Exel Composites (EXEL) Q4 2025 earnings summary

Executive summary

• Q4 order intake surged 173.2% year-over-year to EUR 78.7 million, with full-year intake at EUR 168.6 million, and year-end backlog at EUR 98.7 million, up 189% year-over-year.

• Revenue grew 15.7% year-over-year in Q4 to EUR 29.0 million, with full-year revenue at EUR 103.2 million, driven by ramp-up in India and strong sector deliveries.

• Adjusted operating profit for Q4 was EUR 0.9 million (up from EUR 0.2 million), and for the full year EUR 3.6 million (up from EUR 1.7 million), with operating profit turning positive at EUR 2.2 million.

• Two multi-year customer agreements for composite conductor cores totaling EUR 47 million in minimum volume commitments were signed, supporting future growth and recurring revenues.

• Execution readiness improved with higher utilization, 24/7 operations ramp-up, and new factory in India operational.

Financial highlights

• Q4 EBIT increased 122% year-over-year; adjusted EBIT margin for Q4 was 3.1%, and full-year adjusted operating profit margin doubled to 3.5%.

• Year-end order backlog reached EUR 98.7 million, nearly four times the 2023 average and a record high.

• Earnings per share for 2025: EUR -0.05 (from -0.07).

• Net cash flow from operating activities: EUR -1.0 million for 2025.

• Operating profit for the year turned positive at EUR 2.2 million, compared to a loss of EUR 2.9 million the previous year.

Outlook and guidance

• Revenue and adjusted operating profit are expected to increase significantly in 2026, with stronger contributions in the second half due to backlog conversion and customer project schedules.

• No dividend is proposed for 2025, with capital allocated to business growth and investments.