EXEL COMPOSITES PLC | BUSINESS REVIEW | 4 NOVEMBER 2026 AT 8:00 AM EET
Revenue increased by nearly 60% in a particularly strong third quarter, adjusted operating profit margin reached 8.8%
This release is a summary of Exel’s business review for January–September 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.
JULY–SEPTEMBER 2026 IN BRIEF
- Order intake increased by 42.0% to EUR 38.2 million (Q3 2025: 26.9)
- Revenue increased by 59.3% to EUR 38.4 million (24.1)
- Operating profit increased to EUR 3.4 million (0.4), operating profit margin was 8.8% (1.8%)
- Adjusted operating profit increased to EUR 3.4 million (0.9), adjusted operating profit margin was 8.8% (3.9%)
- Earnings per share was EUR 0.37 (-0.05)
JANUARY–SEPTEMBER 2026 IN BRIEF
- Order intake increased by 14.6% to EUR 103.0 million (Q1-Q3 2025: 89.9)
- Revenue increased by 39.1% to EUR 103.2 million (74.2)
- Operating profit increased to EUR 7.3 million (1.3), operating profit margin was 7.1% (1.8%)
- Adjusted operating profit increased to EUR 7.4 million (2.7), adjusted operating profit margin was 7.2% (3.7%)
- Earnings per share was EUR 0.76 (-0.73)
Guidance for the full year 2026 (unchanged)
Exel Composites expects revenue and adjusted operating profit to increase significantly in 2026 compared to 2025.
President and CEO Paul Sohlberg
Exel delivered an exceptionally strong third quarter, with significant revenue and profitability growth. Our good performance reflects the successful execution of our strategy: focusing on selected high-growth applications, strengthening long-term customer relationships and scaling up production capacity. Favorable market developments in these customer industries have further supported our growth.
Revenue increased by 59% year on year to EUR 38.4 million (24.1). Growth was driven particularly by strong performance in the Energy customer industry, where revenue increased by 137%, and in Other, where revenue grew by 112%, primarily due to increased demand for defense-related applications. Adjusted operating profit increased to EUR 3.4 million (0.9), corresponding to an adjusted operating profit margin of 8.8% (3.9%). Revenue growth and continued operational improvements contributed to higher adjusted operating profit and an improved margin.
Our commercial position remained strong. Order intake increased by 42% year on year to EUR 38.2 million (26.9), and our order backlog stood at EUR 97.9 million (49.2) at the end of September. Strong order intake enabled us to maintain the order backlog close to its level at the beginning of the year, despite the substantial increase in revenue.
Against a mixed broader industrial market environment, our focus on selected high-growth applications continues to deliver results, as demonstrated by strong growth in Energy and defense-related applications. Revenue in Buildings and Infrastructure and Transportation also increased during the first nine months of the year, although performance varied between quarters. In certain Transportation applications, particularly electric buses, strong growth prospects are attracting more competitors and increasing price sensitivity.
During the quarter, we reached an important commercial milestone by signing a new multi-year supply agreement with Suzlon for the delivery of carbon fiber spar caps, with a potential value exceeding EUR 100 million over the term of the agreement. Orders under the agreement are added to our reported order backlog as they are received. The agreement strengthens our position in the wind power industry and has generated increased interest among other wind turbine manufacturers, creating opportunities to expand our customer base. Our focus remains on ensuring reliable deliveries and converting growing customer volumes into sustainable profitability.
In China, we secured our first customer project for buses intended for the Chinese domestic market, marking a new commercial opening in Transportation. In Finland, we inaugurated new production capabilities for aerospace-grade composite solutions at our Joensuu factory together with our customer Flying Whales. These projects demonstrate how our composite expertise helps customers develop lighter, more efficient and higher-performing solutions for demanding applications.
Long-term demand drivers in our key customer industries remain favorable. In India, annual wind power capacity additions increased by 46% in the financial year ending March 2026, supporting opportunities for Exel’s expanding local manufacturing operations. In electricity transmission, the International Energy Agency estimates that annual grid investments would need to increase by approximately 50% by 2030 to meet rising demand.
In defense, EU Member States’ expenditure increased by 20% in 2025 and is projected to reach EUR 454 billion in 2026. These developments support long-term growth opportunities for Exel, although defense-related deliveries may fluctuate in the shorter term depending on geopolitical developments and customer procurement decisions.
Our strong operational performance has also supported cash generation. Net cash flow from operating activities amounted to EUR 2.1 million (-1.9) in the third quarter and EUR 8.3 million (-5.7) during the first nine months. At the same time, we continued investing in production capabilities to support future growth. Net debt to adjusted EBITDA improved to 1.7 from 3.4 a year earlier.
Following two exceptionally strong quarters, we expect growth to moderate in Q4. Nevertheless, we remain confident in our full-year guidance: revenue and adjusted operating profit are expected to increase significantly in 2026 compared with 2025.
Our strategy continues to gain traction, and our priorities remain clear: converting growing customer demand into profitable growth, improving operational efficiency and maintaining disciplined cash management. The progress made so far this year provides a stronger foundation for advancing towards our long-term financial targets.
I would like to thank our customers, partners and shareholders for their continued trust, and the entire Exel team for their commitment and excellent work.
Consolidated key figures
| Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change | Q1-Q4 | |
| EUR thousand unless otherwise indicated | 2026 | 2025 | % | 2026 | 2025 | % | 2025 |
| Revenue | 38,378 | 24,094 | 59.3 | 103,205 | 74,181 | 39.1 | 103,194 |
| Operating profit | 3,377 | 438 | 671.6 | 7,282 | 1,323 | 450.5 | 2,212 |
| % of revenue | 8.8 | 1.8 | 7.1 | 1.8 | 2.1 | ||
| Adjusted operating profit 1) | 3,379 | 928 | 264.1 | 7,423 | 2,739 | 171.1 | 3,628 |
| % of revenue | 8.8 | 3.9 | 7.2 | 3.7 | 3.5 | ||
| EBITDA | 4,577 | 1,623 | 182.1 | 10,787 | 5,087 | 112.1 | 7,133 |
| Adjusted EBITDA 1) | 4,578 | 2,113 | 116.7 | 10,928 | 6,503 | 68 | 8,548 |
| Profit before tax | 3,012 | -435 | 792.4 | 6,945 | -5,603 | 224.0 | -5,736 |
| Profit for the period | 3,012 | -508 | 692.9 | 5,621 | -5,641 | 199.6 | -6,073 |
| Profit for the period excluding non-controlling interest | 2,572 | -333 | 872.1 | 5,323 | -5,123 | 203.9 | -5,490 |
| % of revenue | 6.7 | -1.4 | 5.2 | -6.9 | -5.3 | ||
| Shareholders' equity | 31,599 | 28,334 | 11.5 | 31,599 | 28,334 | 11.5 | 28,092 |
| Interest-bearing liabilities | 32,107 | 34,724 | -7.5 | 32,107 | 34,724 | -7.5 | 34,370 |
| Cash and cash equivalents | 9,583 | 6,763 | 41.7 | 9,583 | 6,763 | 41.7 | 11,942 |
| Net interest-bearing liabilities | 22,524 | 27,961 | -19.4 | 22,524 | 27,961 | -19.4 | 22,428 |
| Net debt to adjusted EBITDA 2) | 1.7 | 3.4 | -49.4 | 1.7 | 3.4 | -49.4 | 2.6 |
| Capital employed | 63,706 | 63,057 | 1.0 | 63,706 | 63,057 | 1.0 | 62,461 |
| Return on equity, % | 39.0 | -7.1 | 648.5 | 25.1 | -24.8 | 201.3 | -20.1 |
| Return on capital employed, % | 21.2 | 2.9 | 638.5 | 15.5 | 2.9 | 433.3 | 3.6 |
| Equity ratio, % | 32.2 | 31.8 | 1.0 | 32.2 | 31.8 | 1.0 | 32.2 |
| Net gearing, % | 71.3 | 98.7 | -27.8 | 71.3 | 98.7 | -27.8 | 79.8 |
| Net cash flow from operating activities | 2,062 | -1,880 | -209.7 | 8,337 | -5,710 | -246.0 | -963 |
| Net cash flow from investing activities | -1,359 | -269 | 404.1 | -6,369 | -2,194 | 190.2 | -1,045 |
| Capital expenditure | 1,359 | 551 | 146.4 | 6,412 | 2,454 | 161.3 | 3,133 |
| % of revenue | 3.5 | 2.3 | 6.2 | 3.3 | 3.0 | ||
| Research and development costs | 987 | 883 | 11.8 | 3,100 | 2,816 | 10.1 | 3,792 |
| % of revenue | 2.6 | 3.7 | 3.0 | 3.8 | 3.7 | ||
| Order intake | 38,180 | 26,883 | 42.0 | 103,008 | 89,914 | 14.6 | 168,627 |
| Order backlog | 97,856 | 49,195 | 98.9 | 97,856 | 49,195 | 98.9 | 98,719 |
| Earnings per share, diluted and undiluted, EUR 3) | 0.37 | -0.05 | 874.5 | 0.76 | -0.73 | 204.3 | -0.78 |
| Equity per share, EUR | 4.44 | 0.27 | 1,567.64 | 4.43 | 0.27 | 1,568.91 | 0.26 |
| Average share price, EUR | 13.93 | 0.39 | 3,517.25 | 10.68 | 0.36 | 2,866.67 | 0.37 |
| Average number of shares, diluted and undiluted, 1,000 shares 3) | 7,021 | 7,044 | 0 | 7,032 | 7,060 | 0 | 7,054 |
| Employees, average | 740 | 626 | 18.3 | 718 | 625 | 14.9 | 632 |
| Employees, end of period | 735 | 628 | 17.0 | 735 | 628 | 17.0 | 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 every fifteen shares into one share. Earnings per share and the average number of shares for the comparative periods have been adjusted retrospectively to reflect the reverse share split. The average number of shares excludes treasury shares.
Revenue by business unit
| Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change | Q1-Q4 | |
| EUR thousand | 2026 | 2025 | % | 2026 | 2025 | % | 2025 |
| Engineered Solutions BU | 28,169 | 19,651 | 43.3 | 78,400 | 60,941 | 28.6 | 83,869 |
| Industrial Solutions BU | 10,209 | 4,439 | 130.0 | 24,797 | 13,227 | 87.5 | 19,308 |
| Other | 0.0 | 4.4 | -100.0 | 7.8 | 12.8 | -39.0 | 17.4 |
| Total | 38,378 | 24,094 | 59.3 | 103,205 | 74,181 | 39.1 | 103,194 |
Revenue by customer industry
| Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change | Q1-Q4 | |
| EUR thousand | 2026 | 2025 | % | 2026 | 2025 | % | 2025 |
| Buildings and infrastructure | 4,728 | 4,889 | -3.3 | 15,612 | 14,841 | 5.2 | 21,348 |
| Industrial | 3,117 | 3,057 | 2.0 | 9,788 | 10,817 | -9.5 | 13,898 |
| Energy | 12,362 | 5,223 | 136.7 | 32,339 | 15,591 | 107.4 | 23,128 |
| Transportation | 4,657 | 4,564 | 2.0 | 15,032 | 14,298 | 5.1 | 19,585 |
| Other | 13,515 | 6,361 | 112.5 | 30,434 | 18,634 | 63.3 | 25,235 |
| Total | 38,378 | 24,094 | 59.3 | 103,205 | 74,181 | 39.1 | 103,194 |
Vantaa, 4 November 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 EET. 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/q3-2026-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, power transmission, 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 700 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