EXEL COMPOSITES PLC | HALF-YEAR FINANCIAL REPORT | 14 AUGUST 2025 AT 9:00 EEST
This release is a summary of Exel Composites' half-year financial report for
January-June 2025. 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.
Q2 2025 in brief
· Order intake increased by 7.7% to EUR 28.4 million (Q2 2024: 26.4)
· Revenue decreased by 6.7% to EUR 24.8 million (26.6)
· Operating profit was EUR 0.8 million (1.2) and operating profit margin 3.1%
(4.4%)
· Adjusted operating profit decreased to EUR 1.1 million (1.4) and adjusted
operating profit margin was 4.5% (5.2%)
· Earnings per share was EUR -0.03 (0.02)
Q1-Q2 2025 in brief
· Order intake increased by 14.6% to EUR 63.0 million (Q1-Q2 2024: 55.0)
· Revenue was stable at EUR 50.1 million (50.0)
· Operating profit was EUR 0.9 million (0.6) and operating profit margin 1.8%
(1.2%)
· Adjusted operating profit increased significantly to EUR 1.8 million (0.8)
and adjusted operating profit margin was 3.6% (1.6%)
· Earnings per share was EUR -0.05 (0.01)
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)
Paul Sohlberg, President and CEO:
The year 2025 has continued positively for Exel. As in the first quarter, we
continued effectively navigating the business environment. We increased our
order intake by almost 8% in the second quarter and by 15% in the first half of
2025, compared to the respective periods a year ago. Growth was strong
especially in the strategic Energy customer industry, relating to both wind
power as well as electrical transmission and distribution customers, and
supported by favorable demand also from the defense and industrial customers.
Revenue for the first half of the year was on previous year's level, totaling
EUR 50.1 million. This was primarily due to the timing of deliveries related to
the ongoing transition of production from our closed factory in Belgium to our
other factories, a process that will continue through 2025. The ramp-up of
production at our other sites progressed well following the closure.
While revenue declined by 6.7% in the second quarter due primarily to the
aforementioned ongoing transition of Belgian volumes and due in part to some
caution in customers related to macroeconomic factors, we focused on driving
profitability. This allowed us to deliver an adjusted operating profit margin of
4.5% for the quarter.
Strategic transformation delivering results
Our strategic transformation is progressing as planned and delivering results.
Aligned with our first strategic focus area, organic growth, we are pleased that
our order backlog at the end of June stood at EUR 46.6 million, 35% higher than
in the comparison period. We are advancing our second strategic focus area,
customer value, through projects that involve complex composites design, for
example airship tube design for Flying Whales, wind turbine helihoist platforms
and value-adding post processing of transport profiles.
We are seeing encouraging results from our third strategic pillar of
profitability, as we are optimizing capacity, sweating our assets and
maintaining tight cost control to improve our operations. This significantly
improved our profitability in the first half of 2025: our adjusted operating
profit rose to EUR 1.8 million, up from EUR 1.1 million in the comparison
period, thus already exceeding that of full year 2024.
As outlined in our strategy, we are preparing to move from the stability and
profitability phase to the growth phase, supported by the growing order backlog
and the ramp-up of production at our new factory in India. Building readiness
for a larger volume of deliveries and executing our planned investments impacted
on our working capital and cash flow. As a result, net cash flow from operating
activities stood at EUR -3.8 million (1.0), resulting from the change in working
capital of EUR -5.4 million (-0.9) and net cash flow from investing activities
was EUR -1.9 million (-0.9).
Cyberattack in July
Exel Composites was the target of a cyberattack, resulting in a confirmed data
breach on 18 July 2025. We acted swiftly with internal and external experts to
contain the incident and secure our systems. Unfortunately, some personal data
of employees and shareholders, in addition to some of Exel's business
information, was compromised. We launched a support program for affected
individuals and continue to provide data protection services. Latest information
about the breach and the services is available on our investor website.
While we have invested significantly in cybersecurity over time and across the
whole organization, this incident highlights the evolving nature of cyber
threats. We regret the breach and are taking further steps to strengthen our
defenses and to train and support our employees.
2025 outlook and guidance maintained
We maintain our financial guidance for 2025 and expect revenue to increase and
adjusted operating profit to increase significantly compared to 2024.
As recently implemented tariffs may influence sourcing and supply chain
decisions, we see opportunities emerging as customers explore alternative
manufacturing regions and strategies. We have secured first major supply
agreements driven by tariff reactions and continue to be well positioned to
respond to such changes in customer demand.
We are energized by the strategic advances and the promising results we are
seeing and continue executing our strategy to drive sustainable and profitable
growth, supported by a strong order backlog. I would like to extend my sincere
thanks to our customers and investors for their continued trust, and to the
entire Exel team for their dedication, hard work, and commitment to excellence.
Paul Sohlberg
Consolidated key figures
Q2 Q2 Change Q1-Q2 Q1-Q2 Change Q1-Q4
EUR thousand 2025 2024 % 2025 2024 % 2024
unless otherwise
indicated
Revenue 24,809 26,589 -6.7 50,087 49,954 0.3 99,614
Operating profit 772 1,159 -33.4 885 604 46.5 -2,853
% of revenue 3.1 4.4 1.8 1.2 -2.9
Adjusted 1,129 1,374 -17.8 1,811 819 121.1 1,704
operating profit
1)
% of revenue 4.5 5.2 3.6 1.6 1.7
EBITDA 2,013 2,605 -22.7 3,464 3,509 -1.3 4,246
Adjusted EBITDA 2,370 2,819 -15.9 4,390 3,724 17.9 7,624
1)
Profit before -2,926 836 -450.2 -5,168 228 -2364.0 -3,778
tax
Profit for the -2,898 573 -606.0 -5,133 -26 -19989.6 -5,027
period
Profit for the -2,724 669 -506.9 -4,790 130 -3770.9 -4,663
period excluding
non-controlling
interest
% of revenue -11.0 2.5 -9.6 0.3 -4.7
Shareholders' 28,803 37,230 -22.6 28,803 37,230 -22.6 32,337
equity
Interest-bearing 32,945 49,129 -32.9 32,945 49,129 -32.9 30,414
liabilities
Cash and cash 7,305 32,431 -77.5 7,305 32,431 -77.5 10,904
equivalents
Net interest 25,640 16,699 53.5 25,640 16,699 53.5 19,509
-bearing
liabilities
Net debt to 3.1 3.9 -21.2 3.1 3.9 -21.2 2.6
adjusted EBITDA
2)
Capital employed 61,748 86,359 -28.5 61,748 86,359 -28.5 62,751
Return on -39.0 8.5 -559.1 -33.6 -0.2 -17944.8 -20.1
equity, %
Return on 5.1 6.4 -20.5 3.0 1.8 61.8 -4.3
capital
employed, %
Equity ratio, % 32.9 32.4 1.6 32.9 32.4 1.6 36.8
Net gearing, % 89.0 44.9 98.5 89.0 44.9 98.5 60.3
Net cash flow -376 3,606 -110.4 -3,830 994 -485.2 581
from operating
activities
Net cash flow -733 -424 72.9 -1,925 -856 124.9 -2,595
from investing
activities
Capital 679 375 81.3 1,902 815 133.4 2,658
expenditure
% of revenue 2.7 1.4 3.8 1.6 2.7
Research and 982 919 6.9 1,933 1,996 -3.2 3,738
development
costs
% of revenue 4.0 3.5 3.9 4.0 3.8
Order intake 28,427 26,404 7.7 63,031 55,018 14.6 104,872
Order backlog 46,621 34,487 35.2 46,621 34,487 35.2 34,177
Earnings per -0.03 0.02 -213.6 -0.05 0.01 -817.2 -0.07
share, diluted
and
undiluted, EUR
Equity per 0.27 1.26 -78.65 0.27 1.79 -85.06 0.49
share, EUR
Average share 0.35 0.49 -28.6 0.36 0.70 -48.6 0.40
price, EUR
Average number 105,947 29,570 258.3 106,016 20,712 411.9 63,729
of shares,
diluted and
undiluted, 1,000
shares 3)
Employees, 605 622 -2.7 624 622 0.3 632
average
Employees, end 624 621 0.5 624 621 0.5 637
of period
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
Q2 Q2 Change Q1-Q2 Q1-Q2 Change Q1-Q4
EUR thousand 2025 2024 % 2025 2024 % 2024
Engineered Solutions BU 20,197 22,359 -9.7 41,290 41,478 -0.5 82,485
Industrial Solutions BU 4,611 4,228 9.1 8,789 8,474 3.7 17,109
Other 1 2 -52.5 8 2 300.7 19
Total 24,809 26,589 -6.7 50,087 49,954 0.3 99,614
Revenue by customer industry
Q2 Q2 Change Q1-Q2 Q1-Q2 Change Q1-Q4
EUR thousand 2025 2024 % 2025 2024 % 2024
Buildings and 4,531 5,530 -18.1 9,952 10,456 -4.8 21,502
infrastructure
Industrial 4,255 4,173 2.0 7,760 7,625 1.8 15,588
Energy 5,320 4,455 19.4 10,368 9,881 4.9 20,923
Transportation 4,314 4,969 -13.2 9,734 9,014 8.0 17,391
Other 6,389 7,462 -14.4 12,274 12,978 -5.4 24,210
Total 24,809 26,589 -6.7 50,087 49,954 0.3 99,614
Vantaa, 14 August 2025
Exel Composites Plc
Board of Directors
Financial results briefing
Exel Composites will hold a briefing related to its January-June 2025 half-year
financial report today at 12:30 p.m. EEST. To participate in the online event,
please register in advance by sending an email to investor@exelcomposites.com
More information:
Lauri Haavisto, Investor Relations Director
tel. +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