Cicor Technologies (CICN) Q2 2026 earnings summary

Executive summary

• Revenue grew 19% year-over-year to CHF 334.1 million, driven by acquisitions and a return to organic growth in Q2.

• Order intake surged 39.8% to CHF 399.8 million, with a book-to-bill ratio of 1.2 for the fifth consecutive quarter, indicating strong business momentum.

• Integration of 2025 acquisitions is largely complete, with operational synergies and annual savings above CHF 10 million expected.

• Workforce reduced by 5% (220 employees) through site divestments and consolidation.

• Net profit and EPS impacted by integration expenses and unfavorable FX; free cash flow negative due to working capital build-up.

Financial highlights

• H1 2026 revenue reached CHF 334.1 million, up 19% year-over-year; core driver was M&A (+22.8%), partially offset by -3.8% FX impact.

• Adjusted EBITDA was CHF 28.0 million (margin 8.4%), down from CHF 29.0 million (10.3%) due to integration costs and lower margins from acquired businesses.

• Adjusted EBIT at CHF 19.1 million (5.7% margin), down from CHF 21.4 million (7.6%).

• Adjusted net profit at CHF 12.2 million, with adjusted EPS of CHF 2.76, both slightly down year-over-year.

• Free cash flow before M&A at CHF -11.5 million, reflecting increased working capital.

Outlook and guidance

• Full-year 2026 revenue guidance confirmed at CHF 700–750 million, with adjusted EBITDA expected at CHF 70–80 million.

• Sequential revenue and EBITDA growth of 10–25% expected in H2, mostly organic, contingent on supply chain execution.

• Integration efficiency program to deliver CHF 10 million annualized savings, with most benefits visible from H2 onward.

• Robust double-digit adjusted EBITDA margin anticipated in H2 due to completed integration and efficiency measures.

• Guidance assumes no further geopolitical or macroeconomic deterioration.