Cicor reported H1 2026 sales of CHF 334.1m (3% vs. NDA and 2% above Factset consensus), growing 19%, driven primarily by M&A (+22.8%), partly offset by FX of -3.8%, and organic growth was 0% for H1 overall, but returned to positive in Q2 at +5.3%. Order intake grew 39.8% to CHF 399.8m, implying a book-to-bill of 1.2x, which is now the fifth consecutive quarter above 1x. The adj. EBITDA was CHF 28m, 8.4% margin (in line with their guiding), and ~11% above NDA (Factset consensus not available). But looking at the reported EBITDA, that was ~4% below Factset consensus. FY26 guidance is confirmed and Cicor expects sequential revenue growth of 10–25% from H1 to H2, although dependent on value chain constraints. Our take: the solid order intake over the last quarter now suggests the company will return to organic growth in H2, and into 2027 derisking ours and consensus estimates in H2 26 and outwards, also as seen now in Q2. Although, based on the results, we do not see any large revisions to consensus FY26 estimates, mostly being in the mid of its FY guidance on EBITDA.
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