Slides
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1Q25 Operating and Financial Results 20th May 2025 IR webpage
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DISCLAIMER This presentation is being provided to you solely for your information and may not be reproduced or further distributed to any other person or published, in whole or in part, for any purpose. This presentation comprises the written materials/slides for a presentation concerning ASTARTA HOLDING PLC (the “Company”) and its business. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or investment decision. This presentation includes forward-looking statement, i.e. statements that are not historical facts, including statements about the Company’s beliefs and expectations and the Company’s targets for future performance are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore investors should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute the Company’s current expectations based on reasonable assumptions. Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. In preparation of this document, we used certain publicly available data. While the sources we used are generally regarded as reliable we did not verify their content. The Company does not accept any responsibility for using any such information. Although care has been taken to ensure that the facts stated in the presentation are accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by the Company no representation or warranty, express or implied, is given by or on behalf of the Company any of its respective directors, or any other person as to the accuracy or completeness of the information or opinions contained in this presentation. Neither the Company nor any of its respective members, directors, officers or employees or any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. 2
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• In 1Q25 Astarta’s consolidated revenues declined by 25% y-o-y to EUR125m reflecting lower sales volumes • The Sugar segment was the main contributor with 33% of total or EUR41m (-5% y-o-y) followed by the Agriculture with 30% of total at EUR37m (-49% y-o-y). Soybean Processing accounted for 23% of revenue or EUR29m (flat y-o-y), Cattle Farming - for 13% at EUR17m (+26% y-o-y) • Export sales of EUR73m contributed 59% of consolidated revenue in 1Q25 vs 69% in 1Q24 • Gross profit down by 38% y-o-y to EUR33m with Gross margin narrowing from 32% in 1Q24 to 27% in 1Q25 on higher cost of sales • EBITDA declined by 7% y-o-y to EUR27m with 21% of EBITDA margin compared to 17% in 1Q24 on the back of lower S&D expenses (-62% y-o-y) • Excluding the impact of IAS41, the Gross margin decreased from 42% to 35%. EBITDA margin grew by 2pp y-o-y to 29% 1Q25 HIGHLIGHTS Summary P&L *FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce ** Earnings before interest, tax, depreciation and amortisation EURk 1Q24 1Q25 Revenues, incl. 165 779 124 577 Agriculture 73 267 37 169 Sugar Production 43 512 41 145 Soybean Processing 29 322 28 693 Cattle Farming 13 251 16 760 Cost of revenues, incl. (113 670) (93 394) Effect of FV remeasurement of AP* (17 642) (12 144) Changes in FV of BA and AP* 1 371 2 174 Gross profit 53 480 33 357 Gross margin 32% 27% EBIT 16 070 13 610 Depreciation & Amortisation, incl. 12 553 13 017 Charge of right-of-use assets 5 347 5 589 EBITDA**, incl. 28 623 26 627 Agriculture 12 072 19 094 Sugar Production 4 146 6 084 Soybean Processing 7 136 4 062 Cattle Farming 5 762 (2 058) EBITDA margin 17% 21% Interest expense on lease liability (6 064) (6 849) Other finance costs (119) 99 Forex gain 442 (325) Net profit 9 015 6 421 Net profit margin 5% 5% EURk 1Q24 1Q25 Gross Profit, ex BA & AP remeasurement 69 751 43 327 Gross Margin, ex BA & AP remeasurement 42% 35% EBITDA, ex BA & AP remeasurement 44 894 36 597 EBITDA margin, ex BA & AP remeasurement 27% 29% 3 Note: Hereinafter differences between totals and sums of the parts are due to rounding
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Summary Balance Sheet • Operating Cash Flow decreased by 51% y-o-y to EUR34m amid destocking and decline in trade receivables. Operating Cash flows before Working Capital decreased to EUR35m from EUR42m in 1Q24 • Investing Cash Flows grew 3.3x y-o-y to EUR21m in 1Q25. Key investments covered replacement of agriculture machinery fleet and construction of the SPC production facility • 1Q25 Net Financial Debt (excl. lease liabilities) was at a positive cash position of EUR17m vs positive cash position of EUR11m in 1Q24 **Net Debt = Lt and ST debt + Lease Liabilities - Cash 1Q25 HIGHLIGHTS 4 *RMI (Readily Marketable Inventories) = Finished Goods Summary Сash Flows *FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce, COR – cost of revenue EURk 1Q24 1Q25 Pre-tax income 10 346 6 542 Depreciation and amortisation 12 553 13 017 Financial interest expenses, net 54 (75) Interest on lease liability 6 064 6 849 Changes in FV of BA and AP* (1 371) (2 174) Disposal of revaluation of AP in COR* 17 642 12 144 Forex gain (442) 325 Income taxes paid (3 358) (1 787) Working Capital changes 27 951 (706) Other 290 81 Operating Cash Flows 69 729 34 216 Investing Cash Flows (6 219) (20 741) Debt proceeds/(repayment), Net (7 851) (4 044) Finance interest paid (895) (551) Lease repayment (mainly land) (11 927) (17 690) Financing Cash Flows (20 673) (22 285) EURk 1Q24 YE24 1Q25 Right-of-use asset (mainly land) 120 659 120 432 129 093 Biological assets (non-current) 37 344 47 712 39 302 PP&E and other non-current assets 190 048 215 154 228 872 Inventories, including RMI* 205 963 220 663 185 822 Biological assets (current) 35 662 19 439 48 332 AR and other current assets 71 280 76 431 70 107 Cash and equivalents 56 055 48 391 38 955 Total Assets 717 011 748 222 740 483 Equity 506 652 549 463 545 616 Long-term loans 32 084 16 241 13 794 Lease liability (mainly land) 96 495 97 640 104 422 Other 5 808 8 617 8 319 Non-current liabilities 134 387 122 498 126 535 Short-term debt and similar 13 438 10 706 8 651 Current lease liability (mainly land) 32 633 34 326 29 106 Other 29 901 31 229 30 575 Current liabilities 75 972 76 261 68 332 Total equity and liabilities 717 011 748 222 740 483 EBITDA LTM 136 086 159 353 157 357 RMI* 121 936 160 256 107 356 Net debt total** 118 595 110 522 117 018 ND total/EBITDA (х) 0.9 0.7 0.7 Adjusted net debt = (ND-RMI) (3 341) (49 734) 9 662 Adj ND/EBITDA (х) (0.02) (0.3) 0.1
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AGRICULTURE Sales volumes of key crops Financial results • Revenues decreased by 49% y-o-y to EUR37m on destocking and lower sales volumes. Exports generated 71% of the segment revenues in 1Q25 (-20pp y-o-y) • Grain and oilseeds sales amounted to 135kt during 1Q25 (-60% y-o-y) • Gross profit decreased by 35% y-o-y to EUR19m. Gross margin improved by 12pp y-o-y to 51% on higher contribution from changes in FV of BA at EUR10m vs EUR1.5m in 1Q24 mainly reflecting higher commodity prices • EBITDA was EUR19m (+58% y-o-y) with EBITDA margin widening by 35pp y-o-y to 51% in 1Q25 reflecting lower S&D expenses Realized prices 5 *FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce kt 2022 2023 2024 1Q24 1Q25 Corn 366 493 373 215 111 Wheat 201 354 366 80 7 Sunseeds 56 118 48 19 16 Rapeseeds 15 38 73 19 0 EUR/t 2022 2023 2024 1Q24 1Q25 Corn 236 215 190 194 225 Wheat 264 209 218 205 203 Sunseeds 501 349 409 316 661 Rapeseeds 660 404 465 425 - EURk 2022 2023 2024 1Q24 1Q25 Revenues, incl. 180 292 239 890 208 637 73 267 37 169 Corn 86 316 105 978 70 809 41 658 25 020 Wheat 52 955 74 076 79 843 16 488 1 349 Sunseeds 28 137 41 225 19 505 6 118 10 555 Rapeseeds 9 916 15 371 34 162 8 015 0 Cost of revenues, incl. (144 762)(179 951) (151 655) (45 835) (28 615) Land lease depreciation (19 051) (18 609) (19 871) (5 076) (5 335) Changes in FV of BA and AP** 70 207 51 967 68 465 1 469 10 320 Gross profit 105 737 111 906 125 447 28 901 18 874 Gross margin 59% 47% 60% 39% 51% G&A expense (13 083) (16 577) (14 893) (3 022) (3 103) S&D expense (48 121) (62 546) (48 933) (22 031) (5 273) Other operating expenses (3 451) (4 829) (3 800) (538) (357) EBIT 41 082 27 954 57 821 3 310 10 141 EBITDA 75 974 63 567 92 087 12 072 19 094 EBITDA margin 42% 26% 44% 16% 51% Interest on lease liability (19 379) (18 125) (19 557) (5 626) (6 310) CAPEX (9 176) (8 898) (16 670) (3 693) (10 124) Cash outflow on land lease liability (26 808) (30 490) (32 533) (11 518) (17 217)
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AGRICULTURE 6 Key operating highlights 19 43 28 39 55 14 5 49 18 38 70 1214 46 29 34 56 11 Corn Wheat Sunseeds Sugar beets Soybeans Rapeseeds 2023 2024 2025 Key crops acreage, kha Source: the Company’s data • As of the date of this report, Astarta’s agricultural subsidiaries completed the 2025 sowing campaign. The pace of planting was affected by adverse weather conditions. Low soil moisture reserves meant that sowing was postponed waiting for better conditions for seed germination • Area under winter wheat at 46kha (previous year – 49kha). Rapeseeds at 11kha (previous year – 12kha) • Corn acreage almost tripled y-o-y to 14kha • Area under sunseeds was expanded by 57% y-o-y to 29kha on surge in pricing for the crop • Record 2024 harvest and large carry-over stocks led to a 21% y-o-y reduction in soybeans acreage to 56kha • Area under sugar beets totaled 34kha, down by 12% y-o-y • The area under organic crops remained unchanged y-o-y around 2kha • Currently, works on crop care ongoing: monitoring of crop conditions, precipitation and phytosanitary situation; as well as active preparation for the start of the early grain harvesting
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Source: APK-inform AGRICULTURAL MARKET FUNDAMENTALS • The sowing campaign in Ukraine currently underway, with 13mha (flat y-o-y) planned under grains and oilseeds and works on 81% of these already completed as of March 15th. The unfavourable weather conditions in April led to delaysin planting. Forecasts of future harvest will depend on precipitation during the germination period • In the 1Q25 grain and oilseeds exports from Ukraine totaled 12mt (-36% y-o-y) on lower harvest and carryover stocks. 95% of those were handled via the Greater Odesa and Danube ports. Astarta’s share in exports was 1% • The main grain export destinations were the EU and MENA region • Domestic price environment was relatively stable during the 1Q25, and y-o-y grains price growth was mainly driven by stocks reduction • Current season’s domestic grain prices continued to converge with international ones. Price increases were driven by internal factors such as drought, high export demand, and recovery of seaborne logistics 7 Crop prices, EUR/t Source: State Customs Service of Ukraine, Ministry of Agrarian Policy and Food Ukrainian export of agricultural products by means of transport, mt 0 2 4 6 8 Jan'22 Apr'22 Jul'22 Oct'22 Jan'23 Apr'23 Jul'23 Oct'23 Jan'24 Apr'24 Jul'24 Oct'24 Jan'25 Sea ports Railway Trucks Other Black Sea Grain initiative Ukrainian Sea Corridor 0 100 200 300 400 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 Corn Ukraine, EXW Wheat Ukraine, EXW Corn Euronext, FOB Wheat Euronext, CPT Average price 1Q25: Corn Ukraine – EUR214 (+77% y-o-y) Wheat Ukraine– EUR213 (+76% y-o-y) Corn Euronext – EUR214 (+18% y-o-y) Wheat Euronext – EUR227 (+10% y-o-y)
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SUGAR PRODUCTION Unit 2022 2023 2024 Total sugar production kt 282 377 380 Sugar beet processed kt 1 970 2 701 2 538 In house sugar beet % 82% 74% 68% 8 *Granulated sugar beet pulp and molasses Financial resultsProduction Sales volumes and realized prices • Revenues decreased by 5% y-o-y to EUR41m on 12% y-o-y lower sugar prices and lower sales volumes of by-products which was somewhat compensated by 11% y-o-y higher sales volumes of sugar. Exports of sugar made up 47% of the segment’s revenues in 1Q25 (-4pp y-o-y) • Gross profit of EUR10m (+5% y-o-y) with gross margin at 25% in 1Q25 (+2pp y-o-y). 1Q25 EBITDA at EUR6m (+47% y-o-y) and the EBITDA margin widened from 10% to 15% in 1Q25 on lower S&D expenses • By volume Astarta’s sugar exports accounted for 46% of total sugar sales or 36kt (+9% y-o-y). Almost half of this was exported by sea. The main export destinations in the 1Q25 were Libya, Israel and UAE 2022 2023 2024 1Q24 1Q25 Sugar, kt 226 284 396 70 77 Sugar-by products*, kt 65 94 134 25 7 Sugar prices, EUR/t 647 665 550 598 525 EURk 2022 2023 2024 1Q24 1Q25 Revenues 155 529 199 452 228 715 43 512 41 145 Cost of revenues (113 510)(144 408)(180 449) (33 581) (30 763) Gross profit 42 019 55 044 48 266 9 931 10 382 Gross margin 27% 28% 21% 23% 25% G&A expense (6 524) (7 194) (8 337) (938) (2 056) S&D expense (7 537) (15 784) (30 023) (6 909) (5 200) Other operating (expense)/income 263 (1 463) (1 126) (421) 289 EBIT 28 221 30 603 8 780 1 663 3 415 EBITDA 34 752 39 290 18 243 4 146 6 084 EBITDA margin 22% 20% 8% 10% 15% CAPEX (5 884) (10 927) (20 566) (991) (2 085)
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SUGAR MARKET FUNDAMENTALS Sugar prices, USD/t • As of the day of this report, sugar beet sowing was complete in Ukraine, with area totalling 217kha (-16%y-o-y) according to the MinAgro. Abnormally warm March resulted in early planting start this year, though April frosts caused damage to already-germinated sugar beet in some parts of Ukraine leading to resowing of frost-affected crop. Therefore, the final acreage under sugar beet may be revised in the coming months • In 1Q25 sugar exports from Ukraine stood at 153kt (-28% y-o-y), with 17% of which going to the EU, compared to 76% in 1Q24. Main importing countries were Libya and Turkey with 14% share each • The global market prices for sugar experienced a downward trend y-o-y in 1Q25. The white sugar price declined by 17% y-o-y to USD525/t and raw cane sugar traded at an average of USD428/t (-14% y-o-y). The drop in prices was driven by the news on increased sugar production prospects in India and Brazil • Ukrainian sugar traded on an average of USD489/t excl. VAT during 1Q25 (-2% y-o-y) 1.2 2.1 1.4 2.1 2.1 1.8 1.5 1.2 1.2 1.6 1.3 1.8 1.81.7 1.6 1.6 1.5 1.5 1.3 1.3 1.3 1.3 1.3 1.0 1.0 0.9 174 123 6 115 465 600 585 237 151 26 184 502 746 - 500.0 1 000.0 1 500.0 2 000.0 - 0.5 1.0 1.5 2.0 2.5 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sugar production, mt Sugar consumption, mt Sugar exports, kt 9 Sugar production, consumption and exports, Ukraine Source: Bloomberg Source: Ukrsugar, State Statistics Service, the Company’s data 0 100 200 300 400 500 600 700 800 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 White sugar, Ukraine White sugar, LIFFE Raw sugar, NYBOT Average sugar prices 1Q25: Ukraine – USD489 (-2% y-o-y) LIFFE – USD525 (-17% y-o-y) NYBOT – USD428 (-14% y-o-y)
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- 200 400 600 800 1 000 1 200 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 Soybean oil, EXW Soybean meal, EXW Soybeans, EXW SOYBEAN PROCESSING Sales volumes Financial results Realized prices • Revenues flat y-o-y at EUR29m. Exports contributed 92% of these vs 88% in 1Q24 • Gross profit declined by 37% y-o-y to EUR6m. Gross profit margin decreased by 11pp y-o-y to 19% reflecting 13% higher y-o-y cost of sales. EBITDA down by 43% y-o-y to EUR4m, EBITDA margin decreased from 24% to 14% in 1Q25 • 1Q25 soybean crushing volume stood at 63kt (+3% y-o-y) • According to the MinAgro, the soybean acreage in Ukraine is forecast to decrease by 9% y-o-y to 2.4mha in 2025. As of March 15th, 72% of planned area was sowed Production Ukrainian prices for soybean products and soybeans, EUR/t, excl. VAT Source: APK-inform 10 Average prices 1Q25: Soybeans – EUR347 (-4% y-o-y) Soybean oil – EUR855 (+64% y-o-y) Soybean meal – EUR316 (-24% y-o-y) kt 2022 2023 2024 1Q24 1Q25 Soybean processed 211 232 226 61 63 Soybean meal 155 172 165 44 45 Soybean oil 40 45 45 12 13 kt 2022 2023 2024 1Q24 1Q25 Soybean meal 138 175 160 43 44 Soybean oil 43 42 48 14 12 EUR/t 2022 2023 2024 1Q24 1Q25 Soybean meal 465 482 415 445 370 Soybean oil 1 312 839 792 723 1 002 EURk 2022 2023 2024 1Q24 1Q25 Revenues, incl. 121 886 121 539 106 310 29 322 28 693 Soybean meal 64 094 84 555 66 273 19 059 16 174 Soybean oil 56 195 35 468 38 302 9 798 11 996 Cost of revenues (84 713) (86 436) (75 193) (20 513) (23 121) Gross profit 37 173 35 103 31 117 8 809 5 572 Gross margin 30% 29% 29% 30% 19% G&A expense (748) (843) (997) (179) (246) S&D expense (9 592) (7 739) (5 673) (1 821) (1 195) Other operating expense (620) (263) (103) (92) (488) EBIT 26 213 26 258 24 344 6 717 3 643 EBITDA 27 690 27 956 26 012 7 136 4 062 EBITDA margin 23% 23% 24% 24% 14% CAPEX (832) (13 988) (16 599) (358) (11 391)
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0 100 200 300 400 500 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Milk price1Q25 average price CATTLE FARMING Milk sales volume and realized prices Financial results •1Q25 Revenues grew by 26% y-o-y to EUR17m on higher sales price. Gross profit turned negative EUR2m on higher cost of sales and BA revaluation reflecting higher feed costs translating into negative 10% Gross margin vs 42% in 1Q24. EBITDA was at negative EUR2m vs EUR6m positive in 1Q24 •Astarta’s average herd totaled 29k heads (+6% y-o-y). Unit milk yield averaged 29kg/day (+2% y-o-y) leading to 32kt milk output (+1% y-o-y). Astarta’s share in domestic industrial milk production was 4% •Milk sales at 31kt in 1Q25 (+1% y-o-y). Realized milk price of EUR461/t was 14% higher y-o-y and 23% above the average domestic market price in 1Q25 (EUR376/t) reflecting a quality premium. 99% of milk commanded extra quality and pricing Milk production volume, herd and productivity* Ukrainian premium quality milk price, EUR/t Average price 1Q25: Milk: EUR376 (+5% y-o-y) 11Source: Infagro * average reporting period number 2022 2023 2024 1Q24 1Q25 Milk production, kt 102 115 119 32 32 Herd, k heads 23 26 28 27 29 Unit milk yield, kg/day 23.6 25.8 26.3 28.4 28.9 2022 2023 2024 1Q24 1Q25 Milk sales, kt 98 111 114 31 31 Milk price, EUR/t 367 352 414 404 461 EURk 2022 2023 2024 1Q24 1Q25 Revenues 38 610 42 598 53 099 13 251 16 760 Cost of revenues (26 889) (29 891) (33 272) (7 577) (10 308) BA revaluation 7 016 5 978 9 991 (98) (8 146) Gross profit 18 737 18 685 29 818 5 576 (1 694) Gross margin 49% 44% 56% 42% -10% G&A expense (1 531) (1 604) (1 964) (299) (662) S&D expense (416) (416) (656) (80) (229) Other operating expense (226) (559) (683) (80) (169) EBIT 16 564 16 106 26 515 5 117 (2 754) EBITDA 18 098 18 650 29 037 5 762 (2 058) EBITDA margin 47% 44% 55% 43% -12% CAPEX (1 300) (5 006) (4 982) (756) (1 708)
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STRATEGY FOR A SUSTAINABLE FUTURE Area of focus Resilience under war-time conditions and help in nearing the Victory of Ukraine • Safety and support of personnel, preservation and development of human resources • Careful deployment of financial resources for value-added agricultural processing • Supporting humanitarian causes and the Armed Forces of Ukraine • Meeting fiscal needs of the Ukrainian state Upstream / primary agriculture • Crop growing • Dairy farming • Scaling up precision and regenerative farming with focus on soil health and decarbonisation • Becoming a supplier of choice of ingredients for global traders and processors • Climate adaptation, including via irrigation projects • Creating a digital culture in agricultural production • Expansion of organic farming in response to market demand • Digitalization of business processes and application of AI solutions Downstream / processing • Crop storage and trading • Sugar production • Soybean crushing • Bioenergy • Balanced combination of revenue generation on domestic and export markets • Expansion of the product range towards more value-added products (SPC, rapeseeds crushing in addition to soybeans) • Leveraging grain storage network for third-party crop procurement and trading • Scale up alternative energy generation for inhouse consumption and potential sale in the market Sustainability - governance and disclosure • Continue building up circular economy blocks within vertically integrated nature of the Company’s operations • Implementation of the Decarbonisation Strategy until 2030 • Integrate sustainability and climate-related KPI into performance measurement • Consider setting SBTi targets in the post-war period
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From 2008 - membership in the Global Compact of United Nations From 2017 - reporting in accordance with GRI standards SUSTAINABILITY FRAMEWORK: ENERGY & GHG EMISSIONS MANAGEMENT From 2021 – joined disclosure under CDP Current score - C From 2019 – reporting ESG data to the platform Ratings and reporting 13 Downstream operations • Four out of five sugar mills retooled from coal to natural gas. Energy-efficiency BAT programme reduced unit gas consumption by 1/3, electricity by 2/3 since 2015 • Partial replacement of fossil fuels with renewable sources at one sugar plant • Biogas facility (75cu m3/day) converts sugar beet pulp into gas to reduce natural gas consumption needs of one sugar making and one soybean processing plant. Annual output at c.15-20m.cu.m of biogas Upstream operations • In house Agrichain software developed for precision farming. Also used on 350k+ ha of third-party farmland • Scaling up regenerative agriculture practices: reduced tillage at 177kha, cover crops at 16kha in 2024, organic farming at 2kha in 2024 • Pilot Carbon Farming project with Agreena on 8.5kha • Cooperation with global soft commodity off-takers who seek sourcing ingredients from regenerative farming within their supply chain Disclosure • Annual non-financial information reports in accordance with GRI/ESRS • Carbon footprint disclosure under Scope 1 from 2019, Scope 2 and Scope 3 from 2021, biogenic emissions from 2022 per GHG Protocol, debut submission to CDP from 2021 • Row crops data reporting into the Cool Farm tool since 2020 • Pioneer sustainability-linked financing under USD30m loan facility from the EBRD in 2023 From 2021 - disclosure in accordance with TCFD recommendations From 2020 – reporting to Cool Farm Tool
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At the start of the war, Astarta co-founded a large-scale humanitarian project Common Help Ukraine. The project grew through other businesses, international organizations, local communities and temporarily displaced civilians joining in to provide assistance to those in need, nurture local entrepreneurship, create jobs for displaced people, support domestic producers and the economy as a whole. As well as creating single centres of psychological assistance and social integration services. Key focus areas: commonhelpua.org.ua Estimated financial value of charitable contributions and humanitarian aid since the launch of the humanitarian project “Common Help Ukraine” exceeding EUR35.3m Key partners: Co-founders 14 Entrepreneurship development projects on small and midsized business development • Course to Independence • Brave • Wings Investments — EUR4.4m Entrepreneurs supported with grants – 570 New jobs created – 1,077 Learn more and help: Resilience Centres in local communities as an effective model for delivering integrated social services, incl. psychological assistance and social integration programmes • Developed 12 Resilience Centres, 30k recipients of services
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SUMMARY FINANCIALS
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Revenues, EURm Investments, EURm EBITDA*, EURm Leverage, EURm 6 11 219 9 16 2 21 22 3% 7% 10% -8% -3% 2% 7% 12% 0 20 40 60 80 100 2022 2023 2024 Sugar Production Agriculture Other СAPEX as % of revenues ∑41 ∑59 ∑17 35 39 18 76 64 92 28 28 26 18 19 29 30% 23% 26% 2022 2023 2024 Sugar Production Agriculture Soybean Processing Cattle Farming EBITDA margin ∑155 ∑145 ∑159 43 39 -21 109 118 132 1.0 1.1 0.7 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 2022 2023 2024 Net financial debt Lease liabilities Net debt/EBITDA ∑156∑152 ∑111 156 199 229 180 240 209 122 122 10639 43 5314 15 15 2022 2023 2024 Sugar Production Agriculture Soybean Processing Cattle Farming Other ∑510 ∑619 ∑612 LAST THREE YEARS HIGHLIGHTS 16*Totals include unallocated
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CONSOLIDATED STATEMENT OF PROFIT AND LOSS 17 * IFRS16 introduced since 2018 EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q24 1Q25 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 491 510 619 612 166 125 Cost of revenues (55) (67) (96) (83) (128) (193) (286) (293) (268) (219) (257) (355) (324) (400) (348) (416) (380) (453) (455) (114) (93) Changes in FV of BA/ remeasurement 1 4 8 (2) - 11 41 47 47 48 45 45 47 43 54 144 77 58 78 1.4 2.2 Gross profit 14 25 35 43 91 121 108 81 131 143 157 149 95 91 122 219 207 224 236 53 33 G&A expenses (6) (8) (12) (8) (9) (11) (24) (23) (23) (19) (21) (24) (24) (24) (23) (31) (24) (28) (29) (5) (6) S&D expenses (3) (4) (7) (6) (7) (13) (20) (23) (22) (20) (22) (35) (41) (47) (31) (31) (66) (88) (86) (31) (12) Other 2 13 6 11 13 (3) (3) (2) 5 5 10 (8) (12) (6) (12) (7) (8) (12) (10) (2) (1) Profit from operations 7 26 21 41 88 93 61 34 91 108 124 82 18 15 56 150 109 96 110 16 14 Finance costs and income (5) (7) (8) (9) (12) (17) (18) (21) (24) (31) (27) (9) (13) (17) (10) (4) (6) (4) (1) (0.1) 0.1 Interest expense on lease liability* - - - - - - - - - - - - (20) (23) (22) (21) (21) (20) (22) (6) (7) Foreign currency exchange (1) - (33) (2) - (1) - (4) (135) (63) (14) (8) (2) 25 (17) 1 (6) 2 1 0.4 (0.3) Other 4 5 9 1 4 14 3 12 1 - 1 (1) - - 3 2 0.04 (0.04) 0.09 0.02 0.01 Profit before tax 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 74 90 10 7 Income tax (expense) benefit 0.3 0.1 3 (0.4) 0.4 (2) 1 1 (1) 2 (2) (1) (3) 1 (1) (6) (10) (12) (6) (1) (0.1) Net profit 6 23 (8) 29 80 88 46 22 (68) 16 83 62 (18) 2 9 122 65 62 83 9 6 ROE 9% 23% (13%) 25% 38% 29% 14% 6% (31%) 7% 23% 18% (5%) 0.4% 3% 25% 13% 12% 15% 2% 1% EBITDA* 11 31 31 50 101 111 86 65 120 131 152 120 68 78 113 201 155 145 159 29 27 EBITDA by segments Sugar Production 10 6 13 28 65 61 29 14 39 57 59 63 (0.3) 2 22 36 35 39 18 4 6 Agriculture 5 21 24 14 29 47 58 47 59 71 76 39 70 53 80 154 76 64 92 12 19 Soybean Processing - - - - - - - - 19 10 19 6 6 7 7 5 28 28 26 7 4 Cattle Farming - 8 4 12 12 12 9 19 12 2 4 17 (4) 16 9 9 18 19 29 6 (2) EBITDA margin by segments Sugar Production 20% 11% 16% 34% 41% 31% 14% 7% 25% 38% 34% 32%(0.2%) 2% 17% 21% 22% 20% 8% 10% 15% Agriculture 45% 98% 81% 43% 71% 59% 55% 55% 83% 87% 90% 28% 55% 26% 46% 83% 42% 26% 44% 16% 51% Soybean Processing - - - - - - - - 26% 20% 25% 8% 8% 9% 10% 6% 23% 23% 24% 24% 14% Cattle Farming (11%) 105% 41% 132% 69% 46% 29% 55% 41% 9% 15% 54% (12%) 45% 26% 23% 47% 44% 55% 43% (12%)
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CONSOLIDATED BALANCE SHEET 18 *RMI = Finished Goods ** IFRS 16 introduced since 2018 EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q24 1Q25 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 117 98 107 120 121 129 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 28 30 37 48 37 39 PP&E and other 33 79 79 111 148 231 244 321 237 232 265 244 277 300 199 201 196 192 215 190 229 Non-current assets 36 86 84 124 163 252 288 366 268 252 280 267 404 472 317 345 324 335 383 348 397 Inventories: 46 52 58 70 120 192 218 246 157 153 223 195 235 194 107 227 244 255 221 206 186 Incl RMI* 36 36 39 52 89 139 170 160 114 109 180 146 182 143 74 171 184 181 160 122 107 Biological assets 7 15 15 20 39 54 53 29 27 18 14 17 16 16 21 41 33 17 19 36 48 TA receivable and other 27 19 15 16 29 55 65 45 20 38 46 39 76 64 43 65 81 89 76 71 70 Cash and equivalents 3 1 5 2 2 18 12 7 35 31 12 15 13 13 22 12 26 13 48 56 39 Current assets 83 87 93 108 190 319 348 327 239 240 295 267 341 287 194 345 384 375 365 369 343 Total assets 119 173 176 231 353 570 636 693 507 492 575 533 745 759 511 691 708 710 748 717 740 Equity 62 99 60 119 209 307 328 371 220 240 353 348 366 439 337 495 489 499 549 507 546 Long-term loans 8 6 12 52 56 108 155 114 106 13 48 45 1 1 35 21 17 35 16 32 14 Lease liability (mainly land)** - - - - - - - - - - - - 79 103 73 92 80 86 98 96 104 Other 3 10 7 12 12 21 17 19 17 20 26 14 14 11 6 5 8 6 9 6 8 Non-current liabilities 11 16 19 64 68 128 171 133 124 33 74 59 93 115 114 118 105 127 122 134 127 Short-term and current loans 28 46 81 32 57 102 97 157 145 191 110 101 233 149 18 18 53 17 11 13 9 Current lease liability** - - - - - - - - - - - - 25 36 26 33 29 32 34 33 29 Other 18 12 17 16 19 33 40 32 18 27 37 26 28 21 17 27 32 36 31 30 31 Current liabilities 46 58 97 49 75 135 137 189 162 218 147 127 286 206 60 78 114 84 76 76 68 Total equity and liabilities 119 173 176 231 353 570 636 693 507 492 575 533 745 759 511 691 708 710 748 717 740 Net Debt (incl lease) 33 50 87 83 110 192 240 264 217 173 146 130 324 276 129 152 152 156 111 119 117 Adj. Net Debt = (ND-RMI) (3) 14 48 31 21 53 70 104 102 64 (34) (16) 142 133 55 (19) (31) (25) (50) (3) 10 EBITDA (LTM) 11 31 31 50 101 111 86 65 120 131 152 120 68 78 113 201 155 145 159 136 157 Net Debt/EBITDA 2.9 1.6 2.8 1.6 1.1 1.7 2.8 4.1 1.8 1.3 1.0 1.1 4.8 3.5 1.1 0.8 1.0 1.1 0.7 0.9 0.7 Adj Net Debt/EBITDA (0.3) 0.5 1.6 0.6 0.2 0.5 0.8 1.6 0.9 0.5 (0.2) (0.1) 2.1 1.7 0.5 (0.1) (0.2) (0.2) (0.3) (0.02) 0.06
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CONSOLIDATED CASH FLOWS *Prior to 2011 classified as OCF ** IFRS 16 introduced since 2018 19 EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q24 1Q25 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 74 90 10 7 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 51 46 50 49 13 13 Gain on acquisition of subsidiaries (4) (5) (9) (0) (4) (13) (2) (12) - - (1) (0) - - - - - - - - - Interest expense 4 5 7 8 8 15 21 19 21 27 21 9 13 17 8 3 7 4 3 0.8 0.4 Interest expense on lease liability** - - - - - - - - - - - - 20 23 22 21 21 20 22 6 7 Forex - - 35 3 (1) 1 (0) 6 130 63 14 8 2 (25) 17 (1) 6 (2) (1) (0.4) 0 WC changes (26) (22) (29) (16) (57) (81) (29) 17 24 2 (25) (9) (9) 138 51 (85) (103) (44) 20 28 (1) Income taxes paid (0) (0) (0) (0) (0) (0) (0) (0) (1) (1) (2) (4) (2) (1) (2) (6) (9) (14) (6) (3) (2) BA and AP remeasurement and other 1 1 1 (10) (7) (9) (43) (39) (39) (39) (38) (36) (38) (42) (4) (54) (5) 3 (8) 16 10 Operating CF (15) 8 5 23 32 21 17 39 94 88 82 69 16 173 156 57 39 91 167 70 34 Purchase of PPE and other (11) (23) (38) (10) (34) (58) (51) (54) (27) (10) (21) (51) (47) (24) (15) (13) (18) (42) (55) (7) (21) Other (0) (1) (5) 5 (6) (32) 12 11 (22) 8 9 (10) 2 2 1 9 2 2 3 1 1 Investing CF (11) (24) (43) (5) (40) (91) (39) (43) (49) (2) (12) (61) (46) (22) (14) (4) (16) (40) (52) (6) (21) Proceeds from loans and borrowings 32 64 102 35 81 194 179 254 165 108 140 163 190 81 82 82 118 117 3 1 5 Repayment of loans and borrowings (15) (44) (52) (42) (62) (107) (134) (232) (180) (159) (191) (157) (115) (181) (169) (100) (88) (131) (31) (9) (9) Dividends paid - - - - - - - - - - - - - - - (12) - (12) (12) - - Finance interest paid* (4) (5) (7) (9) (7) (12) (19) (18) (18) (26) (20) (9) (11) (17) (8) (3) (7) (5) (3) (1) (1) Land lease repayment** - - - - - - - - - - - - (34) (36) (31) (31) (28) (32) (34) (12) (18) Other 20 (0) 2 (1) (4) (3) (2) (4) (4) (5) (2) (3) (2) (1) - (1) - - - - - Financing CF 33 14 46 (17) 8 72 24 1 (38) (81) (73) (6) 28 (154) (127) (65) (5) (63) (78) (21) (22) Change in cash and equivalents 7 (2) 7 1 0 2 3 (4) 7 5 (3) 2 (2) (3) 16 (12) 18 (12) 37 43 (9) Cash as at PE 1 3 1 1 2 1 5 8 3 13 17 11 14 13 12 22 12 26 13 13 48 Currency translation difference (4) (0) (7) (0) (1) 2 0 (2) 4 (1) (2) 2 1 2 (6) 1 (4) (1) (2) (0.1) (1) Cash and cash equivalents as at PE 3 1 1 2 1 5 8 3 13 17 11 14 13 12 22 12 26 13 48 56 39
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APPENDIX
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Crop growing Storage, Handling and Logistics Processing Primary agriculture • Among Ukraine’s biggest agricultural businesses with 214kha of leased land in seven regions (54k+ landowners in rural areas) • Almost 600kt of grain and oilseeds output in 2024 (key crops – winter wheat, corn, soybeans, sunseeds, rapeseeds) • 1.9mt of sugar beet harvest in 2024 • 2024 Revenue – EUR209m Storage and Handling • 7 grain and oilseeds silos with storage capacity – 562kt • Self sufficiency for 1.1mt of in-house grain and oilseeds storage Transport logistics • 240 grain rail cars Sugar • 21% share of the local sugar market by production • Output of up to 500kt of sugar annually • Sugar sales of 396kt in 2024 • Bioenergy plant with annual output at c.15- 20m.cu.m of biogas • 2024 Revenue – EUR229m Soybeans • Soybean processing plant with crushing capacity 230kt annually • 165kt of soybean meal and 45kt of soybean oil output in 2024 • 2024 Revenue – EUR106m Cattle farming • The largest industrial milk producer with 29k* cows • 119kt of milk production in 2024 • 2024 Revenue – EUR53m ASTARTA – VALUE CHAIN 21Note: for more detailed information, please, refer to Astarta’s Annual Report Regions of operation Head office Grain silos Sugar plant Soybean processing and Bioenergy plant * Data as at the end of reporting period
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EV 2022-1Q25 43 39 -21 -17 109 118 132 134 109 165 239 317 1.0 1.1 0.7 0.7 1.7 2.2 2.2 2.8 -0.4 0.6 1.6 2.6 3.6 4.6 2022 2023 2024 1Q25 Net financial debt Lease liabilities MCAP Net debt*/EBITDA EV/EBITDA Equity Coverage Top 10 shareholders* Board of Directors Brokers DRAGON IPOPEMA ERSTE WOOD Price at 31.03.2025 EUR12.7 (PLN53.1) VALUATION AND CAPITAL STRUCTURE *As of May 2025 Source: Bloomberg, Company’s data Name Share Ivanchyk family 41.68% Fairfax Financial Holdings LTD 29.91% Kopernik Global Investors 2.64% Heptagon Capital 1.88% AXA SA 0.81% Generali OFE 0.47% OFE Pocztylion 0.37% TIFF Advisory Services 0.18% TFI BNP Paribas Polska SA 0.11% AgioFunds 0.10% Treasury shares 2.12% Director Position Background Viktor Ivanchyk ED Founder and key shareholder Howard Dahl NED, Chairperson Various US board positions Viacheslav Chuk ED Commercial sector and banking Savvas Perikleous ED Various positions at banks Gilles Mettetal NED Ex-EBRD agrisector head Markiyan Markevych NED Investment consulting 22 *Net debt incl. lease
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20% Social Employees by gender at YE Lost time incident frequency rate Charitable and social expenses, EURm Key corporate documentsStructure of the BoD Composition of the BoD Ecological Total energy consumption, kMWh 2 423 2 246 4 810 4 693 2023 2024 Female Male 0.9 0.3 2023 2024 4.8 4.3 2023 2024 Board of Directors Audit committee Remuneration committee ESG committee • Code of Conduct • Dividend Policy • Remuneration Policy • Insider Trading Rules • Whistleblower Rules • Anticorruption Policy • Social Policy • Human Rights Policy • Occupational Health and Safety Policy • ESG Policy Governance KEY ESG FACTS 531 507 16 15 348 352 390 288 2023 2024 Biogenic Scope 3 Scope 2 Scope 1 1 184 1 018 2023 2024 Board of Directors Executive Directors Non-executive directors Total emissions, kt of CO2eq* Emissions breakdown, 2024, % Note: for more detailed information, please, refer to Astarta’s Annual Report/Sustainability section 23 60% 40% FLAG** non-FLAG ∑1 285 ∑1 161 *Carbon dioxide equivalent **FLAG – Forest, Land & Agriculture
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AgriChain is an in-house, integrated, multi-module IT system for agribusiness management. The AgriChain system consists of 12 IT modules, unified through an authorisation server and web portal. This architecture allows businesses to utilize individual modules or custom combinations depending on their operational needs. • AgriChain Land – a farmland management module that includes land mapping, lease agreements, a database of tenants and payments, and other critical data. • AgriChain Kit – a business process modeling and management system that automates and optimizes internal workflows, enhancing efficiency through standardization, task automation, and centralized data management. • AgriChain Plan – a digital platform for crop production planning and budgeting, enabling agribusinesses to create and oversee production plans, optimize costs, track financial efficiency, develop production scenarios, manage crop rotations, and control logistics and inventory. • AgriChain Farm – a system for planning and managing agricultural production and field operations, streamlining the visualization, execution, and reporting of field activities while improving communication between agricultural divisions. • AgriChain Scout – a crop monitoring management system that collects and analyzes data from weather stations, satellite and drone imagery, GPS tracking, scouting reports, historical planting data, and other field activities. It evaluates large-scale data sets and generates a field rating based on the NDVI. • AgriChain Barn – a warehouse management system that handles supply planning, request processing, asset labeling, inventory movement and disposal, document management, and material stock auditing. • AgriChain Logistics – a system for managing the transportation and delivery of agricultural products and material assets, providing comprehensive planning and control for all types of cargo across multiple transport modes, including specialized workstations. • AgriChain MarketsData – an analytical media project for collecting and evaluating market price data. • AgriChain Machinery – an agricultural machinery and equipment management module that stores and processes telemetry data, integrates with third-party systems, and verifies cultivated land areas and machinery mileage. • AgriChain LMS – a learning management system designed to develop, train, and upskill employees. • AgriChain Cattle – a livestock production management system that automates processes, provides real-time data access, supports offline mode with automatic synchronization, monitors livestock health and status, and features an intuitive interface with automated reporting and analytics. • AgriChain Kit CRM – a customer relationship management (CRM) system that structures, automates, and optimizes internal workflows, enhancing efficiency through business process modeling, task automation, centralized data, CRM tools, document management, and seamless integration with other AgriChain modules. ASTARTA IT SOLUTIONS Developing Implementation Launched
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Assets in agriculture IAS 2 InventoriesIAS 41 Agriculture Measurement FV less costs tosell Lower of costs or NRV* *NRV –net realizable value Agricultural produceBiological assets Current unharvested crops Agriculture produce at the point of harvest Agriculture produce subsequent measurement Non-current Livestock Mar Apr May Jun Jul Aug Sept Oct Nov Dec Sugar beets Winter crops* Corn Sunflower seeds Soybeans Crops’ calendar FAIR VALUE OF BIOLOGICAL ASSETS D Planting Harvesting Crops growing Biological transformation Biological assets are booked at cost Biological assets are booked at FV Agriculture produce is booked at FV The FV of crops is estimated by PV of net CF expected to be generated from crops discounted at a current market-determined rate, using the following assumptions: • forecasted period for harvesting and crops sales • WACC (Weighted average cost of capital) • сrop yields • сrop prices (projected spot price at the moment of harvesting) • production costs for crops and costs to sell The FV of livestock is estimated by PV of net CF expected to be generated from livestock discounted at a current market-determined rate (milk and meat produced) using the following assumptions: • 6 years productive life • turnover of cows • WACC • milk yield, milk and meat prices (current) • production cost of milk and costs to sell • CPI and PPI *Winter wheat, rapeseeds and peas 25