Astarta (AST) Q3 2024 earnings summary

Executive summary

• Consolidated revenues for 9M24 rose 13% year-over-year to EUR441m, driven by strong Agriculture and Sugar Production segments.

• Export share increased to 64% of revenues, up from 46% in 9M23, reflecting improved logistics and international demand.

• Net profit increased 35% year-over-year to EUR75.6m, with net profit margin expanding from 14% to 17%.

• EBITDA grew 13% year-over-year to EUR132m, with a stable margin of 30%.

• Profitability remains solid, supported by strong cash flow and low leverage.

Financial highlights

• Gross profit reached EUR184m, with gross margin widening by 3pp to 42%.

• Operating cash flow rose 73% year-over-year to EUR136m, mainly from inventory sales.

• Net financial debt (excluding leases) turned to a positive cash position of EUR15m, with net debt down 27% year-over-year.

• Net profit for 9M24 was EUR75.6m, with a net profit margin of 17%.

• Gross margin (excluding IAS41 impact) declined by 1pp to 37%; EBITDA margin (excluding IAS41) fell by 3pp to 25%.

Outlook and guidance

• Continued focus on export markets, leveraging stable seaborne routes and diversified logistics.

• Ongoing investments in energy efficiency, digitalization, and regenerative agriculture to support long-term sustainability.

• Anticipates further growth in value-added segments and expansion of bioenergy capacity.

• Investment in the soybean protein concentrate project is expected in Q4.

• Expects strong export opportunities for sugar once EU quotas reopen in January.