Gurit reports results in line with expectations, wind power market outlook improves

2026-03-02 16:57:08

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Investing.com – Swiss composite materials manufacturer Gurit (SIX:GURN) announced on Monday that its 2025 full-year results met expectations, with core EBITDA reaching CHF 26 million, slightly above UBS’s estimate of CHF 25.6 million.

The company’s core EBITDA margin expanded by 110 basis points year-over-year to 8.1%, but reported EBITDA was affected by approximately CHF 69 million in restructuring costs, most of which were non-cash expenses.

Net debt decreased by CHF 7.7 million to CHF 55 million, and the net debt-to-EBITDA ratio fell from 2.5x in 2024 to 1.6x.

For 2026, Gurit expects sales on a comparable basis to grow in the mid-single digits, with the core EBITDA margin exceeding the 8.1% level of 2025. The company has raised its medium-term growth outlook for the wind power business from mid-single digits to mid-to-high single digits, while confirming a high single-digit growth expectation for non-wind power businesses and a target of 10% EBITDA margin.

In the second half of 2025, profit margins improved significantly, with core EBITDA reaching 10.8%, up from 5.6% in the first half. This expansion was mainly driven by a 7.2 percentage point increase in gross margin.

In Gurit’s manufacturing solutions segment, a leading indicator of wind power activity, the company strengthened its position in India and expects to see positive development in 2026 after a strong Q4 performance. Gurit has signed long-term agreements with Western wind turbine manufacturers.

Regarding industrial and marine businesses, Gurit remains cautious about the yacht market, which declined 3% year-over-year in 2025. However, the company believes its subsea business will support a stable outlook for 2026.

The company generated approximately CHF 11 million in full-year free cash flow from equity. No dividends are expected to be paid.

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