Astarta presentation 1Q25

1Q25 Operating and Financial Results

IR webpage

20th May 2025

Summary P&L

• In 1Q25 Astarta's consolidated revenues declined by 25% y-o-y to EUR125m reflecting lower sales volumes

• The Sugar segment was the main contributor with 33% of total or EUR41m (-5% y-o-y) followed by the Agriculture with 30% of total at EUR37m (-49% y-o-y). Soybean Processing accounted for 23% of revenue or EUR29m (flat y-o-y), Cattle Farming - for 13% at EUR17m (+26% y-o-y)

• Export sales of EUR73m contributed 59% of consolidated revenue in 1Q25 vs 69% in 1Q24

• Gross profit down by 38% y-o-y to EUR33m with Gross margin narrowing from 32% in 1Q24 to 27% in 1Q25 on higher cost of sales

• EBITDA declined by 7% y-o-y to EUR27m with 21% of EBITDA margin compared to 17% in 1Q24 on the back of lower S&D expenses (-62% y-o-y)

• Excluding the impact of IAS41, the Gross margin decreased from 42% to 35%. EBITDA margin grew by 2pp y-o-y to 29%

*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce

** Earnings before interest, tax, depreciation and amortisation

Note: Hereinafter differences between totals and sums of the parts are due to rounding

Summary Сash Flows

Summary Balance Sheet

*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce, COR - cost of revenue

• Operating Cash Flow decreased by 51% y-o-y to EUR34m amid destocking and decline in trade receivables. Operating Cash flows before Working Capital decreased to EUR35m from EUR42m in 1Q24

• Investing Cash Flows grew 3.3x y-o-y to EUR21m in 1Q25. Key investments covered replacement of agriculture machinery fleet and construction of the SPC production facility

• 1Q25 Net Financial Debt (excl. lease liabilities) was at a positive cash position of EUR17m vs positive cash position of EUR11m in 1Q24

  EURk	1Q24	YE24	1Q25
  Right-of-use asset (mainly land)	120 659	120 432	129 093
  Biological assets (non-current)	37 344	47 712	39 302
  PP&E and other non-current assets	190 048	215 154	228 872
  Inventories, including RMI*	205 963	220 663	185 822
  Biological assets (current)	35 662	19 439	48 332
  AR and other current assets	71 280	76 431	70 107
  Cash and equivalents	56 055	48 391	38 955
  Total Assets	717 011	748 222	740 483
  Equity	506 652	549 463	545 616
  Long-term loans	32 084	16 241	13 794
  Lease liability (mainly land)	96 495	97 640	104 422
  Other	5 808	8 617	8 319
  Non-current liabilities	134 387	122 498	126 535
  Short-term debt and similar	13 438	10 706	8 651
  Current lease liability (mainly land)	32 633	34 326	29 106
  Other	29 901	31 229	30 575
  Current liabilities	75 972	76 261	68 332
  Total equity and liabilities	717 011	748 222	740 483
  EBITDA LTM	136 086	159 353	157 357
  RMI*	121 936	160 256	107 356
  Net debt total**	118 595	110 522	117 018
  ND total/EBITDA (х)	0.9	0.7	0.7
  Adjusted net debt = (ND-RMI)	(3 341)	(49 734)	9 662
  Adj ND/EBITDA (х)	(0.02)	(0.3)	0.1

  *RMI (Readily Marketable Inventories) = Finished Goods

  **Net Debt = Lt and ST debt + Lease Liabilities - Cash

  
  
  

  EURk	2022	2023	2024	1Q24	1Q25
  Revenues, incl.	180 292	239 890	208 637	73 267	37 169
  Corn	86 316	105 978	70 809	41 658	25 020
  Wheat	52 955	74 076	79 843	16 488	1 349
  Sunseeds	28 137	41 225	19 505	6 118	10 555
  Rapeseeds	9 916	15 371	34 162	8 015	0
  Cost of revenues, incl.	(144 762)	(179 951)	(151 655)	(45 835)	(28 615)
  Land lease depreciation	(19 051)	(18 609)	(19 871)	(5 076)	(5 335)
  Changes in FV of BA and AP**	70 207	51 967	68 465	1 469	10 320
  Gross profit	105 737	111 906	125 447	28 901	18 874
  Gross margin	59%	47%	60%	39%	51%
  G&A expense	(13 083)	(16 577)	(14 893)	(3 022)	(3 103)
  S&D expense	(48 121)	(62 546)	(48 933)	(22 031)	(5 273)
  Other operating expenses	(3 451)	(4 829)	(3 800)	(538)	(357)
  EBIT	41 082	27 954	57 821	3 310	10 141
  EBITDA	75 974	63 567	92 087	12 072	19 094
  EBITDA margin	42%	26%	44%	16%	51%
  Interest on lease liability	(19 379)	(18 125)	(19 557)	(5 626)	(6 310)
  CAPEX	(9 176)	(8 898)	(16 670)	(3 693)	(10 124)
  Cash outflow on land lease liability	(26 808)	(30 490)	(32 533)	(11 518)	(17 217)

  Sales volumes of key crops Financial results

  kt	2022	2023	2024	1Q24	1Q25
  Corn	366	493	373	215	111
  Wheat	201	354	366	80	7
  Sunseeds	56	118	48	19	16
  Rapeseeds	15	38	73	19	0

  Realized prices

  EUR/t	2022	2023	2024	1Q24	1Q25
  Corn	236	215	190	194	225
  Wheat	264	209	218	205	203
  Sunseeds	501	349	409	316	661
  Rapeseeds	660	404	465	425	-

• Revenues decreased by 49% y-o-y to EUR37m on destocking and lower sales volumes. Exports generated 71% of the segment revenues in 1Q25 (-20pp y-o-y)

• Grain and oilseeds sales amounted to 135kt during 1Q25 (-60% y-o-y)

• Gross profit decreased by 35% y-o-y to EUR19m. Gross margin improved by 12pp y-o-y to 51% on higher contribution from changes in FV of BA at EUR10m vs EUR1.5m in 1Q24 mainly reflecting higher commodity prices

• EBITDA was EUR19m (+58% y-o-y) with EBITDA margin widening by 35pp y-o-y to 51% in 1Q25 reflecting lower S&D

*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce