12Financial Liabilities

Long-term Financial Liabilities

Short-term Financial Liabilities

Maturity of Financial Liabilities

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.