Cicor sees strong Aerospace & Defence demand, expects organic recovery in 2026
Swiss EMS provider Cicor reported solid order intake in the first quarter of 2026, supported by continued strength in the Aerospace & Defence (A&D) segment and new customer wins.
Order intake reached CHF 196.4 million in the quarter, corresponding to a book-to-bill ratio of 1.22, signalling sustained demand and improved visibility for the coming quarters. Net sales rose 22.6% year-on-year to CHF 160.7 million.
Growth was primarily driven by acquisitions completed in 2025, which contributed 33.4%. Organic sales declined by 6%, however, reflecting ongoing supply chain constraints and limited component availability. Currency effects also weighed on performance, with a negative impact of 4.8% due to the strengthening Swiss franc.
During the quarter, Cicor added two new customers in the A&D sector, including Norway-based Kongsberg, further expanding its presence in the European defence supply chain. The company now counts a majority of Europe’s leading defence suppliers among its customers. In addition, Cicor’s French operations entered a long-term partnership in the railway infrastructure market.
The newly secured business is expected to translate into initial orders during 2026, with revenue contributions starting in 2027. Annual sales from these contracts are projected to exceed CHF 20 million.
Cicor noted that its order backlog remains solid, particularly in A&D, supporting expectations for continued demand in the near term.
Looking ahead, Cicor expects organic growth to return over the course of 2026, with momentum building gradually and a stronger contribution anticipated in the second half of the year. This outlook is based on improving component availability, customer call-offs, and the ongoing integration of acquired businesses.
Cicor confirmed its full-year guidance, forecasting sales of CHF 700 million to CHF 750 million and adjusted EBITDA of CHF 70 million to CHF 80 million, assuming no significant adverse geopolitical developments affecting its core markets.
The company also says that it continues to pursue acquisitions, with an active M&A pipeline aimed at strengthening its position in key markets.
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