Gurit Holding AG

Hello, everybody, and welcome to the GURT H1 2025 results media and earnings conference. As said, my name is Tobias Lührig, and I'm the new CEO of GURT, and I'm pleased to be here with you today. I will focus over the next few minutes on what happened during the first half of the year, 2025, providing you with some context and background. After that, we will take a deeper dive into the financial sections. Before we move then in the Q&A session, as noted, I will return to present the outlook for GURID for the full year of 2025. We completed the restructuring of the company. We booked restructuring expenses of 40 million Swiss, of which 80 million were impairments. Due to the planned exit from the carbon fiber protrusion business, our revenue declined by 20.1% to 164.7 million. In addition to these portfolio changes, we also experienced delayed order intakes, partly driven by the uncertainty around the ongoing US tariff discussion. Javier will provide more background on this later in the presentation. Despite this headwinds, we achieved an operating profit of 9.3 million, translating into a 5.7% margin, slightly above last year's margin of 5.4%. Naturally, total profit was higher last year, mainly due to the stronger revenue base. Our main business remains the wind material segment. which generated 105 million Swiss in revenue during the first half of 2025. That translates to a decline of 22.9%. The drop primarily reflects the previous mentioned exits from the protrusion business. We continue to focus on strengthening relationships with our Western wind customers by securing long-term agreements. As highlighted in previous calls, our strategy is to concentrate on strategically important markets and key customers. Manufacturing solution generated 15.2 million, a decrease of 24.5%, mainly due to delayed order intakes. However, we're seeing strong growth in the Indian market, and we expect a stronger performance in the second half of this year. In the marine and industrial sector, we recorded 45.6 million in sales, representing a decline of 10.5%. Despite this negative growth, we are pleased to report steady progress in capturing opportunities in the lightweight and marine vessel application sector, particularly with our flagship product, CORSEL S4. Looking ahead, we are excited to begin deliveries of PT based solution to new industrial market segments, including home and workspace application, as well as the transportation sector starting in Q4. Supply chain pressure have eased during the first six months of 2025, leading to lower material costs. However, we experienced higher logistic costs, largely due to the ongoing situation in the Red Sea. US tariffs had only a minor direct impact on our sales and profits, while we are able to offset those effects with a set of countermeasures. Nevertheless, we see more indirect effects for our customers and end users in specific markets, as I mentioned on previous slides. Javier will provide more insight into this in just a moment. Speaking of Javier, as previously announced, he will be leaving Guri at the end of November. The search for a new CFO is nearing completion, and we will share an official announcement as soon the ink is dry. Looking ahead, we remain confident to our multi-market strategy and will continue to strengthen our global position as a leader in lightweight performance materials.

Thank you very much, Tobias. So let me show you some key information on the financials of the Interims Report 2025. So if we take a look on the net sales, as already mentioned, we reported 164.7 million Swiss francs in the first half year, which represents a decline of 20.1% at constant rates versus last year. We did stop the carbon fiber production business in Denmark and India in the second quarter 2025. leading to the significant drop in sales, especially in the wind systems segment. To give you an overview, the total annual sales of this discontinued business was 101 million in 2024 and was 25.8 million in the first half of 2025. Additionally, we did focus our wind business on profitable customers, supporting our overall profitability.

Together with the restructuring savings we did realize better results in the segment of wind systems compared to last year.