Exel Composites (EXL1V) Q3 2025 earnings summary

Executive summary

• Order intake surged 27.8% year-over-year in Q3 2025 to €26.9 million, signaling strong growth momentum and a shift toward a growth phase.

• Order backlog reached €49.2 million, up 61% year-over-year, providing improved visibility for future quarters and supporting future growth.

• Major multi-year frame agreement signed post-period for composite conductor cores with De Angeli Prodotti, minimum €25 million commitment over four years, with deliveries starting Q1 2026.

• India factory began commercial production and shipments, supporting strategic expansion and global supply chain.

• Strategic wins in Energy, Buildings & Infrastructure, and elevator ropes (KONE UltraRope®) strengthen market position.

Financial highlights

• Q3 2025 revenue was €24.1 million, down 2.0% year-over-year, while order intake outpaced revenue growth.

• Adjusted operating profit increased 31% year-over-year to €0.9 million (margin 3.9%); year-to-date adjusted operating profit at €2.7 million, up from €1.5 million last year.

• Operating cash flow was negative due to increased working capital from higher order backlog and India ramp-up.

• Q1–Q3 profit after tax: -€5.6 million, impacted by higher financial expenses and exchange rates.

• Net cash flow from operating activities for Q1–Q3: -€5.7 million.

Outlook and guidance

• Full-year 2025 guidance unchanged: revenue and adjusted operating profit expected to increase significantly versus 2024.

• Q4 expected to benefit from easing operational congestion and gradual conversion of backlog to revenue.

• Strategic focus on converting order backlog into deliveries and optimizing capacity utilization.