﻿<?xml version="1.0" encoding="utf-8" standalone="no"?>
<?taxonomy-version 1.0.0.0?>
<?taxonomy-date 2023-01-16?>
<!--This is a generated XML file-->
<link:linkbase xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xml="http://www.w3.org/XML/1998/namespace">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" />
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_NoncontrollingInterests" xlink:label="loc_ifrs-full_NoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_NoncontrollingInterests" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncontrollingInterests" xlink:to="label_ifrs-full_NoncontrollingInterests" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_OtherExpenseByNature" xlink:label="loc_ifrs-full_OtherExpenseByNature" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_OtherExpenseByNature" xml:lang="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Other expenses, by nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherExpenseByNature" xlink:to="label_ifrs-full_OtherExpenseByNature" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:label="loc_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xml:lang="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Tax expense other than income tax expense</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/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_FinanceIncomeCost" xlink:label="loc_ifrs-full_FinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_FinanceIncomeCost" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Finance income (cost)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinanceIncomeCost" xlink:to="label_ifrs-full_FinanceIncomeCost" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_IncomeTaxExpenseContinuingOperations" xml:lang="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Tax expense (income)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="label_ifrs-full_IncomeTaxExpenseContinuingOperations" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Cash flows from (used in) operations before changes in working capital</link:label>
    <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/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_CashFlowsFromUsedInOperatingActivities" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Cash flows from (used in) operating activities</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/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:label="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xml:lang="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:to="label_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_CashFlowsFromUsedInInvestingActivities" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Cash flows from (used in) investing activities</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/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xml:lang="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Dividends paid, classified as financing activities</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/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xml:lang="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Repayments of borrowings, classified as financing activities</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/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xml:lang="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Payments of lease liabilities, classified as financing activities</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/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_CashFlowsFromUsedInFinancingActivities" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Cash flows from (used in) financing activities</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/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Increase (decrease) in cash and cash equivalents after effect of exchange rate changes</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/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:label="loc_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" />
    <link:label xlink:type="resource" xlink:label="label_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Cash and cash equivalents if different from statement of financial position</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="en" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Cash and cash equivalents if different from statement of financial position</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="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_EquityAttributableToOwnersOfParentAbstract" xlink:label="loc_exelindustries_EquityAttributableToOwnersOfParentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_EquityAttributableToOwnersOfParentAbstract" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Equity attributable to owners of parent [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_EquityAttributableToOwnersOfParentAbstract" xlink:to="label_exelindustries_EquityAttributableToOwnersOfParentAbstract" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_ShareOfShareholdersEquityAttributableToNonControllingInterestsShareOfShareholdersEquity" xlink:label="loc_exelindustries_ShareOfShareholdersEquityAttributableToNonControllingInterestsShareOfShareholdersEquity" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ShareOfShareholdersEquityAttributableToNonControllingInterestsShareOfShareholdersEquity" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Share of shareholders equity Attributable to non controlling interests Share of shareholders equity</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="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_ShareOfNetIncomeAttributableToNonControllingInterests" xlink:label="loc_exelindustries_ShareOfNetIncomeAttributableToNonControllingInterests" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ShareOfNetIncomeAttributableToNonControllingInterests" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Share of net income Attributable to non controlling interests</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="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_NonControllingInterestsAbstract" xlink:label="loc_exelindustries_NonControllingInterestsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_NonControllingInterestsAbstract" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Non-controlling interests [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_NonControllingInterestsAbstract" xlink:to="label_exelindustries_NonControllingInterestsAbstract" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_LongTermFinancialDebt" xlink:label="loc_exelindustries_LongTermFinancialDebt" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_LongTermFinancialDebt" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Long term financial debt</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="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_CurrentPortionOfBoworringsIncludingCurrentLeaseLiabilitiesAndCurrentBankOverdrafts" xlink:label="loc_exelindustries_CurrentPortionOfBoworringsIncludingCurrentLeaseLiabilitiesAndCurrentBankOverdrafts" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_CurrentPortionOfBoworringsIncludingCurrentLeaseLiabilitiesAndCurrentBankOverdrafts" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Current portion of boworrings including Current lease liabilities and Current bank overdrafts</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="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_ContractualLiabilitiesAndDeferredIncome" xlink:label="loc_exelindustries_ContractualLiabilitiesAndDeferredIncome" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ContractualLiabilitiesAndDeferredIncome" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Contractual liabilities and deferred income</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="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_PurchasedConsumingChangesInRawMaterialsAndConsumables" xlink:label="loc_exelindustries_PurchasedConsumingChangesInRawMaterialsAndConsumables" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_PurchasedConsumingChangesInRawMaterialsAndConsumables" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Purchased consuming &amp; Changes in raw materials and consumables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_PurchasedConsumingChangesInRawMaterialsAndConsumables" xlink:to="label_exelindustries_PurchasedConsumingChangesInRawMaterialsAndConsumables" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_PurchasedConsumingChangesInRawMaterialsAndConsumables2" xml:lang="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Purchased consuming &amp; Changes in raw materials and consumables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_PurchasedConsumingChangesInRawMaterialsAndConsumables" xlink:to="label_exelindustries_PurchasedConsumingChangesInRawMaterialsAndConsumables2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_NetAllowancesForProvisionsAndImpairmentOfAssets" xlink:label="loc_exelindustries_NetAllowancesForProvisionsAndImpairmentOfAssets" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_NetAllowancesForProvisionsAndImpairmentOfAssets" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Net allowances for provisions and impairment of assets </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="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Net allowances for provisions and impairment of assets </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="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_ProfitLossFromOrdinaryActivities" xlink:label="loc_exelindustries_ProfitLossFromOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ProfitLossFromOrdinaryActivities" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Profit (loss) from ordinary activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ProfitLossFromOrdinaryActivities" xlink:to="label_exelindustries_ProfitLossFromOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ProfitLossFromOrdinaryActivities2" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Profit (loss) from ordinary activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ProfitLossFromOrdinaryActivities" xlink:to="label_exelindustries_ProfitLossFromOrdinaryActivities2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_ProfitLossFromOrdinaryActivitiesAbstract" xlink:label="loc_exelindustries_ProfitLossFromOrdinaryActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ProfitLossFromOrdinaryActivitiesAbstract" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Profit (loss) from ordinary activities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ProfitLossFromOrdinaryActivitiesAbstract" xlink:to="label_exelindustries_ProfitLossFromOrdinaryActivitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_NetNonRecurringIncome" xlink:label="loc_exelindustries_NetNonRecurringIncome" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_NetNonRecurringIncome" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Net non recurring income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_NetNonRecurringIncome" xlink:to="label_exelindustries_NetNonRecurringIncome" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_ProfitLossFromOperatingActivitiesAbstract" xlink:label="loc_exelindustries_ProfitLossFromOperatingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ProfitLossFromOperatingActivitiesAbstract" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Profit (loss) from operating activities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ProfitLossFromOperatingActivitiesAbstract" xlink:to="label_exelindustries_ProfitLossFromOperatingActivitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_CostGainOfNetDebt" xlink:label="loc_exelindustries_CostGainOfNetDebt" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_CostGainOfNetDebt" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Cost (gain) of net debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_CostGainOfNetDebt" xlink:to="label_exelindustries_CostGainOfNetDebt" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_CostGainOfNetDebt2" xml:lang="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Cost (gain) of net debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_CostGainOfNetDebt" xlink:to="label_exelindustries_CostGainOfNetDebt2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_FinanceIncomeCostAbstract" xlink:label="loc_exelindustries_FinanceIncomeCostAbstract" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_FinanceIncomeCostAbstract" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Finance income (cost) [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_FinanceIncomeCostAbstract" xlink:to="label_exelindustries_FinanceIncomeCostAbstract" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_ProfitLossBeforeTaxAbstract" xlink:label="loc_exelindustries_ProfitLossBeforeTaxAbstract" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ProfitLossBeforeTaxAbstract" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Profit (loss) before tax [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ProfitLossBeforeTaxAbstract" xlink:to="label_exelindustries_ProfitLossBeforeTaxAbstract" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapitalAbstract" xlink:label="loc_exelindustries_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapitalAbstract" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapitalAbstract" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Cash flows from (used in) operations before changes in working capital [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapitalAbstract" xlink:to="label_exelindustries_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapitalAbstract" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_IncreaseDecreaseInCashRelatedToChangeInOwnership" xlink:label="loc_exelindustries_IncreaseDecreaseInCashRelatedToChangeInOwnership" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_IncreaseDecreaseInCashRelatedToChangeInOwnership" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Increase (Decrease) In Cash Related To Change In Ownership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_IncreaseDecreaseInCashRelatedToChangeInOwnership" xlink:to="label_exelindustries_IncreaseDecreaseInCashRelatedToChangeInOwnership" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_IncreaseDecreaseInCashRelatedToChangeInOwnership2" xml:lang="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Increase (Decrease) In Cash Related To Change In Ownership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_IncreaseDecreaseInCashRelatedToChangeInOwnership" xlink:to="label_exelindustries_IncreaseDecreaseInCashRelatedToChangeInOwnership2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_ChangeInTreasuryShares" xlink:label="loc_exelindustries_ChangeInTreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ChangeInTreasuryShares" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Change in Treasury shares </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ChangeInTreasuryShares" xlink:to="label_exelindustries_ChangeInTreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ChangeInTreasuryShares2" xml:lang="en" xlink:role="http://www.xbrl.org/2009/role/negatedLabel">Change in Treasury shares </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ChangeInTreasuryShares" xlink:to="label_exelindustries_ChangeInTreasuryShares2" />
    <link:loc xlink:type="locator" xlink:href="969500M2EFP3ASV8WL56-2022-09-30.xsd#exelindustries_ChangesInCashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:label="loc_exelindustries_ChangesInCashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" />
    <link:label xlink:type="resource" xlink:label="label_exelindustries_ChangesInCashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xml:lang="en" xlink:role="http://www.xbrl.org/2003/role/label">Changes in cash and cash equivalents if different from statement of financial position [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_exelindustries_ChangesInCashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:to="label_exelindustries_ChangesInCashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" />
  </link:labelLink>
</link:linkbase>