Exel Composites (EXL1V) Q2 2025 earnings summary

Executive summary

• Order intake increased by 14.6% year-over-year in H1 2025, driven by strong demand in Energy, Defense, and Industrial sectors.

• Revenue for H1 2025 was stable at €50.1 million, with growth in Energy offsetting impacts from the Belgium factory closure.

• Adjusted operating profit for H1 2025 more than doubled to €1.8 million, already surpassing the full-year 2024 result.

• Strategic transformation and operational efficiency improvements led to a 35% higher order backlog and improved profitability.

• A cyberattack in July 2025 was swiftly contained, with no disruption to operations and support provided to affected individuals.

Financial highlights

• H1 2025 order intake rose 14.6% year-over-year to €63.0 million, marking the best Q2 in recent years.

• Revenue stable at €50.1 million for H1 2025; Q2 revenue declined 6.7% year-over-year due to production transition.

• Adjusted operating profit for H1 2025 was €1.8 million (3.6% margin), up 121.1% year-over-year.

• H1 2025 operating profit was €0.9 million (1.8% margin); net loss was €-5.1 million, mainly due to financial expenses from exchange rates.

• Order backlog at end of June 2025 was €46.6 million, up 35% year-over-year.

Outlook and guidance

• Guidance for 2025 remains unchanged: revenue and adjusted operating profit expected to increase significantly versus 2024.

• Ramp-up of multi-year agreements, new product deliveries, and a strong order backlog are expected to drive further growth in H2 2025 and into 2026.

• Tariffs and supply chain shifts present new opportunities as customers seek alternative manufacturing regions.