PRESS RELEASE July 23, 2025




Q3 2024-2025 revenue down 10.9%
Growth maintained in Leisure and Industry, with a persistent
decline in agriculture



2023-2024 2024-2025 Change (reported) Change (LFL*)
Q3 sales
(April 2025–June 2025))
Reported Reported €m % €m %

AGRICULTURAL
151.7 115.1 -36.7 -24.2% -34.9 -23.0%
SPRAYING

SUGAR BEET
39.1 35.8 -3.3 -8.5% -3.1 -7.9%
HARVESTING

LEISURE 54.0 57.9 +3.9 +7.3% +4.8 +8.9%



INDUSTRY 71.7 73.3 +1.7 +2.3% +5.0 +7.0%



EXEL Industries Group 316.5 282.1 -34.4 -10.9% -28.1 -8.9%


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




2023-2024 2024-2025 Change (reported) Change (LFL*)
9-month sales
(October 2024–June 2025))
Reported Reported €m % €m %

AGRICULTURAL
400.1 310.0 -90.1 -22.5% -88.9 -22.2%
SPRAYING

SUGAR BEET
83.4 80.2 -3.2 -3.8% -1.6 -1.9%
HARVESTING

LEISURE 112.4 118.1 +5.7 +5.1% +4.3 +3.8%



INDUSTRY 213.4 217.3 +3.8 +1.8% +6.8 +3.2%



EXEL Industries Group 809.3 725.5 -83.8 -10.4% -79.4 -9.8%


* LFL (Like-for-like) = at constant consolidation scope and foreign exchange rates
PRESS RELEASE
July 23, 2025




Q3 revenue
2024-2025

In the third quarter of the 2024-2025 fiscal year, the EXEL Industries group posted revenue
of €282.1 million, down -10.9% on the previous year, mainly due to lower volumes in
Agricultural Spraying and a foreign exchange impact of €6.3 million linked to the sharp
depreciation of the dollar over the period. At constant foreign exchange rates and scope,
sales fell -8.9%.



• AGRICULTURAL SPRAYING -24.2%

In Agricultural Spraying, sales were down significantly, by -24.2% compared to the third
quarter of last year. Revenue fell in the main regions where the Group operates—in
Australia, which suffered significant droughts, in North America and in France. In Europe,
the situation was more heterogeneous, with slight growth in Northern and Central Europe
and difficulties in Western and Eastern Europe.



• SUGAR BEET HARVESTING -8.5%

Sales of new machines in Sugar Beet Harvesting increased slightly compared to last year
but did not offset the decline in used machines. In Germany and North America, sales were
resilient and remained stable compared to last year.



• LEISURE +7.3%

In the third quarter of 2024-2025, Leisure sales were up 7.3%. Thanks to favorable
weather conditions, revenue in the United Kingdom was up significantly.



• INDUSTRY +2.3%
Industrial Spraying grew 2.3% this quarter, thanks to strong sales in Systems projects and
in the traditional paint application ranges. Geographically, the situation shows quite
marked contrasts, with sales growing significantly in France and in the Americas, being
stable or even slightly up in Asia, but down in Western Europe. In Technical Hoses, volumes
remained stable in B2B.
PRESS RELEASE
July 23, 2025




Outlook

AGRICULTURAL SPRAYING
o Although still at low levels, the order book has begun to stabilize after declining
continuously for two years, and is showing the first signs of recovery.
o The Group continues to adjust its production capacities and cost structure to the
current level of business.
o The situation in the agricultural equipment market in North America remains
uncertain. Pending clarifications on tariff policies, order levels remain low.


SUGAR BEET HARVESTING
o Market conditions are uncertain, notably in Europe.
o However, the Group is more optimistic about the development of growth drivers in
North America, provided that a reasonable tariff policy is established.


LEISURE

o The Garden segment should have a satisfactory year compared to the 2024 fiscal
year, in line with previous quarters.

INDUSTRY

o Sales are expected to remain stable in Western Europe and continue to grow in
North America. However, fewer automotive plants are being built in China.
o The Group remains vigilant in the face of economic uncertainty in relation to the
tariff policy in the United States and its potential consequences on commercial
performance.
o Work on the modernization of the Stains plant, in France, is continuing. It will be
operational in the autumn of 2025.




Daniel Tragus, Chief Executive Officer of the EXEL Industries Group

"In the third quarter, EXEL Industries reported mixed revenue that was
in line with expectations. To cope with the decline in volumes in the
agricultural sector, the Group has relied on its diversified geographical
network and adapted its cost structure, while maintaining increased
vigilance on the tariff policy in North America. In Leisure, sales recovered
well, buoyed by favorable weather. Lastly, Industry posted a strong
performance, but the Group remains cautious about market trends in
certain regions."
PRESS RELEASE
July 23, 2025




Upcoming events

• October 24, 2025, before market opening: Q4 2024-2025 revenue
• December 18, 2025, before market opening: 2024-2025 full-year results




About EXEL Industries

EXEL Industries is a French family-owned group that designs, manufactures and markets capital equipment and provides
associated services that enable its customers to improve efficiency and productivity or enhance their well-being while achieving
their CSR objectives.
Driven by an innovation strategy for over 70 years, EXEL Industries has based its development on innovative ideas designed to
offer customers unique, efficient, competitive, and user-friendly products.
Since its inception, the Group has recorded significant growth in each of its markets through both organic growth and corporate
acquisitions, underpinned by a stable shareholder base guided by a long-term development strategy.
In 2023-2024, EXEL Industries generated €1.1 billion in revenue and employed 3,814 people in 33 countries on 5 continents.

Euronext Paris, SRD Long only – compartment B (Mid Cap) EnterNext© PEA-PME 150 index (symbol: EXE/ISIN FR0004527638)

Press release available on www.exel-industries.com


Daniel Tragus Guillaume Jacq
Chief Executive Officer Group Chief Financial Officer / Investor relations

direction.communication@exel-industries.com