Wasn’t it specifically SEB that was dumping this for months back in the day?
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Great news, the goals have been reached since the incentives have been triggered !
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Spotted on the KL discussion forum: https://www.compositesworld.com/articles/composite-conductor-cores-boost-capacity-cut-cost-to-help-power-grids-meet-ai-demand
In my opinion, there was a very interesting detail in the CompositesWorld article about Exel and composite conductor cores.
The product developer mentions that commercializing the technology took 13 years of testing and approvals before the first commercial deliveries began. This illustrates how conservative the power grid sector is and why it is not easy for new suppliers to enter the market.
Also particularly interesting was the comment about Exel:
“We needed a high-quality supplier for the core capable of providing the large capacity that would eventually be needed. They supported us throughout the years of development, investing to modify their machines to meet the demand not for a few kilometers but for hundreds and thousands of kilometers.”
This suggests that Exel has not just been a subcontractor, but a partner in building the technology and its industrial production since the development phase. Furthermore, the article states that the order backlog is now already in the thousands of kilometers, which indicates that composite core conductors have moved from the pilot phase to wider commercial use.
I believe this strongly supports Exel’s long-term investment narrative, and it comes directly from the customer rather than from Exel’s own communications. The key question is how large a share of this rapidly growing market Exel will be able to capture.
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Come on now, Aapeli, try to whip up some interesting pre-game hype 
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@Lauri_Haavisto do you have any comments on this “wind turbines for data centers” topic ahead of the earnings release? It would be good to know, so I can read the report from the right perspective.
@Lauri_Haavisto as a second question: I read on another investment forum that the Joensuu factory might be expanding. Is this true? This is interesting information because my understanding was that the strategy is based on increasing utilization rates in current factories, not on factory expansions. Of course, expansions are fine too, but it would be good to understand if any are currently underway.
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Wow! Impressive numbers
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An ridiculously strong result and order intake compared to expectations.
It will be interesting to see if Exel’s “cycle” holds up this time. There have been several of these 1-2 year spurts in their history, and they have always been followed by a collapse.
First it was ski poles and floorball, then wind power.
Could it be that this time the business rests on multiple legs, and this will be the start of a sustainable business that lasts forever?
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If that core business starts to take off more broadly, it has incredible potential. Based on this year’s development alone, the company’s value should be closer to 200 million than 100 million.
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If and if. If the conductor cores start generating more multi-year contracts during Q3–Q4 and order intake (=> new orders and new demand) starts to permanently exceed the approximately €35 million quarterly level, then… in other words, more evidence is still needed for that. But yes – the potential is there.
I would phrase it this way:
“If the conductor core becomes a significant and long-term growth engine for Exel, the current market capitalization may prove to be very small.”
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Here are Aapeli’s comments on Exel’s Q2 results
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I included this question in the earnings interview with Pauli. The interview was wrapped up a moment ago, so it should be out by this afternoon at the latest.
This was also touched upon in the interview 
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In the earnings call, Paul conveyed (if I interpreted it correctly) that there is no need to worry about H2, even though some deliveries were already received for this quarter.
In my opinion, the new orders and the backlog, which has remained high, support this. I somehow see that things moved forward faster than anticipated, and the increasing utilization rate will sustain the development going forward. Calculating quickly, revenue could very well exceed 130 million this year. For 2027 and 2028, we would then need about 25% annual growth to reach the 200 million target.
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The quiet period is over and the treasure chest has been opened 
Answers to the first question can be found from wind turbine manufacturers. In the market outlook of their annual report, Vestas mentions that AI and data centers are supporting demand. Therefore, the connection between these and the demand for a company supplying composite elements to Vestas is not entirely pulled out of thin air.
Regarding the second question, i.e., the Joensuu expansion, Paul answered it comprehensively today in Aapeli’s interview. Summa summarum: current facilities are being developed for certain products so that, for example, extra-long lines can fit into the factory and the production facilities meet the specifications provided by the customer.
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Aapeli has released a new company report on Exel regarding Q2 
Exel’s Q2 figures exceeded our forecasts by a healthy margin. The implementation of the company’s growth-phase strategy has started off faster than expected, and the measures taken in recent years are bearing fruit. With the strong earnings growth we forecast materializing, the stock’s valuation is not unreasonable, but following the recent sharp rise in the share price, the bar has also clearly been raised. Given the developments that have boosted our confidence, we are prepared to lean more heavily into the potential of the coming years.
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