Earnings call transcript: Exel Composites’ Q3 2025 sees strong order growth

Exel Composites reported a robust third quarter for 2025, showcasing a 28% year-on-year increase in order intake to EUR 27 million. The company’s stock price rose by 6.13% following the earnings announcement, reflecting investor optimism driven by the solid order backlog and strategic agreements. The stock closed at EUR 0.398, up from the previous close of EUR 0.375. According to InvestingPro data, Exel’s shares have delivered an impressive 33.93% year-to-date return and 20.19% over the past year, despite currently trading below their Fair Value estimate.

Key Takeaways

• Order intake surged 28% year-on-year to EUR 27 million.
• The company secured a multi-year frame agreement with Angeli Prodotti.
• Stock price increased by 6.13% post-earnings announcement.
• Strong performance in the energy sector and defense applications.

Company Performance

Exel Composites demonstrated strong performance in Q3 2025, with significant growth in order intake and operating profit. The company’s strategic focus on expanding its presence in the energy and defense sectors has started to pay off, as evidenced by the increased order backlog and new agreements. The completion of factory operations transfer in Belgium and the commercial production commencement in India further underscore the company’s operational efficiency.

Financial Highlights

• Order intake: EUR 27 million (28% increase year-on-year)
• Year-to-date order intake: EUR 90 million
• Adjusted operating profit: 31% increase year-on-year
• Order backlog: EUR 49.2 million (60% increase year-on-year)
• Revenue: Stable year-on-year

Outlook & Guidance

Exel Composites anticipates a revenue increase for the remainder of 2025, driven by the conversion of its substantial order backlog into sales. The company also expects a significant rise in adjusted operating profit. Ongoing efforts to optimize its factory network and expand capacity, particularly in India, are expected to support this growth. The defense and composite conductor core markets present promising opportunities for further expansion.

Executive Commentary

Paul Sohlberg, CEO, stated, "We are now starting to be in the growth phase," highlighting the company’s strategic progress. CFO Mikko Rummukainen emphasized the stability provided by the order book, while Sohlberg noted, "We see good activity across our selected customer industries," reflecting confidence in the company’s market positioning.

Risks and Challenges

• Supply chain disruptions could impact production and delivery timelines.
• Market saturation in key sectors may limit growth potential.
• Macroeconomic pressures, such as inflation, could affect cost structures.
• Increased competition in the composites market may pressure margins.

Q&A

During the earnings call, analysts focused on the potential expansion of the conductor core deal with Angeli Prodotti and the promising opportunities in the defense sector. Questions also addressed the expected gradual revenue improvement in Q4 and the ongoing trials with Vestas, which are not expected to lead to commercial deliveries within the quarter.

Full transcript - Exel Composites Oyj (EXL1V) Q3 2025:

Lauri Haavisto, Director of Investor Relations, Exel Composites: Good afternoon and welcome to Exel Composites Q3 2025 results briefing. I’m Lauri Haavisto, Director of Investor Relations here at Exel. Today’s session is being recorded. Speaking first today is Exel’s President and CEO, Paul Sohlberg, and he’ll be followed by CFO, Mikko Rummukainen. After that, we’ll open the floor to questions. Exel’s tagline is for forward thinkers. That being said, please note that today’s presentation will include forward-looking statements. These statements are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from our business outlook. For more information, please refer to the risk factors discussed in Exel’s corporate governance statement. You can find the statement along with today’s presentation and related materials on our investor website. With that, over to you, Paul.

Paul Sohlberg, President and CEO, Exel Composites: Thank you. Thank you, Lauri, and good afternoon, everybody, and thank you for joining the call today. We have some pretty exciting things to talk about, so I’m happy to see many of you online. Mikko is here with us, as mentioned, and he will be covering the financial portion after I’ve given you an executive summary and, of course, then talked about the BUs. Let me just then head straight into the executive summary and the Q3 in review. I think we have a lot of good things going for us. Clearly, this has been a period of building momentum for the growth phase. We’ve been very busy on, of course, wrapping up and finalizing the activities that we have in the stabilization and profitability phase, but then our minds are quite significantly set already on the next stage.

You can see that in the period, our order intake is up by almost 28% compared to the previous period a year ago. Revenue was stable year on year, but the good news is at the same time that the adjusted operating profit is up by up to 31%. Still small figures absolute-wise, but we’re going in the right direction and we are building momentum there. I’m also particularly pleased to report that the order backlog, now standing at EUR 49.2 million, is up by more than 60% year on year, which is then a testament to how we are moving ahead towards the growth phase. It gives us more visibility into the next quarters.

I mean, you know that typically we have had shorter order backlogs, but there are, of course, this organic normal flow, if you will, of orders, plus then a couple of bigger deals that have been kind of supporting us after the period. We’ll talk about them in a minute as well. Now, if we look at the segments or the customer industries in general, I think we had good momentum in the energy customer industry. We did also see fairly good demand in buildings and infrastructure and in transportation. Industry was a little bit lesser so, a little bit subdued, but nothing worrying to report there either. I think all in all, we’re trading quite well across all of our selected customer industries. It’s also a pleasure to see the operating model truly delivering results.

You know now that we are operating with fewer sites, we are seeing utilization climb exactly as we have planned, and that’s also showing in profitability and, of course, in line with our guidance, looking to improve that as we move forward. We have been busy, as mentioned, on many fronts. You saw that India went into commercial production as well, with the shipping actually starting to lead customers. That’s good, and we are ramping up. We are picking up speed there, so that’s moving in a good direction. In terms of thinking about deals that line up particularly well with our strategy, we have been working a lot on this portion in the period, and just today we announced a little bit.

Concrete results on it, but in the period, we did sign a continuation deal with Kone for the UltraRope deliveries, as we have been doing. Of course, maybe the main news of today, which of course happened after the period, if you checked our stock releases, we just released some 50 minutes ago good news in the conductor core space. What we have announced today is a multi-year frame agreement for the delivery of composite conductor cores to our long-standing customer, Angeli Prodotti of Italy. This agreement spans a four-year period, and it contains a minimum volume commitment of approximately EUR 25 million over the contract term. I want to mention that this is only a minimum volume commitment, so of course we hope that the business.

Our customers and our business, they both develop favorably, and we can actually then look at having a higher actual business with them. The commitment we have today is EUR 25 million. I think this is also a good sign in general. We have been, and our product management teams, as I mentioned already in the previous quarterly call, the activity in the market is quite high. The product management team is working with a number of customers there, and we see kind of an industry-wide movement now happening, particularly in the European space and among the European grids, with more and more interest towards this, driven particularly by energy transition and the increasing electrification trends. You can see down here kind of a picture of the composite-based conductor. In the middle here is the composite rod or the rods that we are supplying to our customers.

These composite cores, what they do is they enable a higher current, push-through, lower losses, and sag on the actual lines, and then longer spans in the existing tower corridors. There are a number of benefits that these offer above and beyond traditional conductors. It’s particularly good also to see that the activity that we have in the market is maybe a sign of them getting more mainstream than they have been previously. Obviously, this will be taking place, or the manufacturing will be taking place in our pultrusion factories and in the existing factories we have for conductor cores. Please remember, this is not a first of its kind for us. We have been doing this for many, many years already.

We have the quality control, the processes, and the capabilities in place to take on the higher needs that the customers may have, this customer and hopefully other customers as well. Deliveries under this frame agreement are scheduled to begin in the first quarter of 2026, and then the volumes will develop in line with the call-offs coming in from the customer. With that, I think I’m going to head over then to Mikko, and Mikko is going to talk us through some of the good numbers where we also have some of the good news. Mikko, if you want to go ahead, please.

Mikko Rummukainen, CFO, Exel Composites: Thanks, Paul. Great to see the good news about conductor core orders. For clarity, as it came in today, these new big orders are not part of Q3 results, not part of these figures. It’s pleasing to note that because our highlight of Q3 was good order intake, and now we can celebrate good order intake in Q3. Let’s see if we can celebrate it in Q4 as well. Certainly we will. EUR 27 million order intake, which takes us to about EUR 90 million year to date. On a quarterly basis, 28% higher than last year. Very nice growth there. We’ll see soon how the order backlog is building up. Good orders lead to good backlog, and it leads to revenue and eventually to profits. Revenue was stable year on year. Adjusted operating profit was 31% over last year.

If we look at our annual year to date adjusted operating profit, we’re at EUR 2.7 million when we were at EUR 1.5 million last year. Taking the next slide. As mentioned, backlog keeps growing. We’re at the highest level in three years, EUR 49 million before these latest events. Converting those orders into revenue will happen in the future. This is somewhat a change when we used to have always a very short order backlog, and then some fluctuations depending on how these short-term orders came and went. The order book, as we’re building it up, also provides a bit longer-term stability. In terms of content of the order book, what it does include, bigger increases, and especially these longer-term items are related to wind, composite conductor cores, and the UltraRope orders for Kone. Paul also mentioned all the customer industries.

We have, they’re showing good activity. In energy, especially, which contains both wind and conductor cores. There’s strong momentum going forward. Transportation, building and infrastructure are also where we see good and increasing activity. That is also where transfers from our Belgian factory to other sites are affected by these two segments or industries, transport and buildings and infra. When that all stabilizes, successful transfers will then support our results. One thing to notice, given the situation in the world, we are seeing continued demand in some defense-related applications. They are part of our segment, others, showed in our reporting. We can celebrate the higher profitability we’re able to make, even if revenue has been on last year’s level, that we’re generating a clearly higher adjusted operating profit, which increased significantly in Q3 and also for all of this year. This is supported by our.

Fewer sites, increasing utilization, and increasing cost efficiency. One thing to notice is that so far in 2025, we’ve had our operating cash flow, which is negative, mainly from buildup of increased working capital. This is related to multiple factors, including that we have the large order backlog, then ramping up India, and also how the deliveries themselves are timed in Q3. It is potentially worth to note that in Q3, with the Europe focus and where European customers often have shutdowns and slower business in Q3 due to the summer period, it does somewhat affect Exel as well. Going forward, our priorities include improving our operating cash flow and improving efficiency of our working capital. Although, going forward to the growth phase, with growth, absolute amount of working capital is expected then to increase. So that’s a bit of highlights from our numbers part.

Paul, if you will take over the BU side.

Paul Sohlberg, President and CEO, Exel Composites: Sure, thanks, Mikko. Let’s dive into the Engineered Solutions Business Unit first. I think in ESBU, we had quite a good run in the period, in the quarter. There are a number of commercial wins, partially the ones we already mentioned, and also in the smaller order space, if you will. I think the BU did a great job in continuing with executing the transfers of the Belgian business. I mean, that was in the period one of the major things there to kind of get that moving really and picking up speed there and getting some of the congestion that we have been having kind of clearing. That is what they are doing. I think that is also why we see some of that still in the flat revenue.

The good news is that we are kind of now starting to get this behind us. We’ll continue through this year still, but we do now know where and when we will have that under good control. We also then mentioned the conductor cores for the Angeli. As I said, we have been working quite a lot in the period to ramp up, to prepare, of course, for these increased volumes that we are expecting and foreseeing. That’s been requiring quite a lot on the operational side as well to make sure that we are prepared. At the same time, the Connect UltraRope deal was secured for increasing deliveries and also taking some preparations there to be ready for hopefully more business in the future. You also remember we have the quite exciting Flying Whales airship program ongoing.

We have been continuing very closely with the customer, doing the R&D for the structures of their airship. Now we advanced to expanded testing on some of the tube profiles there. That is moving forward. That also contributed. I mean, the proceeds that we are getting from this R&D phase, they also contributed to ESBU’s revenue in the period. As Mikko mentioned, there is quite a lot of activity now in defense and particularly in drones. Or maybe let’s talk about the larger ones, the unmanned aerial vehicles. I mean, this is a picture of a smaller drone, but I think what we are dealing with here are the larger ones. In defense, we do have an existing business. I mean, you might remember, for example, the camouflage poles. I mentioned or alluded to it before that we have seen increased volumes in that business.

We expect also that to keep going in a favorable direction as we then develop and review various opportunities in the drone space or the UAV space. In terms of the focus, the focus really now is to make sure we can convert the quite significant backlog that we have for ESBU into deliveries. Then finishing and wrapping up the transfer from Belgium, and then, of course, maintaining quality and on-time delivery so that we do not start seeing more congestion there again. I have good confidence that we will be getting out of this now by the end of the year. There will be some congestion in the new year, but it will not be significantly affecting the business anymore. All in all, very good progress, both operationally and on the commercial side with customers in ESBU. Moving over then to Industrial Solutions Business Unit.

Also a very busy period for the team there. The revenue was slightly less than the period before. We had some unfavorable effects impact there. On the other hand, the good news was that India moved into commercial shipping. Actually we started shipping to the customer. We have been ramping up and producing already. We started the shipments. That came fairly late in the period. The revenue is not significantly visible yet in the numbers. As we move ahead, we’ll be seeing more of that. What I particularly want to thank the team for is that they have managed the ramp-up in a very good way. We have achieved already now some of the long-term targets in terms of the quality and the yield and other operational performance metrics there. The ramp-up has been controlled well.

Making sure we get it first time right. That’s good because it also has a positive impact on, of course, the teams working there and kind of getting the feel of what good looks like in this. When we then add more lines, more speed, ramp up even more, of course, it’s important to get that. Keep the quality and the yield up where it should be. That’s good. With the other existing customer already for the India factory, which has been named and which is Vestas, a lot of activity, good activity with them as well. The program that we have with them for the SparCap advanced, the audits progressed and we are moving towards the trial runs as the plan is supposed to be. We are working closely with the Vestas team and that’s going well as well.

Otherwise, operationally, I mean, across the BU, performance remained solid. We had steady demand from both energy and then transportation customers. I think it’s looking fairly okay for them also if we think about the coming periods. Likewise, if we think about the focus in the short and midterm, it is now then to reach the targeted output and ramp up in line, of course, with the customer demand in India. Then maintain the quality and on-time delivery as we add more capacity. For the ongoing or new customer opportunities, if you will, it is to kind of keep all balls in the air and then also be able to convert the current customer engagement into more orders and then stable production. I mean, Vestas here is an example. There. All in all, a lot of activity for Exel in the period.

I’m happy to report that we are kind of progressing on all fronts, financially with customers and in operations. Even more so in the strategic domain because this is now starting to be visible, hopefully to you as well, how the strategy and the operating model is supposed to be working. With that, just starting to round up the guidance. If you saw the report, obviously that’s unchanged. We expect revenue to increase and the adjusted operating profit to increase significantly this year compared to last year. No news in this domain. Finally, I think this is where I hand over to Lauri for the questions and the open discussion. Lauri and everybody online, please go ahead.

Lauri Haavisto, Director of Investor Relations, Exel Composites: Thank you, Paul. We seem to have the first question from Valtteri. Valtteri, please go ahead.

Hey, thank you for the presentation. Congratulations also from the new order. I’ll actually start with that. The announcement says that the minimum commitment is EUR 25 million. Can you talk about the high end of the potential here?

Paul Sohlberg, President and CEO, Exel Composites: Yeah, I mean, this would be then speaking for the customer and then their end customers. I think we’ll let a few periods go and we start seeing what the demand is. I think, being the minimum volume commitment and given that this is a quite conservative customer, I’m hoping that that is giving you some view of the potentiality. I mean, obviously the minimum volume commitment is not EUR 100 million. Also, it’s not EUR 5 million. I think you can extrapolate from that. Truly, I need to see when the orders or the call-offs start rolling in, that are we coming in at this level in the beginning or how the potential ramp is coming. Valtteri will need to come back to that.

Yeah, thank you. Fair enough. Maybe still on that, if you can kind of elaborate a bit, how long of a process this was starting from the first negotiations and until today. And was this actually an existing customer or a completely new one?

Yes, this is an existing customer. We have been producing conductor cores for Angeli Prodotti. In fact, this is a product that we have co-developed with them back in the day. So far, or thus far, the volumes have been varying between the years. They have been individual orders depending on how the different grids have been kind of adopting the product. Now, for this, we have been obviously, this was always the plan because this kind of fits in the strategy of getting these long-run spoolable carbon fiber products that help us increase the utilization rate. The whole thought process started with the strategy, obviously. In terms of the negotiation, we have been at this four months and we just finished today, some minutes before we did the announcement. It has been a long process.

I want to thank everybody who has been working on that and of course also the team at Angeli Prodotti. It’s been an exciting and long project to get here.

Thank you. Yeah. About the defense sector, you have been talking about some good activity there for a while now. First of all, can you maybe say, is the defense industry already over 10% of your sales this year? The second part of this question is that I think you previously discussed the conductor core opportunity similarly to how you are now talking about the defense. Could we expect these kind of large deals coming from defense as well in the future, or will they most likely be smaller orders?

Valtteri, I don’t want to get ahead of us and kind of speculate here. Of course, I hope that. We could. We have to remember that the whole interest in defense has sparked now fairly recently. Let’s say in less than the previous 12 months, and particularly talking about the UAVs, that’s picked up fairly recently. There are some interesting opportunities. I mean, just if you read the news, all these talks about the drone walls, etc. The potentiality, and I’m hoping personally that there is good potential in that space. I don’t want to make any reference to the conductor core deal or the value or things like that. I mean, do please remember that the case development cycle for a new product or a new profile, it isn’t necessarily very short. There’s a lot of R&D going there. It might not be immediate.

The more we can keep giving you confidence that there is activity, the more there is reason to expect that things will be following from that. Should it be just small cases that would fall into regular order intake, then I do not think we would be mentioning them. It is fair to mention that it is a lot of activity there. Now, I just want to address the first part of your question, which was the volume. We will need to see by the end of the year what the full revenue is and then the share of that. What we did say earlier is that we have gotten additional deals. Remember, this is a recurring business and we have been getting additional deals there. I think we will have favorable development in that space.

That’s clear. Maybe one follow-up still on the defense. Can you just say that are you having active negotiations of potential deals in that industry, or are these talks more related to R&D phase at the moment?

The answer is yes on both questions because we always start with R&D. You don’t know how it goes. I mean, we start with early R&D, then we get the concept defined, then there is potentially a tool order, then we start pultruding, we start testing, we continue R&D, we iterate. But the answer is yes. Both R&D and we are negotiating deals. I won’t go into more detail in what phase exactly we are. We need to do more work on that.

Great. Thank you. I have quite a lot of questions, but I’ll maybe let others ask at this time as well.

Okay, no worries. Thanks, Valtteri.

Lauri Haavisto, Director of Investor Relations, Exel Composites: Next up we have Joona. Let’s see. Go ahead, Joona.

Joona Harjama, Analyst, OP Markets: Yes, hi, Joona Harjama from OP Markets. Thank you for your presentation. First, I would like to start with the guidance. More specifically about your sales guidance. Of course, we know that you have been ramping up the India factory only during the Q3 and the volumes are picking up gradually. Still, after the third quarter, you are a bit behind last year and your guidance tells that revenue will still grow. Can you somehow describe what kind of delta you expect for India and what should we expect from the Q4?

Paul Sohlberg, President and CEO, Exel Composites: Yeah, okay. Thanks. I’ll give that to Mikko. I think that’s more in your domain.

Lauri Haavisto, Director of Investor Relations, Exel Composites: Thanks. What we were saying early in the year is that we will have a better second half than first half, although then Q3 seasonally is a little bit weaker. What we would expect to see is that all this order backlog starts gradually getting built into revenue. We saw congestion from Belgian transfers easing up. It is a gradual process. Let’s say it should have some impact in Q4. It should have then continuing impact towards next year as well. We’ve not changed our guidance.

Joona Harjama, Analyst, OP Markets: Yes, I see. Thank you. Thank you. Another one regarding the construction infrastructure. You said that the kind of demand has been quite good, but I would like to ask what is behind your optimism? Because if we kind of look at the overall sentiment in the construction market, it is still quite weak. Can you elaborate a bit about your view and what products are successful and from where the demand comes from?

Paul Sohlberg, President and CEO, Exel Composites: Yeah, okay. I can start with that. The view, I mean, it comes obviously from our discussions with customers. Obviously, we are in close contact. Many of these customers, they are, or most of them, they are existing customers. We kind of have potentially, we have forecasting processes from them or we have regular discussions with them. Of course, also with the new customers, we get a fairly good understanding of where they are coming from and what the situation is. The comment is more so in comparison to what we have been having as market activity and maybe order flow in the previous periods. I think all of this year, we have seen that the stagnation, if you will, in the overall building and infrastructure market has been kind of moving slowly, slowly, but moving on.

We have been seeing more positivism, activity in customers, and also order inflow. I mean, we have not talked about this being as some sort of a ketchup bottle, but it is clearly we are seeing a trend of improvement here in what we are doing. You remember a lot of what we do there is, for example, window and door profiles. More so maybe in a little bit of a higher segment, higher price point in that market. That is a market that we see improvement and that has been starting to move. What can—yeah, okay, go ahead.

Okay, thanks.

Lauri Haavisto, Director of Investor Relations, Exel Composites: Maybe as a follow-up. I mean, we’re addressing the segment globally, and Finland is particularly negative about construction. It’s not at a hype stage globally either, but it’s not quite in such a bad shape. We did mention in our highlights Kone’s UltraRope, which is part of buildings and infra. It also, I think, shows that composites are being used, and there’s some interesting things happening.

Joona Harjama, Analyst, OP Markets: All right. All right. Thanks. Then perhaps the last from me about the Vestas Corporation. If I remember correctly, you have earlier said that you expect the deliveries to start during the last quarter of this year. In the presentation, you mentioned that you kind of are still in the trial mode. Do you still expect you could start deliveries during the Q4, or what do you currently expect, or what should we expect about the ramp-up of the cooperation?

Paul Sohlberg, President and CEO, Exel Composites: Yeah. Okay. So what we said is that we will not start commercial deliveries, but we will start—there is a fairly elaborate certification process. You need to do different types of test runs for them. And some are then going to commercial installations and some are not. Yes, we are progressing more or less according to that schedule. There is slight delay in terms of—which is not driven by us or by Vestas in particular, but these projects tend to take some time. It is not very significant. I want to caution you on—the thought process is not to have commercial deliveries with Vestas in the fourth quarter, but rather kind of getting through some of these stages that we need to do to qualify with them.

I just want to clarify if there was the thought that, or if you were thinking that there will be commercial paid-for volume deliveries in Q4, no, that will not happen. We are well progressing with them.

Joona Harjama, Analyst, OP Markets: Okay. Thanks. Thanks, good to hear. That’s all from me. Thank you.

Paul Sohlberg, President and CEO, Exel Composites: Thanks, Joona.

Lauri Haavisto, Director of Investor Relations, Exel Composites: Thank you. Valtteri, did you have some follow-up questions still?

Yes. Yes. A few ones. Maybe first. You said in the report that you basically are nearing to the end of the stabilization and profitability phase of your strategy. Does that mean that going forward from that point on, any kind of—or the primary earnings growth driver will come through operational leverage and increased volumes?

Paul Sohlberg, President and CEO, Exel Composites: Yeah. I mean, if we look at our long-term targets, the volume is a significant driver there. As we move ahead and get in the full savings of, let’s say, the other lever in the strategy, which is then optimization of our network. We still have at least one factory review to conduct. Of course, there will be some advantages coming from that space as well as we get—we’re just in the process of wrapping up Belgium. At some point, we’ll look at the third factory review. Of course, just the targets we have on top line growth will bring the benefit, of course, I mean, in a major part.

Can you talk about the utilization rate a bit more? Where are we with that today? How much room for improvement do you see on that front?

Yes. Okay. So what we have decided is that we will not start reporting the actual figures, but we’re happy to talk about it and give you more information around it. So, I mean, particularly over this year, we have seen constantly the utilization rates go up. This has been largely driven now by consolidation of the factory network since revenue is still on a similar level as last year. Now, if you think about it, we are currently operating with one factory less than before. Obviously, that is giving us now a boost. Year to date, the improvement is still not huge. Now, if, for example, just looking at the latest month in this period, there was already a significant lever improvement going in there. However, we still have a lot of unlocked potential in that space.

As we do get in more of orders and particularly more of these bigger frame type of long-term contracts that give us a steady flow, I think we have a lot of room to improve still in that space. I mean, that’s according to the plan altogether. There is a lot of potential to tap into.

Okay. Thank you. About the Kone deal, I don’t think you mentioned the deal size there. Can you kind of give at least a rough estimate on that?

We have agreed and been requested by Kone really to be careful around this. They would like to keep this to themselves. The way this has been coming is that you typically get them in tranches, so not regularly, but kind of in tranches. This is a fairly sizable order for us. I mean, it’s not close to a, individually, close to a stock exchange release, but it’s a decent order and it’s a significantly higher volume we are seeing than in the previous tranches. That is why we wanted to mention it.

Great. Thank you. Last one. On the orders. With both of these conductor core deals, are they going to be under the industrial volume applications or engineering? I assume the volume applications.

Mikko, go ahead, please.

Lauri Haavisto, Director of Investor Relations, Exel Composites: In terms of business unit split, at the moment it is under engineered. In terms of customer industries, you’ll see the figures in energy.

Got it. Got it. Okay. That’s it all from me. Thank you.

Thank you. Do we still have anyone with more questions? If so, please use the raise hand function on Teams. I think that’s about it. Thank you all for the questions. Thank you, Paul and Mikko, for your answers. It’s time to wrap up today’s session. The next time we’ll be seeing is our next release in February. Hope you see you all then. I hope you all have an excellent day.

Paul Sohlberg, President and CEO, Exel Composites: Okay. Thanks for joining and see you later.

Thank you.

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