Gurit reports net sales of CHF 499.5 million for the calendar year 2022

Gurit Holding AG / Key word(s): Preliminary Results Gurit reports net sales of CHF 499.5 million for the calendar year 2022 30-Jan-2023 / 18:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Zurich, January 30, 2023 – Ad hoc announcement pursuant to Art. 53 LR

Gurit (SIX Swiss Exchange: GURN) today reported preliminary and unaudited net sales of CHF 499.5 million for the full year 2022. Net sales of Continued Operations were CHF 488.6m which is an increase of 17.0% at constant exchange rates or 11.6% in reported CHF versus prior year. Adjusted for the acquisition of Fiberline and the divestment of the Aerospace business, sales declined 8.0% at constant exchange rates.

In 2022 Gurit net sales were impacted by a reduced demand of Western wind customers, mainly driven by lower US market momentum, slow permitting and delayed wind park projects as well as Western wind turbine manufacturers consolidating their activities and exiting certain regions. The Chinese domestic wind market saw strong growth in sales in 2022 with Gurit being among the top 3 suppliers for both PET and rotor blade moulds. Marine and Industrial sales continued the strong performance during 2022, growing more than 20% at constant exchange rates.

Composite Materials reported net sales of CHF 325.5 million for 2022. This increase of 52.9% at constant rates compared to 2021 contains a contribution of CHF 102.0 million from Structural Profiles (Fiberline Composites), where Gurit acquired a 60% majority stake in May 2022. Wind sales have been influenced by a stronger Wind market in China but a reduced demand from the rest of the world. The Gurit Marine and Industrial sales have performed strongly with more than 20% growth.

Kitting recorded net sales of CHF 148.6 million for 2022. This is a decrease of -14.0% at constant exchange rates compared to 2021.  Kitting caters exclusively to the Wind market and saw a generally lower demand from Western customers outside China. The optimization of the European Kitting footprint was finished according to plan and will provide positive momentum on the business performance in 2023.