Exel Composites Oyj

Exel Composites Plc's Shareholders' Nomination Board has proposed to the Annual General Meeting in 2025 that the Board of Directors consist of five members. They suggest re-electing current members Jouni Heinonen, Helena Nordman-Knutson, and Kirsi Sormunen, and electing Christian Busdiecker and Elisabeth Larsson as new members. Petri Helsky and Jouko Peussa will not seek re-election. Jouni Heinonen is proposed to continue as Chairman. All candidates have consented to serve and are independent of the company and its shareholders. The Nomination Board also recommends that the Board's remuneration remain unchanged, with 60% paid in cash and 40% in company shares. The Annual General Meeting is scheduled for March 26, 2025. Exel Composites is a Finnish company specializing in composite profiles and tubes, employing over 600 people globally and listed on Nasdaq Helsinki.

Exel Composites PLC announced the completion of a new manufacturing site for its joint venture, Kineco Exel Composites India (KECI), near Goa, India. The facility was completed on time and will begin deliveries in the first quarter of 2025. The factory is designed to produce composites using pultrusion technology, primarily serving the wind power industry both in India and globally. Deliveries for a major wind turbine manufacturer will start ramping up in early 2025, and KECI also secured a contract to supply carbon planks for wind turbine spar caps to Vestas Wind Systems A/S, with deliveries expected to begin in late 2025. The investment was announced in July 2023, and production has been transferred from the old Goa facility. The new factory is part of Exel's growth strategy focused on sustainable applications. Exel Composites, headquartered in Finland and listed on Nasdaq Helsinki, is a leading manufacturer of composite profiles and tubes, while Kineco Group, founded in 1994, is a prominent composites manufacturer in India.

Exel Composites has concluded discussions with employee representatives and will close its Oudenaarde factory in Belgium, resulting in the termination of employment for about 50 employees by the end of the first quarter of 2025. The closure aims to address loss-making activities and is expected to save approximately EUR 1.8 million annually, with some savings visible in the second half of 2025. The company will incur a one-time cash cost of EUR 1.7 million and a non-cash asset write-down of EUR 2.5 million in Q4 2024. The consultation process began on September 12, 2024, following a strategic review of the factory. Paul Sohlberg, President and CEO, expressed gratitude to employees for their constructive approach during the consultations. Exel Composites is a leading manufacturer of composite profiles and tubes, headquartered in Finland, employing over 600 people globally, and is listed on Nasdaq Helsinki.

Exel Composites Plc announced its schedule for financial reports in 2025. The Annual Report for 2024, which will include the Board of Directors' Report, Financial Statements, Corporate Governance Statement, and Remuneration Report, is set to be published by March 5, 2025. The Annual General Meeting is planned for March 26, 2025, with the Board of Directors to issue a formal invitation later. Exel Composites is a leading manufacturer of composite profiles and tubes, utilizing advanced pultrusion and pullwinding technologies. The company serves various industries worldwide, aiming to provide sustainable composite solutions. Headquartered in Finland, Exel Composites has over 600 employees and is listed on Nasdaq Helsinki. For more information, contact Lilli Riikonen, Head of Investor Relations.

Exel Composites Plc released a summary of its Business Review for Q1-Q3 2024, highlighting significant growth in revenue and profitability in the third quarter compared to the previous year. The company has seen an increase in order intake and backlog, despite economic uncertainties. Strategic efforts to focus on larger customers and high-growth industries have advanced well, with the commissioning of a new factory in India on track to serve wind power customers. Notable agreements were signed with major wind turbine manufacturers, including Vestas Wind Systems, for future deliveries. Revenue increased across most customer industries, except for the Energy sector, with an overall third-quarter growth of 19.7% year-on-year. The company's profitability improved due to optimization measures, with an adjusted operating profit margin of 2.9% for Q3 2024. Exel Composites maintains its guidance for 2024, expecting significant increases in revenue and adjusted operating profit compared to 2023. The company's financial results briefing is scheduled for October 31, 2024.