January-September 2025
F O R F O R W A R D T H I N K E R S
Order intake and adjusted operating profit increased by double digits in Q3
July-September 2025 in brief
| January-September 2025 in brief
|
Exel Composites expects revenue to increase and adjusted operating profit to increase significantly in 2025 compared to 2024. (Published on 14 February 2025)
Order intake, million euros | Revenue, million euros | Adjusted operating profit, million euros |
President and CEO Paul Sohlberg
We advanced on all fronts in the third quarter - both commercially, operationally, and strategically -turning customer demand into a stronger order book while ramping capacity to support growth.
Exel's order intake grew by 27.8% to EUR 26.9 million in the third quarter, outpacing revenue of EUR 24.1 million, which was stable year on year due to customer delivery phasing. Adjusted operating profit improved to EUR 0.9 million, corresponding to a 3.8% margin, up by 31% year on year. Our order backlog increased to EUR 49.2 million, 61% higher than a year ago, supporting our growth for the coming quarters. This progress is as anticipated: we are about to complete our strategy's stabilization and profitability phase and continue working closely with customers to build for the growth phase.
In the quarter, we saw market activity develop favorably in line with our chosen customer industries: Energy remained strong, while Buildings & Infrastructure and Transportation showed good demand. We also experienced continued activity in defense-related applications where composites deliver low weight and high durability.
Operational execution delivering results
Operational execution advanced across both business units. Industrial Solutions began commercial shipments from our new India factory in September and will continue increasing volumes, thus improving proximity and cost-to-serve for wind customers and strengthening our global supply chain. In Engineered Solutions business unit, we advanced multiple new customer engagements and continued the planned transfer of product families from the closed Belgium site. In relation to these activities, our third quarter earnings reflect closure-
related items from the Belgium site where operations stopped in March 2025. The process following the closure is ongoing and approaching completion. We will continue to manage the transition carefully while maintaining delivery performance and quality.
Our renewed operational model continues to produce results, as reflected in our improved profitability. We operate with fewer sites following our ongoing network optimization and are seeing increased utilization rates in the remaining footprint. As a result, adjusted operating profit was higher year on year even with revenue broadly in line with last year.
Operating cash flow was negative in this quarter, reflecting a build-up in working capital tied to our larger order backlog, India ramp-up and delivery scheduling. We expect our operating cash flow and working capital efficiency both to improve as we grow, while total working capital is expected to increase as revenue grows.
Strategic deals strengthen our position
During the third quarter, we achieved notable customer milestones. In Energy customer industry, a large purchase order for composite conductor cores from De Angeli Prodotti was prepared during the period and received after the period. In Buildings & Infrastructure customer industry, we secured a deal with long-standing customer KONE for increased UltraRope® deliveries.
Conductor cores is a growing application for composites as they offer superior properties compared to traditional materials. Composite cores allow the transmission line to carry more current, waste less energy, and sag less while achieving longer spans - letting utilities to add capacity on existing lines without rebuilding. Similarly, UltraRope®'s carbon-fiber core replaces
steel, improving the energy efficiency of elevators in high-rise applications. These composite solutions are perfect examples of how Exel combines specialized engineering with industrial-scale manufacturing to deliver consistent quality in demanding applications.
Turning to growth ahead of expectations
Going forward, our strategic priorities are clear. We will continue working on securing growth from existing and new customers, build the order book and convert it efficiently, thus utilizing our capacity optimally, and deepen partnerships where Exel's engineering improves our customers' business.
With the strategic customer deals in place, wind programs now shipping from India, and operational programs on track, we are busy accelerating towards 2026 while completing this year in line with our full-year 2025 guidance framework. I want to thank our customers and shareholders for their continued trust, and the entire Exel team for their focused and committed work. ◆
Consolidated key figuresEUR thousand unless otherwise indicated | Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change | Q1-Q4 |
2025 | 2024 | % | 2025 | 2024 | % | 2024 | |
Revenue | 24,094 | 24,585 | -2.0 | 74,181 | 74,539 | -0.5 | 99,614 |
Operating profit | 438 | 620 | -29.4 | 1,323 | 1,224 | 8.1 | -2,853 |
% of revenue | 1.8 | 2.5 | 1.8 | 1.6 | -2.9 | ||
Adjusted operating profit 1) | 928 | 707 | 31.2 | 2,739 | 1,526 | 79.4 | 1,704 |
% of revenue | 3.9 | 2.9 | 3.7 | 2.0 | 1.7 | ||
EBITDA | 1,623 | 2,189 | -25.9 | 5,087 | 5,699 | -10.7 | 4,246 |
Adjusted EBITDA 1) | 2,113 | 2,276 | -7.2 | 6,503 | 6,001 | 8 | 7,624 |
Profit before tax | -435 | -1,769 | 75.4 | -5,603 | -1,541 | -263.6 | -3,778 |
Profit for the period | -508 | -1,824 | 72.1 | -5,641 | -1,850 | -205.0 | -5,027 |
Profit for the period excluding non-controlling interest | -333 | -1,730 | 80.7 | -5,123 | -1,600 | -220.3 | -4,663 |
% of revenue | -1.4 | -7.0 | -6.9 | -2.1 | -4.7 | ||
Shareholders' equity | 28,334 | 36,726 | -22.9 | 28,334 | 36,726 | -22.9 | 32,337 |
Interest-bearing liabilities | 34,724 | 31,266 | 11.1 | 34,724 | 31,266 | 11.1 | 30,414 |
Cash and cash equivalents | 6,763 | 10,697 | -36.8 | 6,763 | 10,697 | -36.8 | 10,904 |
Net interest-bearing liabilities | 27,961 | 20,569 | 35.9 | 27,961 | 20,569 | 35.9 | 19,509 |
Net debt to adjusted EBITDA 2) | 3.4 | 3.4 | 0.3 | 3.4 | 3.4 | 0.3 | 2.6 |
Capital employed | 63,057 | 67,991 | -7.3 | 63,057 | 67,991 | -7.3 | 62,751 |
Return on equity, % | -7.1 | -19.7 | 63.9 | -24.8 | -9.1 | -173.5 | -20.1 |
Return on capital employed, % | 2.9 | 3.7 | -21.9 | 2.9 | 2.9 | 1.8 | -4.3 |
Equity ratio, % | 31.8 | 39.7 | -19.8 | 31.8 | 39.7 | -19.8 | 36.8 |
Net gearing, % | 98.7 | 56.0 | 76.2 | 98.7 | 56.0 | 76.2 | 60.3 |
Net cash flow from operating activities | -1,880 | -2,308 | -18.6 | -5,710 | -1,314 | 334.5 | 581 |
Net cash flow from investing activities | -269 | -701 | -61.6 | -2,194 | -1,557 | 40.9 | -2,595 |
Capital expenditure | 551 | 801 | -31.2 | 2,454 | 1,616 | 51.8 | 2,658 |
% of revenue | 2.3 | 3.3 | 3.3 | 2.2 | 2.7 | ||
Research and development costs | 883 | 821 | 7.5 | 2,816 | 2,817 | -0.1 | 3,738 |
% of revenue | 3.7 | 3.3 | 3.8 | 3.8 | 3.8 | ||
Order intake | 26,883 | 21,043 | 27.8 | 89,914 | 76,061 | 18.2 | 104,872 |
Order backlog | 49,195 | 30,557 | 61.0 | 49,195 | 30,557 | 61.0 | 34,177 |
Earnings per share, diluted and undiluted, EUR | 0.00 | -0.02 | 80.6 | -0.05 | -0.03 | -49.7 | -0.07 |
Equity per share, EUR | 0.27 | 0.34 | -21.59 | 0.27 | 0.73 | -63.62 | 0.49 |
Average share price, EUR | 0.39 | 0.34 | 11.70 | 0.36 | 0.47 | -23.40 | 0.40 |
Average number of shares, diluted and undiluted, 1,000 shares 3) | 105,654 | 106,470 | -1 | 105,894 | 49,507 | 114 | 63,729 |
Employees, average | 626 | 616 | 1.6 | 625 | 620 | 0.8 | 632 |
Employees, end of period | 628 | 616 | 1.9 | 628 | 616 | 1.9 | 637 |
Excluding material items affecting comparability, such as restructuring costs, impairment losses and reversals, and costs related to planned or realized business acquisitions or disposals
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.
Order intake and order backlog
Order intake for the third quarter increased by 27.8% year on year and was EUR 26.9 million (21.0).
Order intake for January-September increased by 18.2% year on year and was EUR 89.9 million (76.1).
Customer engagements during the first nine months of the year included an agreement with the French-Canadian airship manufacturer and operator Flying Whales. We also received an order worth approximately EUR 10 million from a major wind turbine manufacturer in South Asia. Manufacturing is on-going and deliveries are expected to extend into 2026. We prepared and, after the period, received a large purchase order for composite conductor cores from De Angeli Prodotti. An agreement with KONE for increased UltraRope® deliveries was signed during the period.
Order backlog on 30 September 2025 was EUR 49.2 million (30.6).
Revenue
In the third quarter, Group revenue amounted to EUR 24.1 million (24.6). Revenue in the Engineered Solutions Business Unit was EUR 19.7 million (20.0) and in the Industrial Solutions Business Unit EUR
4.4 million (4.6). Revenue increased by 15% year on year in the Transportation customer industry, while in the Energy customer industry revenue was 5% above the comparison period's level. Revenue in Buildings and Infrastructure customer industry declined 14% and Industrial customer industry 19% year on year.
In the first nine months of the year, Group revenue was at the comparison period's level, amounting to EUR 74.2 million (74.5). This was due to the timing of deliveries related to the ongoing transition of production from our closed factory in Belgium to our other factories, and also in part to some caution in customers related to macroeconomic factors. Revenue in the Engineered Solutions Business Unit was EUR 60.9 million (61.5) and in the Industrial Solutions Business Unit EUR 13.2 million (13.0). Revenue increased by 10% from the comparison period in the Transportation customer industry, and in the Energy customer industry, revenue increased by 5%, whereas in the Buildings and Infrastructure and Industrial customer industries, revenue decreased respectively 8% and 5% year on year.
Revenue by business unit Share of revenue by business unit, % | Q1-Q3/2025
EUR thousand | Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change | Q1-Q4 |
2025 | 2024 | % | 2025 | 2024 | % | 2024 | |
Engineered Solutions BU | 19,651 | 20,008 | -1.8 | 60,941 | 61,487 | -0.9 | 82,485 |
Industrial Solutions BU | 4,439 | 4,567 | -2.8 | 13,227 | 13,041 | 1.4 | 17,109 |
Other | 4 | 10 | -56.3 | 13 | 12 | 5.4 | 19 |
Total | 24,094 | 24,585 | -2.0 | 74,181 | 74,539 | -0.5 | 99,614 |
Revenue by customer industry Share of revenue by customer industry, % | Q1-Q3/2025
EUR thousand | Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change | Q1-Q4 |
2025 | 2024 | % | 2025 | 2024 | % | 2024 | |
Buildings and infrastructure | 4,889 | 5,715 | -14.4 | 14,841 | 16,171 | -8.2 | 21,502 |
Industrial | 3,057 | 3,779 | -19.1 | 10,817 | 11,404 | -5.1 | 15,588 |
Energy | 5,223 | 4,931 | 5.9 | 15,591 | 14,812 | 5.3 | 20,923 |
Transportation | 4,564 | 3,956 | 15.4 | 14,298 | 12,970 | 10.2 | 17,391 |
Other | 6,361 | 6,204 | 2.5 | 18,634 | 19,182 | -2.9 | 24,210 |
Total | 24,094 | 24,585 | -2.0 | 74,181 | 74,539 | -0.5 | 99,614 |
Operating profit
In the third quarter of 2025, the Group's operating profit decreased to EUR 0.4 million (0.6). Operating profit margin was 1.8% (2.5%). Adjusted operating profit increased to EUR 0.9 million (0.7) and adjusted operating profit margin to 3.9% (2.9%). Adjustments relate to closure-related items from the Belgium site ramp down.
In the first nine months of the year, operating profit increased to EUR 1.3 million (1.2). Operating profit margin was 1.8% (1.6%). Adjusted operating profit increased significantly to EUR 2.7 million (1.5) as a result of implementing strategic actions. Adjusted operating profit margin grew to 3.7% (2.0%).
Adjusted operating profitProfit for the period
Profit before taxes for the first nine months of 2025 was EUR -5.6 (-1.5) million and profit after taxes EUR -5.6 million (-1.8). Net financial income/expenses were EUR -6.9 million (-2.8). The change in financial expenses was due to the recent changes in the exchange rates significantly affecting intra-Group financial items and reported profit for the period.
EUR thousand | Q3 | Q3 | Q1-Q3 | Q1-Q3 | Q1-Q4 |
2025 | 2024 | 2025 | 2024 | 2024 | |
Operating profit | 438 | 620 | 1,323 | 1,224 | -2,853 |
Restructuring costs | 490 | 89 | 1,416 | 260 | 4,425 |
Impairment losses and reversals | 0 | 0 | 0 | 0 | 0 |
Costs related to planned or realized business acquisition and disposal | 0 | 0 | 0 | 0 | 0 |
Expenses related to legal proceedings and other claims | 0 | -1 | 0 | 42 | 132 |
Adjusted operating profit | 928 | 707 | 2,739 | 1,526 | 1,704 |
Financial position
Net cash flow from operating activities for January-September 2025 was EUR -5.7 million (-1.3) relating to the change in working capital which was EUR -8.2 million (-4.6). Net cash flow from investing activities amounted to EUR -2.2 million (-1.6) driven by investments in India.
At the end of the reporting period, the Group's liquid assets stood at EUR 6.8 million (10.7). Total depreciation, amortization and impairment of non-current assets during the reporting period amounted to EUR 3.8 million (4.5).
On 30 September 2025, the Group's consolidated total assets were EUR 90.3 million (93.6). Interest-bearing liabilities, including lease liabilities, amounted to EUR 34.7 million (31.3). Net interest-bearing liabilities were EUR 28.0 million (20.6). Current interest-bearing liabilities were EUR 31.7 million (22.2). EUR 12.0 million (14.0) of current interest-bearing liabilities were commercial papers. On 30 September 2025, net debt to adjusted EBITDA was 3.4x (3.4x).
On 30 September 2025, the Group's equity was EUR 28.3 million (36.7) and equity ratio 31.8 (39.7). Net gearing was 98.7 percent (56.0). Fully diluted earnings per share were EUR -0.05 (-0.03). Return on capital employed was 2.9 percent (2.9), and return on equity was -24.8 percent (-9.1).
Business Unit reviews
Engineered Solutions Business UnitThe Engineered Solutions Business Unit (ESBU) concentrates on tailored solutions in multiple customer industries.
ESBU progressed well on its core agenda in the quarter, translating healthy customer activity into a solid operational performance. Revenue was EUR 19.7 million (20.0), reflecting delivery phasing and the ongoing transfer of volumes from the closed Belgium site.
Commercially, ESBU advanced a large purchase order from De Angeli Prodotti for composite conductor cores in Energy customer industry. In Buildings and Infrastructure, the KONE UltraRope® deal was signed for increased deliveries.
Execution remained disciplined as the Belgium transfer program proceeded in line with schedule. The closure-related costs were reflected in the adjusted operating profit during the quarter and are estimated to continue until the end of the year. Airship manufacturer Flying Whales contributed positively to the quarter's revenue as the collaboration moved from R&D toward expanded testing, demonstrating the value of ESBU's design-for-manufacturing and post-processing capabilities.
Customer demand patterns remained aligned with our strategy. Energy was strong, supported by conductor cores and ongoing wind customer programs. Buildings and Infrastructure as well as Transportation showed good demand, while Industrial customer industry remained subdued. ESBU also supported continued activity in defense-related composite applications such as camouflage systems. There is also steady demand for composite innovation in drones with applications in, for example, surveillance and industrial use.
Looking ahead, ESBU will focus on turning the larger order book into deliveries, finishing the remaining transfer ramp-ups, and keeping quality and on-time delivery strong. As transfers settle in and factory utilization continues to rise, this will support profitability even further.
Industrial Solutions Business UnitThe Industrial Solutions Business Unit (ISBU) concentrates on selected applications with significant growth potential.
ISBU delivered a strategically important quarter as our new site in India moved to volume production, and volume shipments began in September. Revenue was EUR 4.4 million (4.6), held back by adverse exchange rates. The India ramp-up is improving proximity and cost-to-serve of our services for wind customers and reinforcing our global supply capability.
Operationally performance remained solid, supported by our local manufacturing and steady activity from Energy and Transportation customers. ISBU also advanced other new wind customer programs by progressing audits and preparing trial runs for Vestas.
Customer industry demand developed in line with strategy. Energy remained strong, driven by wind components. Transportation and Buildings and Infrastructure also showed good demand. With India now shipping, ISBU's priorities are to reach target output and maintain delivery performance as new programs phase in. The business unit is well positioned to convert the customer agreements into stable series production, supporting Exel's confident acceleration into the next phase of growth.
Events during the reporting period
On 14 February 2025, Exel Composites signed an agreement with French-Canadian airship manufacturer and operator Flying Whales for pull-wound carbon tubes for the first full structure of an LCA60T airship manufactured by the company. The collaboration moved from R&D toward expanded testing during the third quarter of 2025.
On 24 February 2025, Exel Composites' joint venture Kineco Exel Composites India (KECI) received a purchase order of approximately EUR 10 million for pultruded carbon fiber planks for spar caps to a major wind turbine manufacturer in South Asia. The deliveries are expected to extend into 2026.
On 24 February 2025, Exel Composites announced having appointed Kari Loukola as Executive Vice President, Industrial Solutions business unit and member of the Exel Leadership Team as of 25 February 2025.
On 31 March 2025, Exel closed its Oudenaarde factory in Belgium as planned.
On 25 July 2025, Exel Composites announced that it had been the target of a cyberattack in July, and that a data breach had been confirmed by investigations on 18 July 2025. The unauthorized intrusion affected a limited number of workstations and servers. The company informed about exposure of personal data which primarily includes names, addresses, and personal identity numbers of current and former employees and shareholders. The breach also involves company-related business information, including financial data, which led the company to release preliminary information from the half-year report for January-June 2025. The company acted immediately, working with internal and external experts to contain the breach and to protect its systems from further exposure as well as to analyze the extent of the compromised information. The cyberattack did not affect the company's business, manufacturing or the operational capacity of the company's factories.
On 30 September 2025, Exel signed a deal with KONE for increased UltraRope® deliveries.
Events after the reporting period
On 10 October 2025, Exel Composites announced that the following persons have been appointed as members of the Shareholders' Nomination Board: Niina Arkko (Aktia Asset Management), Ville Kivipelto (Danske Invest Finnish Equity Fund), Jukka Vähäpesola (Elo Mutual Pension Insurance Company), Petteri Vaarnanen (SP-Fund Management), and Jouni Heinonen (Chairman of the Board of Directors, Exel Composites Plc) as an expert member. The largest shareholders entitled to appoint members to the Nomination Board were determined based on the registered holdings in the company's shareholder register held by Euroclear Finland Oy on 30 September 2025. The Nomination Board prepares the proposals concerning Board of Directors' members and their remuneration for the following Annual General Meeting.
In October 2025, Exel received a large purchase order for composite conductor cores from De Angeli Prodotti.
Financial reporting in 2026
Exel Composites will publish the following financial reports in 2026:
Financial Statements Release 2025: 13 February 2026 at approximately 9:00 EET
Business Review Q1 2026: 6 May 2026 at approximately 9:00 EEST
Half Year Financial Report Q1-Q2 2026: 12 August 2026 at approximately 9:00 EEST
Business Review Q1-Q3 2026: 4 November 2026 at approximately 9:00 EET
Annual Report 2025, including the Report of the Board the Directors as well as the Financial Statements, the Corporate Governance Statement and the Remuneration Report will be published on week 10 beginning 2 March 2026.
Vantaa, 6 November 2025
Exel Composites Plc
Board of Directors
Calculation of key figuresAdjusted operating profit | |
operating profit - material items affecting comparability (restructuring costs, impairment losses and reversals, costs related to planned or realized business acquisitions or disposals, etc.) | |
Adjusted EBITDA | |
operating profit + depreciations, amortization and impairments - material items affecting comparability (restructuring costs, costs related to planned or realized business acquisitions or disposals, etc.) | |
Net debt to adjusted EBITDA | |
total interest-bearing debt - cash and equivalents | |
adjusted EBITDA | |
Return on equity, % | |
net income + provisions | x 100 |
equity + minority interest + voluntary provisions | |
Return on capital employed, % | |
profit before provisions and income taxes + interest and other financial expenses | x 100 |
total assets less non-interest-bearing liabilities (average) | |
Equity ratio, % | |
equity + minority interest + voluntary provisions | x 100 |
total assets less advances received | |
Net gearing, % | |
net interest-bearing liabilities (= interest-bearing liabilities less liquid assets) | x 100 |
equity | |
Earnings per share (EPS), EUR | |
profit before provisions and income taxes less income taxes +/- minority interest | |
average adjusted number of shares in the financial period | |
Equity per share, EUR | |
equity + voluntary provisions | |
adjusted number of shares on closing date | |
Dividend per share, EUR | |
dividend for the financial period | |
adjusted number of shares on closing date | |
Payout ratio, % | |
dividend per share | x 100 |
earnings per share (EPS) | |
Effective yield of shares, % | |
dividend per share x 100 | x 100 |
adjusted average share price at year end | |
Price/earnings (P/E), % | |
adjusted average share price at year end | x 100 |
earnings per share | |
Price to book ratio, (P/B) | |
total number of shares on closing date excluding treasury shares x share price at year end | |
equity without non-controlling interests | |
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.
https://www.exelcomposites.com
Exel Composites Plc Mäkituvantie 5
FI-01510 Vantaa Finland
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Exel Composites Oyj published this content on November 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 06, 2025 at 09:13 UTC.
