Gurit Holding Ag · SIX:GURN

Gurit — FY2022 Earnings Presentation

26 slides from Gurit's earnings presentation, Mar 2, 2023

1. Slide 1: Gurit 2022 Results

   Gurit 2022 Results Media and Analyst Conference 2 March 2023 at 09:00 AM CET WITH PASSION FOR A SUSTAINABLE FUTURE

2. Slide 2: Introductory statement

   Introductory statement This presentation may include forward-looking statements that reflect the intentions, beliefs or current expectations and projections of Gurit Holding AG about the future results of operations, financial condition, liquidity, performance and similar circumstances. Such stateme

3. Slide 3: Agenda

   Agenda 1 Business update 2 Financial results 3 Outlook 4 Q&A session for Analysts & Financial Journalists Gurit FY2022 Results | 2 Mar 2023 | 3

4. Slide 4: FY 2022 Highlights

   FY 2022 Highlights Sales CHF 499.5m High: Marine & Industrial and China Wind markets; 499.5 Low: Western wind blade customer demand million CHF Net sales Operating profit margin: 4.5% Adjusted operating profit margin: 2.3% Proposal of no dividend payout for 2022 2.3% Marine & Industrial business con

5. Slide 5: Group Executive Management

   Group Executive Management Daniel Dahlqvist and Lars Fuglsang newly on board Mitja Philippe Bing Daniel Lance Lars Hannes Schulz Wirth Chen Dahlqvist Hill Fuglsang Haueis Chief Chief Manu- Wind Marine/ Structural Head of Executive Financial facturing Systems Industrial Profiles Group Officer Officer

6. Slide 6: New site in Chennai has successfully ramped up

   New site in Chennai has successfully ramped up We strengthened our operations in Taicang and Tianjin, CN Gurit FY2022 Results | 2 Mar 2023 | 6

7. Slide 7: World's Longest Mould

   World’s Longest Mould 126 meters in length. Built by Gurit Taicang Gurit undisputed market leader for wind blade moulds:  Most complete offering for blade manufacturing solutions  New modular design  India footprint expansion Modular mould Gurit FY2022 Results | 2 Mar 2023 | 7

8. Slide 8: Wind Innovation Center in Ringkobing, DK

   Wind Innovation Center in Ringkobing, DK  Enabling innovation, product development  Customer intimacy: demonstration of our capabilities; Tests and Training  OptiCore kitting software innovation: nominated for JEC Innovation Award 2023 Gurit FY2022 Results | 2 Mar 2023 | 8

9. Slide 9: Integration of Fiberline Composites

   Integration of Fiberline Composites We anticipate the business reaching profitable levels in 2024  Gurit extended the product portfolio: ONE STOP SHOP FOR BLADE MANUFACTURERS  Industrialization in India done successfully, but ramp-up of lead customer is delayed  Cost-optimized European footprint

10. Slide 10: Fiberline acquisition extends Gurit wind rotor blade portfolio

    Fiberline acquisition extends Gurit wind rotor blade portfolio Access to all wind OEM and 90% of blade manufacturers Manufacturing sites in all major global wind hubs Most complete offering to wind blade manufacturers: up to 50% blade value chain coverage ROOT CONNECTION Transition towards a solutio

11. Slide 11: Marine & Industrial Business Growth

    Marine & Industrial Business Growth Widening Market Reach  Gurit Marine and Industrial sales performed strongly: >20% growth  Successful diversification into industrial market segments: Architecture & Building, Transportation, Medical, and PET in transportation many more solutions New Corecell-I 

12. Slide 12: Delivering on our Sustainability Commitments

    Delivering on our Sustainability Commitments Greenhouse Gas Resource utilisation Emission Reduction Circularity  Climate neutral scope 1 & 2 ESG Ratings improved:  Waste reduction  GHG reduction targets in  PET recycling value chain  EcoVadis bronze (2022) and line with SBTi  Industry engageme

13. Slide 13: 2022 Financial Results

    2022 Financial Results Philippe Wirth, CFO WITH PASSION FOR A SUSTAINABLE FUTURE

14. Slide 14: Sales impacted by reduced demand of Western wind customers

    Sales impacted by a reduced demand of Western wind customers. Strong Marine and Industrial Materials Kitting Man. Solutions Group (continued operations) +52.9% -14.0% -21.5% mCHF mCHF mCHF mCHF 160 160 160 300 140 140 140 250 120 120 120 200 100 100 100 80 80 80 150 60 60 60 100 40 40 40 50 20 20 20

15. Slide 15: Operating results impacted by challenging market

    Operating results impacted by challenging market CHF million 2022 2021 Sales 499.5 467.9  Organic Sales decline -8.0% Growth 11.9% Gross profit 64.3 85.0  Dilutive impact of acquisition -2.4%-pts % of sales 12.9% 18.2%  Lower pricing on China mould sales CHF -2.6%-pts EBITDA 39.8 41.0  2022 incl

16. Slide 16: Adjusted operating profit

    Adjusted operating profit mCHF Gurit FY2022 Results | 2 Mar 2023 | 16

17. Slide 17: Free cash flow: strong recovery in the second half of the year

    Free cash flow: strong recovery in the second half of the year Trade Net Working Capital CAPEX Free Cash Flow 30% 250 30 26.7 22.4% 22.4% 23.5% 24.7 25% 200 25 23.8 50 45.8 19.1% 42.1 20% 40 150 20 129.3 110.5 117.2 15.2 15% 104.8 15 30 100 10% 10 20 5% 50 5 10 3.5 0% 0 0 0 2019 2020 2021 2022 2019

18. Slide 18: Balance sheet: higher leverage due to acquisition

    Balance sheet: higher leverage due to acquisition Dec Dec CHF million 2022 2021 Net Debt 84.0 38.3  Net debt increase due to acquisition / Change +45.7 divestments CHF 40.8m Equity Ratio 31.0% 51.3%  Fiberline goodwill CHF 54.4m Change -20.3%-pts  Currency CHF 9.7m  Benefits from one-time gain o

19. Slide 19: Outlook

    Outlook Mitja Schulz CEO WITH PASSION FOR A SUSTAINABLE FUTURE

20. Slide 20: Wood Mackenzie: Global Wind Turbines supply chain trends 2022

    Profitability pressures vary across the value chain Margins are expected to improve thanks to continued ASP increase Profitability by value stream segment, 2021-9M 2022 Upstream supply chain is under huge pressure as Wood Mackenzie: Global Wind Turbines supply chain trends 2022 turbine suppliers are

21. Slide 21: Wind Energy Market Outlook

    Wind Energy Market Outlook Transition period after high 2020, strong growth post-2024 expected China Energy Consultant View Leading OEM View AP (ex China) Global wind installations (GW)1 Global wind installations (GW) AM +7% EMEA CAGR On&Off-shore 400 +66% 390 156 150 140 138 122 113 69 106 100 94 9

22. Slide 22: Positive Lightweighting Markets Outlook

    Positive Lightweighting Markets Outlook Pursuing diversification Marine and Industry market environment: 2020-28 CAGR 6.6% expected  Marine market continues growth across all regions, exceeding expectations  Strong demand for PET across all markets, in particular related to sustainability Gurit fo

23. Slide 23: Conclusion and Outlook

    Conclusion and Outlook Conclusion Outlook  2022 was a challenging year for the wind energy supply chain  FY 2023 Net Sales: CHF 450–510 million  Focus was and remains on operational execution and debt reduction, Fit4Future  Operating profit margin: program yields expected savings 2% – 5%  Weste

24. Slide 24: End of presentation

    End of presentation Thank you for joining us today! Next dates To join the Q&A, please use your  24 April: AGM Annual General Meeting & dial-in credentials. Q1 net sales media release  16 August: HY report and net sales media release  18 October: Q3 net sales media release Contact: investor@gurit

25. Slide 25: Questions & Answers

    Questions & Answers To join the Q&A, please use your dial-in credentials Gurit FY2022 Results | 2 Mar 2023 | 25

26. Slide 26: Thank you for your attention

    Thank you for your attention investor@gurit.com www.gurit.com Gurit FY2022 Results | 2 Mar 2023 | 26

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