Astarta (AST) Q2 2026 earnings summary

Executive summary

• Revenue remained stable year-over-year at EUR226m for 1H26, with 62% from exports, but net profit swung to a EUR14m loss from a EUR42m profit in 1H25 due to higher costs and lower crop prices.

• Agriculture was the largest contributor, generating EUR78m (34% of total sales, +27% y-o-y), while Sugar Production, Soybean Processing, and Cattle Farming saw declines in revenue.

• Gross profit halved to EUR46m as cost of sales rose 10% and crop/livestock revaluation was revised down.

• EBITDA dropped 58% year-over-year to EUR34m, with margin falling to 15% from 36%.

• Forex losses of EUR 4 million contributed to a negative bottom line.

Financial highlights

• Gross margin dropped to 20% from 40% year-over-year; adjusted gross margin (excluding biological asset remeasurement) fell to 27% from 34%.

• Consolidated EBITDA declined by 58% y-o-y to EUR34m, with EBITDA margin down to 15% from 36%.

• Net financial debt (excluding leases) rose to EUR81m from EUR28m; total net debt (including leases) increased 44% y-o-y to EUR220m.

• Debt-to-EBITDA leverage increased to 3x (adjusted net debt/EBITDA: 3.0x, up from 0.4x in 1H25).

• Cattle farming segment recorded a one-off biological asset revaluation loss of EUR 5.5 million, resulting in negative EBITDA.

Outlook and guidance

• Ongoing market volatility and logistical risks due to Black Sea region tensions and port infrastructure disruptions are expected to continue impacting export flows and pricing.

• Expectation of improved sugar export opportunities next year due to potential EU deficit and adverse weather in Brazil.

• Anticipation that the price differential between global and domestic markets will narrow as Ukraine works to resume maritime exports.

• Soybean crusher facility expected to launch this year, pending security conditions.

• The company remains a going concern, but forecasts are subject to significant uncertainty due to the ongoing military invasion and export risks.