Cicor Technologies: Solid order intake, and expecting organic sales momentum to return throughout 2026 - Nordea

Cicor released its Q1 2026 trading update. Q1 sales increased 22.6% y/y to CHF 160.7m (CHF 131.1m in Q1 2025), driven by acquisitions. As the company has communicated, it has expected a soft start to the year. It reported an organic growth of -6%, also temporarily affected by constraints in the supply chain and component availability. Currency had a -4.8% effect, and acquisitions contributed with +33.4% growth. Looking at ours and consensus H1 2026 sales estimates (limited quarterly consensus) this comprises ~47% of H1 2026 sales estimate, supporting our overall FY estimates with organic growth being more tilted towards H2 2026. Order intake reached CHF 196.4m, implying a book-to-bill of 1.22x, indicating continued demand, mostly within the A&D market, but providing confidence to company guidance for 2026. The FY 2026 guidance is reiterated. We note 5% upside to Factset consensus EBITDA if it reaches the upper end of the range. Consensus are more or less in line with the mid point, and we do not expect any large changes to consensus FY26 estimates on the back of this trading update.