Electrical and electronic components manufacturer Cicor saw its growth slow in the third quarter of 2026. According to the press release issued by the company on Thursday and reported by the AWP news agency, its revenue rose by 6.7% to CHF 170.8 million between July and the end of September. This level is below analysts' expectations. Order intake, on the other hand, increased much more markedly.

Organic growth edges down

Excluding changes in the scope of consolidation, organic growth reached 4.6% between July and the end of September, compared with 5.3% at the end of the second quarter. Over the first nine months of the year, organic sales growth stands at 1.7%.

The St. Gallen company, which has its roots in Neuchâtel, says it suffered from material shortages in a tight market for certain components, in particular printed circuit boards (PCBs) and memory chips. According to the dispatch, the company continues to face these supply difficulties.

Orders rise sharply

In the third quarter, order intake rose by 10.7% to CHF 193.2 million. This corresponds to a “book to bill” ratio – the ratio between orders received and revenue invoiced – of 1.13 for the period under review. This value exceeds the level of 1 for the sixth consecutive quarter, which, according to Cicor, provides strong visibility on future growth.

A gap with expectations, mainly on sales

Surveyed by the AWP agency, analysts had on average expected third-quarter revenue of CHF 181 million and order intake of 192 million. Reported sales therefore fall short of this consensus, while orders slightly exceed it. The agency describes the performance as mixed in light of these expectations.

A fourth quarter expected to be the strongest of the year

Cicor expects a significant acceleration in its revenue in the fourth quarter, driven by a solid order book and by the efforts undertaken to overcome supply chain difficulties. The company expects second-half revenue to exceed that of the first six months by 10% to 25%, with a large part of this increase expected to materialise in the fourth quarter. The latter should thus be, by far, the strongest quarter of the year in terms of sales. These are company forecasts, not published results.

The completion of the acquisition of EDMI's site in Senai, Malaysia, together with the accompanying long-term strategic supply agreement, is scheduled for the fourth quarter of 2026. Its contribution to 2026 revenue will depend on the completion date; it is included in the annual guidance.

Annual targets confirmed, with conditions

Despite the headwinds, Cicor confirms its annual guidance: group sales of between CHF 700 and 750 million and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of between 70 and 80 million. The company specifies that this outlook assumes that neither the geopolitical situation nor the availability of materials deteriorates further.

Key takeaways

The figures published for the third quarter of 2026 show sales rising but below expectations, and orders growing more strongly. The acceleration announced for the end of the year, for its part, rests on the company's forecasts and remains subject to developments in supply and the geopolitical context. This article does not constitute investment advice.

Sources

  • Allnews (AWP): “Sales growth slowed in the third quarter for Cicor”