Exel Industries Reports a 17.5% Decline in Revenue for the First Quarter of 2025-2026

Agricultural Spraying Activity Faces Sharp Decline

Exel Industries recorded revenue of 133.7 million euros in the first quarter of the fiscal year 2025-2026, down 17.5% on reported data and 15.5% on a constant scope and exchange rate basis, according to the group. The main sector, Agricultural Spraying, saw a 21.1% decrease compared to the same period of the previous year. This contraction reflects a deteriorating agricultural market context, characterized by the caution of farms and dealerships regarding investments in equipment renewal. In Europe, sales decreased except in Eastern Europe, which recorded a significant increase. In North America, sales showed a sharp decline compared to previous years. The Beet Harvesting activity also saw declining sales, penalized by the drop in sugar prices and the expected reduction in cultivated areas. The Garden segment, which generally represents less than 10% of the annual volume, showed an encouraging start to the preseason among most European distributors, with particular support in the UK, both in garden centers and e-commerce.

Industrial Spraying Division Also Sees Decline

The Industrial Spraying division also recorded a decline in the first quarter of 2025-2026 compared to the previous year, affected by the withdrawal from the automotive market. Sales were impacted by the gradual rollout of the new ERP at Sames, which shifted some of the first quarter's billing to the second quarter. The Technical Hoses activity presented a mixed profile: the B2B sector showed a slight decline compared to the previous year, while retail recorded strong growth, supported by low stocks at distributors.

Slight Improvement in Agricultural Spraying Order Book

Despite a slow start to the year, the order book in Agricultural Spraying is slightly better oriented than at the same time last year, when the market had reached a low point around March 2025, and stocks at dealerships have returned to reasonable levels. In Europe, the return to a favorable market cycle is expected later than initially anticipated and is not expected in the short term. In the United States, a federal package of 12 billion dollars is to be released in February 2026 to support farmers, a level of aid that could accelerate equipment renewal and strengthen demand for agricultural machinery. In Australia, the order book is filling up again after a difficult year of drought. The market environment in Beet Harvesting remains less buoyant than in 2025, with a very cautious investment pace in Western Europe and the United States, while other regions (Russia, China, Eastern Europe) remain better oriented.