Astarta (AST) Q3 2025 earnings summary

Executive summary

• Consolidated revenues for the nine months ended 30 September 2025 were EUR343m, down 22% year-over-year, mainly due to lower agriculture and sugar production sales, while soybean processing remained stable and cattle farming increased.

• Net profit for the period was EUR44m, a 42% decrease year-over-year, with a net profit margin of 13%.

• Operating cash flow declined 73% year-over-year to EUR37m, mainly due to earlier destocking.

• Exports accounted for 63% of total sales, with agriculture exports at 89% of segment revenues.

Financial highlights

• Gross profit was EUR121m, down 34% year-over-year, with gross margin at 35% (down from 42%).

• EBITDA totaled EUR101m, down 23% year-over-year, with a stable EBITDA margin of 30%.

• Net debt/EBITDA ratio at 1.5x at end-9M25, up from 0.7x a year ago.

• Investing cash flows doubled year-over-year to EUR75m, mainly in soybean processing and agricultural machinery.

• Dividends of EUR12.2m were paid in July 2025.

Outlook and guidance

• Soybean processing capacity expansion and a new multi-seed crushing facility are on schedule for a 2026 launch.

• Sugar beet acreage is expected to reduce by 20% next year, with further reductions likely if prices remain low.

• Management expects to meet loan covenants for the next 12 months and maintain stable external long-term debt.

• The company continues to monitor the impact of the ongoing conflict in Ukraine, with business continuity plans in place.

• Strategic focus remains on expanding soybean and oilseed processing.