Swiss composites manufacturer Gurit Holding AG reported a near-doubling of its adjusted operating profit margin to 11% in the first half of 2026, as a strategic realignment and cost-cutting measures delivered results.
Net sales from continuing operations rose 16% year-over-year at constant foreign exchange rates to CHF 152.4 million, while reported group net sales edged down 0.7% to CHF 153.9 million due to discontinued operations. Adjusted operating profit climbed 82% to CHF 16.9 million, compared with CHF 9.3 million in the same period of 2025, and was essentially flat versus CHF 16.7 million in the second half of 2025. Operating profit, unadjusted for restructuring charges, totaled CHF 17.8 million, a turnaround from a negative CHF 58.4 million in H1 2025.
Gross profit margin expanded to 24.1% from 18.3%, and net debt fell to CHF 59.2 million as of June 30, 2026, down from CHF 79.3 million a year earlier. Equity increased to CHF 64.7 million from CHF 46.0 million, while the net debt-to-EBITDA ratio improved to 1.4 times from 1.9 times. Free cash flow turned positive to CHF -0.1 million, compared with CHF -13.2 million in H1 2025.
Chairman Philippe Royer highlighted the company’s revised cost structure as "the most competitive cost base structure you can find in the wind PET foam business," noting production facilities in China, India, and Mexico with finishing in Europe. Gurit also said it is "absolutely fully protected" under long-term agreements with major customers.
CEO Viktor Bernhardt described the company as "only in the early stage of its profitable-growth phase" and declined to raise guidance further. Gurit raised its full-year 2026 outlook, now expecting net sales growth of 9–11% at constant FX, up from mid-single-digit growth previously. Adjusted operating profit margin guidance was increased to approximately 10%, from above 8.1%.
Segment performance showed Wind Materials revenue of CHF 82.9 million, up 9.6%, Manufacturing Solutions at CHF 23.9 million, up 69.3%, and Marine & Industrial at CHF 45.7 million, up 9.2%. Capacity utilization stood at about 80% for Wind Materials, 50% for Manufacturing Solutions, and 60% for PET Industrial Operations in North America. Corecell production operated at full capacity relative to current staffing.
Shares in Gurit surged 19.45% to trade at CHF 36.30, extending a 52-week range of CHF 10.02 to CHF 45.90.
