EXEL Industries: Half-year 2025–2026 results

The EXEL Industries group’s half-year results can be seen at
https://www.exel-industries.com/investisseurs/

Half-year revenue
2025–2026

*LFL = Like-for-like (at comparable scope and foreign exchange rates)

In the first half of 2025–2026, EXEL Industries’ revenue totaled €380.9 million, compared with €443.4 million as of March 31, 2025, representing a 14.1% decline over the period. At comparable scope and foreign exchange rates, it fell by 12.2%. Agricultural Spraying accounts for the bulk of the decline in sales, amid a market downturn and a wait-and-see atmosphere. Industry was also affected, due to sluggishness in some of its markets, while other activities saw more moderate declines.

Half-year financial results
2025–2026

Recurring EBITDA fell sharply, to -€7.2 million, compared with €20.3 million in 2024–2025. This change reflects the contraction in business, particularly in Agricultural Spraying.

Current operating income was negative, at -€22.2 million, driven by lower volumes amid weak demand and a reduced absorption of fixed costs.

Net financial income, at -€0.5 million, improved by €4.2 million compared with the first half of last year, thanks to favorable foreign exchange rate movements and lower interest expenses resulting from lower interest rates and a more efficient use of credit lines.

Net income, at -€18.7 million, reflected the decline in current operating income, partially offset by an improvement in financial income and the recognition of deferred tax income.

Balance sheet
at March 31, 2026

As of March 31, 2026, net financial debt decreased to €167.8 million, down from €174.5 million in the first half of 2025, thanks to efforts to manage working capital requirements (WCR). Over the first half of the year, the change in WCR was negative, amounting to €45 million, in line with the seasonal nature of the Group’s business.

Despite business slowing, the Group maintained its investment policy focused on innovation and the optimization of its industrial sites and production facilities, with capital expenditures totaling €16.1 million.

Audit process

The Group Audit Committee met on May 20, 2026.

The Board of Directors met on May 21, 2026, and approved EXEL Industries’ half-year financial statements at March 31, 2026.

The Group’s Statutory Auditors have finished certifying the first half financial statements and will shortly issue a report without reservations.

2026 outlook

Daniel Tragus, Chief Executive Officer of the EXEL Industries Group

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