Gurit (GURN) H2 2025 earnings summary

Executive summary

• Completed a comprehensive restructuring program, including site closures, divestments, and a streamlined operating model, resulting in a leaner, more focused organization positioned for future growth.

• Achieved significant progress in the second half of 2025, with improved profitability, strong cash generation, and results ahead of expectations despite challenging market conditions.

• Advanced multi-market strategy, securing landmark long-term contracts in Wind Systems and Marine & Industrial, and expanding into new markets such as subsea.

• Awarded EcoVadis Gold rating for the third consecutive year, maintained MSCI ESG A rating, and reduced Scope 1 emissions by 24% since 2020.

Financial highlights

• Net sales for 2025 were CHF 319.6 million, down 22%–26% year-over-year due to discontinued businesses, but exceeded the CHF 300 million outlook.

• Adjusted EBIT reached CHF 29.7 million (8.1% margin), with return on sales improving from 6.9% to 8.1% year-over-year.

• Free cash flow increased to CHF 12.3 million from CHF 4.4 million in 2024, and net debt reduced by CHF 7.7 million to CHF 55 million.

• Operating result was CHF -43.2 million, impacted by one-time restructuring and divestment effects.

• EBITDA increased to CHF 33.6 million (10.5% margin) from CHF 25.1 million (5.8% margin) in 2024.

Outlook and guidance

• Net sales from continued operations expected to grow at a mid-single-digit rate at constant FX rates in 2026.

• Adjusted operating result margin projected to improve versus 2025, with a reaffirmed midterm operational sales margin target of 10%.

• Post-2026, mid- to high-single-digit growth expected in Wind, and high-single-digit growth in non-Wind segments.

• Guidance remains conservative due to global uncertainties, FX fluctuations, and geopolitical risks.