Gurit (GURN) H2 2024 earnings summary

Executive summary

• 2024 saw a strategic realignment, focusing on profitable geographies and discontinuing unprofitable legacy and automotive sales, especially in China and carbon fiber production.

• Adjusted operating profit margin improved to 6.9% from 4.5% in 2023, reflecting cost discipline and operational efficiencies.

• Free cash flow was CHF 4.4 million, down from CHF 27.2 million in 2023, impacted by restructuring costs.

• Net debt increased to CHF 62.7 million, with a net debt/EBITDA ratio of 2.5x (1.4x adjusted).

• Strategic focus shifted to high-value markets, with expanded Marine & Industry offerings and a resized Wind footprint.

Financial highlights

• Net sales in 2024 were CHF 431.7 million, down 2.9% at constant exchange rates year-over-year.

• Adjusted operating profit reached CHF 29.7 million, up from CHF 20.6 million in 2023.

• Gross profit margin improved to 18.6%, with a strong second half performance.

• Positive free cash flow of CHF 4.4 million; net debt at CHF 62.7 million.

• Restructuring and impairment charges of CHF 37 million booked in 2024, with a total expected of CHF 40 million.

Outlook and guidance

• No sales guidance for 2025 due to tariff and market uncertainties.

• Adjusted operating profit margin for 2025 expected to be at 2024 levels.

• Midterm target of 10% operating profit margin; wind market growth expected at mid-single digits, marine and industrial at high single digits beyond 2025.