Exel Industries blames the persistently weak demand for agricultural equipment for the 19% fall in revenue to €229.2 million in the third quarter of its 2025-2026 fiscal year.
Demand for crop sprayers (Exel brands include Tecnoma, Berthoud, Hardi, Evrard, Agrifac and Matrot) continues to be negatively affected by an unfavourable market environment; -17.1% lower at €95.4 million (€115.1m same three months in 2025).
European and North American farmers continue to postpone investments, is the message, as a result of lower agricultural prices, higher input costs and tighter financing conditions. Over the quarter, sales remained slower in France and Europe, while Australia and North America returned to growth.
Revenue from the French Group’s sugar beet harvesting (Holmer) division fell sharply (-35.6%) in the third quarter to €23 million (€35.8m Q3 2025). Due mainly to the weak order intake for new machinery observed over the past several quarters. Sales of spare and used parts were also down compared to the previous fiscal year, but to a lesser extent, and sales of used machines remained stable.
Looking ahead, the company says that sales momentum has improved slightly for some of its sprayer brands, notably trailed and self-propelled models. However, the global agricultural equipment market remains depressed and does not allow the company, at this stage, to anticipate a significant recovery in the cycle before the second half of its 2026–2027 fiscal year. The market conditions for sugar beet remain uncertain, notably in Europe.
“As expected, the quarter was marked by lower business activity than last year in several of our markets,” comments CEO Daniel Tragus of the Exel Industries Group. “Nevertheless, we observed some encouraging developments in certain business segments compared to the beginning of the fiscal year, although as yet these do not allow us to anticipate a turnaround in the business cycle.”
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