These consolidated interim financial statements of the Cicor Group as of 30 June 2026 are prepared in accordance with Swiss GAAP FER 31 “Complementary recommendation for listed companies” (GAAP = Generally Accepted Accounting Principles / FER = Fachempfehlungen zur Rechnungslegung). They do not include all of the information and disclosures required for full annual financial statements and should be read in conjunction with the Group’s annual report as at 31 December 2025. Furthermore, the accounting complies with the Swiss company law. The consolidated financial statements of the Group as at and for the year ended 31 December 2025 are available at www.cicor.com or upon request from the Company’s registered office.
These consolidated interim financial statements were approved by the Board of Directors on 21 July 2026.
When preparing the consolidated interim financial statements, Management is required to make estimates and assumptions. Any alterations to these estimates and assumptions are adjusted in the reporting period in which the estimates and assumptions are changed. Income taxes are calculated based on an estimate of the income tax rate expected for the whole year.
Cicor uses the following 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 tax expenses.
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 million | 01.01. - 30.06.2026 reported | M&A ramp-up | PPA fair value adj. | Restruct./ reorg.1) | M&A project costs | PPA amort./ impair.2) | 01.01. - 30.06.2026 adjusted | ||
Revenue | 334.1 | 100.0% | 334.1 | 100.0% | |||||
EBITDA | 24.7 | 7.4% | - | - | 3.3 | - | - | 28.0 | 8.4% |
Operating profit (EBIT) | 11.6 | 3.5% | - | - | 3.4 | - | 4.0 | 19.1 | 5.7% |
Profit before tax (EBT) | 8.9 | 2.7% | - | - | 3.4 | - | 4.0 | 16.3 | 4.9% |
Net profit | 6.5 | 2.0% | - | - | 2.6 | - | 3.0 | 12.2 | 3.6% |
Earnings per share (in CHF) | 1.48 | - | - | 0.58 | - | 0.69 | 2.76 |
in CHF million | 01.01. - 30.06.2026 reported | M&A ramp-up | PPA fair value adj. | Restruct./ reorg.1) | M&A project costs | PPA amort./ impair.2) | 01.01. - 30.06.2026 adjusted | ||
Revenue EMS Division | 315.8 | 100.0% | 315.8 | 100.0% | |||||
EBITDA EMS Division | 24.7 | 7.8% | - | - | 2.2 | - | - | 26.9 | 8.5% |
Revenue AS Division | 20.1 | 100.0% | 20.1 | 100.0% | |||||
EBITDA AS Division | 0.7 | 3.6% | - | - | 0.8 | - | - | 1.6 | 7.7% |
Revenue corporate and elimination | –1.8 | –1.8 | |||||||
EBITDA corporate and elimination | –0.7 | - | - | 0.3 | - | - | –0.5 |
1)Restructuring and reorganisation comprises one-time costs related to the Group's integration and profitability programme. These include the loss on the divestment of the Tunisian facility and costs associated with the relocation of tool-making for plastic injection moulding from Singapore to Batam (Indonesia), the closure of the Ulm (Germany) site, the consolidation of the two operating sites in Berrechid (Morocco), and the streamlining of management structures together with targeted workforce reductions in Europe and the USA.
2)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 million | 01.01. - 30.06.2025 reported | M&A ramp-up1) | PPA fair value adj.2) | Restruct./ reorg. | M&A project costs3) | PPA amort./ impair.4) | 01.01. - 30.06.2025 adjusted | ||
Revenue | 280.7 | 100.0% | 280.7 | 100.0% | |||||
EBITDA | 26.5 | 9.4% | 2.5 | 0.1 | - | –0.1 | 0.0 | 29.0 | 10.3% |
Operating profit (EBIT) | 15.4 | 5.5% | 2.5 | 0.1 | - | –0.1 | 3.5 | 21.4 | 7.6% |
Profit before tax (EBT) | 11.6 | 4.1% | 2.5 | 0.1 | - | –0.1 | 3.5 | 17.6 | 6.3% |
Net profit | 8.5 | 3.0% | 1.9 | 0.1 | - | –0.1 | 2.6 | 12.9 | 4.6% |
Earnings per share (in CHF) | 1.94 | 0.43 | 0.01 | - | –0.02 | 0.59 | 2.95 |
in CHF million | 01.01. - 30.06.2025 reported | M&A ramp-up1) | PPA fair value adj.2) | Restruct./ reorg. | M&A project costs3) | PPA amort./ impair.4) | 01.01. - 30.06.2025 adjusted | ||
Revenue EMS Division | 263.1 | 100.0% | 263.1 | 100.0% | |||||
EBITDA EMS Division | 24.3 | 9.2% | 2.5 | 0.1 | - | - | - | 26.9 | 10.2% |
Revenue AS Division | 19.3 | 100.0% | 19.3 | 100.0% | |||||
EBITDA AS Division | 2.6 | 13.3% | - | - | - | - | - | 2.6 | 13.3% |
Revenue corporate and elimination | –1.6 | –1.6 | |||||||
EBITDA corporate and elimination | –0.4 | - | - | - | –0.1 | - | –0.5 |
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)Cicor was compensated for M&A project costs expensed in prior periods.
4)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 M&A includes operating cash flow and investing cash flow, excluding all cash flows arising from the acquisition or divestment of subsidiaries.
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.
in CHF million | Balance sheet allocation | 30.06.2026 | 31.12.2025 |
Inventories | Inventories | 201.5 | 184.2 |
Prepayments to suppliers for inventory | Other accounts receivable | 3.6 | 4.6 |
Prepayments from customers for inventory | Other current liabilities | –43.0 | –46.9 |
Operating inventories | 162.1 | 142.0 | |
Trade accounts receivable | Trade accounts receivable | 107.8 | 95.2 |
Prepayments from customers other | Other current liabilities | –11.8 | –8.1 |
Operating trade receivables | 96.0 | 87.0 | |
Trade accounts payable | Trade accounts payable | –94.5 | –75.5 |
Prepayments to suppliers other | Other accounts receivable | 1.3 | 0.8 |
Operating trade payables | –93.2 | –74.7 | |
Operating net working capital | 164.9 | 154.3 | |
in % of LTM revenue 1) | 24.3% | 22.3% |
1)Acquisitions and divestments are reflected on a full twelve-month pro forma basis.
in CHF million | EMS Division | AS Division | Total reportable segments | Corporate and eliminations | Group |
Income statement 01.01. - 30.06.2026 | |||||
Revenue to external customers | 315.4 | 18.7 | 334.1 | - | 334.1 |
Intersegment revenue | 0.3 | 1.4 | 1.8 | –1.8 | - |
Total revenue | 315.8 | 20.1 | 335.9 | –1.8 | 334.1 |
EBITDA | 24.7 | 0.7 | 25.4 | –0.7 | 24.7 |
Balance sheet 30.06.2026 | |||||
Intangible assets | 47.9 | 0.2 | 48.1 | 0.4 | 48.5 |
Other than intangible assets | 478.1 | 36.9 | 515.0 | –15.1 | 500.0 |
Total assets | 526.0 | 37.1 | 563.1 | –14.6 | 548.4 |
Total liabilities | 311.5 | 17.3 | 328.8 | 59.2 | 388.0 |
Other segment information 01.01. - 30.06.2026 | |||||
CAPEX for property, plant and equipment | 6.3 | 1.5 | 7.7 | - | 7.7 |
in CHF million | EMS Division | AS Division | Total reportable segments | Corporate and eliminations | Group |
Income statement 01.01. - 30.06.2025 | |||||
Revenue to external customers | 263.0 | 17.7 | 280.7 | - | 280.7 |
Intersegment revenue | 0.1 | 1.5 | 1.6 | –1.6 | - |
Total revenue | 263.1 | 19.3 | 282.4 | –1.6 | 280.7 |
EBITDA | 24.3 | 2.6 | 26.9 | –0.4 | 26.5 |
Balance sheet 30.06.2025 | |||||
Intangible assets | 47.5 | 0.3 | 47.8 | 0.2 | 48.0 |
Other than intangible assets | 440.1 | 36.2 | 476.3 | –27.4 | 448.9 |
Total assets | 487.6 | 36.5 | 524.1 | –27.2 | 496.9 |
Total liabilities | 351.2 | 15.5 | 366.7 | –19.5 | 347.1 |
Other segment information 01.01. - 30.06.2025 | |||||
CAPEX for property, plant and equipment | 4.6 | 0.6 | 5.2 | - | 5.2 |
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.
Cicor comprises two divisions. The Electronic Manufacturing Services (EMS) Division provides engineering services, full-cycle electronic manufacturing services, and tooling and injection moulding for precision plastic parts. The Advanced Substrates (AS) Division develops and manufactures advanced substrates, including printed circuit boards.
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 revenue are recognised at arm’s length.
in CHF million | 01.01. - 30.06.2026 | 01.01. - 30.06.2025 | ||
Revenue by region 1) | ||||
United Kingdom | 78.4 | 23.5% | 68.0 | 24.2% |
Switzerland | 53.4 | 16.0% | 49.6 | 17.7% |
France | 49.9 | 14.9% | 21.2 | 7.6% |
Germany | 45.3 | 13.5% | 55.8 | 19.9% |
Rest of EMEA | 58.9 | 17.6% | 51.4 | 18.3% |
APAC | 32.9 | 9.8% | 25.6 | 9.1% |
Americas | 15.5 | 4.6% | 9.1 | 3.2% |
Total | 334.1 | 100.0% | 280.7 | 100.0% |
Revenue by industry | ||||
Industrial | 132.2 | 39.6% | 117.0 | 41.7% |
Aerospace & Defence | 93.9 | 28.1% | 60.5 | 21.5% |
Healthcare Technology | 59.2 | 17.7% | 59.0 | 21.0% |
Transport | 31.9 | 9.5% | 22.5 | 8.0% |
High-Tech Consumer | 9.4 | 2.8% | 14.6 | 5.2% |
Communication | 6.8 | 2.0% | 3.8 | 1.3% |
Other | 0.7 | 0.2% | 3.3 | 1.2% |
Total | 334.1 | 100.0% | 280.7 | 100.0% |
1)Revenue by region is presented using a revised regional breakdown. The comparative information has been adjusted accordingly.
Cicor Group’s biggest customer contributed less than 5% (H1 2025: less than 5%) to the Group’s consolidated revenue.
Effective 17 June 2026, the Cicor Group sold 100% of the shares of Cicor Digital Tunisie S.U.A.R.L., based in Borj-Cedria (Tunisia), for a consideration of EUR 1.4 million (CHF 1.3 million), of which EUR 0.6 million (CHF 0.6 million) is deferred and payable over the next two years. The transaction resulted in a loss on disposal of CHF 0.2 million, including transaction costs and the recycling of goodwill and accumulated currency translation differences, which is recognised in other operating expenses. The purchase consideration is subject to customary post-closing adjustments and may increase depending on the outcome of certain post-closing matters.
The net assets disposed of amounted to CHF 1.1 million, comprising CHF 1.1 million of current assets and CHF 1.2 million of non-current assets. The liabilities disposed of amounted to CHF 1.2 million.
Cicor Digital Tunisie S.U.A.R.L. acted as a contract manufacturer for other Cicor Group companies and generated no third-party revenue in H1 2025 or H1 2026.
In accordance with the revised Swiss GAAP FER 30, the contingent deferred purchase consideration relating to the acquisition of the Valtronic sites in Berrechid (Morocco) and Cleveland (Ohio, USA), which closed on 14 November 2025, was remeasured as of 30 June 2026. The reassessment resulted in a CHF 2.0 million reduction of the estimated deferred purchase consideration, with a corresponding reduction of goodwill by the same amount.
84 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 2026 for the conversion of mandatory convertible notes into shares of the Company.
As of 30 June 2026, the Company’s ordinary share capital amounted to CHF 46 703 670 and was divided into 4 670 367 registered shares with a par value of CHF 10.00 each (31 December 2025: 4 670 283 registered shares with a par value of CHF 10.00 each).
4 Mandatory convertible notes with a par value of CHF 1 000 each were converted into 84 new registered shares in 2026.
As of 30 June 2026, mandatory convertible notes in a total nominal value of CHF 375 000 were outstanding (31 December 2025: CHF 379 000). These notes will be mandatorily converted into 7 895 shares (31 December 2025: 7 979 shares) with a par value of CHF 10.00 each by 20 January 2027.
There were no events between 30 June 2026 and 21 July 2026 that would require an adjustment to the carrying amounts of assets and liabilities or need to be disclosed under this heading.