EXEL Industries revenue fell 13.0% to €855.7 million in the fiscal year ended September 2026, as sales declined across all four of its businesses. The company said weak agricultural and industrial markets were weighing on activity and that it was working on short-term cost reductions.
Key Takeaways
- Fourth-quarter revenue fell 4.7% to €245.4 million, with the industry business accounting for much of the decline.
- Agricultural spraying sales rose in the fourth quarter despite a 13.8% drop for the full year.
- Chief Executive Daniel Tragus said it was too early to call a turnaround and that lower agricultural sales were weighing on profitability.
EXEL Industries revenue by business
Full-year sales fell from €983.0 million in 2024–2025. On a like-for-like basis, which holds exchange rates and the scope of the business constant, revenue declined 12.0%.
EXEL said falling agricultural prices, rising input costs and tighter financing conditions led farms and distributors to postpone investments. In sugar beet harvesting, lower sugar prices and reduced cultivated areas also held back investment in new equipment.
The company attributed the annual industry decline partly to weak markets, particularly European automotive, and the postponement of industrial spraying projects to the 2026–2027 fiscal year.
| Item | Details |
|---|---|
| Agricultural spraying | 2025–2026 revenue: €347.6 million; reported change: −13.8% |
| Sugar beet harvesting | 2025–2026 revenue: €126.5 million; reported change: −14.6% |
| Leisure | 2025–2026 revenue: €131.9 million; reported change: −7.4% |
| Industry | 2025–2026 revenue: €249.7 million; reported change: −13.7% |
Fourth-quarter trends and cost measures
For July through September 2026, group revenue fell 5.0% on a like-for-like basis. Agricultural spraying sales rose 4.8% on a reported basis as better weather supported orders in Australia and North American sales stabilized at a low level. Industry revenue fell 14.4%.
Leisure revenue fell 3.4% on a reported basis but rose 1.0% like-for-like. EXEL attributed the difference to depreciation of the British pound.
Tragus said conditions in European agricultural markets remained very poor and that the company was working on substantial short-term cost-reduction measures. He also said signs of stabilization in Australia and North America did not yet amount to a turnaround.
EXEL’s financial publications archive lists quarterly sales releases alongside its full-year results, which are published separately.
Next milestone
EXEL plans to publish its full 2025–2026 annual results and present them to investors on December 18, 2026, before the market opens.
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