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"ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "ID_270": { "value": "-4251000.0", "decimals": -3, "dimensions": { "concept": "Exel:ComprehensiveIncomeExcludingGainsLossesOnRemeasurementOfDefinedBenefitPlans", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_272": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ID_235A": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_275": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "ID_276": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_297": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ID_298": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_279": { "value": "72000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ID_280": { "value": "72000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_283": { "value": "-64000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ID_284": { "value": "-64000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_287": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "Exel:ReserveForInvestedUnrestrictedEquityMember", "unit": "iso4217:EUR" } }, "ID_288": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_291": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "Exel:ReserveForInvestedUnrestrictedEquityMember", "unit": "iso4217:EUR" } }, "ID_292": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_295": { "value": "-2000.0", "decimals": -3, "dimensions": { "concept": "Exel:IncreaseDecreaseDueToCorrectionsOfPriorPeriodErrors", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ID_296": { "value": "-2000.0", "decimals": -3, "dimensions": { "concept": "Exel:IncreaseDecreaseDueToCorrectionsOfPriorPeriodErrors", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_257A": { "value": "2141000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700205JAMGM80QD88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "ID_258A": { "value": "1080000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700205JAMGM80QD88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "Exel:OtherRestrictedEquityMember", "unit": "iso4217:EUR" } }, "ID_259A": { "value": "22416000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700205JAMGM80QD88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "Exel:ReserveForInvestedUnrestrictedEquityMember", "unit": "iso4217:EUR" } }, "ID_260A": { "value": "3047000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700205JAMGM80QD88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "ID_261A": { "value": "-735000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700205JAMGM80QD88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ID_262A": { "value": "142000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700205JAMGM80QD88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "ID_181AA": { "value": "28092000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700205JAMGM80QD88", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_1": { "value": "
Notes to the consolidated financial statements
All figures in the notes are in EUR thousands unless otherwise stated. Significant accounting principles are described in connection to the relevant note.
The consolidated financial statements of Exel Composites Plc for the year ended 31 December were authorized for issue in accordance with a resolution of the Board of Directors on 3 March 2026. Final decision
to adopt, change or reject the financial statements is made by shareholders in Annual General Meeting on 26 March 2026.
Exel Composites\u2019 official consolidated financial statements is published in accordance with the ESEF-directive in XHTML format including iXBRL tags. The audit firm Ernst & Young Oy issues an independent
auditor\u2019s reasonable assurance report on Exel Composites\u2019 ESEF Financial Statements. In addition, a pdf version on the consolidated financial statements is available at the company\u2019s website at
www.exelcomposites.com
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_2": { "value": "
The consolidated financial statements of Exel Composites Plc for the year ended 31 December were authorized for issue in accordance with a resolution of the Board of Directors on 3 March 2026. Final decision
to adopt, change or reject the financial statements is made by shareholders in Annual General Meeting on 26 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_3": { "value": "Exel Composites Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_4": { "value": "M\u00e4ntyharju, Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_5": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_6": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_7": { "value": "Uutelantie 24 B, 52700 M\u00e4ntyharju, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_8": { "value": "Europe, Asia and North America", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_9": { "value": "Exel Composites provides forward-thinking composite solutions made with continuous manufacturing technologies to customers in a wide range of industries around the world.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_10": { "value": "Exel Composites Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_11": { "value": "Exel Composites Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_12": { "value": "
NOTE 2 Basis of preparation
The consolidated financial statements have been prepared on a historical cost basis, with the
exception of available-for-sale investment securities and certain other financial assets and financial
liabilities that have been measured at fair value.
The consolidated financial statements are presented in euros and all values are rounded to the
nearest thousand except where otherwise indicated.
Statement of Compliance
The consolidated financial statements of Exel Composites Plc have been prepared in compliance
with International Financial Reporting Standards (IFRS), applying IAS and IFRS standards, as well
as SIC and IFRIC interpretations, as adopted by the European Union, valid on 31 December 2025.
The notes to the consolidated financial statements are also in compliance with the Finnish
Accounting and Companies Acts.
Basis of Consolidation
Exel Composites\u2019 consolidated financial statements include the accounts of the parent company
Exel Composites Plc and its subsidiaries as at 31 December. Subsidiaries are viewed as companies
in which it owns, directly or indirectly, over 50% of the voting rights or in which it is in a position to
govern the financial and operating policies of the entity. The Group has control over an entity when
it has a participation in the entity and is exposed to or has right to its variable revenues and can
influence the revenues by using its control over the entity. Subsidiaries are fully consolidated from
the date that Exel Composites acquired control and are no longer consolidated from the date that
control ceases. Where necessary, the accounting principles of subsidiaries have been changed to
ensure consistency with the accounting principles of the Group. The financial statements of the
subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies.
Acquisitions of companies are accounted for using the purchase method. The cost of an acquisition
is measured at fair value over the assets given up, shares issued or liabilities incurred or assumed
at the date of acquisition. The excess acquisition cost over the fair value of net assets acquired is
recognized as goodwill.
All intra-group balances, income and expenses, unrealized gains and losses and dividends resulting
from intra-group transactions are eliminated in full.
If the Group loses control over a subsidiary, it:
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Derecognizes the assets and liabilities of the subsidiary;
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Derecognizes the carrying amount of non-controlling interest;
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Derecognizes the cumulative translation differences, recorded in equity;
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Recognizes the fair value of the consideration received;
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Recognizes the fair value of any investment retained;
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Recognizes any surplus or deficit in profit or loss, and
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Reclassifies the parent\u2019s share of components previously recognized in other comprehensive
income to profit or loss.
When compiling the opening IFRS balance sheet, Exel Composites has applied the exemption
provided by IFRS 1 related to business combinations. This means that the assets and liabilities of
subsidiaries have not been assessed retroactively at their market value. Instead, they have been
included in the balance sheet on the transition date in an amount in accordance with earlier
financial accounting practice.
The Group has no affiliated companies or joint ventures.
Non-controlling interest is deducted from shareholders\u2019 equity and presented as a separate item in
the balance sheet. Similarly, it is presented as a separate item in the consolidated financial
statements. The share of losses attributable to the holders of non-controlling interest was debited
to non-controlling interest in the consolidated balance sheet up to the full value of the non-
controlling interest prior to 1 January 2010.
ACCOUNTING PRINCIPLE: Revenue recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Group and the revenue can be reliably measured. Sales of products are recognized as income in
accordance with IFRS 15 when the performance obligation is satisfied. Basically the performance
obligation is satisfied when the goods have been delivered to the customer according to the
agreed delivery terms. In most cases this happens when the goods leave the factory. In case
according to agreed delivery terms risks and rewards as well as control over the goods are
transferred to the customer only when the goods have been delivered to the customer, then
revenue is recognized only when the customer has received the goods.
For long-term, project-based sales, revenue may be recognized over time using the percentage-
of-completion method, provided this approach most accurately reflects the satisfaction of the
performance obligation. The measure of progress is typically determined by comparing actual
costs incurred to the estimated total costs required to satisfy the performance obligation.
Revenue comprises the invoiced value for the sale of goods and services net of indirect taxes,
sales adjustment and exchange rate differences. Distribution costs for products to be sold are
included in the income statement as other operating expenses. Interest income is recognized
using the effective interest rate method and dividend income when the right to the dividend has
been created.
Capital expenditure
Capital expenditure presented in this note includes additions to intangible and tangible assets
and related advance payments posted during the financial period excluding additions to right-of-
use asset. Additions are presented by asset group in Notes 18 and 19.
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ACCOUNTING PRINCIPLE: Foreign currency translation
The Group\u2019s consolidated financial statements are presented in euros, which is also the parent
company\u2019s functional currency. Each entity in the Group determines its own functional currency
and items included in the financial statements of each entity are measured using that functional
currency.
The income statements of independent foreign subsidiaries are translated into euros at the
average exchange rates for the financial year and the assets and liabilities are translated at the
exchange rate of the balance sheet date. The reporting date exchange rates are based on
exchange rates published by the European Central Bank for the closing date. The average
exchange rate is calculated as an average of each month\u2019s average rates from the European
Central Bank.
Exchange differences arising on the translation are recognized in other comprehensive income.
When a foreign operation is sold, the component of other comprehensive income relating to that
particular foreign operation is recognized in the income statement.
Foreign currency exchange gains and losses related to business operations and translating
monetary items have been entered in the income statement. Foreign exchange differences from
business operations are included in other items above the operating profit. Foreign exchange
differences from foreign currency loans and cash at bank are included in financial items.
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ACCOUNTING PRINCIPLE: Government grants
Government grants are recognized where there is reasonable assurance that the grant will be
received and all attaching conditions will be complied with. When the grant relates to an
expense item, it is recognized as an income over the period necessary to match the grant on a
systematic basis to the costs that it is intended to compensate. When the grant relates to an
asset, it is recognized as deferred income and released to the income statement over the
expected useful life of the relevant asset by equal annual installments.
ACCOUNTING PRINCIPLE: Research and development
Research costs are expensed as incurred. Costs incurred from development projects, which are
often connected with the design and testing of new or advanced products, are recorded in the
balance sheet as intangible assets from the time that the product can be technically achieved, it
can be utilized commercially, and the product is expected to create a comparable financial
benefit. Other development costs are recorded as expenses. Capitalized development costs are
amortized on a straight-line basis beginning from the commercial production of the product
during the period they are effective, yet no longer than five years.
ACCOUNTING PRINCIPLE: Impairment of non-financial assets
At each reporting date, the Group evaluates whether there are indications of impairment in any
asset item. If impairment is indicated, the recoverable amount of the asset is estimated. An
asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value
less costs to sell and its value in use and is determined for an individual asset, unless asset
does not generate cash inflows that are largely independent of those from other assets or group
of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount.
In addition, the recoverable amount is assessed annually for the following items regardless of
whether there are indications of impairment: goodwill; intangible assets that have an unlimited
economic lifespan; and assets under construction.
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ACCOUNTING PRINCIPLE: Dividends
Dividends paid by the Group are recognized for the financial year in which the shareholders have
approved payment of the dividend.
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ACCOUNTING PRINCIPLE: Earnings per share
The undiluted earnings per share is calculated by dividing the profit for the period belonging to
the shareholders of the parent company by the weighted average of shares in issue, not
including shares purchased by the Company itself and that are presented as own shares. The
weighted average number of shares used to calculate the diluted earnings per share includes
the diluting effect of outstanding stock options during the period. The result for the financial year
is not adjusted since the subscription of dilutive shares does not involve any compensation to be
recognized in the income statement.
ACCOUNTING PRINCIPLE: Deferred taxes
Deferred taxes are calculated for all temporary differences between accounting and taxation
using the tax rates valid at the closing date. The largest temporary differences arise from the
depreciation of tangible assets, valuations in the fair value in the balance sheets of acquired
companies at the time of acquisition, revaluations of certain non-current reserves, reservations
for pension schemes and post-retirement benefits, unused tax losses, and differences in net
wealth between fair value and taxable value in connection with acquisitions.
Deferred tax assets have been recorded to the extent that it is probable that taxable profit will
be available against which the temporary difference can be utilized will materialize in the future.
Deferred income tax is determined using tax rates that have been enacted or substantially
enacted by the balance sheet date.
ACCOUNTING PRINCIPLE: Taxes
Group taxes consist of taxes based on Group companies\u2019 results for the financial year,
adjustments to taxes related to previous years and the change in deferred income taxes.
The tax expenses on the income statement are formed from the tax based on the taxable income
for the financial year and deferred taxes. The tax expenses are recorded in the income statement
except for the items recorded directly into shareholders\u2019 equity, when the tax impact is recorded
also as an equivalent part of shareholders\u2019 equity. The taxes for the financial year are calculated
from the taxable income according to the valid tax rate in each country. Taxes are adjusted by
the possible taxes related to previous financial years.
Revenues, expenses and assets are recognized net of the amount of sales tax except where the
sales tax incurred on a purchase of assets or services is not recoverable from the taxation
authority. Receivables and payables are stated with the amount of sales tax included.
ACCOUNTING PRINCIPLE: Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in
the period they occur. Borrowing costs consist of interest and other costs that an entity occurs in
connection with the borrowing of funds.
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ACCOUNTING PRINCIPLE: Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of
intangible assets acquired in a business combination is its fair value at the date of acquisition.
Following initial recognition, intangible assets are carried at cost less any accumulated
amortization and any accumulated impairment losses. Internally generated intangible assets,
excluding capitalized development costs, are not capitalized and expenditure is reflected in the
income statement in the year in which the expenditure is incurred.
The useful life of intangible assets is either finite or indefinite. Intangible assets with finite lives
are amortized over the useful life and assessed for impairment whenever there is indication that
the intangible asset may be impaired.
Intangible assets are amortized on a straight-line basis over their estimated useful lives as
follows:
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Development costs
3-5 years
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Other long-term expenses
3-8 years
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Other intangible assets
3-8 years
\u25cf
Customer relationships
10 years
Intangible assets with indefinite useful lives are not amortized but are tested for impairment
annually, either individually or at the cash generating unit level.
Computer software
Costs associated with the development and maintenance of computer software are generally
recorded as expenses. Costs that improve or expand the performance of computer software to
the extent that the performance is higher than originally is considered as a property item
improvement and is added to the original acquisition cost of the software. Capitalized computer
software development costs are expensed and amortized on a straight-line basis during the
period they are financially effective.
Costs in SaaS arrangements
IFRIC\u2019s agenda decision on how to account for configuration and customization costs in SaaS
arrangements has had no material effect on the consolidated financial statement.
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Other intangible assets
The acquisition costs of patents, trademarks and licenses are capitalized in intangible assets and
depreciated on a straight-line basis during their useful lives.
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ACCOUNTING PRINCIPLE: Property, plant and equipment
Property, plant and equipment is stated in the balance sheet at historical cost less accumulated
straight-line depreciation according to the expected useful life, benefits received, and any
impairment losses.
Planned depreciation is calculated on a straight-line basis to write off the acquisition cost of each
fixed asset up to its residual value over the asset\u2019s expected useful life. Land areas are not
depreciated. For other tangible fixed assets, depreciation is calculated according to the following
expected useful lives:
\u25cf
Buildings
5-20 years
\u25cf
Machinery
5-15 years
\u25cf
Equipment
3-5 years
If the book value of an asset item exceeds the estimated amount recoverable in the future, its
book value is adjusted immediately to correspond with the amount recoverable in the future.
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Routine maintenance and repair expenditure is recognized as an expense. Expenditure on
significant modernization and improvement projects are recognized in the balance sheet if they
are likely to increase the future economic benefits embodied in the specific asset to which they
relate. Modernization and improvement projects are depreciated on a straight-line basis over
their expected useful lives.
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Depreciation on tangible fixed assets is discontinued when a tangible fixed asset meets the
criteria of \u201cheld-for-sale\u201d according to IFRS 5 \u201dNon-current Assets Held for Sale and
Discontinued Operations\u201d. Such asset is transferred to Held for sale assets and is presented
separately from other assets.
Gains or losses on disposal or decommissioning of tangible fixed assets are calculated as the
difference of the net proceeds obtained and the balance sheet value. Capital gains and losses are
included in the income statement in the item operating profit.
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ACCOUNTING PRINCIPLE: Leases
Exel Composites (Group) has applied the IFRS16 Leases \u2013standard since 1 January 2019. Lease
liabilities arising from lease and rental agreements along with corresponding right-of-use assets
are stated in the balance sheet accordingly.
Group has used the recognition exemption where lease contracts are not stated in the balance
sheet, if the value of the underlying asset is less than approx. 5,000 euros and/or if the lease
period is 12 months or less.
For lease contracts with no set end date and with termination or extension options, the Group
has determined the lease term by making an assessment using best available information.
ACCOUNTING PRINCIPLE: Inventories
Inventories are valued in the balance sheet either at the acquisition cost or at the net realizable
value, whichever is lower. The acquisition cost is determined using the weighted average price
method. The acquisition cost of finished and incomplete products comprises raw materials,
direct costs of labor, other direct costs and the appropriate portion of the variable general costs
of manufacture and fixed overhead at the ordinary rate of operations, but it does not include
borrowing costs. The net realizable value is the estimated selling price in ordinary business
operations less the estimated expenditure on product completion and sales.
ACCOUNTING PRINCIPLE: Financial assets
Financial assets are classified, at initial recognition, within the scope of IFRS 9 as subsequently
measured at amortized cost, fair value through other comprehensive income or fair value
through profit or loss.
The Group\u2019s financial assets include cash and short-term deposits,
trade receivables and other
receivables. The objective is to hold these financial assets to collect contractual cash flows that
are payments of principal and interest on the principal amount and therefore they are classified
as subsequently measured at amortized cost.
A financial asset is derecognized when:
\u25cf
The rights to receive cash flows from the asset have expired.
\u25cf
The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay received cash flows in full without material delay to another party.
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Trade receivables
Trade receivables are recorded in the balance sheet at their original invoice amount.
An impairment of trade receivables is recognized in accordance with IFRS 9. The Group applies
the simplified approach allowed by IFRS 9 as the accounts receivable does not contain
significant financing component. To measure the lifetime expected credit losses trade
receivables have been grouped based on credit risk characteristics and aging category. Expected
credit losses have been measured based on the payment delays adjusted by forward looking
estimates and individual assessment.
ACCOUNTING PRINCIPLE: Cash and short-term deposits
Cash and short-term deposits in the statement of financial position comprise cash at banks and
in hand and short-term deposits with an original maturity of three months and less. Credit
accounts connected with Group accounts are included in current interest-bearing liabilities and
are presented as net amounts, as the Group has a legal contractual right of set-off to make
payment or otherwise eliminate the amount owed to creditors either in whole or in part.
Cash and cash equivalents are recorded at amortized cost in the statement of financial position.
ACCOUNTING PRINCIPLE: Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as subsequently measured at
amortized cost or at fair value through profit or loss.
The Group\u2019s financial liabilities include trade and other interest-free payables, bank overdrafts
and loans. These are classified as subsequently measured at amortized cost. The Group has no
derivative liabilities.
ACCOUNTING PRINCIPLE: Provisions
A provision is recognized in the balance sheet when the Group has a present legal or
constructive obligation as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation.
The Group recognizes a provision against onerous agreements if the benefits of an agreement
are expected to be smaller than the unavoidable costs required to fulfill the obligations of the
agreement.
A provision for restructuring is recognized when the Group has prepared a detailed and formal
restructuring plan and restructuring has either commenced or the plan has been announced
publicly. The provisions are valued at their present value of costs required to cover the
obligation.
Provisions are included in Accrued expenses. The Group had no provisions in the reporting
period.
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Impairment tests are done annually on goodwill and on intangible assets with an indefinite
economic life. On the closing date the Exel Composites Group had no intangible assets with an
unlimited economic life.
The calculation of value-in use is most sensitive to following assumptions:
\u25cf
Future growth rate
\u25cf
EBITDA margin
\u25cf
Discount rates
The Group makes a so-called two-step goodwill impairment test where CGU level goodwill is tested
first and thereafter Group level goodwill is tested. The Group has allocated goodwill to group and
business units (CGUs). The impairment of cash-generating units is tested by comparing the
recoverable amounts to the carrying amounts. The recoverable amount of the cash-generating
units is determined based on calculations of value in use, which are based on discounted future
cash flows. Future cash flows are based on the continual use of the item and forecasts made by the
management for the coming years (5 years + residual). Forecasts for the periods further ahead in
the future have been calculated on the assumption of annual growth rate of 1.7% based on general
inflation expectation. Sales margin levels used in the forecasts are expected to remain on average
at current levels for Engineered Solutions business unit but for Industrial Solutions business unit
average sales margin is expected to decrease due to significant increase in volumes.
Discount rate is defined to reflect the effect of the different business risks on the expected return on
equity. The cost of liabilities is defined according to the existing credit portfolio. The calculation of
the average cost of capital considers the Group\u2019s targeted capital structure, as well as the effect of
debt on the cost of Group equity. The discount rate after taxes used in the calculations was on
average 10.5% (11.4).
For all the CGUs the impairment testing was performed according to the normal schedule during
the last quarter of the year.
ACCOUNTING PRINCIPLE: Derivative financial instruments and hedging
Derivative contracts are recorded initially as an acquisition cost equal to their fair value.
Following their acquisition derivative contracts are valued according to their fair value.
Profits and losses that are generated from the valuation of fair value are recorded according to
the intended use of the derivative contract. The Group does not apply hedge accounting as
described by IFRS 9. As a result, all value changes are recognized in profit or loss. The Group
has entered into interest rate swap agreements to convert non-current floating rate financial
liabilities to fixed interest rates. Derivative financial instruments are presented in Note 30.
Derivatives are recorded in the balance sheet as accrued expenses and deferred income.
Hedges for net investments in foreign units are recorded in the same way as cash-flow hedges.
A hedge on a foreign subsidiary\u2019s equity is recorded in shareholders\u2019 equity in the same way as
the exchange rate difference in shareholders\u2019 equity.
ACCOUNTING PRINCIPLE: Valuation of financial assets and liabilities
At initial recognition the Group measures a financial asset or liability at its fair value, which
basically is the transaction price, and subsequently at amortized cost. A fair value can be
measured to some financial liabilities which have been measured at amortized cost. Their fair
values are based on the future cash flows that are discounted with market interest rates on the
reporting date.
Note 23 presents the impairments in respect of trade receivables. Other financial assets are not
subject to material impairment.
ACCOUNTING PRINCIPLE: Pensions and other post-employment benefits
The Group\u2019s pension schemes comply with each country\u2019s local regulations and practices. Some
of the pension schemes in the Group apply defined benefit pension schemes where the pension
benefits, disability benefits and employment termination benefits are defined. Pension benefits
are based generally on the period of employment and salary over a fixed period for each
employee. Pension contributions are funded through payments to insurance companies. In
addition, the Group has defined-contribution plans.
In defined benefit pension plans, the present value of future pension payments on the closing
date is presented less the fair value of the plan-related assets on the closing date. Pension
liabilities are calculated by independent actuaries. The pension liability is determined according
to the projected unit credit method: the pension liability is discounted to the present value of
estimated future cash flows using the interest rate which is equal to the interest rate of
government or corporate bonds with maturities corresponding to the maturity of the pension
liability. Pension costs are recorded in the income statement as an expense with costs
periodized over the employees\u2019 time of service based on actuarial calculations carried out
annually. Actuarial gains and losses are recognized in full as a component of other
comprehensive income.
In defined-contribution schemes, pension contributions are paid to insurance companies, after
which the Group no longer has other payment obligations. The Group\u2019s contributions to defined-
contribution schemes are entered in the financial period to which the payments relate.
ACCOUNTING PRINCIPLE: Share capital
Ordinary shares are included in shareholders\u2019 equity. Expenses incurred directly from new share
issues are recorded in shareholders\u2019 equity as a reduction of received payments.
ACCOUNTING PRINCIPLE: Long-term compensation
The Group has long-term incentive programs for the President and CEO, the Group Management
Team and selected key employees of the company. The programs aim to combine the objectives
of the shareholders and the executives to increase the value of the company, to commit the
executives to the company and to offer the executives a competitive reward program based on
holding the company\u2019s shares. The Board makes the decision on the program annually.
The cost of the programs will be accounted for as operating expenses during the duration of the
programs.
Exel Composites\u2019 related parties include the controlling parent company, all companies belonging
to Exel Composites Group as well as Exel Composites\u2019 Board of Directors, President and CEO, Exel
Leadership Team and executives of the parent company and subsidiaries. The company evaluates
and monitors transactions concluded between the company and its related parties to ensure that
any conflicts of interest are appropriately taken into account in the decision-making process.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_13": { "value": "
NOTE 2 Basis of preparation
The consolidated financial statements have been prepared on a historical cost basis, with the
exception of available-for-sale investment securities and certain other financial assets and financial
liabilities that have been measured at fair value.
The consolidated financial statements are presented in euros and all values are rounded to the
nearest thousand except where otherwise indicated.
Statement of Compliance
The consolidated financial statements of Exel Composites Plc have been prepared in compliance
with International Financial Reporting Standards (IFRS), applying IAS and IFRS standards, as well
as SIC and IFRIC interpretations, as adopted by the European Union, valid on 31 December 2025.
The notes to the consolidated financial statements are also in compliance with the Finnish
Accounting and Companies Acts.
Basis of Consolidation
Exel Composites\u2019 consolidated financial statements include the accounts of the parent company
Exel Composites Plc and its subsidiaries as at 31 December. Subsidiaries are viewed as companies
in which it owns, directly or indirectly, over 50% of the voting rights or in which it is in a position to
govern the financial and operating policies of the entity. The Group has control over an entity when
it has a participation in the entity and is exposed to or has right to its variable revenues and can
influence the revenues by using its control over the entity. Subsidiaries are fully consolidated from
the date that Exel Composites acquired control and are no longer consolidated from the date that
control ceases. Where necessary, the accounting principles of subsidiaries have been changed to
ensure consistency with the accounting principles of the Group. The financial statements of the
subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies.
Acquisitions of companies are accounted for using the purchase method. The cost of an acquisition
is measured at fair value over the assets given up, shares issued or liabilities incurred or assumed
at the date of acquisition. The excess acquisition cost over the fair value of net assets acquired is
recognized as goodwill.
All intra-group balances, income and expenses, unrealized gains and losses and dividends resulting
from intra-group transactions are eliminated in full.
If the Group loses control over a subsidiary, it:
\u25cf
Derecognizes the assets and liabilities of the subsidiary;
\u25cf
Derecognizes the carrying amount of non-controlling interest;
\u25cf
Derecognizes the cumulative translation differences, recorded in equity;
\u25cf
Recognizes the fair value of the consideration received;
\u25cf
Recognizes the fair value of any investment retained;
\u25cf
Recognizes any surplus or deficit in profit or loss, and
\u25cf
Reclassifies the parent\u2019s share of components previously recognized in other comprehensive
income to profit or loss.
When compiling the opening IFRS balance sheet, Exel Composites has applied the exemption
provided by IFRS 1 related to business combinations. This means that the assets and liabilities of
subsidiaries have not been assessed retroactively at their market value. Instead, they have been
included in the balance sheet on the transition date in an amount in accordance with earlier
financial accounting practice.
The Group has no affiliated companies or joint ventures.
Non-controlling interest is deducted from shareholders\u2019 equity and presented as a separate item in
the balance sheet. Similarly, it is presented as a separate item in the consolidated financial
statements. The share of losses attributable to the holders of non-controlling interest was debited
to non-controlling interest in the consolidated balance sheet up to the full value of the non-
controlling interest prior to 1 January 2010.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_14": { "value": "
The consolidated financial statements are presented in euros and all values are rounded to the
nearest thousand except where otherwise indicated.
NOTE 6 Exchange rates
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ACCOUNTING PRINCIPLE: Foreign currency translation
The Group\u2019s consolidated financial statements are presented in euros, which is also the parent
company\u2019s functional currency. Each entity in the Group determines its own functional currency
and items included in the financial statements of each entity are measured using that functional
currency.
The income statements of independent foreign subsidiaries are translated into euros at the
average exchange rates for the financial year and the assets and liabilities are translated at the
exchange rate of the balance sheet date. The reporting date exchange rates are based on
exchange rates published by the European Central Bank for the closing date. The average
exchange rate is calculated as an average of each month\u2019s average rates from the European
Central Bank.
Exchange differences arising on the translation are recognized in other comprehensive income.
When a foreign operation is sold, the component of other comprehensive income relating to that
particular foreign operation is recognized in the income statement.
Foreign currency exchange gains and losses related to business operations and translating
monetary items have been entered in the income statement. Foreign exchange differences from
business operations are included in other items above the operating profit. Foreign exchange
differences from foreign currency loans and cash at bank are included in financial items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_15": { "value": "
Statement of Compliance
The consolidated financial statements of Exel Composites Plc have been prepared in compliance
with International Financial Reporting Standards (IFRS), applying IAS and IFRS standards, as well
as SIC and IFRIC interpretations, as adopted by the European Union, valid on 31 December 2025.
The notes to the consolidated financial statements are also in compliance with the Finnish
Accounting and Companies Acts.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_16": { "value": "
Basis of Consolidation
Exel Composites\u2019 consolidated financial statements include the accounts of the parent company
Exel Composites Plc and its subsidiaries as at 31 December. Subsidiaries are viewed as companies
in which it owns, directly or indirectly, over 50% of the voting rights or in which it is in a position to
govern the financial and operating policies of the entity. The Group has control over an entity when
it has a participation in the entity and is exposed to or has right to its variable revenues and can
influence the revenues by using its control over the entity. Subsidiaries are fully consolidated from
the date that Exel Composites acquired control and are no longer consolidated from the date that
control ceases. Where necessary, the accounting principles of subsidiaries have been changed to
ensure consistency with the accounting principles of the Group. The financial statements of the
subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies.
Acquisitions of companies are accounted for using the purchase method. The cost of an acquisition
is measured at fair value over the assets given up, shares issued or liabilities incurred or assumed
at the date of acquisition. The excess acquisition cost over the fair value of net assets acquired is
recognized as goodwill.
All intra-group balances, income and expenses, unrealized gains and losses and dividends resulting
from intra-group transactions are eliminated in full.
If the Group loses control over a subsidiary, it:
\u25cf
Derecognizes the assets and liabilities of the subsidiary;
\u25cf
Derecognizes the carrying amount of non-controlling interest;
\u25cf
Derecognizes the cumulative translation differences, recorded in equity;
\u25cf
Recognizes the fair value of the consideration received;
\u25cf
Recognizes the fair value of any investment retained;
\u25cf
Recognizes any surplus or deficit in profit or loss, and
\u25cf
Reclassifies the parent\u2019s share of components previously recognized in other comprehensive
income to profit or loss.
When compiling the opening IFRS balance sheet, Exel Composites has applied the exemption
provided by IFRS 1 related to business combinations. This means that the assets and liabilities of
subsidiaries have not been assessed retroactively at their market value. Instead, they have been
included in the balance sheet on the transition date in an amount in accordance with earlier
financial accounting practice.
The Group has no affiliated companies or joint ventures.
Non-controlling interest is deducted from shareholders\u2019 equity and presented as a separate item in
the balance sheet. Similarly, it is presented as a separate item in the consolidated financial
statements. The share of losses attributable to the holders of non-controlling interest was debited
to non-controlling interest in the consolidated balance sheet up to the full value of the non-
controlling interest prior to 1 January 2010.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_17": { "value": "
Basis of Consolidation
Exel Composites\u2019 consolidated financial statements include the accounts of the parent company
Exel Composites Plc and its subsidiaries as at 31 December. Subsidiaries are viewed as companies
in which it owns, directly or indirectly, over 50% of the voting rights or in which it is in a position to
govern the financial and operating policies of the entity. The Group has control over an entity when
it has a participation in the entity and is exposed to or has right to its variable revenues and can
influence the revenues by using its control over the entity. Subsidiaries are fully consolidated from
the date that Exel Composites acquired control and are no longer consolidated from the date that
control ceases. Where necessary, the accounting principles of subsidiaries have been changed to
ensure consistency with the accounting principles of the Group. The financial statements of the
subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_18": { "value": "
The Group has no affiliated companies or joint ventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_19": { "value": "
Non-controlling interest is deducted from shareholders\u2019 equity and presented as a separate item in
the balance sheet. Similarly, it is presented as a separate item in the consolidated financial
statements. The share of losses attributable to the holders of non-controlling interest was debited
to non-controlling interest in the consolidated balance sheet up to the full value of the non-
controlling interest prior to 1 January 2010.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_20": { "value": "
NOTE 3 Changes in accounting policies and disclosures
Standards and standard amendments issued during the 2025 financial period
\u25cf
IAS 21 Lack of Exchangeability
had no material impact on Group\u2019s financial statements.
The standards and standard amendments that are issued, but not effective, up to the date of
issuance of the Group\u2019s financial statements are listed below. The Group intends to adopt these
standards and amendments, if applicable, when they become effective. Based on preliminary
analysis, the standards are not expected to materially impact on the Group\u2019s financial statements.
New standards
\u25cf
IFRS 18 Presentation and Disclosures in Financial Statements
\u25cf
IFRS 19 Subsidiaries without Public Accountability: Disclosures
Amendments to standards
\u25cf
IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments
\u25cf
IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity
\u25cf
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 Annual improvements
\u25cf
IAS 21 Translation to a Hyperinflationary Presentation Currency
\u25cf
IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37 Disclosures about Uncertainties in the Financial
Statements
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_21": { "value": "
NOTE 3 Changes in accounting policies and disclosures
Standards and standard amendments issued during the 2025 financial period
\u25cf
IAS 21 Lack of Exchangeability
had no material impact on Group\u2019s financial statements.
The standards and standard amendments that are issued, but not effective, up to the date of
issuance of the Group\u2019s financial statements are listed below. The Group intends to adopt these
standards and amendments, if applicable, when they become effective. Based on preliminary
analysis, the standards are not expected to materially impact on the Group\u2019s financial statements.
New standards
\u25cf
IFRS 18 Presentation and Disclosures in Financial Statements
\u25cf
IFRS 19 Subsidiaries without Public Accountability: Disclosures
Amendments to standards
\u25cf
IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments
\u25cf
IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity
\u25cf
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 Annual improvements
\u25cf
IAS 21 Translation to a Hyperinflationary Presentation Currency
\u25cf
IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37 Disclosures about Uncertainties in the Financial
Statements
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_22": { "value": "
NOTE 4 Significant accounting judgments, estimates
and assumptions
The preparation of the Group\u2019s consolidated financial statements may require the use of judgments,
estimates and assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities at the end of the reported period and the reported
amounts of revenue and expenses during the reporting period. Although these estimates are based
on management\u2019s best knowledge of current events and actions, actual results may ultimately
differ from those estimates. The preparation of impairment tests requires the use of estimates.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the
balance sheet date, that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed below.
Impairment of non-financial assets
The Group assesses whether there are any indicators of impairment for all non-financial assets at
each reporting date. Goodwill and other indefinite life intangibles are tested for impairment
annually and at other times when such indicators exist. Other non-financial assets are tested for
impairment when there are indicators that the carrying amounts may not be recoverable.
When calculations of impairment of non-financial assets are undertaken, management must
estimate the expected future cash flows from the asset or cash-generating unit and choose a
suitable discount rate in order to calculate the present value of those cash flows. Further details,
including sensitivity analysis of key assumptions, are given in Note 27.
Deferred tax assets
Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that
taxable profit will be available against which the losses can be utilized. Significant management
judgment is required to determine the amount of deferred tax assets that can be recognized, based
on the likely timing and level of future taxable profits together with the future tax planning
strategies. Further details are given in Note 14.
Pension and other post-employment benefits
The cost of defined benefit pension plans is determined using actuarial valuations. The actuarial
valuation involves making assumptions about discount rates, expected rates of return on assets,
future salary increases, mortality rates and future pension increases. Due to the long-term nature
of these plans, such estimates are subject to significant uncertainty.
Determining the fair value of assets in business combinations
In major corporate mergers the Group has employed the services of an outside advisor in assessing
the fair value of tangible assets. For tangible assets comparisons have been made with the market
prices of similar assets and an estimate made about impairment caused by the acquired asset\u2019s
age, wear and other related factors. The determination of the fair value of tangible assets is based
on estimates of cash flows related to the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_23": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 5 Segment information
ACCOUNTING PRINCIPLE: Revenue recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Group and the revenue can be reliably measured. Sales of products are recognized as income in
accordance with IFRS 15 when the performance obligation is satisfied. Basically the performance
obligation is satisfied when the goods have been delivered to the customer according to the
agreed delivery terms. In most cases this happens when the goods leave the factory. In case
according to agreed delivery terms risks and rewards as well as control over the goods are
transferred to the customer only when the goods have been delivered to the customer, then
revenue is recognized only when the customer has received the goods.
For long-term, project-based sales, revenue may be recognized over time using the percentage-
of-completion method, provided this approach most accurately reflects the satisfaction of the
performance obligation. The measure of progress is typically determined by comparing actual
costs incurred to the estimated total costs required to satisfy the performance obligation.
Revenue comprises the invoiced value for the sale of goods and services net of indirect taxes,
sales adjustment and exchange rate differences. Distribution costs for products to be sold are
included in the income statement as other operating expenses. Interest income is recognized
using the effective interest rate method and dividend income when the right to the dividend has
been created.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Capital expenditure
Capital expenditure presented in this note includes additions to intangible and tangible assets
and related advance payments posted during the financial period excluding additions to right-of-
use asset. Additions are presented by asset group in Notes 18 and 19.
Operating segments
The Group has one operating segment, Exel Composites.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Geographical information
The Group\u2019s geographical information is given for Europe, North America, Asia-Pacific (APAC) and
Rest of World. Revenue of geographical distribution is presented according to the customer\u2019s
location, while assets are presented according to the location of the assets.
Revenue outside the Group according to location of customers
2025
2024
Europe
67,340
65,081
North America
22,719
21,789
Asia-Pacific
11,192
11,241
Rest of world
1,944
1,503
Total
103,194
99,614
Revenue from the biggest customer amounted to EUR 6,998 (6,065) thousand in 2025. The revenue
of the biggest customer was reported under the Wind power customer industry.
Revenue from project-based sales, where percentage-of-completion method was used for revenue
recognition, was EUR 664 thousand in 2025. Prior to this financial year, the Group did not have
long-term project-based sales where revenue would have been recognized over time using the
percentage-of-completion method.
Total assets according to geographic location
2025
2024
Europe
48,537
48,121
North America
10,950
11,439
Asia-Pacific
29,743
29,423
Total
89,230
88,983
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Capital expenditure according to geographic location
2025
2024
Europe
1,421
1,041
North America
209
601
Asia-Pacific
1,503
1,016
Total
3,133
2,658
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_24": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 5 Segment information
ACCOUNTING PRINCIPLE: Revenue recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Group and the revenue can be reliably measured. Sales of products are recognized as income in
accordance with IFRS 15 when the performance obligation is satisfied. Basically the performance
obligation is satisfied when the goods have been delivered to the customer according to the
agreed delivery terms. In most cases this happens when the goods leave the factory. In case
according to agreed delivery terms risks and rewards as well as control over the goods are
transferred to the customer only when the goods have been delivered to the customer, then
revenue is recognized only when the customer has received the goods.
For long-term, project-based sales, revenue may be recognized over time using the percentage-
of-completion method, provided this approach most accurately reflects the satisfaction of the
performance obligation. The measure of progress is typically determined by comparing actual
costs incurred to the estimated total costs required to satisfy the performance obligation.
Revenue comprises the invoiced value for the sale of goods and services net of indirect taxes,
sales adjustment and exchange rate differences. Distribution costs for products to be sold are
included in the income statement as other operating expenses. Interest income is recognized
using the effective interest rate method and dividend income when the right to the dividend has
been created.
\n
\n
\n
Capital expenditure
Capital expenditure presented in this note includes additions to intangible and tangible assets
and related advance payments posted during the financial period excluding additions to right-of-
use asset. Additions are presented by asset group in Notes 18 and 19.
Operating segments
The Group has one operating segment, Exel Composites.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Geographical information
The Group\u2019s geographical information is given for Europe, North America, Asia-Pacific (APAC) and
Rest of World. Revenue of geographical distribution is presented according to the customer\u2019s
location, while assets are presented according to the location of the assets.
Revenue outside the Group according to location of customers
2025
2024
Europe
67,340
65,081
North America
22,719
21,789
Asia-Pacific
11,192
11,241
Rest of world
1,944
1,503
Total
103,194
99,614
Revenue from the biggest customer amounted to EUR 6,998 (6,065) thousand in 2025. The revenue
of the biggest customer was reported under the Wind power customer industry.
Revenue from project-based sales, where percentage-of-completion method was used for revenue
recognition, was EUR 664 thousand in 2025. Prior to this financial year, the Group did not have
long-term project-based sales where revenue would have been recognized over time using the
percentage-of-completion method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_25": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 5 Segment information
ACCOUNTING PRINCIPLE: Revenue recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Group and the revenue can be reliably measured. Sales of products are recognized as income in
accordance with IFRS 15 when the performance obligation is satisfied. Basically the performance
obligation is satisfied when the goods have been delivered to the customer according to the
agreed delivery terms. In most cases this happens when the goods leave the factory. In case
according to agreed delivery terms risks and rewards as well as control over the goods are
transferred to the customer only when the goods have been delivered to the customer, then
revenue is recognized only when the customer has received the goods.
For long-term, project-based sales, revenue may be recognized over time using the percentage-
of-completion method, provided this approach most accurately reflects the satisfaction of the
performance obligation. The measure of progress is typically determined by comparing actual
costs incurred to the estimated total costs required to satisfy the performance obligation.
Revenue comprises the invoiced value for the sale of goods and services net of indirect taxes,
sales adjustment and exchange rate differences. Distribution costs for products to be sold are
included in the income statement as other operating expenses. Interest income is recognized
using the effective interest rate method and dividend income when the right to the dividend has
been created.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Geographical information
The Group\u2019s geographical information is given for Europe, North America, Asia-Pacific (APAC) and
Rest of World. Revenue of geographical distribution is presented according to the customer\u2019s
location, while assets are presented according to the location of the assets.
Revenue outside the Group according to location of customers
2025
2024
Europe
67,340
65,081
North America
22,719
21,789
Asia-Pacific
11,192
11,241
Rest of world
1,944
1,503
Total
103,194
99,614
Revenue from the biggest customer amounted to EUR 6,998 (6,065) thousand in 2025. The revenue
of the biggest customer was reported under the Wind power customer industry.
Revenue from project-based sales, where percentage-of-completion method was used for revenue
recognition, was EUR 664 thousand in 2025. Prior to this financial year, the Group did not have
long-term project-based sales where revenue would have been recognized over time using the
percentage-of-completion method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_26": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 5 Segment information
ACCOUNTING PRINCIPLE: Revenue recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Group and the revenue can be reliably measured. Sales of products are recognized as income in
accordance with IFRS 15 when the performance obligation is satisfied. Basically the performance
obligation is satisfied when the goods have been delivered to the customer according to the
agreed delivery terms. In most cases this happens when the goods leave the factory. In case
according to agreed delivery terms risks and rewards as well as control over the goods are
transferred to the customer only when the goods have been delivered to the customer, then
revenue is recognized only when the customer has received the goods.
For long-term, project-based sales, revenue may be recognized over time using the percentage-
of-completion method, provided this approach most accurately reflects the satisfaction of the
performance obligation. The measure of progress is typically determined by comparing actual
costs incurred to the estimated total costs required to satisfy the performance obligation.
Revenue comprises the invoiced value for the sale of goods and services net of indirect taxes,
sales adjustment and exchange rate differences. Distribution costs for products to be sold are
included in the income statement as other operating expenses. Interest income is recognized
using the effective interest rate method and dividend income when the right to the dividend has
been created.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_27": { "value": "
The Group has one operating segment, Exel Composites.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_28": { "value": "
NOTE 6 Exchange rates
\n
\n
ACCOUNTING PRINCIPLE: Foreign currency translation
The Group\u2019s consolidated financial statements are presented in euros, which is also the parent
company\u2019s functional currency. Each entity in the Group determines its own functional currency
and items included in the financial statements of each entity are measured using that functional
currency.
The income statements of independent foreign subsidiaries are translated into euros at the
average exchange rates for the financial year and the assets and liabilities are translated at the
exchange rate of the balance sheet date. The reporting date exchange rates are based on
exchange rates published by the European Central Bank for the closing date. The average
exchange rate is calculated as an average of each month\u2019s average rates from the European
Central Bank.
Exchange differences arising on the translation are recognized in other comprehensive income.
When a foreign operation is sold, the component of other comprehensive income relating to that
particular foreign operation is recognized in the income statement.
Foreign currency exchange gains and losses related to business operations and translating
monetary items have been entered in the income statement. Foreign exchange differences from
business operations are included in other items above the operating profit. Foreign exchange
differences from foreign currency loans and cash at bank are included in financial items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_29": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 7 Other operating income
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Government grants
Government grants are recognized where there is reasonable assurance that the grant will be
received and all attaching conditions will be complied with. When the grant relates to an
expense item, it is recognized as an income over the period necessary to match the grant on a
systematic basis to the costs that it is intended to compensate. When the grant relates to an
asset, it is recognized as deferred income and released to the income statement over the
expected useful life of the relevant asset by equal annual installments.
2025
2024
Insurance compensations
115
30
Grants
352
95
Rental income
16
18
Gain on disposal of fixed assets
1,155
174
Other operating incomes
78
58
Total
1,717
375
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_30": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 7 Other operating income
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Government grants
Government grants are recognized where there is reasonable assurance that the grant will be
received and all attaching conditions will be complied with. When the grant relates to an
expense item, it is recognized as an income over the period necessary to match the grant on a
systematic basis to the costs that it is intended to compensate. When the grant relates to an
asset, it is recognized as deferred income and released to the income statement over the
expected useful life of the relevant asset by equal annual installments.
2025
2024
Insurance compensations
115
30
Grants
352
95
Rental income
16
18
Gain on disposal of fixed assets
1,155
174
Other operating incomes
78
58
Total
1,717
375
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 8 Other operating expenses
Production variable expenses includes for example molds and dies, energy, water, waste
management and packing costs. Other operating expenses includes fixed costs such as
maintenance- and repair, travel, insurance premiums and legal and other consulting services.
2025
2024
Audit fees
425
232
Tax consultation provided by the Audit company
0
2
Other services provided by the Audit company
7
119
Rents on leases with short lease period
334
489
Rents on leases for assets with low value
74
76
Losses on disposal of assets
217
33
Production variable expenses
10,585
9,504
Other operating expenses
10,726
10,797
Total
22,367
21,252
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_31": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 7 Other operating income
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Government grants
Government grants are recognized where there is reasonable assurance that the grant will be
received and all attaching conditions will be complied with. When the grant relates to an
expense item, it is recognized as an income over the period necessary to match the grant on a
systematic basis to the costs that it is intended to compensate. When the grant relates to an
asset, it is recognized as deferred income and released to the income statement over the
expected useful life of the relevant asset by equal annual installments.
2025
2024
Insurance compensations
115
30
Grants
352
95
Rental income
16
18
Gain on disposal of fixed assets
1,155
174
Other operating incomes
78
58
Total
1,717
375
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_32": { "value": "
\n
\n
\n
\n
NOTE 7 Other operating income
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Government grants
Government grants are recognized where there is reasonable assurance that the grant will be
received and all attaching conditions will be complied with. When the grant relates to an
expense item, it is recognized as an income over the period necessary to match the grant on a
systematic basis to the costs that it is intended to compensate. When the grant relates to an
asset, it is recognized as deferred income and released to the income statement over the
expected useful life of the relevant asset by equal annual installments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_33": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 8 Other operating expenses
Production variable expenses includes for example molds and dies, energy, water, waste
management and packing costs. Other operating expenses includes fixed costs such as
maintenance- and repair, travel, insurance premiums and legal and other consulting services.
2025
2024
Audit fees
425
232
Tax consultation provided by the Audit company
0
2
Other services provided by the Audit company
7
119
Rents on leases with short lease period
334
489
Rents on leases for assets with low value
74
76
Losses on disposal of assets
217
33
Production variable expenses
10,585
9,504
Other operating expenses
10,726
10,797
Total
22,367
21,252
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_34": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 8 Other operating expenses
Production variable expenses includes for example molds and dies, energy, water, waste
management and packing costs. Other operating expenses includes fixed costs such as
maintenance- and repair, travel, insurance premiums and legal and other consulting services.
2025
2024
Audit fees
425
232
Tax consultation provided by the Audit company
0
2
Other services provided by the Audit company
7
119
Rents on leases with short lease period
334
489
Rents on leases for assets with low value
74
76
Losses on disposal of assets
217
33
Production variable expenses
10,585
9,504
Other operating expenses
10,726
10,797
Total
22,367
21,252
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 9 Employee benefit expenses
2025
2024
Wages and salaries
29,240
28,989
Pension costs \u2013 defined contribution schemes
3,480
3,168
Pension costs \u2013 defined benefit schemes
-12
-27
Other employee benefits
2,675
3,495
Total
35,382
35,625
Average number of personnel
632
632
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 11 Depreciation, amortization and impairment
ACCOUNTING PRINCIPLE: Impairment of non-financial assets
At each reporting date, the Group evaluates whether there are indications of impairment in any
asset item. If impairment is indicated, the recoverable amount of the asset is estimated. An
asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value
less costs to sell and its value in use and is determined for an individual asset, unless asset
does not generate cash inflows that are largely independent of those from other assets or group
of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount.
In addition, the recoverable amount is assessed annually for the following items regardless of
whether there are indications of impairment: goodwill; intangible assets that have an unlimited
economic lifespan; and assets under construction.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Depreciation and amortization of assets
2025
2024
Intangible assets
412
655
Tangible assets
Buildings
383
377
Buildings, right-of-use assets
1,258
1,469
Machinery and equipment
2,806
3,361
Machinery and equipment, right-of-use assets
62
58
Total
4,920
5,920
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Impairment and write-down of assets
2025
2024
Intangible assets
0
23
Goodwill
0
209
Tangible assets
Buildings, right-of-use assets
0
326
Machinery and equipment
0
621
Total
0
1,179
The Group has closed its factory in Belgium during the financial year 2025. The Group recorded a
total of EUR 1.2 million write-down on intangible and tangible assets as a provision during 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_35": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 8 Other operating expenses
Production variable expenses includes for example molds and dies, energy, water, waste
management and packing costs. Other operating expenses includes fixed costs such as
maintenance- and repair, travel, insurance premiums and legal and other consulting services.
2025
2024
Audit fees
425
232
Tax consultation provided by the Audit company
0
2
Other services provided by the Audit company
7
119
Rents on leases with short lease period
334
489
Rents on leases for assets with low value
74
76
Losses on disposal of assets
217
33
Production variable expenses
10,585
9,504
Other operating expenses
10,726
10,797
Total
22,367
21,252
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_36": { "value": "
\n
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\n
\n
\n
NOTE 9 Employee benefit expenses
2025
2024
Wages and salaries
29,240
28,989
Pension costs \u2013 defined contribution schemes
3,480
3,168
Pension costs \u2013 defined benefit schemes
-12
-27
Other employee benefits
2,675
3,495
Total
35,382
35,625
Average number of personnel
632
632
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_37": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 9 Employee benefit expenses
2025
2024
Wages and salaries
29,240
28,989
Pension costs \u2013 defined contribution schemes
3,480
3,168
Pension costs \u2013 defined benefit schemes
-12
-27
Other employee benefits
2,675
3,495
Total
35,382
35,625
Average number of personnel
632
632
\n
NOTE 31 Pension and other post-employment
obligations
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Pensions and other post-employment benefits
The Group\u2019s pension schemes comply with each country\u2019s local regulations and practices. Some
of the pension schemes in the Group apply defined benefit pension schemes where the pension
benefits, disability benefits and employment termination benefits are defined. Pension benefits
are based generally on the period of employment and salary over a fixed period for each
employee. Pension contributions are funded through payments to insurance companies. In
addition, the Group has defined-contribution plans.
In defined benefit pension plans, the present value of future pension payments on the closing
date is presented less the fair value of the plan-related assets on the closing date. Pension
liabilities are calculated by independent actuaries. The pension liability is determined according
to the projected unit credit method: the pension liability is discounted to the present value of
estimated future cash flows using the interest rate which is equal to the interest rate of
government or corporate bonds with maturities corresponding to the maturity of the pension
liability. Pension costs are recorded in the income statement as an expense with costs
periodized over the employees\u2019 time of service based on actuarial calculations carried out
annually. Actuarial gains and losses are recognized in full as a component of other
comprehensive income.
In defined-contribution schemes, pension contributions are paid to insurance companies, after
which the Group no longer has other payment obligations. The Group\u2019s contributions to defined-
contribution schemes are entered in the financial period to which the payments relate.
The Group operates a number of defined benefit and contribution pension schemes throughout the
world.
The most significant pension scheme in Finland is the statutory Finnish employee pension scheme
(TyEL) according to which benefits are directly linked to the employee\u2019s earnings. The TyEL pension
scheme is arranged with insurance companies.
Pension schemes elsewhere than in Finland include both defined benefit and defined contribution
pension schemes.
\n
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Amounts recognized in the income statement
2025
2024
Pension cost for the financial year
3,480
3,168
Changes in benefit schemes
-12
-27
Total included in personnel expenses
3,468
3,141
Amounts recognized in the balance sheet
2025
2024
At the beginning of financial period
276
347
Pension expenses in the income statement
-12
-27
Defined benefit plan actuarial gains (+) / losses (-)
0
-44
At the end of financial period
264
276
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_38": { "value": "
NOTE 10 Research and development expenditure
ACCOUNTING PRINCIPLE: Research and development
Research costs are expensed as incurred. Costs incurred from development projects, which are
often connected with the design and testing of new or advanced products, are recorded in the
balance sheet as intangible assets from the time that the product can be technically achieved, it
can be utilized commercially, and the product is expected to create a comparable financial
benefit. Other development costs are recorded as expenses. Capitalized development costs are
amortized on a straight-line basis beginning from the commercial production of the product
during the period they are effective, yet no longer than five years.
There were no capitalized development costs during 2025 and 2024.
The income statement includes research and development costs entered as costs amounting to
EUR 3,792 (3,738) thousand in 2025. These costs are included in the income statement under
Employee Benefit Expenses and Other Operating Expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_39": { "value": "
NOTE 10 Research and development expenditure
ACCOUNTING PRINCIPLE: Research and development
Research costs are expensed as incurred. Costs incurred from development projects, which are
often connected with the design and testing of new or advanced products, are recorded in the
balance sheet as intangible assets from the time that the product can be technically achieved, it
can be utilized commercially, and the product is expected to create a comparable financial
benefit. Other development costs are recorded as expenses. Capitalized development costs are
amortized on a straight-line basis beginning from the commercial production of the product
during the period they are effective, yet no longer than five years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_40": { "value": "
NOTE 11 Depreciation, amortization and impairment
ACCOUNTING PRINCIPLE: Impairment of non-financial assets
At each reporting date, the Group evaluates whether there are indications of impairment in any
asset item. If impairment is indicated, the recoverable amount of the asset is estimated. An
asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value
less costs to sell and its value in use and is determined for an individual asset, unless asset
does not generate cash inflows that are largely independent of those from other assets or group
of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount.
In addition, the recoverable amount is assessed annually for the following items regardless of
whether there are indications of impairment: goodwill; intangible assets that have an unlimited
economic lifespan; and assets under construction.
\n
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Impairment and write-down of assets
2025
2024
Intangible assets
0
23
Goodwill
0
209
Tangible assets
Buildings, right-of-use assets
0
326
Machinery and equipment
0
621
Total
0
1,179
The Group has closed its factory in Belgium during the financial year 2025. The Group recorded a
total of EUR 1.2 million write-down on intangible and tangible assets as a provision during 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_41": { "value": "
NOTE 11 Depreciation, amortization and impairment
ACCOUNTING PRINCIPLE: Impairment of non-financial assets
At each reporting date, the Group evaluates whether there are indications of impairment in any
asset item. If impairment is indicated, the recoverable amount of the asset is estimated. An
asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value
less costs to sell and its value in use and is determined for an individual asset, unless asset
does not generate cash inflows that are largely independent of those from other assets or group
of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount.
In addition, the recoverable amount is assessed annually for the following items regardless of
whether there are indications of impairment: goodwill; intangible assets that have an unlimited
economic lifespan; and assets under construction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_42": { "value": "
NOTE 11 Depreciation, amortization and impairment
ACCOUNTING PRINCIPLE: Impairment of non-financial assets
At each reporting date, the Group evaluates whether there are indications of impairment in any
asset item. If impairment is indicated, the recoverable amount of the asset is estimated. An
asset\u2019s recoverable amount is the higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value
less costs to sell and its value in use and is determined for an individual asset, unless asset
does not generate cash inflows that are largely independent of those from other assets or group
of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount.
In addition, the recoverable amount is assessed annually for the following items regardless of
whether there are indications of impairment: goodwill; intangible assets that have an unlimited
economic lifespan; and assets under construction.
NOTE 23 Trade and other receivables
ACCOUNTING PRINCIPLE: Financial assets
Financial assets are classified, at initial recognition, within the scope of IFRS 9 as subsequently
measured at amortized cost, fair value through other comprehensive income or fair value
through profit or loss.
The Group\u2019s financial assets include cash and short-term deposits,
trade receivables and other
receivables. The objective is to hold these financial assets to collect contractual cash flows that
are payments of principal and interest on the principal amount and therefore they are classified
as subsequently measured at amortized cost.
A financial asset is derecognized when:
\u25cf
The rights to receive cash flows from the asset have expired.
\u25cf
The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay received cash flows in full without material delay to another party.
\n
\n
\n
\n
\n
\n
Trade receivables
Trade receivables are recorded in the balance sheet at their original invoice amount.
An impairment of trade receivables is recognized in accordance with IFRS 9. The Group applies
the simplified approach allowed by IFRS 9 as the accounts receivable does not contain
significant financing component. To measure the lifetime expected credit losses trade
receivables have been grouped based on credit risk characteristics and aging category. Expected
credit losses have been measured based on the payment delays adjusted by forward looking
estimates and individual assessment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_43": { "value": "
In addition, the recoverable amount is assessed annually for the following items regardless of
whether there are indications of impairment: goodwill; intangible assets that have an unlimited
economic lifespan; and assets under construction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_44": { "value": "
\n
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\n
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\n
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Depreciation and amortization of assets
2025
2024
Intangible assets
412
655
Tangible assets
Buildings
383
377
Buildings, right-of-use assets
1,258
1,469
Machinery and equipment
2,806
3,361
Machinery and equipment, right-of-use assets
62
58
Total
4,920
5,920
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_45": { "value": "
\n
\n
NOTE 12 Dividends per share
\n
ACCOUNTING PRINCIPLE: Dividends
Dividends paid by the Group are recognized for the financial year in which the shareholders have
approved payment of the dividend.
The Annual General Meeting held on 26 March 2025 approved the Board\u2019s proposal that no dividend
be paid for the financial year 2024.
The Annual General Meeting held on 26 March 2024 approved the Board\u2019s proposal that no dividend
be paid for the financial year 2023.
Following the balance sheet date, the Board of Directors has proposed to the Annual General
Meeting that no dividend be paid for 2025 based on the adopted financial statements for the
financial year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_46": { "value": "
\n
ACCOUNTING PRINCIPLE: Dividends
Dividends paid by the Group are recognized for the financial year in which the shareholders have
approved payment of the dividend.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_47": { "value": "
\n
\n
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\n
\n
\n
NOTE 13 Earnings per share
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Earnings per share
The undiluted earnings per share is calculated by dividing the profit for the period belonging to
the shareholders of the parent company by the weighted average of shares in issue, not
including shares purchased by the Company itself and that are presented as own shares. The
weighted average number of shares used to calculate the diluted earnings per share includes
the diluting effect of outstanding stock options during the period. The result for the financial year
is not adjusted since the subscription of dilutive shares does not involve any compensation to be
recognized in the income statement.
2025
2024
Profit for the financial year attributable to ordinary
equity holders of the
parent company, EUR thousands
-5,490
-4,663
Weighted average number of outstanding shares during the
financial year,
1,000 shares
105,810
63,729
Basic and diluted earnings per share, EUR/share
-0.05
-0.07
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_48": { "value": "
\n
NOTE 13 Earnings per share
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Earnings per share
The undiluted earnings per share is calculated by dividing the profit for the period belonging to
the shareholders of the parent company by the weighted average of shares in issue, not
including shares purchased by the Company itself and that are presented as own shares. The
weighted average number of shares used to calculate the diluted earnings per share includes
the diluting effect of outstanding stock options during the period. The result for the financial year
is not adjusted since the subscription of dilutive shares does not involve any compensation to be
recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_49": { "value": "
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NOTE 14 Deferred tax assets and deferred tax liabilities
ACCOUNTING PRINCIPLE: Deferred taxes
Deferred taxes are calculated for all temporary differences between accounting and taxation
using the tax rates valid at the closing date. The largest temporary differences arise from the
depreciation of tangible assets, valuations in the fair value in the balance sheets of acquired
companies at the time of acquisition, revaluations of certain non-current reserves, reservations
for pension schemes and post-retirement benefits, unused tax losses, and differences in net
wealth between fair value and taxable value in connection with acquisitions.
Deferred tax assets have been recorded to the extent that it is probable that taxable profit will
be available against which the temporary difference can be utilized will materialize in the future.
Deferred income tax is determined using tax rates that have been enacted or substantially
enacted by the balance sheet date.
Deferred tax assets in 2025
1
January
Recognized in
income
statement
Exchange rate
differences
31
December
Intercompany profit in
inventory
68
73
-5
136
Intercompany profit in fixed
assets
3
-2
0
1
Other temporary differences
126
-5
-2
119
Offset with deferred tax
liabilities
-67
-3
-70
IFRS16
35
15
-4
45
Net deferred tax assets
165
77
-12
231
\n
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\n
\n
\n
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Deferred tax liabilities in 2025
1
January
Recognized in
income
statement
31
December
Other temporary differences
370
-125
245
Offset with deferred tax assets
-67
-3
-70
Net deferred tax liabilities
304
-129
174
\n
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\n
\n
Deferred tax assets in 2024
1
January
Recognized in
income
statement
Recognized in
shareholders\u2019
equity
Exchange rate
differences
31
December
Intercompany profit in
inventory
102
-36
3
68
Intercompany profit in fixed
assets
42
-39
0
3
Losses
478
-478
0
0
Other temporary differences
87
43
-11
8
126
Offset with deferred tax
liabilities
-88
21
-67
IFRS16
23
11
2
35
Net deferred tax assets
643
-478
-11
12
165
Deferred tax liabilities in 2024
1
January
Recognized in
income
statement
Exchange rate
differences
31
December
Accumulated depreciation
110
-111
1
0
Other temporary differences
288
81
0
370
Offset with deferred tax assets
-88
21
-67
Net deferred tax liabilities
311
-8
1
304
The Group had taxable net losses on 31 December 2025 of EUR 36,719 (39,245) thousand, of which
the Company has not recorded deferred tax assets. Subsidiaries in which the losses arose are not
expected to gain significant taxable profits of which deferred tax assets could be offset in the near
future.
IAS 12 Income Tax, cumulated tax losses
Group\u2019s subsidiary in USA has cumulated tax losses from 2018 to 2025. The Group has concluded
that it will not be able to utilize all of the taxable losses against future profits in the near future. The
Group has therefore decided not to record any deferred tax assets on taxable losses.
Group\u2019s subsidiary in Belgium has cumulated tax losses from 2020 to 2022, and in 2024-2025. The
Group has closed the factory in Belgium and therefore will not be able to utilize the taxable losses
against future profits.
The Group has significant tax losses also in its subsidiaries in Australia and Germany. Both
subsidiaries are now profitable, but the profits are rather small. Group has reviewed the possibility
to utilize the tax losses and decided that it will not book deferred tax assets on these tax losses at
this point. In both countries tax losses can be carried forward indefinitely.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_50": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 14 Deferred tax assets and deferred tax liabilities
ACCOUNTING PRINCIPLE: Deferred taxes
Deferred taxes are calculated for all temporary differences between accounting and taxation
using the tax rates valid at the closing date. The largest temporary differences arise from the
depreciation of tangible assets, valuations in the fair value in the balance sheets of acquired
companies at the time of acquisition, revaluations of certain non-current reserves, reservations
for pension schemes and post-retirement benefits, unused tax losses, and differences in net
wealth between fair value and taxable value in connection with acquisitions.
Deferred tax assets have been recorded to the extent that it is probable that taxable profit will
be available against which the temporary difference can be utilized will materialize in the future.
Deferred income tax is determined using tax rates that have been enacted or substantially
enacted by the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_51": { "value": "
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NOTE 15 Income taxes
ACCOUNTING PRINCIPLE: Taxes
Group taxes consist of taxes based on Group companies\u2019 results for the financial year,
adjustments to taxes related to previous years and the change in deferred income taxes.
The tax expenses on the income statement are formed from the tax based on the taxable income
for the financial year and deferred taxes. The tax expenses are recorded in the income statement
except for the items recorded directly into shareholders\u2019 equity, when the tax impact is recorded
also as an equivalent part of shareholders\u2019 equity. The taxes for the financial year are calculated
from the taxable income according to the valid tax rate in each country. Taxes are adjusted by
the possible taxes related to previous financial years.
Revenues, expenses and assets are recognized net of the amount of sales tax except where the
sales tax incurred on a purchase of assets or services is not recoverable from the taxation
authority. Receivables and payables are stated with the amount of sales tax included.
2025
2024
Income tax based on taxable income for the financial year
638
647
Income taxes from previous financial periods
-96
132
Deferred taxes
-206
470
Total income taxes reported in the income statement
336
1,249
Income tax recognized in other comprehensive income 2025
Before tax
After tax
Exchange differences on translating foreign operations
1,821
1,821
Total
1,821
1,821
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\n
\n
\n
\n
\n
\n
\n
\n
Income tax recognized in other comprehensive income 2024
Before tax
Tax effect
After tax
Exchange differences on translating foreign operations
-983
0
-983
Defined benefit plan actuarial gains (+) / losses (-)
44
-11
33
Total
-939
-11
-950
Income tax reconciliation
2025
2024
Profit before taxes
-5,736
-3,778
Consolidated income taxes at Group's domestic tax rate (20%)
-1,147
-756
Impact of different tax rates of foreign subsidiaries
-163
-273
Tax-exempt income and non-deductible expenses
-42
-16
Tax at source booked as cost
45
102
Income taxes for prior years
-96
132
Effect of deferred tax assets not recognized
1,931
1,819
Other items
-191
241
Income tax recognized in consolidated income statement
336
1,249
Effective tax rate
-5.9
-33.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_52": { "value": "
ACCOUNTING PRINCIPLE: Taxes
Group taxes consist of taxes based on Group companies\u2019 results for the financial year,
adjustments to taxes related to previous years and the change in deferred income taxes.
The tax expenses on the income statement are formed from the tax based on the taxable income
for the financial year and deferred taxes. The tax expenses are recorded in the income statement
except for the items recorded directly into shareholders\u2019 equity, when the tax impact is recorded
also as an equivalent part of shareholders\u2019 equity. The taxes for the financial year are calculated
from the taxable income according to the valid tax rate in each country. Taxes are adjusted by
the possible taxes related to previous financial years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_53": { "value": "
Revenues, expenses and assets are recognized net of the amount of sales tax except where the
sales tax incurred on a purchase of assets or services is not recoverable from the taxation
authority. Receivables and payables are stated with the amount of sales tax included.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_54": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
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\n
\n
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\n
\n
\n
\n
\n
\n
NOTE 16 Financial expenses
ACCOUNTING PRINCIPLE: Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in
the period they occur. Borrowing costs consist of interest and other costs that an entity occurs in
connection with the borrowing of funds.
For the years ending 31 December 2025 and 2024, the Group had no assets where the borrowing
costs would have been capitalized.
2025
2024
Interest expenses on debts and borrowings
1,616
1,790
Interest expenses on lease liabilities
197
152
Foreign exchange losses
5,232
384
Other finance expenses
1,366
1,174
Total finance expenses
8,410
3,500
Exchange differences for sales (exchange rate loss EUR -146 thousand) and purchases (exchange
rate loss EUR -1 thousand) are entered in the income statement in the appropriate sales and
purchase accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_55": { "value": "
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 16 Financial expenses
ACCOUNTING PRINCIPLE: Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in
the period they occur. Borrowing costs consist of interest and other costs that an entity occurs in
connection with the borrowing of funds.
For the years ending 31 December 2025 and 2024, the Group had no assets where the borrowing
costs would have been capitalized.
2025
2024
Interest expenses on debts and borrowings
1,616
1,790
Interest expenses on lease liabilities
197
152
Foreign exchange losses
5,232
384
Other finance expenses
1,366
1,174
Total finance expenses
8,410
3,500
Exchange differences for sales (exchange rate loss EUR -146 thousand) and purchases (exchange
rate loss EUR -1 thousand) are entered in the income statement in the appropriate sales and
purchase accounts.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 17 Financial income
2025
2024
Interest income on loans and receivables
61
181
Foreign exchange gains
400
2,394
Other finance income
1
1
Total finance income
462
2,575
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_56": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 16 Financial expenses
ACCOUNTING PRINCIPLE: Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in
the period they occur. Borrowing costs consist of interest and other costs that an entity occurs in
connection with the borrowing of funds.
For the years ending 31 December 2025 and 2024, the Group had no assets where the borrowing
costs would have been capitalized.
2025
2024
Interest expenses on debts and borrowings
1,616
1,790
Interest expenses on lease liabilities
197
152
Foreign exchange losses
5,232
384
Other finance expenses
1,366
1,174
Total finance expenses
8,410
3,500
Exchange differences for sales (exchange rate loss EUR -146 thousand) and purchases (exchange
rate loss EUR -1 thousand) are entered in the income statement in the appropriate sales and
purchase accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_57": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 16 Financial expenses
ACCOUNTING PRINCIPLE: Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in
the period they occur. Borrowing costs consist of interest and other costs that an entity occurs in
connection with the borrowing of funds.
For the years ending 31 December 2025 and 2024, the Group had no assets where the borrowing
costs would have been capitalized.
2025
2024
Interest expenses on debts and borrowings
1,616
1,790
Interest expenses on lease liabilities
197
152
Foreign exchange losses
5,232
384
Other finance expenses
1,366
1,174
Total finance expenses
8,410
3,500
Exchange differences for sales (exchange rate loss EUR -146 thousand) and purchases (exchange
rate loss EUR -1 thousand) are entered in the income statement in the appropriate sales and
purchase accounts.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 17 Financial income
2025
2024
Interest income on loans and receivables
61
181
Foreign exchange gains
400
2,394
Other finance income
1
1
Total finance income
462
2,575
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_58": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 16 Financial expenses
ACCOUNTING PRINCIPLE: Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in
the period they occur. Borrowing costs consist of interest and other costs that an entity occurs in
connection with the borrowing of funds.
For the years ending 31 December 2025 and 2024, the Group had no assets where the borrowing
costs would have been capitalized.
2025
2024
Interest expenses on debts and borrowings
1,616
1,790
Interest expenses on lease liabilities
197
152
Foreign exchange losses
5,232
384
Other finance expenses
1,366
1,174
Total finance expenses
8,410
3,500
Exchange differences for sales (exchange rate loss EUR -146 thousand) and purchases (exchange
rate loss EUR -1 thousand) are entered in the income statement in the appropriate sales and
purchase accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_59": { "value": "
\n
\n
\n
\n
\n
NOTE 16 Financial expenses
ACCOUNTING PRINCIPLE: Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in
the period they occur. Borrowing costs consist of interest and other costs that an entity occurs in
connection with the borrowing of funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_60": { "value": "
\n
\n
\n
\n
\n
NOTE 16 Financial expenses
ACCOUNTING PRINCIPLE: Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in
the period they occur. Borrowing costs consist of interest and other costs that an entity occurs in
connection with the borrowing of funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_61": { "value": "
ACCOUNTING PRINCIPLE: Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in
the period they occur. Borrowing costs consist of interest and other costs that an entity occurs in
connection with the borrowing of funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_62": { "value": "
ACCOUNTING PRINCIPLE: Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in
the period they occur. Borrowing costs consist of interest and other costs that an entity occurs in
connection with the borrowing of funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_63": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 17 Financial income
2025
2024
Interest income on loans and receivables
61
181
Foreign exchange gains
400
2,394
Other finance income
1
1
Total finance income
462
2,575
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_64": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 17 Financial income
2025
2024
Interest income on loans and receivables
61
181
Foreign exchange gains
400
2,394
Other finance income
1
1
Total finance income
462
2,575
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_65": { "value": "
\n
\n
NOTE 18 Intangible assets
\n
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\n
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\n
\n
ACCOUNTING PRINCIPLE: Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of
intangible assets acquired in a business combination is its fair value at the date of acquisition.
Following initial recognition, intangible assets are carried at cost less any accumulated
amortization and any accumulated impairment losses. Internally generated intangible assets,
excluding capitalized development costs, are not capitalized and expenditure is reflected in the
income statement in the year in which the expenditure is incurred.
The useful life of intangible assets is either finite or indefinite. Intangible assets with finite lives
are amortized over the useful life and assessed for impairment whenever there is indication that
the intangible asset may be impaired.
Intangible assets are amortized on a straight-line basis over their estimated useful lives as
follows:
\u25cf
Development costs
3-5 years
\u25cf
Other long-term expenses
3-8 years
\u25cf
Other intangible assets
3-8 years
\u25cf
Customer relationships
10 years
Intangible assets with indefinite useful lives are not amortized but are tested for impairment
annually, either individually or at the cash generating unit level.
Computer software
Costs associated with the development and maintenance of computer software are generally
recorded as expenses. Costs that improve or expand the performance of computer software to
the extent that the performance is higher than originally is considered as a property item
improvement and is added to the original acquisition cost of the software. Capitalized computer
software development costs are expensed and amortized on a straight-line basis during the
period they are financially effective.
Costs in SaaS arrangements
IFRIC\u2019s agenda decision on how to account for configuration and customization costs in SaaS
arrangements has had no material effect on the consolidated financial statement.
\n
\n
Other intangible assets
The acquisition costs of patents, trademarks and licenses are capitalized in intangible assets and
depreciated on a straight-line basis during their useful lives.
The Group has no internally created intangible assets.
\n
\n
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\n
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\n
Goodwill
2025
2024
Acquisition cost at 1 January
19,687
19,540
Disposals
-130
0
Exchange rate differences
-1,071
147
Acquisition cost at 31 December
18,486
19,687
Accumulated amortization and impairment at 1 January
-7,193
-6,955
Impairments 1)
0
-209
Disposals
130
0
Exchange rate differences
141
-29
Accumulated amortization and impairment at 31 December
-6,922
-7,193
Book value at 1 January
12,494
12,585
Book value at 31 December
11,564
12,494
1) More details on write-downs in Note 11
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Other intangible assets
2025
2024
Acquisition cost at 1 January
5,818
5,868
Additions
63
0
Disposals
-99
0
Exchange rate differences
-239
-50
Acquisition cost at 31 December
5,543
5,818
Accumulated amortization at 1 January
-5,497
-5,349
Amortization for the period
-175
-204
Impairments 1)
0
-4
Disposals
99
0
Exchange rate differences
220
60
Accumulated amortization at 31 December
-5,353
-5,497
Book value at 1 January
320
519
Book value at 31 December
190
320
1) More details on write-downs in Note 11
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Other long-term expenses
2025
2024
Acquisition cost at 1 January
8,936
8,792
Additions
0
1
Disposals
-414
0
Transfers between asset groups
45
134
Exchange rate differences
-291
9
Acquisition cost at 31 December
8,276
8,936
Accumulated amortization at 1 January
-8,109
-7,639
Amortization for the period
-237
-451
Impairments 1)
0
-19
Disposals
414
0
Exchange rate differences
251
0
Accumulated amortization at 31 December
-7,682
-8,109
Book value at 1 January
825
1,152
Book value at 31 December
593
825
1) More details on write-downs in Note 11
\n
\n
\n
\n
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\n
NOTE 27 Impairment testing of goodwill and intangibles
with indefinite lives
Goodwill acquired through business combinations has arisen from the following cash generating
units (CGU):
Distribution of goodwill
2025
2024
Engineered Solutions business unit
822
822
Industrial Solutions business unit
4,551
5,182
Exel Composites Group
6,191
6,489
Total
11,564
12,494
\n
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\n
\n
Impairment tests are done annually on goodwill and on intangible assets with an indefinite
economic life. On the closing date the Exel Composites Group had no intangible assets with an
unlimited economic life.
The calculation of value-in use is most sensitive to following assumptions:
\u25cf
Future growth rate
\u25cf
EBITDA margin
\u25cf
Discount rates
The Group makes a so-called two-step goodwill impairment test where CGU level goodwill is tested
first and thereafter Group level goodwill is tested. The Group has allocated goodwill to group and
business units (CGUs). The impairment of cash-generating units is tested by comparing the
recoverable amounts to the carrying amounts. The recoverable amount of the cash-generating
units is determined based on calculations of value in use, which are based on discounted future
cash flows. Future cash flows are based on the continual use of the item and forecasts made by the
management for the coming years (5 years + residual). Forecasts for the periods further ahead in
the future have been calculated on the assumption of annual growth rate of 1.7% based on general
inflation expectation. Sales margin levels used in the forecasts are expected to remain on average
at current levels for Engineered Solutions business unit but for Industrial Solutions business unit
average sales margin is expected to decrease due to significant increase in volumes.
Discount rate is defined to reflect the effect of the different business risks on the expected return on
equity. The cost of liabilities is defined according to the existing credit portfolio. The calculation of
the average cost of capital considers the Group\u2019s targeted capital structure, as well as the effect of
debt on the cost of Group equity. The discount rate after taxes used in the calculations was on
average 10.5% (11.4).
For all the CGUs the impairment testing was performed according to the normal schedule during
the last quarter of the year.
Based on the impairment test, the recoverable amount of all cash-generating units exceeded the
corresponding balance sheet values. In the Industrial Solutions business unit, the recoverable
amount is most sensitive to future growth rate, EBITDA margin and discount rate assumptions.
The sensitivity analysis of goodwill impairment tests indicates that if the group EBITDA margin
declines more than 1.8%, or alternatively, the average discount rate increases to over 14.2% (15.1)
there would be a situation where the recoverable value would not exceed the carrying amount.
Discount rate that was used in the impairment tests varied depending on the business unit between
10.2% and 11.5%. Depending on the business unit a decrease by 1.0\u20133.0 percentage points to the
EBITDA margin or alternatively an increase by 2.1\u20137.6 percentage points in discount rate would
result in goodwill or other asset write-down need.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_66": { "value": "
\n
\n
NOTE 18 Intangible assets
\n
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\n
\n
ACCOUNTING PRINCIPLE: Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of
intangible assets acquired in a business combination is its fair value at the date of acquisition.
Following initial recognition, intangible assets are carried at cost less any accumulated
amortization and any accumulated impairment losses. Internally generated intangible assets,
excluding capitalized development costs, are not capitalized and expenditure is reflected in the
income statement in the year in which the expenditure is incurred.
The useful life of intangible assets is either finite or indefinite. Intangible assets with finite lives
are amortized over the useful life and assessed for impairment whenever there is indication that
the intangible asset may be impaired.
Intangible assets are amortized on a straight-line basis over their estimated useful lives as
follows:
\u25cf
Development costs
3-5 years
\u25cf
Other long-term expenses
3-8 years
\u25cf
Other intangible assets
3-8 years
\u25cf
Customer relationships
10 years
Intangible assets with indefinite useful lives are not amortized but are tested for impairment
annually, either individually or at the cash generating unit level.
Computer software
Costs associated with the development and maintenance of computer software are generally
recorded as expenses. Costs that improve or expand the performance of computer software to
the extent that the performance is higher than originally is considered as a property item
improvement and is added to the original acquisition cost of the software. Capitalized computer
software development costs are expensed and amortized on a straight-line basis during the
period they are financially effective.
Costs in SaaS arrangements
IFRIC\u2019s agenda decision on how to account for configuration and customization costs in SaaS
arrangements has had no material effect on the consolidated financial statement.
\n
\n
Other intangible assets
The acquisition costs of patents, trademarks and licenses are capitalized in intangible assets and
depreciated on a straight-line basis during their useful lives.
The Group has no internally created intangible assets.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Other intangible assets
2025
2024
Acquisition cost at 1 January
5,818
5,868
Additions
63
0
Disposals
-99
0
Exchange rate differences
-239
-50
Acquisition cost at 31 December
5,543
5,818
Accumulated amortization at 1 January
-5,497
-5,349
Amortization for the period
-175
-204
Impairments 1)
0
-4
Disposals
99
0
Exchange rate differences
220
60
Accumulated amortization at 31 December
-5,353
-5,497
Book value at 1 January
320
519
Book value at 31 December
190
320
1) More details on write-downs in Note 11
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Other long-term expenses
2025
2024
Acquisition cost at 1 January
8,936
8,792
Additions
0
1
Disposals
-414
0
Transfers between asset groups
45
134
Exchange rate differences
-291
9
Acquisition cost at 31 December
8,276
8,936
Accumulated amortization at 1 January
-8,109
-7,639
Amortization for the period
-237
-451
Impairments 1)
0
-19
Disposals
414
0
Exchange rate differences
251
0
Accumulated amortization at 31 December
-7,682
-8,109
Book value at 1 January
825
1,152
Book value at 31 December
593
825
1) More details on write-downs in Note 11
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_67": { "value": "
\n
\n
NOTE 18 Intangible assets
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of
intangible assets acquired in a business combination is its fair value at the date of acquisition.
Following initial recognition, intangible assets are carried at cost less any accumulated
amortization and any accumulated impairment losses. Internally generated intangible assets,
excluding capitalized development costs, are not capitalized and expenditure is reflected in the
income statement in the year in which the expenditure is incurred.
The useful life of intangible assets is either finite or indefinite. Intangible assets with finite lives
are amortized over the useful life and assessed for impairment whenever there is indication that
the intangible asset may be impaired.
Intangible assets are amortized on a straight-line basis over their estimated useful lives as
follows:
\u25cf
Development costs
3-5 years
\u25cf
Other long-term expenses
3-8 years
\u25cf
Other intangible assets
3-8 years
\u25cf
Customer relationships
10 years
Intangible assets with indefinite useful lives are not amortized but are tested for impairment
annually, either individually or at the cash generating unit level.
Computer software
Costs associated with the development and maintenance of computer software are generally
recorded as expenses. Costs that improve or expand the performance of computer software to
the extent that the performance is higher than originally is considered as a property item
improvement and is added to the original acquisition cost of the software. Capitalized computer
software development costs are expensed and amortized on a straight-line basis during the
period they are financially effective.
Costs in SaaS arrangements
IFRIC\u2019s agenda decision on how to account for configuration and customization costs in SaaS
arrangements has had no material effect on the consolidated financial statement.
\n
\n
Other intangible assets
The acquisition costs of patents, trademarks and licenses are capitalized in intangible assets and
depreciated on a straight-line basis during their useful lives.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Impairment tests are done annually on goodwill and on intangible assets with an indefinite
economic life. On the closing date the Exel Composites Group had no intangible assets with an
unlimited economic life.
The calculation of value-in use is most sensitive to following assumptions:
\u25cf
Future growth rate
\u25cf
EBITDA margin
\u25cf
Discount rates
The Group makes a so-called two-step goodwill impairment test where CGU level goodwill is tested
first and thereafter Group level goodwill is tested. The Group has allocated goodwill to group and
business units (CGUs). The impairment of cash-generating units is tested by comparing the
recoverable amounts to the carrying amounts. The recoverable amount of the cash-generating
units is determined based on calculations of value in use, which are based on discounted future
cash flows. Future cash flows are based on the continual use of the item and forecasts made by the
management for the coming years (5 years + residual). Forecasts for the periods further ahead in
the future have been calculated on the assumption of annual growth rate of 1.7% based on general
inflation expectation. Sales margin levels used in the forecasts are expected to remain on average
at current levels for Engineered Solutions business unit but for Industrial Solutions business unit
average sales margin is expected to decrease due to significant increase in volumes.
Discount rate is defined to reflect the effect of the different business risks on the expected return on
equity. The cost of liabilities is defined according to the existing credit portfolio. The calculation of
the average cost of capital considers the Group\u2019s targeted capital structure, as well as the effect of
debt on the cost of Group equity. The discount rate after taxes used in the calculations was on
average 10.5% (11.4).
For all the CGUs the impairment testing was performed according to the normal schedule during
the last quarter of the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_68": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of
intangible assets acquired in a business combination is its fair value at the date of acquisition.
Following initial recognition, intangible assets are carried at cost less any accumulated
amortization and any accumulated impairment losses. Internally generated intangible assets,
excluding capitalized development costs, are not capitalized and expenditure is reflected in the
income statement in the year in which the expenditure is incurred.
The useful life of intangible assets is either finite or indefinite. Intangible assets with finite lives
are amortized over the useful life and assessed for impairment whenever there is indication that
the intangible asset may be impaired.
Intangible assets are amortized on a straight-line basis over their estimated useful lives as
follows:
\u25cf
Development costs
3-5 years
\u25cf
Other long-term expenses
3-8 years
\u25cf
Other intangible assets
3-8 years
\u25cf
Customer relationships
10 years
Intangible assets with indefinite useful lives are not amortized but are tested for impairment
annually, either individually or at the cash generating unit level.
Computer software
Costs associated with the development and maintenance of computer software are generally
recorded as expenses. Costs that improve or expand the performance of computer software to
the extent that the performance is higher than originally is considered as a property item
improvement and is added to the original acquisition cost of the software. Capitalized computer
software development costs are expensed and amortized on a straight-line basis during the
period they are financially effective.
Costs in SaaS arrangements
IFRIC\u2019s agenda decision on how to account for configuration and customization costs in SaaS
arrangements has had no material effect on the consolidated financial statement.
\n
\n
Other intangible assets
The acquisition costs of patents, trademarks and licenses are capitalized in intangible assets and
depreciated on a straight-line basis during their useful lives.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_69": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Goodwill
2025
2024
Acquisition cost at 1 January
19,687
19,540
Disposals
-130
0
Exchange rate differences
-1,071
147
Acquisition cost at 31 December
18,486
19,687
Accumulated amortization and impairment at 1 January
-7,193
-6,955
Impairments 1)
0
-209
Disposals
130
0
Exchange rate differences
141
-29
Accumulated amortization and impairment at 31 December
-6,922
-7,193
Book value at 1 January
12,494
12,585
Book value at 31 December
11,564
12,494
1) More details on write-downs in Note 11
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 27 Impairment testing of goodwill and intangibles
with indefinite lives
Goodwill acquired through business combinations has arisen from the following cash generating
units (CGU):
Distribution of goodwill
2025
2024
Engineered Solutions business unit
822
822
Industrial Solutions business unit
4,551
5,182
Exel Composites Group
6,191
6,489
Total
11,564
12,494
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Impairment tests are done annually on goodwill and on intangible assets with an indefinite
economic life. On the closing date the Exel Composites Group had no intangible assets with an
unlimited economic life.
The calculation of value-in use is most sensitive to following assumptions:
\u25cf
Future growth rate
\u25cf
EBITDA margin
\u25cf
Discount rates
The Group makes a so-called two-step goodwill impairment test where CGU level goodwill is tested
first and thereafter Group level goodwill is tested. The Group has allocated goodwill to group and
business units (CGUs). The impairment of cash-generating units is tested by comparing the
recoverable amounts to the carrying amounts. The recoverable amount of the cash-generating
units is determined based on calculations of value in use, which are based on discounted future
cash flows. Future cash flows are based on the continual use of the item and forecasts made by the
management for the coming years (5 years + residual). Forecasts for the periods further ahead in
the future have been calculated on the assumption of annual growth rate of 1.7% based on general
inflation expectation. Sales margin levels used in the forecasts are expected to remain on average
at current levels for Engineered Solutions business unit but for Industrial Solutions business unit
average sales margin is expected to decrease due to significant increase in volumes.
Discount rate is defined to reflect the effect of the different business risks on the expected return on
equity. The cost of liabilities is defined according to the existing credit portfolio. The calculation of
the average cost of capital considers the Group\u2019s targeted capital structure, as well as the effect of
debt on the cost of Group equity. The discount rate after taxes used in the calculations was on
average 10.5% (11.4).
For all the CGUs the impairment testing was performed according to the normal schedule during
the last quarter of the year.
Based on the impairment test, the recoverable amount of all cash-generating units exceeded the
corresponding balance sheet values. In the Industrial Solutions business unit, the recoverable
amount is most sensitive to future growth rate, EBITDA margin and discount rate assumptions.
The sensitivity analysis of goodwill impairment tests indicates that if the group EBITDA margin
declines more than 1.8%, or alternatively, the average discount rate increases to over 14.2% (15.1)
there would be a situation where the recoverable value would not exceed the carrying amount.
Discount rate that was used in the impairment tests varied depending on the business unit between
10.2% and 11.5%. Depending on the business unit a decrease by 1.0\u20133.0 percentage points to the
EBITDA margin or alternatively an increase by 2.1\u20137.6 percentage points in discount rate would
result in goodwill or other asset write-down need.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_70": { "value": "
\n
\n
\n
\n
NOTE 19 Property, plant and equipment
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Property, plant and equipment
Property, plant and equipment is stated in the balance sheet at historical cost less accumulated
straight-line depreciation according to the expected useful life, benefits received, and any
impairment losses.
Planned depreciation is calculated on a straight-line basis to write off the acquisition cost of each
fixed asset up to its residual value over the asset\u2019s expected useful life. Land areas are not
depreciated. For other tangible fixed assets, depreciation is calculated according to the following
expected useful lives:
\u25cf
Buildings
5-20 years
\u25cf
Machinery
5-15 years
\u25cf
Equipment
3-5 years
If the book value of an asset item exceeds the estimated amount recoverable in the future, its
book value is adjusted immediately to correspond with the amount recoverable in the future.
\n
\n
\n
Routine maintenance and repair expenditure is recognized as an expense. Expenditure on
significant modernization and improvement projects are recognized in the balance sheet if they
are likely to increase the future economic benefits embodied in the specific asset to which they
relate. Modernization and improvement projects are depreciated on a straight-line basis over
their expected useful lives.
\n
\n
\n
Depreciation on tangible fixed assets is discontinued when a tangible fixed asset meets the
criteria of \u201cheld-for-sale\u201d according to IFRS 5 \u201dNon-current Assets Held for Sale and
Discontinued Operations\u201d. Such asset is transferred to Held for sale assets and is presented
separately from other assets.
Gains or losses on disposal or decommissioning of tangible fixed assets are calculated as the
difference of the net proceeds obtained and the balance sheet value. Capital gains and losses are
included in the income statement in the item operating profit.
Land and water areas
2025
2024
Acquisition cost at 1 January
1,049
1,049
Acquisition cost at 31 December
1,049
1,049
Book value at 1 January
1,049
1,049
Book value at 31 December
1,049
1,049
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Buildings and structures
2025
2024
Acquisition cost at 1 January
14,008
13,902
Additions
129
33
Transfer between asset group
35
82
Exchange rate differences
-15
-10
Acquisition cost at 31 December
14,158
14,008
Accumulated amortization at 1 January
-5,855
-5,488
Amortization for the period
-383
-377
Exchange rate differences
15
10
Accumulated amortization at 31 December
-6,224
-5,855
Book value at 1 January
8,153
8,415
Book value at 31 December
7,934
8,153
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Buildings and structures, right-of-use assets
2025
2024
Acquisition cost at 1 January
12,332
6,729
Additions
748
5,228
Disposals
-1,867
0
Exchange rate differences
-1,007
375
Acquisition cost at 31 December
10,206
12,332
Accumulated amortization at 1 January
-7,438
-5,431
Amortization for the period
-1,258
-1,469
Impairment 1)
0
-326
Disposals
1,867
0
Exchange rate differences
531
-211
Accumulated amortization at 31 December
-6,297
-7,438
Book value at 1 January
4,895
1,298
Book value at 31 December
3,909
4,895
1) More details on write-downs in Note 11
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Machinery and equipment
2025
2024
Acquisition cost at 1 January
63,148
61,279
Additions
2,307
1,118
Disposals
-6,295
-179
Transfers between asset groups
1,362
286
Exchange rate differences
-1,654
643
Acquisition cost at 31 December
58,868
63,148
Accumulated amortization at 1 January
-52,528
-48,167
Amortization for the period
-2,806
-3,402
Impairment 1)
0
-621
Disposals
5,733
112
Exchange rate differences
1,080
-450
Accumulated amortization at 31 December
-48,522
-52,528
Book value at 1 January
10,619
13,112
Book value at 31 December
10,345
10,619
1) More details on write-downs in Note 11
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Machinery and equipment, right-of-use assets
2025
2024
Acquisition cost at 1 January
485
408
Additions
163
72
Disposals
-221
0
Exchange rate differences
-10
5
Acquisition cost at 31 December
417
485
Accumulated amortization at 1 January
-400
-338
Amortization for the period
-62
-58
Disposals
221
0
Exchange rate differences
9
-4
Accumulated amortization at 31 December
-232
-400
Book value at 1 January
85
69
Book value at 31 December
185
85
Advance payments and construction in progress
2025
2024
Acquisition cost at 1 January
1,799
756
Additions
635
1,506
Transfers between asset groups
-1,443
-502
Disposals
-36
0
Exchange rate differences
-100
40
Acquisition cost at 31 December
855
1,799
Book value at 1 January
1,799
756
Book value at 31 December
855
1,799
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_71": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Property, plant and equipment
Property, plant and equipment is stated in the balance sheet at historical cost less accumulated
straight-line depreciation according to the expected useful life, benefits received, and any
impairment losses.
Planned depreciation is calculated on a straight-line basis to write off the acquisition cost of each
fixed asset up to its residual value over the asset\u2019s expected useful life. Land areas are not
depreciated. For other tangible fixed assets, depreciation is calculated according to the following
expected useful lives:
\u25cf
Buildings
5-20 years
\u25cf
Machinery
5-15 years
\u25cf
Equipment
3-5 years
If the book value of an asset item exceeds the estimated amount recoverable in the future, its
book value is adjusted immediately to correspond with the amount recoverable in the future.
\n
\n
\n
Routine maintenance and repair expenditure is recognized as an expense. Expenditure on
significant modernization and improvement projects are recognized in the balance sheet if they
are likely to increase the future economic benefits embodied in the specific asset to which they
relate. Modernization and improvement projects are depreciated on a straight-line basis over
their expected useful lives.
\n
\n
\n
Depreciation on tangible fixed assets is discontinued when a tangible fixed asset meets the
criteria of \u201cheld-for-sale\u201d according to IFRS 5 \u201dNon-current Assets Held for Sale and
Discontinued Operations\u201d. Such asset is transferred to Held for sale assets and is presented
separately from other assets.
Gains or losses on disposal or decommissioning of tangible fixed assets are calculated as the
difference of the net proceeds obtained and the balance sheet value. Capital gains and losses are
included in the income statement in the item operating profit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_72": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLE: Property, plant and equipment
Property, plant and equipment is stated in the balance sheet at historical cost less accumulated
straight-line depreciation according to the expected useful life, benefits received, and any
impairment losses.
Planned depreciation is calculated on a straight-line basis to write off the acquisition cost of each
fixed asset up to its residual value over the asset\u2019s expected useful life. Land areas are not
depreciated. For other tangible fixed assets, depreciation is calculated according to the following
expected useful lives:
\u25cf
Buildings
5-20 years
\u25cf
Machinery
5-15 years
\u25cf
Equipment
3-5 years
If the book value of an asset item exceeds the estimated amount recoverable in the future, its
book value is adjusted immediately to correspond with the amount recoverable in the future.
\n
\n
\n
Routine maintenance and repair expenditure is recognized as an expense. Expenditure on
significant modernization and improvement projects are recognized in the balance sheet if they
are likely to increase the future economic benefits embodied in the specific asset to which they
relate. Modernization and improvement projects are depreciated on a straight-line basis over
their expected useful lives.
\n
\n
\n
Depreciation on tangible fixed assets is discontinued when a tangible fixed asset meets the
criteria of \u201cheld-for-sale\u201d according to IFRS 5 \u201dNon-current Assets Held for Sale and
Discontinued Operations\u201d. Such asset is transferred to Held for sale assets and is presented
separately from other assets.
Gains or losses on disposal or decommissioning of tangible fixed assets are calculated as the
difference of the net proceeds obtained and the balance sheet value. Capital gains and losses are
included in the income statement in the item operating profit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_73": { "value": "
\n
\n
\n
Routine maintenance and repair expenditure is recognized as an expense. Expenditure on
significant modernization and improvement projects are recognized in the balance sheet if they
are likely to increase the future economic benefits embodied in the specific asset to which they
relate. Modernization and improvement projects are depreciated on a straight-line basis over
their expected useful lives.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_74": { "value": "
\n
\n
\n
Depreciation on tangible fixed assets is discontinued when a tangible fixed asset meets the
criteria of \u201cheld-for-sale\u201d according to IFRS 5 \u201dNon-current Assets Held for Sale and
Discontinued Operations\u201d. Such asset is transferred to Held for sale assets and is presented
separately from other assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_75": { "value": "
\n
\n
\n
Depreciation on tangible fixed assets is discontinued when a tangible fixed asset meets the
criteria of \u201cheld-for-sale\u201d according to IFRS 5 \u201dNon-current Assets Held for Sale and
Discontinued Operations\u201d. Such asset is transferred to Held for sale assets and is presented
separately from other assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_76": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 20 Other non-current assets
The other non-current assets consist mainly of connection fees and telephone shares.
2025
2024
Book value at 1 January
48
48
Book value at 31 December
48
48
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Held for sale assets, presented in current assets
Exel Composites restructured its operations in the UK unit in 2023 and decided to sell the factory
real estate in Runcorn. In the previous consolidated financial statements the property was
presented as Held for sale assets with the book value on the closing date. The sale was finalized
during 2025.
Land and water areas, held for sale
2025
2024
Acquisition cost at 1 January
392
374
Disposals
-379
0
Exchange rate differences
-13
18
Acquisition cost at 31 December
0
392
Accumulated amortization at 1 January
-158
-151
Disposals
153
0
Exchange rate differences
5
-7
Accumulated amortization at 31 December
0
-158
Book value at 1 January
233
223
Book value at 31 December
0
233
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Buildings and structures, held for sale
2025
2024
Acquisition cost at 1 January
1,079
1,029
Disposals
-1,044
0
Exchange rate differences
-35
49
Acquisition cost at 31 December
0
1,079
Accumulated amortization at 1 January
-741
-707
Disposals
717
0
Exchange rate differences
24
-34
Accumulated amortization at 31 December
0
-741
Book value at 1 January
338
322
Book value at 31 December
0
338
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_77": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 20 Other non-current assets
The other non-current assets consist mainly of connection fees and telephone shares.
2025
2024
Book value at 1 January
48
48
Book value at 31 December
48
48
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Held for sale assets, presented in current assets
Exel Composites restructured its operations in the UK unit in 2023 and decided to sell the factory
real estate in Runcorn. In the previous consolidated financial statements the property was
presented as Held for sale assets with the book value on the closing date. The sale was finalized
during 2025.
Land and water areas, held for sale
2025
2024
Acquisition cost at 1 January
392
374
Disposals
-379
0
Exchange rate differences
-13
18
Acquisition cost at 31 December
0
392
Accumulated amortization at 1 January
-158
-151
Disposals
153
0
Exchange rate differences
5
-7
Accumulated amortization at 31 December
0
-158
Book value at 1 January
233
223
Book value at 31 December
0
233
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Buildings and structures, held for sale
2025
2024
Acquisition cost at 1 January
1,079
1,029
Disposals
-1,044
0
Exchange rate differences
-35
49
Acquisition cost at 31 December
0
1,079
Accumulated amortization at 1 January
-741
-707
Disposals
717
0
Exchange rate differences
24
-34
Accumulated amortization at 31 December
0
-741
Book value at 1 January
338
322
Book value at 31 December
0
338
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_78": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Held for sale assets, presented in current assets
Exel Composites restructured its operations in the UK unit in 2023 and decided to sell the factory
real estate in Runcorn. In the previous consolidated financial statements the property was
presented as Held for sale assets with the book value on the closing date. The sale was finalized
during 2025.
Land and water areas, held for sale
2025
2024
Acquisition cost at 1 January
392
374
Disposals
-379
0
Exchange rate differences
-13
18
Acquisition cost at 31 December
0
392
Accumulated amortization at 1 January
-158
-151
Disposals
153
0
Exchange rate differences
5
-7
Accumulated amortization at 31 December
0
-158
Book value at 1 January
233
223
Book value at 31 December
0
233
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Buildings and structures, held for sale
2025
2024
Acquisition cost at 1 January
1,079
1,029
Disposals
-1,044
0
Exchange rate differences
-35
49
Acquisition cost at 31 December
0
1,079
Accumulated amortization at 1 January
-741
-707
Disposals
717
0
Exchange rate differences
24
-34
Accumulated amortization at 31 December
0
-741
Book value at 1 January
338
322
Book value at 31 December
0
338
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_79": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Held for sale assets, presented in current assets
Exel Composites restructured its operations in the UK unit in 2023 and decided to sell the factory
real estate in Runcorn. In the previous consolidated financial statements the property was
presented as Held for sale assets with the book value on the closing date. The sale was finalized
during 2025.
Land and water areas, held for sale
2025
2024
Acquisition cost at 1 January
392
374
Disposals
-379
0
Exchange rate differences
-13
18
Acquisition cost at 31 December
0
392
Accumulated amortization at 1 January
-158
-151
Disposals
153
0
Exchange rate differences
5
-7
Accumulated amortization at 31 December
0
-158
Book value at 1 January
233
223
Book value at 31 December
0
233
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Buildings and structures, held for sale
2025
2024
Acquisition cost at 1 January
1,079
1,029
Disposals
-1,044
0
Exchange rate differences
-35
49
Acquisition cost at 31 December
0
1,079
Accumulated amortization at 1 January
-741
-707
Disposals
717
0
Exchange rate differences
24
-34
Accumulated amortization at 31 December
0
-741
Book value at 1 January
338
322
Book value at 31 December
0
338
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_80": { "value": "
\n
\n
\n
NOTE 21 Leases
\n
ACCOUNTING PRINCIPLE: Leases
Exel Composites (Group) has applied the IFRS16 Leases \u2013standard since 1 January 2019. Lease
liabilities arising from lease and rental agreements along with corresponding right-of-use assets
are stated in the balance sheet accordingly.
Group has used the recognition exemption where lease contracts are not stated in the balance
sheet, if the value of the underlying asset is less than approx. 5,000 euros and/or if the lease
period is 12 months or less.
For lease contracts with no set end date and with termination or extension options, the Group
has determined the lease term by making an assessment using best available information.
A significant part of the Group\u2019s lease liability stated in the balance sheet according to IFRS16
comes from lease contracts on factory, warehouse and office buildings in Europe, China and USA. In
addition to these, the Group\u2019s balance sheet has lease contracts on small production and office
equipment and vehicles.
The discount rate used is the average rate on the Group\u2019s external loans, which was 2.271% at the
time of initial adoption and 4.637% from 1 January 2025, or if stated in the lease contract the
internal rate of the contract.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Income and expenses in the statement of profit or loss
arising from leases
2025
2024
Depreciation expense of right-of-use assets (note 11)
-1,319
-1,527
Rental expenses relating to short-term leases (note 8)
-334
-489
Rental expenses relating to leases of low value assets
(note 8)
-74
-76
Rental income (note 7)
16
18
Interest expenses on lease liabilities (note 16)
-197
-152
Deferred tax assets and liabilities relating to lease contracts
(note 14)
15
12
-1,893
-2,215
Cash outflow for leases, continued and discontinued operations
2025
2024
Paid interest expenses on lease liabilities (note 35)
-197
-152
Repayment of lease liabilities
-1,577
-1,419
Rental expenses
-408
-566
-2,182
-2,136
Right of use assets are presented in note 19. Lease liabilities are presented in note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_81": { "value": "
\n
\n
NOTE 21 Leases
\n
ACCOUNTING PRINCIPLE: Leases
Exel Composites (Group) has applied the IFRS16 Leases \u2013standard since 1 January 2019. Lease
liabilities arising from lease and rental agreements along with corresponding right-of-use assets
are stated in the balance sheet accordingly.
Group has used the recognition exemption where lease contracts are not stated in the balance
sheet, if the value of the underlying asset is less than approx. 5,000 euros and/or if the lease
period is 12 months or less.
For lease contracts with no set end date and with termination or extension options, the Group
has determined the lease term by making an assessment using best available information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_82": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 22 Inventories
ACCOUNTING PRINCIPLE: Inventories
Inventories are valued in the balance sheet either at the acquisition cost or at the net realizable
value, whichever is lower. The acquisition cost is determined using the weighted average price
method. The acquisition cost of finished and incomplete products comprises raw materials,
direct costs of labor, other direct costs and the appropriate portion of the variable general costs
of manufacture and fixed overhead at the ordinary rate of operations, but it does not include
borrowing costs. The net realizable value is the estimated selling price in ordinary business
operations less the estimated expenditure on product completion and sales.
2025
2024
Raw materials
8,599
8,672
Work in progress
3,020
2,951
Finished products and goods
6,348
5,751
Total inventories
17,966
17,373
During 2025 an expense of EUR 9 (784) thousand was recognized to reduce the book value of
inventories to their net realizable value. In the comparison year EUR 743 thousand of the total
write-down was due to the Group\u2019s decision to close its factory in Belgium during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_83": { "value": "
NOTE 22 Inventories
ACCOUNTING PRINCIPLE: Inventories
Inventories are valued in the balance sheet either at the acquisition cost or at the net realizable
value, whichever is lower. The acquisition cost is determined using the weighted average price
method. The acquisition cost of finished and incomplete products comprises raw materials,
direct costs of labor, other direct costs and the appropriate portion of the variable general costs
of manufacture and fixed overhead at the ordinary rate of operations, but it does not include
borrowing costs. The net realizable value is the estimated selling price in ordinary business
operations less the estimated expenditure on product completion and sales.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_84": { "value": "
NOTE 23 Trade and other receivables
ACCOUNTING PRINCIPLE: Financial assets
Financial assets are classified, at initial recognition, within the scope of IFRS 9 as subsequently
measured at amortized cost, fair value through other comprehensive income or fair value
through profit or loss.
The Group\u2019s financial assets include cash and short-term deposits,
trade receivables and other
receivables. The objective is to hold these financial assets to collect contractual cash flows that
are payments of principal and interest on the principal amount and therefore they are classified
as subsequently measured at amortized cost.
A financial asset is derecognized when:
\u25cf
The rights to receive cash flows from the asset have expired.
\u25cf
The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay received cash flows in full without material delay to another party.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Trade receivables
Trade receivables are recorded in the balance sheet at their original invoice amount.
An impairment of trade receivables is recognized in accordance with IFRS 9. The Group applies
the simplified approach allowed by IFRS 9 as the accounts receivable does not contain
significant financing component. To measure the lifetime expected credit losses trade
receivables have been grouped based on credit risk characteristics and aging category. Expected
credit losses have been measured based on the payment delays adjusted by forward looking
estimates and individual assessment.
2025
2024
Trade receivables
16,823
13,999
Deferred income
1,079
967
Other receivables
3,975
4,012
Tax receivables
541
248
Total receivables
22,417
19,227
During the 2025 financial year credit losses of EUR -191 (-308) thousand were recorded, consisting
of actual credit losses amounting to EUR -439 (-117) thousand and change in the bad debt provision
amounting to EUR 249 (-190) thousand covering all overdue trade receivables which are over 90
days overdue.
Other receivables include EUR 328 thousand of receivables related to revenue recognition using the
percentage-of completion method.
Ageing analysis of trade receivables as at 31 December
Past due but not impaired
Total
Neither past due
nor impaired
<30 days
30-60 days
61-90 days
2025
16,823
13,649
1,942
722
509
2024
13,999
11,550
1,343
584
523
All receivables past due over 90 days were impaired and provisions were made in the income
statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_85": { "value": "
NOTE 23 Trade and other receivables
ACCOUNTING PRINCIPLE: Financial assets
Financial assets are classified, at initial recognition, within the scope of IFRS 9 as subsequently
measured at amortized cost, fair value through other comprehensive income or fair value
through profit or loss.
The Group\u2019s financial assets include cash and short-term deposits,
trade receivables and other
receivables. The objective is to hold these financial assets to collect contractual cash flows that
are payments of principal and interest on the principal amount and therefore they are classified
as subsequently measured at amortized cost.
A financial asset is derecognized when:
\u25cf
The rights to receive cash flows from the asset have expired.
\u25cf
The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay received cash flows in full without material delay to another party.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Trade receivables
Trade receivables are recorded in the balance sheet at their original invoice amount.
An impairment of trade receivables is recognized in accordance with IFRS 9. The Group applies
the simplified approach allowed by IFRS 9 as the accounts receivable does not contain
significant financing component. To measure the lifetime expected credit losses trade
receivables have been grouped based on credit risk characteristics and aging category. Expected
credit losses have been measured based on the payment delays adjusted by forward looking
estimates and individual assessment.
2025
2024
Trade receivables
16,823
13,999
Deferred income
1,079
967
Other receivables
3,975
4,012
Tax receivables
541
248
Total receivables
22,417
19,227
During the 2025 financial year credit losses of EUR -191 (-308) thousand were recorded, consisting
of actual credit losses amounting to EUR -439 (-117) thousand and change in the bad debt provision
amounting to EUR 249 (-190) thousand covering all overdue trade receivables which are over 90
days overdue.
Other receivables include EUR 328 thousand of receivables related to revenue recognition using the
percentage-of completion method.
Ageing analysis of trade receivables as at 31 December
Past due but not impaired
Total
Neither past due
nor impaired
<30 days
30-60 days
61-90 days
2025
16,823
13,649
1,942
722
509
2024
13,999
11,550
1,343
584
523
All receivables past due over 90 days were impaired and provisions were made in the income
statement.
\n
\n
\n
\n
\n
\n
\n
NOTE 24 Cash and cash equivalents
ACCOUNTING PRINCIPLE: Cash and short-term deposits
Cash and short-term deposits in the statement of financial position comprise cash at banks and
in hand and short-term deposits with an original maturity of three months and less. Credit
accounts connected with Group accounts are included in current interest-bearing liabilities and
are presented as net amounts, as the Group has a legal contractual right of set-off to make
payment or otherwise eliminate the amount owed to creditors either in whole or in part.
Cash and cash equivalents are recorded at amortized cost in the statement of financial position.
Cash assets and short-term deposits consist of cash-in-hand and bank accounts, which amounted to
EUR 11,942 (10,904) thousand.
\n
\n
\n
\n
\n
\n
\n
\n
\n
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NOTE 25 Interest-bearing loans and borrowings
ACCOUNTING PRINCIPLE: Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as subsequently measured at
amortized cost or at fair value through profit or loss.
The Group\u2019s financial liabilities include trade and other interest-free payables, bank overdrafts
and loans. These are classified as subsequently measured at amortized cost. The Group has no
derivative liabilities.
Non-current interest-bearing loans and borrowings
2025
2024
Loans from financial institutions
5,358
5,073
Financial arrangement costs
-99
-195
Lease liabilities
2,986
3,904
Total
8,244
8,783
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Current interest-bearing loans and borrowings
2025
2024
Loans from financial institutions
23,000
19,569
Financial arrangement costs
-99
-584
Lease liabilities
1,331
1,577
Cheque account with overdraft facility
1,846
1,069
Loans from others
47
0
Total
26,126
21,631
In December 2025, Exel Composites renewed its financing agreement of EUR 52.4 million with the
company\u2019s main lenders. The one-time costs of the new financing agreement are accrued in the
interest-bearing liabilities to be amortized over the two-year period of the financing agreement.
EUR 7.0 million of current interest-bearing liabilities were commercial papers. To secure the
payment of commercial papers, the company had at the end of the financial year unused, non-
current (over 12 months) revolving credit facilities for EUR 22.3 million. Interest-bearing loans and
credit limits include financial covenants (Net Debt to EBITDA, Interest cover, Available liquidity).
In case the financial covenants are not satisfied, the lenders may cancel the commitment and
declare all or part of the loans, together with accrued interest, be immediately due and payable. The
financial covenants are reviewed and reported to lenders quarterly. In 2025 the covenants have
been satisfied. The Group has also assessed that it will be able to satisfy the covenants for the next
12 months.
Maturity of non-current interest-bearing liabilities (other than lease liabilities)
2025
2024
2026
0
4,879
2027
235
0
2028
5,024
0
2029
0
0
2030
0
0
Total
5,259
4,879
Maturity of non-current lease liabilities
2025
2024
2026
0
1,107
2027
1,087
944
2028
1,106
971
2029
772
881
2030
20
0
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Total
2,986
3,904
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NOTE 28 Financial risk management
ACCOUNTING PRINCIPLE: Derivative financial instruments and hedging
Derivative contracts are recorded initially as an acquisition cost equal to their fair value.
Following their acquisition derivative contracts are valued according to their fair value.
Profits and losses that are generated from the valuation of fair value are recorded according to
the intended use of the derivative contract. The Group does not apply hedge accounting as
described by IFRS 9. As a result, all value changes are recognized in profit or loss. The Group
has entered into interest rate swap agreements to convert non-current floating rate financial
liabilities to fixed interest rates. Derivative financial instruments are presented in Note 30.
Derivatives are recorded in the balance sheet as accrued expenses and deferred income.
Hedges for net investments in foreign units are recorded in the same way as cash-flow hedges.
A hedge on a foreign subsidiary\u2019s equity is recorded in shareholders\u2019 equity in the same way as
the exchange rate difference in shareholders\u2019 equity.
In Finland the Group has a contract with the electricity supplier on fixed electricity prices
(electricity derivative). This contract is intended to hedge about 70-90 % of the forecasted electricity
consumption. The economic characteristics and risks of the derivative are closely related to the
electricity supply contract (host) and is not treated as a separate derivative but as a part of the
electricity procurement.
The Group did not hedge its net foreign investments exposure during 2025 or 2024. The Group is
exposed to a number of financial risks in its business operations. The objective of financial risk
management is to protect against unfavorable changes in the financial markets and thus secure the
Group\u2019s planned profit development. The main financial risks include the foreign exchange risk,
interest rate risk, liquidity and refinancing risk, and credit risk. The Group uses forward agreements
and currency options, currency loans, interest rate options and interest rate swaps.
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Foreign currency risk
The Group operates internationally and is thus exposed to various transactions risks caused by
currency positions and risks that are generated when investments made in different currencies are
converted into the parent company\u2019s operating currency. In addition to the euro (EUR), the main
currencies are the Australian dollar (AUD), the British pound (GBP), the US dollar (USD), the
Chinese renminbi (RMB), the Hong Kong dollar (HKD) and the Indian rupee (INR). Foreign exchange
risks are generated by commercial transactions, from monetary items in the assets and liabilities
and from net investments in foreign subsidiaries. The objective of foreign exchange risk
management is to protect the operating result and shareholders\u2019 equity against foreign exchange
rate fluctuations.
The only invoicing currencies used are either the unit\u2019s functional currency or currencies generally
used in export sales. The currency flows of subsidiaries are protected on a per company basis
against the functional currency of each company. The operating units are responsible for hedging
against their own foreign exchange risks.
Currency positions are assessed at their net amount in each currency generally for the following
12-month period. Currency flows are protected as needed by forward agreements and currency
options.
The Group\u2019s translation exposure in main currencies at the end of the financial year was as follows:
Net investment
2025
2024
AUD
4,369
4,461
GBP
7,331
6,798
RMB
5,165
4,622
INR
316
1,809
HKD
980
2,075
USD
-31,102
-30,773
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The Group\u2019s sensitivity to main currencies when all other variables are constant is the following (as
at the end of the financial year):
2025
AUD
GBP
RMB
INR
HKD
USD
Increase in currency rate vs.
EUR, %
5%
5%
5%
5%
5%
5%
Effect on equity, EUR
218
367
258
16
49
-1,555
2024
AUD
GBP
RMB
INR
HKD
USD
Increase in currency rate vs.
EUR, %
5%
5%
5%
5%
5%
5%
Effect on equity, EUR
223
340
231
90
104
-1539
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Interest rate risk
The Group\u2019s currency-denominated borrowings are in the functional currencies of Group
companies. The nominal values of interest-bearing liabilities (lease liabilities excluded) on 31
December were divided to the currencies as follows:
Currency
Amount, EUR thousands
%
EUR
28,160
94%
INR
1,894
6%
Non-current loans have adjustable rates of interest, but they are partially protected against interest
rate risks by converting them to fixed interest rates through interest rate swaps or by agreements
on maximum interest rate. At the balance sheet date, the Group had no interest swap contracts. The
Group does not use the hedge accounting to the interest swap or option contracts.
The Group\u2019s exposure to the risk of changes in the market interest rates relates primarily to the
Group\u2019s loans. The effect of one percentage point in the interest rates on 31 December was EUR 301
(249) thousand.
Liquidity and funding risk
The Group aims to ensure adequate liquidity under all circumstances and to optimize the use of
liquid assets in financing business operations. In addition, the objective is to minimize net interest
costs and bank charges. The excess cash is held in liquid instruments. In addition to cash reserves
and interest rate investments, the Group had unused, committed credit limits on 31 December 2025
amounting to EUR 22.3 million. Committed credit limits secure the repayment of short-term
liabilities, such as commercial papers.
The Finance Department sees to it that a sufficient number of different financing sources are
available, and that the maturity schedule of foreign loans is managed. The parent company\u2019s
Finance Department centrally manages the Group\u2019s refinancing and its management. The Group\u2019s
internal debt ratios exist primarily directly between the parent company and its subsidiaries.
The tools employed for managing liquidity are credit-bearing Group accounts, credit limits and
commercial papers.
In June 2024, Exel Composites entered into a new financing agreement of EUR 52.4 million with the
company\u2019s main lenders. The agreement includes financial covenants (Net Debt to EBITDA, Interest
cover, Available liquidity).
In case the financial covenants are not satisfied, the lenders may cancel the commitment and
declare all or part of the loans, together with accrued interest, be immediately due and payable. The
financial covenants are reviewed and reported to lenders quarterly. In 2025 the covenants have
been satisfied. The Group has also assessed that it will be able to satisfy the covenants for the next
12 months.
The table below summarizes the maturity profile of the Group\u2019s financial liabilities at the end of the
financial year based on contractual undiscounted payments.
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2025
Less than
3 months
3-12
months
1-5
years
Total
Interest-bearing liabilities
21,000
5,126
8,244
34,370
Trade and other current payables (excl.
accrued liabilities)
16,905
16,905
2024
Less than
3 months
3-12
months
1-5
years
Total
Interest-bearing liabilities
19,000
2,631
8,783
30,414
Trade and other current payables (excl.
accrued liabilities)
17,474
17,474
Credit and counterparty risk
The Group\u2019s business operations are based for the most part on established and reliable customer
relationships and the industry\u2019s generally accepted terms of agreement. The payment period for
invoices is generally 14 \u2013 60 days. The background of new customers is assessed, for example by
obtaining credit information. The Group has no significant credit risk concentrations, as the
customer base is broad and distributed geographically between the Group\u2019s operating countries.
Credit risks related to trade receivables are monitored by the business units. Approximately half of
the Group\u2019s trade receivables are secured with credit insurance.
Counterparty risk refers to a situation in which a contracting party is unable to fulfill its contractual
obligations. Derivative instruments and cash reserve investments are only employed with
counterparties that have a good credit rating. At the end of 2025, the Group\u2019s only counterparties
were financial institutions.
The Group\u2019s maximum credit risk is the amount of the financial assets in the end of the financial
year. The aging of the trade receivables is presented in Note 23.
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Capital management
The objective of the Group\u2019s capital management is to ensure that it maintains strong credit
worthiness and healthy capital ratios in order to support its business and maximize shareholder
value.
The Group monitors capital using a net gearing ratio, which is net interest-bearing debt divided by
shareholders\u2019 equity. The Group includes in net interest-bearing debt the loans and borrowings less
cash and cash equivalents.
The Company pursues a strategy to improve capital employment turnover rates in order to improve
profitability and cash flow.
2025
2024
Interest-bearing liabilities
34,370
30,414
Cash and cash equivalents
11,942
10,904
Net interest-bearing liabilities
22,428
19,509
Shareholders\u2019 equity
28,092
32,337
Net gearing, %
79.8
60.3
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\n
\n
\n
\n
\n
\n
\n
\n
NOTE 30 Fair values of financial assets and liabilities
ACCOUNTING PRINCIPLE: Valuation of financial assets and liabilities
At initial recognition the Group measures a financial asset or liability at its fair value, which
basically is the transaction price, and subsequently at amortized cost. A fair value can be
measured to some financial liabilities which have been measured at amortized cost. Their fair
values are based on the future cash flows that are discounted with market interest rates on the
reporting date.
Note 23 presents the impairments in respect of trade receivables. Other financial assets are not
subject to material impairment.
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Net fair values and nominal values of financial assets and liabilities
2025
2025
2024
2024
Net fair
value
Nominal
value
Net fair
value
Nominal
value
Trade and other receivables
22,417
22,417
19,227
19,227
Cash and cash equivalents
11,942
11,942
10,904
10,904
Bank loans
28,162
28,160
23,967
23,864
Current credit facilities
1,846
1,846
1,069
1,069
Trade and other payables (excl. accrued
liabilities)
18,139
18,139
18,637
18,637
During the reporting period, or the comparative period, the Group had no derivative financial
instruments of which the changes in the fair value would be recognized in the income statement in
financial gains and losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_86": { "value": "
NOTE 23 Trade and other receivables
ACCOUNTING PRINCIPLE: Financial assets
Financial assets are classified, at initial recognition, within the scope of IFRS 9 as subsequently
measured at amortized cost, fair value through other comprehensive income or fair value
through profit or loss.
The Group\u2019s financial assets include cash and short-term deposits,
trade receivables and other
receivables. The objective is to hold these financial assets to collect contractual cash flows that
are payments of principal and interest on the principal amount and therefore they are classified
as subsequently measured at amortized cost.
A financial asset is derecognized when:
\u25cf
The rights to receive cash flows from the asset have expired.
\u25cf
The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay received cash flows in full without material delay to another party.
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\n
Trade receivables
Trade receivables are recorded in the balance sheet at their original invoice amount.
An impairment of trade receivables is recognized in accordance with IFRS 9. The Group applies
the simplified approach allowed by IFRS 9 as the accounts receivable does not contain
significant financing component. To measure the lifetime expected credit losses trade
receivables have been grouped based on credit risk characteristics and aging category. Expected
credit losses have been measured based on the payment delays adjusted by forward looking
estimates and individual assessment.
2025
2024
Trade receivables
16,823
13,999
Deferred income
1,079
967
Other receivables
3,975
4,012
Tax receivables
541
248
Total receivables
22,417
19,227
During the 2025 financial year credit losses of EUR -191 (-308) thousand were recorded, consisting
of actual credit losses amounting to EUR -439 (-117) thousand and change in the bad debt provision
amounting to EUR 249 (-190) thousand covering all overdue trade receivables which are over 90
days overdue.
Other receivables include EUR 328 thousand of receivables related to revenue recognition using the
percentage-of completion method.
Ageing analysis of trade receivables as at 31 December
Past due but not impaired
Total
Neither past due
nor impaired
<30 days
30-60 days
61-90 days
2025
16,823
13,649
1,942
722
509
2024
13,999
11,550
1,343
584
523
All receivables past due over 90 days were impaired and provisions were made in the income
statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_87": { "value": "
NOTE 23 Trade and other receivables
ACCOUNTING PRINCIPLE: Financial assets
Financial assets are classified, at initial recognition, within the scope of IFRS 9 as subsequently
measured at amortized cost, fair value through other comprehensive income or fair value
through profit or loss.
The Group\u2019s financial assets include cash and short-term deposits,
trade receivables and other
receivables. The objective is to hold these financial assets to collect contractual cash flows that
are payments of principal and interest on the principal amount and therefore they are classified
as subsequently measured at amortized cost.
A financial asset is derecognized when:
\u25cf
The rights to receive cash flows from the asset have expired.
\u25cf
The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay received cash flows in full without material delay to another party.
\n
\n
\n
\n
\n
\n
Trade receivables
Trade receivables are recorded in the balance sheet at their original invoice amount.
An impairment of trade receivables is recognized in accordance with IFRS 9. The Group applies
the simplified approach allowed by IFRS 9 as the accounts receivable does not contain
significant financing component. To measure the lifetime expected credit losses trade
receivables have been grouped based on credit risk characteristics and aging category. Expected
credit losses have been measured based on the payment delays adjusted by forward looking
estimates and individual assessment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_88": { "value": "
NOTE 23 Trade and other receivables
ACCOUNTING PRINCIPLE: Financial assets
Financial assets are classified, at initial recognition, within the scope of IFRS 9 as subsequently
measured at amortized cost, fair value through other comprehensive income or fair value
through profit or loss.
The Group\u2019s financial assets include cash and short-term deposits,
trade receivables and other
receivables. The objective is to hold these financial assets to collect contractual cash flows that
are payments of principal and interest on the principal amount and therefore they are classified
as subsequently measured at amortized cost.
A financial asset is derecognized when:
\u25cf
The rights to receive cash flows from the asset have expired.
\u25cf
The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay received cash flows in full without material delay to another party.
\n
\n
\n
\n
\n
\n
Trade receivables
Trade receivables are recorded in the balance sheet at their original invoice amount.
An impairment of trade receivables is recognized in accordance with IFRS 9. The Group applies
the simplified approach allowed by IFRS 9 as the accounts receivable does not contain
significant financing component. To measure the lifetime expected credit losses trade
receivables have been grouped based on credit risk characteristics and aging category. Expected
credit losses have been measured based on the payment delays adjusted by forward looking
estimates and individual assessment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_89": { "value": "
NOTE 23 Trade and other receivables
ACCOUNTING PRINCIPLE: Financial assets
Financial assets are classified, at initial recognition, within the scope of IFRS 9 as subsequently
measured at amortized cost, fair value through other comprehensive income or fair value
through profit or loss.
The Group\u2019s financial assets include cash and short-term deposits,
trade receivables and other
receivables. The objective is to hold these financial assets to collect contractual cash flows that
are payments of principal and interest on the principal amount and therefore they are classified
as subsequently measured at amortized cost.
A financial asset is derecognized when:
\u25cf
The rights to receive cash flows from the asset have expired.
\u25cf
The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay received cash flows in full without material delay to another party.
\n
\n
\n
\n
\n
\n
Trade receivables
Trade receivables are recorded in the balance sheet at their original invoice amount.
An impairment of trade receivables is recognized in accordance with IFRS 9. The Group applies
the simplified approach allowed by IFRS 9 as the accounts receivable does not contain
significant financing component. To measure the lifetime expected credit losses trade
receivables have been grouped based on credit risk characteristics and aging category. Expected
credit losses have been measured based on the payment delays adjusted by forward looking
estimates and individual assessment.
ACCOUNTING PRINCIPLE: Cash and short-term deposits
Cash and short-term deposits in the statement of financial position comprise cash at banks and
in hand and short-term deposits with an original maturity of three months and less. Credit
accounts connected with Group accounts are included in current interest-bearing liabilities and
are presented as net amounts, as the Group has a legal contractual right of set-off to make
payment or otherwise eliminate the amount owed to creditors either in whole or in part.
Cash and cash equivalents are recorded at amortized cost in the statement of financial position.
NOTE 25 Interest-bearing loans and borrowings
ACCOUNTING PRINCIPLE: Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as subsequently measured at
amortized cost or at fair value through profit or loss.
The Group\u2019s financial liabilities include trade and other interest-free payables, bank overdrafts
and loans. These are classified as subsequently measured at amortized cost. The Group has no
derivative liabilities.
ACCOUNTING PRINCIPLE: Provisions
A provision is recognized in the balance sheet when the Group has a present legal or
constructive obligation as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation.
The Group recognizes a provision against onerous agreements if the benefits of an agreement
are expected to be smaller than the unavoidable costs required to fulfill the obligations of the
agreement.
A provision for restructuring is recognized when the Group has prepared a detailed and formal
restructuring plan and restructuring has either commenced or the plan has been announced
publicly. The provisions are valued at their present value of costs required to cover the
obligation.
Provisions are included in Accrued expenses. The Group had no provisions in the reporting
period.
ACCOUNTING PRINCIPLE: Derivative financial instruments and hedging
Derivative contracts are recorded initially as an acquisition cost equal to their fair value.
Following their acquisition derivative contracts are valued according to their fair value.
Profits and losses that are generated from the valuation of fair value are recorded according to
the intended use of the derivative contract. The Group does not apply hedge accounting as
described by IFRS 9. As a result, all value changes are recognized in profit or loss. The Group
has entered into interest rate swap agreements to convert non-current floating rate financial
liabilities to fixed interest rates. Derivative financial instruments are presented in Note 30.
Derivatives are recorded in the balance sheet as accrued expenses and deferred income.
Hedges for net investments in foreign units are recorded in the same way as cash-flow hedges.
A hedge on a foreign subsidiary\u2019s equity is recorded in shareholders\u2019 equity in the same way as
the exchange rate difference in shareholders\u2019 equity.
ACCOUNTING PRINCIPLE: Valuation of financial assets and liabilities
At initial recognition the Group measures a financial asset or liability at its fair value, which
basically is the transaction price, and subsequently at amortized cost. A fair value can be
measured to some financial liabilities which have been measured at amortized cost. Their fair
values are based on the future cash flows that are discounted with market interest rates on the
reporting date.
Note 23 presents the impairments in respect of trade receivables. Other financial assets are not
subject to material impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_90": { "value": "
ACCOUNTING PRINCIPLE: Financial assets
Financial assets are classified, at initial recognition, within the scope of IFRS 9 as subsequently
measured at amortized cost, fair value through other comprehensive income or fair value
through profit or loss.
The Group\u2019s financial assets include cash and short-term deposits,
trade receivables and other
receivables. The objective is to hold these financial assets to collect contractual cash flows that
are payments of principal and interest on the principal amount and therefore they are classified
as subsequently measured at amortized cost.
A financial asset is derecognized when:
\u25cf
The rights to receive cash flows from the asset have expired.
\u25cf
The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay received cash flows in full without material delay to another party.
\n
\n
\n
\n
\n
\n
Trade receivables
Trade receivables are recorded in the balance sheet at their original invoice amount.
An impairment of trade receivables is recognized in accordance with IFRS 9. The Group applies
the simplified approach allowed by IFRS 9 as the accounts receivable does not contain
significant financing component. To measure the lifetime expected credit losses trade
receivables have been grouped based on credit risk characteristics and aging category. Expected
credit losses have been measured based on the payment delays adjusted by forward looking
estimates and individual assessment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_91": { "value": "
A financial asset is derecognized when:
\u25cf
The rights to receive cash flows from the asset have expired.
\u25cf
The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay received cash flows in full without material delay to another party.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_92": { "value": "
\n
\n
\n
\n
\n
\n
\n
NOTE 24 Cash and cash equivalents
ACCOUNTING PRINCIPLE: Cash and short-term deposits
Cash and short-term deposits in the statement of financial position comprise cash at banks and
in hand and short-term deposits with an original maturity of three months and less. Credit
accounts connected with Group accounts are included in current interest-bearing liabilities and
are presented as net amounts, as the Group has a legal contractual right of set-off to make
payment or otherwise eliminate the amount owed to creditors either in whole or in part.
Cash and cash equivalents are recorded at amortized cost in the statement of financial position.
Cash assets and short-term deposits consist of cash-in-hand and bank accounts, which amounted to
EUR 11,942 (10,904) thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_93": { "value": "
NOTE 24 Cash and cash equivalents
ACCOUNTING PRINCIPLE: Cash and short-term deposits
Cash and short-term deposits in the statement of financial position comprise cash at banks and
in hand and short-term deposits with an original maturity of three months and less. Credit
accounts connected with Group accounts are included in current interest-bearing liabilities and
are presented as net amounts, as the Group has a legal contractual right of set-off to make
payment or otherwise eliminate the amount owed to creditors either in whole or in part.
Cash and cash equivalents are recorded at amortized cost in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_94": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 25 Interest-bearing loans and borrowings
ACCOUNTING PRINCIPLE: Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as subsequently measured at
amortized cost or at fair value through profit or loss.
The Group\u2019s financial liabilities include trade and other interest-free payables, bank overdrafts
and loans. These are classified as subsequently measured at amortized cost. The Group has no
derivative liabilities.
Non-current interest-bearing loans and borrowings
2025
2024
Loans from financial institutions
5,358
5,073
Financial arrangement costs
-99
-195
Lease liabilities
2,986
3,904
Total
8,244
8,783
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Current interest-bearing loans and borrowings
2025
2024
Loans from financial institutions
23,000
19,569
Financial arrangement costs
-99
-584
Lease liabilities
1,331
1,577
Cheque account with overdraft facility
1,846
1,069
Loans from others
47
0
Total
26,126
21,631
In December 2025, Exel Composites renewed its financing agreement of EUR 52.4 million with the
company\u2019s main lenders. The one-time costs of the new financing agreement are accrued in the
interest-bearing liabilities to be amortized over the two-year period of the financing agreement.
EUR 7.0 million of current interest-bearing liabilities were commercial papers. To secure the
payment of commercial papers, the company had at the end of the financial year unused, non-
current (over 12 months) revolving credit facilities for EUR 22.3 million. Interest-bearing loans and
credit limits include financial covenants (Net Debt to EBITDA, Interest cover, Available liquidity).
In case the financial covenants are not satisfied, the lenders may cancel the commitment and
declare all or part of the loans, together with accrued interest, be immediately due and payable. The
financial covenants are reviewed and reported to lenders quarterly. In 2025 the covenants have
been satisfied. The Group has also assessed that it will be able to satisfy the covenants for the next
12 months.
Maturity of non-current interest-bearing liabilities (other than lease liabilities)
2025
2024
2026
0
4,879
2027
235
0
2028
5,024
0
2029
0
0
2030
0
0
Total
5,259
4,879
Maturity of non-current lease liabilities
2025
2024
2026
0
1,107
2027
1,087
944
2028
1,106
971
2029
772
881
2030
20
0
\n
\n
\n
\n
\n
\n
\n
Total
2,986
3,904
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_95": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 25 Interest-bearing loans and borrowings
ACCOUNTING PRINCIPLE: Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as subsequently measured at
amortized cost or at fair value through profit or loss.
The Group\u2019s financial liabilities include trade and other interest-free payables, bank overdrafts
and loans. These are classified as subsequently measured at amortized cost. The Group has no
derivative liabilities.
Non-current interest-bearing loans and borrowings
2025
2024
Loans from financial institutions
5,358
5,073
Financial arrangement costs
-99
-195
Lease liabilities
2,986
3,904
Total
8,244
8,783
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Current interest-bearing loans and borrowings
2025
2024
Loans from financial institutions
23,000
19,569
Financial arrangement costs
-99
-584
Lease liabilities
1,331
1,577
Cheque account with overdraft facility
1,846
1,069
Loans from others
47
0
Total
26,126
21,631
In December 2025, Exel Composites renewed its financing agreement of EUR 52.4 million with the
company\u2019s main lenders. The one-time costs of the new financing agreement are accrued in the
interest-bearing liabilities to be amortized over the two-year period of the financing agreement.
EUR 7.0 million of current interest-bearing liabilities were commercial papers. To secure the
payment of commercial papers, the company had at the end of the financial year unused, non-
current (over 12 months) revolving credit facilities for EUR 22.3 million. Interest-bearing loans and
credit limits include financial covenants (Net Debt to EBITDA, Interest cover, Available liquidity).
In case the financial covenants are not satisfied, the lenders may cancel the commitment and
declare all or part of the loans, together with accrued interest, be immediately due and payable. The
financial covenants are reviewed and reported to lenders quarterly. In 2025 the covenants have
been satisfied. The Group has also assessed that it will be able to satisfy the covenants for the next
12 months.
Maturity of non-current interest-bearing liabilities (other than lease liabilities)
2025
2024
2026
0
4,879
2027
235
0
2028
5,024
0
2029
0
0
2030
0
0
Total
5,259
4,879
Maturity of non-current lease liabilities
2025
2024
2026
0
1,107
2027
1,087
944
2028
1,106
971
2029
772
881
2030
20
0
\n
\n
\n
\n
\n
\n
\n
Total
2,986
3,904
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_96": { "value": "
NOTE 25 Interest-bearing loans and borrowings
ACCOUNTING PRINCIPLE: Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as subsequently measured at
amortized cost or at fair value through profit or loss.
The Group\u2019s financial liabilities include trade and other interest-free payables, bank overdrafts
and loans. These are classified as subsequently measured at amortized cost. The Group has no
derivative liabilities.
ACCOUNTING PRINCIPLE: Valuation of financial assets and liabilities
At initial recognition the Group measures a financial asset or liability at its fair value, which
basically is the transaction price, and subsequently at amortized cost. A fair value can be
measured to some financial liabilities which have been measured at amortized cost. Their fair
values are based on the future cash flows that are discounted with market interest rates on the
reporting date.
Note 23 presents the impairments in respect of trade receivables. Other financial assets are not
subject to material impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_97": { "value": "
NOTE 25 Interest-bearing loans and borrowings
ACCOUNTING PRINCIPLE: Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as subsequently measured at
amortized cost or at fair value through profit or loss.
The Group\u2019s financial liabilities include trade and other interest-free payables, bank overdrafts
and loans. These are classified as subsequently measured at amortized cost. The Group has no
derivative liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_98": { "value": "
NOTE 25 Interest-bearing loans and borrowings
ACCOUNTING PRINCIPLE: Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as subsequently measured at
amortized cost or at fair value through profit or loss.
The Group\u2019s financial liabilities include trade and other interest-free payables, bank overdrafts
and loans. These are classified as subsequently measured at amortized cost. The Group has no
derivative liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_99": { "value": "
NOTE 26 Trade and other non-interest-bearing liabilities
ACCOUNTING PRINCIPLE: Provisions
A provision is recognized in the balance sheet when the Group has a present legal or
constructive obligation as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation.
The Group recognizes a provision against onerous agreements if the benefits of an agreement
are expected to be smaller than the unavoidable costs required to fulfill the obligations of the
agreement.
A provision for restructuring is recognized when the Group has prepared a detailed and formal
restructuring plan and restructuring has either commenced or the plan has been announced
publicly. The provisions are valued at their present value of costs required to cover the
obligation.
Provisions are included in Accrued expenses. The Group had no provisions in the reporting
period.
2025
2024
Trade payables
10,887
11,721
Accrued expenses
7,965
7,080
Advance payments
2,053
1,200
Other current interest-free liabilities
3,965
4,553
Non-current interest-free liabilities
1,233
1,163
Total
26,104
25,717
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_100": { "value": "
NOTE 26 Trade and other non-interest-bearing liabilities
ACCOUNTING PRINCIPLE: Provisions
A provision is recognized in the balance sheet when the Group has a present legal or
constructive obligation as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation.
The Group recognizes a provision against onerous agreements if the benefits of an agreement
are expected to be smaller than the unavoidable costs required to fulfill the obligations of the
agreement.
A provision for restructuring is recognized when the Group has prepared a detailed and formal
restructuring plan and restructuring has either commenced or the plan has been announced
publicly. The provisions are valued at their present value of costs required to cover the
obligation.
Provisions are included in Accrued expenses. The Group had no provisions in the reporting
period.
2025
2024
Trade payables
10,887
11,721
Accrued expenses
7,965
7,080
Advance payments
2,053
1,200
Other current interest-free liabilities
3,965
4,553
Non-current interest-free liabilities
1,233
1,163
Total
26,104
25,717
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_101": { "value": "
NOTE 26 Trade and other non-interest-bearing liabilities
ACCOUNTING PRINCIPLE: Provisions
A provision is recognized in the balance sheet when the Group has a present legal or
constructive obligation as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation.
The Group recognizes a provision against onerous agreements if the benefits of an agreement
are expected to be smaller than the unavoidable costs required to fulfill the obligations of the
agreement.
A provision for restructuring is recognized when the Group has prepared a detailed and formal
restructuring plan and restructuring has either commenced or the plan has been announced
publicly. The provisions are valued at their present value of costs required to cover the
obligation.
Provisions are included in Accrued expenses. The Group had no provisions in the reporting
period.
2025
2024
Trade payables
10,887
11,721
Accrued expenses
7,965
7,080
Advance payments
2,053
1,200
Other current interest-free liabilities
3,965
4,553
Non-current interest-free liabilities
1,233
1,163
Total
26,104
25,717
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_102": { "value": "
NOTE 26 Trade and other non-interest-bearing liabilities
ACCOUNTING PRINCIPLE: Provisions
A provision is recognized in the balance sheet when the Group has a present legal or
constructive obligation as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation.
The Group recognizes a provision against onerous agreements if the benefits of an agreement
are expected to be smaller than the unavoidable costs required to fulfill the obligations of the
agreement.
A provision for restructuring is recognized when the Group has prepared a detailed and formal
restructuring plan and restructuring has either commenced or the plan has been announced
publicly. The provisions are valued at their present value of costs required to cover the
obligation.
Provisions are included in Accrued expenses. The Group had no provisions in the reporting
period.
2025
2024
Trade payables
10,887
11,721
Accrued expenses
7,965
7,080
Advance payments
2,053
1,200
Other current interest-free liabilities
3,965
4,553
Non-current interest-free liabilities
1,233
1,163
Total
26,104
25,717
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_103": { "value": "
ACCOUNTING PRINCIPLE: Provisions
A provision is recognized in the balance sheet when the Group has a present legal or
constructive obligation as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation.
The Group recognizes a provision against onerous agreements if the benefits of an agreement
are expected to be smaller than the unavoidable costs required to fulfill the obligations of the
agreement.
A provision for restructuring is recognized when the Group has prepared a detailed and formal
restructuring plan and restructuring has either commenced or the plan has been announced
publicly. The provisions are valued at their present value of costs required to cover the
obligation.
Provisions are included in Accrued expenses. The Group had no provisions in the reporting
period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_104": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Impairment tests are done annually on goodwill and on intangible assets with an indefinite
economic life. On the closing date the Exel Composites Group had no intangible assets with an
unlimited economic life.
The calculation of value-in use is most sensitive to following assumptions:
\u25cf
Future growth rate
\u25cf
EBITDA margin
\u25cf
Discount rates
The Group makes a so-called two-step goodwill impairment test where CGU level goodwill is tested
first and thereafter Group level goodwill is tested. The Group has allocated goodwill to group and
business units (CGUs). The impairment of cash-generating units is tested by comparing the
recoverable amounts to the carrying amounts. The recoverable amount of the cash-generating
units is determined based on calculations of value in use, which are based on discounted future
cash flows. Future cash flows are based on the continual use of the item and forecasts made by the
management for the coming years (5 years + residual). Forecasts for the periods further ahead in
the future have been calculated on the assumption of annual growth rate of 1.7% based on general
inflation expectation. Sales margin levels used in the forecasts are expected to remain on average
at current levels for Engineered Solutions business unit but for Industrial Solutions business unit
average sales margin is expected to decrease due to significant increase in volumes.
Discount rate is defined to reflect the effect of the different business risks on the expected return on
equity. The cost of liabilities is defined according to the existing credit portfolio. The calculation of
the average cost of capital considers the Group\u2019s targeted capital structure, as well as the effect of
debt on the cost of Group equity. The discount rate after taxes used in the calculations was on
average 10.5% (11.4).
For all the CGUs the impairment testing was performed according to the normal schedule during
the last quarter of the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_105": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Impairment tests are done annually on goodwill and on intangible assets with an indefinite
economic life. On the closing date the Exel Composites Group had no intangible assets with an
unlimited economic life.
The calculation of value-in use is most sensitive to following assumptions:
\u25cf
Future growth rate
\u25cf
EBITDA margin
\u25cf
Discount rates
The Group makes a so-called two-step goodwill impairment test where CGU level goodwill is tested
first and thereafter Group level goodwill is tested. The Group has allocated goodwill to group and
business units (CGUs). The impairment of cash-generating units is tested by comparing the
recoverable amounts to the carrying amounts. The recoverable amount of the cash-generating
units is determined based on calculations of value in use, which are based on discounted future
cash flows. Future cash flows are based on the continual use of the item and forecasts made by the
management for the coming years (5 years + residual). Forecasts for the periods further ahead in
the future have been calculated on the assumption of annual growth rate of 1.7% based on general
inflation expectation. Sales margin levels used in the forecasts are expected to remain on average
at current levels for Engineered Solutions business unit but for Industrial Solutions business unit
average sales margin is expected to decrease due to significant increase in volumes.
Discount rate is defined to reflect the effect of the different business risks on the expected return on
equity. The cost of liabilities is defined according to the existing credit portfolio. The calculation of
the average cost of capital considers the Group\u2019s targeted capital structure, as well as the effect of
debt on the cost of Group equity. The discount rate after taxes used in the calculations was on
average 10.5% (11.4).
For all the CGUs the impairment testing was performed according to the normal schedule during
the last quarter of the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_106": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 28 Financial risk management
ACCOUNTING PRINCIPLE: Derivative financial instruments and hedging
Derivative contracts are recorded initially as an acquisition cost equal to their fair value.
Following their acquisition derivative contracts are valued according to their fair value.
Profits and losses that are generated from the valuation of fair value are recorded according to
the intended use of the derivative contract. The Group does not apply hedge accounting as
described by IFRS 9. As a result, all value changes are recognized in profit or loss. The Group
has entered into interest rate swap agreements to convert non-current floating rate financial
liabilities to fixed interest rates. Derivative financial instruments are presented in Note 30.
Derivatives are recorded in the balance sheet as accrued expenses and deferred income.
Hedges for net investments in foreign units are recorded in the same way as cash-flow hedges.
A hedge on a foreign subsidiary\u2019s equity is recorded in shareholders\u2019 equity in the same way as
the exchange rate difference in shareholders\u2019 equity.
In Finland the Group has a contract with the electricity supplier on fixed electricity prices
(electricity derivative). This contract is intended to hedge about 70-90 % of the forecasted electricity
consumption. The economic characteristics and risks of the derivative are closely related to the
electricity supply contract (host) and is not treated as a separate derivative but as a part of the
electricity procurement.
The Group did not hedge its net foreign investments exposure during 2025 or 2024. The Group is
exposed to a number of financial risks in its business operations. The objective of financial risk
management is to protect against unfavorable changes in the financial markets and thus secure the
Group\u2019s planned profit development. The main financial risks include the foreign exchange risk,
interest rate risk, liquidity and refinancing risk, and credit risk. The Group uses forward agreements
and currency options, currency loans, interest rate options and interest rate swaps.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Foreign currency risk
The Group operates internationally and is thus exposed to various transactions risks caused by
currency positions and risks that are generated when investments made in different currencies are
converted into the parent company\u2019s operating currency. In addition to the euro (EUR), the main
currencies are the Australian dollar (AUD), the British pound (GBP), the US dollar (USD), the
Chinese renminbi (RMB), the Hong Kong dollar (HKD) and the Indian rupee (INR). Foreign exchange
risks are generated by commercial transactions, from monetary items in the assets and liabilities
and from net investments in foreign subsidiaries. The objective of foreign exchange risk
management is to protect the operating result and shareholders\u2019 equity against foreign exchange
rate fluctuations.
The only invoicing currencies used are either the unit\u2019s functional currency or currencies generally
used in export sales. The currency flows of subsidiaries are protected on a per company basis
against the functional currency of each company. The operating units are responsible for hedging
against their own foreign exchange risks.
Currency positions are assessed at their net amount in each currency generally for the following
12-month period. Currency flows are protected as needed by forward agreements and currency
options.
The Group\u2019s translation exposure in main currencies at the end of the financial year was as follows:
Net investment
2025
2024
AUD
4,369
4,461
GBP
7,331
6,798
RMB
5,165
4,622
INR
316
1,809
HKD
980
2,075
USD
-31,102
-30,773
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
The Group\u2019s sensitivity to main currencies when all other variables are constant is the following (as
at the end of the financial year):
2025
AUD
GBP
RMB
INR
HKD
USD
Increase in currency rate vs.
EUR, %
5%
5%
5%
5%
5%
5%
Effect on equity, EUR
218
367
258
16
49
-1,555
2024
AUD
GBP
RMB
INR
HKD
USD
Increase in currency rate vs.
EUR, %
5%
5%
5%
5%
5%
5%
Effect on equity, EUR
223
340
231
90
104
-1539
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Interest rate risk
The Group\u2019s currency-denominated borrowings are in the functional currencies of Group
companies. The nominal values of interest-bearing liabilities (lease liabilities excluded) on 31
December were divided to the currencies as follows:
Currency
Amount, EUR thousands
%
EUR
28,160
94%
INR
1,894
6%
Non-current loans have adjustable rates of interest, but they are partially protected against interest
rate risks by converting them to fixed interest rates through interest rate swaps or by agreements
on maximum interest rate. At the balance sheet date, the Group had no interest swap contracts. The
Group does not use the hedge accounting to the interest swap or option contracts.
The Group\u2019s exposure to the risk of changes in the market interest rates relates primarily to the
Group\u2019s loans. The effect of one percentage point in the interest rates on 31 December was EUR 301
(249) thousand.
Liquidity and funding risk
The Group aims to ensure adequate liquidity under all circumstances and to optimize the use of
liquid assets in financing business operations. In addition, the objective is to minimize net interest
costs and bank charges. The excess cash is held in liquid instruments. In addition to cash reserves
and interest rate investments, the Group had unused, committed credit limits on 31 December 2025
amounting to EUR 22.3 million. Committed credit limits secure the repayment of short-term
liabilities, such as commercial papers.
The Finance Department sees to it that a sufficient number of different financing sources are
available, and that the maturity schedule of foreign loans is managed. The parent company\u2019s
Finance Department centrally manages the Group\u2019s refinancing and its management. The Group\u2019s
internal debt ratios exist primarily directly between the parent company and its subsidiaries.
The tools employed for managing liquidity are credit-bearing Group accounts, credit limits and
commercial papers.
In June 2024, Exel Composites entered into a new financing agreement of EUR 52.4 million with the
company\u2019s main lenders. The agreement includes financial covenants (Net Debt to EBITDA, Interest
cover, Available liquidity).
In case the financial covenants are not satisfied, the lenders may cancel the commitment and
declare all or part of the loans, together with accrued interest, be immediately due and payable. The
financial covenants are reviewed and reported to lenders quarterly. In 2025 the covenants have
been satisfied. The Group has also assessed that it will be able to satisfy the covenants for the next
12 months.
The table below summarizes the maturity profile of the Group\u2019s financial liabilities at the end of the
financial year based on contractual undiscounted payments.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
2025
Less than
3 months
3-12
months
1-5
years
Total
Interest-bearing liabilities
21,000
5,126
8,244
34,370
Trade and other current payables (excl.
accrued liabilities)
16,905
16,905
2024
Less than
3 months
3-12
months
1-5
years
Total
Interest-bearing liabilities
19,000
2,631
8,783
30,414
Trade and other current payables (excl.
accrued liabilities)
17,474
17,474
Credit and counterparty risk
The Group\u2019s business operations are based for the most part on established and reliable customer
relationships and the industry\u2019s generally accepted terms of agreement. The payment period for
invoices is generally 14 \u2013 60 days. The background of new customers is assessed, for example by
obtaining credit information. The Group has no significant credit risk concentrations, as the
customer base is broad and distributed geographically between the Group\u2019s operating countries.
Credit risks related to trade receivables are monitored by the business units. Approximately half of
the Group\u2019s trade receivables are secured with credit insurance.
Counterparty risk refers to a situation in which a contracting party is unable to fulfill its contractual
obligations. Derivative instruments and cash reserve investments are only employed with
counterparties that have a good credit rating. At the end of 2025, the Group\u2019s only counterparties
were financial institutions.
The Group\u2019s maximum credit risk is the amount of the financial assets in the end of the financial
year. The aging of the trade receivables is presented in Note 23.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Capital management
The objective of the Group\u2019s capital management is to ensure that it maintains strong credit
worthiness and healthy capital ratios in order to support its business and maximize shareholder
value.
The Group monitors capital using a net gearing ratio, which is net interest-bearing debt divided by
shareholders\u2019 equity. The Group includes in net interest-bearing debt the loans and borrowings less
cash and cash equivalents.
The Company pursues a strategy to improve capital employment turnover rates in order to improve
profitability and cash flow.
2025
2024
Interest-bearing liabilities
34,370
30,414
Cash and cash equivalents
11,942
10,904
Net interest-bearing liabilities
22,428
19,509
Shareholders\u2019 equity
28,092
32,337
Net gearing, %
79.8
60.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_107": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 28 Financial risk management
ACCOUNTING PRINCIPLE: Derivative financial instruments and hedging
Derivative contracts are recorded initially as an acquisition cost equal to their fair value.
Following their acquisition derivative contracts are valued according to their fair value.
Profits and losses that are generated from the valuation of fair value are recorded according to
the intended use of the derivative contract. The Group does not apply hedge accounting as
described by IFRS 9. As a result, all value changes are recognized in profit or loss. The Group
has entered into interest rate swap agreements to convert non-current floating rate financial
liabilities to fixed interest rates. Derivative financial instruments are presented in Note 30.
Derivatives are recorded in the balance sheet as accrued expenses and deferred income.
Hedges for net investments in foreign units are recorded in the same way as cash-flow hedges.
A hedge on a foreign subsidiary\u2019s equity is recorded in shareholders\u2019 equity in the same way as
the exchange rate difference in shareholders\u2019 equity.
In Finland the Group has a contract with the electricity supplier on fixed electricity prices
(electricity derivative). This contract is intended to hedge about 70-90 % of the forecasted electricity
consumption. The economic characteristics and risks of the derivative are closely related to the
electricity supply contract (host) and is not treated as a separate derivative but as a part of the
electricity procurement.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Net fair values and nominal values of financial assets and liabilities
2025
2025
2024
2024
Net fair
value
Nominal
value
Net fair
value
Nominal
value
Trade and other receivables
22,417
22,417
19,227
19,227
Cash and cash equivalents
11,942
11,942
10,904
10,904
Bank loans
28,162
28,160
23,967
23,864
Current credit facilities
1,846
1,846
1,069
1,069
Trade and other payables (excl. accrued
liabilities)
18,139
18,139
18,637
18,637
During the reporting period, or the comparative period, the Group had no derivative financial
instruments of which the changes in the fair value would be recognized in the income statement in
financial gains and losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_108": { "value": "
NOTE 28 Financial risk management
ACCOUNTING PRINCIPLE: Derivative financial instruments and hedging
Derivative contracts are recorded initially as an acquisition cost equal to their fair value.
Following their acquisition derivative contracts are valued according to their fair value.
Profits and losses that are generated from the valuation of fair value are recorded according to
the intended use of the derivative contract. The Group does not apply hedge accounting as
described by IFRS 9. As a result, all value changes are recognized in profit or loss. The Group
has entered into interest rate swap agreements to convert non-current floating rate financial
liabilities to fixed interest rates. Derivative financial instruments are presented in Note 30.
Derivatives are recorded in the balance sheet as accrued expenses and deferred income.
Hedges for net investments in foreign units are recorded in the same way as cash-flow hedges.
A hedge on a foreign subsidiary\u2019s equity is recorded in shareholders\u2019 equity in the same way as
the exchange rate difference in shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_109": { "value": "
NOTE 28 Financial risk management
ACCOUNTING PRINCIPLE: Derivative financial instruments and hedging
Derivative contracts are recorded initially as an acquisition cost equal to their fair value.
Following their acquisition derivative contracts are valued according to their fair value.
Profits and losses that are generated from the valuation of fair value are recorded according to
the intended use of the derivative contract. The Group does not apply hedge accounting as
described by IFRS 9. As a result, all value changes are recognized in profit or loss. The Group
has entered into interest rate swap agreements to convert non-current floating rate financial
liabilities to fixed interest rates. Derivative financial instruments are presented in Note 30.
Derivatives are recorded in the balance sheet as accrued expenses and deferred income.
Hedges for net investments in foreign units are recorded in the same way as cash-flow hedges.
A hedge on a foreign subsidiary\u2019s equity is recorded in shareholders\u2019 equity in the same way as
the exchange rate difference in shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_110": { "value": "
NOTE 28 Financial risk management
ACCOUNTING PRINCIPLE: Derivative financial instruments and hedging
Derivative contracts are recorded initially as an acquisition cost equal to their fair value.
Following their acquisition derivative contracts are valued according to their fair value.
Profits and losses that are generated from the valuation of fair value are recorded according to
the intended use of the derivative contract. The Group does not apply hedge accounting as
described by IFRS 9. As a result, all value changes are recognized in profit or loss. The Group
has entered into interest rate swap agreements to convert non-current floating rate financial
liabilities to fixed interest rates. Derivative financial instruments are presented in Note 30.
Derivatives are recorded in the balance sheet as accrued expenses and deferred income.
Hedges for net investments in foreign units are recorded in the same way as cash-flow hedges.
A hedge on a foreign subsidiary\u2019s equity is recorded in shareholders\u2019 equity in the same way as
the exchange rate difference in shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_111": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Foreign currency risk
The Group operates internationally and is thus exposed to various transactions risks caused by
currency positions and risks that are generated when investments made in different currencies are
converted into the parent company\u2019s operating currency. In addition to the euro (EUR), the main
currencies are the Australian dollar (AUD), the British pound (GBP), the US dollar (USD), the
Chinese renminbi (RMB), the Hong Kong dollar (HKD) and the Indian rupee (INR). Foreign exchange
risks are generated by commercial transactions, from monetary items in the assets and liabilities
and from net investments in foreign subsidiaries. The objective of foreign exchange risk
management is to protect the operating result and shareholders\u2019 equity against foreign exchange
rate fluctuations.
The only invoicing currencies used are either the unit\u2019s functional currency or currencies generally
used in export sales. The currency flows of subsidiaries are protected on a per company basis
against the functional currency of each company. The operating units are responsible for hedging
against their own foreign exchange risks.
Currency positions are assessed at their net amount in each currency generally for the following
12-month period. Currency flows are protected as needed by forward agreements and currency
options.
The Group\u2019s translation exposure in main currencies at the end of the financial year was as follows:
Net investment
2025
2024
AUD
4,369
4,461
GBP
7,331
6,798
RMB
5,165
4,622
INR
316
1,809
HKD
980
2,075
USD
-31,102
-30,773
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
The Group\u2019s sensitivity to main currencies when all other variables are constant is the following (as
at the end of the financial year):
2025
AUD
GBP
RMB
INR
HKD
USD
Increase in currency rate vs.
EUR, %
5%
5%
5%
5%
5%
5%
Effect on equity, EUR
218
367
258
16
49
-1,555
2024
AUD
GBP
RMB
INR
HKD
USD
Increase in currency rate vs.
EUR, %
5%
5%
5%
5%
5%
5%
Effect on equity, EUR
223
340
231
90
104
-1539
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_112": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Interest rate risk
The Group\u2019s currency-denominated borrowings are in the functional currencies of Group
companies. The nominal values of interest-bearing liabilities (lease liabilities excluded) on 31
December were divided to the currencies as follows:
Currency
Amount, EUR thousands
%
EUR
28,160
94%
INR
1,894
6%
Non-current loans have adjustable rates of interest, but they are partially protected against interest
rate risks by converting them to fixed interest rates through interest rate swaps or by agreements
on maximum interest rate. At the balance sheet date, the Group had no interest swap contracts. The
Group does not use the hedge accounting to the interest swap or option contracts.
The Group\u2019s exposure to the risk of changes in the market interest rates relates primarily to the
Group\u2019s loans. The effect of one percentage point in the interest rates on 31 December was EUR 301
(249) thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_113": { "value": "
Liquidity and funding risk
The Group aims to ensure adequate liquidity under all circumstances and to optimize the use of
liquid assets in financing business operations. In addition, the objective is to minimize net interest
costs and bank charges. The excess cash is held in liquid instruments. In addition to cash reserves
and interest rate investments, the Group had unused, committed credit limits on 31 December 2025
amounting to EUR 22.3 million. Committed credit limits secure the repayment of short-term
liabilities, such as commercial papers.
The Finance Department sees to it that a sufficient number of different financing sources are
available, and that the maturity schedule of foreign loans is managed. The parent company\u2019s
Finance Department centrally manages the Group\u2019s refinancing and its management. The Group\u2019s
internal debt ratios exist primarily directly between the parent company and its subsidiaries.
The tools employed for managing liquidity are credit-bearing Group accounts, credit limits and
commercial papers.
In June 2024, Exel Composites entered into a new financing agreement of EUR 52.4 million with the
company\u2019s main lenders. The agreement includes financial covenants (Net Debt to EBITDA, Interest
cover, Available liquidity).
In case the financial covenants are not satisfied, the lenders may cancel the commitment and
declare all or part of the loans, together with accrued interest, be immediately due and payable. The
financial covenants are reviewed and reported to lenders quarterly. In 2025 the covenants have
been satisfied. The Group has also assessed that it will be able to satisfy the covenants for the next
12 months.
The table below summarizes the maturity profile of the Group\u2019s financial liabilities at the end of the
financial year based on contractual undiscounted payments.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
2025
Less than
3 months
3-12
months
1-5
years
Total
Interest-bearing liabilities
21,000
5,126
8,244
34,370
Trade and other current payables (excl.
accrued liabilities)
16,905
16,905
2024
Less than
3 months
3-12
months
1-5
years
Total
Interest-bearing liabilities
19,000
2,631
8,783
30,414
Trade and other current payables (excl.
accrued liabilities)
17,474
17,474
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_114": { "value": "
Credit and counterparty risk
The Group\u2019s business operations are based for the most part on established and reliable customer
relationships and the industry\u2019s generally accepted terms of agreement. The payment period for
invoices is generally 14 \u2013 60 days. The background of new customers is assessed, for example by
obtaining credit information. The Group has no significant credit risk concentrations, as the
customer base is broad and distributed geographically between the Group\u2019s operating countries.
Credit risks related to trade receivables are monitored by the business units. Approximately half of
the Group\u2019s trade receivables are secured with credit insurance.
Counterparty risk refers to a situation in which a contracting party is unable to fulfill its contractual
obligations. Derivative instruments and cash reserve investments are only employed with
counterparties that have a good credit rating. At the end of 2025, the Group\u2019s only counterparties
were financial institutions.
The Group\u2019s maximum credit risk is the amount of the financial assets in the end of the financial
year. The aging of the trade receivables is presented in Note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_115": { "value": "
Capital management
The objective of the Group\u2019s capital management is to ensure that it maintains strong credit
worthiness and healthy capital ratios in order to support its business and maximize shareholder
value.
The Group monitors capital using a net gearing ratio, which is net interest-bearing debt divided by
shareholders\u2019 equity. The Group includes in net interest-bearing debt the loans and borrowings less
cash and cash equivalents.
The Company pursues a strategy to improve capital employment turnover rates in order to improve
profitability and cash flow.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_116": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 29 Contingent liabilities
2025
2024
Commitments on own behalf
Mortgages
177,410
177,410
Floating charges
57,720
57,720
Operating leases
Not later than one year
112
189
1-5 years
59
81
Other liabilities
1,000
1,200
Legal proceedings
Exel Composites' Belgian subsidiary was the defendant in a dispute, in which legal proceedings in
the Dutch court took place during the autumn of 2023. The main point of the dispute was the
disagreement between Exel Composites and the customer as to whether the products delivered to
the customer have met the agreed criteria. The court dismissed the customer\u2019s claims in full,
however the counterparty appealed against the decision and the appeal process in the court started
in December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_117": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 29 Contingent liabilities
2025
2024
Commitments on own behalf
Mortgages
177,410
177,410
Floating charges
57,720
57,720
Operating leases
Not later than one year
112
189
1-5 years
59
81
Other liabilities
1,000
1,200
Legal proceedings
Exel Composites' Belgian subsidiary was the defendant in a dispute, in which legal proceedings in
the Dutch court took place during the autumn of 2023. The main point of the dispute was the
disagreement between Exel Composites and the customer as to whether the products delivered to
the customer have met the agreed criteria. The court dismissed the customer\u2019s claims in full,
however the counterparty appealed against the decision and the appeal process in the court started
in December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_118": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 29 Contingent liabilities
2025
2024
Commitments on own behalf
Mortgages
177,410
177,410
Floating charges
57,720
57,720
Operating leases
Not later than one year
112
189
1-5 years
59
81
Other liabilities
1,000
1,200
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_119": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 30 Fair values of financial assets and liabilities
ACCOUNTING PRINCIPLE: Valuation of financial assets and liabilities
At initial recognition the Group measures a financial asset or liability at its fair value, which
basically is the transaction price, and subsequently at amortized cost. A fair value can be
measured to some financial liabilities which have been measured at amortized cost. Their fair
values are based on the future cash flows that are discounted with market interest rates on the
reporting date.
Note 23 presents the impairments in respect of trade receivables. Other financial assets are not
subject to material impairment.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Net fair values and nominal values of financial assets and liabilities
2025
2025
2024
2024
Net fair
value
Nominal
value
Net fair
value
Nominal
value
Trade and other receivables
22,417
22,417
19,227
19,227
Cash and cash equivalents
11,942
11,942
10,904
10,904
Bank loans
28,162
28,160
23,967
23,864
Current credit facilities
1,846
1,846
1,069
1,069
Trade and other payables (excl. accrued
liabilities)
18,139
18,139
18,637
18,637
During the reporting period, or the comparative period, the Group had no derivative financial
instruments of which the changes in the fair value would be recognized in the income statement in
financial gains and losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_120": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 30 Fair values of financial assets and liabilities
ACCOUNTING PRINCIPLE: Valuation of financial assets and liabilities
At initial recognition the Group measures a financial asset or liability at its fair value, which
basically is the transaction price, and subsequently at amortized cost. A fair value can be
measured to some financial liabilities which have been measured at amortized cost. Their fair
values are based on the future cash flows that are discounted with market interest rates on the
reporting date.
Note 23 presents the impairments in respect of trade receivables. Other financial assets are not
subject to material impairment.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Net fair values and nominal values of financial assets and liabilities
2025
2025
2024
2024
Net fair
value
Nominal
value
Net fair
value
Nominal
value
Trade and other receivables
22,417
22,417
19,227
19,227
Cash and cash equivalents
11,942
11,942
10,904
10,904
Bank loans
28,162
28,160
23,967
23,864
Current credit facilities
1,846
1,846
1,069
1,069
Trade and other payables (excl. accrued
liabilities)
18,139
18,139
18,637
18,637
During the reporting period, or the comparative period, the Group had no derivative financial
instruments of which the changes in the fair value would be recognized in the income statement in
financial gains and losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_121": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
NOTE 30 Fair values of financial assets and liabilities
ACCOUNTING PRINCIPLE: Valuation of financial assets and liabilities
At initial recognition the Group measures a financial asset or liability at its fair value, which
basically is the transaction price, and subsequently at amortized cost. A fair value can be
measured to some financial liabilities which have been measured at amortized cost. Their fair
values are based on the future cash flows that are discounted with market interest rates on the
reporting date.
Note 23 presents the impairments in respect of trade receivables. Other financial assets are not
subject to material impairment.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Net fair values and nominal values of financial assets and liabilities
2025
2025
2024
2024
Net fair
value
Nominal
value
Net fair
value
Nominal
value
Trade and other receivables
22,417
22,417
19,227
19,227
Cash and cash equivalents
11,942
11,942
10,904
10,904
Bank loans
28,162
28,160
23,967
23,864
Current credit facilities
1,846
1,846
1,069
1,069
Trade and other payables (excl. accrued
liabilities)
18,139
18,139
18,637
18,637
During the reporting period, or the comparative period, the Group had no derivative financial
instruments of which the changes in the fair value would be recognized in the income statement in
financial gains and losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_122": { "value": "
ACCOUNTING PRINCIPLE: Valuation of financial assets and liabilities
At initial recognition the Group measures a financial asset or liability at its fair value, which
basically is the transaction price, and subsequently at amortized cost. A fair value can be
measured to some financial liabilities which have been measured at amortized cost. Their fair
values are based on the future cash flows that are discounted with market interest rates on the
reporting date.
Note 23 presents the impairments in respect of trade receivables. Other financial assets are not
subject to material impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_123": { "value": "
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\n
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ACCOUNTING PRINCIPLE: Pensions and other post-employment benefits
The Group\u2019s pension schemes comply with each country\u2019s local regulations and practices. Some
of the pension schemes in the Group apply defined benefit pension schemes where the pension
benefits, disability benefits and employment termination benefits are defined. Pension benefits
are based generally on the period of employment and salary over a fixed period for each
employee. Pension contributions are funded through payments to insurance companies. In
addition, the Group has defined-contribution plans.
In defined benefit pension plans, the present value of future pension payments on the closing
date is presented less the fair value of the plan-related assets on the closing date. Pension
liabilities are calculated by independent actuaries. The pension liability is determined according
to the projected unit credit method: the pension liability is discounted to the present value of
estimated future cash flows using the interest rate which is equal to the interest rate of
government or corporate bonds with maturities corresponding to the maturity of the pension
liability. Pension costs are recorded in the income statement as an expense with costs
periodized over the employees\u2019 time of service based on actuarial calculations carried out
annually. Actuarial gains and losses are recognized in full as a component of other
comprehensive income.
In defined-contribution schemes, pension contributions are paid to insurance companies, after
which the Group no longer has other payment obligations. The Group\u2019s contributions to defined-
contribution schemes are entered in the financial period to which the payments relate.
The Group operates a number of defined benefit and contribution pension schemes throughout the
world.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_124": { "value": "
\n
\n
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\n
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\n
NOTE 32 Share capital
ACCOUNTING PRINCIPLE: Share capital
Ordinary shares are included in shareholders\u2019 equity. Expenses incurred directly from new share
issues are recorded in shareholders\u2019 equity as a reduction of received payments.
Number of shares
(1,000)
Share capital
Invested
unrestricted equity
fund
Total
1.1.
2024
11,897
2,141
2,539
4,681
31.12.
2024
106,085
2,141
22,416
24,557
31.12.
2025
106,085
2,141
22,416
24,557
Repurchase and/or the acceptance as pledge of the company\u2019s own shares
On 26 March 2025 the Annual General Meeting authorized the Board of Directors to repurchase
and/or accept as pledge of the company\u2019s own shares as follows:
The amount of own shares to be repurchased and/or accepted as pledge on the basis of the
authorization shall not exceed 600,000 shares in total, which corresponds to approximately 5.0 per
cent of all the shares in the company. Only the unrestricted equity of the company can be used to
repurchase own shares based on the authorization.
Own shares can be repurchased at a price formed in public trading on the date of the repurchase or
otherwise at a price formed on the market.
The Board of Directors decides on how own shares will be repurchased and/or accepted as pledge.
Shares can be repurchased using, inter alia, derivatives. Own shares can be repurchased otherwise
than in proportion to the shareholdings of the existing shareholders (directed repurchase). The
Board of Directors shall decide on other terms of the share repurchase and/or acceptance as
pledge.
Shares may be repurchased to be used as consideration in possible acquisitions or in other
arrangements that are part of the company\u2019s business, to finance investments, as part of the
company\u2019s incentive program or to be retained, otherwise conveyed, or cancelled by the company.
The authorization cancels the authorization given to the Board of Directors by the General Meeting
2024 to decide on the repurchase and/or acceptance as pledge of the company\u2019s own shares.
The authorization is effective until the end of the next Annual General Meeting, however no longer
than until 30 June 2026.
Exel Composites held 1,167,527 own shares at the end of 2025, which have been repurchased to be
used as part of the company\u2019s incentive program.
Issuance of shares and special rights entitling to shares
On 26 March 2025 the Annual General Meeting authorized the Board of Directors to decide on the
issuance of shares and special rights entitling to shares referred to in Chapter 10, Section 1 of the
Companies Act as follows:
The amount of shares to be issued on the basis of the authorization may be a maximum of 2,379,000
new shares, which corresponds to approximately 20.0 per cent of all shares in the company, and/or
a maximum of 600,000 Company\u2019s own shares.
The Board of Directors decides on all the conditions of the issuance of shares and of special rights
entitling to shares. The issuance of shares and of special rights entitling to shares may be carried
out in deviation from the shareholders\u2019 pre-emptive rights.
The shares to be issued based on the authorization can be used as consideration in possible
mergers and acquisitions and other business arrangements, to finance investments or as a part of
the Company\u2019s incentive program for personnel.
The authorization cancels the authorization given to the Board of Directors by the General Meeting
on 2024 to decide on the issuance of shares as well as special rights entitling to shares.
The authorization is effective until the end of the next Annual General Meeting, however no longer
than until 30 June 2026.
These authorizations were not exercised in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_125": { "value": "
\n
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\n
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\n
\n
NOTE 32 Share capital
ACCOUNTING PRINCIPLE: Share capital
Ordinary shares are included in shareholders\u2019 equity. Expenses incurred directly from new share
issues are recorded in shareholders\u2019 equity as a reduction of received payments.
Number of shares
(1,000)
Share capital
Invested
unrestricted equity
fund
Total
1.1.
2024
11,897
2,141
2,539
4,681
31.12.
2024
106,085
2,141
22,416
24,557
31.12.
2025
106,085
2,141
22,416
24,557
Authorizations by the AGM
Repurchase and/or the acceptance as pledge of the company\u2019s own shares
On 26 March 2025 the Annual General Meeting authorized the Board of Directors to repurchase
and/or accept as pledge of the company\u2019s own shares as follows:
The amount of own shares to be repurchased and/or accepted as pledge on the basis of the
authorization shall not exceed 600,000 shares in total, which corresponds to approximately 5.0 per
cent of all the shares in the company. Only the unrestricted equity of the company can be used to
repurchase own shares based on the authorization.
Own shares can be repurchased at a price formed in public trading on the date of the repurchase or
otherwise at a price formed on the market.
The Board of Directors decides on how own shares will be repurchased and/or accepted as pledge.
Shares can be repurchased using, inter alia, derivatives. Own shares can be repurchased otherwise
than in proportion to the shareholdings of the existing shareholders (directed repurchase). The
Board of Directors shall decide on other terms of the share repurchase and/or acceptance as
pledge.
Shares may be repurchased to be used as consideration in possible acquisitions or in other
arrangements that are part of the company\u2019s business, to finance investments, as part of the
company\u2019s incentive program or to be retained, otherwise conveyed, or cancelled by the company.
The authorization cancels the authorization given to the Board of Directors by the General Meeting
2024 to decide on the repurchase and/or acceptance as pledge of the company\u2019s own shares.
The authorization is effective until the end of the next Annual General Meeting, however no longer
than until 30 June 2026.
Exel Composites held 1,167,527 own shares at the end of 2025, which have been repurchased to be
used as part of the company\u2019s incentive program.
Issuance of shares and special rights entitling to shares
On 26 March 2025 the Annual General Meeting authorized the Board of Directors to decide on the
issuance of shares and special rights entitling to shares referred to in Chapter 10, Section 1 of the
Companies Act as follows:
The amount of shares to be issued on the basis of the authorization may be a maximum of 2,379,000
new shares, which corresponds to approximately 20.0 per cent of all shares in the company, and/or
a maximum of 600,000 Company\u2019s own shares.
The Board of Directors decides on all the conditions of the issuance of shares and of special rights
entitling to shares. The issuance of shares and of special rights entitling to shares may be carried
out in deviation from the shareholders\u2019 pre-emptive rights.
The shares to be issued based on the authorization can be used as consideration in possible
mergers and acquisitions and other business arrangements, to finance investments or as a part of
the Company\u2019s incentive program for personnel.
The authorization cancels the authorization given to the Board of Directors by the General Meeting
on 2024 to decide on the issuance of shares as well as special rights entitling to shares.
The authorization is effective until the end of the next Annual General Meeting, however no longer
than until 30 June 2026.
These authorizations were not exercised in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_126": { "value": "
\n
\n
NOTE 32 Share capital
ACCOUNTING PRINCIPLE: Share capital
Ordinary shares are included in shareholders\u2019 equity. Expenses incurred directly from new share
issues are recorded in shareholders\u2019 equity as a reduction of received payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_127": { "value": "
Repurchase and/or the acceptance as pledge of the company\u2019s own shares
On 26 March 2025 the Annual General Meeting authorized the Board of Directors to repurchase
and/or accept as pledge of the company\u2019s own shares as follows:
The amount of own shares to be repurchased and/or accepted as pledge on the basis of the
authorization shall not exceed 600,000 shares in total, which corresponds to approximately 5.0 per
cent of all the shares in the company. Only the unrestricted equity of the company can be used to
repurchase own shares based on the authorization.
Own shares can be repurchased at a price formed in public trading on the date of the repurchase or
otherwise at a price formed on the market.
The Board of Directors decides on how own shares will be repurchased and/or accepted as pledge.
Shares can be repurchased using, inter alia, derivatives. Own shares can be repurchased otherwise
than in proportion to the shareholdings of the existing shareholders (directed repurchase). The
Board of Directors shall decide on other terms of the share repurchase and/or acceptance as
pledge.
Shares may be repurchased to be used as consideration in possible acquisitions or in other
arrangements that are part of the company\u2019s business, to finance investments, as part of the
company\u2019s incentive program or to be retained, otherwise conveyed, or cancelled by the company.
The authorization cancels the authorization given to the Board of Directors by the General Meeting
2024 to decide on the repurchase and/or acceptance as pledge of the company\u2019s own shares.
The authorization is effective until the end of the next Annual General Meeting, however no longer
than until 30 June 2026.
Exel Composites held 1,167,527 own shares at the end of 2025, which have been repurchased to be
used as part of the company\u2019s incentive program.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_128": { "value": "
NOTE 33 Long-term compensation
ACCOUNTING PRINCIPLE: Long-term compensation
The Group has long-term incentive programs for the President and CEO, the Group Management
Team and selected key employees of the company. The programs aim to combine the objectives
of the shareholders and the executives to increase the value of the company, to commit the
executives to the company and to offer the executives a competitive reward program based on
holding the company\u2019s shares. The Board makes the decision on the program annually.
The cost of the programs will be accounted for as operating expenses during the duration of the
programs.
On 31 December 2025 the Group had three ongoing share-based long-term incentive (LTI) plans
(2023\u20132025) and one plan (2022) for which the planned payout date was in 2025:
The 2022 plan (earning period 2022\u20132024)
The 2022 plan was part of a share-based long-term incentive program for the earning period 2022\u2013
2024 and was targeted at approximately 20 executives. The President and CEO and the Group
Management Team were included in the target group. The performance measures were 75%
cumulative adjusted operating profit (EBIT) and 25% total shareholder return (TSR) of the
Company\u2019s share. The maximum aggregate number of shares to be delivered under the plan was
100,000 shares, corresponding to a maximum notional value of approximately EUR 0.7 million based
on the fair value at the measurement date (EUR 6.68 per share). The planned payout date was in
2025; however, the payout was zero. The plan included a one-year lock-up period and the total
length of the earning and vesting periods was four years.
The 2023 plan (earning period 2023\u20132025)
The 2023 plan is part of a share-based long-term incentive program for the earning period 2023\u2013
2025 and is targeted at approximately 20 executives. The President and CEO and the Group
Management Team are included in the target group. The performance measure is the relative TSR of
Exel Composites\u2019 share, where Exel\u2019s TSR is compared against the TSR of shares listed on Nasdaq
Helsinki. The maximum aggregate number of shares to be delivered under the plan is 140,000
shares, corresponding to a maximum notional value of approximately EUR 0.6 million based on the
fair value at the measurement date (EUR 3.95 per share). The potential share reward would have
been payable in spring 2026, but based on the performance development as at 31 December 2025
and confirmed by the Board, no payment will occur. The plan includes a one-year lock-up period and
the total length of the earning and vesting periods is four years.
The 2024 plan (earning period 2024\u20132026)
The Board of Directors of Exel Composites Plc decided on the continuation of the share-based long-
term incentive program for the leadership of Exel Composites for the period 2024\u20132026. The
performance target applied to the plan commencing at the beginning of 2024 is the relative total
shareholder return (TSR) of the Exel Composites\u2019 share, where Exel\u2019s TSR is compared to the OMX
Helsinki Gross Index (OMXHGI). The plan is targeted at a maximum of 20 persons belonging to the
Company\u2019s leadership. If the performance targets set for the 2024 plan are fully achieved, the
aggregate value of the plan was approximately EUR 0.8 million, corresponding to 360,000 shares
based on the average share price of 23 April 2024. After the rights issue of Exel Composites in June
2024, the Board decided to adjust the maximum number of shares to 2,650,000 while maintaining the
program value due to the effect of the rights issue on the prevailing number of shares and share
price. In 2025, the Board harmonized the terms of the LTI 2024\u20132026 plan with those of the 2025\u2013
2027 plan, including an annual payout and lock-in structure. In 2025, there was a payout under the
2024 plan of EUR 74 thousand for all participants combined.
The 2025 plan (earning period 2025\u20132027)
The Board of Directors of Exel Composites Plc decided to initiate a new share-based long-term
incentive program 2025\u20132027 for the leadership of the Company. The performance targets applied to
the plan commencing in 2025 are (i) total shareholder return (TSR) of Exel Composites\u2019 share and (ii)
progress of reducing greenhouse gas emissions. Potential share rewards will be paid annually,
provided that the performance targets are achieved and the continuous employment condition is
met, and with lock-in applied until spring 2028. The potential reward will be paid partly in listed Exel
Composites shares and partly in cash. The cash proportion is intended to cover taxes and statutory
social security contributions arising from the reward to the participant. If the performance targets
set for the 2025 plan are fully achieved, the aggregate value of the plan, estimated based on the
volume-weighted average share price on the trading day preceding the program allocation, is
approximately EUR 0.8 million (including the portion to be paid in cash), corresponding to
approximately 2,100,000 shares.
Valuation and profit and loss impact of share-based incentive
plans
In each plan, the fair value of a share at the measurement date is the closing price of the share on
the date the Board decided on the plan, adjusted for estimated dividends to be paid during the plan.
The profit and loss of 2025 includes EUR 286.5 thousand of costs related to these incentive
programs. The profit and loss impact is based on modelled fair value estimates as required by IFRS
2, which was EUR 1.10 per share for the 2023 plan, EUR 0.08 per share for the 2024 plan, and EUR
0.376 per share for the 2025 plan.
The administration of the share-based incentive plan and the acquisition of shares are conducted
through an arrangement made with Evli Awards Management Oy (EAM) as per the decision of the
Board of Directors on 12 June 2017 and according to the stipulations of the Finnish Companies Act
(Chapter 13, Section 10, Subsection 2) relating to financing the purchase of own shares for incentive
plans. As part of this arrangement, EAM founded EAM EXL1V Holding Oy, which acquires the shares
with Exel\u2019s funding and according to the agreement. These shares will be delivered to the
employees according to Exel\u2019s share plan terms and conditions. The holding company is owned by
EAM in legal terms, but according to the agreement Exel has control over the company and acts as
the principal, whereas EAM is an agent through the holding company. This control arising from
contractual terms means that the holding company is consolidated into the Group\u2019s IFRS financial
statements as a structured entity.
The Board has decided that any bonus payouts can be made only to a participant who is employed
by Exel, has not submitted a resignation, and has not been made redundant on personal grounds at
the time of payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_129": { "value": "
NOTE 33 Long-term compensation
ACCOUNTING PRINCIPLE: Long-term compensation
The Group has long-term incentive programs for the President and CEO, the Group Management
Team and selected key employees of the company. The programs aim to combine the objectives
of the shareholders and the executives to increase the value of the company, to commit the
executives to the company and to offer the executives a competitive reward program based on
holding the company\u2019s shares. The Board makes the decision on the program annually.
The cost of the programs will be accounted for as operating expenses during the duration of the
programs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_130": { "value": "
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NOTE 35 Cash flow from business operations
Non-cash adjustments to the result for the financial year
2025
2024
Depreciation, impairment charges and write-offs
4,920
7,099
Profit/loss on sales of tangible and intangible assets
-936
-13
Taxes
336
1,249
Financial expenses
8,213
3,349
Interest expenses on lease liabilities
197
152
Financial income
-462
-2,575
Other adjustments
239
42
Total
12,508
9,302
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_131": { "value": "
NOTE 36 Related-party transactions
Exel Composites\u2019 related parties include the controlling parent company, all companies belonging
to Exel Composites Group as well as Exel Composites\u2019 Board of Directors, President and CEO, Exel
Leadership Team and executives of the parent company and subsidiaries. The company evaluates
and monitors transactions concluded between the company and its related parties to ensure that
any conflicts of interest are appropriately taken into account in the decision-making process.
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The Group\u2019s parent company and subsidiary relationships
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\n
\n
\n
\n
\n
Name of subsidiary
Domicile
Group share of
holding
Group control
Exel Composites Store Oy
Finland
100
100
Exel GmbH
Germany
100
100
Exel Composites N.V.
Belgium
100
100
Exel Composites GmbH
Austria
100
100
Exel Composites (HK) Holding Limited
Hong Kong
100
100
Exel Composites USA Holdings Inc.
USA
100
100
Exel Composites (Australia) Pty. Ltd.
Australia
100
100
Pacific Composites Ltd.
Australia
100
100
Pacific Composites Ltd.
New Zealand
100
100
Pacific Composites (Europe) Ltd.
UK
100
100
Fibreforce Composites Ltd.
UK
100
100
Jianhui FRP Trading Co. Limited
Hong Kong
100
100
Nanjing Jingheng Composite Material Co. Ltd.
China
100
100
Diversified Structural Composites Inc.
USA
100
100
Kineco Exel Composites India Private Limited
India
55
55
EAM EXL1V Holding
Finland
0
100
The ultimate parent company is Exel Composites Plc.
Minority owner\u2019s share of assets, liabilities and cash flows of Kineco Exel Composites India Limited
has not been material to the Group during the financial year 2025.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Management remuneration
Accrued salaries, fees and bonuses of the Board of Directors and CEO
2025
2024
President and CEO
389
341
Members of the Board of Directors
220
216
Total
609
557
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Salaries and fees per person
President and CEO and Board of Directors
2025
2024
Paul Sohlberg
President and CEO (since 20 March 2023)
389
341
Jouni Heinonen
Chairman (since 10 May 2023, member since 25 March
2022)
75
71
Helena Nordman-Knutson
Member (since 4 April 2017)
36
38
Kirsi Sormunen
Member (since 20 March 2020)
34
33
Christian Busdiecker
Member (since 26 March 2025)
32
0
Elisabeth Larsson
Member (since 26 March 2025)
31
0
Petri Helsky
Member (until 26 March 2025)
8
41
Jouko Peussa
Member (until 26 March 2025)
5
34
Total
609
557
The accrued pension costs of President and CEO amounted to EUR 67 (56) thousand. The President
and CEO's pension plan is pursuant to the employment pension legislation.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
The holdings of the Board of Directors and CEO on 31 December 2025
Number of shares and votes
2025
2024
Paul Sohlberg
President and CEO (since 20 March 2023)
69,262
40000
Jouni Heinonen
Chairman (since 10 May 2023, member since 25 March
2022)
223,546
177,768
Helena Nordman-Knutson
Member (since 4 April 2017)
167,568
146,205
Kirsi Sormunen
Member (since 20 March 2020)
126,159
104,796
Christian Busdiecker
Member (since 26 March 2025)
21,363
0
Elisabeth Larsson
Member (since 26 March 2025)
21,363
0
Petri Helsky
Member (until 26 March 2025)
*
156,483
Jouko Peussa
Member (until 26 March 2025)
*
156,483
Total
629,261
781,735
*not reported
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_132": { "value": "
Exel Composites\u2019 related parties include the controlling parent company, all companies belonging
to Exel Composites Group as well as Exel Composites\u2019 Board of Directors, President and CEO, Exel
Leadership Team and executives of the parent company and subsidiaries. The company evaluates
and monitors transactions concluded between the company and its related parties to ensure that
any conflicts of interest are appropriately taken into account in the decision-making process.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_133": { "value": "
The Group\u2019s parent company and subsidiary relationships
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Name of subsidiary
Domicile
Group share of
holding
Group control
Exel Composites Store Oy
Finland
100
100
Exel GmbH
Germany
100
100
Exel Composites N.V.
Belgium
100
100
Exel Composites GmbH
Austria
100
100
Exel Composites (HK) Holding Limited
Hong Kong
100
100
Exel Composites USA Holdings Inc.
USA
100
100
Exel Composites (Australia) Pty. Ltd.
Australia
100
100
Pacific Composites Ltd.
Australia
100
100
Pacific Composites Ltd.
New Zealand
100
100
Pacific Composites (Europe) Ltd.
UK
100
100
Fibreforce Composites Ltd.
UK
100
100
Jianhui FRP Trading Co. Limited
Hong Kong
100
100
Nanjing Jingheng Composite Material Co. Ltd.
China
100
100
Diversified Structural Composites Inc.
USA
100
100
Kineco Exel Composites India Private Limited
India
55
55
EAM EXL1V Holding
Finland
0
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_134": { "value": "
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Name of subsidiary
Domicile
Group share of
holding
Group control
Exel Composites Store Oy
Finland
100
100
Exel GmbH
Germany
100
100
Exel Composites N.V.
Belgium
100
100
Exel Composites GmbH
Austria
100
100
Exel Composites (HK) Holding Limited
Hong Kong
100
100
Exel Composites USA Holdings Inc.
USA
100
100
Exel Composites (Australia) Pty. Ltd.
Australia
100
100
Pacific Composites Ltd.
Australia
100
100
Pacific Composites Ltd.
New Zealand
100
100
Pacific Composites (Europe) Ltd.
UK
100
100
Fibreforce Composites Ltd.
UK
100
100
Jianhui FRP Trading Co. Limited
Hong Kong
100
100
Nanjing Jingheng Composite Material Co. Ltd.
China
100
100
Diversified Structural Composites Inc.
USA
100
100
Kineco Exel Composites India Private Limited
India
55
55
EAM EXL1V Holding
Finland
0
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_135": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Management remuneration
Accrued salaries, fees and bonuses of the Board of Directors and CEO
2025
2024
President and CEO
389
341
Members of the Board of Directors
220
216
Total
609
557
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Salaries and fees per person
President and CEO and Board of Directors
2025
2024
Paul Sohlberg
President and CEO (since 20 March 2023)
389
341
Jouni Heinonen
Chairman (since 10 May 2023, member since 25 March
2022)
75
71
Helena Nordman-Knutson
Member (since 4 April 2017)
36
38
Kirsi Sormunen
Member (since 20 March 2020)
34
33
Christian Busdiecker
Member (since 26 March 2025)
32
0
Elisabeth Larsson
Member (since 26 March 2025)
31
0
Petri Helsky
Member (until 26 March 2025)
8
41
Jouko Peussa
Member (until 26 March 2025)
5
34
Total
609
557
The accrued pension costs of President and CEO amounted to EUR 67 (56) thousand. The President
and CEO's pension plan is pursuant to the employment pension legislation.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
The holdings of the Board of Directors and CEO on 31 December 2025
Number of shares and votes
2025
2024
Paul Sohlberg
President and CEO (since 20 March 2023)
69,262
40000
Jouni Heinonen
Chairman (since 10 May 2023, member since 25 March
2022)
223,546
177,768
Helena Nordman-Knutson
Member (since 4 April 2017)
167,568
146,205
Kirsi Sormunen
Member (since 20 March 2020)
126,159
104,796
Christian Busdiecker
Member (since 26 March 2025)
21,363
0
Elisabeth Larsson
Member (since 26 March 2025)
21,363
0
Petri Helsky
Member (until 26 March 2025)
*
156,483
Jouko Peussa
Member (until 26 March 2025)
*
156,483
Total
629,261
781,735
*not reported
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_136": { "value": "
NOTE 37 Events after the reporting period
On 15 January 2026, Exel Composites' Shareholders' Nomination Board's presented its proposals to
the Annual General Meeting 2026 regarding the Board composition and remuneration. Further
information on the proposals of the Nomination Board can be found under Governance and general
meetings.
On 13 February 2026, Exel announced that its Board of Directors proposes a reverse share split to
reduce the number of shares by combining each 15 shares into one share. The proposal will be
presented to the Annual General Meeting to be held on 26 March 2026 and is subject to a decision
by the General Meeting. The purpose of the proposed reverse share split is to improve trading
conditions by increasing the value of each share and to enhance the efficiency of share price
formation.
On 13 February 2026, Exel announced that its Board of Directors decided to launch a new plan
under the company\u2019s share-based long-term incentive program 2025\u20132027 for the leadership team.
The performance targets for the plan commencing in 2026 are total shareholder return of Exel
Composites\u2019 share and progress in reducing greenhouse gas emissions, with potential rewards
intended to be paid annually subject to performance and continued employment, and with a lock-in
period until spring 2028.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "fi", "entity": "scheme:743700205JAMGM80QD88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }