Earnings release
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Business review January–September 2026
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EXEL COMPOSITES PLC | BUSINESS REVIEW Q1-Q3 2026 | 2 Revenue increased by nearly 60% in a particularly strong third quarter, adjusted operating profit margin reached 8.8% July–September 2026 in brief Order intake increased by 42.0% to EUR 38.2 million (Q3 2025: 26.9) Revenue increased by 59.3% to EUR 38.4 million (24.1) Operating profit increased to EUR 3.4 million (0.4), operating profit margin was 8.8% (1.8%) Adjusted operating profit increased to EUR 3.4 million (0.9), adjusted operating profit margin was 8.8% (3.9%) Earnings per share was EUR 0.37 (-0.05) January–September 2026 in brief Order intake increased by 14.6% to EUR 103.0 million (Q1-Q3 2025: 89.9) Revenue increased by 39.1% to EUR 103.2 million (74.2) Operating profit increased to EUR 7.3 million (1.3), operating profit margin was 7.1% (1.8%) Adjusted operating profit increased to EUR 7.4 million (2.7), adjusted operating profit margin was 7.2% (3.7%) Earnings per share was EUR 0.76 (-0.73) Guidance for the full year 2026 (unchanged) Exel Composites expects revenue and adjusted operating profit to increase significantly in 2026 compared to 2025. Order intake, million euros Revenue, million euros Adjusted operating profit, million euros
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EXEL COMPOSITES PLC | BUSINESS REVIEW Q1-Q3 2026 | 3 President and CEO Paul Sohlberg Exel delivered an exceptionally strong third quarter, with significant revenue and profitability growth. Our good performance reflects the successful execution of our strategy: focusing on selected high-growth applications, strengthening long-term customer relationships and scaling up production capacity. Favorable market developments in these customer industries have further supported our growth. Revenue increased by 59% year on year to EUR 38.4 million (24.1). Growth was driven particularly by strong performance in the Energy customer industry, where revenue increased by 137%, and in Other, where revenue grew by 112%, primarily due to increased demand for defense-related applications. Adjusted operating profit increased to EUR 3.4 million (0.9), corresponding to an adjusted operating profit margin of 8.8% (3.9%). Revenue growth and continued operational improvements contributed to higher adjusted operating profit and an improved margin. Our commercial position remained strong. Order intake increased by 42% year on year to EUR 38.2 million (26.9), and our order backlog stood at EUR 97.9 million (49.2) at the end of September. Strong order intake enabled us to maintain the order backlog close to its level at the beginning of the year, despite the substantial increase in revenue. Against a mixed broader industrial market environment, our focus on selected high-growth applications continues to deliver results, as demonstrated by strong growth in Energy and defense-related applications. Revenue in Buildings and Infrastructure and Transportation also increased during the first nine months of the year, although performance varied between quarters. In certain Transportation applications, particularly electric buses, strong growth prospects are attracting more competitors and increasing price sensitivity. During the quarter, we reached an important commercial milestone by signing a new multi-year supply agreement with Suzlon for the delivery of carbon fiber spar caps, with a potential value exceeding EUR 100 million over the term of the agreement. Orders under the agreement are added to our reported order backlog as they are received. The agreement strengthens our position in the wind power industry and has generated increased interest among other wind turbine manufacturers, creating opportunities to expand our customer base. Our focus remains on ensuring reliable deliveries and converting growing customer volumes into sustainable profitability. In China, we secured our first customer project for buses intended for the Chinese domestic market, marking a new commercial opening in Transportation. In Finland, we inaugurated new production capabilities for aerospace-grade composite solutions at our Joensuu factory together with our customer Flying Whales. These projects demonstrate how our composite expertise helps customers develop lighter, more efficient and higher-performing solutions for demanding applications. Long-term demand drivers in our key customer industries remain favorable. In India, annual wind power capacity additions increased by 46% in the financial year ending March 2026, supporting opportunities for Exel’s expanding local manufacturing operations. In electricity transmission, the International Energy Agency estimates that annual grid investments would need to increase by approximately 50% by 2030 to meet rising demand. In defense, EU Member States’ expenditure increased by 20% in 2025 and is projected to reach EUR 454 billion in 2026. These developments support long-term growth opportunities for Exel, although defense-related deliveries may fluctuate in the shorter term depending on geopolitical developments and customer procurement decisions. Our strong operational performance has also supported cash generation. Net cash flow from operating activities amounted to EUR 2.1 million (-1.9) in the third quarter and EUR 8.3 million (-5.7) during the first nine months. At the same time, we continued investing in production capabilities to support future growth. Net debt to adjusted EBITDA improved to 1.7 from 3.4 a year earlier. Following two exceptionally strong quarters, we expect growth to moderate in Q4. Nevertheless, we remain confident in our full- year guidance: revenue and adjusted operating profit are expected to increase significantly in 2026 compared with 2025. Our strategy continues to gain traction, and our priorities remain clear: converting growing customer demand into profitable growth, improving operational efficiency and maintaining disciplined cash management. The progress made so far this year provides a stronger foundation for advancing towards our long-term financial targets. I would like to thank our customers, partners and shareholders for their continued trust, and the entire Exel team for their commitment and excellent work.
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EXEL COMPOSITES PLC | BUSINESS REVIEW Q1-Q3 2026 | 4 Consolidated key figures Q3 Q3 Change Q1-Q3 Q1-Q3 Change Q1-Q4 EUR thousand unless otherwise indicated 2026 2025 % 2026 2025 % 2025 Revenue 38,378 24,094 59.3 103,205 74,181 39.1 103,194 Operating profit 3,377 438 671.6 7,282 1,323 450.5 2,212 % of revenue 8.8 1.8 7.1 1.8 2.1 Adjusted operating profit 1) 3,379 928 264.1 7,423 2,739 171.1 3,628 % of revenue 8.8 3.9 7.2 3.7 3.5 EBITDA 4,577 1,623 182.1 10,787 5,087 112.1 7,133 Adjusted EBITDA 1) 4,578 2,113 116.7 10,928 6,503 68 8,548 Profit before tax 3,012 -435 792.4 6,945 -5,603 224.0 -5,736 Profit for the period 3,012 -508 692.9 5,621 -5,641 199.6 -6,073 Profit for the period excluding non-controlling interest 2,572 -333 872.1 5,323 -5,123 203.9 -5,490 % of revenue 6.7 -1.4 5.2 -6.9 -5.3 Shareholders' equity 31,599 28,334 11.5 31,599 28,334 11.5 28,092 Interest-bearing liabilities 32,107 34,724 -7.5 32,107 34,724 -7.5 34,370 Cash and cash equivalents 9,583 6,763 41.7 9,583 6,763 41.7 11,942 Net interest-bearing liabilities 22,524 27,961 -19.4 22,524 27,961 -19.4 22,428 Net debt to adjusted EBITDA 2) 1.7 3.4 -49.4 1.7 3.4 -49.4 2.6 Capital employed 63,706 63,057 1.0 63,706 63,057 1.0 62,461 Return on equity, % 39.0 -7.1 648.5 25.1 -24.8 201.3 -20.1 Return on capital employed, % 21.2 2.9 638.5 15.5 2.9 433.3 3.6 Equity ratio, % 32.2 31.8 1.0 32.2 31.8 1.0 32.2 Net gearing, % 71.3 98.7 -27.8 71.3 98.7 -27.8 79.8 Net cash flow from operating activities 2,062 -1,880 -209.7 8,337 -5,710 -246.0 -963 Net cash flow from investing activities -1,359 -269 404.1 -6,369 -2,194 190.2 -1,045 Capital expenditure 1,359 551 146.4 6,412 2,454 161.3 3,133 % of revenue 3.5 2.3 6.2 3.3 3.0 Research and development costs 987 883 11.8 3,100 2,816 10.1 3,792 % of revenue 2.6 3.7 3.0 3.8 3.7 Order intake 38,180 26,883 42.0 103,008 89,914 14.6 168,627 Order backlog 97,856 49,195 98.9 97,856 49,195 98.9 98,719 Earnings per share, diluted and undiluted, EUR 3) 0.37 -0.05 874.5 0.76 -0.73 204.3 -0.78 Equity per share, EUR 4.44 0.27 1,567.64 4.43 0.27 1,568.91 0.26 Average share price, EUR 13.93 0.39 3,517.25 10.68 0.36 2,866.67 0.37 Average number of shares, diluted and undiluted, 1,000 shares 3) 7,021 7,044 0 7,032 7,060 0 7,054 Employees, average 740 626 18.3 718 625 14.9 632 Employees, end of period 735 628 17.0 735 628 17.0 667 1) Excluding material items affecting comparability, such as restructuring costs, impairment losses and reversals, and costs related to planned or realized business acquisitions or disposals 2) Last 12 months’ adjusted EBITDA 3) Exel’s reverse share split executed in March 2026 combined every fifteen shares into one share. Earnings per share and the average number of shares for the comparative periods have been adjusted retrospectively to reflect the reverse share split. The average number of shares excludes treasury shares.
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EXEL COMPOSITES PLC | BUSINESS REVIEW Q1-Q3 2026 | 5 Revenue by business unit Share of revenue by business unit, % | Q1-Q3/2026 Q3 Q3 Change Q1-Q3 Q1-Q3 Change Q1-Q4 EUR thousand 2026 2025 % 2026 2025 % 2025 Engineered Solutions BU 28,169 19,651 43.3 78,400 60,941 28.6 83,869 Industrial Solutions BU 10,209 4,439 130.0 24,797 13,227 87.5 19,308 Other 0.0 4.4 -100.0 7.8 12.8 -39.0 17.4 Total 38,378 24,094 59.3 103,205 74,181 39.1 103,194 Revenue by customer industry Share of revenue by customer industry, % | Q1-Q3/2026 Q3 Q3 Change Q1-Q3 Q1-Q3 Change Q1-Q4 EUR thousand 2026 2025 % 2026 2025 % 2025 Buildings and infrastructure 4,728 4,889 -3.3 15,612 14,841 5.2 21,348 Industrial 3,117 3,057 2.0 9,788 10,817 -9.5 13,898 Energy 12,362 5,223 136.7 32,339 15,591 107.4 23,128 Transportation 4,657 4,564 2.0 15,032 14,298 5.1 19,585 Other 13,515 6,361 112.5 30,434 18,634 63.3 25,235 Total 38,378 24,094 59.3 103,205 74,181 39.1 103,194
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EXEL COMPOSITES PLC | BUSINESS REVIEW Q1-Q3 2026 | 6 Order intake and order backlog Order intake for the third quarter increased by 42.0% year on year and was EUR 38.2 million (26.9). Order intake for the first nine months increased by 14.6% year on year and was EUR 103.0 million (89.9). Order intake was supported by strong demand in defense-related applications and additional orders under established customer programs. Order backlog on 30 September 2026 almost doubled year on year and totaled EUR 97.9 million (49.2). Revenue In the third quarter, Group revenue increased by 59.3% year on year and amounted to EUR 38.4 million (24.1). Group revenue for the first nine months increased by 39.1% year on year and amounted to EUR 103.2 million (74.2). In the third quarter, revenue in the Engineered Solutions Business Unit increased by 43.3% year on year and amounted to EUR 28.2 million (19.7). In the Industrial Solutions Business Unit revenue increased by 130.0% year on year and amounted to EUR 10.2 million (4.4). Revenue growth in the third quarter was driven particularly by strong performance in the Energy customer industry, where revenue increased by 137% year on year, and in Other, which includes defense-related applications, where revenue grew by 112%. Revenue in Transportation and Industrial increased slightly, while Buildings and Infrastructure revenue declined by 3% from the comparison period. Operating profit In the third quarter of 2026, the Group’s operating profit increased to EUR 3.4 million (0.4) and operating profit margin was 8.8% (1.8%). Adjusted operating profit increased to EUR 3.4 million (0.9) and adjusted operating profit margin to 8.8% (3.9%). During the first nine months of 2026, operating profit increased significantly to EUR 7.3 million (1.3). Operating profit margin was 7.1% (1.8%). Adjusted operating profit increased to EUR 7.4 million (2.7). Adjusted operating profit margin grew to 7.2% (3.7%). Profit for the period Profit before taxes for the first nine months of 2026 was EUR 6.9 (-5.6) million and profit after taxes EUR 5.6 million (-5.6). Net financial income/expenses were EUR -0.3 million (-6.9). Adjusted operating profit Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4 EUR thousand 2026 2025 2026 2025 2025 Operating profit 3,377 438 7,282 1,323 2,212 Restructuring costs 1 490 141 1,416 1,416 Impairment losses and reversals 0 0 0 0 0 Costs related to planned or realized business acquisition and disposal 0 0 0 0 0 Expenses related to legal proceedings and other claims 0 0 0 0 0 Adjusted operating profit 3,379 928 7,423 2,739 3,628
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EXEL COMPOSITES PLC | BUSINESS REVIEW Q1-Q3 2026 | 7 Financial position Net cash flow from operating activities for the first nine months of 2026 was EUR 8.3 million (-5.7). Net cash flow from investing activities amounted to EUR -6.4 million (-2.2) and net cash flow before financing was EUR 2.0 million (-7.9). At the end of the reporting period, the Group’s liquid assets stood at EUR 9.6 million (6.8). Total depreciation, amortization and impairment of non-current assets during the reporting period amounted to EUR 3.5 million (3.8). On 30 September 2026, the Group’s consolidated total assets were EUR 103.7 million (90.3). Interest-bearing liabilities, including lease liabilities, amounted to EUR 32.1 million (34.7). Net interest-bearing liabilities were EUR 22.5 million (28.0). Current interest-bearing liabilities were EUR 24.0 million (31.7) and EUR 10.0 million (12.0) of current interest-bearing liabilities were commercial papers. On 30 September 2026, net debt to adjusted EBITDA was 1.7x (3.4x). On 30 September 2026, the Group’s equity was EUR 31.6 million (28.3) and equity ratio 32.2 (31.8). Fully diluted earnings per share were EUR 0.76 (‑0.73). Exel’s reverse share split executed in March 2026 combined every fifteen shares into one share and earnings per share for the comparative period has been adjusted retrospectively to reflect the reverse share split. Return on capital employed was 15.5 percent (2.9) and return on equity was 25.1 percent (-24.8). Business Unit reviews Engineered Solutions Business Unit Engineered Solutions Business Unit (ESBU) concentrates on tailored solutions in multiple customer industries. ESBU delivered strong growth in the third quarter, with revenue increasing by 43% year on year to EUR 28.2 million (19.7). Growth was supported particularly by higher deliveries in defense-related applications and deliveries under our multi-year conductor core customer programs. Increased production volumes and operational efficiency improvements continued to support profitability. Demand for defense-related composite solutions remained strong, contributing significantly to the business unit’s order intake during the quarter. Order intake included orders for camouflage solutions and other defense-related applications. According to the European Defence Agency, defense expenditure by EU Member States increased by 20% to EUR 418 billion in 2025 and is projected to reach EUR 454 billion in 2026, providing a favorable longer-term market backdrop for defense-related applications. However, short-term demand and order volumes may fluctuate depending on geopolitical developments and customer procurement decisions. ESBU also continued to advance its multi-year conductor core customer programs, which support longer-term demand visibility. Growing electricity demand and the need to expand and modernize power grids continue to create opportunities for composite conductor core solutions. According to the International Energy Agency, annual electricity grid investments would need to increase by approximately 50% by 2030 to meet forecast global electricity demand. In Buildings and Infrastructure, ESBU continued commercial discussions on several potentially larger customer programs and further developed solutions for existing customers. Operational performance was supported by increased activity in key customer programs and continued efficiency improvements. In September, Exel and its customer Flying Whales inaugurated new production capabilities at Exel’s Joensuu factory in Finland to support the manufacturing of aerospace-grade carbon-fiber composite tubes. ESBU also continued to optimize its manufacturing network to improve capacity utilization and competitiveness across its operations. The business unit’s strong order backlog, established customer programs and ongoing development activities provide a foundation for further growth. The timing of individual customer deliveries may, however, vary between quarters. Industrial Solutions Business Unit Industrial Solutions Business Unit (ISBU) concentrates on selected applications with significant growth potential. ISBU’s strong growth continued in the third quarter, with revenue more than doubling year on year to EUR 10.2 million (4.4), corresponding to an increase of 130%. Growth was driven particularly by higher deliveries to wind power customers, supported by increasing production volumes and expanded manufacturing capacity. In India, ISBU continued to successfully ramp up production, with additional manufacturing capacity commissioned during the quarter to support growing customer demand. A significant milestone was reached in September when Exel’s India-based company Kineco Exel Composites India (KECI) signed a new multi-year supply agreement with Suzlon Energy Limited, with a potential value exceeding EUR 100 million. ISBU aims to have the full production capacity required to support the agreement in place by the end of the first quarter of 2027. The agreement has also generated increased interest among other wind turbine manufacturers, supporting ongoing commercial discussions on potential new customer programs. The Indian wind power market continues to provide attractive growth opportunities. Annual wind power capacity additions in India reached a record 6 GW in the financial year ending March 2026, representing an increase of approximately 46% year on year.
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EXEL COMPOSITES PLC | BUSINESS REVIEW Q1-Q3 2026 | 8 In China, strong demand from established wind power customers supported high capacity utilization and good operational performance. ISBU also made progress in Transportation, completing its first deliveries of composite components for buses intended for the Chinese domestic market, whereas previously its products had been used in buses manufactured for export. This represents an important commercial breakthrough and demonstrates Exel’s improving competitiveness in the highly competitive Chinese market. The quarter demonstrated ISBU’s increasing capabilities to serve large-volume customer programs. The business unit continues to focus on scaling deliveries under established customer programs, maintaining delivery reliability and improving operational efficiency as volumes increase. Events during the reporting period In September 2026, Exel’s India-based company Kineco Exel Composites India (KECI) signed a multi-year supply agreement with Suzlon Energy Limited for pultruded carbon fiber planks used in wind turbine blades. The agreement extends the companies’ existing collaboration and covers deliveries through March 2029. At the time of signing, the parties estimated that the potential value of future deliveries could exceed EUR 100 million. Deliveries will be based on purchase orders, with actual volumes and timing depending on Suzlon’s production requirements. The products will be manufactured at Exel’s factory in India. Events after the reporting period On 2 October 2026, Exel Composites announced the composition of its Shareholders’ Nomination Board. The appointed members are Niina Arkko (Aktia Asset Management), Aleksi Härmä (Seligson & Co Fund Management Company), Jukka Vähäpesola (Elo Mutual Pension Insurance Company) and Johan Hamström (SP-Fund Management). Jouni Heinonen, Chairman of Exel Composites’ Board of Directors, serves as an expert member. The Nomination Board will prepare proposals concerning the composition and remuneration of the Board of Directors for the 2027 Annual General Meeting. Financial calendar 2027 Exel will publish the following financial reports in 2027: Financial statements release 2026: 19 February 2027 at approximately 8:00 EET Business review Q1 2027: 12 May 2027 at approximately 8:00 EEST Half-year report Q1–Q2 2027: 18 August 2027 at approximately 8:00 EEST Business review Q1–Q3 2027: 10 November 2027 at approximately 8:00 EET Annual Report 2026 – including the report of the Board of Directors as well as the financial and corporate governance statements and the remuneration 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. The meeting will be convened by the company’s Board of Directors at a later date. Exel’s publications are available at https://investors.exelcomposites.com/publications Vantaa, 4 November 2026 Exel Composites Plc Board of Directors
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EXEL COMPOSITES PLC | BUSINESS REVIEW Q1-Q3 2026 | 9 Calculation of key figures Adjusted operating profit operating profit - material items affecting comparability (restructuring costs, impairment losses and reversals, costs related to planned or realized business acquisitions or disposals, etc.) Adjusted EBITDA operating profit + depreciations, amortization and impairments - material items affecting comparability (restructuring costs, costs related to planned or realized business acquisitions or disposals, etc.) Net debt to adjusted EBITDA total interest-bearing debt - cash and equivalents adjusted EBITDA Return on equity, % net income + provisions x 100 equity + minority interest + voluntary provisions Return on capital employed, % profit before provisions and income taxes + interest and other financial expenses x 100 total assets less non-interest-bearing liabilities (average) Equity ratio, % equity + minority interest + voluntary provisions x 100 total assets less advances received Net gearing, % net interest-bearing liabilities (= interest-bearing liabilities less liquid assets) x 100 equity Earnings per share (EPS), EUR profit before provisions and income taxes less income taxes +/- minority interest average adjusted number of shares in the financial period Equity per share, EUR equity + voluntary provisions adjusted number of shares on closing date Dividend per share, EUR dividend for the financial period adjusted number of shares on closing date Payout ratio, % dividend per share x 100 earnings per share (EPS) Effective yield of shares, % dividend per share x 100 x 100 adjusted average share price at year end Price/earnings (P/E), % adjusted average share price at year end x 100 earnings per share Price to book ratio, (P/B) total number of shares on closing date excluding treasury shares x share price at year end equity without non-controlling interests
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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, power transmission, 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 700 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. www.exelcomposites.com Exel Composites Plc Mäkituvantie 5 FI-01510 Vantaa Finland