Exel Industries: Revenue Down by 14.1%, EBITDA Turns Negative
Exel Industries announces its half-year results on Friday, showing a 14.1% decline in revenue to EUR 380.9 million. The half-year EBITDA has turned negative, reaching -EUR 7.2 million, and the operating result has plummeted to -EUR 22.2 million, reflecting a widespread contraction in volumes, especially in Agricultural Spraying. Concurrently, the group has reduced its net financial debt by EUR 6.7 million and continues to invest in innovation, signaling confidence in a future rebound despite the current environment.
Agricultural Spraying: Main Driver of Sales Decline
The revenue for the first half of 2025-2026 stands at EUR 380.9 million, down from EUR 443.4 million a year earlier, marking a 14.1% decrease. On a like-for-like basis and constant exchange rates, the decline is 12.2%. Agricultural Spraying accounts for the majority of this downturn, with a 20.8% drop to EUR 154.4 million. The group cites a low-cycle context and a cautious market, in an environment characterized by high interest rates and declining agricultural incomes. The Industry sector also suffers a decrease of 11.8% to EUR 126.9 million, while Sugar Beet Harvesting (-8.1%) and Leisure activities (-2.5%) show more moderate declines.
Half-Year EBITDA Turns Negative, Operating Result Collapses
Recurring EBITDA stands at -EUR 7.2 million compared to +EUR 20.3 million in the first half of 2024-2025, reflecting the contraction of activity and poor absorption of fixed costs in a context of declining volumes. The current operating result crosses into negative territory at -EUR 22.2 million (-5.8% of revenue), compared to +EUR 6.5 million previously. The net result is -EUR 18.7 million, despite an improvement in the financial result of EUR 4.2 million (thanks to favorable exchange rate movements and lower interest expenses). As of March 31, 2026, the net financial debt stands at EUR 167.8 million, down EUR 6.7 million from March 31, 2025, thanks to effective working capital management.
Adjustment Plans Under Review, Investments Maintained
Despite the slowdown, Exel Industries maintains its investment policy for innovation and site optimization, with Capex amounting to EUR 16.1 million for the semester. The group has also introduced a product innovation plan described as disruptive in irrigation and hand tools, as well as the launch of the Wauquiez 55 in the nautical industry, named European Yacht of the Year 2026. Overall visibility remains limited, with order books still lagging in Agricultural Spraying. Some areas like Australia show initial signs of stabilization, but no cycle recovery is anticipated before the second half of the fiscal year 2026-2027. The group is exploring strong short-term cost adjustment plans, particularly in struggling activities.
