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Revenue increased by 60% in a particularly strong Q3, adjusted operating profit margin reached 8.8% Q3 2026 BRIEFING – 4 NOVEMBER 2026
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Exceptional Q3 performance with 60% revenue growth, improved profitability and positive cash flow Revenue increased by 60% to EUR 38.4m,with Engineered Solutions growing by 43% and Industrial Solutions by 130% Adjusted operating profit increased to EUR 3.4m (0.9), with the margin improving to 8.8% (3.9%) Order intake increased by 42% to EUR 38.2m; order backlog remained strong at EUR 97.9m Energy customer industry revenue increased by 137% YoY, reflecting strong demand from wind power customers Defense demand remained a key growth driver, supporting a 112% increase in revenue under Other Net cash flow from operating activities improved to EUR 2.1m, compared with EUR -1.9m in Q3 2025 EXEL COMPOSITES | Q3 2026 BRIEFING4
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Multi-year agreement extending the Suzlon collaboration through March 2029 Exel supplies an agreed share of customer’s carbon fiber plank requirements Deliveries based on purchase orders and customer’s production needs Future delivery value estimated to exceed EUR 100 million Pricing adjusted periodically for key cost and FX movements Supports continued ramp-up and utilization of Exel’s India facility EXEL COMPOSITES | Q3 2026 BRIEFING5 CUSTOMER SPOTLIGHT Multi-year Suzlon agreement provides significant revenue potential Deal potential >100 €M Customer Deliveries until Q1/2029
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Q3 revenue grew 60% as adjusted operating profit more than tripled €38.2m Order intake Q3 42% YoY €3.4m EBIT Q3 +672% YoY €3.4m Adjusted EBIT Q3 +264% YoY 8.8% Adjusted EBIT margin Q3 €38.4m Revenue Q3 +60% YoY EXEL COMPOSITES | Q3 2026 BRIEFING6 Order intake, EUR million Adj. operating profit, EUR millionRevenue, EUR million
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Order intake growth accelerated to 42%, with new orders matching revenue in Q3 Order intake increased by 42% year on year to EUR 38.2m, accelerating from 22% growth in Q2 Strong demand in defense-related applications and additional orders under established customer programs supported order intake Book-to-bill at 1.0x, with new orders matching exceptionally strong Q3 revenue Order backlog remained stable at EUR 97.9m (98.6m at the end of Q2) – Continued strong order backlog supports visibility, while revenue timing depends on customer call-offs and project schedules EXEL COMPOSITES | Q3 2026 BRIEFING7 Order backlog development, 2023–2026 €38.2m Order intake Q3 +42% YoY €97.9m Order backlog Q3 +99% YoY 26.5 26.4 28.5 29.8 34.9 34.5 30.6 34.2 43.3 46.6 49.2 98.7 98.6 98.6 97.9 38 0 10 20 30 40 50 60 70 80 90 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Order backlog, EUR million, end of period Revenue, EUR million
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Energy and defense-related applications continued to drive revenue growth Energy revenue increased by 137% year on year to EUR 12.4m, driven by strong demand from wind power customers Revenue under Other grew by 112% to EUR 13.5m, primarily driven by defense-related applications Energy and Other together accounted for 67% of Q3 revenue, compared with 48% a year earlier Transportation and Industrial revenue both increased by 2%, while Buildings & Infrastructure declined by 3% EXEL COMPOSITES | Q3 2026 BRIEFING8 Buildings and infrastructure Transportation OtherIndustrial Energy 4.9 4.7 3.1 3.1 5.2 12.44.6 4.76.4 13.5 24.1 38.4 Q3 2025 Q3 2026 20.3 12.7 21.7 18.9 26.4 Q3 2025 12.3 8.1 32.2 12.1 35.2 Q3 2026 Revenue by customer industry EUR million Share of revenue by customer industry, %
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Strong revenue growth lifted adjusted EBIT margin to 8.8%, with positive cash generation Adjusted operating profit more than tripled to EUR 3.4m (0.9), with margin improving to 8.8% (3.9%) Operating profit increased to EUR 3.4m (0.4), corresponding to a margin of 8.8% (1.8%) Profitability improvement reflected 60% revenue growth and continued operational efficiency improvements Net cash flow from operating activities improved to EUR 2.1m (-1.9), while cash flow before financing activities was positive at EUR 0.7m despite continued investments EXEL COMPOSITES | Q3 2026 BRIEFING9 Adjusted operating profit development 2024–2026 3.4 8.8 % -4% -2% 0% 2% 4% 6% 8% 10% -1 0 1 2 3 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Adjusted operating profit, EUR million Adjusted operating profit margin, %
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ENGINEERED SOLUTIONS BUSINESS UNIT (ESBU) Defense and conductor core programs drove 43% growth Revenue EUR 28.2m, +43% year on year Growth supported by higher deliveries in defense-related applications and multi-year conductor core customer programs Strong defense-related demand continued, supporting order intake across camouflage and other applications Conductor core programs progressed, alongside discussions on potential larger customer programs in Buildings and Infrastructure New aerospace-grade composite tube production capabilities inaugurated with Flying Whales in Joensuu; operational efficiency improvements continued EXEL COMPOSITES | Q3 2026 BRIEFING10 21.1 24.0 20.2 26.3 19.7 28.2 22.9 83.9 2025 2026 73% Share of revenue, Q3 2026 ESBU revenue, 2025–2026
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INDUSTRIAL SOLUTIONS BUSINESS UNIT (ISBU) Revenue over doubled as wind power programs scaled up Revenue EUR 10.2m, +130% year on year Growth driven primarily by increased deliveries to wind power customers India production ramp-up continued, with additional capacity commissioned New multi-year Suzlon agreement signed, supporting future growth Strong wind power demand supported high capacity utilization in China First component deliveries for buses intended for the Chinese domestic market Continued focus on scaling production and improving operational efficiency EXEL COMPOSITES | Q3 2026 BRIEFING11 27% Share of revenue, Q3 2026 ISBU revenue, 2025–2026 4.2 6.2 4.6 8.44.4 10.2 6.1 19.3 2025 2026
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Guidance for the full year 2026 (unchanged) Exel Composites expects revenue and adjusted operating profit to increase significantly in 2026 compared to 2025. EXEL COMPOSITES | Q3 2026 BRIEFING12
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Financial calendar 2027 EXEL COMPOSITES | Q3 2026 BRIEFING13 Financial statements release 2026 19 February 2027 at 8:00 EET Business review Q1 2027 12 May 2027 at 8:00 EEST Half-year report Q1–Q2 2027 18 August 2027 at 8:00 EEST Business review Q1–Q3 2027 10 November 2027 at 8:00 EET Annual report will be published in week 11, beginning on 15 March 2027. The Annual General Meeting is planned to be held on 8 April 2027.