Exel Industries: Revenue Down 13% for the Fiscal Year, Agricultural Recovery in Fourth Quarter
Revenue released on October 28, 2026 by Exel Industries reveals two distinct trends. Over the entire 2025-2026 fiscal year, closed at end of September, all four business segments declined, with a drop of 12.0% at constant exchange rates and scope.
In the fourth quarter alone, agricultural spraying, the group's largest business segment, returned to growth (+4.8%), while Industrial declined by 14.4%. Management indicated it is working on short-term cost reduction measures to adapt the group's structure to activity that remains weak.
Revenue of €855.7 Million, Declining Across All Four Business Segments
In fiscal year 2025-2026 (October 2025 to September 2026), Exel Industries generated revenue of €855.7 million, compared to €983.0 million a year earlier. The decline reached €127.3 million, or 13.0% on a reported basis and 12.0% at constant exchange rates and scope.
Agricultural spraying, the leading business segment, declined by 13.8% to €347.6 million. Industrial fell by 13.7% to €249.7 million, sugar beet harvesting declined by 14.6% to €126.5 million, and Leisure decreased by 7.4% to €131.9 million.
The fourth quarter (July to September 2026) posted revenue of €245.4 million, compared to €257.5 million a year earlier, representing a decline of 4.7% on a reported basis and 5.0% on a comparable basis. According to the group, this decline is primarily attributable to Industrial.
European Agriculture Remains Weak, Signs of Stabilization Outside Europe
In agricultural spraying, falling agricultural prices, rising input costs, amplified by the Middle East conflict, and tightening financing conditions led farms and distribution networks to postpone their investments. Europe accounted for most of the decline, with several countries suspending or deferring their subsidy programs.
Spare parts and used machinery mitigated the decline. In the fourth quarter, improved weather supported a rebound in orders in Australia, and sales stabilized in North America, at persistently low levels.
The October barometer of the European association CEMA places the business climate in the sector at its lowest level in twenty months.
In sugar beet harvesting, the reduction in cultivated acreage and the fall in sugar prices weighed on new machinery, for which orders remained weak throughout the fiscal year, and on spare parts. Repair activities are developing.
Leisure grew by 1.0% on a comparable basis in the fourth quarter, with sterling depreciation explaining the decline on a reported basis.
In Industrial, the postponement of most industrial spraying projects to the following fiscal year and the slowdown in European automotive weighed on sales, while the Americas progressed and technical tubing returned to growth momentum in recent months.
Management Prepares Drastic Cost Reduction Measures
For Daniel Tragus, Chief Executive Officer of the group, the fourth quarter showed signs of stabilization in Australia and North America, but it is "still too early to speak of a cycle turnaround," as conditions in European agricultural markets remain severely degraded. He specified that the decline in agricultural sales is weighing on the group's profitability.
In this context, Exel Industries is working on "drastic short-term cost reduction measures." When publishing its annual accounts on December 15, 2025, the group had already adopted a cautious tone on its outlook.
Full-year results for 2025-2026 will be released on December 18, 2026, before market opening. Revenue for the first quarter of 2026-2027 will follow on January 28, 2027, and the general shareholders' meeting will be held on February 5, 2027.
At the end of the fiscal year, the group's revenue stands at €855.7 million, down €127.3 million year-over-year.
