Astarta, Ukraine’s largest sugar producer, earned EUR43.70 million in net profit in January-September 2025, down 42.2% from the same period last year.
As noted in the company’s report to the Warsaw Stock Exchange, net profit in the third quarter of this year amounted to EUR 1.43 million, which is 20 times less than in the third quarter of last year.
According to the document, Astarta’s revenue for the nine months decreased by 22.4% to EUR342.78 million, although in the third quarter, compared to the same period last year, the decrease was only 3.8% to EUR116.16 million.
At the same time, due to the increase in production costs and a smaller increase in the net value of biological assets, gross profit for the nine months decreased by 34.2% to EUR121.05 million, while in the third quarter, it fell by 48.8% to EUR29.34 million.
As a result, EBITDA for the nine months amounted to EUR101.46 million, which is 22.9% less than for the nine months of last year.
Astarta specified that, excluding the impact of IAS41, the gross margin was 33% (-4 p.p. year-on-year), while the EBITDA margin even increased by 3 p.p. to 28%.
It is also noted that operating cash flow for the period decreased 3.6 times compared to the same period last year, to EUR 37.41 million, mainly due to the previous reduction in inventories, while investment cash flow doubled compared to the same period last year, to EUR75.44 million, with the largest investments made in the soybean processing and agriculture segments.
According to the published data, the main source of income for the agricultural holding in the reporting period was agriculture, which provided 33% of this income, or EUR112 million (-23% compared to the same period last year).
Sugar production accounted for 32% of Astarta’s revenue, or EUR 108 million (-36% compared to the same period last year).
Revenue from soybean processing remained stable at EUR 77 million, accounting for 22% of Astarta’s consolidated revenue. Revenue from livestock farming increased by 14% compared to the same period last year, reaching EUR 42 million, or 12% of total sales for the nine months of 2025.
Export revenue amounted to EUR 218 million, or 63% of sales.
Astarta is a vertically integrated agro-industrial holding operating in eight regions of Ukraine and the largest sugar producer in Ukraine. It comprises six sugar factories, agricultural enterprises with a land bank of 220,000 hectares, dairy farms with 22,000 head of cattle, an oil extraction plant in Globino (Poltava region), seven elevators, and a biogas complex.
In the first half of 2025, Astarta reduced its net profit by 10.3% to EUR47.11 million, while its consolidated revenue fell by 29.3% to EUR320.71 million.
On June 12 this year, the shareholders’ meeting approved the payment of dividends for 2024 in the amount of EUR0.5 per share for a total of EUR12.5 million, which is in line with the figures for the previous two years.
