Core Insights - EXEL Industries reported a full-year revenue decline of 10.6% for 2024–2025, amounting to €983 million, with a 9.6% decrease at constant scope and foreign exchange rates [10][18] - The company faced challenges in its agricultural activities, particularly in Agricultural Spraying and Sugar Beet Harvesting, while the Garden and Industry segments provided some stability [16] Revenue Breakdown - **Q4 Revenue**: In Q4 of 2024–2025, revenue was €257.5 million, down 11.2% year-on-year, influenced by a high basis for comparison [3] - **Agricultural Spraying**: Revenue decreased by 19.9% for the fiscal year, reflecting cautious behavior from farmers and reduced orders for new machines [11] - **Sugar Beet Harvesting**: Revenue fell by 12.9% for the fiscal year, driven by decreasing cultivated areas in Europe and a wait-and-see attitude in North America [13] - **Leisure Segment**: This segment saw a revenue increase of 5.6% for the fiscal year, with strong performance in the UK and Southern Europe [14] - **Industry Segment**: Revenue was relatively stable, with a slight decline of 0.7% for the fiscal year, showing contrasting trends across regions [15] Regional Performance - **Europe**: The agricultural spraying market is gradually recovering, with new orders rebounding, although North America remains challenging [12] - **North America**: The market is under pressure due to falling commodity prices and rising input costs, affecting farmers' morale [6] - **Asia**: The industrial spraying segment showed a return to growth, contrasting with a slowdown in Western Europe [9][15]