Swiss composites manufacturer Gurit Holding AG lifted its full-year 2026 outlook on Wednesday after reporting a strong first-half performance, sending its shares up 19.45% in pre-market trading.
The company posted net sales of CHF 154 million for the first half of 2026, a 0.7% decline year-over-year when including discontinued operations. Excluding those, continuing operations revenue grew 16% at constant exchange rates, driven by a 9.6% increase in Wind Materials, a 69% jump in Manufacturing Solutions, and a 9% rise in Marine & Industrial. Gross profit rose to CHF 37 million from CHF 29 million a year earlier, lifting gross margin to 24% from 18%. Adjusted operating profit surged 82% to CHF 16.9 million, with the adjusted operating margin expanding to 11% from 5.7%.
Net debt declined to CHF 59 million from CHF 79 million a year ago, though it increased by CHF 4.2 million during the period due to a deferred cash payment for the acquisition of Fiberline Composites. The net debt-to-EBITDA ratio improved to 1.4 times from 1.9 times, while equity rose to CHF 65 million from CHF 46 million. Free cash flow was roughly flat in the first half, with management expecting a significant improvement in the second half.
Gurit raised its full-year 2026 guidance for continuing operations net sales growth to 9%-11% on a constant-currency basis, up from a previous mid-single-digit outlook. The company also increased its adjusted operating margin target to about 10%, compared with its earlier view of exceeding 2025’s 8.1% margin. Management maintained its midterm margin target of 10% or above, with organic growth expected to remain in the mid- to high-single digits for wind and non-wind businesses.
Capacity utilization varied across segments, with Wind Materials running at approximately 80% and Manufacturing Solutions at about 50%. Corecell production operated at full capacity relative to current staffing levels. CEO Viktor Bernhardt highlighted the portfolio transformation and multi-market strategy as key drivers of the improved performance, noting that continuing operations grew 16% at constant FX. Chairman Philippe Royer emphasized the competitiveness of Gurit’s wind cost base and its long-term customer agreements.
Management flagged risks including soft marine demand outside subsea applications, geopolitical tensions, and potential U.S.-Canada tariff changes. A worst-case scenario involving higher Canadian tariffs could impact sales by a mid-single-digit million Swiss franc amount, which is already reflected in the full-year guidance.
Gurit’s shares rose to CHF 35 in pre-market trading from a previous close of CHF 28.90, while its 52-week range spans CHF 10.02 to CHF 45.90.
