Cicor: strong demand in aerospace and defense, organic recovery expected in 2026

Swiss EMS provider Cicor recorded strong order intake in Q1 2026, driven by the continued strength of the aerospace & defense (A&D) segment and new client acquisitions. Order intake reached CHF 196.4 million for the quarter, a book-to-bill ratio of 1.22, signaling sustained demand and improved visibility for upcoming quarters. Net revenue grew 22.6% year-on-year to CHF 160.7 million. Growth was primarily driven by acquisitions made in 2025, which contributed 33.4%. However, organic sales declined by 6%, reflecting persistent supply chain constraints and limited component availability. Exchange rate effects, due to the appreciation of the Swiss franc, also weighed on performance with a negative 4.8% impact