EXEL COMPOSITES PLC | FINANCIAL STATEMENTS RELEASE | 13 FEBRUARY 2026 AT 9.00 AM EET
Order intake nearly tripled in Q4 and operating profit more than doubled in 2025 as Exel prepares to enter growth phase
This release is a summary of Exel Composites' Financial Statements Release Q1-Q4 2025. The complete report is attached to this release as a pdf file. It is also available on the company's website at https://investors.exelcomposites.com
October-December 2025 in brief
? Order intake increased by 173.2% to EUR 78.7 million (Q4 2024: 28.8)
? Revenue increased by 15.7% to EUR 29.0 million (25.1)
? Operating profit was EUR 0.9 million (-4.1) and operating profit margin 3.1% (-16.3%)
? Adjusted operating profit increased to EUR 0.9 million (0.2) and adjusted operating profit margin was 3.1% (0.7%)
? Earnings per share was EUR 0.00 (-0.03)
January-December 2025 in brief
? Order intake increased by 60.8% to EUR 168.6 million (Q1-Q4 2024: 104.9)
? Revenue increased by 3.6% to EUR 103.2 million (99.6)
? Operating profit was EUR 2.2 million (-2.9) and operating profit margin 2.1% (-2.9%)
? Adjusted operating profit increased significantly to EUR 3.6 million (1.7) and adjusted operating profit margin was 3.5% (1.7%)
? Earnings per share was EUR -0.05 (-0.07)
Guidance for the full year 2026
Exel Composites expects revenue and adjusted operating profit to increase significantly in 2026 compared to 2025, with a stronger contribution in the second half of the year. This is based on the timing of order backlog conversion, driven by customer call-offs and project schedules.
Dividend proposal
The Board proposes to the Annual General Meeting that no dividend be paid for 2025 based on the adopted financial statements for the financial year ended on 31 December 2025. (No dividend was paid for 2024.)
President and CEO Paul Sohlberg
2025 was a strong year for Exel, capped by an exceptional fourth quarter that positions us well for 2026. We strengthened customer engagement and execution readiness, and that work showed clearly by year-end in a much stronger order book, higher utilization across our remaining factories, and a significant improvement in profitability.
Market conditions remained supportive in our key customer industries, and we performed well through disciplined delivery of our strategy. Sales activity was particularly strong in Energy, driven by long-term investments in transmission and distribution. We also saw healthy conditions in Transportation and in Buildings and Infrastructure, where customers advanced projects and order intake remained active. As a result, we achieved record order intake and a record-high order backlog in the customer industries we prioritize.
Activity in Defense also remained solid, supported by demand for our camouflage netting support telescoping poles. These lightweight composite solutions are designed for rapid setup and repeated use in harsh environments.
Our order intake was exceptionally strong, both in Q4 at EUR 78.7 million (Q4 2024: EUR 28.8 million) and for the full year at EUR 168.6 million (104.9). Order backlog at the end of the period increased substantially, up 189% year-on-year to EUR 98.7 million (34.2). Revenue in Q4 was EUR 29.0 million (25.1) and for the full year EUR 103.2 million (99.6), representing year-on-year growth of 15.7% and 3.6%, respectively.
This commercial momentum, together with continued operational improvements, translated into a clear step-up in profitability. Adjusted operating profit in Q4 was EUR 0.9 million (0.2), corresponding to an adjusted operating profit margin of 3.1% (0.7%). For the full year, adjusted operating profit more than doubled to EUR 3.6 million (1.7), corresponding to a margin of 3.5% (1.7%).
Operating profit for the full year was positive at EUR 2.2 million, including a non-recurring positive impact of EUR 1.6 million from the UK factory building sale and closure-related costs related to completing the Belgium site closure.
Cash flow for the quarter was strong. Cash flow from operations was positive at EUR 4.7 million and from investing activities EUR 1.1 million, supported by working capital related improvements and the aforementioned UK property sale. Cash flow for the year was EUR -2.0 million due to preparation and investments for the planned growth.
Delivering on strategy, securing long-term growth
2025 was about delivering on our strategy. We advanced through the stability and profitability phase while building a materially stronger order backlog, improving visibility and reinforcing our readiness for the next phase of growth. We reached this inflection point in Q4, converting commercial momentum into tangible long-term commitments.
During the quarter, we signed two multi-year frame agreements in composite conductor cores with De Angeli Prodotti and Tratos, totaling a minimum volume commitment of EUR 47 million for 2026-2029. Frame agreements give Exel's customers planning certainty through secured capacity and predictable delivery from a trusted partner. For Exel, they improve visibility and production planning, supporting stable utilization and confident investment as we scale.
The ramp-up in India progressed well in Q4, with commercial deliveries continuing and volumes scaling in a controlled way. Industrial Solutions' revenue increased by 49.4% year-on-year, with quality and delivery performance remaining the non-negotiables. In parallel, we worked closely with customers to conclude production in Belgium and continue supply from our other Exel factories, with quality and on-time delivery as the first priorities.
Guidance for 2026
Exel Composites expects revenue and adjusted operating profit to increase significantly in 2026 compared to 2025, with a stronger contribution in the second half of the year. This is based on the timing of order backlog conversion, driven by customer call-offs and project schedules.
Looking ahead with momentum
As we start 2026, we remain close to customers and continue to see opportunities progress in our pipeline. While timing varies case by case, structural drivers in our focus areas remain supportive, including sustainability, urbanization and grid investments tied to the energy transition.
Our focus is to deepen customer partnerships, grow the order book in our strategic industries, and deliver reliably as volumes scale, staying disciplined and selective in how we convert growth into profitable deliveries.
I would like to thank our customers for their trust, our partners for their collaboration, and the entire Exel team for the focus and commitment shown throughout 2025. I also appreciate the continued support of our shareholders as we build Exel into a stronger, more scalable and sustainably profitable company.
Consolidated key figures
Q4 | Q4 | Change | Q1-Q4 | Q1-Q4 | Change | |
EUR thousand unless otherwise indicated | 2025 | 2024 | % | 2025 | 2024 | % |
Revenue | 29,013 | 25,074 | 15.7 | 103,194 | 99,614 | 3.6 |
Operating profit | 890 | -4,077 | 121.8 | 2,212 | -2,853 | 177.5 |
% of revenue | 3.1 | -16.3 | 2.1 | -2.9 | ||
Adjusted operating profit 1) | 889 | 177 | 401.5 | 3,628 | 1,704 | 112.9 |
% of revenue | 3.1 | 0.7 | 3.5 | 1.7 | ||
EBITDA | 2,046 | -1,453 | 240.8 | 7,133 | 4,246 | 68.0 |
Adjusted EBITDA 1) | 2,046 | 1,623 | 26.0 | 8,548 | 7,624 | 12 |
Profit before tax | -134 | -2,237 | 94.0 | -5,736 | -3,778 | -51.8 |
Profit for the period | -432 | -3,178 | 86.4 | -6,073 | -5,027 | -20.8 |
Profit for the period excluding non-controlling interest | -366 | -3,064 | 88.0 | -5,490 | -4,663 | -17.7 |
% of revenue | -1.3 | -12.2 | -5.3 | -4.7 | ||
Shareholders' equity | 28,092 | 32,337 | -13.1 | 28,092 | 32,337 | -13.1 |
Interest-bearing liabilities | 34,370 | 30,414 | 13.0 | 34,370 | 30,414 | 13.0 |
Cash and cash equivalents | 11,942 | 10,904 | 9.5 | 11,942 | 10,904 | 9.5 |
Net interest-bearing liabilities | 22,428 | 19,509 | 15.0 | 22,428 | 19,509 | 15.0 |
Net debt to adjusted EBITDA 2) | 2.6 | 2.6 | 2.3 | 2.6 | 2.6 | 2.3 |
Capital employed | 62,461 | 62,751 | -0.5 | 62,461 | 62,751 | -0.5 |
Return on equity, % | -6.1 | -36.8 | 83.4 | -20.1 | -20.1 | 0.0 |
Return on capital employed, % | 5.8 | -24.8 | 123.2 | 3.6 | -4.3 | 184.4 |
Equity ratio, % | 32.2 | 36.8 | -12.5 | 32.2 | 36.8 | -12.5 |
Net gearing, % | 79.8 | 60.3 | 32.3 | 79.8 | 60.3 | 32.3 |
Net cash flow from operating activities | 4,747 | 1,895 | 150.5 | -963 | 581 | -265.6 |
Net cash flow from investing activities | 1,149 | -1,037 | -210.8 | -1,045 | -2,595 | -59.7 |
Capital expenditure | 680 | 925 | -26.5 | 3,133 | 2,658 | 17.9 |
% of revenue | 2.3 | 3.7 | 3.0 | 2.7 | ||
Research and development costs | 977 | 920 | 6.1 | 3,792 | 3,738 | 1.5 |
% of revenue | 3.4 | 3.7 | 3.7 | 3.8 | ||
Order intake |
78,712 | 28,811 | 173.2 | 168,627 | 104,872 | 60.8 |
Order backlog | 98,719 | 34,177 | 188.8 | 98,719 | 34,177 | 188.8 |
Earnings per share, diluted and undiluted, EUR | 0.00 | -0.03 | 88.0 | -0.05 | -0.07 | 29.1 |
Equity per share, EUR | 0.26 | 0.30 | -10.89 | 0.26 | 0.49 | -46.60 |
Average share price, EUR | 0.40 | 0.31 | 26.74 | 0.37 | 0.40 | -7.50 |
Average number of shares, diluted and undiluted, 1,000 shares 3) | 105,559 | 106,085 | 0 | 105,810 | 63,729 | 66 |
Employees, average | 653 | 638 | 2.4 | 632 | 632 | 0.0 |
Employees, end of period | 667 | 637 | 4.7 | 667 | 637 | 4.7 |
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
Q4 | Q4 | Change | Q1-Q4 | Q1-Q4 | Change | |
EUR thousand | 2025 | 2024 | % | 2025 | 2024 | % |
Engineered Solutions BU | 22,928 | 20,998 | 9.2 | 83,869 | 82,485 | 1.7 |
Industrial Solutions BU | 6,080 | 4,069 | 49.4 | 19,308 | 17,109 | 12.8 |
Other | 5 | 7 | -32.3 | 17 | 19 | -8.2 |
Total | 29,013 | 25,074 | 15.7 | 103,194 | 99,614 | 3.6 |
Revenue by customer industry
Q4 | Q4 | Change | Q1-Q4 | Q1-Q4 | Change | |
EUR thousand | 2025 | 2024 | % | 2025 | 2024 | % |
Buildings and infrastructure | 6,507 | 5,331 | 22.1 | 21,348 | 21,502 | -0.7 |
Industrial | 3,081 | 4,184 | -26.4 | 13,898 | 15,588 | -10.8 |
Energy | 7,537 | 6,110 | 23.4 | 23,128 | 20,923 | 10.5 |
Transportation | 5,287 | 4,421 | 19.6 | 19,585 | 17,391 | 12.6 |
Other | 6,601 | 5,028 | 31.3 | 25,235 | 24,210 | 4.2 |
Total | 29,013 | 25,074 | 15.7 | 103,194 | 99,614 | 3.6 |
Vantaa, 13 February 2026
Exel Composites Plc
Board of Directors
Additional information
Lauri Haavisto, Director, Investor Relations
investor@exelcomposites.com
+358 20 754 1214
About Exel Composites
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. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency and decrease total lifetime costs.
Exel Composites is headquartered in Finland, employs over 600 professionals and is listed on Nasdaq Helsinki. Learn more at www.exelcomposites.com
