Cicor Technologies: Signs for returning to organic growth - Nordea

Cicor reported H2 2025 sales of CHF 235.8m (2% vs. NDA and Bloomberg consensus), up 34.5% y/y. FY25 sales grew 28%, inorganic growth was 32.5% and FX headwinds was -2.3%. Organic growth was -2% due to softness in AS division. The EMS division reported a 0.1% organic growth. Adj. EBITDA H2 was 35.7m, 5% NDA and 11% above consensus, reporting a 10.6% margin. Orders FY25 was CHF 645.0m, up 50% y/y, mainly due to acquisitions, with a book-to-bill of 1.05x indicates a return to organic growth. Cicor guides for 2026 group sales of CHF 700-750m, and adjusted EBITDA of CHF 70-80m. In particular, Cicor France (formerly Éolane), the largest acquisition, is expected to gradually converge towards the target for Cicor (10-13%) by end ’26, and will remain margin-dilutive until then. Our take: Overall a solid report, with signs for the company returning to organic growth. But given the somewhat softer EBITDA guiding, the mid-point implies a 8% neg. change to consensus, and the upper end neg. 2% change. As such, we expect neg. revisions to FY26 EBITDA of 2-8%, mostly due to the Eolane acquisition.