1Q26 Operating and Financial Results
IR webpage
19th May 2026
1Q26 HIGHLIGHTS
Summary P&L
Astarta's consolidated revenues in 1Q26 increased by 5% y-o-y to EUR131m. Export sales of EUR83m reached 63% of consolidated revenue during the reporting period
The Agricultural segment was the largest contributor generated 44% of the consolidated revenues or EUR58m (+55% y-o-y). Sugar Production brought EUR32m of sales (-21% y-o-y), generating 25% of total revenues during 1Q26. The Soybean Processing segment accounted for 21% of Astarta's revenues during the reporting period or EUR28m (-2% y-o-y). The Cattle Farming segment generated 10% of total revenues in 1Q26, segment sales decreased by 24% y-o-y to EUR13m
Gross profit in 1Q26 decreased by 44% y-o-y to EUR19m on 20% y-o-y higher costs and change in fair value of biological assets and agricultural produce reflecting a decrease in soft commodity prices and milk
EBITDA decreased by 58% y-o-y to EUR11m in 1Q26, with EBITDA margin narrowing from 21% in 1Q25 to 9% in 1Q26
Excluding the impact of IAS41, the gross margin decreased by 9pp y-o-y to 26%. EBITDA margin declined from 29% in 1Q25 to 21% in 1Q26
EURk | 1Q25 | 1Q26 |
Gross Profit, ex BA & AP remeasurement | 43 327 | 34 298 |
Gross Margin, ex BA & AP remeasurement | 35% | 26% |
EBITDA, ex BA & AP remeasurement | 36 597 | 26 998 |
EBITDA margin, ex BA & AP remeasurement | 29% | 21% |
*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce
** Earnings before interest, tax, depreciation and amortization
EURk | 1Q25 | 1Q26 |
Revenues, incl. | 124 577 | 131 368 |
Agriculture | 37 169 | 57 578 |
Sugar Production | 41 145 | 32 433 |
Soybean Processing | 28 693 | 27 995 |
Cattle Farming | 16 760 | 12 706 |
Cost of revenues, incl. | (93 394) | (112 129) |
Effect of FV remeasurement of AP* | (12 144) | (15 059) |
Changes in FV of BA and AP* | 2 174 | (683) |
Gross profit | 33 357 | 18 556 |
Gross margin | 27% | 14% |
EBIT | 13 610 | (2 557) |
Depreciation & Amortisation, incl. | 13 017 | 13 813 |
Charge of right-of-use assets | 5 589 | 5 251 |
EBITDA**, incl. | 26 627 | 11 256 |
Agriculture | 19 094 | 12 445 |
Sugar Production | 6 084 | (477) |
Soybean Processing | 4 062 | 1 596 |
Cattle Farming | (2 058) | (2 062) |
EBITDA margin | 21% | 9% |
Interest expense on lease liability | (6 849) | (6 296) |
Other finance costs | 99 | (1 700) |
Forex gain/(loss) | (325) | (2 674) |
Net profit/(loss) | 6 421 | (12 305) |
Net profit margin | 5% | -9% |
EURk | 1Q25 | 1Q26 |
Pre-tax income | 6 542 | (13 215) |
Depreciation and amortisation | 13 017 | 13 813 |
Financial interest expenses, net | (75) | 1 652 |
Interest on lease liability | 6 849 | 6 296 |
Changes in FV of BA and AP* | (2 174) | 683 |
Disposal of revaluation of AP in COR* | 12 144 | 15 059 |
Forex (gain)/loss | 325 | 2 674 |
Income taxes paid | (1 787) | (1 577) |
Working Capital changes | (706) | 22 723 |
Other | 81 | 634 |
Operating Cash Flows | 34 216 | 48 742 |
Investing Cash Flows | (20 741) | (10 728) |
Debt repayment, Net | (4 044) | 14 584 |
Finance interest paid | (551) | (1 142) |
Lease repayment (mainly land) | (17 690) | (10 398) |
Financing Cash Flows | (22 285) | 3 044 |
1Q26 HIGHLIGHTS
Summary Сash Flows
Summary Balance Sheet
*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce, COR - cost of revenue
1Q26 Operating Cash Flow increased by 42% y-o-y to EUR49m. Operating Cash flows before Working Capital decreased by 25% y-o-y to EUR26m in 1Q26
Investing Cash Flows halved y-o-y to EUR11m in 1Q26 mainly covering SPC production facility construction and maintenance costs
1Q26 Net Financial Debt (excl. lease liabilities) was at positive cash position of EUR72m vs EUR17m debt in1Q25. Net Debt at EUR218m (+87% y-o-y) in 1Q26
EURk
1Q25
YE25
1Q26
Right-of-use asset (mainly land)
129 093
125 985
140 917
Biological assets (non-current)
39 302
33 330
28 597
PP&E and other non-current assets
228 872
326 097
323 789
Inventories, including RMI*
185 822
245 070
203 851
Biological assets (current)
48 332
21 440
28 525
AR and other current assets
70 107
77 201
91 816
Cash and equivalents
38 955
40 260
81 272
Total Assets
740 483
869 383
898 767
Equity
545 616
552 893
535 494
Long-term loans
13 794
59 194
92 513
Lease liability (mainly land)
104 422
99 852
111 191
Other
8 319
16 532
14 493
Non-current liabilities
126 535
175 578
218 197
Short-term debt and similar
8 651
75 053
60 497
Current lease liability (mainly land)
29 106
32 611
35 358
Other
30 575
33 248
49 221
Current liabilities
68 332
140 912
145 076
Total equity and liabilities
740 483
869 383
898 767
EBITDA LTM
157 357
99 677
84 306
RMI*
107 356
186 305
117 573
Net debt total**
117 018
226 450
218 287
ND total/EBITDA (х)
0.7
2.3
2.6
Adjusted net debt = (ND-RMI)
9 662
40 145
100 714
Adj ND/EBITDA (х)
0.1
0.4
1.2
*RMI (Readily Marketable Inventories) = Finished Goods
AGRICULTURE
EURk
2023
2024
2025
1Q25
1Q26
Revenues, incl.
239 890
208 637
149 448
37 169
57 578
Corn
105 978
70 809
41 114
25 020
34 068
Wheat
74 076
79 843
48 304
1 349
3 883
Sunseeds
41 225
19 505
25 088
10 555
17 392
Rapeseeds
15 371
34 162
14 056
-
1 281
Soybeans
939
1 258
18 851
-
282
Cost of revenues, incl.
(179 951)
(151 655)
(131 763)
(28 615)
(47 347)
Land lease depreciation
(18 609)
(19 871)
(19 652)
(5 335)
(5 142)
Changes in FV of BA and AP*
51 967
68 465
58 959
10 320
3 607
Gross profit
111 906
125 447
76 644
18 874
13 838
Gross margin
47%
60%
51%
51%
24%
G&A expenses
(16 577)
(14 893)
(16 345)
(3 103)
(3 920)
S&D expenses
(62 546)
(48 933)
(18 475)
(5 273)
(6 627)
Other operating expenses
(4 829)
(3 800)
(3 057)
(357)
(818)
EBIT
27 954
57 821
38 767
10 141
2 473
EBITDA
63 567
92 087
72 927
19 094
12 445
EBITDA margin
26%
44%
49%
51%
22%
Interest on lease liability
(18 125)
(19 557)
(20 215)
(6 310)
(5 777)
CAPEX
(8 898)
(16 670)
(27 792)
(10 124)
(1 371)
Cash outflow on land lease liability
(30 490)
(32 533)
(34 483)
(17 217)
(10 073)
Sales volumes of key crops Financial results
kt
2023
2024
2025
1Q25
1Q26
Corn
493
373
201
111
165
Wheat
354
366
235
7
20
Sunseeds
118
48
45
16
28
Rapeseeds
38
73
29
0
3
Soybeans
1
2
47
0
0.4
Realized prices
EUR/t
2023
2024
2025
1Q25
1Q26
Corn
215
190
204
225
207
Wheat
209
218
206
203
191
Sunseeds
349
409
555
661
621
Rapeseeds
404
465
490
-
441
Soybeans
674
551
401
-
791
Revenues at EUR58m (+55% y-o-y) on 61% y-o-y higher sales volumes of crops. Export generated 69% of revenues
Gross profit at EUR14m (-27% y-o-y) with Gross margin narrowing by 27pp y-o-y to 24% on a 65% y-o-y lower contribution from changes in FV of BA at EUR4m, reflecting a decrease in soft commodity prices. EBITDA at EUR12m (-35% y-o-y), with the EBITDA margin narrowing by 29pp y-o-y to 22% in 1Q26
CAPEX stood at maintenance level of EUR1m (-86% y-o-y)
*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce
AGRICULTURE
Gross yields and output of key crops
Key operating highlights
t/ha | 2023 | 2024 | 2025 | |||
t/ha | kt | t/ha | kt | t/ha | kt | |
Corn | 10.3 | 201 | 7.6 | 40 | 7.6 | 94 |
Wheat | 6.3 | 271 | 5.3 | 260 | 5.2 | 237 |
Sunseeds | 3.0 | 83 | 2.5 | 46 | 2.1 | 61 |
Soybeans | 3.1 | 169 | 2.4 | 168 | 2.2 | 122* |
Rapeseeds | 4.1 | 56 | 3.4 | 40 | 2.7 | 31 |
Sugar beets | 58 | 2 233 | 49 | 1 887 | 55 | 1 848 |
*incl. soybeans harvested in 2026
Key crops acreage, kha
56 56
49 46
39
38 34 32
23
29
12
18
24
5
12 11 14
70
As of the date of this report, Astarta's 2026 spring sowing campaign is on the final stages. Cold spring delayed planting by a fortnight
Area under wheat decreased by 14% y-o-y to 39kha. Rapeseeds at 14kha (+24% y-o-y)
Corn acreage almost doubled y-o-y to 23kha
Area under sunseeds decreased by 17% y-o-y to 24kha. Soybeans acreage flat y-o-y at 56kha
Sugar beets were sown at 32kha, down by 6% y-o-y
The area under organic crops remained unchanged y-o-y around 2kha
Current field activities also focus on crop monitoring and phytosanitary surveillance. Preparation for the early grain harvest is also well underway to ensure operational readiness
Corn Wheat Sunseeds Sugar beets Soybeans* Rapeseeds
2024 2025 2026* planned acreage for 2026
Source: the Company's data
AGRICULTURAL MARKET FUNDAMENTALS
Ukrainian export of agricultural products by means of transport, mt
Ukrainian Sea Corridor
Black Sea Grain initiative
8
6
4
2
Jan'22 Apr'22 Jul'22 Oct'22 Jan'23 Apr'23 Jul'23 Oct'23 Jan'24 Apr'24 Jul'24 Oct'24 Jan'25 Apr'25 Jul'25 Oct'25 Jan'26
Apr'26
0
Source: State Customs Service of Ukraine, Ministry of Economy
Average price 1Q26:
Corn Ukraine - EUR179 (-17% y-o-y) Wheat Ukraine- EUR180 (-16% y-o-y) Corn Euronext - EUR199 (-7% y-o-y) Wheat Euronext - EUR198 (-13% y-o-y)
Crop prices, EUR/t
400
300
200
100
Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26
Mar-26
0
Sea ports Railway Trucks Other
According to MinEconomy, the spring sowing campaign in Ukraine is currently underway, with 13mha (-2% y-o-y) planned under grains and oilseeds. As of May 18th, works are 77% completed. This year's spring campaign is more difficult due to the cold spring and waterlogging of the soil, which led to a delay in the sowing of late crops. Winter crops are mostly in satisfactory and good condition
In the 1Q26 grain and oilseeds exports from Ukraine totaled 11mt (-2% y-o-y). 94% of those were handled via the seaports. Astarta's share in exports was almost 2%
The main grain and oilseed export destinations were MENA region (57%) and the EU (40% of total)
The downward price dynamics in the grain export market and low buyer activity put pressure on domestic prices. On an EXW basis, 1Q26 Ukrainian wheat prices decreased by 16% y-o-y to EUR180/t and corn to EUR179/t (-17% y-o-y)
In 1Q26 European wheat traded at an average of EUR198/t (-13% y-o-y), corn at EUR199/t. However, the main factors in pricing will remain energy costs and the geopolitical situation
Source: APK-inform
Corn Ukraine, EXW Wheat Ukraine, EXW
Corn Euronext, FOB Wheat Euronext, CPT 7
SUGAR PRODUCTION
Production
Financial results
Unit
2023
2024
2025
Total sugar production
kt
377
380
362
Sugar beet processed
kt
2 701
2 538
2 319
In house sugar beet
%
74%
68%
72%
EURk
2023
2024
2025
1Q25
1Q26
Revenues
199 452
228 715
146 617
41 145
32 433
Cost of revenues
(144 408)
(180 449)
(114 244)
(30 763)
(30 058)
Gross profit
55 044
48 266
32 373
10 382
2 375
Gross margin
28%
21%
22%
25%
7%
G&A expenses
(7 194)
(8 337)
(9 323)
(2 056)
(1 695)
S&D expenses
(15 784)
(30 023)
(18 587)
(5 200)
(3 232)
Other operating
income/(expense)
(1 463)
(1 126)
(409)
289
(383)
EBIT
30 603
8 780
4 054
3 415
(2 935)
EBITDA
39 290
18 243
14 297
6 084
(477)
EBITDA margin
20%
8%
10%
15%
(1%)
CAPEX
(10 927)
(20 566)
(22 879)
(2 085)
(219)
Sales volumes and realized prices
2023
2024
2025
1Q25
1Q26
Sugar, kt
284
396
298
77
85
Sugar-by products*, kt
94
134
67
7
9
Sugar prices, EUR/t
665
550
469
525
371
*Granulated sugar beet pulp and molasses
Revenues at EUR32m (-21% y-o-y) on the back of lower sugar sales prices
Gross profit at EUR2m (-77% y-o-y), with the gross margin narrowing by 18pp y-o-y to 7% in 1Q26. EBITDA at negative EUR0.5m vs EUR6m in 1Q25. The EBITDA margin negative 1% vs 15% in 1Q25
Average selling price was at EUR371/t (-29% y-o-y) amid challenging market environment and surplus pressure on prices
By volume export of white sugar accounted for 56% of total sugar sales or 48kt (+34% y-o-y). 89% of this was exported by sea. The main export destination in the 1Q26 was MENA
SUGAR MARKET FUNDAMENTALS
Sugar production, consumption and exports, Ukraine
2.1
In 2026 planned sugar beet acreage in Ukraine stands at 197kha (-1% y-o-y) according to MinEconomy. As of May 18th,
1.3
2.1
1.5 1.5
1.4
1.8
1.3
1.5
1.3 1.3
1.2
1.6
184
6
2
1.3
1.3
1.8 1.8
1.7
crop sowing was 95% complete. According to USDA and UkrSugar, 2026 sugar beet acreage stands at 183kha and 162kha accordingly. The reduction in acreage reflects ongoing
115
465 600 585
237
1.0 1.0
502
151
0.9
746
0.9
46
6
challenges in the sector, particularly linked to lower sugar
prices
Sugar exports increased by 16% y-o-y to 178kt. 72% of that was exported by sea. The vast majority of sugar exports were
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Sugar production, mt Sugar consumption, mt Sugar exports, ktSource: Ukrsugar, State Statistics Service, the Company's data
Sugar prices, USD/t
Average sugar prices 1Q26: Ukraine - USD390 (-20% y-o-y) LIFFE - USD419 (-20% y-o-y) NYBOT - USD322 (-25% y-o-y)
800
700
600
500
400
300
200
100
Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26
Mar-26
0
White sugar, Ukraine White sugar, LIFFE Raw sugar, NYBOT
directed to the world market rather than intra-EU flows. Middle East accounted for 53% of sugar sales
Exports to the EU region were almost flat y-o-y at 26kt or 15% of total during 1Q26. According to revised Tariff Rate Quotas Ukraine's annual duty-free export sugar volumes stand at 100kt compared to 304kt of exports to the EU in 2024 and 491kt in 2023
Global sugar prices hit new lows. The raw sugar traded at USD322/t (-25% y-o-y). White sugar quoted at USD419/t on average (-20% y-o-y) on forecasts of global sugar surplus in the 2025/26 season
In 1Q26 Ukrainian sugar traded on an average of USD390/t excl. VAT (-20% y-o-y), amid low buyer activity and negative sentiment in the global market
kt
2023
2024
2025
1Q25
1Q26
Soybean processed
232
226
229
63
61
Soybean meal
172
165
165
45
44
Soybean oil
45
45
45
13
12
Financial results
SOYBEAN PROCESSING
Production
EURk
2023
2024
2025
1Q25
1Q26
Revenues, incl.
121 539
106 310
112 378
28 693
27 995
Soybean meal
84 555
66 273
60 848
16 174
14 943
Soybean oil
35 468
38 302
49 670
11 996
12 485
Cost of revenues
(86 436)
(75 193)
(93 247)
(23 121)
(23 775)
Gross profit
35 103
31 117
19 131
5 572
4 220
Gross margin
29%
29%
17%
19%
15%
G&A expenses
(843)
(997)
(1 828)
(246)
(376)
S&D expenses
(7 739)
(5 673)
(7 723)
(1 195)
(2 582)
Other operating expense
(263)
(103)
(1 228)
(488)
(132)
EBIT
26 258
24 344
8 352
3 643
1 130
EBITDA
27 956
26 012
9 927
4 062
1 596
EBITDA margin
23%
24%
9%
14%
6%
CAPEX
(13 988)
(16 599)
(41 694)
(11 391)
(6 683)
Sales volumes
kt
2023
2024
2025
1Q25
1Q26
Soybean meal
175
160
183
44
45
Soybean oil
42
48
51
12
12
Realized prices
EUR/t
2023
2024
2025
1Q25
1Q26
Soybean meal
482
415
332
370
335
Soybean oil
839
792
982
1 002
1 008
Average prices 1Q26:
Soybeans - EUR324 (-7% y-o-y) Soybean oil - EUR901 (+5% y-o-y) Soybean meal - EUR300 (-5% y-o-y)
Ukrainian prices for soybean products and soybeans, EUR/t, excl. VAT
1 200
Source: APK-inform
1 000
800
600
400
200
Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26
Mar-26
-
Soybean oil, EXW Soybean meal, EXW Soybeans, EXW
Revenues at EUR28m (-2% y-o-y). Exports revenue contributed 88% of the total. Gross profit at EUR4m (-24% y-o-y) with the gross profit margin narrowing by 4pp y-o-y to 15%
EBITDA decreased by 61% y-o-y to EUR2m, with the EBITDA margin at 6% (-8pp y-o-y), reflecting higher logistic and raw materials costs
Soybean crushing volume at 61kt (-3% y-o-y) with 8% y-o-y lower oil production at 12kt on slightly lower oil yield
There was a slight negative impact of export duties on the areas under soybeans in Ukraine. According to MinEconomy, the soybeans are planned at 2mha in 2026 (-2% y-o-y). As of May 18th, only 65% of planned area was planted
10
CATTLE FARMING
Milk production volume, herd and productivity*
Financial results
2023
2024
2025
1Q25
1Q26
Milk production, kt
115
119
126
32
33
Herd, k heads
26
28
29
29
31
Unit milk yield, kg/day
25.8
26.3
27.5
28.9
28.1
EURk
2023
2024
2025
1Q25
1Q26
Revenues
42 598
53 099
56 408
16 760
12 706
Cost of revenues
(29 891)
(33 272)
(35 884)
(10 308)
(10 519)
BA revaluation
5 978
9 991
(13 036)
(8 146)
(4 290)
Gross profit
18 685
29 818
7 488
(1 694)
(2 103)
Gross margin
44%
56%
13%
-10%
-17%
G&A expenses
(1 604)
(1 964)
(2 128)
(662)
(394)
S&D expenses
(416)
(656)
(644)
(229)
(166)
Other operating expense
(559)
(683)
(645)
(169)
(119)
EBIT
16 106
26 515
4 071
(2 754)
(2 782)
EBITDA
18 650
29 037
6 530
(2 058)
(2 062)
EBITDA margin
44%
55%
12%
-12%
-16%
CAPEX
(5 006)
(4 982)
(7 402)
(1 708)
(730)
* average reporting period number
Milk sales volume and realized prices
2023
2024
2025
1Q25
1Q26
Milk sales, kt
111
114
122
31
32
Milk price, EUR/t
352
414
408
461
324
Ukrainian premium quality milk price, EUR/t
Average price 1Q26:
Milk: EUR284 (-29% y-o-y)
500
400
300
200
100
Jan 23
0
Apr 23
Jul 23
Oct 23
Jan 24
Apr 24
Jul 24
Oct 24
Jan 25
Apr 25
Jul 25
Oct 25
Jan 26
Apr 26
1Q26 average price
Milk price
Revenues at EUR13m (-24% y-o-y) on lower sales prices. Gross profit stood at negative EUR2m with the gross margin being at negative 17% reflecting a sharp drop in dairy prices, which impacted the valuation of the herd per IAS 41
EBITDA almost flat y-o-y at negative EUR2m, on a negative livestock revaluation of EUR4m in 1Q26. CAPEX at maintenance levels of EUR1m (-57% y-o-y)
Milk sales increased by 3% y-o-y to 32kt in line with production, with 98% graded as "extra quality". The average 1Q26 realized milk price at EUR324/t (-30% y-o-y) but maintaining a premium over the average market levels
Astarta shipped almost 1k heads (approx. 3% of total Ukrainian live cattle
Source: Infagro
exports) to the MENA region, this accounted for 6% of the Segment's revenue
11
STRATEGY FOR A SUSTAINABLE FUTURE
Area of focus
Resilience under war-time conditions and help in nearing the Victory of Ukraine
Upstream / primary agriculture
Crop growing
Dairy farming
Downstream / processing
Crop storage and trading
Sugar production
Oilseeds processing
Bioenergy
Sustainability - governance and disclosure
Safety and support of personnel, preservation and development of human resources
Careful deployment of financial resources for expansion in crop growing and value-added agricultural processing
Supporting humanitarian causes and the Armed Forces of Ukraine
Meeting fiscal needs of the Ukrainian state
Scaling up precision and regenerative farming with focus on soil health and decarbonisation
Becoming a supplier of choice of ingredients for global traders and processors
Climate adaptation
Creating a digital culture in agricultural production through digitalization of business processes and application of AI solutions
Balanced combination of revenue generation on domestic and export markets
Expansion of the product range towards more value-added products (SPC, rapeseeds crushing in addition to soybeans)
Leveraging grain storage network for third-party crop procurement and trading
Scale up alternative energy generation for inhouse consumption and potential sale in the market
Continue building up circular economy blocks within vertically integrated nature of the Company's operations
Implementation of the Decarbonisation Strategy until 2030
Integrate sustainability and climate-related KPI into performance measurement
Consider setting SBTi targets in the post-war period
SUSTAINABILITY FRAMEWORK: ENERGY & GHG EMISSIONS MANAGEMENT
Downstream operations
Four out of five sugar mills retooled from coal to natural gas. Energy-efficiency BAT programme reduced unit gas consumption by 1/3, electricity by 2/3 since 2015
Partial replacement of fossil fuels with renewable sources at one sugar plant
Biogas facility (75cu m3/day) converts sugar beet pulp into gas to reduce natural gas consumption needs of one sugar making and one soybean processing plant. Annual output at c.15-20m.cu.m of biogas
Upstream operations
In house Agrichain software developed for precision farming. Also used on 350k+ ha of third-party farmland
Scaling up regenerative agriculture practices: reduced tillage at 189kha, cover crops at 15kha, organic farming at 2kha in 2025
Cooperation with global soft commodity off-takers who seek sourcing ingredients from regenerative farming within their supply chain. Pilot Carbon Farming project on 13kha
Disclosure
Annual non-financial reporting in accordance with European Sustainability Reporting Standards (ESRS)
Carbon footprint disclosure under Scope 1 from 2019, Scope 2 and Scope 3 from 2021, biogenic emissions from 2022 per GHG Protocol, debut submission to CDP from 2021
Row crops data reporting into the Cool Farm tool since 2020
Pioneer sustainability-linked financing under USD30m loan facility from the EBRD in
Ratings and reporting
From 2008 - membership in the Global Compact of United Nations
From 2024 - reporting in accordance with ESRS
From 2019 - reporting ESG data to the platform
From 2021 - disclosure in accordance with TCFD recommendations
From 2021 - joined disclosure under CDP Current score - C
From 2020 - reporting to Cool Farm Tool
At the start of the war, ASTARTA co-founded a large-scale humanitarian project Common Help Ukraine. The project grew through other businesses, international organizations, local communities and temporarily displaced civilians joining in to provide assistance to those in need, nurture local entrepreneurship, create jobs for displaced people, support domestic producers and the economy as a whole. As well as creating Resilience Centers for local communities in partnership with the Ministry of Social Policy
Key focus areas:
Key partners:
Entrepreneurship development projects for small and midsized business development
EUR39.7m - Estimated financial value of charitable contributions and humanitarian aid since the launch of the humanitarian project "Common Help Ukraine"
Course to Independence
Brave
Wings
EUR5m - Investments
600 - eentrepreneurs supported with grants 1,160 - New jobs created
Resilience Centers in local communities as an effective model for delivering integrated social services, incl. psychological assistance and social integration programmes
300 Resilience centres developed in Ukraine -
12 - Resilience Centres supported by Astarta, 58k - recipients of services
Office of First Lady of Ukraine
SUMMARY FINANCIALS
LAST THREE YEARS HIGHLIGHTS
Revenues, EURm
Investments, EURm
∑619 15
43
122
∑612 15
53
106
240
209
∑472
7
56
112
149
199
229
147
21%
28
17
14
9
42
11
21
23
∑59
5
17
∑41
7
∑100
8
7%
10%
2023 2024 2025
Sugar Production Agriculture Soybean ProcessingCattle Farming Other
2023 2024 2025
Sugar Production Agriculture Soybean Processing Other СAPEX as % of revenuesEBITDA*, EURm Leverage, EURm
2.3
23%
26%
21%
39
29
26
92
18
∑100
7
10
73
14
64
28
∑145 19
∑159
2023 2024 2025
Sugar Production Agriculture Soybean Processing Cattle Farming EBITDA margin*Totals include unallocated
2023 2024 2025
118
132
94
132
-21
39
1.1
0.7
∑226
∑156
∑111
Net financial debt
Lease liabilities Net debt/EBITDA16
EURm | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 1Q25 | 1Q26 |
Revenues | 68 | 88 | 123 | 128 | 219 | 304 | 353 | 327 | 352 | 314 | 369 | 459 | 372 | 448 | 416 | 491 | 510 | 619 | 612 | 472 | 125 | 131 |
Cost of revenues | (55) | (67) | (96) | (83) | (128) | (193) | (286) | (293) | (268) | (219) | (257) | (355) | (324) | (400) | (348) | (416) | (380) | (453) | (455) | (381) | (93) | (112) |
Changes in FV of BA/ remeasurement | 1 | 4 | 8 | (2) | - | 11 | 41 | 47 | 47 | 48 | 45 | 45 | 47 | 43 | 54 | 144 | 77 | 58 | 78 | 46 | 2.2 | (0.7) |
Gross profit | 14 | 25 | 35 | 43 | 91 | 121 | 108 | 81 | 131 | 143 | 157 | 149 | 95 | 91 | 122 | 219 | 207 | 224 | 236 | 137 | 33 | 19 |
G&A expenses | (6) | (8) | (12) | (8) | (9) | (11) | (24) | (23) | (23) | (19) | (21) | (24) | (24) | (24) | (23) | (31) | (24) | (28) | (29) | (32) | (6) | (7) |
S&D expenses | (3) | (4) | (7) | (6) | (7) | (13) | (20) | (23) | (22) | (20) | (22) | (35) | (41) | (47) | (31) | (31) | (66) | (88) | (86) | (46) | (12) | (13) |
Other | 2 | 13 | 6 | 11 | 13 | (3) | (3) | (2) | 5 | 5 | 10 | (8) | (12) | (6) | (12) | (7) | (8) | (12) | (10) | (9) | (1) | (2) |
Profit from operations | 7 | 26 | 21 | 41 | 88 | 93 | 61 | 34 | 91 | 108 | 124 | 82 | 18 | 15 | 56 | 150 | 109 | 96 | 110 | 50 | 14 | (3) |
Finance costs and income | (5) | (7) | (8) | (9) | (12) | (17) | (18) | (21) | (24) | (31) | (27) | (9) | (13) | (17) | (10) | (4) | (6) | (4) | (1) | (3) | 0.1 | (1.7) |
Interest expense on lease liability* | - | - | - | - | - | - | - | - | - | - | - | - | (20) | (23) | (22) | (21) | (21) | (20) | (22) | (22) | (7) | (6) |
Foreign currency exchange | (1) | - | (33) | (2) | - | (1) | - | (4) | (135) | (63) | (14) | (8) | (2) | 25 | (17) | 1 | (6) | 2 | 1 | (2) | (0.3) | (2.7) |
Other | 4 | 5 | 9 | 1 | 4 | 14 | 3 | 12 | 1 | - | 1 | (1) | - | - | 3 | 2 | 0.04 | (0.04) | 0.09 | 0.10 | 0.01 | 0.01 |
Profit before tax | 6 | 23 | (11) | 30 | 80 | 90 | 45 | 21 | (67) | 14 | 85 | 63 | (16) | 1 | 9 | 129 | 75 | 74 | 90 | 24 | 7 | (13) |
Income tax (expense) benefit | 0.3 | 0.1 | 3 | (0.4) | 0.4 | (2) | 1 | 1 | (1) | 2 | (2) | (1) | (3) | 1 | (1) | (6) | (10) | (12) | (6) | (4) | (0.1) | 0.9 |
Net profit | 6 | 23 | (8) | 29 | 80 | 88 | 46 | 22 | (68) | 16 | 83 | 62 | (18) | 2 | 9 | 122 | 65 | 62 | 83 | 20 | 6 | (12) |
ROE | 9% | 23% | (13%) | 25% | 38% | 29% | 14% | 6% | (31%) | 7% | 23% | 18% | (5%) | 0.4% | 3% | 25% | 13% | 12% | 15% | 4% | 1% | (2%) |
EBITDA* | 11 | 31 | 31 | 50 | 101 | 111 | 86 | 65 | 120 | 131 | 152 | 120 | 68 | 78 | 113 | 201 | 155 | 145 | 159 | 100 | 27 | 11 |
EBITDA by segments | ||||||||||||||||||||||
Sugar Production | 10 | 6 | 13 | 28 | 65 | 61 | 29 | 14 | 39 | 57 | 59 | 63 | (0.3) | 2 | 22 | 36 | 35 | 39 | 18 | 14 | 6 | (0) |
Agriculture | 5 | 21 | 24 | 14 | 29 | 47 | 58 | 47 | 59 | 71 | 76 | 39 | 70 | 53 | 80 | 154 | 76 | 64 | 92 | 73 | 19 | 12 |
Soybean Processing | - | - | - | - | - | - | - | - | 19 | 10 | 19 | 6 | 6 | 7 | 7 | 5 | 28 | 28 | 26 | 10 | 4 | 2 |
Cattle Farming | - | 8 | 4 | 12 | 12 | 12 | 9 | 19 | 12 | 2 | 4 | 17 | (4) | 16 | 9 | 9 | 18 | 19 | 29 | 7 | (2) | (2) |
EBITDA margin by segments | ||||||||||||||||||||||
Sugar Production | 20% | 11% | 16% | 34% | 41% | 31% | 14% | 7% | 25% | 38% | 34% | 32% | (0.2%) | 2% | 17% | 21% | 22% | 20% | 8% | 10% | 15% | (1%) |
Agriculture | 45% | 98% | 81% | 43% | 71% | 59% | 55% | 55% | 83% | 87% | 90% | 28% | 55% | 26% | 46% | 83% | 42% | 26% | 44% | 49% | 51% | 22% |
Soybean Processing | - | - | - | - | - | - | - | - | 26% | 20% | 25% | 8% | 8% | 9% | 10% | 6% | 23% | 23% | 24% | 9% | 14% | 6% |
Cattle Farming | (11%) | 105% | 41% | 132% | 69% | 46% | 29% | 55% | 41% | 9% | 15% | 54% | (12%) | 45% | 26% | 23% | 47% | 44% | 55% | 12% | (12%) | (16%) |
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
CONSOLIDATED BALANCE SHEET
EURm | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 1Q25 | 1Q26 |
Right-of-use asset (mainly land) | - | - | - | - | - | - | - | - | - | - | - | - | 110 | 142 | 94 | 117 | 98 | 107 | 120 | 126 | 129 | 141 |
Biological assets | 4 | 6 | 5 | 13 | 15 | 20 | 44 | 45 | 30 | 19 | 15 | 22 | 17 | 30 | 24 | 28 | 30 | 37 | 48 | 33 | 39 | 29 |
PP&E and other | 33 | 79 | 79 | 111 | 148 | 231 | 244 | 321 | 237 | 232 | 265 | 244 | 277 | 300 | 199 | 201 | 196 | 192 | 215 | 326 | 229 | 324 |
Non-current assets | 36 | 86 | 84 | 124 | 163 | 252 | 288 | 366 | 268 | 252 | 280 | 267 | 404 | 472 | 317 | 345 | 324 | 335 | 383 | 485 | 397 | 493 |
Inventories: | 46 | 52 | 58 | 70 | 120 | 192 | 218 | 246 | 157 | 153 | 223 | 195 | 235 | 194 | 107 | 227 | 244 | 255 | 221 | 245 | 186 | 204 |
Incl RMI* | 36 | 36 | 39 | 52 | 89 | 139 | 170 | 160 | 114 | 109 | 180 | 146 | 182 | 143 | 74 | 171 | 184 | 181 | 160 | 186 | 107 | 118 |
Biological assets | 7 | 15 | 15 | 20 | 39 | 54 | 53 | 29 | 27 | 18 | 14 | 17 | 16 | 16 | 21 | 41 | 33 | 17 | 19 | 21 | 48 | 29 |
TA receivable and other | 27 | 19 | 15 | 16 | 29 | 55 | 65 | 45 | 20 | 38 | 46 | 39 | 76 | 64 | 43 | 65 | 81 | 89 | 76 | 77 | 70 | 92 |
Cash and equivalents | 3 | 1 | 5 | 2 | 2 | 18 | 12 | 7 | 35 | 31 | 12 | 15 | 13 | 13 | 22 | 12 | 26 | 13 | 48 | 40 | 39 | 81 |
Current assets | 83 | 87 | 93 | 108 | 190 | 319 | 348 | 327 | 239 | 240 | 295 | 267 | 341 | 287 | 194 | 345 | 384 | 375 | 365 | 384 | 343 | 405 |
Total assets | 119 | 173 | 176 | 231 | 353 | 570 | 636 | 693 | 507 | 492 | 575 | 533 | 745 | 759 | 511 | 691 | 708 | 710 | 748 | 869 | 740 | 899 |
Equity | 62 | 99 | 60 | 119 | 209 | 307 | 328 | 371 | 220 | 240 | 353 | 348 | 366 | 439 | 337 | 495 | 489 | 499 | 549 | 553 | 546 | 535 |
Long-term loans | 8 | 6 | 12 | 52 | 56 | 108 | 155 | 114 | 106 | 13 | 48 | 45 | 1 | 1 | 35 | 21 | 17 | 35 | 16 | 59 | 14 | 93 |
Lease liability (mainly land)** | - | - | - | - | - | - | - | - | - | - | - | - | 79 | 103 | 73 | 92 | 80 | 86 | 98 | 100 | 104 | 111 |
Other | 3 | 10 | 7 | 12 | 12 | 21 | 17 | 19 | 17 | 20 | 26 | 14 | 14 | 11 | 6 | 5 | 8 | 6 | 9 | 17 | 8 | 14 |
Non-current liabilities | 11 | 16 | 19 | 64 | 68 | 128 | 171 | 133 | 124 | 33 | 74 | 59 | 93 | 115 | 114 | 118 | 105 | 127 | 122 | 176 | 127 | 218 |
Short-term and current loans | 28 | 46 | 81 | 32 | 57 | 102 | 97 | 157 | 145 | 191 | 110 | 101 | 233 | 149 | 18 | 18 | 53 | 17 | 11 | 75 | 9 | 60 |
Current lease liability** | - | - | - | - | - | - | - | - | - | - | - | - | 25 | 36 | 26 | 33 | 29 | 32 | 34 | 33 | 29 | 35 |
Other | 18 | 12 | 17 | 16 | 19 | 33 | 40 | 32 | 18 | 27 | 37 | 26 | 28 | 21 | 17 | 27 | 32 | 36 | 31 | 33 | 31 | 49 |
Current liabilities | 46 | 58 | 97 | 49 | 75 | 135 | 137 | 189 | 162 | 218 | 147 | 127 | 286 | 206 | 60 | 78 | 114 | 84 | 76 | 141 | 68 | 145 |
Total equity and liabilities | 119 | 173 | 176 | 231 | 353 | 570 | 636 | 693 | 507 | 492 | 575 | 533 | 745 | 759 | 511 | 691 | 708 | 710 | 748 | 869 | 740 | 899 |
Net Debt (incl lease) | 33 | 50 | 87 | 83 | 110 | 192 | 240 | 264 | 217 | 173 | 146 | 130 | 324 | 276 | 129 | 152 | 152 | 156 | 111 | 226 | 117 | 218 |
Adj. Net Debt = (ND-RMI) | (3) | 14 | 48 | 31 | 21 | 53 | 70 | 104 | 102 | 64 | (34) | (16) | 142 | 133 | 55 | (19) | (31) | (25) | (50) | 40 | 10 | 101 |
EBITDA (LTM) | 11 | 31 | 31 | 50 | 101 | 111 | 86 | 65 | 120 | 131 | 152 | 120 | 68 | 78 | 113 | 201 | 155 | 145 | 159 | 100 | 157 | 84 |
Net Debt/EBITDA | 2.9 | 1.6 | 2.8 | 1.6 | 1.1 | 1.7 | 2.8 | 4.1 | 1.8 | 1.3 | 1.0 | 1.1 | 4.8 | 3.5 | 1.1 | 0.8 | 1.0 | 1.1 | 0.7 | 2.3 | 0.7 | 2.6 |
Adj Net Debt/EBITDA | (0.3) | 0.5 | 1.6 | 0.6 | 0.2 | 0.5 | 0.8 | 1.6 | 0.9 | 0.5 | (0.2) | (0.1) | 2.1 | 1.7 | 0.5 | (0.1) | (0.2) | (0.2) | (0.3) | 0.4 | 0.06 | 1.2 |
CONSOLIDATED CASH FLOWS
EURm | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 1Q25 | 1Q26 |
PBIT | 6 | 23 | (11) | 30 | 80 | 90 | 45 | 21 | (67) | 14 | 85 | 63 | (16) | 1 | 9 | 129 | 75 | 74 | 90 | 24 | 7 | (13) |
Depreciation and amortization | 4 | 5 | 9 | 8 | 13 | 17 | 25 | 27 | 25 | 22 | 29 | 37 | 46 | 63 | 56 | 51 | 46 | 50 | 49 | 50 | 13 | 14 |
Gain on acquisition of subsidiaries | (4) | (5) | (9) | (0) | (4) | (13) | (2) | (12) | - | - | (1) | (0) | - | - | - | - | - | - | - | - | - | - |
Interest expense | 4 | 5 | 7 | 8 | 8 | 15 | 21 | 19 | 21 | 27 | 21 | 9 | 13 | 17 | 8 | 3 | 7 | 4 | 3 | 4 | 0.4 | 2 |
Interest expense on lease liability** | - | - | - | - | - | - | - | - | - | - | - | - | 20 | 23 | 22 | 21 | 21 | 20 | 22 | 22 | 7 | 6 |
Forex | - | - | 35 | 3 | (1) | 1 | (0) | 6 | 130 | 63 | 14 | 8 | 2 | (25) | 17 | (1) | 6 | (2) | (1) | 2 | 0 | 3 |
WC changes | (26) | (22) | (29) | (16) | (57) | (81) | (29) | 17 | 24 | 2 | (25) | (9) | (9) | 138 | 51 | (85) | (103) | (44) | 20 | (67) | (1) | 23 |
Income taxes paid | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (1) | (1) | (2) | (4) | (2) | (1) | (2) | (6) | (9) | (14) | (6) | (6) | (2) | (2) |
BA and AP remeasurement and other | 1 | 1 | 1 | (10) | (7) | (9) | (43) | (39) | (39) | (39) | (38) | (36) | (38) | (42) | (4) | (54) | (5) | 3 | (8) | 9 | 10 | 16 |
Operating CF | (15) | 8 | 5 | 23 | 32 | 21 | 17 | 39 | 94 | 88 | 82 | 69 | 16 | 173 | 156 | 57 | 39 | 91 | 167 | 36 | 34 | 49 |
Purchase of PPE and other | (11) | (23) | (38) | (10) | (34) | (58) | (51) | (54) | (27) | (10) | (21) | (51) | (47) | (24) | (15) | (13) | (18) | (42) | (55) | (102) | (21) | (11) |
Other | (0) | (1) | (5) | 5 | (6) | (32) | 12 | 11 | (22) | 8 | 9 | (10) | 2 | 2 | 1 | 9 | 2 | 2 | 3 | 2 | 1 | 1 |
Investing CF | (11) | (24) | (43) | (5) | (40) | (91) | (39) | (43) | (49) | (2) | (12) | (61) | (46) | (22) | (14) | (4) | (16) | (40) | (52) | (100) | (21) | (11) |
Proceeds from loans and borrowings | 32 | 64 | 102 | 35 | 81 | 194 | 179 | 254 | 165 | 108 | 140 | 163 | 190 | 81 | 82 | 82 | 118 | 117 | 3 | 173 | 5 | 69 |
Repayment of loans and borrowings | (15) | (44) | (52) | (42) | (62) | (107) | (134) | (232) | (180) | (159) | (191) | (157) | (115) | (181) | (169) | (100) | (88) | (131) | (31) | (59) | (9) | (54) |
Dividends paid | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (12) | - | (12) | (12) | (12) | - | - |
Finance interest paid* | (4) | (5) | (7) | (9) | (7) | (12) | (19) | (18) | (18) | (26) | (20) | (9) | (11) | (17) | (8) | (3) | (7) | (5) | (3) | (4) | (1) | (1) |
Land lease repayment** | - | - | - | - | - | - | - | - | - | - | - | - | (34) | (36) | (31) | (31) | (28) | (32) | (34) | (36) | (18) | (10) |
Other | 20 | (0) | 2 | (1) | (4) | (3) | (2) | (4) | (4) | (5) | (2) | (3) | (2) | (1) | - | (1) | - | - | - | - | - | - |
Financing CF | 33 | 14 | 46 | (17) | 8 | 72 | 24 | 1 | (38) | (81) | (73) | (6) | 28 | (154) | (127) | (65) | (5) | (63) | (78) | 62 | (22) | 3 |
Change in cash and equivalents | 7 | (2) | 7 | 1 | 0 | 2 | 3 | (4) | 7 | 5 | (3) | 2 | (2) | (3) | 16 | (12) | 18 | (12) | 37 | (1) | (9) | 41 |
Cash as at PE | 1 | 3 | 1 | 1 | 2 | 1 | 5 | 8 | 3 | 13 | 17 | 11 | 14 | 13 | 12 | 22 | 12 | 26 | 13 | 48 | 48 | 40 |
Currency translation difference | (4) | (0) | (7) | (0) | (1) | 2 | 0 | (2) | 4 | (1) | (2) | 2 | 1 | 2 | (6) | 1 | (4) | (1) | (2) | (7) | (1) | (0) |
Cash and cash equivalents as at PE | 3 | 1 | 1 | 2 | 1 | 5 | 8 | 3 | 13 | 17 | 11 | 14 | 13 | 12 | 22 | 12 | 26 | 13 | 48 | 40 | 39 | 81 |
*Prior to 2011 classified as OCF
** IFRS 16 introduced since 2018
APPENDIX
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