Exel Composites Plc: Good start to 2026: revenue grew by double digits and profitability more than doubled
EXEL COMPOSITES PLC | BUSINESS REVIEW | 6 MAY 2026 AT 9:00 AM EEST
Good start to 2026: revenue grew by double digits and profitability more than doubled
This release is a summary of Exel’s Business Review for January–March 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/
Q1 2026 in brief
- Order intake decreased by 12.5% to EUR 30.3 million (34.6).
- Revenue increased by 19.4% to EUR 30.2 million (25.3).
- Operating profit increased to EUR 1.5 million (0.1) and operating profit margin was 5.0% (0.4%).
- Adjusted operating profit increased to EUR 1.5 million (0.7) and adjusted operating profit margin was 5.0% (2.7%).
- Earnings per share was EUR 0.18 (-0.02).
Figures in parentheses refer to the corresponding period in the previous year, unless otherwise specified.
Guidance
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.
President and CEO Paul Sohlberg
Exel had a good start to 2026. Revenue increased by 19.4% to EUR 30.2 million, and profitability improved clearly from the comparison period. Adjusted operating profit increased to EUR 1.5 million, corresponding to an adjusted operating profit margin of 5.0%. Revenue increased in both business units, with particularly strong growth in Industrial Solutions.
Order intake in the first quarter was EUR 30.3 million, a solid level following the particularly strong fourth quarter of 2025 and considering that the comparison period a year ago was supported by a single large order. At the same time, our order backlog remained strong at EUR 98.6 million, broadly at the year-end level and more than double the comparison period. This puts us in a favorable position for the year.
Growth in the quarter was led by the Energy customer industry, where revenue increased by 85% year on year. Revenue also increased in Transportation and in Other customer industries. This reflects favorable development in applications linked to the energy transition as well as continued demand in selected defense-related applications.
Both business units progressed well in the quarter. Engineered Solutions continued to develop steadily, while Industrial Solutions delivered particularly strong growth. Across Exel, our more focused factory network and improved utilization continued to support profitability.
The improvement in profitability reflects the work we have done to strengthen Exel’s operational performance. Higher utilization, good delivery execution and continued cost discipline supported earnings in the quarter. These are important signs as we continue moving forward in the growth phase of our strategy.
Geopolitical tensions and broader market uncertainty continue to warrant close attention. During the first quarter, however, we did not see material direct impacts on Exel’s business, while we continue to monitor potential effects on supply chains.
We held our Annual General Meeting at the end of the quarter. I would like to warmly welcome Erkka Repo and Teija Sarajärvi as new members of Exel’s Board of Directors. Their experience will further strengthen the Board as we continue executing our strategy. Following the general meeting, Exel also completed the reverse share split resolved by the meeting. The purpose of the arrangement was to improve the conditions for trading in Exel’s shares, support efficient price formation and make the share more suitable for a broader range of investors.
We maintain our guidance for 2026 and continue to expect revenue and adjusted operating profit to increase significantly compared to 2025, with a stronger contribution in the second half of the year. This continues to be based on the timing of order backlog conversion, driven by customer call-offs and project schedules. While quarterly phasing can vary, the long-term drivers in our chosen customer industries remain supportive.
Our focus remains clear: to deepen customer partnerships, continue delivering high-quality solutions and reliable service to our customers, and keep improving utilization as volumes increase. We will continue building Exel step by step into a stronger and more profitable company.
I would like to thank our customers for their trust, our partners for their collaboration and the entire Exel team for their focused work during the first quarter. I also appreciate the continued support of our shareholders.
Consolidated key figures
| Q1 | Q1 | Change | Q1-Q4 | |
| EUR thousand unless otherwise indicated | 2026 | 2025 | % | 2025 |
| Revenue | 30,178 | 25,278 | 19.4 | 103,194 |
| Operating profit | 1,516 | 113 | 1236.6 | 2,212 |
| % of revenue | 5.0 | 0.4 | 2.1 | |
| Adjusted operating profit 1) | 1,516 | 682 | 122.3 | 3,628 |
| % of revenue | 5.0 | 2.7 | 3.5 | |
| EBITDA | 2,647 | 1,451 | 82.4 | 7,133 |
| Adjusted EBITDA 1) | 2,647 | 2,020 | 31.1 | 8,548 |
| Profit before tax | 1,772 | -2,241 | 179.1 | -5,736 |
| Profit for the period | 1,140 | -2,235 | 151.0 | -6,073 |
| Profit for the period excluding non-controlling interest | 1,277 | -2,067 | 161.8 | -5,490 |
| % of revenue | 4.2 | -8.2 | -5.3 | |
| Shareholders' equity | 29,250 | 30,666 | -4.6 | 28,092 |
| Interest-bearing liabilities | 31,982 | 31,793 | 0.6 | 34,370 |
| Cash and cash equivalents | 9,810 | 7,692 | 27.5 | 11,942 |
| Net interest-bearing liabilities | 22,172 | 24,101 | -8.0 | 22,428 |
| Net debt to adjusted EBITDA 2) | 2.4 | 2.8 | -12.3 | 2.6 |
| Capital employed | 61,232 | 62,459 | -2.0 | 62,461 |
| Return on equity, % | 15.9 | -28.4 | 156.1 | -20.1 |
| Return on capital employed, % | 9.9 | 0.8 | 1109.2 | 3.6 |
| Equity ratio, % | 32.2 | 35.1 | -8.4 | 32.2 |
| Net gearing, % | 75.8 | 78.6 | -3.5 | 79.8 |
| Net cash flow from operating activities | 2,682 | -3,454 | -177.6 | -963 |
| Net cash flow from investing activities | -2,468 | -1,192 | 107.1 | -1,045 |
| Capital expenditure | 2,471 | 1,223 | 102.0 | 3,133 |
| % of revenue | 8.2 | 4.8 | 3.0 | |
| Research and development costs | 1,002 | 950 | 5.4 | 3,792 |
| % of revenue | 3.3 | 3.8 | 3.7 | |
| Order intake | 30,287 | 34,604 | -12.5 | 168,627 |
| Order backlog | 98,558 | 43,291 | 127.7 | 98,719 |
| Earnings per share, diluted and undiluted, EUR | 0.18 | -0.02 | 1031.3 | -0.05 |
| Equity per share, EUR | 4.15 | 0.28 | 1,366.52 | 0.26 |
| Average share price, EUR | 7.96 | 0.35 | 2,174.29 | 0.37 |
| Average number of shares, diluted and undiluted, 1,000 shares 3) | 7,041 | 106,085 | -93 | 105,810 |
| Employees, average | 683 | 643 | 6.3 | 632 |
| Employees, end of period | 698 | 640 | 9.1 | 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 each fifteen shares into one share. Average number of shares excludes shares held by the company.
Revenue by business unit
| Q1 | Q1 | Change | Q1-Q4 | |
| EUR thousand | 2026 | 2025 | % | 2025 |
| Engineered Solutions BU | 23,959 | 21,093 | 13.6 | 83,869 |
| Industrial Solutions BU | 6,212 | 4,177 | 48.7 | 19,308 |
| Other | 8 | 7 | 5.4 | 17 |
| Total | 30,178 | 25,278 | 19.4 | 103,194 |
Revenue by customer industry
| Q1 | Q1 | Change | Q1-Q4 | |
| EUR thousand | 2026 | 2025 | % | 2025 |
| Buildings and infrastructure | 4,892 | 5,421 | -9.7 | 21,348 |
| Industrial | 3,097 | 3,505 | -11.6 | 13,898 |
| Energy | 9,344 | 5,048 | 85.1 | 23,128 |
| Transportation | 5,701 | 5,420 | 5.2 | 19,585 |
| Other | 7,144 | 5,885 | 21.4 | 25,235 |
| Total | 30,178 | 25,278 | 19.4 | 103,194 |
Vantaa, 6 May 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 EEST. 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/q1-2026-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, 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. To find out more about our offering and company please visit www.exelcomposites.com