Astarta (AST) Q4 2025 earnings summary

Executive summary

• 2025 was a challenging year with consolidated revenues falling 23% year-over-year to EUR472m, mainly due to lower harvests, reduced crop and sugar sales volumes, and lower prices; export sales comprised 62% of total revenue.

• Soybean processing and cattle farming segments showed revenue growth and operational resilience, though EBITDA in these segments declined sharply.

• EBITDA margin contracted from 26% to 21%, with EBITDA down 37% to EUR100m; net profit was EUR20m, a 76% decline year-over-year.

Financial highlights

• Revenues declined in agriculture and sugar due to lower volumes and prices, while soybean processing and cattle farming remained robust in revenue but saw EBITDA declines.

• Operating cash flow declined 78% year-over-year to EUR36m, mainly due to a 16% increase in inventories.

• Investing cash flows doubled, driven by ongoing investments in the SPC facility, machinery renewal, and maintenance CapEx.

• Net debt to EBITDA increased to 2.3x by year-end, with total net debt doubling to EUR226m.

Outlook and guidance

• Crop rotation mix for the current year is stable, with a slight decrease in sugar beet acreage and a slight increase in corn at the expense of wheat.

• Sugar beet acreage expected to decrease by at least 20% in 2026, potentially relieving domestic oversupply.

• SPC facility launch planned for the second half of 2025/2026, with margin uplift expected from 2026; multi-seed crusher project timeline extended beyond 2026.

• CapEx in 2026 projected to be less than half of 2025 levels due to market downturns.