Core Viewpoint - EXEL Industries reported a decline in revenue and recurring EBITDA for the first half of 2024-2025, primarily due to lower volumes in Agricultural Spraying, while maintaining a focus on debt reduction and cash flow optimization [5][13]. Financial Performance - Revenue for the first half of 2024-2025 was €443.4 million, down 10.0% from €492.7 million in the same period of 2023-2024 [5][6]. - Recurring EBITDA decreased to €20.3 million, representing 4.6% of revenue, compared to 6.2% in the previous year [7][5]. - Net income was €1.5 million, a decline from €4.7 million in the first half of 2023-2024 [7][5]. Debt and Cash Flow Management - The Group's net financial debt improved by €38 million, standing at €174.5 million compared to €212.7 million in the previous year, due to efforts in reducing working capital requirements (WCR) and inventory levels [9][5]. - Despite a negative change in WCR of €30 million, the Group's focus on cash flow generation and debt reduction remains a priority [9][13]. Segment Performance - Agricultural Spraying revenue fell by €53.4 million, or 21.5%, reflecting a significant decline in volumes [4][6]. - Other segments, such as Sugar Beet and Industrial Spraying, showed stable or slight growth, with Sugar Beet revenue remaining relatively unchanged [4][6]. Future Outlook - Order intake in Agricultural Spraying is showing limited visibility but signs of recovery in Europe, while market conditions for Sugar Beet Harvesting remain uncertain [12][15]. - The Group plans to continue aligning production capacities and cost structures with business levels in response to lower volumes [15][12]. Investment and Capex - Capital expenditures (Capex) amounted to €15.6 million, including ongoing construction of a new plant in Stains, France [10].

Core Viewpoint - EXEL Industries Group reported a revenue decline of 3.8% in Q2 2024-2025, primarily driven by lower volumes in Agricultural Spraying, while other segments showed stability or growth [3][5][13]. Revenue Summary - Q2 revenue for EXEL Industries Group was €281.4 million, down from €292.6 million in the same quarter of the previous year, reflecting a decrease of €11.3 million [3][2]. - For the first half of the fiscal year, total revenue was €443.4 million, a decrease of €49.4 million or 10.0% compared to the previous year [2]. Segment Performance - **Agricultural Spraying**: Revenue decreased by 15.7% to €132.7 million, attributed to low volumes and a cautious market in North America [4][5]. - **Sugar Beet Harvesting**: Sales increased by 47.6%, with all product categories showing growth after resolving production delays [6]. - **Leisure**: Sales remained stable with a slight decrease of 0.1%, supported by strong performance in the Garden segment in the UK [7]. - **Industry**: Revenue grew by 7.5%, with dynamic sales across all product categories, particularly in high viscosity products [8]. Market Outlook - Order intake remains low, but there are signs of recovery in Europe and large-scale crop markets, although uncertainty persists in North America due to economic factors [11]. - The Group is adjusting production capacities and cost structures in response to current market conditions, particularly in North America where pricing policies are under review [11][13]. - The outlook for the Garden segment in 2025 is optimistic, contingent on normal weather conditions, following two years of unfavorable rainfall [11]. Company Profile - EXEL Industries is a French family-owned group focused on designing, manufacturing, and marketing capital equipment, with a strong emphasis on innovation and customer service [14][15].