EXEL COMPOSITES PLC | STOCK EXCHANGE RELEASE | 7 NOVEMBER 2025 AT 9:00 EET
Order intake and adjusted operating profit increased by double digits in Q3
This release is a summary of Exel Composites' business review for January-September 2025. The complete publication is attached to this release as a pdf file and available on the company's website at https://investors.exelcomposites.com/publications/
Figures in parentheses refer to the corresponding period in the previous year, unless otherwise specified.
July-September 2025 in brief
- Order intake increased by 27.8% to EUR 26.9 million (Q3 2024: 21.0)
- Revenue was stable at EUR 24.1 million (24.6)
- Operating profit was EUR 0.4 million (0.6) and operating profit margin 1.8% (2.5%)
- Adjusted operating profit increased to EUR 0.9 million (0.7) and adjusted operating profit margin was 3.9% (2.9%)
- Earnings per share was EUR 0.00 (-0.02)
January-September 2025 in brief
- Order intake increased by 18.2% to EUR 89.9 million (Q1-Q3 2024: 76.1)
- Revenue was stable at EUR 74.2 million (74.5)
- Operating profit was EUR 1.3 million (1.2) and operating profit margin 1.8% (1.6%)
- Adjusted operating profit increased significantly to EUR 2.7 million (1.5) and adjusted operating profit margin was 3.7% (2.0%)
- Earnings per share was EUR -0.05 (-0.03)
Guidance for the full year 2025 (unchanged)
Exel Composites expects revenue to increase and adjusted operating profit to increase significantly in 2025 compared to 2024. (Published on 14 February 2025)
President and CEO Paul Sohlberg:
We advanced on all fronts in the third quarter - both commercially, operationally, and strategically - turning customer demand into a stronger order book while ramping capacity to support growth.
Exel's order intake grew by 27.8% to EUR 26.9 million in the third quarter, outpacing revenue of EUR 24.1 million, which was stable year on year due to customer delivery phasing. Adjusted operating profit improved to EUR 0.9 million, corresponding to a 3.8% margin, up by 31% year on year. Our order backlog increased to EUR 49.2 million, 61% higher than a year ago, supporting our growth for the coming quarters. This progress is as anticipated: we are about to complete our strategy's stabilization and profitability phase and continue working closely with customers to build for the growth phase.
In the quarter, we saw market activity develop favorably in line with our chosen customer industries: Energy remained strong, while Buildings & Infrastructure and Transportation showed good demand. We also experienced continued activity in defense-related applications where composites deliver low weight and high durability.
Operational execution delivering results
Operational execution advanced across both business units. Industrial Solutions began commercial shipments from our new India factory in September and will continue increasing volumes, thus improving proximity and cost-to-serve for wind customers and strengthening our global supply chain. In Engineered Solutions business unit, we advanced multiple new customer engagements and continued the planned transfer of product families from the closed Belgium site. In relation to these activities, our third quarter earnings reflect closure-related items from the Belgium site where operations stopped in March 2025. The process following the closure is ongoing and approaching completion. We will continue to manage the transition carefully while maintaining delivery performance and quality.
Our renewed operational model continues to produce results, as reflected in our improved profitability. We operate with fewer sites following our ongoing network optimization and are seeing increased utilization rates in the remaining footprint. As a result, adjusted operating profit was higher year on year even with revenue broadly in line with last year.
Operating cash flow was negative in this quarter, reflecting a build-up in working capital tied to our larger order backlog, India ramp-up and delivery scheduling. We expect our operating cash flow and working capital efficiency both to improve as we grow, while total working capital is expected to increase as revenue grows.
Strategic deals strengthen our position
During the third quarter, we achieved notable customer milestones. In Energy customer industry, a large purchase order for composite conductor cores from De Angeli Prodotti was prepared during the period and received after the period. In Buildings & Infrastructure customer industry, we secured a deal with long-standing customer KONE for increased UltraRope® deliveries.
Conductor cores is a growing application for composites as they offer superior properties compared to traditional materials. Composite cores allow the transmission line to carry more current, waste less energy, and sag less while achieving longer spans - letting utilities to add capacity on existing lines without rebuilding. Similarly, UltraRope®'s carbon-fiber core replaces steel, improving the energy efficiency of elevators in high-rise applications. These composite solutions are perfect examples of how Exel combines specialized engineering with industrial-scale manufacturing to deliver consistent quality in demanding applications.
Turning to growth ahead of expectations
Going forward, our strategic priorities are clear. We will continue working on securing growth from existing and new customers, build the order book and convert it efficiently, thus utilizing our capacity optimally, and deepen partnerships where Exel's engineering improves our customers' business.
With the strategic customer deals in place, wind programs now shipping from India, and operational programs on track, we are busy accelerating towards 2026 while completing this year in line with our full-year 2025 guidance framework. I want to thank our customers and shareholders for their continued trust, and the entire Exel team for their focused and committed work.
Consolidated key figures
Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change | Q1-Q4 | |
EUR thousand unless otherwise indicated | 2025 | 2024 | % | 2025 | 2024 | % | 2024 |
Revenue | 24,094 | 24,585 | -2.0 | 74,181 | 74,539 | -0.5 | 99,614 |
Operating profit | 438 | 620 | -29.4 | 1,323 | 1,224 | 8.1 | -2,853 |
% of revenue | 1.8 | 2.5 | 1.8 | 1.6 | -2.9 | ||
Adjusted operating profit 1) | 928 | 707 | 31.2 | 2,739 | 1,526 | 79.4 | 1,704 |
% of revenue | 3.9 | 2.9 | 3.7 | 2.0 | 1.7 | ||
EBITDA | 1,623 | 2,189 | -25.9 | 5,087 | 5,699 | -10.7 | 4,246 |
Adjusted EBITDA 1) | 2,113 | 2,276 | -7.2 | 6,503 | 6,001 | 8 | 7,624 |
Profit before tax | -435 | -1,769 | 75.4 | -5,603 | -1,541 | -263.6 | -3,778 |
Profit for the period | -508 | -1,824 | 72.1 | -5,641 | -1,850 | -205.0 | -5,027 |
Profit for the period excluding non-controlling interest | -333 | -1,730 | 80.7 | -5,123 | -1,600 | -220.3 | -4,663 |
% of revenue | -1.4 | -7.0 | -6.9 | -2.1 | -4.7 | ||
Shareholders' equity | 28,334 | 36,726 | -22.9 | 28,334 | 36,726 | -22.9 | 32,337 |
Interest-bearing liabilities | 34,724 | 31,266 | 11.1 | 34,724 | 31,266 | 11.1 | 30,414 |
Cash and cash equivalents | 6,763 | 10,697 | -36.8 | 6,763 | 10,697 | -36.8 | 10,904 |
Net interest-bearing liabilities | 27,961 | 20,569 | 35.9 | 27,961 | 20,569 | 35.9 | 19,509 |
Net debt to adjusted EBITDA 2) | 3.4 | 3.4 | 0.3 | 3.4 | 3.4 | 0.3 | 2.6 |
Capital employed | 63,057 | 67,991 | -7.3 | 63,057 | 67,991 | -7.3 | 62,751 |
Return on equity, % | -7.1 | -19.7 | 63.9 | -24.8 | -9.1 | -173.5 | -20.1 |
Return on capital employed, % | 2.9 | 3.7 | -21.9 | 2.9 | 2.9 | 1.8 | -4.3 |
Equity ratio, % | 31.8 | 39.7 | -19.8 | 31.8 | 39.7 | -19.8 | 36.8 |
Net gearing, % | 98.7 | 56.0 | 76.2 | 98.7 | 56.0 | 76.2 | 60.3 |
Net cash flow from operating activities | -1,880 | -2,308 | -18.6 | -5,710 | -1,314 | 334.5 | 581 |
Net cash flow from investing activities | -269 | -701 | -61.6 | -2,194 | -1,557 | 40.9 | -2,595 |
Capital expenditure | 551 | 801 | -31.2 | 2,454 | 1,616 | 51.8 | 2,658 |
% of revenue | 2.3 | 3.3 | 3.3 | 2.2 | 2.7 | ||
Research and development costs | 883 | 821 | 7.5 | 2,816 | 2,817 | -0.1 | 3,738 |
% of revenue | 3.7 | 3.3 | 3.8 | 3.8 | 3.8 | ||
Order intake | 26,883 | 21,043 | 27.8 | 89,914 | 76,061 | 18.2 | 104,872 |
Order backlog | 49,195 | 30,557 | 61.0 | 49,195 | 30,557 | 61.0 | 34,177 |
Earnings per share, diluted and undiluted, EUR | 0.00 | -0.02 | 80.6 | -0.05 | -0.03 | -49.7 | -0.07 |
Equity per share, EUR | 0.27 | 0.34 | -21.59 | 0.27 | 0.73 | -63.62 | 0.49 |
Average share price, EUR | 0.39 | 0.34 | 11.70 | 0.36 | 0.47 | -23.40 | 0.40 |
Average number of shares, diluted and undiluted, 1,000 shares 3) | 105,654 | 106,470 | -1 | 105,894 | 49,507 | 114 | 63,729 |
Employees, average | 626 | 616 | 1.6 | 625 | 620 | 0.8 | 632 |
Employees, end of period | 628 | 616 | 1.9 | 628 | 616 | 1.9 | 637 |
1) Excluding material items affecting comparability, such as restructuring costs, impairment losses and reversals, and costs related to planned or realized business acquisitions or disposals
2) Last 12 months' adjusted EBITDA
3) Exel's rights issue completed in June 2024 increased the total number of shares from 11,896,843 to 106,728,395. Average number of shares excludes shares held by the company.
Revenue by business unit
Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change | Q1-Q4 | |
EUR thousand | 2025 | 2024 | % | 2025 | 2024 | % | 2024 |
Engineered Solutions BU | 19,651 | 20,008 | -1.8 | 60,941 | 61,487 | -0.9 | 82,485 |
Industrial Solutions BU | 4,439 | 4,567 | -2.8 | 13,227 | 13,041 | 1.4 | 17,109 |
Other | 4 | 10 | -56.3 | 13 | 12 | 5.4 | 19 |
Total | 24,094 | 24,585 | -2.0 | 74,181 | 74,539 | -0.5 | 99,614 |
Revenue by customer industry
Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change | Q1-Q4 | |
EUR thousand | 2025 | 2024 | % | 2025 | 2024 | % | 2024 |
Buildings and infrastructure | 4,889 | 5,715 | -14.4 | 14,841 | 16,171 | -8.2 | 21,502 |
Industrial | 3,057 | 3,779 | -19.1 | 10,817 | 11,404 | -5.1 | 15,588 |
Energy | 5,223 | 4,931 | 5.9 | 15,591 | 14,812 | 5.3 | 20,923 |
Transportation | 4,564 | 3,956 | 15.4 | 14,298 | 12,970 | 10.2 | 17,391 |
Other | 6,361 | 6,204 | 2.5 | 18,634 | 19,182 | -2.9 | 24,210 |
Total | 24,094 | 24,585 | -2.0 | 74,181 | 74,539 | -0.5 | 99,614 |
Vantaa, 6 November 2025
Exel Composites Plc
Board of Directors
Financial results briefing
We invite investors, analysts, and media to join our online results briefing today at 1:00 p.m. EET, presented by President and CEO Paul Sohlberg and CFO Mikko Rummukainen. The session will be held in English.
To attend, please register in advance at https://events.teams.microsoft.com/event/aa026b2f-844a-4dab-819f-855b50cb513f@d9f8eaa3-8213-467f-9971-5d2b15d45183 A viewing link will be sent to registered participants prior to the event.
More information:
Lauri Haavisto, Investor Relations Director
investor@exelcomposites.com
+358 20 754 1214
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit www.exelcomposites.com