Key results and financial position
Gurit reported final 2025 results with core earnings before interest and taxes of CHF26 million, slightly exceeding UBS's estimate of CHF25.6 million. The company's reported EBIT was weighed down by restructuring charges of around CHF69 million, the majority of which were non-cash items.
Net debt fell by CHF7.7 million to CHF55 million, an improvement that brought the net debt to EBITDA ratio down to 1.6 times from 2.5 times in 2024. Gurit also generated approximately CHF11 million in equity free cash flow for the year. The company does not expect to pay a dividend.
Margin recovery and business-segment signals
Gurit recorded a pronounced margin rebound in the second half of 2025. Core EBIT margin rose to 10.8% in the back half, up from 5.6% in the first half. Management attributed this improvement in part to a 7.2 percentage point increase in gross margin.
Within manufacturing solutions - a segment the company views as a leading indicator for wind activity - Gurit said it strengthened its footprint in India and anticipates positive developments in 2026 after a strong fourth quarter. Gurit also has secured long-term agreements with western wind turbine manufacturers, supporting its outlook for the wind market.
For the industrial and marine segment, the company took a measured view of the yacht market, which declined 3% year-over-year in 2025. Despite that contraction, Gurit sees solid prospects for 2026 driven by its subsea business.
Outlook and targets
Looking to 2026, Gurit guided to mid-single-digit like-for-like sales growth and said it expects an improved core EBIT margin above the 2025 level of 8.1%. The company raised its mid-term growth outlook for the wind segment from mid-single digits to mid-to-high single digits. It reaffirmed expectations for high-single-digit growth in non-wind segments and maintained its target 10% EBIT margin.
These targets reflect a mix of operational guidance and medium-term aspirations for profitability, leveraging the improved margin trajectory seen in the second half of 2025.
Operational and cash dynamics
The financials highlight both non-cash restructuring impacts on reported EBIT and tangible improvements in leverage and cash generation. Net debt reduction and an equity free cash flow figure of about CHF11 million point to a modest positive cash conversion for the year, while the restructuring charges materially affected reported profitability for 2025.
Management's 2026 guidance and the upgraded wind growth outlook indicate expectations of continued top-line expansion and margin progression, but the company has not committed to dividend payments for the period.
Conclusion
Gurit's 2025 performance delivered results broadly in line with forecasts, accompanied by a marked margin recovery in the second half, a reduction in net debt and an upgraded wind-market growth assumption. The company outlined conservative near-term sales growth and an expectation of further margin improvement, while keeping its medium-term EBIT margin target at 10%.