4Cicor as an Employer

GRI 2-7: Employees
GRI 2-8: Workers who are not employees
GRI 2-23: Policy commitments
GRI 2-29: Approach to stakeholder engagement

4.1Cicor as an Attractive Employer

GRI 3-3: Management of material topics
GRI 401: Employment 2016

Being an attractive and responsible employer is a core element of the Cicor 2028 Strategy, deeply embedded in the Company’s approach to sustainable value creation. Cicor recognises that long-term business success depends on its ability to attract, develop, recruit and retain skilled, engaged employees across all regions in which it operates.

The Cicor People Strategy was implemented in 2025 with focus on a three-year plan to align to the Cicor Strategy 2028. In 2025, eight workstreams were launched with objectives defined for the first year of the three-year plan. The workstreams involved multi-site teams from the Cicor Group HR Leadership Team, working together and ‘Creating Together’ to deliver the Cicor People Strategy:

‘We foster and promote a culture of equity, fairness, and respect that empowers personal growth and strengthens trust. Through strong people leadership, we strive to position Cicor as an Employer of Choice worldwide.’

Tracy Squires

Vice President Human Resources

In 2026 workstreams will be consolidated, with clear objectives defined, and delivery across all sites including new entities aligned. This work is considered a critical element of the Cicor Strategy by ensuring HR initiatives across the Group support employees to develop personally and professionally, and their health, safety, wellbeing is our priority, creating a safety culture within our workplaces.

This commitment is reflected in Group-wide workforce policies, leadership principles, and people practices that promote ethical behaviour, equal opportunities, and respect for human rights. Guided by Cicor’s values and Code of Conduct, the Company fosters a culture of integrity, accountability, and collaboration at all levels of the organisation.

Cicor’s employer value proposition is based on providing safe, inclusive, and stable working conditions, while offering opportunities for professional and personal development. These priorities are explicitly integrated into the Cicor 2028 Strategy and operationalised through the Cicor People Strategy.

The Company supports continuous learning by providing structured training, skills development, and performance management processes. These initiatives are designed to enhance employability, facilitate career progression, and ensure the Company’s workforce remains equipped to meet evolving business and technological requirements.

Employee health, safety, and wellbeing are fundamental to Cicor’s operations. The Company promotes safe working environments, preventive occupational health measures, and a balanced approach to work. It recognises the importance of these factors for employee satisfaction, productivity, and long-term retention.

Cicor is committed to fair and respectful employment practices, as well as maintaining open and constructive dialogue with its employees and their representatives. Engagement mechanisms at local and Group level support transparency, participation, and continuous improvement, thus reinforcing trust between employees and management.

The Company’s turnover rate increased by 4% compared to 2024, reaching a level of 14%. While an increase in turnover can generally indicate workforce instability, in the current reporting year it also reflects a positive and strategic workforce adjustment. The higher turnover rate is partly attributable to targeted organisational adaptations, performance-related transitions, and the continued alignment of competencies with the Company’s evolving technological and operational requirements. This enables the Company to strengthen its skills base, enhance agility, and support long-term competitiveness.

In addition, a high portion of the turnover is linked to regulatory and labour law–related workforce changes in Indonesia that came into effect for 2025, which led to structural employment adjustments at local sites. These changes were managed in compliance with applicable labour regulations and in close coordination with local stakeholders. Overall, the development reflects both proactive workforce management and external regulatory influences rather than underlying retention challenges.

As a global organisation with strong local roots, Cicor offers its employees the opportunity to work in an international environment while maintaining a connection to local communities. Cross-functional and cross-regional collaboration fosters knowledge sharing, innovation, and cultural exchange.

By embedding its ambition to be an attractive employer in the 2028 strategy, Cicor strengthens its ability to manage workforce-related risks, such as talent shortages, staff turnover, and skills gaps. At the same time, this approach increases employee engagement, loyalty, and performance, thus supporting operational excellence and sustainable, long-term growth.

4.2Equal Treatment, Equal Opportunities, and Fair Hiring

GRI 3-3: Management of material topics
GRI 205: Anti-corruption 2016
GRI 405: Diversity and Equal Opportunity 2016

Cicor is committed to providing equal treatment and equal opportunities for all employees and applicants, regardless of gender, age, nationality, ethnic origin, disability, religion, sexual orientation or any other characteristic protected by applicable law and standards. This commitment is deeply embedded in the Cicor 2028 Strategy and is reflected in the Company’s People Strategy, Code of Conduct, and Social Responsibility Guideline.

Cicor’s fair hiring policy is designed to ensure that decisions regarding recruitment, selection, and promotion are based solely on qualifications, skills, experience, and job-related criteria. The Company aims to attract a diverse talent pool and ensure that all candidates are assessed through transparent, objective, and non-discriminatory processes.

Applying Group-wide principles for fair and responsible recruitment across all entities while ensuring compliance with local, regional, and national labour and employment laws is a key driver within Cicor. Hiring practices are supported by clear role profiles, defined selection criteria, and structured interview processes, reducing bias and promoting consistency across sites.

Equal opportunity principles extend throughout the entire employee lifecycle, from onboarding and training to performance management, remuneration, and career progression. Cicor monitors workforce composition and diversity indicators to identify potential imbalances and to support continuous improvement in inclusion, fairness, and equal access to development opportunities.

This commitment is also reflected at leadership level. Diversity, equal treatment, and merit-based selection are embedded in the Company’s Board and management structures, where appointments are guided by competence, experience, and professional qualifications while fostering a balanced and inclusive leadership culture. By promoting transparency and diversity not only across the workforce but also within its governance bodies, Cicor reinforces its long-term commitment to equal opportunity and responsible corporate leadership.

4.3Prevention of Discrimination and Remediation

GRI 405: Diversity and Equal Opportunity 2016

Cicor maintains a zero-tolerance approach to discrimination, harassment, and unequal treatment. Employees have access to confidential channels to raise concerns or report incidents, free from fear of retaliation. Any confirmed incidents of discrimination are investigated and addressed through appropriate corrective and disciplinary measures.

With an adjusted and weighted salary payment gap of 14% for 2025 (2024: 18%), a further improvement is demonstrated within the Company’s employment structure. This development reflects continued efforts to ensure fair and transparent remuneration practices across comparable roles and responsibility levels.

The reduction of the pay gap is supported by structured compensation frameworks, regular benchmarking, and ongoing reviews of salary bands to promote equitable pay. Cicor remains committed to further narrowing the gap over time as part of its broader equal opportunity and diversity objectives.

The Company regularly reviews its policies and practices to ensure alignment with evolving legal requirements, international standards, and internal sustainability objectives.

4.4Learning, Development, and Capability Building

GRI 3-3: Management of material topics
GRI 205-2: Communication and training about anti-corruption policies and procedures
GRI 403-5: Worker training on occupational health and safety
GRI 404: Training and Education 2016

Employee development is a core priority for Cicor, and a key enabler of long-term business success. The Company recognises that continuous learning and skills development are essential to maintaining technological competitiveness, supporting innovation, and ensuring operational excellence in a rapidly evolving high-tech environment.

Most Cicor locations closely align their training and development activities with corporate and strategic objectives. This approach helps minimise the risk of skills obsolescence and enables the Company to keep pace with emerging trends in advanced technology development and production. By investing in employee development, Cicor ensures that critical knowledge is retained, shared, and applied effectively across new and existing projects.

Cicor’s learning and development activities are designed to strengthen workforce capabilities, promote internal mobility, and increase organisational agility. Qualified and skilled employees are central to the Company’s success, and systematic development initiatives support knowledge retention while reducing dependency on individual roles or persons.

The Company actively promotes the broadening of expertise across sites and functions to enhance resilience to employee fluctuation. This enables Cicor to respond flexibly to changing business requirements, while offering employees opportunities to expand their skills, gain exposure to different areas of the organisation, and develop long-term careers within the Group. On average, employees received 23 hours of training in 2025.

4.5Developing Future Leaders and Broadening Knowledge

GRI 3-3: Management of material topics
GRI 205-2: Communication and training about anti-corruption policies and procedures
GRI 404-2: Programs for upgrading employee skills and transition assistance programs

A key focus of Cicor’s learning strategy is the development of future leaders. Through targeted development programmes delivered via the Cicor Academy and other initiatives, the Company supports the identification, development, and progression of employees with leadership potential. These programmes aim to strengthen managerial capabilities, strategic thinking, and people leadership skills, in line with Cicor’s values and business objectives.

In addition to leadership development, the group-wide Cicor Academy, newly launched in 2025, serves as a platform for technical, functional, and cross-disciplinary learning. It supports consistent knowledge transfer and the sharing of best practices across the organisation. In 2025, Cicor held a defined project management course, a variety of business excellence courses, as well as Compliance/ESG trainings, all of which were part of the Cicor Academy. In total, 36 courses were held.

4.6Digital Learning Strategy

GRI 404-3: Percentage of employees receiving regular performance and career development reviews

Cicor continues to expand its learning and development strategy, supporting scalable, accessible, and consistent learning opportunities across all locations. The Group has set the clear ambition of implementing a fully digitalised learning management system by 2026. This system will enable structured learning pathways, improved tracking of training participation, and enhanced access to technical and soft-skills development.

Improvements with a digitised system will support blended learning approaches by combining digital content with instructor-led and on-the-job training. It will also strengthen transparency and comparability of learning activities across sites.

The Cicor Group HR Leadership Team receives annual social responsibility training, providing a structured opportunity to exchange knowledge, align on best practices, and reinforce the Company’s commitment to ethical behaviour, employee engagement, and responsible business conduct.

Group Compliance works closely with the Global HR Leadership Team to provide ongoing advice and guidance on updates to internal guidelines, regulatory developments, and evolving compliance requirements. This collaboration ensures that learning and development initiatives, as well as HR policies and processes, remain compliant with legal and ethical standards.

The close partnership between Group Compliance and HR enables proactive identification and integration of regulatory changes, ensuring transparency, consistency, and alignment with internal standards and external expectations.

By embedding learning and development into its business strategy, Cicor strengthens its competitiveness and resilience while also contributing to the development of a skilled and adaptable workforce in the broader labour market. This approach supports long-term value creation for the Company while enhancing employee employability, engagement, and career sustainability.

4.7Occupational Health and Safety as a Strategic Priority

GRI 3-3: Management of material topics
GRI 403: Occupational Health and Safety 2018

Ensuring a safe and healthy workplace is a key priority for the Cicor Group and an integral part of the Cicor 2028 Strategy. Protecting the physical and mental wellbeing of employees, contractors, and visitors is fundamental to Cicor’s social sustainability agenda, and supports long-term operational resilience and business performance.

Cicor emphasises the continuous improvement of occupational health and safety (OHS) practices at all its locations, recognising that employee welfare is a core responsibility and critical to success. Health and safety management is embedded in the Company’s organisational structure and aligned with broader sustainability, governance, and compliance expectations. Cicor’s OHS approach combines compliance with legal requirements, proactive risk management, and preventive health initiatives. The Company operates in jurisdictions with high regulatory standards for workplace health and safety and actively manages this topic to meet legal obligations, societal expectations, and internal performance objectives.

From both social and operational perspectives, protecting employee health and safety is essential. Work-related illnesses, accidents, and absences can negatively impact productivity, engagement, and continuity. As such, Cicor prioritises preventive measures, systematic controls and employee involvement to minimise risks and support a safe working environment.

4.8Preventive Health and Wellbeing Initiatives

GRI 403-6: Promotion of worker health
GRI 403-7: Prevention and mitigation of occupational health and safety impacts directly linked by business relationships

Cicor’s workplace health initiatives extend beyond compliance, focusing on prevention and awareness. Depending on site-specific needs and local regulations, these initiatives include on-site health screenings such as blood pressure checks and vision tests, vaccination programmes and flu prevention campaigns, and support for non-smokers alongside the promotion of healthy lifestyle choices. They also include workshops on nutrition, ergonomics, posture, and back health, as well as awareness activities addressing both physical and mental wellbeing. Together, these measures strengthen employee resilience, reduce health risks, and contribute to a positive and attractive working environment.

4.9Risk Identification, Control, and Monitoring Health and Safety

GRI 403-7: Prevention and mitigation of occupational health and safety impacts directly linked by business relationships
GRI 403-8: Workers covered by an occupational health and safety management system
GRI 403-9: Work-related injuries
GRI 403-10: Work-related ill health

Risks and hazards are systematically identified and controlled through operational health and safety documentation, including work instructions, mandatory training, and requirements for personal protective equipment (PPE). Cicor’s OHS practices include:

• Prevention of exposure to hazardous substances
• Mandatory monitoring of air, water, noise, and lighting conditions
• Regular verification of specialised equipment (e.g. pressure tanks, lifters, cranes)
• Fire detection, prevention, and emergency response systems

Cicor monitors its OHS performance through internal audits and defined indicators. These include health and safety incidents, occupational illnesses, internal non-conformities, compliance with legal requirements, as well as occupational accidents and the identification and treatment of workplace hazards.

Zero fatalities have been recorded over the past three years. Work-related injury rates remained low in 2025, at 3.6 accidents per 1 000 employees. At the same time, total lost workdays decreased relative to the total workforce. These findings are actively analysed and addressed through continuous improvement measures. Cicor maintains the ambition of constantly lowering its accident rate. Supporting its Health and Safety Strategy, Cicor systematically includes newly acquired companies within the scope of its Group-wide health and safety framework. The integration of these entities is a key element of the post-acquisition process, ensuring that common standards, reporting structures, and preventive measures are implemented consistently across all sites.

A central objective of this integration is the continuous and sustainable reduction of workplace accidents. By harmonising safety policies, conducting risk assessments, implementing targeted training programs, and strengthening safety culture initiatives, Cicor aims to steadily minimise incident rates and ensure a safe and healthy working environment throughout the Group.

Responsibility for occupational health and safety is shared across the organisation. Most sites operate health and safety committees to ensure active participation and transparency. Some locations have established additional task forces to strengthen local engagement. Cicor promotes a proactive safety culture by encouraging employees to actively contribute to the identification and mitigation of risks. Reporting systems for dangerous situations and potential hazards are established across sites, enabling timely documentation and response. In addition, suggestion boxes and structured escalation procedures provide further channels for employees to raise concerns or propose improvements. Active participation in safety meetings and regular inspections strengthens transparency, accountability, and continuous improvement in occupational health and safety performance throughout the Group. Each reported incident or hazard is analysed and addressed through corrective actions as part of a continuous improvement process.

4.10Training, Emergency Preparedness, and External Expertise

GRI 403-5: Worker training on occupational health and safety

Cicor believes that occupational health and safety can be improved continuously through communication, training, and raising awareness. Measures include mandatory safety orientation for new employees, regular safety training sessions and annual refresher courses, daily safety inspections at operational sites, and local health and safety campaigns. The company also engages external safety consultants and provides medical services as well as periodic occupational health consultations. All sites are staffed with trained first aiders and safety managers, equipped with defibrillators, and conduct regular emergency simulations to ensure preparedness.

4.11Group Health and Safety Committee: Alignment and Best-Practice Sharing

GRI 403-1: Occupational health and safety management system 
GRI 403-4: Worker participation, consultation and communication on occupational health and safety
GRI 403-7: Prevention and mitigation of occupational health and safety impacts directly linked by business relationships

To strengthen consistency and promote continuous improvement across all locations, Cicor has established a Group Health and Safety Committee. This committee acts as a central coordination and alignment platform within the occupational health and safety governance framework.

The Committee brings together representatives from relevant Group functions, as well as site-level health and safety leaders, aiming to:

• Share best practices and lessons learned across sites
• Align approaches to risk identification, prevention, and mitigation
• Discuss incident trends, root-cause analyses, and corrective actions
• Support consistent interpretation and implementation of Group health and safety standards
• Promote continuous improvement in line with legal requirements, ISO 45001 principles, and internal policies

Through regular exchange and structured dialogue, the Group Health and Safety Committee enables local initiatives and innovations to be scaled across the organisation. At the same time, it ensures that site-specific risks and regulatory requirements are appropriately addressed.

Cicor’s comprehensive OHS management has enabled several production sites, including Arad, Batam, and Boudry, to achieve ISO 45001 certification. The Newport site obtained ISO 45001 certification in 2025, further strengthening Group-wide consistency and performance.

This collaborative approach strengthens transparency, supports knowledge transfer, and reinforces a shared safety culture across Cicor’s global operations. It also ensures that occupational health and safety practices remain aligned with the Cicor 2028 Strategy, contributing to employee wellbeing, operational resilience, and sustainable, long-term value creation.

4.12Measuring the Success of the Cicor People Strategy

GRI 3-3: Management of material topics

The effectiveness of the Cicor People Strategy is monitored through a defined set of KPIs. These indicators measure progress and track alignment across sites to support continuous improvement in workforce-related outcomes throughout the Group.

The KPIs cover the full employee lifecycle and reflect the strategic priorities embedded in the Cicor 2028 Strategy. They provide management with consistent, comparable data across entities and regions, enabling transparency and informed decision-making at Group and site levels.

Key indicators include metrics related to workforce composition and stability, talent attraction and retention, training and development, employee engagement, occupational health and safety, and compliance with labour and social standards. Together, these indicators allow Cicor to assess performance and identify areas of risk within its own workforce.

KPIs are regularly monitored and reviewed collaboratively by the VP Human Resources and site HR leaders. This structured approach ensures that global objectives are translated into local, measurable actions, while also enabling benchmarking between sites. Identified gaps or deviations are addressed through targeted action plans, the sharing of best practices, and focused improvement initiatives.

In addition to KPI tracking, Cicor strengthens its feedback culture through structured employee listening and performance processes. A feedback journey is conducted across the Group, including regular employee pulse surveys to capture engagement trends and areas for improvement. Participation in the 2025 pulse survey reached 80%. In parallel, performance reviews support development, alignment, and talent decisions, with a completion rate of 51% across the Group.

By tracking consistent indicators across all locations, Cicor strengthens alignment between Group strategy and local execution. This enables the Company to identify trends over time, assess the effectiveness of HR initiatives, and continuously enhance workforce practices across sites.

Through this KPI- and feedback-based management approach, Cicor ensures that its People Strategy remains outcome-oriented and data-driven, while also being linked to business performance, employee wellbeing, and long-term value creation.

Based on these KPIs, progress against the People Strategy targets is systematically evaluated and resulting measures are implemented through coordinated action plans at Group and site levels.

4.13People Strategy Targets

GRI 3-3: Management of material topics

Fiscal year 2025

Fiscal year 2026