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.
Astarta, Ukraine’s largest sugar producer, reduced revenue from sales of its key products by 22% to EUR343 million in January-September 2025 compared to the same period in 2024.
According to data published by the holding on the Warsaw Stock Exchange, 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 EUR77 million, accounting for 22% of Astarta’s consolidated revenue. Revenue from livestock farming increased by 14% compared to the same period last year to EUR42 million, or 12% of total sales for the first nine months of 2025.
Export revenue amounted to EUR218 million, or 63% of sales.
Gross profit amounted to EUR121 million (-34% year-on-year) with a corresponding gross margin, which decreased to 35% compared to 42% in 2024.
EBITDA amounted to EUR101 million, down 23% year-on-year, with EBITDA margin stable at 30%.
Excluding the impact of IAS41, gross margin was 33% (-4 p.p. year-on-year) and EBITDA margin was 28% for the first nine months of 2025.
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 and dairy farms with 22,000 head of cattle, an oil extraction plant in Hlobyn (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, and its consolidated revenue decreased 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.
As of the first ten days of November 2025, 26 sugar factories belonging to the National Association of Sugar Producers of Ukraine produced 880,000 tons of sugar, which is 100,000 tons (10.2%) less than on the same date in 2924, Ukrtsukor reported on Telegram.
The industry association noted that the current sugar yield is 14.81% (last season — 14.09%). This is due, in particular, to the higher sugar content of beets upon acceptance — 17.39%, which is 0.62% higher than in 2024.
Among the regions, Vinnytsia region remains the leader in production, with six factories already producing 196,000 tons of sugar.
The sugar factories of Astarta, Ukraine’s largest sugar producer, have processed 1.2 million tons of sugar beets since the start of the sugar season, according to the agro-holding’s press service.
“The sugar season continues! Astarta’s sugar factories have already processed 1.2 million tons of beets,” the agricultural holding company said on Facebook.
Astarta did not report on the volume of sugar produced, but specified that the harvesting campaign is currently underway in the agroholding’s fields.
Astarta and its structural unit Astarta Agro Protein signed the first investment agreement with the Ukrainian government to receive compensation from the state for significant investments. Under the agreement, the state will provide the agricultural holding with a number of incentives, including exemption from import duties on new equipment, import VAT on new equipment, and income tax for up to five years.
Astarta is a vertically integrated agro-industrial holding company operating in eight regions of Ukraine and is 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 Hlobyn (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, and its consolidated revenue decreased 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.
Ukraine may export an additional 46,000 tons of sugar to the EU as early as 2025, according to a statement by the National Association of Sugar Producers of Ukraine “Ukrtsukor” on its Telegram channel.
The industry association recalled that on October 29, 2025, an updated trade agreement between Ukraine and the European Union came into force, which provides for a 400% increase in the tariff quota for white sugar to 100,000 tons. As part of the agreements reached, the quota for the current year has also been revised, which will allow Ukrainian sugar producers to export an additional 46,625.8 tons of white sugar to the EU by the end of 2025.
According to Cabinet of Ministers Resolution No. 1368 of October 29, 2025, this volume will be distributed among exporters in proportion to the volume of exports of the specified products to the EU during January-May 2025.
Ukrtsukor specified that in October 2025, Ukraine exported 44.4 thousand tons of sugar worth over $20 million, of which only 2% was supplied to EU markets. Lebanon was the leader in terms of export volume, receiving 48% of all sugar. Syria and North Macedonia were also among the top three importers of Ukrainian sugar in October.
Ukraine exported 580,000 tons of sugar during the 2024-2025 marketing year (August-September), which is 32% of the country’s production, which is 16% less than in the previous marketing year, when 692,000 tons were supplied to foreign markets, according to the National Association of Sugar Producers of Ukraine “Ukrtsukor.”
The industry association noted that of the total exports in 2024/2025, 17% went to EU countries and 83% to the global market. Last season, the ratio was 77% to the EU and 23% to the global market.
The main importers of Ukrainian sugar in 2024/2025 MY were the EU (17%), Turkey (14%), Libya (10%), North Macedonia (8%), Lebanon (5%), and Somalia (5%). Among the EU countries, the main buyer of Ukrainian sugar was Bulgaria, which accounted for 59% of the total volume.
Ukrtsukor noted that Ukraine has already begun harvesting sugar beets for processing in the 2025/2026 season. The estimated area to be harvested is 198,000 hectares. Sugar production is forecast at 1.5 million tons.
