Exel Composites (EXL1V) Q4 2024 earnings summary

Executive summary

• Q4 2024 saw significant year-over-year increases in order intake, revenue, and adjusted operating profit, with fixed costs reduced.

• Order backlog rose nearly 15% year-over-year, with new customers secured across multiple industries.

• Major strategic milestones included the on-time, on-budget opening of a new India factory and the decision to close the loss-making Belgian plant.

• No dividend proposed for 2024, with a focus on reinvestment in the business.

Financial highlights

• Q4 2024 order intake was EUR 28.8 million (+22.2% y-o-y); full-year order intake reached EUR 104.9 million (+6.9%).

• Q4 2024 revenue was EUR 25.1 million (+13.6% y-o-y); full-year revenue EUR 99.6 million (+2.9%).

• Adjusted operating profit for Q4 was EUR 0.2 million (0.7% margin), up from EUR -1.3 million (-5.9%) y-o-y.

• Q4 included EUR 1.7 million in one-time cash costs and EUR 2.5 million in write-downs related to the Belgian closure.

• Annual cost savings of EUR 1.8 million expected from the Belgian plant closure, with benefits visible from H2 2025.

Outlook and guidance

• Revenue and adjusted operating profit are expected to increase significantly in 2025, based on current backlog and customer outlooks.

• Guidance remains cautious due to timing of revenue recognition and ongoing market uncertainties.