Astarta presentation 9M25

9M25 Operating and Financial Results

IR webpage

18th November 2025

9M25 HIGHLIGHTS

Summary P&L

• Astarta's 9M25 consolidated revenues totaled EUR343m, 22% lower y-o-y

• Agriculture was the main contributor and generated 33% of those, or EUR112m (-23% y-o-y). Sugar Production followed with 32% of revenues or EUR108m (-36% y-o-y)

• Soybean Processing revenue was stable at EUR77m, contributing 22% of Astarta's consolidated revenues. Cattle Farming revenues increased by 14% y-o-y to EUR42m, or 12% of total sales for 9M25

• Exports, at EUR218m, accounted 63% of sales

• Gross profit at EUR121m (-34% y-o-y) with corresponding Gross margin narrowing to 35% versus 42% in 2024

• EBITDA totaled EUR101m, down by 23% y-o-y, with EBITDA margin stable at 30%

• Excluding the impact of IAS41, the Gross margin was 33% (-4pp y-o-y) and EBITDA margin - 28% for 9M25

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

** Earnings before interest, tax, depreciation and amortisation

Note: Percentage changes and totals in this presentation may not sum due to rounding.

3

9M25 HIGHLIGHTS

Summary Сash Flows

Summary Balance Sheet

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

• Operating Cash Flow down by 73% y-o-y to EUR37m mainly due to earlier destocking. Operating Cash flows before Working Capital changes totalled EUR90m vs EUR106m for 9M24

• Investing Cash Flows doubled y-o-y to EUR75m, with the largest investments in the Soybean Processing and Agriculture segments

• Net Financial Debt (excl. lease liabilities) was EUR62m vs positive cash position of EUR15m at 9M24 reflecting increase in investments and borrowings. End-9M25 Net Debt up by 85% y-o-y at EUR193m

  EURk	9M24	YE24	9M25
  Right-of-use asset (mainly land)	113 889	120 432	125 893
  Biological assets (non-current)	42 318	47 712	46 185
  PP&E and other non-current assets	190 684	215 154	252 725
  Inventories, including RMI*	184 922	220 663	175 848
  Biological assets (current)	56 012	19 439	69 739
  AR and other current assets	73 590	76 431	87 705
  Cash and equivalents	55 248	48 391	24 956
  Total Assets	716 663	748 222	783 051
  Equity	517 656	549 463	528 411
  Long-term loans	24 774	16 241	36 603
  Lease liability (mainly land)	91 716	97 640	100 859
  Other	7 363	8 617	7 797
  Non-current liabilities	123 853	122 498	145 259
  Short-term debt and similar	15 878	10 706	50 685
  Current lease liability (mainly land)	27 537	34 326	30 187
  Other	31 739	31 229	28 509
  Current liabilities	75 154	76 261	109 381
  Total equity and liabilities	716 663	748 222	783 051
  EBITDA LTM	160 298	159 353	129 252
  RMI*	107 503	160 256	108 817
  Net debt total**	104 657	110 522	193 378
  ND total/EBITDA (х)	0.7	0.7	1.5
  Adjusted net debt = (ND-RMI)	(2 846)	(49 734)	84 561
  Adj ND/EBITDA (х)	(0.02)	(0.3)	0.7

  *RMI (Readily Marketable Inventories) = Finished Goods

  **Net Debt = Lt and ST debt + Lease Liabilities - Cash 4

  AGRICULTURE

  
  
  

  EURk	2022	2023	2024	9M24	9M25
  Revenues, incl.	180 292	239 890	208 637	145 656	112 269
  Corn	86 316	105 978	70 809	64 097	31 880
  Wheat	52 955	74 076	79 843	43 516	43 513
  Sunseeds	28 137	41 225	19 505	9 602	11 119
  Rapeseeds	9 916	15 371	34 162	25 625	5 380
  Soybeans*	841	939	1 258	709	19 105
  Cost of revenues, incl.	(144 762)	(179 951)	(151 655)	(99 415)	(98 613)
  Land lease depreciation	(19 051)	(18 609)	(19 871)	(14 964)	(14 953)
  Changes in FV of BA and AP**	70 207	51 967	68 465	49 838	47 088
  Gross profit	105 737	111 906	125 447	96 079	60 744
  Gross margin	59%	47%	60%	66%	54%
  G&A expense	(13 083)	(16 577)	(14 893)	(8 854)	(10 314)
  S&D expense	(48 121)	(62 546)	(48 933)	(38 979)	(14 520)
  Other operating expenses	(3 451)	(4 829)	(3 800)	(1 513)	(1 252)
  EBIT	41 082	27 954	57 821	46 733	34 658
  EBITDA	75 974	63 567	92 087	72 324	60 412
  EBITDA margin	42%	26%	44%	50%	54%
  Interest on lease liability	(19 379)	(18 125)	(19 557)	(15 339)	(15 778)
  CAPEX	(9 176)	(8 898)	(16 670)	(13 705)	(24 361)
  Cash outflow on land lease liability	(26 808)	(30 490)	(32 533)	(30 641)	(30 889)

  Sales volumes of key crops Financial results

  kt	2022	2023	2024	9M24	9M25
  Corn	366	493	373	340	152
  Wheat	201	354	366	209	205
  Sunseeds	56	118	48	27	18
  Rapeseeds	15	38	73	55	11
  Soybeans	1	1	2	1	47

  Realized prices

  EUR/t	2022	2023	2024	9M24	9M25
  Corn	236	215	190	189	209
  Wheat	264	209	218	208	212
  Sunseeds	501	349	409	354	603
  Rapeseeds	660	404	465	464	491
  Soybeans	749	674	551	508	407

• Revenues down by 23% y-o-y to EUR112m on lower sales volumes of key crops, mainly corn. Exports accounted for 89% of the segment revenues vs 92% for 9M24

• Grain and oilseeds sales volumes were 31% lower y-o-y at 0.5mt (incl. almost half proprietary trading)

• Gross profit down by 37% y-o-y at EUR61m with higher share of traded volumes vs own produce in total sales during 9M25. Gross margin at 54% vs 66% for 9M24

• Segment EBITDA at EUR60m (-16% y-o-y) with the EBITDA margin widening from 50% to 54% for 9M25 on lower S&D expenses (-63% y-o-y)

* Building out a procurement network for soybeans for the new multi-seed crushing facility

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

5

AGRICULTURE

Gross yields and output of key crops

Key operating highlights

Key crops planting area, kha

• As of the reporting date, late crops' harvesting continues, with sugar beets and soybeans being at the final stages and corn harvesting halfway. Adverse and rainy weather slowed harvesting and caused delays in fieldworks

  t/ha	2023		2024		2025¹
  	t/ha	kt	t/ha	kt	t/ha	kt
  Corn	10.3	201	7.6	40	In progress	In progress
  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	In progress	In progress
  Rapeseeds	4.1	56	3.4	40	2.7	31
  Sugar beets	58	2 233	49	1 887	In progress	In progress

• Sunseeds harvesting produced 61kt (+32% y-o-y) on 29kha acreage (+57% y-o-y), but lower yield of 2.1t/ha (-16% y-o-y)

• Astarta's agricultural subsidiaries completed winter crops sowing campaign. Winter wheat acreage at 40kha (-13% y-o-y), rapeseeds - at 15kha (+30% y-o-y)

70

55

56

43

4946

40

3938

28

29

34

19

14

18

15

5

1412

11

Corn Wheat Sunseeds Sugar beets Soybeans Rapeseeds

¹Preliminary data

2023 2024 2025 2026¹

Source: the Company's data

Harvesting in the Vinnytsia region, 2024 6

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

0

Source: State Customs Service of Ukraine, Ministry of Agrarian Policy and Food

prices, EUR/t

Average price 9M25:

Corn Ukraine - EUR206 (+47% y-o-y) Wheat Ukraine- EUR199 (+36% y-o-y) Corn Euronext - EUR203 (+2% y-o-y) Wheat Euronext - EUR210 (-3% y-o-y)

Crop

400

300

200

100

Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 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

0

Corn Ukraine, EXW Wheat Ukraine, EXW

Corn Euronext, FOB Wheat Euronext, CPT

Sea ports Railway Trucks Other

• This season's weather conditions were less favorable for crop development and, also lead to delayed harvesting. As reported by the Ministry of Economy as of Nov 14th, grain and oilseeds harvest was still in progress with interim results at 63mt (incl. 23mt of wheat) vs 70mt as of the same date in 2024. Final harvest is projected at 79mt

• Winter crops sowing was 95% completed, with 6mha planted for 2026 harvest

• The 9M25 grain and oilseeds' exports from Ukraine were 40% lower y-o-y at 28mt on reduced supply of later harvested crops and introduction of export duties on soybeans and rapeseeds. 95% of exports were handled via the seaports. Astarta's share in exports was 1%

• The main grain and oilseeds exports destinations were MENA (52%) and the EU region (33%)

• Global wheat prices slightly decreased amid sufficient supply and favorable harvest prospects. Corn price grew by 2% y-o-y to EUR203/t on lower corn harvest in the EU and news about trade agreements between China and the US

  Source: APK-inform

• Active demand from domestic processors and exporters combined with insufficient supply contributed to domestic price increases, leading to 47% y-o-y growth of corn prices to EUR206/t, wheat prices up by 36% y-o-y to EUR199/t

  7

  SUGAR PRODUCTION

  Production

  Financial results

  
  
  

  	Unit	2022	2023	2024
  Total sugar production	kt	282	377	380
  Sugar beet processed	kt	1 970	2 701	2 538
  In house sugar beet	%	82%	74%	68%

  EURk	2022	2023	2024	9M24	9M25
  Revenues	155 529	199 452	228 715	168 979	108 303
  Cost of revenues	(113 510)	(144 408)	(180 449)	(128 890)	(80 117)
  Gross profit	42 019	55 044	48 266	40 089	28 186
  Gross margin	27%	28%	21%	24%	26%
  G&A expense	(6 524)	(7 194)	(8 337)	(4 412)	(5 502)
  S&D expense	(7 537)	(15 784)	(30 023)	(21 444)	(11 611)
  Other operating income/(expense)	263	(1 463)	(1 126)	(1 496)	(15)
  EBIT	28 221	30 603	8 780	12 737	11 058
  EBITDA	34 752	39 290	18 243	19 715	18 684
  EBITDA margin	22%	20%	8%	12%	17%
  CAPEX	(5 884)	(10 927)	(20 566)	(15 409)	(17 570)

  Sales volumes and realized prices

  	2022	2023	2024	9M24	9M25
  Sugar, kt	226	284	396	289	212
  Sugar-by products*, kt	65	94	134	58	29
  Sugar prices, EUR/t	647	665	550	569	498

  *Granulated sugar beet pulp and molasses

  • Revenues down by 36% y-o-y to EUR108m for 9M25 reflecting lower sales volumes and realized prices. Exports accounted for 44% of the segment's revenues vs 50% for 9M24

  • Sugar sales volumes down by 27% y-o-y to 212kt for 9M25, sugar price decreased by 12% y-o-y to EUR498/t. White sugar exports declined by 34% y-o-y to 93kt, reflecting reduced sugar shipments to the EU following the expiry of the ATM. Almost half of sugar export was by sea

  • Gross profit declined by 30% y-o-y to EUR28m with Gross margin up by 2pp y-o-y to 26%. EBITDA down by 5% y-o-y to EUR19m, and the EBITDA margin widening 5pp y-o-y to 17% on lower selling and distribution expenses

  • Astarta's 2025/26 sugar processing season started on Sep 12th. All Astarta's sugar plants are in operation

  • As of Nov 18th, the Company's sugar plants have processed 1.6mt of sugar beets and produced 234kt of white sugar vs 263kt as of the same date in 2024

    8

    SUGAR MARKET FUNDAMENTALS

    
    
    

    Sugar production, consumption and exports, Ukraine

    1.2

    1.4

    2.1 1.8

    • As of Nov 14th, sugar beet harvesting continues in Ukraine, with 88% completed. The harvest exceeded 9mt, with an average yield of 53t/ha, according to the Ministry of Economy

      1.7

      1.6

      1.5

      1.8

      1.6

      1.5

      2.1

      1.8

      1.5

      1.3

      1.2

      2.1

      1.3 1.3 1. 1.3

      2

      1.6

      1.3

      1.3

      1.0

      465

      600 585

      1.0

      502

      0.9

      746

      174 123

      6

      115

      237 151

      26

      184

      
      
      

    • The Ukrainian 2025 sugar refining season started on Sep 10th. UkrSugar reported that sugar is produced by 27 mills vs 29 in 2024. As of Nov 11th, 6mt of sugar beets were processed into 0.8mt of white sugar

    • Sugar exports from Ukraine fell by 37% y-o-y to 298kt during

      2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

      Sugar production, mt
      Sugar consumption, mt
      Sugar exports, kt
      
      

      Source: Ukrsugar, State Statistics Service, the Company's data

      Sugar prices, USD/t

      Average sugar prices 9M25: Ukraine - USD500 (-5% y-o-y) LIFFE - USD498 (-15% y-o-y) NYBOT - USD388 (-14% y-o-y)

      800

      700

      600

      500

      400

      300

      200

      100

      Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 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

      0

      9M25 following the expiry of the ATM regime. Exports to the EU accounted for 33% of total or 98kt. 65% of sugar was exported by land (trucks and wagons) and the rest was shipped by sea, mainly to Asia and MENA region countries

• According to the amended trade regime between the EU and Ukraine, duty-free import quota for sugar was increased from pre-war 20kt to 100kt annually

• Global white sugar prices remained depressed and averaged USD498/t (-15% y-o-y) for 9M25 on higher sugar supplies and good production prospects in the main producing regions

• Ukrainian sugar price followed the global trend and was 5% lower y-o-y in 9M25 at USD500/t excl. VAT

  White sugar, Ukraine White sugar, LIFFE Raw sugar, NYBOT

  Source: Bloomberg 9

  kt	2022	2023	2024	9M24	9M25
  Soybean processed	211	232	226	163	165
  Soybean meal	155	172	165	118	119
  Soybean oil	40	45	45	32	33

  Financial results

  SOYBEAN PROCESSING

  Production

  EURk	2022	2023	2024	9M24	9M25
  Revenues, incl.	121 886	121 539	106 310	77 043	76 587
  Soybean meal	64 094	84 555	66 273	49 707	41 109
  Soybean oil	56 195	35 468	38 302	26 186	34 203
  Cost of revenues	(84 713)	(86 436)	(75 193)	(51 310)	(60 892)
  Gross profit	37 173	35 103	31 117	25 733	15 695
  Gross margin	30%	29%	29%	33%	20%
  G&A expense	(748)	(843)	(997)	(607)	(1 324)
  S&D expense	(9 592)	(7 739)	(5 673)	(4 210)	(4 928)
  Other operating expense	(620)	(263)	(103)	(192)	(679)
  EBIT	26 213	26 258	24 344	20 724	8 764
  EBITDA	27 690	27 956	26 012	21 959	10 000
  EBITDA margin	23%	23%	24%	29%	13%
  CAPEX	(832)	(13 988)	(16 599)	(3 023)	(33 985)

  Sales volumes

  kt	2022	2023	2024	9M24	9M25
  Soybean meal	138	175	160	117	122
  Soybean oil	43	42	48	35	35

  Realized prices

  EUR/t	2022	2023	2024	9M24	9M25
  Soybean meal	465	482	415	425	336
  Soybean oil	1 312	839	792	741	978

  Ukrainian prices for soybean products and soybeans, EUR/t,

  excl. VAT

  1 200

  1 000

  800

  600

  400

  200

  Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 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

  -

  Average prices 9M25: Soybeans - EUR323 (-9% y-o-y)

  Source: APK-inform

  Soybean oil - EUR858 (+37% y-o-y) Soybean meal - EUR293 (-28% y-o-y)

• Revenues stable y-o-y at EUR77m. Share of exports in segment revenues was 90% (+5pp y-o-y), mainly to the EU

• Gross profit down by 39% y-o-y to EUR16m. Gross profit margin down 13pp y-o-y at 20% reflecting lower crushing margin. EBITDA decreased by 54% y-o-y to EUR10m corresponding to the EBITDA margin of 13%

• 9M25 soybean crushing volume totaled 165kt, with in-house soybeans accounting for 47% vs 80% as of 9M24

• SPC project progressing on schedule for launching in 2026

• According to interim data, Ukraine's soybean harvesting was 95% complete and the crop totaled 5mt. In Sep-25 the 10% export duty for soybeans (and

Soybean oil, EXW Soybean meal, EXW Soybeans, EXW

rapeseeds) was introduced to encourage domestic processing 10