EXEL Industries (EXE) H2 2025 earnings summary

Executive summary

• Revenue for 2024-2025 was €983 million, down 10.6% year-over-year, mainly due to significant volume reductions in Agricultural Spraying and Sugar Beet Harvesting.

• Recurring EBITDA fell to €67.6 million (6.9% margin), and net income dropped to €16.3 million, reflecting lower operating income from reduced agricultural activity volumes.

• Net financial debt decreased by nearly €30 million to €98.3 million, supported by strong operating cash flow and reduced working capital requirements.

• A dividend of €0.60 per share, representing 25% of consolidated net income, will be proposed.

Financial highlights

• Revenue declined by €116.3 million year-over-year, with the largest drop in Agricultural Spraying (-19.9%) and Sugar Beet Harvesting (-12.9%).

• Leisure segment grew by 5.6%, and Industry remained stable (-0.7%).

• Recurring EBITDA margin decreased from 7.9% to 6.9% year-over-year.

• Net income margin fell from 2.8% to 1.7%.

Outlook and guidance

• Agricultural Spraying expected to continue slowing in early 2025-2026, with low order book and limited visibility.

• Sugar Beet Harvesting faces ongoing uncertainty in Europe and North America; focus remains on after-sales and spare parts.

• Leisure irrigation market recovery to continue, but Nautical market remains sluggish.

• Industry segment to continue ERP rollout, industrial transformation, and expansion into new markets.