Cicor reports strong order intake amid market challenges
The Cicor Group continued to expand in the third quarter of 2025, posting a 33% increase in sales to CHF 160.1 million (EUR 173.3 million).
Year-to-date sales reached CHF 440.8 million (EUR 477.1 million), up 25.4% compared to the previous year. Order intake totalled CHF 174.5 million (EUR 188.8 million), corresponding to a book-to-bill ratio of 1.09, the company reports.
Organically, sales declined by 1.1% in the quarter, mainly due to inventory reductions by medical customers and the closure of the Ulm site within the Advanced Substrates division. The Electronic Manufacturing Services division achieved organic growth in the third quarter, gaining market shares despite an 8.1% year-on-year decline in the overall European EMS market during the first half of 2025. Cicor expects this positive trend to continue in the final quarter, supported by new orders in the aerospace and defence sector.
Integration of the 2025 acquisitions — Profectus in Germany, Éolane in France, Mercury in Switzerland and Mades in Spain — remains on track. The company says that cross-site teams are collaborating on supply chain optimisation and new business development, with the newly acquired Éolane sites already operating at a positive run rate. Cicor expects all integration processes to be completed by year-end and aims for Éolane’s margins to reach group levels by the end of 2026.
Despite challenging geopolitical and economic conditions, Cicor maintains its full-year guidance for 2025, targeting sales of CHF 620–650 million (EUR 761–703 million) and EBITDA of CHF 62–70 million (EUR 67–75 million).
