Astarta (AST) Q4 2024 earnings summary

Executive summary

• Revenue remained nearly stable at EUR 612 million in 2024, with export sales comprising 66% of total revenue and growth in sugar production and cattle farming offsetting lower agricultural revenues.

• Gross margin widened to 38%, with gross profit rising 5% year-over-year to EUR 236 million, and net profit increasing by EUR 20 million to EUR 83 million, up 34% year-over-year.

• EBITDA increased 10% year-over-year to EUR 159 million, with margin expanding to 26%.

• Export revenues accounted for over two-thirds of total sales, supported by strong commercial performance.

• Operating cash flow surged 83% year-over-year to EUR 167 million, and net financial debt shifted to a positive cash position of EUR 21 million.

Financial highlights

• Revenue: EUR 612 million in 2024, down 1% year-over-year.

• Gross margin: 38%; gross profit: EUR 236 million (+5% year-over-year).

• EBITDA: EUR 159 million (+10% year-over-year); EBITDA margin 26%.

• Net profit: EUR 83 million, up EUR 20 million and 34% year-over-year; net profit margin 14%.

• Operating cash flow: EUR 167 million (+83% year-over-year); investing cash flow: EUR 52 million.

Outlook and guidance

• CapEx guidance for 2025 is around EUR 100 million, with up to 30% for maintenance and the rest for development projects.

• Key development projects include a new soy protein concentrate (SPC) facility and a multi-seed crusher, both expected to launch in 2026.

• Focus on resilience under war-time conditions, scaling up precision and regenerative farming, and expanding value-added processing.

• Continued investment in digitalization, sustainability, and climate adaptation projects.

• Lower winter crop yields are expected in 2025 due to adverse weather, while spring crop yields depend on summer conditions.