According to the company’s annual report filed with the Warsaw Stock Exchange, the agricultural holding reported EBITDA of $1.27 million for the first quarter of 2025, a 26.6% decrease from the same period in 2026.
According to the document, the agricultural holding’s revenue for the reporting period decreased by 39.6% to $2.55 million, gross profit by 17.1% to $1.25 million, and operating profit by 24.1% to $1.01 million.
KSG Agro’s net profit for the first quarter was $0.14 million, compared to $3.04 million in the first quarter of last year, when the contribution from the sale of two of the holding’s assets amounted to $1.71 million.
In addition, in the first quarter of this year, the agricultural holding made $0.42 million in investments, which is 11 times more than in the first quarter of last year.
“The Group continues to implement its simple strategy, focusing on one winter crop, three spring crops, and a single breed of pigs… Overall, operating performance is considered satisfactory,” the report states.
According to the report, the crop production segment generated $0.81 million in revenue and a gross loss of $0.12 million in the first quarter, while the swine segment generated $1.66 million in revenue and a gross profit of $1.32 million,
As of the reporting date, KSG Agro had 1,900 hectares of winter wheat and 219 hectares of winter barley.
In 2025, the agricultural holding, which had previously decided to switch to Canadian genetics, purchased an additional 1,300 Canadian sows, enabling it to produce high-quality piglets to be sold as weaners and market hogs, the report states.
The document reiterates that the board of directors is developing a new growth strategy to expand the agricultural holding’s operations in the European Union with the clear goal of concentrating the majority of the group’s assets and revenues in the EU over the next 3–5 years. According to the company, this can be achieved through a series of mergers and acquisitions, as well as financed using equity and debt, including additional share issuances.
“The new strategy focuses primarily on expansion and investment, which reduces the potential risks of investing exclusively in Ukraine and mitigates the negative impact of the current macroeconomic situation in Ukraine on the Group’s business,” the report states.
The company’s net debt as of the end of March 2026 stood at $14.10 million, compared to $14.39 million at the beginning of the year, while equity remained at $8.94 million.
Olbis Investment LTD SA, owned by Serhiy Kasyanov, Chairman of the Board of Directors of KSG Agro, holds 47.83% of the holding company’s shares; 47.57% are in free float on the Warsaw Stock Exchange; and another 4.59% are treasury shares.
KSG Agro is a vertically integrated holding company engaged in pig farming, as well as the production, storage, processing, and sale of grains and oilseeds. Its land bank in the Dnipropetrovsk and Kherson regions totals approximately 21,000 hectares.
According to 2025 results, the agricultural holding increased its net profit by 5.4 times compared to 2024—to $4.23 million—while its revenue decreased by 14.3%—to $18.92 million.
During 2023 and 2024, one of KSG Agro’s main operating subsidiaries issued three series of foreign currency bonds at 7% per annum for a total of $4.38 million, maturing from September 2026 to February 2027.
AGRICULTURAL HOLDING, EBITDA, KSG AGRO, PIG FARMING, Warsaw Stock Exchange
According to its annual report filed with the Warsaw Stock Exchange, the agricultural holding company KSG Agro increased its net profit 5.4-fold in 2025 compared to 2024, reaching $4.23 million.
According to the document, the agricultural holding’s revenue for the past year decreased by 14.3% to $18.92 million. The company’s gross profit grew 2.1-fold to $3.62 million, while operating profit increased 2.2-fold to $6.40 million. Pre-tax profit stood at $4.23 million, compared to $0.79 million a year earlier. Basic earnings per share rose from $0.05 to $0.28.
At the same time, cash flow from the agricultural holding’s operating activities in 2025 decreased by 18.4 times to $0.22 million, compared to $4.11 million in the previous year. Net cash flow from investing activities amounted to a negative $1.30 million, while expenditures on the acquisition of fixed assets increased 1.7-fold to $1.62 million. Cash and cash equivalents at the end of the year decreased to $21,000 compared to $575,000 at the beginning of the reporting period.
The holding’s equity increased 2.5-fold during the reporting period to $8.94 million. The company’s total income, which includes net profit and a positive foreign exchange gain of $1.01 million, amounted to $5.24 million compared to $0.68 million in 2024. Retained losses for the year decreased from $25.90 million to $21.67 million.
The company’s net financial debt, excluding lease obligations, as of December 31, 2025, was $14.41 million, compared to $13.75 million at the end of 2024. The holding’s total assets increased by 38.6% to $41.97 million, primarily due to an increase in the value of inventories and agricultural products.
According to the report, KSG Agro optimized its asset structure in 2025 through the divestiture of two Ukrainian companies—Agro-Torgovy Dom Dniprovsky LLC and Skorpio Agro LLC—and initiated the liquidation of KSG Energy Group LTD.
Serhiy Kasyanov remains the ultimate beneficiary of the holding company, owning 47.83% of the shares through Olbis Investment LTD SA, while 47.57% of the securities are in free float on the Warsaw Stock Exchange.
“KSG Agro” is a vertically integrated holding company engaged in pig farming, as well as the production, storage, processing, and sale of grain and oilseed crops. The company’s land bank in the Dnipropetrovsk and Kherson regions totals approximately 21,000 hectares. The agricultural holding is among the top five pork producers in Ukraine.
As part of its energy independence strategy, KSG Agro commissioned a cogeneration plant (CGU) with a capacity of 1.2 MW and 1 MW of heat at one of its pig farms, the agricultural holding’s press service reported.
“In the context of full-scale war, the issue of energy independence is shifting from a strategic advantage to a critical necessity. This is especially true for livestock enterprises in frontline regions. Creating our own energy complex allows us to guarantee continuity of production and predictability of costs,” the press service quoted KSG Agro Chairman of the Board of Directors Serhiy Kasyanov as saying.
The equipment installed by the Czech company RSE meets the entire energy demand during the autumn and winter period. The launch of the KGU is the first stage in the creation of a single energy complex for the holding, which will also include a solar power plant (SPP) and an electricity storage facility (ESF).
According to the company’s plan, the SPP is to be built in 2026 and all elements are to be integrated into the EMS (Energy Management System) control system. The program will coordinate generation sources in real time and optimize energy consumption.
The plan is to fully provide the agricultural holding with its own electricity and heat at optimal prices by the end of the year.
The vertically integrated holding company KSG Agro is engaged in pig farming, as well as the production, storage, processing, and sale of grain and oilseeds. Its land bank in the Dnipropetrovsk and Kherson regions is about 21,000 hectares.
According to KSG Agro, it is one of the top five pork producers in Ukraine. In 2023, the agricultural holding began implementing a “network-centric” strategy, under which it will transition from developing a large location to a number of smaller pig farms located in different regions of the country.
In January-September 2025, KSG Agro received $5.96 million in operating profit and $6.92 million in gross profit, which is 68% and 31% more than in the same period of 2024.
KSG Agro’s shares rose by 60.7% in 2025, allowing the company to enter the top three leaders in terms of market capitalization growth among Ukrainian agricultural companies. This was reported by the holding’s press service, citing data from the investment company Eavex Capital.
According to the report, KSG Agro’s share growth in 2025 significantly exceeded the average market dynamics. The agricultural holdings Kernel and IMC also entered the TOP 3 leaders in this indicator.
The growth in capitalization occurred against the backdrop of an improvement in the company’s operating performance. In particular, in the first half of 2025, the holding’s revenue increased by 20.2%. In the pig farming segment, based on the results of January-September 2025, revenue from the sale of live pigs increased by 48.3%, and operating profit for this period increased by more than 37%.
“The growth in revenue and operating performance in 2025 demonstrates that our vertical integration strategy and pig herd renewal program are working effectively even in extraordinary wartime conditions,” said Sergey Kasyanov, Chairman of the Board of Directors of KSG Agro.
The vertically integrated holding company KSG Agro is engaged in pig farming, as well as the production, storage, processing, and sale of grain and oilseeds. Its land bank in the Dnipropetrovsk and Kherson regions is about 21,000 hectares.
According to KSG Agro, it is one of the top five pork producers in Ukraine. In 2023, the agricultural holding began implementing a “network-centric” strategy, under which it will transition from developing a large location to a number of smaller pig farms located in different regions of the country.
In January-September 2025, KSG Agro received $5.96 million in operating profit and $6.92 million in gross profit, which is 68% and 31% more than in the same period of 2024.
In January–September 2025, the KSG Agro agricultural holding increased its revenue from the sale of live pigs by 48.3% to $9.22 million, compared to $6.21 million in the same period of 2024.
According to the agricultural holding’s report, published on the Warsaw Stock Exchange on Thursday, profits in the pig farming segment for the specified period amounted to almost $1.936 million.
“Despite the war, there is a stable demand for high-quality pork in Ukraine. This summer, our herd was replenished with 500 purebred sows from Danish Pig Genetics, supplied by Breeders of Denmark A/S (Denmark). This made it possible to renew the pig population with 4,000 of the most stable, highly productive F-1 hybrid sows,” said Sergey Kasyanov, Chairman of the Board of Directors of KSG Agro.
He assured that all pork produced at the agricultural holding’s pig farms goes to the domestic market, which makes it possible to effectively ensure Ukraine’s food security during the war.
The vertically integrated holding company KSG Agro is engaged in pig breeding, as well as the production, storage, processing, and sale of grain and oilseeds. Its land bank in the Dnipropetrovsk and Kherson regions is about 21,000 hectares.
According to KSG Agro, it is one of the top five pork producers in Ukraine.
In 2023, the agricultural holding began implementing a “network-centric” strategy, under which it will transition from developing a large location to a number of smaller pig farms located in different regions of the country.
In January-September 2025, KSG Agro received $5.96 million in operating profit and $6.92 million in gross profit, which is 68% and 31% more than in the same period of 2024.
In January-September 2025, the KSG Agro agricultural holding received $5.96 million in operating profit and $6.92 million in gross profit, which is 68% and 31% more than in the same period last year, according to the agricultural holding’s press service.
“The significant increase in operating and gross profit was the result of the right management model, production modernization, pig herd renewal, and, as a result, resilience to the challenges of wartime. Against the backdrop of the war, the role of agribusiness has grown significantly, so farmers, including us, have learned not only to adapt to conditions of uncertainty, but also to increase production, invest in development, and provide Ukrainians with food,” commented Serhiy Kasyanov, chairman of the board of directors of KSG Agro.
As reported, in the first half of 2025, the agricultural holding doubled its revenue from the sale of pig products, paid UAH 88.2 million in taxes and fees to the budget, and entered the TOP 100 largest taxpayers in Ukraine.
The vertically integrated holding company KSG Agro is engaged in pig farming, as well as the production, storage, processing, and sale of grain and oilseeds. Its land bank in the Dnipropetrovsk and Kherson regions is about 21,000 hectares.
According to KSG Agro, it is one of the top five pork producers in Ukraine. In 2023, the agricultural holding began implementing a “network-centric” strategy, under which it will transition from developing a large location to a number of smaller pig farms located in different regions of Ukraine.
