Cicor released its Q1 2026 trading update. Q3 sales increased 6.7% y/y to CHF 170.8m, coming in 6% below of Company collected consensus. However it shows return of organic growth of 4.6%, but somewhat impacted by supply chain shortages, and according to the company it expects Q4 sales to be "by far the strongest" in 2026 supported by the order book. Currency had a -0.3% effect, and acquisitions contributed with +2.4% growth. Looking at our H2 2026 sales estimates, this comprises ~45%. Order intake increased 10.7% to CHF 193.2m, implying a 1.13x book-to-bill, mostly within the A&D market to our understanding, but provides confident into 2027 (we estimate as of now 9% revenue growth into 2027, vs. consensus 10%). FY26 sales guidance remains CHF 700–750m, with adjusted EBITDA of CHF 70–80m. We note ~5-6% upside to consensus sales if it reaches the upper end of the range. Consensus and we 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.
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