fair value. Goodwill resulting from acquisitions is offset against equity at the date of acquisition. In the event of a subsequent sale, the goodwill offset against shareholders’ equity at the time of the acquisition is recognised in the income statement against the proceeds of the sale.
The consequences of a theoretical capitalisation and amortisation (shadow accounting) are disclosed in note 6. In the shadow accounting, goodwill is amortised on a pro rata basis (normally linearly) over its useful life. The estimated useful life may not exceed 20 years. If the useful life cannot be determined, amortisation takes place over five years. Negative goodwill arising from a bargain purchase is released immediately. Where negative goodwill reflects expected future expenses or losses, it is subsequently released on a systematic basis, consistent with the expected timing of the related costs, over a period not exceeding five years.
Other intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is computed on a straight-line basis over the estimated useful life of the asset (between one and eight years, in justified cases twenty years at the most).
Intangible assets which have not been recognised previously by the acquiree and are relevant to the decision to obtain control are also to be identified and recognised.
The capitalisation of internally generated intangible assets relates to process-related development activities. Development costs that are directly attributable to the design, implementation and testing of identifiable and unique processes controlled by the Group are recognised as intangible assets when the recognition criteria are met. Directly attributable costs capitalised as part of the developed process include employee costs, third-party material and advisory expenses.
Property, plant and equipment as well as intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If such indication exists, then the asset’s recoverable amount is estimated.
An impairment loss is recognised in profit or loss when the carrying amount of an asset exceeds its estimated recoverable amount. The recoverable amount of an asset or a group of assets is the greater of its value in use and its net selling price. In assessing value in use, the estimated future cash flows from continuing use of an asset or a group of assets that are largely independent of cash flows of other assets are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The relevant cash flows are based on the most recent business plans of these cash-generating units (period of four years) and the assumptions therein concerning development of prices, markets and market shares. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any offset goodwill allocated to the units disclosed in the shadow accounting and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis. Assets for which an impairment loss was recognised are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount. The reversal is limited to the amount that would have been determined, net of depreciation or amortisation, if no impairment had been recognised. Such reversal is recognised in profit or loss.
Fixed assets acquired under leasing contracts where both the risks and rewards of ownership are substantially transferred to Cicor, are classified as finance leases. Such assets are recorded at the lower of the estimated net present value of future lease payments and the estimated fair value of the asset at the inception of the lease. Assets under finance leases are fully amortised over the shorter of the lease term or its useful life. The corresponding lease obligations, excluding finance charges, are included in either short- or long-term financial liabilities. Lease instalments are divided into an interest and a redemption component.
Operating lease payments are recognised as an expense in profit or loss on a straight-line basis over the lease term.
Inventories are valued at the lower of purchase or manufacturing costs and fair value less cost to sell. Costs for raw material are measured according to the weighted average cost method. Cost of work in progress and finished goods include materials, related manufacturing labour and related overheads. Concerning work in progress, estimated losses correspond to the negative difference between the net selling price and the estimated costs until finalisation of work in progress.
Trade accounts receivable are measured at nominal value less necessary allowances for bad debts. The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade accounts receivables. The main components of this allowance are a specific loss component that relates to individually significant exposure and a collective loss component established for groups of assets with similar risk characteristics in respect of losses that have been incurred, but not yet identified. The collective loss allowance is determined based on historical data of payment statistics for similar receivables.
The Group entered into factoring arrangements with financial institutions. Receivables sold under non-recourse factoring agreements, where substantially all risks and rewards are transferred, are derecognised upon transfer. Receivables sold under recourse factoring agreements, where the Group retains substantially all risks and rewards of ownership, are not derecognised. In such cases, the amounts received are recognised as a financial liability, and the related receivables continue to be recognised in trade accounts receivable.
Cash and cash equivalents are stated at amortised costs and include cash on hand, postal and bank accounts at sight and time deposits with maturities at the balance sheet date of 90 days or less.
Non-derivative financial liabilities are initially recognised at fair value less any attributable transaction costs and are subsequently measured at amortised cost.
Provisions are recognised when:
A provision is recognised for expected warranty claims on products based on past experience of the level of repairs and returns.
Government grants are recognised as income over the periods matching the related costs, which they are intended to compensate on a systematic basis. Government grants are recognised when there is reasonable assurance that the entity complies with any conditions attached to the grant and the value can be estimated reliably.
Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current income taxes are accrued based on taxable income of the current year. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted at the reporting date. Deferred income tax assets and liabilities are recognised for all temporary differences between the tax and accounting bases of assets and liabilities at the reporting date using the liability method.
Deferred income taxes are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled.
Deferred tax assets arising from tax loss carry forwards and deductible temporary differences are capitalised only if it is probable that they can be used to be offset against future taxable profits.
All outstanding derivatives are recognised at market value as at the balance sheet date and shown at gross values under other accounts receivables or other current liabilities. Value changes on derivatives for hedges of recognised underlying transactions are shown like the underlying transaction. Value changes on derivatives for hedges of future cash flows will be shown directly in equity until completion of the underlying transaction. At the time of recognition of the underlying transaction, the gain or loss recorded in equity will be transferred to the income statement.
Cicor maintains several pension plans for employees in Switzerland, France, Germany, Sweden the United Kingdom, the United States and Sweden. A liability is recognised if a pension plan has an underfunding and there is an economic obligation for Cicor to pay additional contribution. The assessment of whether there is an obligation is made using the recognition criteria for provisions. For Swiss plans, the measurement of assets or liabilities is based on the financial statements of the pension plan prepared in accordance with FER 26, while for German plans, it is based on an actuarial calculation. In France, employees are entitled to a lump sum retirement indemnity (‘indemnité de fin de carrière’, IFC), which represents a defined benefit obligation. Pension institutions without surplus / deficit include the Swiss, British, Swedish and US plans. At the balance sheet date, no non-committed reserves exist. Therefore, neither an economic benefit nor an economic obligation is capitalised in the balance sheet. Employer contribution reserves are always recognised as an asset.
Changes in the economic obligation, the employer contribution reserves and the contributions incurred for the period are recognised in personnel costs in the income statement.
Basic earnings per share are calculated by dividing net profit excluding non-controlling interests by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share include all potentially dilutive effects.
When shares are repurchased, the amount of the consideration paid is recognised as a deduction from equity and presented as a separate component in equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is recognised in capital reserves.
The Group’s interest-free mandatory convertible note is classified as equity, because it does not contain any obligation to deliver cash or other financial assets and does not require settlement in a variable number of the Group’s equity instruments. Incremental costs directly attributable to the issue of the mandatory convertible note are recognised as a deduction from equity.
Share-based payments to members of the Board of Directors and to employees are measured at fair value at the grant date, and recognised in the income statement over the vesting period with a corresponding increase in equity. The fair value at the grant date is assessed considering the market conditions, with no subsequent true-up. The amount recognised as an expense is adjusted considering the satisfaction or failure of meeting the service conditions and non-market performance conditions.
Revenue from the sale of products comprises all revenues that are derived from sales of products to third parties after deduction of price rebates and value-added tax. Revenues from the sale of products are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the products.
Revenues from engineering and consulting services are recognised in the accounting period in which the services are rendered. Bad debt losses are included in net sales.
Research costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is recognised only when a future benefit is expected, costs can be measured reliably, the asset is controlled by the organisation and the resources needed to complete the asset are/will be made available. Additionally, the Group has to demonstrate the technical feasibility, the availability of resources and its intention of completing the project so that it will be available for use or sale.
Capitalised development cost is measured at cost less accumulated amortisation and accumulated impairment losses.
Cicor uses the below non-GAAP measures in the financial reporting.
EBITDA as a subtotal includes EBIT before deduction of depreciation and impairment of tangible assets as well as amortisation and impairment of intangible assets. EBIT as a subtotal includes all income and expenses before addition/deduction of financial income, financial expenses and income taxes.
In addition to the financial information prepared in accordance with Swiss GAAP FER, Cicor presents Adjusted EBITDA, Adjusted EBIT, Adjusted Net Profit and Adjusted Earnings per Share (EPS) as Alternative Performance Measures (APMs).
Adjusted results are derived from the corresponding Swiss GAAP FER measures and exclude items that are not considered indicative of the Group’s underlying operational performance. These adjustments primarily relate to significant non-recurring items and acquisition-related accounting effects. Management uses these adjusted measures to assess the underlying operating performance of the Group, to support internal performance management and decision-making, and to enhance comparability across reporting periods and with peer companies, particularly those with different acquisition profiles.
Results are adjusted for the following items:
Non-recurring expenses incurred in connection with significant integration measures, reorganisations, operational realignments or temporary business disruptions following acquisitions.
In business combinations under Swiss GAAP FER, assets and liabilities are recognised at fair value as part of the purchase price allocation (PPA). These fair value adjustments are acquisition-related and may affect subsequent earnings. The most significant impact typically relates to inventory recognised at fair value, where the step-up compared to production cost is expensed through cost of goods sold when the inventory is sold, resulting in a temporary reduction in gross profit. Other PPA-related fair value adjustments are also adjusted if they are not indicative of the company’s underlying operating performance.
Material, non-recurring expenses related to major restructuring or reorganisation programs aimed at improving future profitability.
Transaction costs for M&A projects are capitalised as part of goodwill if the transaction is successfully completed. If an M&A project is abandoned, the related transaction costs are recognised as expense in the income statement.
Amortisation and impairment charges relating to intangible assets recognised in connection with business combinations, such as brands, customer relationships, framework contracts, order backlogs and technologies. These charges arise from acquisition accounting rather than from the Group’s underlying operational activities.
The definitions and calculation methodology of the adjusted measures are applied consistently over time. Any changes to the definition or presentation of these APMs will be disclosed and explained in the reporting period in which they occur.
Adjusted results are Alternative Performance Measures and should not be regarded as a substitute for, or superior to, financial measures prepared in accordance with Swiss GAAP FER. They may not be comparable with similarly titled measures presented by other companies.
The table below provides a quantitative reconciliation of the reported Swiss GAAP FER figures to the corresponding adjusted measures. Each adjustment is presented separately and transparently for the respective reporting periods.
in CHF 1 000 | 2025 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg.3) | M&A project costs4) | PPA Amort./ Impair.5) | 2025 adjusted | in % |
Net Sales | 616 499 | 100.0 | - | - | - | - | - | 616 499 | 100.0 |
EBITDA | 56 261 | 9.1 | 2 484 | 819 | 621 | 4 444 | - | 64 629 | 10.5 |
Operating profit (EBIT) | 30 787 | 5.0 | 2 484 | 819 | 621 | 4 444 | 8 017 | 47 172 | 7.7 |
Profit before tax (EBT) | 22 076 | 3.6 | 2 484 | 819 | 621 | 6 813 | 8 017 | 40 830 | 6.6 |
Net profit | 16 911 | 2.7 | 1 863 | 603 | 478 | 6 813 | 5 999 | 32 668 | 5.3 |
Earnings per share (in CHF) | 3.85 | 0.42 | 0.14 | 0.11 | 1.55 | 1.37 | 7.45 |
in CHF 1 000 | 2025 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg. 3) | M&A project costs4) | PPA Amort./ Impair.5) | 2025 adjusted | in % |
Net sales EMS Division | 583 978 | 100.0 | - | - | - | - | - | 583 978 | 100.0 |
EBITDA EMS Division | 59 835 | 10.2 | 2 484 | 819 | 621 | - | - | 63 759 | 10.9 |
Net sales AS Division | 35 262 | 100.0 | - | - | - | - | - | 35 262 | 100.0 |
EBITDA AS Division | 3 799 | 10.8 | - | - | - | - | - | 3 799 | 10.8 |
Net sales corporate and elimination | –2 741 | 100.0 | - | - | - | - | - | –2 741 | 100.0 |
EBITDA corporate and elimination | –7 373 | 269.0 | - | - | - | 4 444 | - | –2 929 | 106.8 |
1)The integration of Éolane out of judicial administration resulted in a negative EBITDA contribution of CHF -2.5 million, mainly due to ramp-up and other non-recurring effects in the first half of 2025.
2)PPA fair value adjustments include costs relating to inventory fair value step-ups and income from the use of provisions for onerous contracts from acquisitions completed in 2024 and 2025.
3)Restructuring and reorganisation includes costs for the transfer of business activities from Singapore to Indonesia and reorganisation costs in Germany and Morocco.
4)As a consequence of the termination of the TT Electronics acquisition, TCHF 4 444 of transaction costs that would have been capitalised were recognised as operating expenses, and TCHF 2 369 as financial expenses in the income statement 2025. These costs primarily relate to advisory fees, regulatory clearances and bridge financing. Refer to note 25 Subsequent events for further information.
5)The amortisation and impairment of intangible assets capitalised as part of an acquisition relate to acquired brands, customer relationships, framework contracts, order backlogs and technologies.
in CHF 1 000 | 2024 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg.3) | M&A project costs4) | PPA Amort./ Impair.5) | 2024 adjusted | in % |
Net Sales | 480 836 | 100.0 | - | - | - | - | - | 480 836 | 100.0 |
EBITDA | 58 353 | 12.1 | - | 1 244 | 355 | 768 | - | 60 720 | 12.6 |
Operating profit (EBIT) | 38 086 | 7.9 | - | 1 244 | 799 | 768 | 6 636 | 47 533 | 9.9 |
Profit before tax (EBT) | 35 505 | 7.4 | - | 1 244 | 799 | 768 | 6 636 | 44 952 | 9.3 |
Net profit | 27 253 | 5.7 | - | 933 | 572 | 745 | 4 978 | 34 480 | 7.2 |
Earnings per share (in CHF) | 6.20 | - | 0.21 | 0.13 | 0.17 | 1.13 | 7.85 |
in CHF 1 000 | 2024 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg. 3) | M&A project costs4) | PPA Amort./ Impair.5) | 2024 adjusted | in % |
Net sales EMS Division | 438 007 | 100.0 | - | - | - | - | - | 438 007 | 100.0 |
EBITDA EMS Division | 57 047 | 13.0 | - | 1 244 | - | 67 | - | 58 358 | 13.3 |
Net sales AS Division | 45 306 | 100.0 | - | - | - | - | - | 45 306 | 100.0 |
EBITDA AS Division | 6 826 | 15.1 | - | - | 355 | - | - | 7 181 | 15.8 |
Net sales corporate and elimination | –2 477 | 100.0 | - | - | - | - | - | –2 477 | 100.0 |
EBITDA corporate and elimination | –5 520 | 222.9 | - | - | - | 701 | - | –4 819 | 194.5 |
1)n/a
2)PPA fair value adjustments include costs relating to inventory fair value step-ups from acquisitions completed in 2024.
3)Restructuring and reorganisation includes costs for the wind down of business activities in Ulm (Germany) and for the transfer of these activities to Wangs (Switzerland).
4)Transaction costs for abandoned M&A projects of TCHF 768 were recognised in the income statement 2024. These costs primarily relate to advisory fees.
5)The amortisation and impairment of intangible assets capitalised as part of an acquisition relate to acquired brands, customer relationships, framework contracts, order backlogs and technologies.
in CHF 1 000 | 2023 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg.3) | M&A project costs4) | PPA Amort./ Impair.5) | 2023 adjusted | in % |
Net Sales | 389 890 | 100.0 | - | - | - | - | - | 389 890 | 100.0 |
EBITDA | 45 135 | 11.6 | - | 408 | 721 | - | 46 264 | 11.9 | |
Operating profit (EBIT) | 29 045 | 7.4 | - | 408 | - | 721 | 3 689 | 33 863 | 8.7 |
Profit before tax (EBT) | 20 683 | 5.3 | - | 408 | - | 721 | 3 689 | 25 501 | 6.5 |
Net profit | 11 760 | 3.0 | - | 282 | - | 721 | 2 762 | 15 525 | 4.0 |
Earnings per share (in CHF) | 2.66 | - | 0.06 | - | 0.16 | 0.62 | 3.51 |
in CHF 1 000 | 2023 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg. 3) | M&A project costs4) | PPA Amort./ Impair.5) | 2023 adjusted | in % |
Net sales EMS Division | 347 932 | 100.0 | - | - | - | - | - | 347 932 | 100.0 |
EBITDA EMS Division | 43 366 | 12.5 | - | 383 | - | - | - | 43 749 | 12.6 |
Net sales AS Division | 43 011 | 100.0 | - | - | - | - | - | 43 011 | 100.0 |
EBITDA AS Division | 6 063 | 14.1 | - | 25 | - | - | - | 6 088 | 14.2 |
Net sales corporate and elimination | –1 053 | 100.0 | - | - | - | - | - | –1 053 | 100.0 |
EBITDA corporate and elimination | –4 294 | 407.8 | - | - | - | 721 | - | –3 573 | 339.3 |
1)n/a
2)PPA fair value adjustments include costs relating to inventory fair value step-ups from acquisitions completed in 2023.
3)n/a
4)Transaction costs for abandoned M&A projects of TCHF 721 were recognised in the income statement 2023. These costs primarily relate to advisory fees.
5)The amortisation and impairment of intangible assets capitalised as part of an acquisition relate to acquired brands, customer relationships, framework contracts, order backlogs and technologies.
in CHF 1 000 | 2022 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg.3) | M&A project costs4) | PPA Amort./ Impair.5) | 2022 adjusted | in % |
Net Sales | 313 193 | 100.0 | - | - | - | - | - | 313 193 | 100.0 |
EBITDA | 32 274 | 10.3 | - | 355 | - | 108 | - | 32 737 | 10.5 |
Operating profit (EBIT) | 17 592 | 5.6 | - | 355 | - | 108 | 3 813 | 21 868 | 7.0 |
Profit before tax (EBT) | 13 051 | 4.2 | - | 355 | - | 108 | 3 813 | 17 327 | 5.5 |
Net profit | 9 178 | 2.9 | - | 245 | - | 108 | 2 860 | 12 391 | 4.0 |
Earnings per share (in CHF) | 2.47 | - | 0.07 | - | 0.03 | 0.77 | 3.33 |
in CHF 1 000 | 2022 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg. 3) | M&A project costs4) | PPA Amort./ Impair.5) | 2022 adjusted | in % |
Net sales EMS Division | 269 637 | 100.0 | - | - | - | - | - | 269 637 | 100.0 |
EBITDA EMS Division | 28 950 | 10.7 | - | 355 | - | - | - | 29 305 | 10.9 |
Net sales AS Division | 44 779 | 100.0 | - | - | - | - | - | 44 779 | 100.0 |
EBITDA AS Division | 6 459 | 14.4 | - | - | - | - | - | 6 459 | 14.4 |
Net sales corporate and elimination | –1 223 | 100.0 | - | - | - | - | - | –1 223 | 100.0 |
EBITDA corporate and elimination | –3 135 | 256.3 | - | - | - | 108 | - | –3 027 | 247.5 |
1)n/a
2)PPA fair value adjustments include costs relating to inventory fair value step-ups from acquisitions completed in 2022.
3)n/a
4)Transaction costs for abandoned M&A projects of TCHF 108 were recognised in the income statement 2022. These costs primarily relate to advisory fees.
5)The amortisation and impairment of intangible assets capitalised as part of an acquisition relate to acquired brands, customer relationships, framework contracts, order backlogs and technologies.
Free Cash Flow before Acquisitions includes Operating Cash Flow and Investing Cash Flow, excluding cash paid for the acquisition of subsidiaries, net of cash acquired.
The Cicor Group uses Operating net working capital as a measure to monitor net working capital. Operating net working capital considers Inventories, Trade receivables and Trade payables, as well as Prepayments from customers and to suppliers.
Operating net working capital is presented relative to last twelve month (LTM) sales, including pro forma sales from completed acquisitions.
in CHF 1 000 | Balance sheet allocation | 31.12.2025 | 31.12.2024 |
Inventories | Inventories | 184 248 | 141 489 |
Prepayments to suppliers for inventory | Other accounts receivable | 4 613 | 1 625 |
Prepayments from customers for inventory | Other current liabilities | –46 893 | –32 128 |
Operating inventories | 141 968 | 110 986 | |
Trade accounts receivable | Trade accounts receivable | 95 161 | 74 290 |
Prepayments from customers other | Other current liabilities | –8 124 | –3 507 |
Operating trade receivables | 87 037 | 70 783 | |
Trade accounts payable | Trade accounts payable | –75 478 | –58 103 |
Prepayments to suppliers other | Other accounts receivable | 812 | 1 323 |
Operating trade payables | –74 666 | –56 780 | |
Operating net working capital | 154 339 | 124 989 | |
in % of LTM net sales 1) | 22.3% | 24.8% |
1)Acquisitions are included for full twelve months pro forma.
in 1 000, unless otherwise stated | Participation in % | Currency | 31.12.2025 | 31.12.2024 |
Cicor Technologies Ltd, Boudry, Switzerland | 100 | CHF | 46 703 | 45 649 |
Holding/Finance | ||||
Cicor Management AG, Bronschhofen (Wil), Switzerland 1) | 100 | CHF | 250 | 250 |
Management Services | ||||
Cicor Microtech AG, Wangs, Switzerland 1) 2) | 100 | CHF | 1 800 | 1 800 |
Engineering/Production/Sales/Distribution | ||||
Cicorel SA, Boudry, Switzerland 1) | 100 | CHF | 8 000 | 8 000 |
Engineering/Production/Sales/Distribution | ||||
Electronicparc Holding AG, Bronschhofen (Wil), Switzerland 1) | 100 | CHF | 23 271 | 23 271 |
Holding/Finance | ||||
Swisstronics Contract Manufacturing AG, Bronschhofen (Wil), Switzerland | 100 | CHF | 3 000 | 3 000 |
Engineering/Production/Sales/Distribution | ||||
Brant Rock Enterprises Corporation, British Virgin Islands | 100 | USD | 10 | 10 |
Holding/Finance | ||||
Dongguan Arlec Electrical Products Co. Ltd, Dongguan, China | 100 | HKD | 66 920 | 66 920 |
Production/Sales/Distribution | ||||
Suzhou Cicor Technology Co. Ltd., Suzhou, China | 100 | CNY | 42 033 | 42 033 |
Production | ||||
Cicor France, SAS, Angers, France 1) | 100 | EUR | 16 000 | n/a |
Holding/Finance | ||||
Cicor Angers, SAS, Angers, France | 100 | EUR | 4 000 | n/a |
Engineering/Production/Sales/Distribution | ||||
Cicor Combrée, SAS, Combrée, France | 100 | EUR | 10 000 | n/a |
Engineering/Production/Sales/Distribution | ||||
Cicor Douarnenez, SAS, Douarnenez, France | 100 | EUR | 4 450 | n/a |
Engineering/Production/Sales | ||||
Cicor Neuilly-en-Thelle, SAS, Neuilly-en-Thelle, France | 100 | EUR | 1 685 | n/a |
Production/Sales | ||||
Cicor Saint-Agrève, SAS, Saint-Agrève, France | 100 | EUR | 4 039 | n/a |
Engineering/Production/Sales | ||||
Cicor Deutschland GmbH, Dresden, Germany 1) | 100 | EUR | 5 000 | 5 000 |
Engineering/Production/Sales/Distribution | ||||
Cicor Digital Elektronik GmbH, Wutha-Farnroda, Germany | 100 | EUR | 350 | 350 |
Engineering/Production/Sales/Distribution | ||||
Cicor Microsystems GmbH, Radeberg, Germany 1) 2) | 100 | EUR | 216 | 216 |
Engineering/Production/Sales/Distribution | ||||
Cicor Microtech GmbH, Ulm, Germany 2) | 100 | EUR | 500 | 500 |
Engineering/Sales/Distribution | ||||
Cicor Profectus Electronic GmbH, Suhl, Germany | 100 | EUR | 200 | n/a |
Engineering/Production/Sales | ||||
Profectus Immobilien GmbH, Suhl, Germany | 100 | EUR | 25 | n/a |
Property | ||||
Stadium Asia Ltd, Hong Kong, Hong Kong | 100 | AUD | 16 350 | 16 350 |
Sales/Distribution | ||||
STMC Ltd, Hong Kong, Hong Kong | 100 | HKD | 2 000 | 2 000 |
Finance | ||||
PT Cicor Panatec, Batam, Indonesia | 100 | USD | 300 | 300 |
Production | ||||
Cicor Maroc SARL, Berrechid, Morocco 1) | 100 | MAD | 22 914 | n/a |
Production/Sales | ||||
Valtronic Technologies Morocco SARL, Berrechid, Morocco 1) | 100 | MAD | 6 000 | n/a |
Production/Sales | ||||
Cicor Medtec Bucharest srl, Bucharest, Romania | 100 | RON | 1 | 1 |
Engineering/Sales | ||||
Cicor Romania SRL, Arad, Romania 2) | 100 | RON | 5 145 | 5 145 |
Engineering/Production/Sales | ||||
Cicor Asia Pte Ltd., Singapore | 100 | SGD | 30 814 | 2 000 |
Sales/Distribution | ||||
ESG Holding Pte Ltd., Singapore 1) | 100 | SGD | 18 412 | 1 896 |
Holding/Finance | ||||
Málaga Aerospace, Defense and Electronics System S.A.U., Málaga, Spain 1) | 100 | EUR | 6 036 | n/a |
Engineering/Production/Sales | ||||
Cicor Nordic Engineering AB, Norrtälje, Sweden 2) | 100 | SEK | 100 | 100 |
Engineering/Sales | ||||
Nordic Engineering Partner Holding AB, Västerås, Sweden 1) | 100 | SEK | 100 | 100 |
Holding/Finance | ||||
Cicor Digital Tunisie S.U.A.R.L., Borj-Cedria, Tunisia 1) | 100 | EUR | 57 | 57 |
Production | ||||
Axis Electronics Limited, Milton Keynes, UK | 100 | GBP | 10 | 10 |
Engineering/Production/Sales/Distribution | ||||
Cicor Hartlepool Ltd, Hartlepool, UK | 100 | GBP | 1 909 | 1 909 |
Engineering/Production/Sales/Distribution | ||||
Cicor Newport Ltd, Newport, UK | 100 | GBP | 1 000 | 1 000 |
Engineering/Production/Sales/Distribution | ||||
Cicor UK Ltd, Milton Keynes, UK 1) | 100 | GBP | 7 813 | 7 813 |
Holding/Finance | ||||
Cicor UK Properties Ltd, Newport, UK 3) | 100 | GBP | 0 | 100 |
Finance | ||||
STS Defence Group Limited, Gosport, UK 3) | 100 | GBP | 0 | 23 |
Holding/Finance | ||||
STS Defence Holdings Limited, Gosport, UK 3) | 100 | GBP | 0 | 47 |
Holding/Finance | ||||
STS Defence Limited, Gosport, UK | 100 | GBP | 414 | 164 |
Engineering/Production/Sales/Distribution | ||||
Cicor Americas Inc., Cambridge, USA 1) | 100 | USD | 10 | 10 |
Sales/Distribution | ||||
Cicor Ohio, Solon Inc., Solon, Ohio, USA 1) | 100 | USD | 6 749 | n/a |
Engineering/Production/Sales | ||||
Cicor Vietnam Company Ltd., Thuan An City, Vietnam | 100 | USD | 1 500 | 1 500 |
Production/Sales/Distribution |
1)Directly held subsidiaries of Cicor Technologies Ltd.
2)The company was renamed in 2025.
3)The company is in liquidation.
Effective 3 January 2025, the Cicor Group acquired 100% of the shares of Profectus GmbH, based in Suhl (Thuringia, Germany). Profectus GmbH is a service provider for the development and manufacturing of electronic modules and systems. Its long-standing customers include medium-sized companies and leading corporations, mainly in the industrial and healthcare technology sectors. The company employs around 90 people. The transaction includes two companies, one operating and one real estate company. They were integrated into the Electronic Manufacturing Services (EMS) Division.
The total consideration amounted to EUR 6.9 million (CHF 6.5 million) and the purchase price allocation resulted in goodwill of EUR 2.8 million (CHF 2.6 million) which has been offset against equity.
The company was consolidated as of 3 January 2025. Net sales from 1 January to 2 January 2025 amounted to EUR 0.0 million (CHF 0.0 million) and net sales from 3 January to 31 December 2025 amounted to EUR 19.5 million (CHF 18.3 million).
Effective 22 April 2025, the Cicor Group completed the acquisition of business activities from the French Éolane Group. The acquired business was under judicial administration and the transaction was completed following the court accepting Cicor’s public offer, that included the takeover of employees, production facilities and inventories for two sites in France (Combrée and Angers), the takeover of 100% of the shares of three sites in France (Saint-Agrève, Neuilly-en-Thelle, Douarnenez) and the takeover of 100% of the shares of a production company with two sites in Berrechid, Morocco. The acquired business is among the leading providers in the French Electronic Manufacturing Services (EMS) market, with a strong position in strategic sectors such as aerospace and defence, railway and nuclear technology and adds around 890 employees. The five manufacturing sites in France and the two sites in Morocco were integrated into the Electronic Manufacturing Services (EMS) Division.
The total consideration amounted to EUR 10.7 million (CHF 10.0 million) and the preliminary purchase price allocation resulted in a negative goodwill of EUR -18.2 million (CHF -17.0 million) which has been offset against equity. Due to the complexity involved in acquiring a business under judicial administration, the purchase price allocation remains provisional with regard to the acquired assets and assumed liabilities.
The acquired Éolane business was consolidated as of 22 April 2025. Net Sales from 1 January to 21 April 2025 amounted to EUR 36.4 million (CHF 34.1 million) and net sales from 22 April to 31 December 2025 amounted to EUR 91.8 million (CHF 86.0 million).
Effective 2 June 2025, Cicor Group completed the acquisition of a manufacturing site in Plan-les-Ouates, Geneva, Switzerland, from Mercury Mission Systems International S. A. (Mercury) as part of an asset deal. The transaction is part of a strategic collaboration with Mercury, under which it was agreed that Mercury will transfer part of its European electronic manufacturing to Cicor and that the production in Plan-les-Ouates, which comprises 34 employees, will be relocated to the Cicor sites in Bronschhofen (Switzerland) and Newport (UK) by the end of 2026. A restructuring provision for the closing of the production in Plan-les-Ouates in the amount of CHF 1.4 million was included as part of the transaction. The acquired business was integrated into the Electronic Manufacturing Services (EMS) Division.
The total consideration amounted to CHF 6.2 million and the preliminary purchase price allocation resulted in a goodwill of CHF 1.0 million which has been offset against equity.
Net sales from 1 January to 1 June 2025 amounted to CHF 5.1 million and net sales from 2 June to 31 December 2025 amounted to CHF 12.3 million.
Effective 1 August 2025, the Cicor Group acquired 100% of the shares of Málaga Aerospace, Defense and Electronics System S.A.U., based in Málaga (Spain), from the French Latecoere Group. MADES focuses on electronics solutions for the A&D market. In addition, the company serves customers in the industrial and railway technology sector. The company employs around 100 people. The transaction includes one operating company. It was integrated into the Electronic Manufacturing Services (EMS) Division.
The total consideration amounted to EUR 32.0 million (CHF 29.8 million) and the preliminary purchase price allocation resulted in a goodwill of EUR 10.7 million (CHF 10.0 million) which has been offset against equity.
The company was consolidated as of 1 August 2025. Net Sales from 1 January to 31 July 2025 amounted to EUR 14.4 million (CHF 13.4 million) and net sales from 1 August to 31 December 2025 amounted to EUR 15.8 million (CHF 14.8 million).
Effective 14 November 2025, Cicor Group completed the acquisition of two operating companies from the Swiss Valtronic Group. The acquired Valtronic sites in Berrechid (Morocco) and Cleveland (Ohio, USA) are specialised in the manufacturing of innovative medical and diagnostic devices. The two sites employ around 220 people. The acquired companies were integrated into the Electronic Manufacturing Services (EMS) Division.
The total consideration amounted to CHF 6.8 million and the preliminary purchase price allocation resulted in a goodwill of CHF 2.0 million which has been offset against equity.
The acquired Valtronic business was consolidated as of 14 November 2025. Net Sales from 1 January to 13 November 2025 amounted to USD 19.9 million (CHF 16.5 million) in the US and to MAD 60.2 million (CHF 5.3 million) in Morocco. Net sales from 14 November to 31 December 2025 amounted to USD 1.0 million (CHF 0.8 million) in the US and to MAD 6.1 million (CHF 0.5 million) in Morocco.
Financial information on the five transactions is disclosed in below table.
in CHF 1 000 | Profectus1) | Éolane2) | Mercury3) | MADES4) | Valtronic5) | Total |
Purchase consideration paid | 6 049 | 6 830 | 5 417 | 28 929 | 3 000 | 50 225 |
Purchase consideration deferred | - | - | 500 | - | 3 300 | 3 800 |
Total purchase consideration | 6 049 | 6 830 | 5 917 | 28 929 | 6 300 | 54 025 |
Direct costs related to acquisition paid | 427 | 3 075 | 300 | 737 | 539 | 5 078 |
Direct costs related to acquisition deferred | - | 119 | - | 118 | 9 | 246 |
Total consideration | 6 476 | 10 025 | 6 217 | 29 784 | 6 848 | 59 349 |
Less: Fair value of net assets acquired | –3 864 | –27 003 | –5 200 | –19 810 | –4 896 | –60 774 |
Goodwill | 2 611 | –16 979 | 1 017 | 9 974 | 1 952 | –1 425 |
Property, plant and equipment | 6 247 | 20 348 | 290 | 7 563 | 5 154 | 39 602 |
Intangible assets | 2 529 | 5 190 | 1 377 | 9 813 | 785 | 19 694 |
Other non current assets | - | 2 | - | 102 | - | 104 |
Inventories | 7 195 | 35 997 | 10 473 | 14 906 | 3 374 | 71 945 |
Trade accounts receivable | 1 538 | 11 491 | - | 4 612 | 2 639 | 20 280 |
Other accounts receivable, prep. exp. and accruals | 657 | 8 171 | - | 683 | 804 | 10 315 |
Cash and cash equivalents | 358 | 3 333 | - | 613 | 1 078 | 5 382 |
Deferred Tax assets / liabilities | –953 | –1 913 | - | –3 687 | –454 | –7 007 |
Liabilities for post-employment benefits | - | –4 165 | - | - | - | –4 165 |
Long-term financial liabilities | –4 971 | –4 081 | - | - | –2 508 | –11 560 |
Long-term provisions | - | –643 | –1 420 | –460 | –52 | –2 574 |
Other long-term liabilities | - | –356 | - | –577 | - | –933 |
Short-term financial liabilities | –3 502 | –6 072 | - | –1 055 | –66 | –10 696 |
Short-term provisions | –11 | –983 | - | - | - | –994 |
Trade payables | –1 774 | –7 075 | - | –3 207 | –2 754 | –14 810 |
Other current liabilities and accruals | –3 334 | –31 940 | –5 520 | –9 497 | –3 044 | –53 335 |
Income tax payable | –115 | –300 | - | - | –59 | –473 |
Total fair value of net assets acquired | 3 864 | 27 003 | 5 200 | 19 810 | 4 896 | 60 774 |
Total consideration paid | 6 476 | 9 906 | 5 717 | 29 666 | 3 539 | 55 304 |
Less: cash and cash equivalents acquired | –358 | –3 333 | - | –613 | –1 078 | –5 382 |
Cash outflow on acquisitions during the year | 6 117 | 6 573 | 5 717 | 29 053 | 2 461 | 49 922 |
1)Acquisition of Profectus.
2)Acquisition of business from French Éolane Group.
3)Acquisition of business from Mercury Electronics.
4)Acquisition of MADES.
5)Acquisition of business from Valtronic Group.
A contingent deferred purchase consideration from the acquisition of Evolution Medtec Srl (Bucharest, Romania), closed as per 28 February 2024, is no longer expected to become due. The liability of TEUR 200 (TCHF 191) was derecognised and goodwill was adjusted by the same amount.
Effective 24 January 2024, Cicor Group acquired 100% of the shares of STS Defence Ltd (STS), located in Gosport, England, for a total consideration of GBP 27.8 million (CHF 30.7 million). The site was integrated into the organisational unit ‘Cicor UK’ of the Electronic Manufacturing Services (EMS) Division. The purchase price allocation resulted in goodwill of GBP 19.5 million (CHF 21.4 million) which has been offset against equity. The company was consolidated as of 24 January 2024. Net sales from 1 January 2024 to 23 January 2024 amounted to GBP 1.3 million (CHF 1.4 million) and net sales from 24 January 2024 to 31 December 2024 amounted GBP 35.4 million (CHF 39.8 million).
Effective 28 February 2024, Cicor Group acquired 100% of the shares of Evolution Medtec Srl (EM), located in Bucharest, Romania, for a total consideration of RON 9.7 million (CHF 1.9 million). The site was integrated into the organisational unit ‘Cicor Engineering’ of the Electronic Manufacturing Services (EMS) Division. The purchase price allocation resulted in goodwill of RON 6.8 million (CHF 1.3 million) which has been offset against equity. Evolution Medtec was consolidated as of 28 February 2024. Net sales from 1 January to 27 February 2024 amounted to RON 2.0 million (CHF 0.4 million) and net sales from 28 February to 31 December 2024 amounted to RON 6.9 million (CHF 1.3 million).
Effective 31 March 2024, Cicor Group acquired 100% of the shares of TT Electronics IoT Solutions Ltd (IoT) for a total consideration of GBP 21.2 million (CHF 24.1 million). The transaction included a total of seven companies, thereof two production sites in England (Newport and Hartlepool) that were integrated into the organisational unit ‘Cicor UK’and one production site in China (Dongguan) that became part of ‘Cicor Asia’, all in the Electronic Manufacturing Services (EMS) Division. The purchase price allocation resulted in a bargain purchase of GBP -4.6 million (CHF -5.2 million) which has been offset against equity. The IoT business was consolidated as of 31 March 2024. Net sales from 1 January to 30 March 2024 amounted to GBP 16.1 million (CHF 18.1 million) and net sales from 31 March to 31 December 2024 amounted to GBP 52.9 million (CHF 59.5 million).
Effective 7 November 2024, the Cicor Group acquired 100% of the shares of Nordic Engineering Partner AB (NEP) for a total consideration of SEK 96.6 million (CHF 7.9 million). The transaction included two companies, thereof one engineering and one holding company. The site was integrated into the organisational unit ‘Cicor Engineering’ of the Electronic Manufacturing Services (EMS) Division. The purchase price allocation resulted in goodwill of SEK 77.2 million (CHF 6.3 million) which has been offset against equity. NEP was consolidated as of 7 November 2024. Net sales from 1 January to 6 November 2024 amounted to SEK 44.6 million (CHF 3.7 million) and net sales from 7 November to 31 December 2024 amounted to SEK 7.4 million (CHF 0.6 million).
Financial information on the four transactions is disclosed in below table.
in CHF 1 000 | STS 1) | EM 2) | IoT 3) | NEP 4) | Total |
Purchase consideration paid | 29 722 | 1 356 | 22 941 | 6 214 | 60 233 |
Purchase consideration deferred | - | 382 | - | 1 532 | 1 913 |
Total purchase consideration | 29 722 | 1 738 | 22 941 | 7 746 | 62 147 |
Direct costs related to acquisition paid | 985 | 124 | 1 199 | 156 | 2 464 |
Direct costs related to acquisition deferred | - | - | - | 24 | 24 |
Total consideration | 30 707 | 1 862 | 24 140 | 7 926 | 64 635 |
Less: Fair value of net assets acquired | –9 324 | –553 | –29 371 | –1 612 | –40 860 |
Goodwill | 21 383 | 1 309 | –5 231 | 6 314 | 23 775 |
Property, plant and equipment | 574 | 6 | 3 695 | 355 | 4 630 |
Intangible assets | 12 967 | 0 | 2 815 | 850 | 16 631 |
Inventories | 4 237 | 16 | 24 614 | - | 28 867 |
Trade accounts receivable | 4 765 | 303 | 10 183 | 1 006 | 16 257 |
Other accounts receivable, prep. exp. and accruals | 560 | 49 | 3 071 | 81 | 3 761 |
Cash and cash equivalents | 1 265 | 349 | 5 786 | 487 | 7 886 |
Deferred Tax assets / liabilities | –3 618 | 10 | 3 067 | –350 | –891 |
Long-term financial liabilities | - | - | –11 | - | –11 |
Long-term provisions | - | - | –3 134 | - | –3 134 |
Short-term financial liabilities | –3 617 | - | –6 | - | –3 623 |
Short-term provisions | –76 | - | –1 122 | - | –1 198 |
Trade payables | –3 062 | –101 | –7 863 | –177 | –11 204 |
Other current liabilities and accruals | –4 541 | –38 | –11 664 | –637 | –16 880 |
Income tax payable | –129 | –40 | –60 | –3 | –232 |
Total fair value of net assets acquired | 9 324 | 553 | 29 371 | 1 612 | 40 860 |
Total consideration paid | 30 707 | 1 480 | 24 140 | 6 370 | 62 698 |
Less: cash and cash equivalents acquired | –1 265 | –349 | –5 786 | –487 | –7 886 |
Cash outflow on acquisitions during the year | 29 442 | 1 132 | 18 354 | 5 883 | 54 812 |
1)Acquisition of STS Defence Ltd, Gosport (United Kingdom).
2)Acquisition of Evolution Medtec Srl, Bucharest (Romania).
3)Acquisition of TT Electronics IoT Solutions Ltd (United Kingdom and China).
4)Acquisition of Nordic Engineering Partner (Sweden).
in CHF 1 000 | EMS Division | AS Division | Total reportable segments | Corporate and eliminations | Group |
Income statement | 2025 | 2025 | 2025 | 2025 | 2025 |
Sales to external customers | 583 717 | 32 782 | 616 499 | - | 616 499 |
Intersegment sales | 261 | 2 480 | 2 741 | –2 741 | - |
Total Net Sales | 583 978 | 35 262 | 619 240 | –2 741 | 616 499 |
EBITDA | 59 835 | 3 799 | 63 634 | –7 373 | 56 261 |
Balance sheet | 31.12.2025 | 31.12.2025 | 31.12.2025 | 31.12.2025 | 31.12.2025 |
Intangible assets | 52 180 | 216 | 52 396 | 344 | 52 740 |
Other than intangible assets | 486 651 | 35 178 | 521 829 | –17 791 | 504 038 |
Total assets | 538 831 | 35 394 | 574 225 | –17 447 | 556 778 |
Total liabilities | 336 238 | 14 821 | 351 059 | 54 691 | 405 750 |
Other segment information | 2025 | 2025 | 2025 | 2025 | 2025 |
Capital expenditures for property, plant and equipment | 12 746 | 1 381 | 14 127 | 1 | 14 128 |
in CHF 1 000 | EMS Division | AS Division | Total reportable segments | Corporate and eliminations | Group |
Income statement | 2024 | 2024 | 2024 | 2024 | 2024 |
Sales to external customers | 437 939 | 42 897 | 480 836 | - | 480 836 |
Intersegment sales | 68 | 2 409 | 2 477 | –2 477 | - |
Total Net Sales | 438 007 | 45 306 | 483 313 | –2 477 | 480 836 |
EBITDA | 57 047 | 6 826 | 63 873 | –5 520 | 58 353 |
Balance sheet | 31.12.2024 | 31.12.2024 | 31.12.2024 | 31.12.2024 | 31.12.2024 |
Intangible assets | 43 822 | 280 | 44 102 | - | 44 102 |
Other than intangible assets | 326 350 | 39 319 | 365 669 | 7 294 | 372 963 |
Total assets | 370 172 | 39 599 | 409 771 | 7 294 | 417 065 |
Total liabilities | 232 786 | 19 392 | 252 178 | 28 235 | 280 413 |
Other segment information | 2024 | 2024 | 2024 | 2024 | 2024 |
Capital expenditures for property, plant and equipment | 10 593 | 3 679 | 14 272 | - | 14 272 |
Cicor defines its reportable segments based on the internal reporting to its Board of Directors. They base their strategic and operational decisions on these monthly distributed reports, which include the aggregated financial data for the Group and for the divisions. The two divisions, EMS and AS, have been identified as the two reportable segments.
The Electronic Manufacturing Services (EMS) division provides full-cycle electronic solutions from research and development to manufacturing and supply chain management for customers in the medical, industrial and aerospace & defence sectors, while the Advanced Substrates (AS) division provides its customers with high-quality printed circuit boards as well as thin-film substrates.
For internal reporting and therefore the segment reporting, the applied principles of accounting and valuation are the same as in the consolidated financial statements. Intersegment sales are recognised at arm’s length.
in CHF 1 000 | 2025 | % | 2024 | % |
Switzerland | 103 924 | 16.9 | 84 822 | 17.6 |
Europe (without Switzerland) | 431 450 | 70.0 | 325 126 | 67.6 |
Asia | 51 670 | 8.4 | 47 371 | 9.9 |
Americas | 23 244 | 3.8 | 18 677 | 3.9 |
Other | 6 211 | 1.0 | 4 840 | 1.0 |
Total | 616 499 | 100.0 | 480 836 | 100.0 |
Industrial | 237 182 | 38.5 | 159 908 | 33.3 |
Aerospace & defence | 158 548 | 25.7 | 121 679 | 25.3 |
Medical | 118 538 | 19.2 | 114 165 | 23.7 |
Transport | 63 034 | 10.2 | 38 476 | 8.0 |
High-tech consumer | 24 735 | 4.0 | 32 596 | 6.8 |
Communication | 5 563 | 0.9 | 5 586 | 1.2 |
Other | 8 899 | 1.4 | 8 426 | 1.8 |
Total | 616 499 | 100.0 | 480 836 | 100.0 |
Cicor Group’s biggest customer contributed less than 6% (2024: less than 6%) to the Group’s consolidated sales. In 2025, about 26% (2024: about 34%) of total Group net sales can be attributed to the Group’s top ten clients.
2025 in CHF 1 000 | Land and buildings 1) | Machinery | Furniture and equipment | Other equipment | Assets under construction | Total |
Acquisition costs | ||||||
Balance at 1 January 2025 | 50 858 | 108 329 | 15 938 | 2 963 | 4 225 | 182 313 |
Additions 2) | 1 568 | 6 287 | 2 100 | 776 | 3 397 | 14 128 |
Disposals | –2 434 | –5 028 | –363 | –376 | - | –8 201 |
Reclassifications | 309 | 4 529 | 420 | - | –5 258 | - |
Business combinations | 28 795 | 8 538 | 1 345 | 808 | 116 | 39 602 |
Translation adjustment | –1 723 | –3 965 | –465 | –83 | –21 | –6 257 |
Balance at 31 December 2025 | 77 373 | 118 690 | 18 975 | 4 088 | 2 459 | 221 585 |
Accumulated depreciation and impairment | ||||||
Balance at 1 January 2025 | –25 959 | –79 962 | –10 830 | –1 446 | - | –118 197 |
Depreciation | –3 294 | –9 621 | –2 133 | –473 | - | –15 521 |
Impairment | - | –229 | –21 | - | - | –250 |
Disposals | 2 434 | 5 029 | 358 | 145 | - | 7 966 |
Translation adjustment | 725 | 2 599 | 274 | 47 | - | 3 645 |
Balance at 31 December 2025 | –26 094 | –82 184 | –12 352 | –1 727 | - | –122 357 |
Net book value | ||||||
1 January 2025 | 24 899 | 28 367 | 5 108 | 1 517 | 4 225 | 64 116 |
31 December 2025 | 51 279 | 36 506 | 6 623 | 2 361 | 2 459 | 99 228 |
Thereof net book value of assets under financial lease | 3 882 | 1 001 | - | 247 | - | 5 130 |
Net book value of pledged assets | 5 746 | 1 150 | - | - | - | 6 896 |
1)Including leasehold improvements.
2)Of the additions in fixed assets, CHF 2.7 million have not yet been paid as per 31 December 2025.
In 2025, Cicor invested CHF 6.3 million in machinery. The most significant investments were made in Arad, Batam, Bedford, Bronschhofen, Gosport and Radeberg. The investments in land and buildings were mainly made in Germany, Indonesia, the United Kingdom and Switzerland. Assets under construction are equipment whose installation has not yet been completed.
2024 in CHF 1 000 | Land and buildings 1) | Machinery | Furniture and equipment | Other equipment | Assets under construction | Total |
Acquisition costs | ||||||
Balance at 1 January 2024 | 46 455 | 99 871 | 12 746 | 2 491 | 1 885 | 163 448 |
Additions 2) | 1 930 | 5 332 | 1 822 | 378 | 4 810 | 14 272 |
Disposals | –160 | –2 492 | –121 | –131 | –25 | –2 929 |
Reclassifications | 791 | 1 673 | 427 | 30 | –2 921 | - |
Business combinations | 1 049 | 2 057 | 877 | 164 | 483 | 4 630 |
Translation adjustment | 793 | 1 888 | 187 | 31 | –7 | 2 892 |
Balance at 31 December 2024 | 50 858 | 108 329 | 15 938 | 2 963 | 4 225 | 182 313 |
Accumulated depreciation and impairment | ||||||
Balance at 1 January 2024 | –23 287 | –72 671 | –9 118 | –1 215 | - | –106 291 |
Depreciation | –2 259 | –8 213 | –1 681 | –323 | - | –12 476 |
Impairment | –241 | –239 | –6 | - | - | –486 |
Disposals | 160 | 2 361 | 98 | 113 | - | 2 732 |
Translation adjustment | –332 | –1 200 | –123 | –21 | - | –1 676 |
Balance at 31 December 2024 | –25 959 | –79 962 | –10 830 | –1 446 | - | –118 197 |
Net book value | ||||||
1 January 2024 | 23 168 | 27 200 | 3 628 | 1 276 | 1 885 | 57 157 |
31 December 2024 | 24 899 | 28 367 | 5 108 | 1 517 | 4 225 | 64 116 |
Thereof net book value of assets under financial lease | - | 108 | - | 158 | - | 266 |
Net book value of pledged assets | 5 630 | 1 658 | - | - | - | 7 288 |
1)Including leasehold improvements.
2)Of the additions in fixed assets, CHF 1.6 million have not yet been paid as per 31 December 2024.
In 2024, Cicor invested CHF 5.3 million in machinery. The most significant investments were made in Arad, Batam, Newport, Radeberg and Wangs. The investments in land and buildings were mainly made in Indonesia, the United Kingdom and Switzerland. Assets under construction are equipment whose installation has not yet been completed.
2025 in CHF 1 000 | Brand | Technology | Customer relationships | Other | Total |
Acquisition costs | |||||
Balance at 1 January 2025 | 10 550 | 13 329 | 41 935 | 13 829 | 79 643 |
Additions | - | 344 | - | 713 | 1 057 |
Business combinations | - | - | 15 831 | 3 863 | 19 694 |
Translation adjustment | –229 | –368 | –2 229 | –776 | –3 602 |
Balance at 31 December 2025 | 10 321 | 13 305 | 55 537 | 17 629 | 96 792 |
Accumulated amortisation | |||||
Balance at 1 January 2025 | –7 501 | –7 910 | –10 371 | –9 759 | –35 541 |
Amortisation | –247 | –646 | –3 622 | –4 438 | –8 953 |
Impairment | - | - | –750 | - | –750 |
Translation adjustment | 53 | 60 | 471 | 608 | 1 192 |
Balance at 31 December 2025 | –7 695 | –8 496 | –14 272 | –13 589 | –44 052 |
Net book value | |||||
1 January 2025 | 3 049 | 5 419 | 31 564 | 4 070 | 44 102 |
31 December 2025 | 2 626 | 4 809 | 41 265 | 4 040 | 52 740 |
With the exception of internally generated intangible assets amounting to CHF 0.3 million classified under Technology, the recognised intangible assets do not comprise internally generated assets.
2024 in CHF 1 000 | Brand | Technology | Customer relationships | Other | Total |
Acquisition costs | |||||
Balance at 1 January 2024 | 10 343 | 7 288 | 33 841 | 8 050 | 59 522 |
Additions | - | - | - | 858 | 858 |
Business combinations | - | 5 872 | 6 240 | 4 519 | 16 631 |
Translation adjustment | 207 | 169 | 1 854 | 402 | 2 632 |
Balance at 31 December 2024 | 10 550 | 13 329 | 41 935 | 13 829 | 79 643 |
Accumulated amortisation | |||||
Balance at 1 January 2024 | –7 215 | –7 288 | –7 450 | –5 719 | –27 672 |
Amortisation | –254 | –610 | –2 659 | –3 782 | –7 305 |
Translation adjustment | –32 | –12 | –262 | –258 | –564 |
Balance at 31 December 2024 | –7 501 | –7 910 | –10 371 | –9 759 | –35 541 |
Net book value | |||||
1 January 2024 | 3 128 | - | 26 391 | 2 331 | 31 850 |
31 December 2024 | 3 049 | 5 419 | 31 564 | 4 070 | 44 102 |
The goodwill from the acquisition of companies and businesses or the purchase of interests in associates or joint ventures is offset against equity at the date of acquisition. The theoretical capitalisation of goodwill and its amortisation over the expected useful life would have the following effects on the consolidated financial statements as at 31 December 2025.
The total balance of goodwill offset in the consolidated statement of changes in equity at the balance sheet date does not equal the balance of goodwill in the table below because, contrary to the theoretical movement schedule for goodwill, no subsequent translation adjustment is allocated to the goodwill offset in the consolidated statement of changes in equity.
in CHF 1 000 | 2025 | 2024 |
Acquisition costs | ||
Balance at 1 January | 149 408 | 123 396 |
Goodwill additions | 15 363 | 29 006 |
Negative goodwill additions | –16 979 | –5 231 |
Translation adjustment | –2 312 | 2 237 |
Balance at 31 December 1) | 145 480 | 149 408 |
Accumulated amortisation and release | ||
Balance at 1 January | –115 682 | –106 806 |
Goodwill amortisation | –12 858 | –10 168 |
Negative goodwill release | 8 193 | 1 939 |
Translation adjustment | 1 234 | –647 |
Balance at 31 December 2) | –119 113 | –115 682 |
Theoretical net book value of goodwill | ||
1 January | 33 726 | 16 590 |
31 December 3) | 26 367 | 33 726 |
Equity as per balance sheet 31 December | 151 028 | 136 651 |
Theoretical capitalisation of goodwill | 26 367 | 33 726 |
Theoretical equity goodwill capitalised | 177 395 | 170 377 |
Equity in % of total assets | 27.1 | 32.8 |
Theoretical equity goodwill capitalised in % of total assets | 30.4 | 37.8 |
Net profit | 16 911 | 27 253 |
Goodwill amortisation | –12 858 | –10 168 |
Negative goodwill release | 8 193 | 1 939 |
Theoretical net profit incl. amortisation of goodwill and release of negative goodwill | 12 246 | 19 024 |
1)Acquisition costs include negative goodwill of TCHF 21 833 (2024: TCHF 5 215).
2)Accumulated amortisation and release includes accumulated negative goodwill releases of TCHF 10 132 (2024: TCHF 1 939).
3)Theoretical net book value of goodwill includes negative goodwill of TCHF 11 898 (2024: TCHF 3 259).
in CHF 1 000 | 31.12.2025 | 31.12.2024 |
Raw materials | 142 435 | 118 102 |
Work-in-progress | 47 998 | 27 806 |
Finished goods | 29 367 | 25 746 |
Valuation allowance | –35 552 | –30 165 |
Total inventories | 184 248 | 141 489 |
in CHF 1 000 | 31.12.2025 | 31.12.2024 |
Trade accounts receivable (gross) | 96 184 | 75 348 |
Allowance for bad debts | –1 023 | –1 058 |
Total trade accounts receivable | 95 161 | 74 290 |
in CHF 1 000 | 31.12.2025 Gross | 31.12.2025 Allowance | 31.12.2024 Gross | 31.12.2024 Allowance |
Not yet due | 74 729 | –18 | 58 412 | –168 |
Overdue 0–45 days | 16 486 | - | 13 723 | –19 |
Overdue 46–90 days | 2 297 | –28 | 1 717 | –19 |
Overdue 91–180 days | 1 658 | –211 | 479 | –26 |
Overdue 181–360 days | 318 | –93 | 303 | –152 |
Overdue more than 360 days | 696 | –673 | 714 | –674 |
Total trade accounts receivable | 96 184 | –1 023 | 75 348 | –1 058 |
in CHF 1 000 | 2025 | 2024 |
Allowance as of 1 January | 1 058 | 1 011 |
Allowance increase | 599 | 618 |
Utilisation/consumption | –170 | –245 |
Reversal of allowance | –428 | –351 |
Translation adjustment | –36 | 25 |
Allowance as of 31 December | 1 023 | 1 058 |
in CHF 1 000 | 31.12.2025 | 31.12.2024 |
Receivables on bullion dealers’ accounts | 252 | 146 |
Value-added taxes | 4 548 | 1 601 |
Withholding taxes | 87 | 73 |
Income tax receivables | 2 766 | 1 439 |
Prepayment to suppliers for inventory | 4 613 | 1 625 |
Prepayment to suppliers other | 812 | 1 323 |
Other | 4 093 | 3 019 |
Total other accounts receivable | 17 171 | 9 226 |
in CHF 1 000 | 31.12.2025 | 31.12.2024 |
Bank accounts | 99 427 | 74 152 |
Cash equivalents | 9 | 7 |
Total cash and cash equivalents | 99 436 | 74 159 |
2025 in CHF 1 000 | Restructuring | Warranties | Other | Total provisions |
Balance at 1 January 2025 | 278 | 4 713 | 4 934 | 9 925 |
Additional provisions | 463 | 1 771 | 451 | 2 685 |
Unused amounts reversed | –32 | –1 305 | –1 305 | –2 642 |
Amount used | –401 | –557 | –440 | –1 398 |
Business combinations | 1 669 | 379 | 1 520 | 3 568 |
Translation adjustment | –14 | –88 | –190 | –292 |
Balance at 31 December 2025 | 1 963 | 4 913 | 4 970 | 11 846 |
thereof short-term provisions | 1 622 | 1 953 | 1 200 | 4 775 |
thereof long-term provisions | 341 | 2 960 | 3 770 | 7 071 |
2024 in CHF 1 000 | Restructuring | Warranties | Other | Total provisions |
Balance at 1 January 2024 | - | 3 640 | 2 142 | 5 782 |
Additional provisions | 355 | 1 259 | 363 | 1 977 |
Unused amounts reversed | - | –576 | –1 168 | –1 744 |
Amount used | –73 | –318 | –32 | –423 |
Business combinations | - | 699 | 3 633 | 4 332 |
Translation adjustment | –4 | 9 | –4 | 1 |
Balance at 31 December 2024 | 278 | 4 713 | 4 934 | 9 925 |
thereof short-term provisions | 278 | 1 765 | 1 359 | 3 402 |
thereof long-term provisions | - | 2 948 | 3 575 | 6 523 |
Restructuring provisions cover the legal and constructive obligations relating to restructuring measures. The increase in 2025 stems mainly from the acquisition of business activities from Mercury Mission Systems International S.A (CH). As part of the transaction, Cicor took on the obligation to transfer the business activities from Plan-les-Ouates (CH) to the Cicor sites in Newport (UK) and Bronschhofen (CH), and to wind down the production in Plan-les-Ouates (CH). The restructuring provision includes contractually guaranteed severance payments for employees, dismantling costs and costs relating to an onerous lease. Other additions in restructuring provisions are recognised for smaller restructuring activities in Singapore and Morocco.
Warranty provisions are recognised for warranty claims on products sold.
Other provisions are made for other legal or constructive obligations. The largest component of other provision relates to dilapidation provision in connection with leased properties.
in CHF 1 000 | 2025 | 2024 |
Current income taxes | 8 523 | 9 211 |
Income tax for prior years | –1 459 | –117 |
Deferred tax | –1 899 | –842 |
Total income tax expenses | 5 165 | 8 252 |
in CHF 1 000 | 31.12.2025 Assets | 31.12.2025 Liabilities | 31.12.2024 Assets | 31.12.2024 Liabilities |
Deferred taxes on intangible assets | 11 | 12 546 | 125 | 10 540 |
Deferred taxes on property, plant and equipment | 664 | 4 218 | 806 | 841 |
Deferred taxes on inventory | 1 188 | 224 | 1 814 | 186 |
Deferred taxes on other assets | 581 | 1 172 | 212 | 247 |
Deferred taxes on provisions | 1 250 | 225 | 347 | - |
Deferred taxes on other liabilities | 915 | 929 | 841 | 505 |
Total | 4 609 | 19 314 | 4 145 | 12 319 |
Deferred taxes on losses carried forward | 4 272 | - | 2 624 | - |
Offset of assets and liabilities | –4 372 | –4 372 | –1 331 | –1 331 |
Total deferred tax assets and liabilities | 4 509 | 14 942 | 5 438 | 10 988 |
Balance at 1 January | 5 438 | 10 988 | 3 123 | 8 165 |
Change in tax loss carried forward recognised in the income statement | 546 | - | –233 | - |
Change of temporary differences recognised in the income statement | –2 757 | –4 080 | –593 | –1 724 |
Business combinations | 1 616 | 8 623 | 3 064 | 4 069 |
Translation adjustment | –334 | –589 | 77 | 478 |
Balance at 31 December | 4 509 | 14 942 | 5 438 | 10 988 |
The Group average tax rate for the calculation of the deferred income taxes is 23.0% (2024: 23.0%).
in CHF 1 000 | 2025 | 2024 |
Profit before tax | 22 076 | 35 505 |
Weighted average income tax in % | 22.0% | 21.4% |
Expected income tax expense | 4 849 | 7 601 |
Effect of non-deductible income / expenses | –111 | 108 |
Adjustments for current tax of prior periods | –1 466 | –117 |
Current year losses for which no deferred tax asset is recognised | 3 032 | 104 |
Use of tax assets on previously unrecognised tax losses | –167 | - |
Recognition or derecognition of prior year tax losses | 380 | - |
Recognition or derecognition of temporary differences | –1 574 | 549 |
Effect of tax rate changes | 226 | 6 |
Other adjustments | –4 | 1 |
Effective income taxes | 5 165 | 8 252 |
Effective income taxes in % of profit before tax | 23.4% | 23.2% |
Deferred tax assets from tax losses carried forward are capitalised where the possibility of using them is high. As per 31.12.2025, the Group had potential deferred tax assets from tax losses carried forward of TCHF 10 974 (2024: TCHF 7 144) whereof TCHF 4 272 (2024: TCHF 2 624) were capitalised.
Since the Group operates in various tax jurisdictions, its average expected tax rate is calculated as a weighted average of the tax rates in these jurisdictions. This rate changes from year to year due to changes in the mix of the Group’s taxable income and changes in local tax rates.
in CHF 1 000 | 31.12.2025 | 31.12.2024 |
Borrowings, long-term | 129 148 | 91 772 |
Financial leases | 4 250 | 50 |
Total long-term financial liabilities | 133 398 | 91 822 |
in CHF 1 000 | 31.12.2025 | 31.12.2024 |
Bank overdrafts | 1 090 | 1 197 |
Short-term financial liabilities | 9 022 | - |
Short-term portion of long-term borrowings | 25 274 | 25 171 |
Financial leases | 765 | 111 |
Total short-term financial liabilities | 36 151 | 26 479 |
2025 in CHF 1 000 | Total | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and after |
Syndicated bank loan | 153 370 | 25 000 | 128 370 | - | - | - | - |
Basket of local credit lines / loans | 11 164 | 10 386 | 274 | 238 | 134 | 132 | - |
Financial leases | 5 015 | 765 | 759 | 583 | 2 897 | 11 | - |
Total | 169 549 | 36 151 | 129 403 | 821 | 3 031 | 143 | - |
2024 in CHF 1 000 | Total | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and after |
Syndicated bank loan | 116 772 | 25 000 | 25 000 | 66 772 | - | - | - |
Basket of local credit lines / loans | 1 368 | 1 368 | - | - | - | - | - |
Financial leases | 161 | 111 | 50 | - | - | - | - |
Total | 118 301 | 26 479 | 25 050 | 66 772 | - | - | - |
On 30 October 2023, the Group signed a syndicated bank loan agreement which included a revolving credit line of CHF 120 million plus allowance of an external basket of CHF 20 million valid for four years, beginning on 30th November 2023. The credit agreement included the renewal of the existing CHF 75 million acquisition line, where CHF 15 million is outstanding on 31 December 2025, and another acquisition line for CHF 50 million, where CHF 32.5 million is outstanding on 31 December 2025. The credit agreement also contained an optional acquisition credit line in the amount of CHF 75 million which is not yet utilised.
The two main reporting covenants are Net Debt/EBITDA ratio and Equity Ratio. Net Debt/EBITDA should be less than 3.0x at the end of each quarter and less than 2.75x at year-end. Equity ratio should be a minimum 30% per the theoretical equity if goodwill was amortised. Please see note 6. EBITDA is calculated before restructuring costs, and EBITDA of acquisitions are added for full twelve months pro forma. The interest is based on SARON plus a variable margin depending on the net debt / EBITDA ratio. The revolving credit line was utilised by CHF 106 million cash and CHF 4 million for guarantees as of 31 December 2025. Furthermore, CHF 16 million of the external basket has been utilised as of 31 December 2025. The effective average interest rate for the year was 1.65%.
Property, plant and equipment with net book value CHF 6.9 million and inventory with net book value CHF 15.2 million was pledged to banks as of 31 December 2025.
The shares of the following companies and their subsidiaries are in deposit with the lead bank, pledged as collateral for the syndicated credit line: Cicorel SA, Electronicparc Holding AG, Cicor Microtech AG, Swisstronics Contract Manufacturing AG, Cicor Deutschland GmbH, Cicor Microsystems GmbH and Cicor UK Ltd.
Cicor maintains several pension plans for employees in Switzerland, Germany, France, Sweden, the United Kingdom and the United States. Pension expenses totalled TCHF 5 620 (2024: TCHF 4 958). German pension funds are not legally independent in contrast to Swiss, British, Swedish and US pension funds.
German companies therefore need to recognise a provision according to the German Commercial Code. Cicor Microsystems GmbH and Cicor Microtech GmbH did so by recognising TCHF 706 (2024: TCHF 750) and TCHF 747 (2024: TCHF 876) respectively as liability.
Employees in France receive a lump sum retirement indemnity (‘indemnité de fin de carrière’, IFC). The amount due is based on the number of years of service at the company, the salary and the rank of the retiree. Entitlement lapses if the employee leaves the company before retirement. The French entities did so by recognising TCHF 4 042 respective as liability.
In Switzerland the majority of Cicor’s insured employees are covered for the risk of old age, death and disability within a collective pension scheme which is administrating pension plans of various unrelated employers. The plan is an independent pension fund.
The standard retirement age is 65 for males, the retirement age for females is staggered between 64 and 65. Employees qualify for early retirement on their 58th birthday at the earliest. Furthermore, the employees may choose to take their entire pension or part thereof in the form of capital payment. For retirements at the age of 65, the conversion rate is 5.2% for the compulsory part and 5.2% for the supplementary part. This rate is relevant to determine the pension payment in relation to the accumulated savings. These savings result from employee and employer contributions which are paid into the individual savings account of each individually insured person as well as the interest accruing on the accumulated savings.
It is a collective multiemployer pension fund organised as a foundation under Swiss law. The most senior governing body of the foundation is the Board of Trustees that consists of an equal number of employers’ and employees’ representatives. The people entrusted with the management of the pension fund and its assets are subject to the charter of the Swiss Pension Fund Association ASIP. All processes are audited by the internal auditors and the independent external auditors as well as the investment controller. And finally, the supervisory authority, the Zentralschweizer BVG- und Stiftungsaufsicht (ZBSA), audits the management of the pension fund and the assets in collaboration with the auditors.
The projected funding ratio as per 31 December 2025 is 112% (31.12.2024 = 111%). Whenever there is a legal obligation to cover an underfunding, this has to be remedied by various measures such as increasing employee and employer contributions, lowering the interest rate on retirement account balances, reducing prospective benefits and a suspension of the early withdrawal facility.
in CHF 1 000 | Surplus/deficit | Economical part of the organisation | Change to previous year | Contributions concerning the business period 2025 | Pension benefit expenses within personnel expenses | ||
31.12.2025 | 31.12.2025 | 31.12.2024 | 2025 | 2024 | |||
Pension institutions without surplus / deficit | n/a | - | n/a | - | 5 717 | 5 717 | 4 882 |
Pension institutions without own assets | - | 5 495 | 1 626 | 3 869 | 199 | –97 | 76 |
Total | - | 5 495 | 1 626 | 3 869 | 5 916 | 5 620 | 4 958 |
Change to previous year includes TCHF -293 recognised in the current result, TCHF 4 165 resulting from a business combination and exchange rate effects of TCHF -3.
There were no employer contribution reserves in the year under review or in previous years.
in CHF 1 000 | 31.12.2025 | 31.12.2024 |
Value-added taxes | 4 881 | 3 308 |
Other current liabilities | 5 067 | 1 571 |
Other accounts payable | 74 481 | 43 372 |
Total other current liabilities | 84 429 | 48 251 |
Accrued interest | 201 | 214 |
Accrued personnel expenses | 18 017 | 13 040 |
Other accrued expenses | 19 765 | 13 850 |
Total accruals | 37 983 | 27 104 |
Total other current liabilities and accruals | 122 412 | 75 355 |
Other current liabilities and accrued expenses are non-interest-bearing financial liabilities. Other accounts payable also contain prepayments from customers and payables for social security.
in CHF 1 000 | 31.12.2025 | 31.12.2024 |
Within 1 year | 5 365 | 4 201 |
From over 1 year to under 5 years | 18 018 | 12 842 |
Due in 5 years or later | 8 671 | 5 263 |
Total operating leasing | 32 054 | 22 306 |
Operating leasing commitments stem mostly from mid- to long-term lease obligations for production and office premises. The leases have varying terms and renewal rights.
For financial leasing, please refer to note 12.
There were no contingent liabilities for Cicor Group companies as at 31 December 2025 or as at 31 December 2024.
1 153 777 new registered shares with a par value of CHF 10.00 each were created from the conditional capital according to Art. 5 ter of the Company’s Articles of Association in 2024 for the conversion of mandatory convertible notes into shares of the Company.
105 337 new registered shares with a par value of CHF 10.00 each were created from the conditional capital according to Art. 5 ter of the Company’s Articles of Association in 2025 for the conversion of mandatory convertible notes into shares of the Company.
As of 31 December 2025, the Company’s ordinary share capital amounted to CHF 46 702 830 and was divided into 4 670 283 registered shares with a par value of CHF 10.00 each (2024: 4 564 946 registered shares with a par value of CHF 10.00 each).
Cicor Technologies Ltd. is a holding company established under Swiss law. According to the provisions of law governing the appropriation of retained earnings by holding companies, the share capital and appropriations to the general legal reserve to the extent of 20% of share capital may not be distributed.
At the Annual General Meeting of Shareholders on 17 April 2025, the Shareholders decided to amend the capital band according to Art. 5 quater of the Company's Articles of Association as follows: The lower limit of the capital band is CHF 45 649 460 and the upper limit is CHF 54 779 350. The Board of Directors is authorised until 17 April 2028 to increase the share capital in one or more steps by a maximum of CHF 9 129 890 by issuing a maximum of 912 989 registered shares with a par value of CHF 10.00 each, but not authorised to reduce the share capital. In the event of an increase of the share capital, the new shares must be fully paid up. The Board of Directors may exclude the Shareholders’ preferential subscription rights in specific cases. In case the subscription price is paid in cash, this right is limited to the issuance of 456 494 shares.
At the Annual General Meeting of Shareholders on 12 April 2022, the Shareholders decided to extend the conditional capital according to Art. 5 bis of the Company’s Articles of Association according to the following: The share capital may be conditionally increased by a maximum of CHF 1 200 000 by issuing up to 120 000 fully paid-in registered shares with a nominal value of CHF 10.00 each through the exercise of option rights granted to directors, officers, senior executives and employees of the Company or its subsidiaries, according to plans established by the Board of Directors.
The share capital was increased in the amount of CHF 16 270 with the issuance of 1 627 shares out of conditional capital according to Art. 5 bis until 31 December 2025. The remaining conditional capital according to Art. 5 bis as per 31 December 2025 amounts to CHF 1 183 730 divided into 118 373 shares.
At the Extraordinary General Meeting of Shareholders on 16 December 2021, the Shareholders decided to create conditional capital according to Art. 5 ter of the Company’s Articles of Association according to the following: The share capital of the Company may be increased by an additional maximum amount of CHF 13 303 750 by issuing up to 1 330 375 fully paid-in registered shares with a nominal value of CHF 10.00 each through the exercise or compulsory exercise of conversion, exchange, option or similar subscription rights granted to shareholders or third parties, alone or in connection with bonds, loans, options, warrants or other financial market instruments or contractual obligations, subscription or similar share subscription rights, granted to shareholders or third parties, alone or in connection with bonds, loans, options, warrants or other financial market instruments or contractual obligations of the Company or one of its subsidiaries.
The share capital was increased in the amount of CHF 12 591 140 with the issuance of 1 259 114 shares out of conditional capital according to Art. 5 ter until 31 December 2025. The remaining conditional capital according to Art. 5 ter as per 31 December 2025 amounts to CHF 712 610 divided into 71 261 shares.
On 20 January 2022, Cicor issued a five-year, interest-free mandatory convertible note (MCN) with a principal amount of CHF 20.0 million. The MCN was subject to a reopening clause allowing Cicor to increase the principal amount of the MCN up to a maximum principal amount of CHF 60.2 million within the twelve months reopening period without prior consent or permission of the holders through the issue of further fungible MCNs fully allocated to its main shareholder OEP, under its agreement to provide Cicor a fully underwritten standby equity facility. On 27 September 2022 Cicor exercised its option to reopen the issuance of the mandatory convertible note in the amount of CHF 40.2 million and to sell these additional notes to OEP.
The conversion price is fixed at CHF 47.50 per share, subject to subsequent adjustments for anti-dilution events. Shares to be delivered upon conversion of a MCN will be new shares to be issued from the conditional capital according to Art. 5 ter of the Company’s Articles of Association. No fractions will be delivered to, and no cash payments will be made to the holders. The MCN contains the following early conversion option for holders: Each holder may elect to early convert MCNs during the optional conversion period starting 730 days after issuance up to ten days prior to maturity or following the formal announcement of a take-over bid to Cicor’s shareholders during the additional offer period, unless certain thresholds have not been met after the first offer period.
Upon occurrence of certain predefined events, the MCNs will be subject to an accelerated conversion and will be mandatorily converted on the maturity date, unless previously converted under the early conversion options or following an accelerated conversion.
As of 31 December 2025, MCNs with a nominal value of CHF 59.8 million were converted into 1 259 114 new ordinary shares with a par value of CHF 10.00 that were created from the conditional capital according to Art. 5 ter of the Company’s Articles of Association.
At the Shareholders’ Meeting on 17 April 2025, the shareholders decided that no dividend will be paid for the financial year 2024.
2025 in shares | 2025 CHF 1 000 | 2024 in shares | 2024 CHF 1 000 | |
Balance as per 1 January | 307 007 | 5 716 | 249 404 | 2 775 |
Purchase of treasury shares | 55 819 | 8 869 | 116 357 | 5 925 |
Sale of treasury shares | –58 459 | –8 682 | –51 617 | –2 616 |
Share-based payments | –26 178 | –1 314 | –7 137 | –368 |
Balance as per 31 December | 278 189 | 4 589 | 307 007 | 5 716 |
Cicor entered into a market making agreement with a financial institution to provide liquidity for Cicor shares from January 2023. The financial institution purchased 55 819 (2024: 48 829) and sold 58 459 (2024: 51 617) Cicor shares on behalf of Cicor Technologies Ltd. in the financial year 2025.
2025 | 2024 | |
Net profit attributable to Cicor shareholders in CHF thousand | 16 911 | 27 253 |
Average number of ordinary shares outstanding | 4 361 996 | 3 298 742 |
Average number of conditional shares for conversion of MCN | 24 901 | 1 094 072 |
Total average number of shares outstanding and conditional | 4 386 897 | 4 392 815 |
Dilutive impact of share-based remuneration | 149 385 | 108 155 |
Total average number of shares outstanding and conditional, diluted | 4 536 282 | 4 500 970 |
Basic earnings per share in CHF | 3.85 | 6.20 |
Diluted earnings per share in CHF | 3.73 | 6.05 |
Basic earnings per share is calculated by dividing the net profit attributable to Cicor shareholders by the weighted average number of ordinary shares outstanding and conditional shares for the conversion of MCNs during the year. For diluted earnings per share, the impact of share-based payment is considered.
Cicor issued a mandatory convertible note (MCN) in 2022. Upon conversion of the MCN, 1 267 116 ordinary shares will be created out of the conditional capital of the Company. As of 31 December 2025, MCNs with a nominal value of CHF 59.8 million were converted into 1 259 114 new ordinary shares. At year end 2025, 7 979 MCNs had not yet been converted. The weighted average number of those conditional shares that will be created based on MCNs already outstanding is included in basic earnings per share.
The Board of Directors and employees of Cicor receive part of their remuneration in Cicor shares. The dilutive impact of share-based remuneration is included in diluted earnings per share.
in CHF 1 000 | 2025 | 2024 |
Wages and salaries | 145 226 | 110 319 |
Social security costs | 25 696 | 15 855 |
Other personnel costs | 12 876 | 9 637 |
Total | 183 798 | 135 811 |
Members of the Board of Directors receive part of their remuneration in Restricted Share Units (RSUs), which are later converted into Cicor Shares.
An RSU is a personal award to receive one common registered share of Cicor per RSU. The number of granted RSUs is determined by dividing the relevant gross compensation amount by the average closing price of the Cicor share of the last 10 trading days immediately prior to the AGM that marks the beginning of the term of office. The shares are usually transferred to the beneficiaries on the first trading day after the Annual General Meeting that marks the end of the term of office and are then subject to a three-year blocking period, during which they may not be sold or otherwise disposed of. The blocking period is lifted immediately on the date of a Board member’s demise.
2 843 shares (2024: 3 532 shares) valued at CHF 91.48 (2024: CHF 50.96) were granted in 2025 and expenses of TCHF 237 (2024: TCHF 160) were recognised in wages and salaries in 2025 for the remuneration of the Board of Directors.
Members of the Group Management may be invited to participate in the Performance Stock Option Plan, upon individual nomination by the Board of Directors. Participants receive a grant of non-tradable performance stock options of Cicor at the beginning of a year, the total value of which (the gross compensation amount) is determined by the Board of Directors. The number of granted stock options is determined by dividing the approved gross compensation amount by the fair value of those options, which is assessed by an external valuation specialist. The performance stock options vest after a three-year vesting period if the participant is still in active employment with Cicor, but conditional upon the achievement of the performance condition. The performance condition is relative TSR, which compares the share price evolution and dividend payments of Cicor with a predefined peer group of eleven listed companies in the EMS industry that are comparable to Cicor. If Cicor outperforms at least half of the peer companies, 50% of the performance stock options will vest. The vesting percentage can go up to 100% for being the best performing company, and down to 0% if more than 75% of the peer companies performed better than Cicor. Once vested, the stock options may be exercised for a period of four years. The gain realised by the participants corresponds to the difference between the share price of the Cicor share at the time of exercise and the exercise price of the stock option.
47 065 performance stock options (2024: 44 180 performance stock options) valued at CHF 11.38 (2024: 11.77) were granted in 2025, and expenses of TCHF 419 (2024: TCHF 297) were recognised in wages and salaries in 2025 for the PSOP.
Members of the executive committee and leadership team, as well as other selected key managers, may be invited to participate in the Performance Share Plan, upon individual nomination by the CEO and approval by the Board of Directors. Participants receive a grant of performance share units (PSU) whose total value (the gross compensation amount) is determined by the Board of Directors. The number of granted PSUs is determined by dividing the relevant gross compensation amount by the average closing price of the Cicor share of the last 30 business days prior to the grant date. A PSU is a conditional right to receive Cicor shares after a vesting period of three years if the company meets certain performance targets over the vesting period and if participants are in active employment with Cicor at the end of the three-year vesting period. The performance conditions are reaching specific levels of revenue growth and EBITDA margin for Cicor Group. Depending on the achievement of these performance conditions, each PSU may be converted into up to two Cicor shares, which is the upper cap if the performance conditions are overfulfilled, or the PSU may lapse if the lower cap of the performance conditions are not reached.
22 239 PSUs (2024: 23 721 PSUs) valued at CHF 57.82 (2024: CHF 48.48) were granted in 2025, and expenses of TCHF 1 404 (2024: TCHF 1 274) were recognised in wages and salaries in 2025 for the PSP.
On 1 September 2025, the Board of Directors granted Group Management and other selected key managers a special a one-time special incentive of TCHF 1 400. The one-off incentive recognises the exceptional delivery in surpassing the milestones set for the implementation of Cicor’s Strategy 2028. The incentive takes the form of share-based compensation. TCHF 600 was granted in the form of restricted share units (RSUs) according to the rules of the PSP 2025 - 2027, and TCHF 800 was granted as an immediate allocation of shares that are blocked for disposal for a period of three years.
3 170 PSUs valued at CHF 189.30 and 4 295 Cicor shares valued at CHF 186.55 were granted in 2025, and expenses of TCHF 893 were recognised in wages and salaries in 2025 for the special one-time incentive.
Number of employees (FTE) | 31.12.2025 | 31.12.2024 |
Production | 3 999 | 2 897 |
Sales and marketing | 197 | 151 |
Administration | 328 | 261 |
Total | 4 524 | 3 309 |
in CHF 1 000 | 2025 | 2024 |
Facility costs | 16 957 | 14 367 |
Maintenance costs | 7 737 | 5 842 |
Other production costs | 13 307 | 9 323 |
Sales and marketing costs | 2 501 | 1 849 |
Administration costs | 20 883 | 14 140 |
Total | 61 385 | 45 521 |
Administration costs in 2025 include transaction costs of CHF 4.4 million for a terminated acquisition project. Refer to note 25 "Subsequent Events" for further information.
in CHF 1 000 | 2025 | 2024 |
Income | ||
Interest income | 245 | 592 |
Foreign exchange gains | 8 957 | 12 424 |
Total | 9 202 | 13 016 |
Expense | ||
Interest expense | 2 589 | 4 214 |
Other financial expenses | 3 089 | 383 |
Foreign exchange losses | 12 235 | 11 000 |
Total | 17 913 | 15 597 |
Related parties are members of the Board of Directors and the Group Management, pension funds as well as companies controlled by significant shareholders.
As per 31 December 2025, OEP 80 B.V., the main shareholder, holds 40.28% of the shares of Cicor Technologies Ltd. Other principal shareholders are presented in the management report and the corporate governance report.
Cicor Vietnam entered a lease agreement with Spartronics, which is controlled by the beneficial owner of Cicor’s main shareholder OEP 80 B.V., for land where a production building is located. The lease has a term from January 2023 to February 2046 with a contract value of VND 15 094 million (CHF 0.5 million), fully prepaid by Cicor in 2022.
Cicor and Clayens announced in October 2023 that they have entered into a strategic collaboration to create global, one-stop solutions for demanding applications in the medical and industrial markets. Clayens is a European leader in the processing of polymers, composites and precision metal parts, headquartered in Genas, France. Clayens is controlled by the beneficial owner of Cicor’s major shareholder OEP 80 B.V. and therefore meets the definition of a related party for Cicor. The collaboration requires that all transactions between Cicor and Clayens to be conducted at arm’s length. There have been no transactions between Clayens and Cicor in 2023. In 2024 and 2025, there was already closer cooperation with Clayens in lead generation (e.g. joint appearances at trade fairs or regular comparisons).
The remuneration of the Board of Directors and the Group Management is disclosed in the remuneration report.
The Group has exposure to the following risks from its use of financial instruments:
This note presents information about the Group’s exposure to each of the above risks. Further quantitative disclosures are included throughout these consolidated financial statements. The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. The following paragraphs give an overview of the extent of the above-mentioned risks.
The credit risk is the risk of financial loss to the Group if a customer or counterparty to financial instruments fails to meet its contractual obligation. The assets mainly exposing the Group to a credit risk are: cash, cash equivalents and trade accounts receivable. The Group minimises credit risk arising on cash and cash equivalents by investing in funds of high credit-rated banks. These investments generally have a maturity of less than three months.
The Group’s exposure to credit risk arising from trade receivables is influenced mainly by the individual characteristics of each customer. The demographics of the Group’s customer base, including the default risk of the industry and country in which customers operate, have less of an influence on credit risk. The danger of risk concentration is generally minimised by the large number of customer credit balances, as no single customer accounts for more than 6% of consolidated sales 2025 (2024: 5.2% of consolidated sales).
The carrying value of financial assets reflects the maximum credit risk and is presented in the table below:
in CHF 1000 | 2025 | 2024 |
Cash and cash equivalents | 99 436 | 74 159 |
Trade accounts receivable | 95 161 | 74 290 |
Other accounts receivable | 9 186 | 5 819 |
Other current assets | 332 | 148 |
Total | 204 115 | 154 416 |
Every operational unit has a credit policy under which each new customer is analysed individually for creditworthiness. Purchase limits are established for each customer which represent the maximum open amount possible. The allowances made according to the Group’s rules laid down in the financial manual are closely monitored.
The market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group’s income or the value of its holdings of financial instruments. The objective of risk management is to manage and control market risk exposures within acceptable limits.
The Cicor Group is exposed to currency risk on sales and purchases that are denominated in a currency other than the respective functional currencies of Group entities. The currencies in which these transactions are primarily denominated are Swiss francs (CHF), Euros (EUR), US dollars (USD), Pound sterling (GBP), Romanian lei (RON), Moroccan dirham (MAD), Swedish kronor (SEK) and Singapore dollars (SGD). These risks are mostly offset with cash flows from opposite operational transactions (natural hedge). The Group however may also use foreign exchange forwards to hedge such currency risk. The were no foreign exchange forwards outstanding at the end of the financial year:
in CHF 1000 | Assets | Liabilities | Purpose | ||
31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | ||
Foreign exchange forwards | - | - | - | 62 | Hedging |
Total | - | - | - | 62 | |
The interest rate risk is the risk that there is a change in market value or future cash flow of a financial instrument if there is a change in interest rate.
The Group’s exposure to market risk for changes in interest rates relates primarily to the Group’s interest-bearing financial debts. The Group’s policy is to manage its interest cost using a mix of fixed and variable debt. The average interest rate for the syndicated bank loan amounted to 1.65% in the reporting year (2024: 2.75%).
The liquidity risk is the risk that Cicor Technologies Ltd. cannot meet its financial obligations when they are due.
A syndicated loan facility of CHF 245 million, of which CHF 167.5 million was available for use as of 31 December 2025, is in place to cover short- to long-term financing requirements. Furthermore, there is an uncommitted optional line of CHF 75 million under the syndicated loan facility (see note 12). Compliance with the financial covenants defined in the syndicated loan is a central element of the Group’s financial risk management. The respective bank covenants were fulfilled on all reporting dates. The short-term liquidity risk is reduced by the cash flow generated by operations, the trend of which is monitored continuously.
The following table shows the contractual cash flows of financial liabilities including interest payments as of 31 December:
2025 in CHF 1 000 | Carrying amount | Contractual cash flow | 2026 contractual cash flow | 2027 contractual cash flow | 2028 contractual cash flow | 2029 contractual cash flow | 2030 and after contractual cash flow |
Financial liabilities | 169 549 | 173 546 | 38 599 | 130 860 | 856 | 3 053 | 178 |
Trade payables | 75 478 | 75 478 | 75 478 | - | - | - | - |
Other current liabilities and accruals | 122 412 | 122 412 | 122 412 | - | |||
Income tax payable | 1 822 | 1 822 | 1 822 | - | - | - | - |
Total | 369 261 | 373 258 | 238 311 | 130 860 | 856 | 3 053 | 178 |
2024 in CHF 1 000 | Carrying amount | Contractual cash flow | 2025 contractual cash flow | 2026 contractual cash flow | 2027 contractual cash flow | 2028 contractual cash flow | 2029 and after contractual cash flow |
Financial liabilities | 118 301 | 125 067 | 29 388 | 27 251 | 68 428 | - | - |
Trade payables | 58 103 | 58 103 | 58 103 | - | - | - | - |
Other current liabilities and accruals | 75 634 | 75 634 | 75 634 | - | - | - | - |
Income tax payable | 4 583 | 4 583 | 4 583 | - | - | - | - |
Total | 256 621 | 263 387 | 167 708 | 27 251 | 68 428 | - | - |
The net carrying amount of financial assets and liabilities is a reasonable approximation of the fair value. No significant deviations between the net carrying amount and the fair value were noted. Financial liability is measured using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and allocating the interest expense over the relevant period.
At Court and General Meetings of TT Electronics held on 7 January 2026, the required majority of 75% of votes present and cast for Cicor’s offer was not achieved. The approval of the scheme of arrangement dated 25 November 2025, in accordance with Rule 2.7 of the UK Takeover Code, was the sole item on the agenda. Consequently, the proposed acquisition by way of a scheme of arrangement will not proceed. As a consequence of the termination of the acquisition, CHF 4.4 million of transaction costs that would have been capitalised were recognised as operating expenses, and CHF 2.4 million as financial expenses in the income statement 2025.