Exel Composites Oyj

Exel Composites will release its Business Review for Q1-Q3 2024 on October 31, 2024, at 9:00 EET. A financial results briefing will be held online at 12:30 EET on the same day, hosted by President and CEO Paul Sohlberg and CFO Mikko Rummukainen. Interested participants should register by emailing investor@exelcomposites.com by October 30, 2024. Exel Composites is a leading global manufacturer of composite profiles and tubes, known for its innovative pultrusion and pullwinding technologies. The company provides solutions across various industries, including wind power and transportation, focusing on sustainability and efficiency. Headquartered in Finland, Exel Composites employs over 600 people and is listed on Nasdaq Helsinki. For more information, visit www.exelcomposites.com.

Exel Composites Plc announced the appointment of members to its Shareholders' Nomination Board. The appointed members are Markus Lindqvist (Aktia Mikro Markka), Matias Arola (Danske Invest Finnish Equity Fund), Jukka Vähäpesola (Elo Mutual Pension Insurance Company), Petteri Vaarnanen (Sp-Fund Management Company), and Jouni Heinonen (Chairman of the Board of Directors, Exel Composites Plc) as an expert member. The Nomination Board comprises representatives from the four largest shareholders and the Chairman of the Board of Directors. The largest shareholders were determined based on holdings registered by Euroclear Finland Oy as of 30 September 2024. The Board is responsible for preparing proposals concerning the Board of Directors' members and their remuneration for the next Annual General Meeting, with proposals due by 31 January 2025. Additional information is available on Exel Composites' website. Exel Composites is a leading manufacturer of composite profiles and tubes, with a global presence and a focus on sustainable solutions. The company is headquartered in Finland and listed on Nasdaq Helsinki.

Exel Composites and its joint venture Kineco-Exel India (KECI) have won a bid to supply pultruded carbon planks for wind turbine spar caps to Vestas Wind Systems A/S. The products will be produced at KECI’s new factory in Goa, India, with deliveries expected to start in the last quarter of 2025. This agreement extends an existing multi-year contract and strengthens the collaboration between Exel Composites and Vestas, a leading company in the wind energy industry. The qualification process for the production facility is underway to meet Vestas' specifications. Exel Composites and KECI provide a range of composite components for wind turbines. KECI, established in 2021, is a joint venture between Exel Composites and Kineco Group.

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.