Skip to content

Welcome to our new website

Exel Composites tubes.

Exel Composites

Exel Composites manufactures composites profiles for various demanding, mainly industrial end-use, applications. Exel’s customer base includes companies operating in industries such as wind energy, transportation and telecommunications. Exel Composites is one of the largest manufacturers of pultruded composites profiles globally and currently operates eight manufacturing plants on three continents.
Company
Equity Research
Financials
Video
Company publications
Shareholders
Share price
Disclaimer

Overview

Exel Composites manufactures composites profiles for various demanding, mainly industrial end-use, applications. Exel’s customer base includes companies operating in industries such as wind energy, transportation and telecommunications. Exel Composites is one of the largest manufacturers of pultruded composites profiles globally and currently operates eight manufacturing plants on three continents.
Our positive view is based on good long-term composites demand outlook, coupled with the fact that Exel Composites' current manufacturing footprint could support annual revenue in the EUR 150m ballpark i.e. there's still plenty of room to improve delivery volumes. Exel's rather high fixed cost base translates to meaningful operating leverage, and thus higher revenues should lead to improving operating margins. The company is also progressing well with its cost savings program. Operating profit could further significantly improve if good execution continues. Recently the wind energy sector has provided great lift for volumes; other attractive applications include e.g. transportation industry profiles.

Financial overview

Equity research

Exel Composites tubes.
Exel Logo RGB
Exel Composites - Building up for volume growth

Exel decided on the terms of its rights offering, which should enable strategy implementation after a challenging period of missing volumes in the past 18 months or so.

Company update |
Exel Composites tubes.
Exel Logo RGB
Exel Composites - Positioning for volume recovery

Exel’s Q1 results remained quite weak, although q/q improvement continued. Exel has been finding efficiency gains and positioning itself for a recovery in volumes. We expect EBIT to climb back to black soon, but more significant gains may not arrive before H2.

Company update |
Exel Composites tubes.
Exel Logo RGB
Exel Composites - Results still softer than expected

Exel’s Q1 results landed below estimates. Demand shows some signs of improvement, but H1’24 results will remain quite soft. Exel retains its previous guidance as H2 should be better. The company also plans to issue up to EUR 23m of new shares.

Earnings Flash |
Exel Composites tubes.
Exel Logo RGB
Exel Composites - A lot of room to improve

Exel’s Q4 figures remained very low as account activity is only now bottoming out after a challenging period due to weakening end-market demand and customer destocking.

Company update |
Exel Composites tubes.
Exel Logo RGB
Exel Composites - Figures remained weak

Exel’s Q4 results continued to be very low mostly across the board. Cash flow, however, remained on the positive side and Exel can expect improving results this year, although last year sets the comparison figures low.

Earnings Flash |
Exel Composites tubes.
Exel Logo RGB
Exel Composites - CMD notes

Exel’s CMD added details to its new strategy. Many important decisions are still to be worked out, but in our view the path for value creation is a lot clearer now.

Company update |
Exel Composites tubes.
Exel Logo RGB
Exel Composites - Earnings wait for higher orders

Exel has taken actions to recover earnings. In our view wind power orders should drive at least some growth next year, but order outlook uncertainty continues to limit upside.

Company update |
Exel Composites tubes.
Exel Logo RGB
Exel Composites - Cost measures continued

Exel’s Q3 headline figures were known beforehand. Volumes fell across the geographic regions and especially in North America where the business still lacked large wind power orders. Exel has continued to implement cost measures, and on the positive side working capital and inventory reductions helped produce a positive Q3 cash flow of EUR 1.2m.

Earnings Flash |
Exel Composites tubes.
Exel Logo RGB
Exel Composites - Still left waiting for higher volumes

Exel cut guidance as Q3 was very soft. Exel works out its new strategy in detail, to achieve at least some efficiency gains, yet volume remains the value driver for now.

Company update |
Exel Composites tubes.
Exel Logo RGB
Exel Composites - Looking to deliver more volumes

Exel’s results are yet to see demand pick up, and although valuation isn’t demanding uncertainty still limits upside.

Company update |

Annual financials

Assets

Equity and liabilities

Cashflow

Environment

Social

Governance

Annual and sustainability reports

Company news

Exel Composites Plc has on 15 July 2024 received a notification pursuant to Chapter 9, Section 5 of the Finnish Securities Markets Act, according to which the holding of funds managed by OP Fund Management Company Ltd has decreased below 5% of the voting rights and share capital in Exel Composites Plc.

Through share transactions concluded on 12 July 2024, the holding of funds managed by OP Fund Management Company Ltd amounts to 5,334,412 shares representing 4.998% of the shares and voting rights of Exel Composites Plc. The previous holding of OP Fund Management Company Ltd represented 5.40% of the shares and voting rights of Exel Composites Plc.

Exel Composites has a total of 106,728,395 shares. The company has only one class of shares, each share entitling to one vote.

Total position of funds managed by OP Fund Management Company Ltd referred to in the notification:

+----------------+------+-----------+------+----------------------+
| |% of |% of shares|Total |Total number of shares|
| |shares|and voting |of |and voting rights of |
| |and |rights |both |issuer |
| |voting|through | | |
| |rights|financial | | |
| | |instruments| | |
+----------------+------+-----------+------+----------------------+
|Resulting |4.998%| |4.998%|106,728,395 |
|situationafter | | | | |
|reaching | | | | |
|or exceeding the| | | | |
|flagging | | | | |
|threshold | | | | |
+----------------+------+-----------+------+----------------------+
|Position of |5.40% | |5.40% | |
|previous | | | | |
|notification | | | | |
+----------------+------+-----------+------+----------------------+

Notified details of the resulting situation on the date on which the threshold was crossed or reached:

A: Shares and voting rights

+------------+-------------+-----------------+---------------------------+-+
|Share |Number of |% of shares and voting rights|
|class/type |shares and | |
|(ISIN) |voting rights | |
+------------+-------------+-----------------+---------------------------+-+
|Direct (FSMA|Indirect |Direct (FSMA 9:5)|Indirect (FSMA 9:6 and 9:7)|
|9:5) |(FSMA 9:6 and| | |
| |9:7) | | |
+------------+-------------+-----------------+---------------------------+-+
|FI0009007306|5,334,412 | |4.998% | |
+------------+-------------+-----------------+---------------------------+-+
|Subtotal A |5,334,412 |4.998% |
+------------+-------------+-----------------+---------------------------+-+

Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity:

+-----------+-----------+-----------------------------+-------------+
|Name |% of shares|% of shares and voting rights|Total of both|
| |and voting |through financial instruments| |
| |rights | | |
+-----------+-----------+-----------------------------+-------------+
|OP Fund |0.00% | |0.00% |
|Management | | | |
|Company Ltd| | | |
+-----------+-----------+-----------------------------+-------------+
|OP-Finland |4.998% | |4.998% |
|Small Firms| | | |
|Fund | | | |
+-----------+-----------+-----------------------------+-------------+

For further information, please contact:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

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 visitwww.exelcomposites.com.

Exel Composites Plc

Exel Composites Plc's strategic development projects have progressed in the first half of 2024 according to the announced plan.

Rights issue and new financing agreement strengthen balance sheet

Exel Composites Plc's rights issue, successfully completed in June, strengthens the company's financial position and enables accelerating the company's growth and transformative strategy. In the clearly oversubscribed rights issue, with subscriptions received for approximately 141 per cent of the offer shares, the company received gross proceeds of approximately EUR 21.8 million.

During the second quarter of 2024, Exel Composites agreed on a new financing agreement of EUR 52.4 million to refinance its existing bank loans. Backed by the new financing agreement in force since June and the funds raised in the rights issue, the company is swiftly advancing strategic initiatives it was preparing during the first half of the year, including, among others, the following measures:
  • Equipping of the new production facility in India accelerated
In July 2023, Exel announced a strategic decision to expand its manufacturing operations in India and to build a new facility in Goa, optimised for serving wind power industry customers in India and globally. The equipping of the manufacturing facility built by the joint venture between Exel Composites and Kineco Group is underway, production lines have been ordered and recruitment and training of personnel have begun. Production is due to start during 2024 as originally planned.
  • Strategic factory review in Belgium proceeds to the action phase
Exel's new strategy, published in October 2023, includes a plan to carry out a strategic review at three of the company's factories. The plan is based on Exel's strategic objective to improve the efficiency of its production and utilisation rates of its factory network, thereby improving profitability. The strategic review of the factory in Oudenaarde, Belgium, which started in January 2024, is progressing according to plan. Exel has evaluated the factory's role and different options in the new operating model, and the company will proceed to the action phase. Conclusions and anticipated measures will be communicated to the extent permitted by local legislation.
  • Sale of the production facility in UK progressing

As part of optimising its factory network, Exel shut down the pultrusion production at its Runcorn factory in the United Kingdom in autumn 2023. The company has received a purchase offer for the factory property and preparations are underway to complete the transaction. The transaction is expected to be completed during the second half of 2024.

Additional Information:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

Mikko Rummukainen, CFO

tel. +358 20 754 1335

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 visitwww.exelcomposites.com.

Exel Composites Plc has on 17 June 2024 received a notification pursuant to Chapter 9, Section 5 of the Finnish Securities Markets Act, according to which the holding of funds managed byOP Fund Management Company Ltd has increased above 5% of the voting rights and share capital in Exel Composites Plc.

Through share transactions concluded on 17 June 2024, the holding of funds managed byOP Fund Management Company Ltd amounts to 5,765,946 shares representing 5.40% of the shares and voting rights of Exel Composites Plc. The previous holding of funds managed byOP Fund Management Company Ltd represented 4.23% of the shares and voting rights of Exel Composites Plc.

Exel Composites has a total of 106,728,395 shares. The company has only one class of shares, each share entitling to one vote.

Total position of funds managed byOP Fund Management Company Ltd referred to in the notification:

+----------------+------+-----------+-----+----------------------+
| |% of |% of shares|Total|Total number of shares|
| |shares|and voting |of |and voting rights of |
| |and |rights |both |issuer |
| |voting|through | | |
| |rights|financial | | |
| | |instruments| | |
+----------------+------+-----------+-----+----------------------+
|Resulting |5.40% | |5.40%|106,728,395 |
|situationafter | | | | |
|reaching | | | | |
|or exceeding the| | | | |
|flagging | | | | |
|threshold | | | | |
+----------------+------+-----------+-----+----------------------+
|Position of |4.23% | |4.23%| |
|previous | | | | |
|notification | | | | |
+----------------+------+-----------+-----+----------------------+

Notified details of the resulting situation on the date on which the threshold was crossed or reached:

A: Shares and voting rights

+------------+-------------+-----------------+---------------------------+-+
|Share |Number of |% of shares and voting rights|
|class/type |shares and | |
|(ISIN) |voting rights | |
+------------+-------------+-----------------+---------------------------+-+
|Direct (FSMA|Indirect |Direct (FSMA 9:5)|Indirect (FSMA 9:6 and 9:7)|
|9:5) |(FSMA 9:6 and| | |
| |9:7) | | |
+------------+-------------+-----------------+---------------------------+-+
|FI0009007306|5,765,946 | |5.40% | |
+------------+-------------+-----------------+---------------------------+-+
|Subtotal A |5,765,946 |5.40% |
+------------+-------------+-----------------+---------------------------+-+

Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity:

+-----------+-----------+-----------------------------+-------------+
|Name |% of shares|% of shares and voting rights|Total of both|
| |and voting |through financial instruments| |
| |rights | | |
+-----------+-----------+-----------------------------+-------------+
|OP Fund |0.00% | |0.00% |
|Management | | | |
|Company Ltd| | | |
+-----------+-----------+-----------------------------+-------------+
|OP-Finland |5.40% | |5.40% |
|Small Firms| | | |
|Fund | | | |
+-----------+-----------+-----------------------------+-------------+

For further information, please contact:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

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 visitwww.exelcomposites.com.

Exel Composites Plc

Exel Composites Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Mikko Rummukainen

Position: Chief Financial Officer

Issuer: Exel Composites Oyj

LEI: 743700205JAMGM80QD88

Notification type: INITIAL NOTIFICATION

Reference number: 66235/6/8

____________________________________________

Transaction date: 2024-06-13

Outside a trading venue

Instrument type: SHARE

ISIN: FI0009007306

Nature of transaction: SUBSCRIPTION

Transaction details

(1): Volume: 19626 Unit price: 0.23 EUR

Aggregated transactions (1):

Volume: 19626 Volume weighted average price: 0.23 EUR

For further information, please contact:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

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 visitwww.exelcomposites.com.

Exel Composites Plc

Exel Composites Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Kim Sjödahl

Position: Other senior manager

Issuer: Exel Composites Oyj

LEI: 743700205JAMGM80QD88

Notification type: INITIAL NOTIFICATION

Reference number: 66247/4/4

____________________________________________

Transaction date: 2024-06-13

Outside a trading venue

Instrument type: SHARE

ISIN: FI0009007306

Nature of transaction: SUBSCRIPTION

Transaction details

(1): Volume: 20574 Unit price: 0.23 EUR

Aggregated transactions (1):

Volume: 20574 Volume weighted average price: 0.23 EUR

For further information, please contact:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

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 visitwww.exelcomposites.com.

Exel Composites Plc

Exel Composites Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Juha Honkanen

Position: Other senior manager

Issuer: Exel Composites Oyj

LEI: 743700205JAMGM80QD88

Notification type: INITIAL NOTIFICATION

Reference number: 66246/4/4

____________________________________________

Transaction date: 2024-06-13

Outside a trading venue

Instrument type: SHARE

ISIN: FI0009007306

Nature of transaction: SUBSCRIPTION

Transaction details

(1): Volume: 3627 Unit price: 0.23 EUR

Aggregated transactions (1):

Volume: 3627 Volume weighted average price: 0.23 EUR

For further information, please contact:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

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 visitwww.exelcomposites.com.

Exel Composites Plc

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

As previously announced, Exel Composites Plc (the "Company") has completed its rights issue (the "Offering") where the Company offered for subscription, based on pre-emptive rights for existing shareholders, a maximum of 94,831,552 new shares in the Company (the "Offer Shares"). The Company announced the final results of the Offering on 13 June 2024.

A total of 94,831,552 Offer Shares subscribed for in the Offering have been registered with the Trade Register maintained by the Finnish Patent and Registration Office today on 14 June 2024. Following the registration of the Offer Shares, the total number of issued shares in the Company is 106,728,395, of which 42,899 shares are held by the Company.

The Offer Shares confer the same rights as the Company's other shares, after being delivered on the investor's book-entry account and recorded in the Company's shareholder register maintained by Euroclear Finland Oy, on or about 17 June 2024. Trading in the Offer Shares is expected to commence on the official list of Nasdaq Helsinki Ltd or about 17 June 2024.

Additional Information:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

Distribution:

Nasdaq Helsinki
Media
www.exelcomposites.com

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 visit www.exelcomposites.com.

IMPORTANT NOTICE

This release is not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any part of the Offering in the United States or to conduct a public offering of securities in the United States.

The distribution of this release may be restricted by law, and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. The information contained herein is not for publication or distribution, directly or indirectly, in or into United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This release is not directed to, and is not intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

In any EEA Member State, other than Finland, and in the United Kingdom this release is only addressed to and is only directed at qualified investors in that Member State or in the United Kingdom within the meaning of Regulation (EU) 2017/1129 (the "Prospectus Regulation"), which forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

This release is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or are qualified investors within the meaning of the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and are also; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Any securities mentioned herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this release or any of its contents.

This release does not constitute a prospectus as defined in the Prospectus Regulation and as such, does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy, acquire or subscribe for, any securities or an inducement to enter into investment activity.

Full terms, conditions and instructions for the Offering are included in the prospectus that has been prepared by the Company in connection with the Offering. The Finnish-language prospectus is available on the Company's website at https://investors-fi.exelcomposites.com/osakeanti.

An investor is advised to read the prospectus before making an investment decision to fully understand the risks and rewards associated with the investment. The approval by the Finnish Financial Supervisory Authority of the prospectus shall not be considered as an endorsement of the securities offered.

No part of this release, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The information contained in this release has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Company or any of its respective affiliates, advisors or representatives or any other person, shall have no liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this release or its contents or otherwise arising in connection with this release. Each person must rely on their own examination and analysis of the Company, its subsidiaries, its securities and the Offering, including the merits and risks involved.

The Joint Global Coordinators are acting exclusively for the Company and no one else in connection with the Offering. They will not regard any other person as their respective client in relation to the Offering. The Joint Global Coordinators will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for giving advice in relation to the Offering or any transaction or arrangement referred to herein.

This release includes "forward-looking statements." These statements may not be based on historical facts, but are statements about future expectations. When used in this release, the words "aims," "anticipates," "assumes," "believes," "could," "estimates," "expects," "intends," "may," "plans," "should," "will," "would" and similar expressions as they relate to the Company and the Offering identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. These forward-looking statements are based on present plans, estimates, projections and expectations and are not guarantees of future performance. They are based on certain expectations, which, even though they seem to be reasonable at present, may turn out to be incorrect. Such forward-looking statements are based on assumptions and are subject to various risks and uncertainties. Readers should not rely on these forward-looking statements. Numerous factors may cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied in the forward-looking statements. The Company or any of its affiliates, advisors or representatives or any other person undertakes no obligation to review or confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this release.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

The final results of Exel Composites Plc's (the "Company") rights issue (the "Offering") show that a total of 133,499,474 offer shares (the "Offer Shares") were subscribed for in the Offering, corresponding to approximately 140.8 per cent of the 94,831,552 Offer Shares, and the Offering was thus clearlyoversubscribed. A total of 88,645,256 Offer Shares were subscribed for with subscription rights. The remaining 6,186,296 Offer Shares were allocated in accordance with the terms and conditions of the Offering in the secondary subscription to subscribers who subscribed for Offer Shares. The subscription price in the Offering was EUR 0.23 per Offer Share. The Company receives gross proceeds of approximately EUR 21.8 million from the Offering.

The Company's Board of Directors has today approved the subscriptions made in the Offering, and the allocation of the Offer Shares to be issued, in accordance with the terms and conditions of the Offering. As a result of the Offering, the total number of shares in the Company will increase by 94,831,552 from 11,896,843 to 106,728,395. The Offer Shares issued in the Offering amount to approximately 88.9 per cent of the outstanding shares in the Company following the Offering.

The Offer Shares will be registered with the Trade Register maintained by the Finnish Patent and Registration Office on or about 14 June 2024. The last day of trading in the interim shares on the official list of Nasdaq Helsinki Ltd ("Nasdaq Helsinki") will be on or about 14 June 2024. The interim shares will be combined with the existing shares of the Company on or about 14 June 2024. Trading in the Offer Shares is expected to commence on Nasdaq Helsinki on or about 17 June 2024. The Offer Shares confer the same rights as the Company's other shares, after being registered with the Trade Register and in the Company's shareholder register maintained by Euroclear Finland Ltd on or about 17 June 2024.

Danske Bank A/S, Finland Branch, and Nordea Bank Abp act as the joint global coordinators of the Offering (the "Joint Global Coordinators"), and Nordea Bank Abp acts also as the Issuer Agent. Borenius Attorneys Ltd acts as legal counsel to the Company, Roschier, Attorneys Ltd. as legal counsel to the Joint Global Coordinators and Hill & Knowlton Finland Oy as the communications advisor to the Company.

Additional Information:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

Mikko Rummukainen, CFO

tel. +358 20 754 1335

Distribution:

Nasdaq Helsinki
Media

www.exelcomposites.com

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 visit www.exelcomposites.com.

IMPORTANT NOTICE

This release is not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any part of the Offering in the United States or to conduct a public offering of securities in the United States.

The distribution of this release may be restricted by law, and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. The information contained herein is not for publication or distribution, directly or indirectly, in or into United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This release is not directed to, and is not intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

In any EEA Member State, other than Finland, and in the United Kingdom this release is only addressed to and is only directed at qualified investors in that Member State or in the United Kingdom within the meaning of Regulation (EU) 2017/1129 (the "Prospectus Regulation"), which forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

This release is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or are qualified investors within the meaning of the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and are also; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Any securities mentioned herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this release or any of its contents.

This release does not constitute a prospectus as defined in the Prospectus Regulation and as such, does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy, acquire or subscribe for, any securities or an inducement to enter into investment activity.

Full terms, conditions and instructions for the Offering are included in the prospectus that has been prepared by the Company in connection with the Offering. The Finnish-language prospectus is available on the Company's website at https://investors-fi.exelcomposites.com/osakeanti.

An investor is advised to read the prospectus before making an investment decision to fully understand the risks and rewards associated with the investment. The approval by the Finnish Financial Supervisory Authority of the prospectus shall not be considered as an endorsement of the securities offered.

No part of this release, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The information contained in this release has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Company or any of its respective affiliates, advisors or representatives or any other person, shall have no liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this release or its contents or otherwise arising in connection with this release. Each person must rely on their own examination and analysis of the Company, its subsidiaries, its securities and the Offering, including the merits and risks involved.

The Joint Global Coordinators are acting exclusively for the Company and no one else in connection with the Offering. They will not regard any other person as their respective client in relation to the Offering. The Joint Global Coordinators will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for giving advice in relation to the Offering or any transaction or arrangement referred to herein.

This release includes "forward-looking statements." These statements may not be based on historical facts, but are statements about future expectations. When used in this release, the words "aims," "anticipates," "assumes," "believes," "could," "estimates," "expects," "intends," "may," "plans," "should," "will," "would" and similar expressions as they relate to the Company and the Offering identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. These forward-looking statements are based on present plans, estimates, projections and expectations and are not guarantees of future performance. They are based on certain expectations, which, even though they seem to be reasonable at present, may turn out to be incorrect. Such forward-looking statements are based on assumptions and are subject to various risks and uncertainties. Readers should not rely on these forward-looking statements. Numerous factors may cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied in the forward-looking statements. The Company or any of its affiliates, advisors or representatives or any other person undertakes no obligation to review or confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this release.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

According to the preliminary results, Exel Composites Plc's (the "Company") rights issue (the "Offering") has been clearly oversubscribed. The subscription period for the Offering ended on 7 June 2024. According to the preliminary results of the Offering, a total of 133,499,474 offer shares (the "Offer Shares") were subscribed for in the Offering, corresponding to approximately 140.8 per cent of the 94,831,552 Offer Shares.

From the Offer Shares, a total of 88,645,256 Offer Shares were subscribed for with subscription rights and a total of 44,854,218 Offer Shares were subscribed for without subscription rights. The subscription price in the Offering was EUR 0.23 per Offer Share. The Company will receive gross proceeds of approximately EUR 21.8 million from the Offering, which will be used for the strengthening of the balance sheet via debt repayments and the financing of working capital needs, the execution of the strategic factory network optimisation plan and investments to support the Company's growth.

"I am very pleased with the preliminary results of the rights offering. A successful, clearly oversubscribed rights offering is a strong indication of support for our company and the direction we have chosen to take. It creates an excellent foundation for accelerating our future growth and implementing our strategy. I would like to thank all current and new shareholders for their participation in the offering and welcome them to join us on our change journey," says Paul Sohlberg, President and CEO of Exel Composites.

The final results of the Offering will be published on or about 13 June 2024 after the Board of Directors of the Company has approved the subscriptions made in the Offering. Allotment of the Offer Shares will be made in accordance with the terms and conditions of the Offering. As a result of the Offering, the total number of shares in Exel Composites Plc will increase by 94,831,552 from 11,896,843 to 106,728,395 provided that the Board of Directors of the Company approves the subscriptions made in the Offering. The Offer Shares issued in the Offering amount to approximately 88.9 per cent of the outstanding shares in the Company following the Offering.

The Offer Shares will be registered with the Trade Register maintained by the Finnish Patent and Registration Office on or about 14 June 2024. The last day of trading in the interim shares on the official list of Nasdaq Helsinki Ltd ("Nasdaq Helsinki") will be on or about 14 June 2024. The interim shares will be combined with the existing shares of the Company on or about 14 June 2024. Trading in the Offer Shares is expected to commence on Nasdaq Helsinki on or about 17 June 2024. The Offer Shares confer the same rights as the Company's other shares, after being registered with the Trade Register and in the Company's shareholder register maintained by Euroclear Finland Ltd on or about 17 June 2024.

Danske Bank A/S, Finland Branch, and Nordea Bank Abp act as the joint global coordinators of the Offering (the "Joint Global Co-ordinators"), and Nordea Bank Abp acts also as the Issuer Agent. Borenius Attorneys Ltd acts as legal counsel to the Company, Roschier, Attorneys Ltd. as legal counsel to the Joint Global Coordinators and Hill & Knowlton Finland Oy as the communications advisor to the Company.

Additional Information:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

Mikko Rummukainen, CFO

tel. +358 20 754 1335

Distribution:

Nasdaq Helsinki
Media
www.exelcomposites.com

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 visit www.exelcomposites.com.

IMPORTANT NOTICE

This release is not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any part of the Offering in the United States or to conduct a public offering of securities in the United States.

The distribution of this release may be restricted by law, and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. The information contained herein is not for publication or distribution, directly or indirectly, in or into United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This release is not directed to, and is not intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

In any EEA Member State, other than Finland, and in the United Kingdom this release is only addressed to and is only directed at qualified investors in that Member State or in the United Kingdom within the meaning of Regulation (EU) 2017/1129 (the "Prospectus Regulation"), which forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

This release is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or are qualified investors within the meaning of the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and are also; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Any securities mentioned herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this release or any of its contents.

This release does not constitute a prospectus as defined in the Prospectus Regulation and as such, does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy, acquire or subscribe for, any securities or an inducement to enter into investment activity.

Full terms, conditions and instructions for the Offering are included in the prospectus that has been prepared by the Company in connection with the Offering. The Finnish-language prospectus is available on the Company's website at https://investors-fi.exelcomposites.com/osakeanti.

An investor is advised to read the prospectus before making an investment decision to fully understand the risks and rewards associated with the investment. The approval by the Finnish Financial Supervisory Authority of the prospectus shall not be considered as an endorsement of the securities offered.

No part of this release, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The information contained in this release has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Company or any of its respective affiliates, advisors or representatives or any other person, shall have no liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this release or its contents or otherwise arising in connection with this release. Each person must rely on their own examination and analysis of the Company, its subsidiaries, its securities and the Offering, including the merits and risks involved.

The Joint Global Coordinators are acting exclusively for the Company and no one else in connection with the Offering. They will not regard any other person as their respective client in relation to the Offering. The Joint Global Coordinators will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for giving advice in relation to the Offering or any transaction or arrangement referred to herein.

This release includes "forward-looking statements." These statements may not be based on historical facts, but are statements about future expectations. When used in this release, the words "aims," "anticipates," "assumes," "believes," "could," "estimates," "expects," "intends," "may," "plans," "should," "will," "would" and similar expressions as they relate to the Company and the Offering identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. These forward-looking statements are based on present plans, estimates, projections and expectations and are not guarantees of future performance. They are based on certain expectations, which, even though they seem to be reasonable at present, may turn out to be incorrect. Such forward-looking statements are based on assumptions and are subject to various risks and uncertainties. Readers should not rely on these forward-looking statements. Numerous factors may cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied in the forward-looking statements. The Company or any of its affiliates, advisors or representatives or any other person undertakes no obligation to review or confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this release.

Exel Composites Plc has on 31 May 2024 received a notification pursuant to Chapter 9, Section 5 of the Finnish Securities Markets Act, according to which the holding of funds managed by OP Fund Management Company Ltd has decreased below 5% of the voting rights and share capital in Exel Composites Plc.

Through share transactions concluded on 30 May 2024, the holding of funds managed by OP Fund Management Company Ltd amounts to 502,804 shares representing 4.23% of the shares and voting rights of Exel Composites Plc. The previous holding of funds managed by OP Fund Management Company Ltd represented 6.39% of the shares and voting rights of Exel Composites Plc.

Exel Composites has a total of 11,896,843 shares. The company has only one class of shares, each share entitling to one vote.

Total position of OP Fund Management Company Ltd referred to in the notification:

+----------------+------+-----------+-----+----------------------+
| |% of |% of shares|Total|Total number of shares|
| |shares|and voting |of |and voting rights of |
| |and |rights |both |issuer |
| |voting|through | | |
| |rights|financial | | |
| | |instruments| | |
+----------------+------+-----------+-----+----------------------+
|Resulting |4.23% | |4.23%|11,896,843 |
|situationafter | | | | |
|reaching | | | | |
|or exceeding the| | | | |
|flagging | | | | |
|threshold | | | | |
+----------------+------+-----------+-----+----------------------+
|Position of |6.39% | |6.39%| |
|previous | | | | |
|notification | | | | |
+----------------+------+-----------+-----+----------------------+

Notified details of the resulting situation on the date on which the threshold was crossed or reached:

A: Shares and voting rights

+------------+-------------+-----------------+---------------------------+-+
|Share |Number of |% of shares and voting rights|
|class/type |shares and | |
|(ISIN) |voting rights | |
+------------+-------------+-----------------+---------------------------+-+
|Direct (FSMA|Indirect |Direct (FSMA 9:5)|Indirect (FSMA 9:6 and 9:7)|
|9:5) |(FSMA 9:6 and| | |
| |9:7) | | |
+------------+-------------+-----------------+---------------------------+-+
|FI0009007306|502,804 | |4.23% | |
+------------+-------------+-----------------+---------------------------+-+
|Subtotal A |502,804 |4.23% |
+------------+-------------+-----------------+---------------------------+-+

Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity:

+-----------+-----------+-----------------------------+-------------+
|Name |% of shares|% of shares and voting rights|Total of both|
| |and voting |through financial instruments| |
| |rights | | |
+-----------+-----------+-----------------------------+-------------+
|OP Fund |0.00% | |0.00% |
|Management | | | |
|Company Ltd| | | |
+-----------+-----------+-----------------------------+-------------+
|OP-Finland |4.23% | |4.23% |
|Small Firms| | | |
|Fund | | | |
+-----------+-----------+-----------------------------+-------------+

For further information, please contact:

Lilli Riikonen, Head of Investor Relations
investor@exelcomposites.com
tel. +358 50 351 1128

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 visitwww.exelcomposites.com.

Exel Composites Plc

Exel Composites Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Jouko Peussa

Position: Member of the Board/Deputy member

Issuer: Exel Composites Oyj

LEI: 743700205JAMGM80QD88

Notification type: INITIAL NOTIFICATION

Reference number: 64390/4/4

____________________________________________

Transaction date: 2024-05-29

Outside a trading venue

Instrument type: SHARE

ISIN: FI0009007306

Nature of transaction: SUBSCRIPTION

Transaction details

(1): Volume: 139096 Unit price: 0.23 EUR

Aggregated transactions (1):

Volume: 139096 Volume weighted average price: 0.23 EUR

For further information, please contact:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

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 visitwww.exelcomposites.com.

Exel Composites Plc

Exel Composites Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Kim Sjödahl

Position: Other senior manager

Issuer: Exel Composites Oyj

LEI: 743700205JAMGM80QD88

Notification type: INITIAL NOTIFICATION

Reference number: 64386/5/4

____________________________________________

Transaction date: 2024-05-29

Outside a trading venue

Instrument type: SHARE

ISIN: FI0009007306

Nature of transaction: SUBSCRIPTION

Transaction details

(1): Volume: 20000 Unit price: 0.23 EUR

Aggregated transactions (1):

Volume: 20000 Volume weighted average price: 0.23 EUR

For further information, please contact:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

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 visitwww.exelcomposites.com.

Exel Composites Plc

Exel Composites Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Juha Honkanen

Position: Other senior manager

Issuer: Exel Composites Oyj

LEI: 743700205JAMGM80QD88

Notification type: INITIAL NOTIFICATION

Reference number: 64383/5/4

____________________________________________

Transaction date: 2024-05-24

Outside a trading venue

Instrument type: SHARE

ISIN: FI0009007306

Nature of transaction: SUBSCRIPTION

Transaction details

(1): Volume: 17376 Unit price: 0.23 EUR

Aggregated transactions (1):

Volume: 17376 Volume weighted average price: 0.23 EUR

For further information, please contact:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

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 visitwww.exelcomposites.com.

Exel Composites Plc

Exel Composites Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Petri Helsky

Position: Member of the Board/Deputy member

Issuer: Exel Composites Oyj

LEI: 743700205JAMGM80QD88

Notification type: INITIAL NOTIFICATION

Reference number: 64344/7/8

____________________________________________

Transaction date: 2024-05-28

Outside a trading venue

Instrument type: SHARE

ISIN: FI0009007306

Nature of transaction: SUBSCRIPTION

Transaction details

(1): Volume: 139096 Unit price: 0.23 EUR

Aggregated transactions (1):

Volume: 139096 Volume weighted average price: 0.23 EUR

For further information, please contact:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

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 visitwww.exelcomposites.com.

Exel Composites Plc

Exel Composites Oyj - Managers' Transactions

____________________________________________

Person subject to the notification requirement

Name: Mikko Rummukainen

Position: Chief Financial Officer

Issuer: Exel Composites Oyj

LEI: 743700205JAMGM80QD88

Notification type: INITIAL NOTIFICATION

Reference number: 64260/5/6

____________________________________________

Transaction date: 2024-05-27

Venue: NASDAQ HELSINKI LTD (XHEL)

Instrument type: FINANCIAL INSTRUMENT LINKED TO A SHARE OR A DEBT INSTRUMENT

ISIN: FI4000571138

Nature of transaction: ACQUISITION

Transaction details

(1): Volume: 1500 Unit price: 0.7601 EUR

(2): Volume: 1500 Unit price: 0.8001 EUR

(3): Volume: 750 Unit price: 0.85 EUR

(4): Volume: 350 Unit price: 0.85 EUR

(5): Volume: 400 Unit price: 0.85 EUR

Aggregated transactions (5):

Volume: 4500 Volume weighted average price: 0.8034 EUR

____________________________________________

Transaction date: 2024-05-27

Outside a trading venue

Instrument type: SHARE

ISIN: FI0009007306

Nature of transaction: SUBSCRIPTION

Transaction details

(1): Volume: 94000 Unit price: 0.23 EUR

Aggregated transactions (1):

Volume: 94000 Volume weighted average price: 0.23 EUR

For further information, please contact:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

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 visitwww.exelcomposites.com.

Exel Composites Plc

Shareholders Date % of Shares % of Votes
OP-Finland Small Firms Fund 31.01.2024 6.4% 6.4%
Erikoissijoitusrahasto Aktia Mikro Markka 31.01.2024 6.4% 6.4%
Ilmarinen Mutual Pension Insurance Company 31.01.2024 4.2% 4.2%
Phoebus Fund 31.01.2024 3.5% 3.5%
Säästöpankki Pienyhtiöt 31.01.2024 2.4% 2.4%
Sumato 31.01.2024 2% 2%
Nelimarkka Heikki Antero 31.01.2024 1.8% 1.8%
Veritas Pension Insurance Company Ltd. 31.01.2024 1.7% 1.7%
Suutarinen Timo 31.01.2024 1.4% 1.4%
Renkkeli Oy 31.01.2024 1.3% 1.3%

Equity Research Disclaimer

These research reports have been prepared by Evli Research Partners Plc (“ERP” or “Evli Research”). ERP is a subsidiary of Evli Plc.

None of the analysts contributing to this report, persons under their guardianship or corporations under their control have a position in the shares of the company or related securities. The date and time for any price of financial instruments mentioned in the recommendation refer to the previous trading day’s closing price(s) unless otherwise stated in the report. Each analyst responsible for the content of this report assures that the expressed views accurately reflect the personal views of each analyst on the covered companies and securities. Each analyst assures that (s)he has not been, nor are or will be, receiving direct or indirect compensation related to the specific recommendations or views contained in this report.

Companies in the Evli Group, affiliates or staff of companies in the Evli Group, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report. Neither ERP nor any company within the Evli Group have managed or co-managed a public offering of the company’s securities during the last 12 months prior to, received compensation for investment banking services from the company during the last 12 months prior to the publication of the research report.

ERP has signed an agreement with the issuer of the financial instruments mentioned in the recommendation, which includes production of research reports. This assignment has a limited economic and financial impact on ERP and/or Evli. Under the assignment ERP performs services including, but not limited to, arranging investor meetings or –events, investor relations communication advisory and production of research material. ERP or another company within the Evli Group does not have an agreement with the company to perform market making or liquidity providing services. For the prevention and avoidance of conflicts of interests with respect to this report, there is an information barrier (Chinese wall) between Investment Research and Corporate Finance units concerning unpublished investment banking services to the company. The remuneration of the analyst(s) is not tied directly or indirectly to investment banking transactions or other services performed by Evli Plc or any company within Evli Group.

This report is provided and intended for informational purposes only and may not be used or considered under any circumstances as an offer to sell or buy any securities or as advice to trade any securities.

This report is based on sources ERP considers to be correct and reliable. The sources include information providers Reuters and Bloomberg, stock-exchange releases from the companies and other company news, Statistics Finland and articles in newspapers and magazines. However, ERP does not guarantee the materialization, correctness, accuracy or completeness of the information, opinions, estimates or forecasts expressed or implied in the report. In addition, circumstantial changes may have an influence on opinions and estimates presented in this report. The opinions and estimates presented are valid at the moment of their publication and they can be changed without a separate announcement. Neither ERP nor any company within the Evli Group are responsible for amending, correcting or updating any information, opinions or estimates contained in this report. Neither ERP nor any company within the Evli Group will compensate any direct or consequential loss caused by or derived from the use of the information represented in this publication.

All information published in this report is for the original recipient’s private and internal use only. ERP reserves all rights to the report. No part of this publication may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in any retrieval system of any nature, without the written permission of ERP.

This report or its copy may not be published or distributed in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. The publication or distribution of this report in certain other jurisdictions may also be restricted by law. Persons into whose possession this report comes are required to inform themselves about and to observe any such restrictions.

Evli Plc is not registered as a broker-dealer with the U. S. Securities and Exchange Commission (“SEC”), and it and its analysts are not subject to SEC rules on securities analysts’ certification as to the currency of their views reflected in the research report. Evli is not a member of the Financial Industry Regulatory Authority (“FINRA”). It and its securities analysts are not subject to FINRA’s rules on Communications with the Public and Research Analysts and Research Reports and the attendant requirements for fairness, balance and disclosure of potential conflicts of interest. This research report is only being offered in U.S. by Auerbach Grayson & Company, LLC (Auerbach Grayson) to Major U.S. Institutional Investors and is not available to, and should not be used by, any U.S. person or entity that is not a Major U.S. Institutional Investor. Auerbach Grayson is a broker-dealer registered with the U.S. Securities and Exchange Commission and is a member of the FINRA. U.S. entities seeking more information about any of the issuers or securities discussed in this report should contact Auerbach Grayson. The securities of non-U.S. issuers may not be registered with or subject to SEC reporting and other requirements.

ERP is not a supervised entity but its parent company Evli Plc is supervised by the Finnish Financial Supervision Authority.

Company Facts

CEO Paul Sohlberg
CFO Mikko Rummukainen
IR Lilli Riikonen
Market cap (EURm) 31
Industry Chemicals
Ticker EXL1V

Guidance

Revenue is to increase and adjusted operating profit is to increase significantly in 2024 compared to 2023

Financial targets

For 2024-2027: annual revenue of over EUR 200m by the end of the period and an above 10% adjusted operating margin

Schedule analyst call

For professional investors wishing to discuss the case, please book a complimentary analyst call

Book a call