Gurit (GURN) H1 2026 earnings summary

Executive summary

• Net sales from continuing operations at constant exchange rates rose 16.0% year-over-year to CHF 152.4 million in H1 2026, with growth across all business units and confirmation of strategic realignment benefits.

• Adjusted operating profit margin improved to 11.0% from 5.7% in H1 2025, reflecting successful portfolio transformation and operational improvements.

• Free cash flow improved to CHF -0.1 million from CHF -13.2 million, driven by stronger profitability and absence of prior restructuring outflows.

• Viktor Bernhardt was appointed permanent Group CEO, ensuring leadership continuity; search for a new CFO is underway.

• Full-year guidance for sales growth and adjusted operating profit margin was raised following strong H1 2026 results.

Financial highlights

• Net sales reached CHF 153.9 million (including discontinued business), a 0.7% decrease year-over-year; continuing operations grew 16% at constant FX to CHF 152.4 million.

• Adjusted operating profit was CHF 16.9 million (margin 11.0%), up from CHF 9.3 million (margin 5.7%) in H1 2025.

• Gross profit margin increased to 24.1% from 18.3% in H1 2025.

• Free cash flow improved to CHF -0.1 million from CHF -13.2 million in H1 2025.

• Net debt reduced by CHF 20.1 million year-over-year to CHF 59.2 million; net debt to EBITDA ratio improved to 1.4.

Outlook and guidance

• Full-year net sales growth guidance for continuing operations at constant FX raised to 9–11%.

• Adjusted operating profit margin guidance increased to around 10% for the full year.

• Continued focus on operational excellence, cash generation, and monitoring of geopolitical, supply chain, and tariff risks.

• Management reiterates ambition to sustainably achieve an operating profit margin of 10% or above.