Excluding acquisition effects, total Group Sales grew by 5.8% at constant exchange rates. Wind Energy remains the most important market segment for Gurit. While some regions show cautious signs of recovery, the overall wind industry environment remains highly volatile. Marine and other industrial markets performed well, driven by an increase in demand for PET structural foam for industrial applications. Still, we see indications of lower demand in certain Marine markets.

Composite Materials achieved net sales of CHF 237.4 million for the first nine months of 2023. This represents an increase of 12.5% at constant exchange rates compared to the previous-year period. Excluding acquisitions, Composite Materials sales increased 7.9% at constant exchange rates driven by market share gains with recycled PET in all Western material markets based on the successful ramp up of our Mexican and Indian manufacturing sites.

Kitting recorded net sales of CHF 102.6 million for the first nine months of 2023. This is an increase of 4.1% at constant exchange rates compared to the first nine months of the previous year. The year-on-year increase is due to new projects with Western customers primarily in India and North America.

Manufacturing Solutions achieved a turnover of CHF 39.4 million, which represents a decline of -7.3% at constant exchange rates compared to the first nine months of the previous year. The decline is a result of weaker demands for wind blade moulds in the third quarter, as certain customer projects got delayed and pushed out.

Outlook
Considering the current run rate, sales are expected to be at the lower end of the current guidance of CHF 460 – 490 million. The operating margin remains in the range of 3% – 6%.

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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.