Cicor expects recovery by 2026 thanks to A&D demand

Swiss EMS provider Cicor reported a strong order intake for the first quarter of 2026, driven by sustained high demand in the aerospace and defense (A&D) sector and new customer wins. Orders reached CHF 196.4 million, resulting in a book-to-bill ratio of 1.22, indicating stable demand and improved visibility for upcoming quarters. Revenue rose 22.6% year-on-year to CHF 160.7 million. Growth was primarily fueled by 2025 acquisitions, contributing 33.4% to revenue, while organic sales declined by 6% due to persistent supply chain issues and component shortages. Currency effects from a stronger Swiss Franc also negatively impacted results by 4.8%. Cicor secured two new A&D customers, including Norway's Kongsberg, strengthening its position in the European defense supply chain, and its French subsidiary entered a long-term partnership in rail infrastructure. Initial orders from these new contracts are expected in 2026, with revenue projected from 2027 onwards, estimated at over CHF 20 million annually. The order backlog remains solid, especially in A&D, supporting expectations for continued strong near-term demand. For full-year 2026, Cicor anticipates a return to organic growth, building momentum, particularly in the second half, based on improved component availability, rising customer call-offs, and ongoing integration of acquisitions. The annual forecast is confirmed, expecting revenue of CHF 700-750 million and adjusted EBITDA of CHF 70-80 million, barring significant adverse geopolitical events. The company continues to actively pursue its M&A strategy with a robust pipeline of potential acquisitions