Switzerland's Cicor H1 revenue lifted by acquisitions, profit hit by integration costs

Cicor Technologies

22/07/2026 06:11

    

    Overview
  
Switzerland EMS provider's H1 revenue rose 19% to CHF 334.1 mln, driven by acquisitions
Organic growth was flat for H1 but turned positive in Q2 at 5.3%
Profitability weighed by integration costs and supply chain constraints; adjusted EBITDA margin fell to 8.4%

    

    Outlook
  
Cicor expects sequential revenue growth of 10%-25% in H2 2026
Company confirms 2026 revenue guidance of CHF 700 mln to CHF 750 mln
Company sees 2026 adjusted EBITDA at CHF 70 mln to CHF 80 mln

    

    Result Drivers
  
ACQUISITIONS DRIVE GROWTH - Revenue growth in H1 was primarily due to acquisitions completed in 2025, which contributed 22.8% to reported growth
SUPPLY CHAIN CONSTRAINTS - Organic growth was flat for H1, as supply chain constraints and limited component availability weighed on performance, but turned positive in Q2
INTEGRATION COSTS - Profitability was temporarily weighed by integration activities, production transfers, and capacity expansion related to recent acquisitions

    
Company press release: ID:nEQ583M8da

    

    Key Details
  

            Metric
          

            Beat/Miss
          

            Actual
          

            Consensus Estimate
          
H1 Sales
 
CHF 334.10 mln
 

    

    Analyst Coverage
  
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the semiconductors peer group is "buy"
Wall Street's median 12-month price target for Cicor Technologies Ltd is CHF171.00, about 43.9% above its July 21 closing price of CHF118.80
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago

    

    Reuters Recommended Reads
  
July 21 - Sweden's Hanza Q2 sales rise on acquisitions
July 22 - Switzerland's VAT Group Q2 orders double on chip demand
July 21 - France's Sidetrade H1 revenue rises 19% on AI product growth

    
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)