| First quarter 2024-2025 revenue down 19.0% First quarter impacted by a downturn in agricultural sales, but other activities holding up well |
| 3-month revenue (October 2024-December 2024)) |
2023-2024 | 2024-2025 | Change (reported) |
Change (LFL*) |
||
| Reported | Reported | €m | % | €m | % | |
| AGRICULTURAL SPRAYING | 90.9 | 62.2 | -28.8 | -31.6% | -28.7 | -31.6% |
| SUGAR BEET HARVESTING |
27.1 | 19.1 | -8.0 | -29.4% | -8.0 | -29.5% |
| LEISURE |
11.1 | 12.9 | +1.8 | +16.3% | +1.2 | +10.7% |
| INDUSTRY |
71.0 | 67.8 | -3.2 | -4.5% | -3.2 | -4.6% |
| EXEL Industries Group | 200.1 | 162.0 | -38.1 | -19.0% | -38.8 | -19.4% |
* Like-for-like (LFL) = at constant consolidation scope and foreign exchange rates
First quarter 2024-2025 revenue
The EXEL Industries Group posted revenue of €162.0 million for the first quarter of the 2024-2025 fiscal year, down 19.0% as reported and 19.4% at constant foreign exchange rates and scope.
Agricultural Spraying sales showed an expected decline of 31.6% as reported, penalized by low volumes and a challenging business climate. This downturn follows two exceptional years in the agricultural equipment sector, and business now seems to be returning to a more traditional seasonal pattern. Business is returning to the level of the 2021–2022 fiscal year. Revenue was down in the Group’s main regions, namely Europe, North America and Australia.
2025 outlook
After two exceptional years, business has returned to a normal seasonal pattern. The level of order intake has fallen significantly over the past fiscal year, with less long-term visibility than in the previous three years, calling for a degree of caution. Production capacities have been adjusted to the level of activity, and the Group remains vigilant with regard to changes in its cost structure. However, the agricultural equipment market cycle, particularly in Europe, seems to have reached its lowest point, with improving prospects.
The order book is solid at the end of the first quarter, and the outlook is well-oriented for the year. In 2025, priority continues to be given to developing the after-sales activity with enriched services to better support its customers in using its products.
Daniel Tragus, Chief Executive Officer of the EXEL Industries Group
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“EXEL Industries had a mixed first quarter on the back of two years with a very high basis of comparison, but which nevertheless reflected the solidity of its business model. In the agricultural sector, despite the anticipated decline in volumes, the business climate presents more favorable prospects for the coming months. Pre-season Garden sales are encouraging, while Industry sales have held up well. The Group closely monitors the evolution of its activities and adapts its cost structure for the rest of the fiscal year. As a reminder, the first quarter is not very representative due to the seasonality of our activities.” |
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