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Exel’s Q3 figures disappointed due to the continued demand softness, however EBIT has plenty of potential next year.
Exel’s Q3 revenue continued to grow y/y, albeit not quite as fast as was estimated since the figures softened a bit q/q due to seasonality but also because of extended market uncertainty. The revenue miss left the EUR 0.7m adjusted EBIT short of the EUR 1.5m/1.0m Evli/consensus estimates even if it improved by almost EUR 2m y/y. Exel retains its previous guidance, which was to be expected in any case.
Exel’s Q2 was encouraging as EBIT recovered significantly after a challenging period of missing demand. We believe EBIT could climb towards EUR 8m in the next year or so.
Exel’s Q2 results landed clearly above our estimates as the EUR 26.6m revenue came in 8% higher than we estimated, which also led to the EUR 1.4m adjusted EBIT topping our EUR 0.3m estimate. Customer activity has clearly rebounded from its deepest slump, and the question now is how much further short-term recovery there might be as certain economic uncertainties continue.
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Exel Composites has completed the consultation process with its employees' representatives regarding the previously announced intention to discontinue the production at its Oudenaarde factory in Belgium. As a result, Exel Composites will close the factory, and the employment of approximately 50 employees will end. The activities at the Oudenaarde unit will cease by the end of the first quarter of 2025. The closure of the factory is necessary to address loss-making activities.
The closure of the unit and the termination of employment of employees is expected to result in annual cost savings of approximately EUR 1.8 million, part of which will become visible in the second half of 2025. Exel Composites will record a one-time cash cost of approximately EUR 1.7 million and a one-time non-cash asset write-down of approximately EUR 2.5 million in the fourth quarter of 2024 as items affecting comparability.
The now completed consultation process was launched on 12 September 2024 as a result of a strategic factory review, which thoroughly assessed the factory's role and future options.
"Following extensive consultations conducted in a good spirit, we unfortunately have to confirm that the closure of the Oudenaarde plant will proceed. We understand this is a very difficult situation for all employees concerned. I want to thank the employee representatives and the entire staff of the Oudenaarde unit for their constructive approach to this sensitive matter," says Paul Sohlberg, President and CEO of Exel Composites.
Additional Information:
Lilli Riikonen, Head of Investor Relations
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.
Exel Composites Plc
- Financial Statements Release 2024: 14 February 2025 at approximately 9:00 EET
- Business ReviewQ12025: 8 May 2025 at approximately 9:00 EET
- Half Year Financial ReportQ1-Q22025: 14 August 2025 at approximately 9:00 EET
- Business ReviewQ1-Q32025: 6 November 2025 at approximately 9:00 EET
Annual Report 2024, including the Report of the Board the Directors as well as the Financial Statements, the Corporate Governance Statement and the Remuneration Report will be published on 5 March 2025, at the latest.
The Annual General Meeting is planned to be held on 26 March 2025. The meeting will be convened by the company's Board of Directors at a later date.
For further information, please contact:
Lilli Riikonen, Head of Investor Relations
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 visit visit www.exelcomposites.com.
Exel Composites Plc
This release is a summary of Exel Composites' Business Review Q1-Q3 2024. The complete report is attached to this release as a pdf file. It is also available on the company's website at exelcomposites.com.
- Order intake decreased by 7.8% to EUR 21.0 million (Q3 2023: 22.8)
- Revenue increased by 19.7% to EUR 24.6 million (20.5)
- Operating profit increased to EUR 0.6 million (-0.7) and operating profit margin to 2.5% (-3.2%)
- Adjusted operating profit increased to EUR 0.7 million (-1.2) and adjusted operating profit margin to 2.9% (-5.9%)
- Earnings per share was EUR -0.02 (-0.05)
- Order intake increased by 2.0% to EUR 76.1 million (Q1-Q3 2023: 74.6)
- Revenue decreased by 0.3% to EUR 74.5 million (74.7)
- Operating profit increased to EUR 1.2 million (-1.2) and operating profit margin to 1.6% (-1.6%)
- Adjusted operating profit increased to EUR 1.5 million (-1.1) and adjusted operating profit margin to 2.0% (-1.5%)
- Earnings per share was EUR -0.03 (-0.30)
Guidance for the full year 2024 (unchanged)
Exel Composites expects revenue to increase and adjusted operating profit to increase significantly in 2024 compared to 2023. (Guidance published on 16 February 2024.)
Paul Sohlberg, President and CEO:
Exel Composites had another good quarter in July-September 2024. Our revenue and profitability in the third quarter increased significantly year-on-year. In January-September, our order intake increased, and our order backlog was strengthened.
The implementation of our transformative strategy to capture profitable growth advanced well. We focused on larger customers, high-growth customer industries and volume business, all of which position us well for the future. The commissioning of our new factory in India is progressing as per our plans. Once completed, the factory will allow us to better serve wind power customers in India and globally. The facility will be ready for production in the last quarter of 2024.
In September, we completed the strategic review at our Oudenaarde factory in Belgium and entered into consultation with employee representatives regarding the intention to discontinue production at the factory. Unfortunately, launching the process was the necessary action to address loss-making activities. So far, several negotiations have been conducted in a good spirit and we believe that the good cooperation will continue throughout the process.
Order intake increased in Q1-Q3, despite the economic uncertainty
Our order intake increased in January-September 2024, amounting to EUR 76.1 million for the period. As a result, the order backlog at the end of September stood at EUR 30.6 million, which is 7.3% higher than in the same period last year. The order intake in the third quarter, however, fell short of the comparison period and of the first and second quarters of 2024.
In terms of order intake, the third quarter is often seasonally the weakest quarter of the year. Uncertainty about the global economic outlook continued in the third quarter and the macroeconomic sentiment remained indecisive. The year 2023 was very difficult for the pultrusion industry in general. Compared to this, our customer activity has increased in all our strategic customer industries except in the construction market.
Significant agreements with two major wind turbine OEMs
All in all, we performed well despite the uncertain operating environment and achieved customer engagements that are important for our future growth.
In September, we announced one of the highlights of the quarter as Exel Composites and its joint venture Kineco-Exel India won the bidding process in India for supplying carbon planks for wind turbine spar caps for Vestas Wind Systems A/S globally. The products, once tested and approved for production, will be manufactured in our new factory in India. Deliveries are estimated to begin in the last quarter of 2025. The step deepens our collaboration with Vestas, which started over a decade ago. This is already the second spar cap customer engagement for the new India factory this year, as we announced a multi-year agreement with another major wind turbine manufacturer in the first quarter.
After the review period, we signed a multi-year supply agreement for helihoist systems for offshore wind turbines with a major Western wind turbine manufacturer. The composite components will be manufactured with pultrusion at Exel's Nanjing factory in China, followed by necessary post-processing and assembly work. Deliveries are expected to begin in 2025.
Revenue increased in most customer industries
Revenue for the third quarter grew by 19.7% year-on-year coming in at EUR 24.6 million and was at EUR 74.5 million for January-September 2024 (Q1-Q3 2023: 74.7).
In the third quarter, revenue increased from the comparison period in 2023 in all of our customer industries, apart from the Energy customer industry, where we expect deliveries from our new Indian factory to pick up in 2025.
Engineered Solutions Business Unit reported EUR 20.0 million in revenue in the third quarter, while Industrial Solutions Business Unit reported EUR 4.6 million. I am pleased that Industrial Solutions achieved growth in the third quarter and two new significant wind power customer engagements in line with our strategy. Engineered Solutions, on the other hand, is progressing well in optimizing our factory network and securing new customers.
We have spent a considerable amount of time identifying future needs of our customers. As a result, one of the key targets of our transformative strategy is to increase customer value by offering post-processing services, engineering support and productization, among others. I am pleased to report on progress towards this goal also in the third quarter. For example, in the Transportation customer industry, we won additional volumes by starting to provide post-processing services such as painting services for profiles used in transport equipment, and the work continues.
Operating profit continued to improve
While revenue in January-September 2024 was at the previous year's level, our profitability during the same period improved due to determined adjustment measures taken during the year.
In the third quarter 2024, the actions to optimize capacity, cost control and operational measures elevated our adjusted operating profit margin to 2.9% (-5.9%) and our adjusted operating profit to EUR 0.7 million (-1.2).
We expect profitability to further improve over time with higher utilization rates, which we aim to achieve by ramping up new customer products and further optimizing and consolidating production.
Our net cash flow from operating activities has been impacted by increases in working capital, higher interest rates and other financing costs, coming in at EUR -1.3 million (3.7) for January-September 2024.
We reiterate our guidance published in February 2024: Exel Composites expects revenue to increase and adjusted operating profit to increase significantly in 2024 compared to 2023.
Sincerely,
Paul Sohlberg
Consolidated key figures
Q3 Q3 Change Q1-Q3 Q1-Q3 Change Q1-Q4
EUR thousand 2024 2023 % 2024 2023 % 2023
Revenue 24,585 20,538 19.7 74,539 74,741 -0.3 96,815
Operating profit 620 -655 194.6 1,224 -1,187 203.1 -4,863
% of revenue 2.5 -3.2 1.6 -1.6 -5.0
Adjusted 707 -1,206 158.6 1,526 -1,136 234.4 -2,446
operating profit
1)
% of revenue 2.9 -5.9 2.0 -1.5 -2.5
EBITDA 2,189 1,055 107.4 5,699 4,009 42.2 3,832
Adjusted EBITDA 2,276 504 351.7 6,001 4,060 47.8 4,059
1)
Profit before -1,769 -421 -319.9 -1,541 -2,593 40.6 -8,254
tax
Profit for the -1,824 -639 -185.3 -1,850 -3,712 50.2 -9,309
period
Profit for the -1,730 -581 -197.7 -1,600 -3,564 55.1 -9,130
period excluding
non-controlling
interest
% of revenue -7.0 -2.8 -2.1 -4.8 -9.4
Shareholders' 36,726 23,578 55.8 36,726 23,578 55.8 17,687
equity
Interest-bearing 31,266 50,475 -38.1 31,266 50,475 -38.1 43,790
liabilities
Cash and cash 10,697 17,823 -40.0 10,697 17,823 -40.0 10,952
equivalents
Net interest 20,569 32,652 -37.0 20,569 32,652 -37.0 32,838
-bearing
liabilities
Net debt to 3.4 4.8 -29.2 3.4 4.8 -29.2 8.1
adjusted EBITDA
2)
Capital employed 67,991 74,053 -8.2 67,991 74,053 -8.2 61,477
Return on -19.7 -10.7 -84.3 -9.1 -18.3 50.6 -38.7
equity, %
Return on 3.7 -3.3 210.3 2.9 -1.9 247.4 -6.8
capital
employed, %
Equity ratio, % 39.7 23.3 70.6 39.7 23.3 70.6 20.9
Net gearing, % 56.0 138.5 -59.6 56.0 138.5 -59.6 185.7
Net cash flow -2,308 1,172 -297.0 -1,314 3,692 -135.6 4,445
from operating
activities
Net cash flow -701 -614 14.3 -1,557 -2,211 -29.6 -3,076
from investing
activities
Capital 801 633 26.6 1,616 2,708 -40.3 3,523
expenditure
% of revenue 3.3 3.1 2.2 3.6 3.6
Research and 821 813 1.0 2,817 2,745 2.6 3,711
development
costs
% of revenue 3.3 4.0 3.8 3.7 3.8
Order intake 21,043 22,834 -7.8 76,061 74,559 2.0 98,142
Order backlog 30,557 28,474 7.3 30,557 28,474 7.3 29,765
Earnings per -0.02 -0.05 66.9 -0.03 -0.30 89.3 -0.77
share, diluted
and
undiluted, EUR
Equity per 0.34 1.96 -82.72 0.73 1.96 -62.84 1.47
share, EUR
Average share 0.34 3.47 -90.1 0.47 4.03 -88.3 3.60
price, EUR
Average number 106,470 11,854 798.2 49,507 11,854 317.6 11,854
of shares,
diluted and
undiluted, 1,000
shares 3)
Employees, 616 642 -3.9 620 679 -8.7 667
average
Employees, end 616 639 -3.6 616 639 -3.6 623
of period
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) As a result of Exel's rights issue completed in June 2024, the total number of shares in the company increased by 94,831,552 from 11,896,843 to 106,728,395.
Revenue by business unit
Q1 Q2 Q3 Q1-Q3
EUR thousand 2024 2024 2024 2024
Engineered Solutions BU 19,119 22,359 20,008 61,487
Industrial Solutions BU 4,246 4,228 4,567 13,041
Other 0 2 10 12
Total 23,365 26,589 24,585 74,539
Revenue by customer industry
Q3 Q3 Change Q1-Q3 Q1-Q3 Change Q1-Q4
EUR thousand 2024 2023 % 2024 2023 % 2023
Buildings and 5,715 4,283 33.4 16,171 14,934 8.3 18,539
infrastructure
Industrial 3,779 3,025 24.9 11,404 11,862 -3.9 15,358
Energy 4,931 5,242 -5.9 14,812 17,033 -13.0 22,108
Transportation 3,956 3,266 21.1 12,970 11,650 11.3 16,268
Other 6,204 4,723 31.4 19,182 19,262 -0.4 24,541
Total 24,585 20,539 19.7 74,539 74,741 -0.3 96,815
Vantaa, 31 October 2024
Exel Composites Plc
Board of Directors
Financial results briefing
Exel Composites will hold a financial results briefing regarding the Business Review Q1-Q3 2024 today at 12:30 EET. To participate in the online event, please register in advance by sending an email to
For further information, please contact:
Mikko Rummukainen, CFO
tel. +358 20 754 1335
Lilli Riikonen, Head of Investor Relations
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 visit visit www.exelcomposites.com.
Exel Composites Plc
Exel Composites will publish its Business Review Q1-Q32024 on Thursday 31 October 2024 at approximately 9:00 EET. Investors, analysts and journalists are invited to participate in the financial results briefing at 12:30 EET on the same day. The briefing will be hosted by President and CEO Paul Sohlberg and CFO Mikko Rummukainen.
The briefing will be organized online. To participate in the event, please register in advance by sending an email
For further information, please contact:
Lilli Riikonen, Head of Investor Relations
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 visit visitwww.exelcomposites.com.
The following persons have been appointed as members of Exel Composites' Shareholders' Nomination Board:
Markus Lindqvist, Aktia Mikro Markka
Matias Arola, Danske Invest Finnish Equity Fund
Jukka Vähäpesola, Elo Mutual Pension Insurance Company
Petteri Vaarnanen, Sp-Fund Management Company
and Jouni Heinonen, Chairman of the Board of Directors, Exel Composites Plc, as an expert member.
The Shareholders' Nomination Board consists of the representatives of the four largest shareholders and of the Chairman of the Board of Directors, acting as an expert member. Should a shareholder not wish to use its right to nominate, this right would be passed on to the next largest shareholder who otherwise would not be entitled to appoint a member. The largest shareholders entitled to appoint members to the Nomination Board were determined on the basis of the registered holdings in the company's shareholder register held by Euroclear Finland Oy on 30 September 2024. Shares that are included in a shareholder's holdings were calculated in accordance with Chapter 9, Sections 5 and 6 of the Finnish Securities Markets Act. Nominee-registered shares were taken into account in the determination of the largest shareholders.
According to the Charter of the Shareholders' Nomination Board, approved by the Annual General Meeting, the Nomination Board prepares the proposals concerning Board of Directors' members and their remuneration for the following Annual General Meeting. The Nomination Board gives its proposal to the Board of Directors of the company at the latest by 31 January 2025.
Information on Exel Composites' Nomination Board and its Charter are available on the company's website atwww.exelcomposites.com.
Additional Information:
Lilli Riikonen, Head of Investor Relations
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 visit visit www.exelcomposites.com.
Exel Composites Plc
Exel Composites and its joint venture Kineco-Exel India (KECI) have won the bidding process in India for supplying pultruded carbon plank for wind turbine spar caps for Vestas Wind Systems A/S. The products will be manufactured with pultrusion in KECI's new factory in Goa, India, optimized for serving wind power industry customers in India and globally.
The parties have started the qualification process of the production facility according to Vestas' specifications, after which KECI will be a qualified supplier of carbon flats for Vestas globally. Deliveries are estimated to begin in the last quarter of 2025.
The agreement is an extension of an existing multi-year frame contract updated in 2023 and deepens the collaboration between the companies, which started over a decade ago. Headquartered in Aarhus, Denmark, Vestas is one of the largest and most prominent companies in the wind energy industry, designing, manufacturing, installing, and servicing wind energy projects worldwide.
Spar caps, which utilize carbon planks, are essential structural components within wind turbine blades, providing the strength, stiffness, and load-bearing capacity needed to withstand the dynamic forces encountered during operation. As wind turbines continue to increase in size, carbon fiber composites will play a crucial role in meeting the demanding mechanical requirements needed for these advancements.
"We are pleased to strengthen our partnership with our long-term customer Vestas and look forward to supporting them in their strategic initiatives in India and globally," says Kathy Wang, EVP Industrial Solutions at Exel Composites.
"It is a pleasure to work with the Exel team, we are looking forward to a fast development of the carbon plank business in India," says Steven Zhu, Blade Procurement, Vestas APAC, China.
Exel Composites and Kineco Exel India (KECI) offer wind turbine manufacturers a comprehensive range of glass fiber and carbon fiber composite components required for the manufacturing of modern on-shore and off-shore wind turbines. KECI was established in 2021 as a joint venture between Exel Composites and the Indian company Kineco Group.
Additional Information:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
About Exel Composites
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.
About Kineco Group
Kineco Group, founded in 1994, is India's leading composites manufacturing company catering to highly demanding markets such as aerospace, mass transit and specialized industrial applications. Kineco Group has a strong legacy of innovation and employs over 750 people across its various manufacturing facilities in Goa India. More information is available at www.kinecogroup.com.
Exel Composites has completed the strategic review at its factory in Belgium initiated in January 2024. As a result, the company is entering into consultation with employee representatives regarding its intention to discontinue production at its Oudenaarde factory.
The consultation process concerns approximately 50 employees. The negotiations will be conducted and concluded in accordance with Belgian law, within the timeline necessary for due process.
"During this year, we have carefully evaluated the role and future options of the Oudenaarde plant. Unfortunately, we have come to the conclusion that launching the consultation process with the aim of closing the factory is necessary for addressing loss-making activities. We are committed to a considerate dialogue with the employee representatives on this transformation," says Paul Sohlberg, President and CEO of Exel Composites.
Additional Information:
Lilli Riikonen, Head of Investor Relations
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 visit visit www.exelcomposites.com.
Exel Composites Plc
- Order intake increased by 4.0% to EUR 26.4 million (Q2 2023: 25.4)
- Revenue increased by 4.7% to EUR 26.6 million (25.4)
- Operating profit increased to EUR 1.2 million (-0.2) and operating profit margin to 4.4% (-1.0%)
- Adjusted operating profit increased to EUR 1.4 million (0.1) and adjusted operating profit margin to 5.2% (0.3%)
- Earnings per share was EUR 0.02 (-0.08)
- Gross proceeds of approximately EUR 21.8 million from the successful rights issue and a new financing agreement of EUR 52.4 million strengthen financial position
- Order intake increased by 6.4% to EUR 55.0 million (Q1-Q2 2023: 51.7)
- Revenue decreased by 7.8% to EUR 50.0 million (54.2)
- Operating profit increased to EUR 0.6 million (-0.5) and operating profit margin to 1.2% (-1.0%)
- Adjusted operating profit increased to EUR 0.8 million (0.1) and adjusted operating profit margin to 1.6% (0.1%)
- Earnings per share was EUR 0.01 (-0.25)
Guidance for the full year 2024 (unchanged)
Exel Composites expects revenue to increase and adjusted operating profit to increase significantly in 2024 compared to 2023. (Guidance published on 16 February 2024.)
Paul Sohlberg, President and CEO:
In Q2 2024, we continued our track of improvements. This was the third consecutive upward quarter in revenue and the second in adjusted operating profit. We achieved revenue growth both from the comparison period last year and from the previous quarter. We made significant improvement in operating profit and turned our first half clearly positive.
I am very proud of the work we have done in the first half of 2024 to strengthen our capital structure and accelerate our transformative growth strategy launched in late 2023. A major highlight of the review period was the oversubscribed rights issue, which I consider a strong indication of support for our company and the direction we have chosen to take. In total, we received subscriptions for approximately 141 per cent of the offer shares, contributing gross proceeds of approximately
EUR 21.8 million.
Following the offering, Exel had 8,425 shareholders at the end of the reporting period, comprising both institutional investors (55%) and households (45%). We saw the vast majority of our prior shareholders stay as shareholders after the rights issue, being joined by many new owners as well. I would like to extend my warmest thanks to all shareholders who participated in our rights issue for their strong support and welcome you all on our transformative journey!
Our new financing agreement of EUR 52.4 million entered into force in June. With the financing agreement and the funds raised in the rights issue, we are now able to swiftly advance our strategic initiatives that we have communicated earlier. These include furthering the execution of the strategic factory network optimization plan and investments to support the company's growth, among others. The equipping of our manufacturing facility in Goa, optimized for serving wind power industry customers in India, is well underway and production is due to start during 2024. The strategic review of the Belgian factory is also progressing according to plan, and we are proceeding to the action phase.
Order intake increased, markets developed in line with our expectations
Similarly, it was pleasing to see that our efforts in the customer interface continued to pay off. Our order intake continued to increase, amounting to EUR 55.0 million for the first half. As a result, our order backlog at the end of June stood at EUR 34.5 million, which is 31% higher than the same period last year.
Markets developed in line with our expectations. We had estimated that the first half of this year would be busier than the previous six months, and in the reporting period, we saw increased customer activity in all our strategic industries, except for the construction market, where the situation is still challenging.
We signed several important new customer agreements in the first half, including a multi-year agreement with a major wind turbine manufacturer for the supply of carbon fiber planks for spar caps from our new Indian factory. In addition, we signed a multi-year agreement with Foton Bus and Coach company to deliver pultruded parts to electric buses, as well as a partnership agreement with Flying Whales airship company to design carbon fiber tubes to the airship's fuselage.
Looking forward we are working on significant new customer deals in line with our strategic focus areas and hope to announce them in due time. With that said, the macroeconomic sentiment remains indecisive and has even shown some signs of cooling off during the summer. Uncertainty about the global economic outlook and geopolitical situation continues. We expect customer activity to remain at the current level in the second half of 2024, and it will continue to require daily efforts from us to maintain good development.
Revenue increased, significant improvement in operating profit
The increase in order intake resulted in revenue growth in the second quarter. Revenue for the quarter grew by 4.7% from the comparison period coming in at EUR 26.6 million and was at EUR 50.0 million for the first half (H1 2023: 54.2).
Revenue in the second quarter grew in nearly all customer industries, mainly excluding the Energy sector, since we are still preparing to ramp up production of certain wind products in India.
The increased order intake and revenue, combined with actions to optimize capacity, cost control and operational measures, elevated our Q2 2024 adjusted operating profit margin to 5.2% (0.3%) and our adjusted operating profit to EUR 1.4 million (0.1).
The profitability improvement in Q2 2024 speaks well to the value generation potential Exel has as we increase the utilization rates of our manufacturing capacity. We are still far below the utilization rates and order intake levels we target. However, it is encouraging to see that we are on the right path. We expect profitability to further improve over time with higher utilization rates, which we aim to achieve by ramping up new customer products and further optimizing production. Both actions are, however, expected to require investment and to incur additional costs in the short term.
As a result of our good progress in the first half, we had a positive operative cash flow of EUR 2.6 million. In the first half of 2024, Group's financial position improved significantly with change in liquid funds being positive by EUR 21.3 million due to the successful rights issue.
Outlook for 2024 unchanged
We reiterate our guidance published in February 2024: Exel Composites expects revenue to increase and adjusted operating profit to increase significantly in 2024 compared to 2023.
New operating model in place
In early 2024, we introduced a new operating model based on two business units: Engineered Solutions Business Unit and Industrial Solutions Business Unit. The second quarter was the first full quarter with our new operating model being fully operational. We now report revenue for the two business units, in addition to Group revenue by customer industry.
Revenue in the Engineered Solutions Business Unit was
EUR 41.5 million in the first half of 2024. Markets picked up and the demand developed favourably in most of the customer industries. There was especially high demand in defense and various tube applications.
In the USA, the Engineered Solutions Business Unit secured several new customers, particularly in the building and infrastructure sector. Many orders received in the first half are now in production and expected to become revenue in the latter half of 2024.
Revenue in the Industrial Solutions was EUR 8.5 million in the first half. Demand was cautiously positive, and there were signs of markets picking up. However, some customers continued to postpone orders and consume material inventories. New customers secured in the first half are expected to positively impact volumes starting in late 2024.
If I may, I would like to invite you to have a look at the business reviews in this report to get more familiar with our new business units and their activities.
Consolidated key figures
Q2 Q2 Change Q1-Q2 Q1-Q2 Change Q1-Q4
EUR thousand 2024 2023 % 2024 2023 % 2023
Revenue 26,589 25,399 4.7 49,954 54,202 -7.8 96,815
Operating profit 1,159 -249 564.9 604 -532 213.5 -4,863
% of revenue 4.4 -1.0 1.2 -1.0 -5.0
Adjusted 1,374 65 2,016.6 819 71 1,059.7 -2,446
operating profit
1)
% of revenue 5.2 0.3 1.6 0.1 -2.5
EBITDA 2,605 1,474 76.6 3,509 2,953 18.8 3,832
Adjusted EBITDA 2,819 1,788 57.7 3,724 3,556 4.7 4,059
1)
Profit before 836 -696 220.0 228 -2,172 110.5 -8,254
tax
Profit for the 573 -935 161.2 -26 -3,073 99.2 -9,309
period
Profit for the 669 -893 175.0 130 -2,983 104.4 -9,130
period excluding
non-controlling
interest
% of revenue 2.5 -3.5 0.3 -5.5 -9.4
Shareholders' 37,230 24,203 53.8 37,230 24,203 53.8 17,687
equity
Interest-bearing 49,129 50,036 -1.8 49,129 50,036 -1.8 43,790
liabilities
Cash and cash 32,431 18,986 70.8 32,431 18,986 70.8 10,952
equivalents
Net interest 16,699 31,050 -46.2 16,699 31,050 -46.2 32,838
-bearing
liabilities
Net debt to 3.9 3.1 24.8 3.9 3.1 24.8 8.1
adjusted EBITDA
2)
Capital employed 86,359 74,239 16.3 86,359 74,239 16.3 61,477
Return on 8.5 -14.3 159.3 -0.2 -22.5 99.2 -38.7
equity, %
Return on 6.4 -1.2 654.2 1.8 -1.3 242.1 -6.8
capital
employed, %
Equity ratio, % 32.4 23.5 38.2 32.4 23.5 38.2 20.9
Net gearing, % 44.9 128.3 -65.0 44.9 128.3 -65.0 185.7
Net cash flow 3,606 5,310 -32.1 994 2,520 -60.6 4,445
from operating
activities
Net cash flow -424 -1,118 -62.1 -856 -1,597 -46.4 -3,076
from investing
activities
Capital 375 1,314 -71.5 815 2,075 -60.7 3,523
expenditure
% of revenue 1.4 5.2 1.6 3.8 3.6
Research and 919 984 -6.6 1,996 1,932 3.3 3,711
development
costs
% of revenue 3.5 3.9 4.0 3.6 3.8
Order intake 26,404 25,393 4.0 55,018 51,725 6.4 98,142
Order backlog 34,487 26,366 30.8 34,487 26,366 30.8 29,765
Earnings per 0.02 -0.08 130.1 0.01 -0.25 102.5 -0.77
share, diluted
and
undiluted, EUR
Equity per 1.26 2.01 -37.61 1.79 2.01 -10.93 1.47
share, EUR
Average share 0.49 3.94 -87.6 0.70 4.44 -84.2 3.60
price, EUR
Average number 29,570 11,854 149.5 20,712 11,854 74.7 11,854
of shares,
diluted and
undiluted, 1,000
shares 3)
Employees, 622 673 -7.7 622 698 -10.9 667
average
Employees, end 621 646 -3.9 621 646 -3.9 623
of period
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) As a result of Exel's rights issue completed in June 2024, the total number of shares in the company increased by 94,831,552 from 11,896,843 to 106,728,395.
Revenue by business unit
Q2 Q1-Q2
EUR thousand 2024 2024
Engineered Solutions BU 22,359 41,478
Industrial Solutions BU 4,228 8,474
Other 2 2
Total 26,589 49,954
Revenue by customer industry
Q2 Q2 Change Q1-Q2 Q1-Q2 Change Q1-Q4
EUR thousand 2024 2023 % 2024 2023 % 2023
Buildings and 5,530 5,031 9.9 10,456 10,651 -1.8 18,539
infrastructure
Industrial 4,173 3,402 22.7 7,625 8,837 -13.7 15,358
Energy 4,455 5,398 -17.5 9,881 11,791 -16.2 22,108
Transportation 4,969 4,005 24.1 9,014 8,384 7.5 16,268
Other 7,462 7,563 -1.3 12,978 14,539 -10.7 24,541
Total 26,589 25,399 4.7 49,954 54,202 -7.8 96,815
Vantaa, 15 August 2024
Exel Composites Plc
Board of Directors
Financial results briefing
Exel Composites will hold a financial results briefing regarding the Q1-Q2 2024 results today at 12:30 EEST. To participate in the online event, please register in advance by sending an email to
This release is a summary of Exel Composites' Half Year Financial Report January-June 2024. The complete report is attached to this release as a pdf file. It is also available at the company's website at exelcomposites.com.
For further information, please contact:
Mikko Rummukainen, CFO
tel. +358 20 754 1335
Lilli Riikonen, Head of Investor Relations
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 visit visit www.exelcomposites.com.
Exel Composites Plc
Exel Composites Plc has on 12 August 2024 received a notification pursuant to Chapter 9, Section 5 of the Finnish Securities Markets Act, according to which the holding of Danske Bank A/S has increased above 5% of the voting rights and share capital in Exel Composites Plc.
Through share transactions concluded on 9 August 2024, the holding of Danske Bank A/S amounts to 5,355,503 shares representing 5.02% of the shares and voting rights of Exel Composites Plc. The previous holding of Danske Bank A/S represented 4.59% 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 Danske Bank A/S 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 |5.02% |0 |5.02%|106,728,395 |
|situationafter | | | | |
|reaching | | | | |
|or exceeding the| | | | |
|flagging | | | | |
|threshold | | | | |
+----------------+------+-----------+-----+----------------------+
|Position of |4.59% |0 |4.59%| |
|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| |5,355,503 | |5.02%|
+------------+-------------+-----------------+---------------------------+-----+
|Subtotal A |5,355,503 |5.02% |
+------------+-------------+-----------------+---------------------------+-----+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 | | |
+-------+-----------+-----------------------------+-------------+
|Danske |5.02% |0 |5.02% |
|Invest | | | |
|Finland| | | |
+-------+-----------+-----------------------------+-------------+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 will publish its Half Year Financial Report Q1-Q2 2024 on Thursday 15 August 2024 at approximately 9:00 EEST. Investors, analysts and journalists are invited to participate in the financial results briefing at 12:30 EEST on the same day. The briefing will be hosted by President and CEO Paul Sohlberg and CFO Mikko Rummukainen.
The briefing will be organized online. To participate in the event, please register in advance by sending an email
For further information, please contact:
Lilli Riikonen, Head of Investor Relations
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 visit visitwww.exelcomposites.com.
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.
- Equipping of the new production facility in India accelerated
- Strategic factory review in Belgium proceeds to the action phase
- 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
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
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
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 |
|---|---|---|---|
| Erikoissijoitusrahasto Aktia Mikro Markka | 31.10.2024 | 6.4% | 6.4% |
| Skandinaviska Enskilda Banken AB | 31.10.2024 | 6.2% | 6.2% |
| Danske Invest Finnish Equity Fund | 31.10.2024 | 6.1% | 6.1% |
| Elo Mutual Pension Insurance Company | 31.10.2024 | 4.9% | 4.9% |
| Phoebus Fund | 31.10.2024 | 3.5% | 3.5% |
| Säästöpankki Pienyhtiöt | 31.10.2024 | 2.9% | 2.9% |
| Proprius partners micro finland (non-ucits) | 31.10.2024 | 2.8% | 2.8% |
| Etola Group Oy | 31.10.2024 | 2.3% | 2.3% |
| Veritas Pension Insurance Company Ltd. | 31.10.2024 | 1.8% | 1.8% |
| Nelimarkka Heikki Antero | 31.10.2024 | 1.8% | 1.8% |
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.
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Company Facts
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
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