Astarta Holding (AST) investor relations material

Executive summary

• Consolidated revenues declined 29% year-over-year to EUR227m in 1H25, mainly due to lower sales volumes across segments.

• Net profit fell 10% year-over-year to EUR42m, with net profit margin at 19%.

• EBITDA decreased 6% year-over-year to EUR81m, but EBITDA margin improved to 36% from 27% due to lower selling and distribution expenses.

• Export sales contributed 61% of total revenue, down from 67% in 1H24.

• Major investments are underway in soybean processing, sugar plant modernization, and a new multi-seed crusher.

Financial highlights

• Gross profit dropped 28% year-over-year to EUR92m, with gross margin stable at 40%.

• EBITDA margin improved to 36% (up from 27%); net profit margin at 19%.

• Operating cash flow fell 80% year-over-year to EUR24m, mainly due to destocking and lower trade receivables.

• Investing cash flows increased 2.5x year-over-year to EUR46m, focused on plant modernization and new capacity.

• Net debt/EBITDA at 1.0x; adjusted net debt/EBITDA at 0.6x.

Outlook and guidance

• Investments are focused on modernizing sugar plants, farming equipment, and expanding processing capacity, with new facilities expected online in 2026.

• New soybean concentrate facility to launch in Q2 next year; multiseed crusher expected operational in 2027.

• The company is scaling up precision and regenerative farming, expanding organic acreage, and investing in digitalization and sustainability.

• Anticipation of improved sugar export quotas in the EU from September, with potential upside.

• Management expects continued operational challenges due to market volatility and ongoing military conflict in Ukraine.