EXEL COMPOSITES PLC | HALF-YEAR REPORT | 14 AUGUST 2026 AT 8:00 AM EEST
Growth accelerated in Q2 with revenue up 40% and adjusted operating profit more than doubled
This release is a summary of Exel's half-year report for January-June 2026. The complete report 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.
April-June 2026 in brief
- Order intake increased by 21.5% to EUR 34.5 million (Q2 2025: 28.4)
- Revenue increased by 39.7% to EUR 34.6 million (24.8)
- Operating profit was EUR 2.4 million (0.8) and operating profit margin 6.9% (3.1%)
- Adjusted operating profit increased to EUR 2.5 million (1.1) and adjusted operating profit margin was 7.3% (4.5%)
- Earnings per share was EUR 0.21 (-0.03)
January-June 2026 in brief
- Order intake increased by 2.9% to EUR 64.8 million (Q1-Q2 2025: 63.0)
- Revenue increased by 29.4% to EUR 64.8 million (50.1)
- Operating profit was EUR 3.9 million (0.9) and operating profit margin 6.0% (1.8%)
- Adjusted operating profit increased significantly to EUR 4.0 million (1.8) and adjusted operating profit margin was 6.2% (3.6%)
- Earnings per share was EUR 0.39 (-0.05)
Guidance for the full year 2026 (clarified)
Exel Composites expects revenue and adjusted operating profit to increase significantly in 2026 compared to 2025.
President and CEO Paul Sohlberg
Exel delivered a strong first half of 2026, with growth accelerating further in the second quarter. High demand across several of our strategic customer industries, combined with strong execution, supported this favorable development.
Revenue in the second quarter increased by 39.7% year on year to EUR 34.6 million. Growth was driven by higher deliveries in the Energy customer industry, where revenue nearly doubled year on year, and by continued strong demand in defense-related applications. Revenue in Buildings and Infrastructure also developed positively, while demand in other customer industries remained more mixed.
Adjusted operating profit doubled to EUR 2.5 million, and the adjusted operating profit margin improved to 7.3% (4.5%). Larger customer deliveries and improved utilization supported the increase in profitability. We also acted early in response to cost pressures affecting manufacturing industries and worked closely with our customers and suppliers to mitigate the impact of these pressures. Together with continued cost discipline and operational improvements, these measures supported the positive profitability development.
Our commercial position remained strong: order intake grew by 21.5% year on year to EUR 34.5 million, and the order backlog at the end of June was EUR 98.6 million, more than twice the comparison-period level. The backlog remained unchanged from the beginning of the year despite the strong revenue development. We continued to develop existing long-term customer relationships and pursue new ones, as closer cooperation can improve capacity planning, delivery security and operational efficiency for both parties.
Both business units contributed strongly to the favorable development. Engineered Solutions' revenue increased by 30.1% year on year, supported by higher volumes under long-term customer agreements, including the multi-year conductor core agreements. Industrial Solutions' revenue increased by 81.6% year on year, driven by higher deliveries to wind customers, as expanded production capacity supported greater delivery volumes.
The strong profitability development and disciplined working capital management resulted in good cash generation. Net cash flow from operating activities was positive EUR 6.3 million during the first half. This enabled us to continue planned growth investments in certain production capabilities and equipment upgrades, which led to a temporary increase in capital expenditure to EUR 5.1 million in the same period.
We continued to advance the priorities of our strategy by scaling up production in India, improving utilization and refining our production setup to serve customers more efficiently.
Earlier customer call-offs together with strong execution, supported the strong first half performance and accelerated the conversion of our order backlog. We are pleased by this earlier phasing of revenue and adjusted operating profit, while our outlook and full-year expectations remain unchanged.
Accordingly, we reiterate our guidance for 2026: Exel Composites expects revenue and adjusted operating profit to increase significantly compared to 2025.
The first half performance reflects the progress we are making in executing our strategy and demonstrates Exel's improved capabilities. I want to thank the entire Exel team for their commitment, and our customers, partners and shareholders for their continued trust.
Consolidated key figures
| Q2 | Q2 | Change | Q1-Q2 | Q1-Q2 | Change | Q1-Q4 | |
| EUR thousand unless otherwise indicated | 2026 | 2025 | % | 2026 | 2025 | % | 2025 |
| Revenue | 34,648 | 24,809 | 39.7 | 64,826 | 50,087 | 29.4 | 103,194 |
| Operating profit | 2,389 | 772 | 209.6 | 3,905 | 885 | 341.2 | 2,212 |
| % of revenue | 6.9 | 3.1 | 6.0 | 1.8 | 2.1 | ||
| Adjusted operating profit 1) | 2,529 | 1,129 | 124.0 | 4,045 | 1,811 | 123.4 | 3,628 |
| % of revenue | 7.3 | 4.5 | 6.2 | 3.6 | 3.5 | ||
| EBITDA | 3,563 | 2,013 | 77.0 | 6,210 | 3,464 | 79.3 | 7,133 |
| Adjusted EBITDA 1) | 3,703 | 2,370 | 56.2 | 6,350 | 4,390 | 45 | 8,548 |
| Profit before tax | 2,161 | -2,926 | 173.8 | 3,933 | -5,168 | 176.1 | -5,736 |
| Profit for the period | 1,469 | -2,898 | 150.7 | 2,609 | -5,133 | 150.8 | -6,073 |
| Profit for the period excluding non-controlling interest | 1,473 | -2,724 | 154.1 | 2,751 | -4,790 | 157.4 | -5,490 |
| % of revenue | 4.3 | -11.0 | 4.2 | -9.6 | -5.3 | ||
| Shareholders' equity | 30,166 | 28,803 | 4.7 | 30,166 | 28,803 | 4.7 | 28,092 |
| Interest-bearing liabilities | 34,504 | 32,945 | 4.7 | 34,504 | 32,945 | 4.7 | 34,370 |
| Cash and cash equivalents | 12,569 | 7,305 | 72.1 | 12,569 | 7,305 | 72.1 | 11,942 |
| Net interest-bearing liabilities | 21,934 | 25,640 | -14.5 | 21,934 | 25,640 | -14.5 | 22,428 |
| Net debt to adjusted EBITDA 2) | 2.1 | 3.1 | -32.4 | 2.1 | 3.1 | -32.4 | 2.6 |
| Capital employed | 64,670 | 61,748 | 4.7 | 64,670 | 61,748 | 4.7 | 62,461 |
| Return on equity, % | 19.8 | -39.0 | 150.7 | 17.9 | -33.6 | 153.3 | -20.1 |
| Return on capital employed, % | 15.2 | 5.1 | 198.1 | 12.4 | 3.0 | 317.0 | 3.6 |
| Equity ratio, % | 30.8 | 32.9 | -6.6 | 30.8 | 32.9 | -6.6 | 32.2 |
| Net gearing, % | 72.7 | 89.0 | -18.3 | 72.7 | 89.0 | -18.3 | 79.8 |
| Net cash flow from operating activities | 3,594 | -376 | -1056.5 | 6,275 | -3,830 | -263.9 | -963 |
| Net cash flow from investing activities | -2,542 | -733 | 246.7 | -5,010 | -1,925 | 160.3 | -1,045 |
| Capital expenditure | 2,582 | 679 | 280.2 | 5,053 | 1,902 | 165.6 | 3,133 |
| % of revenue | 7.5 | 2.7 | 7.8 | 3.8 | 3.0 | ||
| Research and development costs | 1,111 | 982 | 13.1 | 2,113 | 1,933 | 9.3 | 3,792 |
| % of revenue | 3.2 | 4.0 | 3.3 | 3.9 | 3.7 | ||
| Order intake | 34,542 | 28,427 | 21.5 | 64,829 | 63,031 | 2.9 | 168,627 |
| Order backlog | 98,589 | 46,621 | 111.5 | 98,589 | 46,621 | 111.5 | 98,719 |
| Earnings per share, diluted and undiluted, EUR | 0.21 | -0.03 | 914.9 | 0.39 | -0.05 | 965.1 | -0.05 |
| Equity per share, EUR | 4.29 | 0.27 | 1,500.11 | 4.29 | 0.27 | 1,500.31 | 0.26 |
| Average share price, EUR | 9.97 | 0.37 | 2,616.06 | 8.95 | 0.36 | 2,386.11 | 0.37 |
| Average number of shares, diluted and undiluted, 1,000 shares 3) | 7,033 | 105,947 | -93 | 7,037 | 106,016 | -93 | 105,810 |
| Employees, average | 730 | 605 | 20.6 | 707 | 624 | 13.2 | 632 |
| Employees, end of period | 749 | 624 | 20.0 | 749 | 624 | 20.0 | 667 |
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 reverse share split executed in March 2026 combined each fifteen shares into one share. Average number of shares excludes treasury shares.
Revenue by business unit
| Q2 | Q2 | Change | Q1-Q2 | Q1-Q2 | Change | Q1-Q4 | |
| EUR thousand | 2026 | 2025 | % | 2026 | 2025 | % | 2025 |
| Engineered Solutions BU | 26,272 | 20,197 | 30.1 | 50,231 | 41,290 | 21.7 | 83,869 |
| Industrial Solutions BU | 8,376 | 4,611 | 81.6 | 14,588 | 8,789 | 66.0 | 19,308 |
| Other | 0.0 | 1.0 | -100.0 | 7.8 | 8.4 | -7.1 | 17.4 |
| Total | 34,648 | 24,809 | 39.7 | 64,826 | 50,087 | 29.4 | 103,194 |
Revenue by customer industry
| Q2 | Q2 | Change | Q1-Q2 | Q1-Q2 | Change | Q1-Q4 | |
| EUR thousand | 2026 | 2025 | % | 2026 | 2025 | % | 2025 |
| Buildings and infrastructure | 5,992 | 4,531 | 32.3 | 10,884 | 9,952 | 9.4 | 21,348 |
| Industrial | 3,573 | 4,255 | -16.0 | 6,671 | 7,760 | -14.0 | 13,898 |
| Energy | 10,633 | 5,320 | 99.9 | 19,977 | 10,368 | 92.7 | 23,128 |
| Transportation | 4,674 | 4,314 | 8.3 | 10,375 | 9,734 | 6.6 | 19,585 |
| Other | 9,775 | 6,389 | 53.0 | 16,919 | 12,274 | 37.8 | 25,235 |
| Total | 34,648 | 24,809 | 39.7 | 64,826 | 50,087 | 29.4 | 103,194 |
Vantaa, 14 August 2026
Exel Composites Plc
Board of Directors
Results briefing
We welcome investors, analysts and media representatives to join the online results briefing today at 1:00 PM EEST. The briefing will be presented by President and CEO Paul Sohlberg and CFO Mikko Rummukainen and will be held in English.
To attend, please register in advance at https://investors.exelcomposites.com/q2-2026-briefing
A link to the event will be sent to registered participants prior to the briefing.
Additional information
Lauri Haavisto, Director, Investor Relations
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
