Exel Composites (EXEL) Q1 2026 earnings summary

Executive summary

• Revenue grew 19.4% year-over-year to EUR 30.2 million, with both business units contributing and Industrial Solutions showing particularly strong growth.

• Adjusted operating profit more than doubled to EUR 1.5 million, with margin improving to 5.0% from 2.7% year-over-year.

• Order backlog more than doubled year-over-year to EUR 98.6 million, supporting strong visibility for 2026.

• Growth was led by the Energy sector, with revenue up 85% year-over-year, and strong performance in defense and transportation.

• Operational improvements, higher factory utilization, and cost discipline contributed to the significant increase in profitability.

Financial highlights

• Revenue for Q1 2026 was EUR 30.2 million, up 19.4% year-over-year.

• Adjusted and unadjusted operating profit both at EUR 1.5 million, or 5.0% of revenue.

• Positive cash flow from operations reached EUR 2.7 million.

• Earnings per share improved to EUR 0.18 from EUR -0.02 year-over-year.

• Return on equity was 15.9% (up from -28.4%), and return on capital employed was 9.9% (up from 0.8%).

Outlook and guidance

• Revenue and adjusted operating profit are expected to increase significantly in 2026 compared to 2025, with stronger performance anticipated in the second half of the year.

• Guidance is based on the timing of order backlog conversion, customer call-offs, and project schedules.