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]

Core Viewpoint - EXEL Industries Group reported a revenue decline of 10.9% in Q3 2024-2025, primarily due to lower volumes in Agricultural Spraying and foreign exchange impacts from the depreciation of the dollar [3][10]. Revenue Breakdown - **Agricultural Spraying**: Revenue decreased by €36.7 million (-24.2%) in Q3 compared to the previous year, with significant declines in Australia, North America, and France, while Northern and Central Europe showed slight growth [2][4]. - **Sugar Beet Harvesting**: Sales fell by €3.3 million (-8.5%), with new machine sales slightly increasing but not compensating for the decline in used machines [2][5]. - **Leisure**: Revenue increased by €3.9 million (+7.3%), driven by favorable weather conditions, particularly in the United Kingdom [2][6]. - **Industry**: Sales grew by €1.7 million (+2.3%), supported by strong performance in Systems projects and traditional paint application ranges, with varied geographical performance [2][7]. Nine-Month Sales Overview - **Agricultural Spraying**: Total sales for the nine-month period were €310.0 million, down €90.1 million (-22.5%) [2]. - **Sugar Beet Harvesting**: Nine-month sales were €80.2 million, a decrease of €3.2 million (-3.8%) [2]. - **Leisure**: Revenue reached €118.1 million, an increase of €5.7 million (+5.1%) [2]. - **Industry**: Sales totaled €217.3 million, up €3.8 million (+1.8%) [2]. - **Overall Group Revenue**: The total revenue for the nine-month period was €725.5 million, down €83.8 million (-10.4%) [2]. Management Commentary - The CEO noted that the revenue results were in line with expectations, and the company is adapting its cost structure to address the decline in agricultural volumes while maintaining vigilance on tariff policies in North America [10][11]. - The order book has begun to stabilize after two years of decline, indicating potential recovery [11]. Future Outlook - The company anticipates stable sales in Western Europe and growth in North America, contingent on favorable tariff policies [12]. - The modernization of the Stains plant in France is ongoing and expected to be operational by autumn 2025 [12].