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 2025 2024 % 2025 2024 %
unless otherwise
indicated
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 889 177 401.5 3,628 1,704 112.9
operating profit
1)
% 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 2,046 1,623 26.0 8,548 7,624 12
1)
Profit before -134 -2,237 94.0 -5,736 -3,778 -51.8
tax
Profit for the -432 -3,178 86.4 -6,073 -5,027 -20.8
period
Profit for the -366 -3,064 88.0 -5,490 -4,663 -17.7
period excluding
non-controlling
interest
% of revenue -1.3 -12.2 -5.3 -4.7
Shareholders' 28,092 32,337 -13.1 28,092 32,337 -13.1
equity
Interest-bearing 34,370 30,414 13.0 34,370 30,414 13.0
liabilities
Cash and cash 11,942 10,904 9.5 11,942 10,904 9.5
equivalents
Net interest 22,428 19,509 15.0 22,428 19,509 15.0
-bearing
liabilities
Net debt to 2.6 2.6 2.3 2.6 2.6 2.3
adjusted EBITDA
2)
Capital employed 62,461 62,751 -0.5 62,461 62,751 -0.5
Return on -6.1 -36.8 83.4 -20.1 -20.1 0.0
equity, %
Return on 5.8 -24.8 123.2 3.6 -4.3 184.4
capital
employed, %
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 4,747 1,895 150.5 -963 581 -265.6
from operating
activities
Net cash flow 1,149 -1,037 -210.8 -1,045 -2,595 -59.7
from investing
activities
Capital 680 925 -26.5 3,133 2,658 17.9
expenditure
% of revenue 2.3 3.7 3.0 2.7
Research and 977 920 6.1 3,792 3,738 1.5
development
costs
% 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 0.00 -0.03 88.0 -0.05 -0.07 29.1
share, diluted
and
undiluted, EUR
Equity per 0.26 0.30 -10.89 0.26 0.49 -46.60
share, EUR
Average share 0.40 0.31 26.74 0.37 0.40 -7.50
price, EUR
Average number 105,559 106,085 0 105,810 63,729 66
of shares,
diluted and
undiluted, 1,000
shares 3)
Employees, 653 638 2.4 632 632 0.0
average
Employees, end 667 637 4.7 667 637 4.7
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
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