Gurit (GURN) H1 2025 earnings summary

Executive summary

• Completed restructuring, including exit from carbon fiber pultrusion, resulting in CHF 40 million in restructuring expenses and CHF 8–18 million in impairments, creating a leaner, more focused organization.

• Revenue declined 20.1% year-over-year to CHF 164.7 million, mainly due to portfolio changes, wind business exit, and delayed order intakes from US tariffs.

• Adjusted operating profit reached CHF 9.3 million, with a margin of 5.7%, up from 5.4% last year.

• Free cash flow was -CHF 13.2 million, impacted by restructuring payments; net debt increased to CHF 79.3 million.

• CFO transition announced, with search for successor underway; new CEO appointed July 1, 2025.

Financial highlights

• Net sales for H1 2025 were CHF 164.7 million, down 20.1% at constant rates year-over-year.

• Adjusted operating profit margin improved to 5.7% from 5.4% in H1 2024.

• Operating loss of CHF -58.4 million due to CHF 64.2 million goodwill recycling from discontinued business.

• Free cash flow dropped to CHF -13.2 million from CHF 1.0 million in H1 2024.

• Investments in H1 totaled CHF 3.8 million, focused on fast payback and replacement CapEx.

Outlook and guidance

• Year-end profit guidance unchanged; operating profit margin expected to match 2024 at around 7%.

• Full-year sales guidance set at approximately CHF 300 million.

• Cost benefits from restructuring to continue supporting profitability in H2; free cash flow expected to improve.

• Anticipates mid-single-digit growth in Wind and high single-digit growth in non-Wind segments long-term.

• Mid-term target of 10% operating profit margin reaffirmed.