EXEL Industries (EXE) Q1 24/25 TU earnings summary

First quarter performance

• Revenue for Q1 2024-2025 was €162.0 million, down 19.0% year-on-year, reflecting a significant decline in agricultural sales.

• Agricultural Spraying sales dropped 31.6%, returning to 2021-2022 levels after two exceptional years.

• Sugar Beet Harvesting sales fell 29.4%, impacted by a strong prior year and timing of deliveries, with resolution expected in Q2.

• Leisure division sales rose 16.3%, driven by improved Garden division performance, especially in France and the UK.

• Industry revenue declined 4.5%, with stable performance in Europe and North America but a slight downturn in Asia.

Outlook for 2025

• Agricultural equipment market cycle appears to have bottomed out in Europe, with improved prospects and adjusted production capacities.

• Sugar Beet Harvesting maintains a solid order book and focuses on expanding after-sales services.

• Garden division outlook is positive, with strong pre-season sales and low distributor inventories; nautical market remains challenging.

• Industrial Spraying expected to remain healthy, especially in North America, with ongoing plant modernization and product innovation.

Management commentary and strategic focus

• CEO highlights a mixed quarter due to high comparison base but notes business model resilience and favorable agricultural prospects.

• Group is closely monitoring activity evolution and adapting cost structure for the rest of the year.

• Emphasis on innovation, sustainability, and increasing recycled PVC in technical hoses.

• First quarter is not highly representative due to seasonality.