First quarter 2022–2023 sales: up 16.1%

Continued strong growth in sales

The EXEL Industries Group posted sales of €185.1 million in the first quarter of 2022–2023, up 16.1%, driven mainly by organic growth in agricultural equipment. 

Growth at constant consolidation scope and foreign exchange rates was 11.8%

The change in consolidation scope arising from the G.F. acquisition in February 2022 contributed €1.8 million to first-quarter sales.

First-quarter 2022–2023 sales


After contrasting trends in 2022, heavily impacted by component shortages, first-quarter sales are in line with the momentum seen in the fourth quarter of 2021–2022, sustaining a significant growth rate. Agricultural commodity prices have dipped slightly from their spring 2022 peak but remain high, boosting order intake. 


Although this quarter is not representative for this activity subject to seasonal trends, first-quarter sales showed sustained double-digit growth, in line with Q4 2021–2022. Sales were driven by new machines, in particular the first sales of the Terra Dos 5, the latest generation of sugar beet harvesters.

  • LEISURE down 19.3%

The garden equipment market declined in the Group’s three main operating regions (primarily in the United Kingdom and, to a lesser extent, in France and Italy). After a challenging 2022, marked by a fall in demand, periods of hot weather, water restrictions and increased inventories at dealers, this quarter’s sales were nevertheless comparable to Q1 2019. There was an unfavorable basis of comparison, as sales in the first quarter of the previous year were generally higher than usual, in line with the post-COVID surge in this business.

The EXEL Yachting business remained broadly stable during the quarter, a period that is not very representative of the business, given its seasonal nature. 

  • INDUSTRY up 4.8%

The trend of the previous year was confirmed in industrial spraying, with stable activity overall, marked by a slight decline in demand in Europe, but offset by continuing robust demand in Asia and North America. With regard to technical hoses, volumes remained low as a result of a decline in demand since the summer of 2022 and destocking at customers’ at the end of the year.



  • Agricultural commodity prices are expected to remain high, which will continue to drive machine replacement.
  • Despite the uncertainty surrounding the Russia-Ukraine conflict, our business in the region is thriving, in compliance with the international regulations and with strict controls on customer receipts.
  • The order book remains solid for the coming quarters.
  • The business is maintaining rigorous discipline with regard to selling prices in line with the impact of inflation on costs.
  • Commercialization of TRAXX, an autonomous high-clearance tractor, and 3S Spot Spray Sensor®, our sensor-based ultra-localized spraying solution for large-crops has begun and will gain momentum over the coming months. Both are major innovations resulting from the work of EXXACT Robotics, our pooled research center dedicated to agricultural equipment. These developments are consistent with our CSR policy.


  • Given the announced surge in beet prices to levels advantageous to farmers, sales of new machines are expected to remain strong in 2022–2023 and benefit from certain opportunities in Russia. 


  • As for the Garden activity, despite an unfavorable basis of comparison, the start of the year is headed in the right direction, with higher sales expected in the second quarter.
  • The Düsseldorf boat show and exhibition at the end of January 2023 will provide an opportunity for EXEL Yachting to assess the strength of demand for the year to come.


  • Asia and North America are expected to remain the drivers of volumes growth. 
  • Limited improvement expected in the automotive sector, but changes to models and electrification are driving investment among manufacturers.
  • A new sales and marketing structure has been implemented in the technical hoses business. 

Yves Belegaud, Chief Executive Officer of the EXEL Industries Group:

“In an uncertain global economic environment that continues to be affected by component shortages, the strong increase in our first-quarter 2022–2023 sales reflects the solid growth capacity of EXEL Industries. We are continuing to record a healthy order intake, particularly in agricultural equipment. The added value provided by the Group’s products has allowed us to adjust sales prices in a highly inflationary environment in terms of labor and energy costs.

Upcoming events

  • February 7, 2023: Annual General Meeting of Shareholders.
  • April 25, 2023, before market opening: Q2 2022–2023 sales.
  • May 26, 2023, before market opening: H1 2022–2023 results.

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