Exel Composites (EXL1V) Q1 2025 earnings summary

Executive summary

• Order intake rose 21% year-over-year to EUR 34.6 million, supported by a EUR 10 million wind turbine order from South Asia.

• Revenue increased 8% year-over-year to EUR 25.3 million, with growth in transportation and buildings & infrastructure segments.

• Adjusted operating profit improved to EUR 0.7 million from -0.6 million, reflecting operational improvements and cost control.

• Closure of the loss-making Belgium factory was completed at the end of March, with production transferred to other sites.

• Major wind order and India factory ramp-up are expected to drive deliveries into 2026.

Financial highlights

• Order backlog grew 24% year-over-year to EUR 43.3 million, indicating a positive trend.

• Adjusted operating profit margin reached 2.7%, up from -2.4% a year ago.

• Operating profit improved to EUR 0.1 million, up from -0.6 million, with an operating margin of 0.4%.

• EBITDA rose 60.4% year-over-year to EUR 1.5 million.

• Net cash flow from operating activities was EUR -3.5 million, impacted by investments and factory closure.

Outlook and guidance

• Revenue and adjusted operating profit are expected to increase significantly in 2025 compared to 2024.

• Management remains confident in guidance despite increased macroeconomic uncertainty and some recent slowdown in order intake due to global trade and tariff concerns.

• Deliveries from the major wind turbine order will ramp up in Q2 and Q3 2025, continuing into 2026.