Exel Composites (EXL1V) Q4 2025 earnings summary

Executive summary

• Q4 order intake surged 173.2% year-over-year to EUR 78.7 million, capping a year of record orders and improved profitability, with full-year order intake at EUR 168.6 million and year-end backlog at EUR 98.7 million.

• Revenue for Q4 increased 15.7% year-over-year to EUR 29.0 million; full-year revenue rose to EUR 103.2 million.

• 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); unadjusted operating profit for the year was EUR 2.2 million, turning positive from a prior loss.

• Execution readiness improved with 24/7 operations ramp-up and expansion in India, enhancing global supply capabilities.

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

Financial highlights

• Q4 order intake nearly tripled year-over-year to EUR 78.7 million; full-year order intake up over 60% to EUR 168.6 million.

• Q4 revenue increased 15.7% year-over-year to EUR 29.0 million; full-year revenue: EUR 103.2 million (+3.6% YoY).

• Adjusted operating profit margin for 2025: 3.5% (from 1.7%).

• Year-end order backlog reached EUR 98.7 million, up 189% year-over-year.

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

Outlook and guidance

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

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