Exel Composites Oyj

Exel Composites has completed a strategic review of its factory in Oudenaarde, Belgium, initiated in January 2024, and plans to enter into consultations with employee representatives about discontinuing production at the site. This process will involve approximately 50 employees and will adhere to Belgian law. The decision aims to address loss-making activities at the factory. Paul Sohlberg, President and CEO, emphasized the company's commitment to considerate dialogue with employees during this transformation. For more information, contact Lilli Riikonen, Head of Investor Relations, at investor@exelcomposites.com or +358 50 351 1128. Exel Composites, headquartered in Finland and listed on Nasdaq Helsinki, is a leading manufacturer of composite profiles and tubes, serving various industries globally with sustainable solutions.

Exel Composites reported a positive Q2 2024, marking the third consecutive quarter of revenue growth and the second for adjusted operating profit. Revenue for Q2 increased by 4.7% to EUR 26.6 million, with a significant improvement in operating profit. The company raised EUR 21.8 million through an oversubscribed rights issue and secured a new EUR 52.4 million financing agreement. Order intake rose to EUR 55.0 million, and the order backlog increased by 31% year-over-year. The company’s strategic initiatives, including optimizing its factory network and ramping up production in India, are progressing well. Exel Composites maintains its guidance for significant revenue and profit growth in 2024. The new operating model introduced in early 2024, featuring two business units, showed favorable demand in most customer industries. The company ended the period with 8,425 shareholders and improved its financial position with positive operative cash flow and significant increases in liquid funds.

Exel Composites Plc announced on 12 August 2024 that Danske Bank A/S has increased its holding in the company to 5.02% of the shares and voting rights, surpassing the 5% threshold. This change occurred through share transactions on 9 August 2024, raising Danske Bank’s holding from a previous 4.59%. Exel Composites has a total of 106,728,395 shares, each entitling one vote. The notification details the direct holding of 5,355,503 shares by Danske Bank, representing 5.02% of the total shares and voting rights. For further information, contact Lilli Riikonen, Head of Investor Relations at Exel Composites. Exel Composites is a leading manufacturer of composite profiles and tubes, headquartered in Finland and listed on Nasdaq Helsinki. The company employs over 600 professionals globally and serves various industrial sectors with its innovative composite solutions.

Exel Composites PLC will release its Half Year Financial Report for Q1-Q2 2024 on Thursday, 15 August 2024, at approximately 9:00 EEST. A financial results briefing will be held online at 12:30 EEST on the same day, hosted by President and CEO Paul Sohlberg and CFO Mikko Rummukainen. Interested participants must register by emailing investor@exelcomposites.com by 14 August 2024, after which a link to join the event will be provided. Exel Composites is a leading manufacturer of composite profiles and tubes using pultrusion and pullwinding technologies, serving various industries globally. The company emphasizes R&D, collaboration, and sustainability, aiming to be the top choice for composite solutions. Headquartered in Finland, Exel Composites employs over 600 professionals and is listed on Nasdaq Helsinki. For more information, visit www.exelcomposites.com.

On July 15, 2024, Exel Composites Plc announced that OP Fund Management Company Ltd's holding in the company has decreased below 5% of the voting rights and share capital, following share transactions on July 12, 2024. The current holding is 5,334,412 shares, representing 4.998% of Exel Composites' total shares and voting rights, down from a previous holding of 5.40%. Exel Composites has a total of 106,728,395 shares, each entitling one vote. For further information, contact Lilli Riikonen, Head of Investor Relations. Exel Composites is a leading global manufacturer of composite profiles and tubes, headquartered in Finland and listed on Nasdaq Helsinki.