Core Viewpoint - EXEL Industries Group reported a significant decline in revenue for Q1 2025-2026, with a decrease of 17.5% on a reported basis and 15.5% on a like-for-like basis, reflecting challenging market conditions across various sectors [2][10]. Revenue Breakdown - Agricultural Spraying revenue fell to €49.0 million, down 21.1% from the previous year, with a notable decline in Western Europe, while Eastern Europe showed some growth [3][10]. - Sugar Beet Harvesting revenue decreased to €13.5 million, down 29.4%, impacted by falling sugar prices and reduced beet crop acreage [4]. - Leisure revenue was reported at €11.8 million, down 8.8%, although the garden business showed strong sales in the UK [5]. - Industrial revenue decreased to €59.3 million, down 12.5%, affected by a declining automotive market and the implementation of a new ERP system [6][10]. Market Conditions - The agricultural market remains cautious, with farms and dealers delaying equipment renewals and investments [3]. - In Sugar Beet Harvesting, investment is slow due to declining cultivated areas and sugar prices, although some regions like Russia and Eastern Europe are performing better [9]. - The garden business is experiencing a positive order level, but dealers are cautious due to the economic climate [12]. Future Outlook - The order book for Agricultural Spraying is slightly better than the previous year, with expectations for a favorable market cycle to return later than anticipated [8]. - A federal support package of $12 billion in the US is expected to boost demand for agricultural machinery [8]. - The Technical Hoses business shows an improving outlook with positive momentum in retail and B2B segments [12].