The EXEL Industries group from France generated revenue of €229.2 million in the third quarter of the 2025–2026 fiscal year, down -18.7% compared to the previous year. The lower revenue is mainly due to lower volumes in ag equipment.
At constant foreign exchange rates and scope, sales fell -18.0%. Over the first nine months of the fiscal year, this fall was concentrated in France and Europe, while the Americas region held steady and Australia returned to growth.
Agricultural spraying -17.1%
In the third quarter, the Agricultural Spraying division continued to be negatively affected by an unfavorable market environment. European and North American farmers continued to postpone investments, as a result of lower agricultural prices, higher input costs and tighter financing conditions. Over the quarter, sales remained slower in France and Europe, while Australia and North America returned to growth.
Sugar beet harvesting -35.6%
Revenue from Sugar Beet Harvesting fell sharply in the third quarter, mainly due to the weak order intake for new machinery observed over the past several quarters. Sales of spare and used parts were also down compared to the previous fiscal year, but to a lesser extent. Sales of used machines remained stable.
Leisure -14.2%
The third quarter, which covers the spring season for the Garden Segment, posted a decline, negatively impacted by unfavorable weather conditions in Europe at the start of the quarter and by weaker demand due to pressure on household purchasing power. This decline has been more marked in the United Kingdom and France, but sales are holding up in the rest of the European continent. The Nautical Industry continues to operate in a challenging market environment.
Industry -16.7%
In Industrial Spraying, the decline in business was mainly due to lower sales in the electrostatic and high-viscosity segments, against the backdrop of a slowdown in several industrial markets, particularly the European automotive industry. The majority of projects were postponed to the next fiscal year. Sales of spare parts and components, however, performed well and helped partially offset the decline in business. Technical Hoses, meanwhile, returned to growth during the quarter.
* LFL = Like-For-Like
(at comparable scope and foreign exchange rates)
“As expected, the quarter was marked by lower business activity than last year in several of our markets”, says Daniel Tragus, Chief Executive Officer of the EXEL Industries Group. “Nevertheless, we observed some encouraging developments in certain business segments compared to the beginning of the fiscal year, although as yet these do not allow us to anticipate a turnaround in the business cycle. In this context, we have continued our prudent management and remain focused on executing our action plans and preparing for the next fiscal year.”
