Cicor Technologies Ltd (AO) | Buy | Order momentum keeps building, profitability should improve in H2

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Cicor Technologies Ltd (AO) | Buy | Order momentum keeps building, profitability should improve in H2

Cicor Technologies Ltd Buy | Target Price: CHF175.00

FY 2026 guidance was confirmed, and the sequential message was constructive. Q2 is expected to be better than Q1, H2 shapes

up to come in better than H1, and profitability should also be better in H2. This is consistent with Cicor’s formal outlook that

organic growth should return in FY 2026, with a slower start to the year and momentum building through the year, particularly

into the second half.

Profitability should benefit from improved capacity utilisation and operating leverage. Management highlighted that higher

volumes should support margins through better plant utilisation. This is important because Cicor’s 2026 EBITDA guidance implies

margin resilience rather than a step-change: the company guides for CHF700–750m sales and CHF70–80m adjusted EBITDA.

Supply chain and footprint: constraints still weigh, but this is not a repeat of FY 2021–22

Supply chain constraints weighed on Q1 growth and continue to have an impact. Cicor explicitly attributed the temporary organic

decline partly to supply-chain and component-availability constraints.

Management does not see a return to the broad, long-duration delays seen three to four years ago. The issue today is more

selective: certain components and subassemblies remain challenged, creating delivery delays, but not a system-wide bottleneck.

Some delays are likely to carry through the year. The message was not that supply constraints will disappear immediately; rather,

component availability should ease gradually and support the expected H2 improvement.

This matches Cicor’s statement that the return to organic growth depends on timely customer call-offs, easing component