Gurit reports net sales of CHF 97.2 million in the first quarter of 2024 and
confirms back-end loaded 2024;Annual General Meeting approves all agenda items

Gurit Holding AG / Key word(s): AGMEGM/Quarter Results
Gurit reports net sales of CHF 97.2 million in the first quarter of 2024 and
confirms back-end loaded 2024; Annual General Meeting approves all agenda
items

18-Apr-2024 / 18:26 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

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Zurich, April 18, 2024 - Ad hoc announcement pursuant to Art. 53 LR

Gurit (SIX Swiss Exchange: GURN) today reports unaudited sales results. As
expected, net sales of continued operations have been low in the first
quarter of 2024 and reached CHF 97.2 million, a decline of -11.3% at
constant exchange rates or -17.2% in reported CHF versus the first quarter
of 2023. Gurit reiterates the FY 2024 net sales guidance of CHF 435 - 485
million.

After a slow beginning of the year with January and February being at low
sales levels, Gurit saw an improved March and expects a stable upwards trend
for the upcoming quarters.

Wind Materials achieved net sales of CHF 65.6 million for the first quarter
of 2024. This represents a decrease of -10.6% at constant exchange rates
compared to 2023. As anticipated wind customers took the opportunity in the
first quarter to transition to new blades, decrease blade inventories, or
continued to solve quality issues. For the coming quarters we expect higher
demand from both Western and Chinese OEMs as new blades will be launched and
demand in North America is expected to increase gradually. We successfully
agreed on a 2-year extension for the supply of Carbon Fiber pultruded
profiles with a major Western wind customer.

Manufacturing Solutions achieved net sales of CHF 7.7 million, which
represents a decline of -31.7% at constant exchange rates compared to 2023.
Numerous projects are being finalized but will impact sales only in the
second half of the year. Gurit was successful with new projects for several
Indian domestic wind customers as the Indian wind market is gearing up and
Gurit can leverage the new mould and CNC manufacturing facilities in
Chennai.

Marine and Industrial reports net sales of CHF 23.9 million for the first
quarter of 2024. This is a decline of -3.8% at constant exchange rates
compared to 2023. We see a temporary softening in some US marine market
segments as customers are depleting boat inventories. Our activities to
increase the use of recycled PET foam in diversified industrial applications
are progressing. The integration of FX Composites is moving as planned.

    NET SALES       Q1
                    2024
    in mCHF         2024  2023   Change in     Change @ constant
                                 reported CHF  2023 rates
    Wind Materials  65.6  78.7   -16.6%        -10.6%
    Man. Solutions  7.7   12.6   -38.5%        -31.7%
    Marine and      23.9  26.2   -8.8%         -3.8%
    Industrial
    Total Group     97.2  117.4  -17.2%        -11.3%

Outlook
We are reiterating our guidance for a back-end loaded 2024 with expected net
sales of 435-485 million CHF and an operating profit margin of 5-8%.

Annual General Meeting of Shareholders
The Annual General Meeting today approved all motions proposed by the Board
of Directors. Gurit will pay out a dividend of CHF 0.35 per share for the
year 2023. Gurit shares will be traded ex-dividend as from April 22, 2024
(ex-dividend date). The positions entitled to dividend payments will be
recorded on April 23, 2024 (record date), and the payments will be made on
April 24, 2024 (payment date).

The AGM voting results will be published on Gurit's Investor Relations
webpage under the following link: http://www.gurit.com/Investors/AGM.

Gurit Half-Year 2024 Report
Gurit will publish its half-year report 2024 on August 19, 2024, at 07:00 AM
CEST. Management will also discuss the results at a joint media and analyst
conference on August 19, 2024, at 09:00 AM CEST. For up-to-date information
on Gurit`s financial calendar, please visit
https://www.gurit.com/financial-calendar/.

About Gurit
The subsidiaries of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss
Exchange: GURN) are specialized in the development and manufacture of
advanced composite materials, composite tooling equipment and core kitting
services. The product range comprises structural core materials, structural
profiles, prepregs, formulated products such as adhesives and resins as well
as structural composite engineering. Gurit supplies global growth markets
such as the wind turbine industry, marine, building and many more. Gurit
operates production sites and offices in Australia, Canada, China, Denmark,
Ecuador, India, Italy, Mexico, New Zealand, Poland, Spain, Switzerland,
Turkey, United Kingdom and the United States.
www.gurit.com

Gurit Group Communications

Phone: +41 44 316 15 50, e-mail: investor (at) gurit.com

All trademarks used or mentioned in this release are protected by law.

Forward-looking statements:
To the extent that this announcement contains forward-looking statements,
such statements are based on assumptions, planning and forecasts at the time
of publication of this announcement. Forward-looking statements always
involve uncertainties. Business and economic risks and developments, the
conduct of competitors, political decisions and other factors may cause the
actual results to be materially different from the assumptions, planning and
forecasts at the time of publication of this announcement. Therefore, Gurit
Holding AG does not assume any responsibility relating to forward-looking
statements contained in this announcement.


News Source: Gurit Holding AG


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End of Inside Information

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   Language:       English
   Company:        Gurit Holding AG
                   Thurgauerstrasse 54
                   8050 Zurich
                   Switzerland
   Internet:       https://www.gurit.com/
   ISIN:           CH1173567111
   Valor:          117356711
   Listed:         SIX Swiss Exchange
   EQS News ID:    1884211

End of Announcement EQS News Service
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1884211 18-Apr-2024 CET/CEST