Gurit Holding AG / Key word(s): Annual Results Zurich, March 3, 2025 - Ad hoc announcement pursuant to Art. 53 LR Gurit (SIX Swiss Exchange: GURN) today reports net sales of CHF 431.7 million for the full year 2024, which is a decrease of -2.9% at constant exchange rates or -6.1% in reported CHF. For 2024, Gurit reached an adjusted operating profit margin of 6.9%. This compares to an adjusted operating profit margin of 4.5% in the calendar year 2023. Including restructuring and impairment charges, the operating profit margin is -1.7%. With a fully reviewed Wind set-up and a Marine and Industrial organization ready to accelerate its growth path, Gurit will become leaner and stronger. 2024 was a year of transformation for Gurit. After acknowledging the volatility in the Wind market and excessive build capacity in China, the company took decisive action to strategically realign its operations to improve resilience and position itself appropriately for the new economic environment. Gurit has undertaken a rebalancing of investments between its markets, and accelerated action to strengthen its market presence in key Marine and Industrial growth areas. Wind Materials achieved net sales of CHF 285.6 million for 2024. This represents a decrease of -3.4% at constant exchange rates compared to 2023. Despite industry-wide challenges resulting from inventory reductions and quality stabilization efforts, long-term agreements with key western OEMs enabled Gurit to maintain a competitive position and ensure a stable market presence. In response to the changing market dynamics, Gurit optimized its global Wind footprint, expanding its capabilities at some sites, while closing others.
Marine and Industrial reports net sales of CHF 101.2 million for 2024. This is an increase of +1.6% at constant exchange rates compared to 2023. In the Marine sector, demand recovered after an initial softening in the first quarter and maintained steady momentum through the remainder of the year, with well-established Gurit products often being the materials of choice for the most demanding of marine applications. In the transportation and construction sectors, recycled PET core materials for panels gained traction, as demand continues to grow for lightweight, sustainable materials. Innovation continued to drive growth into new segments, with products like Corecell S-Foam gaining attention in the subsea application field. Enhanced production capacity and new fulfilment centers were established in key regions to provide more responsive support in these growing market sectors. Profitability Net result was impacted by CHF 37.0 million restructuring and impairment charges booked in 2024. Cash Flow and Balance Sheet Despite industry challenges, Gurit was able to generate a positive free cash flow for 2024 amounting to CHF 4.4 million. The company anticipated the renewal of its loan agreement and signed in February a new Credit Facility Agreement expiring February 2028, with a 1-year extension possibility.
Streamlining To proactively address the challenges experienced across the Wind sector this year, Gurit undertook an optimization of its global footprint, including cost rationalization. These decisive actions allowed Gurit to mitigate external pressures, strengthen its operational resilience, and more optimally align with the long-term opportunity in the Wind sector.
Strategic realignment
Outlook Gurit expects for 2025 to reach an adjusted operating profit margin around the 2024 level, as discontinued businesses will negatively impact profit in the first half. Possible volume swings, anticipations, or postponements, linked to the global tariff conflict, in addition to the discontinuation of some businesses, do not allow to produce a realistic sales guidance.
Post 2025, Gurit expects a mid-single-digit growth in Wind and a high-single-digit growth in non-Wind businesses and confirms its mid-term target of a 10% operating profit margin.
Sustainability road - delivering on ESG Gurit has earned an A rating from MSCI, who rates companies according to exposure to industry specific ESG risks and the ability to manage those risks relative to peers. This rating puts Gurit within the top tier of all rated companies in the specialty chemicals sector.  * Alternative GAAP measure: please refer to page 119 in the annual report
Publications The Sustainability Report 2024 is available as a part of the integrated Annual Report or as a separate document on the Gurit website at www.gurit.com/sustainability.
Media and Analyst Conference
Roadshow
Annual General Meeting of Shareholders on April 15, 2025 The Annual General Meeting will be held on April 15, 2025, at 04:30 pm CET at SIX Convention Point, Zurich. The share register will close on Monday, March 17, 2025, at 05:00 pm CET. Contacts for shareholders to register their shares or for address changes: share.register@computershare.ch. The strategic realignment, along with the associated restructuring measures, did impact financial results 2024. Given these circumstances, the Board of Directors recommends to the AGM not to pay out a dividend in 2025 and to use the funds to further reduce the debt level of the company. The Board will reconsider the reinstatement of the dividend when it is deemed prudent. The full invitation to the AGM including all motions proposed by the Board of Directors will be available for download at least 20 days prior to the AGM at: https://www.gurit.com/agm-shareholders/.
About Gurit Gurit Group Communications Phone: +41 44 316 15 50, e-mail: investor (at) gurit.com All trademarks used or mentioned in this release are protected by law. Forward-looking statements: End of Inside Information |
| Language: | English |
| Company: | Gurit Holding AG |
| Thurgauerstrasse 54 | |
| 8050 Zurich | |
| Switzerland | |
| Internet: | https://www.gurit.com/ |
| ISIN: | CH1173567111 |
| Valor: | 117356711 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 2093749 |
| End of Announcement | EQS News Service |
2093749 03-March-2025 CET/CEST
