Investing in Exel Composites

Reasons to invest in Exel

Optimally positioned within a growing market

With our efficient, continuous production technologies, we answer to the growing demand for composite materials. This demand is driven by global megatrends, such as sustainability, energy transition, urbanization and total life cycle cost management.

Technology leadership creates competitive advantage

Our leading expertise in a variety of composite production technologies and raw materials allows us to solve our customers’ challenges. We continuously perfect our offering with over 60 years of R&D experience.

Global operations enable global customers

We are the only company within our industry with manufacturing, R&D and sales presence in all main market areas. This sets us ahead of our competitors.

Focused businesses enable growth

Exel will become a more integrated designer and manufacturer of pultruded composite solutions for volume and customer-specific applications. This transformation will enable Exel to grow by capturing organic profitable growth from large and fast-growing applications driven by decarbonization and sustainability.

Sustainability at the core of our business

We provide sustainable composite solutions that help our customers save resources and mitigate climate change. Composites’ unique properties, such as lightness and durability, provide for longer life cycles and improved performance, lowering thus the negative impacts of the end-product on the environment.

Exel Composites’ Capital Markets Day 2023

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President and CEO, Paul Sohlberg

Challenging market environment continued to weigh on our profitability despite counteractions

The fourth quarter of 2023 progressed in line with our expectations. Revenue was 22.1 million (31.0), which represents an increase of 7.5% from the previous quarter, and order intake amounted to 23.6 million (25.6), an increase of 3.3% million compared to Q3. As we had expected, customers in our main markets continued careful management of inventories and new orders. It was pleasing to see that Transportation, one of our identified growth areas, had a strong quarter.

As a result of the continued low revenue our adjusted operating profit was EUR -1.3 million for the quarter (0.9). We continued decisive actions to manage our working capital, and costs, and as a result we achieved a quarterly cash flow of EUR 0.8 million from operating activities.

Our revenue in 2023 decreased from 2022. This was impacted by the challenging overall market environment, customer destocking of inventories accumulated due to Covid-19 pandemic and supply chain disruption, as well as the temporary demand decrease and postponement of business in the wind power equipment market. Exel’s revenue decreased in all main geographies and customer industries, except in the Defense industry.

For these reasons the adjusted operating profit for the year decreased to -2.4 million (8.0). During the year we took multiple successful actions to activate sales and contain costs, but these were not sufficient to offset the decline in revenue. In 2023 costs were lower than in 2022 mainly due to EUR 4.8 million lower personnel costs and EUR 1.4 million savings in operational fixed costs. Our organization did well in securing cash flow from operations, which was positive EUR 4.4 million (6.8) in 2023, and a favorable result in an otherwise challenging year.

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Vision and purpose

Our purpose is to solve challenges and save resources with composites Our vision is to be the first choice for sustainable composites solutions globally

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Exel Composites launched a new transformative strategy to capture profitable growth with composite solutions driven by sustainability needs on 2 October 2023

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Sustainability is a critical part of Exel’s business. We are committed to market transparency and raising environmental standards.

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Exel Composites in the value chain

Market environment

Exel Composites operates worldwide in the composites market, serving customers in several different customer industries.

According to industry associations the annual value of composites market of approximately EUR 85 billion is only about 1% of the huge global materials market, which is dominated by steel, plastic, and aluminum. The pultruded composites market represents less than 5% of the total composites market. Exel sees growth potential for composites as a material as well as for pultrusion as a production technology within the composites market.

Growth drivers

The global composites market is estimated to grow at an annual average rate of approximately 7% in the coming years. Growth rate varies by region, production technology and end-use application.

North America is the largest composites market, followed by Asia and Europe. North America and Europe are more mature markets with steady growth prospects, while Asia, especially China and India grow faster.

In the long-term, interest towards composite materials is steadily growing, supported by global megatrends such as sustainability, energy transition, longer life cycles and urbanization. The main benefits of composites include lightness, energy efficiency, durability, and the need for less maintenance. For example, increased energy efficiency requirements within the transportation industry and the increased utilization of anti-corrosive materials in the construction industry drive the increased use of composites. Exel Composites’ ambition is to leverage on these trends and mitigate the negative impacts of climate change by offering its customers sustainable composite products that respond to this demand.

Increasing sustainability

circular economy, climate change and energy efficiency

Longer life cycles

decreasing lifetime costs and maintenance needs

Rapid urbanization

smarter cities and infrastructure

Market share

The composites market is fragmented. Whereas Exel Composites is not a large company, it is nevertheless a leading company in the field of pultrusion and the only pultrusion company with significant presence on all major markets: Europe, Asia, and North America. This global presence differentiates Exel from its competitors and enables head-to-head competition with global suppliers of traditional materials.

Exel Composites’ customer base is wide-spread over several segments and markets, which means that also its competitors are found within specific segments and markets rather than across. Some of the main competitors include for example Fiberline from Denmark, Epsilon from France as well as Creative Pultrusion and Strongwell in the United States.

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