EXEL Industries (EXE) H1 2026 earnings summary

Executive summary

• Revenue for the half-year ended 03/31/2026 was €380.9 million, down 14.1% from €443.4 million in the same period last year, reflecting unfavorable market cycles and lower volumes.

• Net income attributable to owners was a loss of €18.7 million, compared to a profit of €1.5 million a year earlier.

• Operating cash flow was negative at €50.3 million, a deterioration from negative €24.1 million in the prior year.

• Recurring EBITDA fell from €20.3 million to -€7.2 million.

• Net financial debt improved to €167.8 million, supported by working capital management and renewed credit lines.

Financial highlights

• Gross margin declined as raw material and consumable costs remained high at €230.5 million for the half-year.

• Staff expenses increased slightly to €137.0 million compared to €135.4 million year-over-year.

• Current operating result was a loss of €22.2 million, versus a profit of €6.5 million in the prior year.

• Earnings per share dropped to -€2.7 from €0.2 year-over-year.

• Net financial income improved by €4.2 million due to favorable FX and lower interest expenses.

Outlook and guidance

• No explicit forward-looking guidance provided, but results indicate ongoing operational and profitability challenges.

• Agricultural Spraying order books remain weak due to high interest rates and declining farm income; recovery not expected before H2 2026-2027.

• Sugar Beet Harvesting faces limited equipment renewal amid reduced acreage and agricultural crisis.

• Leisure segment sees encouraging garden sales, with innovation in watering solutions and hand tools well received.

• Industrial Spraying impacted by automotive sector slowdown, but standard product lines and parts sales remain strong in North America and Asia.