Translation: Original published in Finnish on 11/2/2026 at 8:15 am EET.

Source: Inderes

Exel Composites will publish its Q3 report on Wednesday, November 4 at around 8 am EET. We expect the company's revenue and earnings to have remained at levels similar to those in the first part of the year, thus growing clearly from the comparison period. In connection with the earnings release, we will focus particularly on the progress of ramping up high-volume production at the Indian factory following the Suzlon contract, as well as on general market commentary.

Strong order book and framework agreements drive rapid growth

In the third quarter, we expect Exel's revenue to grow by up to 35% year-on-year. We estimate that the key driver of growth was the company's record-strong order book (Q2’26: 99 MEUR, +111% y/y), which has been bolstered by the major cable core contracts secured late in 2025. Further, we estimate that the company's underlying demand and market situation have remained favorable, particularly in the Energy customer sector and in defense applications. During Q3, the company announced a potential supply agreement with wind power customer Suzlon exceeding 100 MEUR, though deliveries related to the agreement will not truly begin until Q4. Consequently, we expect the volumes at the Indian factory to have remained relatively moderate in Q3, even though the factory has already transitioned to commercial production. As we have previously emphasized, the timing of deliveries under large framework agreements is determined by final delivery requests from customers, which can cause fluctuations in quarterly revenue.

We estimate growth in revenue will also be reflected in earnings

We forecast Exel's adjusted EBIT to have increased from the comparison period to 2.2 MEUR, corresponding to an EBIT margin of 6.8%. Therefore, we expect operational profitability to have also continued at around the H1 levels (Q1-Q2’26: 1.5–2.5 MEUR). We thus assume revenue growth has driven the year-on-year improvement in earnings, which enhances factory utilization rates. At the same time, we expect the company's material margin to have remained at a good level during the quarter, supported by a favorable sales mix and above-average pricing power. Our estimates do not include non-recurring items. 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 expected to repeat, eyes on ramp-up of high volumes at the Indian factory in particular

We expect Exel to reiterate its guidance for the current year, according to which its revenue (2025: 103 MEUR) and adjusted EBIT (2025: 3.6 MEUR) will increase significantly compared to 2025. Given the strong start to the year and our Q3 forecast, meeting the guidance is virtually certain, barring any exceptional disruptions. Prior to the report, we estimate Exel's revenue for the whole year to rise to 134 MEUR and adjusted EBIT to 8.5 MEUR.

In addition to the figures and guidance, we will continue to monitor the company’s more detailed market commentary and updates on the progress of its factory in India. Following the Suzlon contract, delivery capacity, quality assurance, and margin performance of the Indian factory have become central to the investment case as production scales up. We therefore look forward to management's comments on the status of the ramp-up of high-volume production and delivery schedules. In addition, we will follow comments on the progress of conductor core orders, the demand situation in other customer industries, and the development of the sales pipeline (e.g., Flying Whales).