Exel Composites

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Exel Composites Plc
Native name
Exel Composites Oyj
FormerlyExel Oyj
TypeJulkinen osakeyhtiö
Nasdaq Helsinki: EXL1V
Founded1960 (1960)
FounderYrjö Aho
Headquarters
Mäntyharju
,
Finland
Area served
Worldwide
Key people
Paul Sohlberg (CEO)
Products
  • Composite profiles and tubes
  • sports equipment (defunct)
Revenue103.2 million euros (2025)[1]
-6.1 million euros (2025)[1]
Number of employees
632 (2025)[1]
Websiteexelcomposites.com

Exel Composites Plc (natively Exel Composites Oyj, formerly known as Exel Oyj)[2] is a Finnish company specialized in composite profiles and tubes for industrial applications.[3] Exel was founded in 1960 by Yrjö Aho.[4] The company is listed on Nasdaq Helsinki.[5]

The name Exel came from a combination of the words explosive electronics,[4] with the company initially producing electric blasting caps [4] The company later moved onto production of sports equipment, with a focus on ski poles, before diversifying into a wider range of composite products.[3][6]

As of 2024, Exel has production plants in Finland (Joensuu and Mäntyharju), Austria (Kapfenberg), the United States (Erlanger, Kentucky), and China (Nanjing). In addition, the company has a plant in Goa, India, through Kineco Exel Composites India, a joint venture between Exel Composites and Kineco Ltd.[7]

Recent financial performance and restructuring

In 2023, Exel Composites reported a significant deterioration in its financial performance. Revenue decreased by approximately 30%, and net result turned negative.[8][9]

Exel Composites reported negative net results for three consecutive financial years, from 2023 to 2025[8][10][1] and no dividend was paid for the financial years 2023, 2024 and 2025.[11][12][1]

Exel Composites' share price declined by more than 90 %, from 8.10 € at the end of 2021 to 0.45 € at the end of 2025.[13][14][1]

As part of its restructuring, Exel Composites shut down or reorganized several production sites:

  • In 2023, the company shut down production at its Runcorn factory in the United Kingdom, resulting in 48 job losses and an asset write-down of 1.1 million euros.[15][8]
  • In 2023, the company downsized its United States factory and recorded an asset write-down of 4.3 million euros.[8]
  • In December 2024, the company announced the closure of its Oudenaarde factory in Belgium, ending the employment of approximately 50 employees and recording an asset write-down of approximately 2.5 million euros.[16]

In July 2025, the company disclosed a cybersecurity incident resulting in a confirmed data breach. The company stated that some personal data of employees and shareholders as well as some business information had been compromised.[17]

References

  1. "Financial Statements Release Q1-Q4 2025" (PDF). Exel Composites. 13 February 2026. Retrieved 10 May 2026.
  2. "Exel Composites Oyj". Kauppalehti (in Finnish). Retrieved 27 December 2024.
  3. "About Exel Composites". Exel Composites. Archived from the original on 29 May 2012. Retrieved 28 May 2012.
  4. Tiainen, Olli-Pekka (5 January 2001). "Räjähteistä ratakiskoihin". Taloussanomat (in Finnish). Sanoma News. Retrieved 28 May 2012.{{cite web}}: CS1 maint: deprecated archival service (link)
  5. "Exel Composites Oyj (EXL1V), FI0009007306". Nasdaq. Retrieved 27 December 2024.
  6. Mikkonen, Antti (20 February 2002). "Exel-samppaa Utahissa". Talouselämä (in Finnish). Talentum. Retrieved 28 May 2012.{{cite web}}: CS1 maint: deprecated archival service (link)
  7. "Kineco Exel to manufacture pultruded carbon fiber planks for Vestas". CompositesWorld. 11 November 2024. Retrieved 15 November 2024.
  8. "Financial Statements Review Q1-Q4 2023" (PDF). Exel Composites. 16 February 2024. Retrieved 10 May 2026.
  9. "Exel Compositesin tulos pettymys" [Exel Composites' result disappoints]. Kauppalehti (in Finnish). Retrieved 10 May 2026.
  10. "Financial Statements Release Q1-Q4 2024" (PDF). Exel Composites. 14 February 2025. Retrieved 10 May 2026.
  11. "Resolutions of the Exel Composites Annual General Meeting 2024". Exel Composites. 26 March 2024. Retrieved 10 May 2026.
  12. "Notice to Exel Composites Plc's Annual General Meeting 2025". Exel Composites. 14 February 2025. Retrieved 10 May 2026.
  13. "Exel Compositesin osake on romahtanut – sijoittajien kärsivällisyys koetuksella" [Exel Composites' share has collapsed – investors' patience is being tested]. Talouselämä (in Finnish). 2024. Retrieved 10 May 2026.
  14. "Annual Financial Report 2021" (PDF). Exel Composites. 2022. Retrieved 10 May 2026.
  15. "Exel Composites plans to discontinue production in Runcorn, UK". Exel Composites. 2023. Retrieved 10 May 2026.
  16. "Consultation process completed - Exel Composites will close its factory in Belgium". Exel Composites. 20 December 2024. Retrieved 10 May 2026.
  17. "Half-Year Financial Report Q1-Q2 2025". Exel Composites. 14 August 2025. Retrieved 10 May 2026.