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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAttributableToOwnersOfParent" xlink:label="loc_ifrs-full_EquityAttributableToOwnersOfParent" />
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    <link:label xlink:type="resource" xlink:label="label_ifrs-full_Equity" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Capitaux propres [total]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ifrs-full_NoncurrentLiabilities" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Passifs non courants [total]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ifrs-full_CurrentLiabilities" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Passifs courants [total]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ifrs-full_Liabilities" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Passifs [total]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ChangesInInventoriesOfFinishedGoodsAndWorkInProgress" xlink:label="loc_ifrs-full_ChangesInInventoriesOfFinishedGoodsAndWorkInProgress" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RawMaterialsAndConsumablesUsed" xlink:label="loc_ifrs-full_RawMaterialsAndConsumablesUsed" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_RawMaterialsAndConsumablesUsed" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Matières premières et consommables utilisés [negated]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:label="loc_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Charges d’impôt autres que les charges d’impôt sur le résultat [negated]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:to="label_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="loc_ifrs-full_EmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_EmployeeBenefitsExpense" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Charges au titre des avantages du personnel [negated]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EmployeeBenefitsExpense" xlink:to="label_ifrs-full_EmployeeBenefitsExpense" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="loc_ifrs-full_DepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_DepreciationAndAmortisationExpense" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dotations aux amortissements [negated]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="loc_ifrs-full_ProfitLossFromOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_ProfitLossFromOperatingActivities" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Profits (pertes) d’activités opérationnelles [total]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinanceIncomeCost" xlink:label="loc_ifrs-full_FinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_FinanceIncomeCost" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Produits financiers (charges financières) [total]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="loc_ifrs-full_ProfitLossBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_ProfitLossBeforeTax" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Résultat avant impôt [total]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLossBeforeTax" xlink:to="label_ifrs-full_ProfitLossBeforeTax" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_IncomeTaxExpenseContinuingOperations" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Charge (produit) d’impôt [negated]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLoss" xlink:label="loc_ifrs-full_ProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_ProfitLoss" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Résultat [total]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLoss" xlink:to="label_ifrs-full_ProfitLoss" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" xlink:label="loc_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" xlink:to="label_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax" xlink:to="label_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ComprehensiveIncome" xlink:label="loc_ifrs-full_ComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_ComprehensiveIncome" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Résultat global [total]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComprehensiveIncome" xlink:to="label_ifrs-full_ComprehensiveIncome" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:to="label_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_CashFlowsFromUsedInOperatingActivities" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Flux de trésorerie résultant (utilisés dans le cadre) des activités opérationnelles [total]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="label_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:label="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_CashFlowsFromUsedInInvestingActivities" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Flux de trésorerie résultant (utilisés dans le cadre) d’activités d’investissement [total]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="label_ifrs-full_CashFlowsFromUsedInInvestingActivities" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividendes versés, classés dans les activités de financement [negated]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="label_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Remboursements d’emprunts, classés dans les activités de financement [negated]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="label_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Paiements de passifs au titre de contrats de location, classés dans les activités de financement [negated]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="label_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_CashFlowsFromUsedInFinancingActivities" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Flux de trésorerie résultant (utilisés dans le cadre) d’activités de financement [total]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="label_ifrs-full_CashFlowsFromUsedInFinancingActivities" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Augmentation (diminution) de la trésorerie et des équivalents de trésorerie [total]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="label_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:label="loc_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Trésorerie et équivalents de trésorerie si différents de l’état de la situation financière [start]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:to="label_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition2" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Trésorerie et équivalents de trésorerie si différents de l’état de la situation financière [end]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:to="label_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BankOverdraftsClassifiedAsCashEquivalents" xlink:label="loc_ifrs-full_BankOverdraftsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_BankOverdraftsClassifiedAsCashEquivalents" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Découverts bancaires [negated]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BankOverdraftsClassifiedAsCashEquivalents" xlink:to="label_ifrs-full_BankOverdraftsClassifiedAsCashEquivalents" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DividendsPaid" xlink:label="loc_ifrs-full_DividendsPaid" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_DividendsPaid" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividendes comptabilisés au titre des distributions aux propriétaires [negated]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaid" xlink:to="label_ifrs-full_DividendsPaid" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_ConsolidatedReservesIncludingSharePremiumAndAccumulatedOCI" xlink:label="loc_exelindustries_ConsolidatedReservesIncludingSharePremiumAndAccumulatedOCI" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ConsolidatedReservesIncludingSharePremiumAndAccumulatedOCI" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Réserves consolidés y compris Primes et OCI cumulés</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ConsolidatedReservesIncludingSharePremiumAndAccumulatedOCI" xlink:to="label_exelindustries_ConsolidatedReservesIncludingSharePremiumAndAccumulatedOCI" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_NetIncomeForTheFiscalYear" xlink:label="loc_exelindustries_NetIncomeForTheFiscalYear" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_NetIncomeForTheFiscalYear" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Résultat de l'exercice</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_NetIncomeForTheFiscalYear" xlink:to="label_exelindustries_NetIncomeForTheFiscalYear" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_ShareOfShareholdersEquityAttributableToNonControllingInterestsShareOfShareholdersEquity" xlink:label="loc_exelindustries_ShareOfShareholdersEquityAttributableToNonControllingInterestsShareOfShareholdersEquity" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ShareOfShareholdersEquityAttributableToNonControllingInterestsShareOfShareholdersEquity" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Quote part de capitaux propres attribuable aux Participations ne donnant pas le contrôle </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ShareOfShareholdersEquityAttributableToNonControllingInterestsShareOfShareholdersEquity" xlink:to="label_exelindustries_ShareOfShareholdersEquityAttributableToNonControllingInterestsShareOfShareholdersEquity" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_ShareOfNetIncomeAttributableToNonControllingInterests" xlink:label="loc_exelindustries_ShareOfNetIncomeAttributableToNonControllingInterests" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ShareOfNetIncomeAttributableToNonControllingInterests" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Quote part de résultat attribuable aux Participations ne donnant pas le contrôle</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ShareOfNetIncomeAttributableToNonControllingInterests" xlink:to="label_exelindustries_ShareOfNetIncomeAttributableToNonControllingInterests" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_LongTermFinancialDebt" xlink:label="loc_exelindustries_LongTermFinancialDebt" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_LongTermFinancialDebt" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Dettes financières à long terme</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_LongTermFinancialDebt" xlink:to="label_exelindustries_LongTermFinancialDebt" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_CurrentPortionOfBoworringsIncludingCurrentLeaseLiabilitiesAndCurrentBankOverdrafts" xlink:label="loc_exelindustries_CurrentPortionOfBoworringsIncludingCurrentLeaseLiabilitiesAndCurrentBankOverdrafts" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_CurrentPortionOfBoworringsIncludingCurrentLeaseLiabilitiesAndCurrentBankOverdrafts" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Part à moins d'un an des emprunts y compris dette courante sur contrat de location et concours bancaires courants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_CurrentPortionOfBoworringsIncludingCurrentLeaseLiabilitiesAndCurrentBankOverdrafts" xlink:to="label_exelindustries_CurrentPortionOfBoworringsIncludingCurrentLeaseLiabilitiesAndCurrentBankOverdrafts" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_ContractualLiabilitiesAndDeferredIncome" xlink:label="loc_exelindustries_ContractualLiabilitiesAndDeferredIncome" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ContractualLiabilitiesAndDeferredIncome" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Passif sur contrat et produits constatés d'avance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ContractualLiabilitiesAndDeferredIncome" xlink:to="label_exelindustries_ContractualLiabilitiesAndDeferredIncome" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_OtherOperatingIncomeFromOrdinaryActivities" xlink:label="loc_exelindustries_OtherOperatingIncomeFromOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_OtherOperatingIncomeFromOrdinaryActivities" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Autres produits d'exploitation courants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_OtherOperatingIncomeFromOrdinaryActivities" xlink:to="label_exelindustries_OtherOperatingIncomeFromOrdinaryActivities" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_TotalOperatingIncome" xlink:label="loc_exelindustries_TotalOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_TotalOperatingIncome" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Total produits opérationnels</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_TotalOperatingIncome" xlink:to="label_exelindustries_TotalOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_TotalOperatingIncome2" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total produits opérationnels [total]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_TotalOperatingIncome" xlink:to="label_exelindustries_TotalOperatingIncome2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_ChangesInInventoriesOfRawMaterialsAndConsumables" xlink:label="loc_exelindustries_ChangesInInventoriesOfRawMaterialsAndConsumables" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ChangesInInventoriesOfRawMaterialsAndConsumables" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Variation du stock de matières premières et consommables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ChangesInInventoriesOfRawMaterialsAndConsumables" xlink:to="label_exelindustries_ChangesInInventoriesOfRawMaterialsAndConsumables" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ChangesInInventoriesOfRawMaterialsAndConsumables2" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Variation du stock de matières premières et consommables [negated]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ChangesInInventoriesOfRawMaterialsAndConsumables" xlink:to="label_exelindustries_ChangesInInventoriesOfRawMaterialsAndConsumables2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_OtherPurchasesAndExternalCharges" xlink:label="loc_exelindustries_OtherPurchasesAndExternalCharges" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_OtherPurchasesAndExternalCharges" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Autres charges et charges externes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_OtherPurchasesAndExternalCharges" xlink:to="label_exelindustries_OtherPurchasesAndExternalCharges" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_OtherPurchasesAndExternalCharges2" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Autres charges et charges externes [negated]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_OtherPurchasesAndExternalCharges" xlink:to="label_exelindustries_OtherPurchasesAndExternalCharges2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_NetAllowancesForProvisionsAndImpairmentOfAssets" xlink:label="loc_exelindustries_NetAllowancesForProvisionsAndImpairmentOfAssets" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_NetAllowancesForProvisionsAndImpairmentOfAssets" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Dotations nettes aux provisions et  dépréciations d'actifs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_NetAllowancesForProvisionsAndImpairmentOfAssets" xlink:to="label_exelindustries_NetAllowancesForProvisionsAndImpairmentOfAssets" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_NetAllowancesForProvisionsAndImpairmentOfAssets2" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dotations nettes aux provisions et  dépréciations d'actifs [negated]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_NetAllowancesForProvisionsAndImpairmentOfAssets" xlink:to="label_exelindustries_NetAllowancesForProvisionsAndImpairmentOfAssets2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_OtherOperatingExpensesFromOrdinaryActivities" xlink:label="loc_exelindustries_OtherOperatingExpensesFromOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_OtherOperatingExpensesFromOrdinaryActivities" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Autres charges d'exploitation courantes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_OtherOperatingExpensesFromOrdinaryActivities" xlink:to="label_exelindustries_OtherOperatingExpensesFromOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_OtherOperatingExpensesFromOrdinaryActivities2" xml:lang="fr" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Autres charges d'exploitation courantes [negated]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_OtherOperatingExpensesFromOrdinaryActivities" xlink:to="label_exelindustries_OtherOperatingExpensesFromOrdinaryActivities2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_TotalRecurringOperatingExpenses" xlink:label="loc_exelindustries_TotalRecurringOperatingExpenses" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_TotalRecurringOperatingExpenses" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Total charges opérationnelles récurrentes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_TotalRecurringOperatingExpenses" xlink:to="label_exelindustries_TotalRecurringOperatingExpenses" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_TotalRecurringOperatingExpenses2" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total charges opérationnelles récurrentes [total]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_TotalRecurringOperatingExpenses" xlink:to="label_exelindustries_TotalRecurringOperatingExpenses2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_ProfitLossFromOrdinaryOperatingActivities" xlink:label="loc_exelindustries_ProfitLossFromOrdinaryOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ProfitLossFromOrdinaryOperatingActivities" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Résultat d'exploitation courant</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ProfitLossFromOrdinaryOperatingActivities" xlink:to="label_exelindustries_ProfitLossFromOrdinaryOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ProfitLossFromOrdinaryOperatingActivities2" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Résultat d'exploitation courant [total]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ProfitLossFromOrdinaryOperatingActivities" xlink:to="label_exelindustries_ProfitLossFromOrdinaryOperatingActivities2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2021-09-30.xsd#exelindustries_OtherOperatingIncomeFromNonOrdinaryActivities" xlink:label="loc_exelindustries_OtherOperatingIncomeFromNonOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_OtherOperatingIncomeFromNonOrdinaryActivities" xml:lang="fr" xlink:role="http://www.xbrl.org/2003/role/label">Autres produits d’exploitation non courants</link:label>
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