Source: Inderes & Bloomberg (3 forecasts, 8/3/2026)

Translation: Original published in Finnish on 8/11/2026 at 8:03 am EEST.

Exel Composites will publish its Q2 report on Friday, August 14 at around 8:00 am EEST. We expect the company's revenue and earnings to have continued their strong growth, supported by a record-strong order backlog and a sustained favorable market situation. We expect the company to reiterate its guidance for significant earnings growth for the current year, but our attention will be particularly focused on comments regarding the timing of deliveries between the halves of the year and the pace of volume growth at the Indian plant.

Strong order book and favorable demand are driving robust revenue growth

We expect Exel's revenue to have grown 19% in Q2 to 29.5 MEUR, slightly above the narrow consensus. We estimate that the key driver of growth was the order book, which remained at a record high of 99 MEUR in Q1. The order book has been boosted by large cable core contracts secured at the end of 2025, whose accelerated delivery requests, in our view, already drove Q1 performance. At the same time, the company's underlying demand remained at a good level in early 2023 (Q1 orders received: 30 MEUR), and we estimate that this continued during the past quarter. In addition, we estimate that the volume growth of the Indian plant has been on an upward trend, in line with a controlled ramp-up, but we will monitor the company's comments regarding the growth rate. Similar to Q1, customers' accelerated or delayed delivery requests related to large framework agreements may have affected the quarter's development, which weakens short-term predictability.

Earnings will increase driven by volumes

We forecast Exel's adjusted EBIT to have increased from the comparison period to 1.4 MEUR, corresponding to an EBIT margin of 4.8%. We expect revenue growth to have driven the earnings improvement, which enhances factory utilization rates. In addition, we estimate that the company has continued the cost discipline seen in the early part of the year. On the other hand, we estimate that the continued ramp-up of the Indian plant, where production efficiency is not yet at an optimal level, had a slightly negative impact. Our estimates do not include non-recurring items. No adjusted EBIT forecast was available for the consensus, but we estimate the reported earnings forecast to be at roughly the same level. The consensus expectation (1.6 MEUR) is slightly higher than our estimate. On the lower lines, we expect financial expenses and taxes to have been at normal levels, but we would like to remind that non-cash flow-related exchange rate changes in intercompany loans can fluctuate financial expenses.

Guidance reiteration expected; eyes on the dynamic between H1 and H2

We expect Exel to reiterate its current year guidance, according to which its revenue (2025: 103 MEUR) and adjusted EBIT (2025: 3.6 MEUR) will grow significantly compared to 2025. The company has commented that growth is expected to be weighted towards the second half of the year. The estimate is based on the timing of order book realization, which is driven by customer delivery requests and project schedules. However, we estimate that growth between the halves of the year will be fairly even, given the strong Q1 performance and our Q2 forecast. Exel also commented in connection with its Q1 results that customers' final delivery requests determine the timing of deliveries, which can be reflected in quarterly performance. Thus, in our opinion, it cannot be ruled out that H1 growth will be on par with H2 or even higher. This would naturally not affect the full-year guidance. Prior to the report, we estimate the company's revenue to rise to 125 MEUR this year and adjusted EBIT to 7.7 MEUR.

In addition to the figures and guidance, we will be monitoring the company's comments on the market situation and sales pipeline development. We are particularly interested in any comments regarding the strong sales pipeline in the Energy customer segment and the more precise timing of deliveries for large conductor core orders. Naturally, we are also interested in the demand situation in other customer sectors and the potential ripple effects of the Middle East situation on certain segments or costs. However, we estimate that market activity has remained quite good, considering the earnings releases from the broader industrial sector so far.