Gurit has delivered a sharp improvement in first-half 2026 performance, prompting the composites maker to raise its full-year guidance as growth accelerated across all three business units.
The Swiss-listed group reported unaudited net sales of CHF 153.9 million for the six months to June 30. Net sales from continuing operations rose 16.0% at constant exchange rates to CHF 152.4 million, while adjusted operating profit more than doubled to CHF 16.9 million.
The adjusted operating margin climbed to 11.0%, up from 5.7% a year earlier. On an unadjusted basis, the margin improved to 11.6%, compared with -35.4% in the first half of 2025.
Gurit said the stronger performance reflected profitable growth, portfolio optimization and a lower cost base following its transformation program.
The improved results also gave the company confidence to raise its 2026 outlook. Gurit now expects net sales growth from continuing operations of 9-11% at constant exchange rates, up from previous guidance for mid-single-digit growth. Full-year adjusted operating profit margin guidance has been lifted to around 10%, from above 8.1%.
The results come as Gurit completes a leadership transition.
Viktor Bernhardt, who became interim Group Chief Executive Officer on July 23 following the resignation of Tobias Lührig, was appointed CEO on a permanent basis on August 25.
The Board said Gurit's next stage of development requires a leader combining financial expertise, operational discipline and proven business leadership.
Bernhardt will also oversee the finance function until a new Group Chief Financial Officer is appointed, with the search for a successor beginning immediately.
Wind Materials remained Gurit's largest business, with first-half sales from continuing operations rising 9.6% at constant exchange rates to CHF 82.9 million.
Growth outpaced expectations as major OEMs accelerated onshore turbine production and offshore facilities ramped up. Gurit also strengthened long-term relationships with key customers through supply chain reliability and closer operational proximity.
Manufacturing Solutions posted the strongest percentage growth, with sales jumping 69.3% at constant exchange rates to CHF 23.9 million.
The surge was driven by increased customer activity, particularly in India, where Gurit's newly established local manufacturing footprint supported stronger project execution. Based on its order backlog and current demand, the business expects momentum to continue into the second half.
Marine & Industrial sales increased 9.2% at constant exchange rates to CHF 45.7 million, led by growth in Subsea, greater adoption of recycled PET foam and broader industrial applications.
Gurit expanded production capacity in Australia and the United States during the period and advanced customer qualifications for Corecell S foam. Although some marine markets remained subdued, the company expects new applications and its qualification pipeline to contribute more strongly in the second half.
Gurit's cash position also strengthened operationally.
Net cash inflow from operating activities reached CHF 3.6 million, reversing an outflow of CHF 9.9 million in the prior-year period. The improvement reflected higher profitability and the absence of restructuring-related cash outflows recorded in the first half of 2025, although higher inventories increased working capital.
Capital expenditure rose to CHF 4.8 million from CHF 3.8 million, primarily supporting capacity expansion and operational efficiency.
Net debt was CHF 4.2 million higher than at the end of 2025 following a deferred cash payment related to the acquisition of Fiberline Composite A/S. However, net debt was CHF 20.1 million lower than a year earlier.
Gurit maintained uninterrupted customer deliveries despite continued pressure in global raw material and logistics markets. Higher raw material, freight and energy costs were offset through procurement measures, supply chain optimization and pricing actions.
The company warned that the evolving U.S. tariff environment remains a source of uncertainty. Its forecasts include a negative impact from the announced 50% tariff on imports from Canada into the United States, although Gurit said the scope and implementation remain uncertain.
Gurit also advanced its sustainability agenda, with energy-efficiency initiatives across its global operations aimed at reducing greenhouse gas emissions.
The company entered a partnership with Innofibre to explore bio-based epoxy resins made using waste materials from the paper industry.
Gurit said it expects momentum to continue through the second half of 2026, supported by its multi-market strategy, stronger competitive position and structurally lower cost base following its 2025 strategic realignment.
The company said geopolitical developments, supply chain pressures and tariff risks remain under close review.
Despite those risks, Gurit remains confident in its long-term strategy and reiterated its ambition to sustainably achieve an operating profit margin of 10% or above.
