Slides
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1H25 Operating and Financial Results 26th August 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 1H25 Astarta’s consolidated revenues declined by 29% y-o-y to EUR227m reflecting lower sales volumes • The Sugar Production segment was the main contributor with 35% of total or EUR79m (-38% y-o-y) followed by the Agriculture with 27% of total at EUR61m (-38% y-o-y). Soybean Processing accounted for 24% of revenue or EUR55m (-6% y-o-y), Cattle Farming - for 13% of revenue or EUR29m (+17% y-o-y) • Export sales of EUR138m contributed 61% of consolidated revenue in 1H25 vs 67% in 1H24 • Gross profit dropped by 28% y-o-y to EUR92m with Gross margin almost flat y-o-y at 40% in 1H25 • EBITDA down by 6% y-o-y to EUR81m corresponding to 36% of EBITDA margin compared to 27% in 1H24 on lower S&D expenses • Excluding the impact of IAS41, the Gross margin dropped 7pp y-o-y to 34% in 1H25. EBITDA margin edged to 29% in 1H25 1H25 HIGHLIGHTS Summary P&L *FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce ** Earnings before interest, tax, depreciation and amortisation EURk 1H24 1H25 Revenues, incl. 320 710 226 619 Agriculture 98 868 61 220 Sugar Production 127 542 79 493 Soybean Processing 58 352 54 598 Cattle Farming 25 091 29 268 Cost of revenues, incl. (225 297) (172 955) Effect of FV remeasurement of AP* (35 638) (23 321) Changes in FV of BA and AP* 31 214 38 045 Gross profit 126 627 91 709 Gross margin 39% 40% EBIT 60 640 55 531 Depreciation & Amortisation, incl. 25 193 25 345 Charge of right-of-use assets 10 879 10 778 EBITDA**, incl. 85 833 80 876 Agriculture 44 257 49 202 Sugar Production 12 204 14 286 Soybean Processing 16 448 6 837 Cattle Farming 14 548 12 007 EBITDA margin 27% 36% Interest expense on lease liability (11 777) (12 110) Other finance costs (385) (694) Forex gain 730 (110) Net profit 47 111 42 271 Net profit margin 15% 19% EURk 1H24 1H25 Gross Profit, ex BA & AP remeasurement 131 051 76 985 Gross Margin, ex BA & AP remeasurement 41% 34% EBITDA, ex BA & AP remeasurement 90 257 66 152 EBITDA margin, ex BA & AP remeasurement 28% 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 80% y-o-y to EUR24m amid destocking and decline in trade receivables. Operating Cash flows before Working Capital decreased by 26% y-o-y to EUR64m in 1H25 • Investing Cash Flows grew 2.5x y-o-y to EUR46m in 1H25. Key investments covered modernisation of sugar plants and farming equipment, SPC production facility and the new multi-seed crusher • 1H25 Net Financial Debt (excl. lease liabilities) was EUR28m vs positive cash position of EUR28m in 1H24 reflecting increase in borrowings **Net Debt = Lt and ST debt + Lease Liabilities - Cash 1H25 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 1H24 1H25 Pre-tax income 49 267 42 641 Depreciation and amortisation 25 193 25 345 Financial interest expenses, net 226 745 Interest on lease liability 11 777 12 110 Changes in FV of BA and AP* (31 214) (38 045) Disposal of revaluation of AP in COR* 35 638 23 321 Forex gain (730) 110 Income taxes paid (4 508) (2 093) Working Capital changes 29 850 (40 584) Other 642 80 Operating Cash Flows 116 141 23 630 Investing Cash Flows (18 759) (45 981) Debt (repayment)/proceeds, Net (8 439) 36 087 Finance interest paid (1 722) (1 179) Lease repayment (mainly land) (25 289) (26 236) Financing Cash Flows (35 450) 8 672 EURk 1H24 YE24 1H25 Right-of-use asset (mainly land) 118 762 120 432 120 607 Biological assets (non-current) 41 418 47 712 45 892 PP&E and other non-current assets 191 982 215 154 228 788 Inventories, including RMI* 103 088 220 663 112 398 Biological assets (current) 126 821 19 439 129 600 AR and other current assets 75 715 76 431 79 351 Cash and equivalents 72 843 48 391 30 680 Total Assets 730 629 748 222 747 316 Equity 518 882 549 463 523 026 Long-term loans 29 075 16 241 18 185 Lease liability (mainly land) 95 428 97 640 97 917 Other 7 752 8 617 7 451 Non-current liabilities 132 255 122 498 123 553 Short-term debt and similar 16 244 10 706 40 402 Current lease liability (mainly land) 27 954 34 326 26 623 Other 35 294 31 229 33 712 Current liabilities 79 492 76 261 100 737 Total equity and liabilities 730 629 748 222 747 316 EBITDA LTM 133 952 159 353 154 396 RMI* 38 535 160 256 53 601 Net debt total** 95 858 110 522 152 447 ND total/EBITDA (х) 0.7 0.7 1.0 Adjusted net debt = (ND-RMI) 57 323 (49 734) 98 846 Adj ND/EBITDA (х) 0.4 (0.3) 0.6
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AGRICULTURE Sales volumes of key crops Financial results • Revenues decreased by 38% y-o-y to EUR61m on lower sales volumes. Exports generated 83% of the segment revenues in 1H25 (versus 93% in 1H24) • Grain and oilseeds’ sales volume amounted to 216kt (-53% y- o-y) due to weaker crop supply after a smaller 2024 harvest • Gross profit decreased by 27% y-o-y to EUR46m. Gross margin improved by 11pp y-o-y to 75% on higher contribution from changes in FV of BA reflecting higher commodity prices • EBITDA was EUR49m (+11% y-o-y) with EBITDA margin nearly double y-o-y to 80% in 1H25 reflecting 77% y-o-y lower S&D expenses Realized prices 5 *Building out a procurement network for soybeans for the new multi-seed crushing facility **FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce kt 2022 2023 2024 1H24 1H25 Corn 366 493 373 338 151 Wheat 201 354 366 80 7 Sunseeds 56 118 48 20 16 Rapeseeds 15 38 73 20 0 Soybeans 1 1 2 1 40 EUR/t 2022 2023 2024 1H24 1H25 Corn 236 215 190 193 214 Wheat 264 209 218 202 195 Sunseeds 501 349 409 313 633 Rapeseeds 660 404 465 439 - Soybeans 749 674 551 518 417 EURk 2022 2023 2024 1H24 1H25 Revenues, incl. 180 292 239 890 208 637 98 868 61 220 Corn 86 316 105 978 70 809 65 185 32 491 Wheat 52 955 74 076 79 843 16 215 1 294 Sunseeds 28 137 41 225 19 505 6 283 10 108 Rapeseeds 9 916 15 371 34 162 8 926 - Soybeans* 841 939 1 258 723 16 881 Cost of revenues, incl. (144 762)(179 951) (151 655) (62 643) (52 054) Land lease depreciation (19 051) (18 609) (19 871) (10 341) (10 295) Changes in FV of BA and AP** 70 207 51 967 68 465 26 886 36 607 Gross profit 105 737 111 906 125 447 63 111 45 773 Gross margin 59% 47% 60% 64% 75% G&A expense (13 083) (16 577) (14 893) (5 602) (6 518) S&D expense (48 121) (62 546) (48 933) (30 018) (6 854) Other operating expenses (3 451) (4 829) (3 800) (871) (708) EBIT 41 082 27 954 57 821 26 620 31 693 EBITDA 75 974 63 567 92 087 44 257 49 202 EBITDA margin 42% 26% 44% 45% 80% Interest on lease liability (19 379) (18 125) (19 557) (10 748) (11 050) CAPEX (9 176) (8 898) (16 670) (8 843) (15 662) Cash outflow on land lease liability (26 808) (30 490) (32 533) (24 420) (25 326)
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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 44 16 Corn Wheat Sunseeds Sugar beets Soybeans Rapeseeds 2023 2024 2025 2026¹ Key crops acreage, kha Source: the Company’s data • Beginning from July Astarta’s agricultural subsidiaries started early crop harvesting. The start of campaign was delayed amid adverse spring weather and low soil moisture. To-date, winter wheat and rapeseeds’ harvesting is complete with wheat yielding 5.2t/ha (-3% y-o-y) and output totaled 237kt (-9% y-o-y). Rapeseeds’ yield stood at 2.7t/ha (-20% y-o-y), output at 31kt (-23% y-o-y). Harvesting of late crops is ongoing • Astarta’s agricultural subsidiaries have started 2026 winter crops sowing with planned winter wheat acreage at 44kha (-3% y-o-y) and winter rapeseeds at 16kha (+45% y-o-y) Gross yields and output of key crops t/ha 2023 2024 2025¹ t/ha kt t/ha kt t/ha kt Corn 10.3 201 7.6 40 In progress In progress Wheat 6.3 271 5.3 260 5.2 237 Sunseeds 3.0 83 2.5 46 In progress In progress Soybeans 3.1 169 2.4 168 In progress In progress Rapeseeds 4.1 56 3.4 40 2.7 31 Sugar beets 58 2 233 49 1 887 In progress In progress Source: the Company’s data ¹Preliminary data
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Source: APK-inform AGRICULTURAL MARKET FUNDAMENTALS • Early grain and oilseeds harvesting is currently underway in Ukraine, with 64% or 30mt complete as of the 21st of August, incl. 21mt of wheat and 3mt of rapeseeds • The 1H25 grain and oilseeds’ exports from Ukraine were 41% lower y-o-y at 20mt, amid destocking after the 2024 harvest and limited new supply due to a later start of the harvesting campaign. 94% of exports were handled via the Greater Odesa and Danube ports. Astarta’s share in exports was 1% • The main grain and oilseeds exports destinations were MENA (54%) and the EU region (36%) • During the 1H25 domestic price environment was fueled by tight supply and uncertainty about the future harvest, which led producers to refraining from active forward sales. Those factors lead to 57% y-o-y growth of corn prices to EUR211/t, wheat prices up by 49% y-o-y to EUR205/t 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 Apr'25 Jul'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 May-25 Jul-25 Corn Ukraine, EXW Wheat Ukraine, EXW Corn Euronext, FOB Wheat Euronext, CPT Average price 1H25: Corn Ukraine – EUR211 (+57% y-o-y) Wheat Ukraine– EUR205 (+49% y-o-y) Corn Euronext – EUR207 (+6% y-o-y) Wheat Euronext – EUR217 (flat % 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 38% y-o-y to EUR79m on 11% y-o-y lower sugar prices and 29% y-o-y lower sales volumes. Exports of sugar made up 47% (-11pp y-o-y) of the segment’s revenues or EUR36m (-50% y-o-y) in 1H25 • Gross profit down by 26% y-o-y to EUR21m, with gross margin widening by 4pp y-o-y to 27% in 1H25. 1H25 EBITDA increased by 17% y-o-y to EUR14m, and the EBITDA margin widened from 10% in 1H24 to 18% in 1H25 on S&D expenses which halved y-o-y • During 1H25 exports accounted for 46% of total sugar volumes (-9pp y-o-y). The main export destinations were Libya, Macedonia and Israel 2022 2023 2024 1H24 1H25 Sugar, kt 226 284 396 211 149 Sugar-by products*, kt 65 94 134 44 20 Sugar prices, EUR/t 647 665 550 585 519 EURk 2022 2023 2024 1H24 1H25 Revenues 155 529 199 452 228 715 127 542 79 493 Cost of revenues (113 510)(144 408)(180 449) (98 557) (58 144) Gross profit 42 019 55 044 48 266 28 985 21 349 Gross margin 27% 28% 21% 23% 27% G&A expense (6 524) (7 194) (8 337) (2 711) (3 741) S&D expense (7 537) (15 784) (30 023) (17 985) (8 645) Other operating (expense)/income 263 (1 463) (1 126) (999) 166 EBIT 28 221 30 603 8 780 7 290 9 129 EBITDA 34 752 39 290 18 243 12 204 14 286 EBITDA margin 22% 20% 8% 10% 18% CAPEX (5 884) (10 927) (20 566) (8 020) (8 716)
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SUGAR MARKET FUNDAMENTALS Sugar prices, USD/t 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 May-25 Jul-25 White sugar, Ukraine White sugar, LIFFE Raw sugar, NYBOT Average sugar prices 1H25: Ukraine – USD510 (-1% y-o-y) LIFFE – USD509 (-16% y-o-y) NYBOT – USD404 (-13% y-o-y) *7/12 formula provides for the calculation of quotas in proportion to the period from June to December (7 out of 12 months of the year) • The State Statistics Service of Ukraine (SSSU) estimated areas under agricultural crops in 2025. According to their estimates, 199kha (-22% y-o-y) were sown with sugar beet in Ukraine • In 1H25 Ukrainian sugar exports stood at 250kt (-43% y-o-y), Astarta’s share was 24% of that. The main importing countries were Bulgaria (60%), Libya (27%), and Turkey (24%) • In 1H25 35% of total Ukrainian sugar exports, or 88kt, was destined to the EU, compared to 69% in 1H24 • With the ATMs (Autonomous Trade Measures) expiration on June 5th, 2025, the current Deep and Comprehensive Free Trade Area (DCFTA) tariff rate quotas re-opened and will continue to apply until the review of the DCFTA is formally approved by the EC. As a result, pre-war tariff quotas for sugar apply, in the amount of 20kt annually vs. 263kt under the ATMs. Under the 7/12 formula* Ukraine can export approx. 11kt of duty-free sugar to the EU until the end of 2025. There is an expectation that from 2026 the quota will be 100kt annually • The global market prices for sugar continued a downward trend in 1H25. The white sugar price declined by 16% y-o-y to USD509/t and raw cane sugar traded at an average of USD404/t (-13% y-o-y). The drop in prices was driven by the subdued demand, news on increased sugar production prospects Brazil and a narrowing global surplus • Ukrainian sugar price was almost flat y-o-y at USD510/t excl. VAT during 1H25
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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 May-25 Jul-25 Soybean oil, EXW Soybean meal, EXW Soybeans, EXW SOYBEAN PROCESSING Sales volumes Financial results Realized prices • 1H25 soybean crushing volume was almost flat y-o-y at 123kt. Revenues down by 6% y-o-y to EUR55m. Exports contributed 91% of these in 1H25 (+5pp y-o-y) • Gross profit down by 41% y-o-y to EUR12m. Gross profit margin decreased from 33% in 1H24 to 21% in 1H25, reflecting higher cost of sales. 1H25 EBITDA at EUR7m (-58% y-o-y) with EBITDA margin narrowing from 28% to 13% in 1H25 • The SPC project, reflected in the capex increase, is progressing on schedule with production to commence in 2026 • According to the SSSU, the 2025 soybean acreage in Ukraine decreased by 23% y-o-y to 2mha. To-date, harvesting of soybeans has not yet started Production Ukrainian prices for soybean products and soybeans, EUR/t, excl. VAT Source: APK-inform 10 Average prices 1H25: Soybeans – EUR333 (-9% y-o-y) Soybean oil – EUR858 (+46% y-o-y) Soybean meal – EUR303 (-27% y-o-y) kt 2022 2023 2024 1H24 1H25 Soybean processed 211 232 226 122 123 Soybean meal 155 172 165 89 88 Soybean oil 40 45 45 24 25 kt 2022 2023 2024 1H24 1H25 Soybean meal 138 175 160 88 88 Soybean oil 43 42 48 27 24 EUR/t 2022 2023 2024 1H24 1H25 Soybean meal 465 482 415 433 345 Soybean oil 1 312 839 792 724 986 EURk 2022 2023 2024 1H24 1H25 Revenues, incl. 121 886 121 539 106 310 58 352 54 598 Soybean meal 64 094 84 555 66 273 37 884 30 306 Soybean oil 56 195 35 468 38 302 19 640 23 382 Cost of revenues (84 713) (86 436) (75 193) (38 917) (43 097) Gross profit 37 173 35 103 31 117 19 435 11 501 Gross margin 30% 29% 29% 33% 21% G&A expense (748) (843) (997) (400) (833) S&D expense (9 592) (7 739) (5 673) (3 290) (4 080) Other operating expense (620) (263) (103) (144) (580) EBIT 26 213 26 258 24 344 15 601 6 008 EBITDA 27 690 27 956 26 012 16 448 6 837 EBITDA margin 23% 23% 24% 28% 13% CAPEX (832) (13 988) (16 599) (923) (24 291)
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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 Jul 25 Milk price1H25 average price CATTLE FARMING Milk sales volume and realized prices Financial results •1H25 Revenues rose by 17% y-o-y to EUR29m on higher sales price. Gross profit down by 11% y-o-y to EUR13m reflecting higher costs and BA revaluation during the 1Q25. Gross margin down from 57% to 43% in 1H25. EBITDA totalled EUR12m vs EUR15m in 1H24 •1H25 Astarta’s average herd totaled 29k heads (+4% y-o-y). Unit milk yield averaged 28kg/day (+3% y-o-y) corresponding to 63kt output (+2% y-o-y) •Milk sales price in 1H25 was 11% higher y-o-y at EUR425/t, and 14% above the average domestic market price (EUR374/t) reflecting a quality premium •According to the MinAgro, 1H25 Ukraine’s total milk output stood at 3.4ml (-5% y-o-y), incl. 1.6ml from industrial dairy farmers (+4% y-o-y). Astarta’s share in the latter was 3% as of 1H25 Milk production volume, herd and productivity* Ukrainian premium quality milk price, EUR/t Average price 1H25: Milk: EUR374 (+8% y-o-y) 11Source: Infagro * average reporting period number 2022 2023 2024 1H24 1H25 Milk production, kt 102 115 119 62 63 Herd, k heads 23 26 28 28 29 Unit milk yield, kg/day 23.6 25.8 26.3 27.6 28.4 2022 2023 2024 1H24 1H25 Milk sales, kt 98 111 114 60 61 Milk price, EUR/t 367 352 414 385 425 EURk 2022 2023 2024 1H24 1H25 Revenues 38 610 42 598 53 099 25 091 29 268 Cost of revenues (26 889) (29 891) (33 272) (15 157) (18 063) BA revaluation 7 016 5 978 9 991 4 328 1 438 Gross profit 18 737 18 685 29 818 14 262 12 643 Gross margin 49% 44% 56% 57% 43% G&A expense (1 531) (1 604) (1 964) (697) (1 432) S&D expense (416) (416) (656) (146) (259) Other operating expense (226) (559) (683) (157) (269) EBIT 16 564 16 106 26 515 13 262 10 683 EBITDA 18 098 18 650 29 037 14 548 12 007 EBITDA margin 47% 44% 55% 58% 41% CAPEX (1 300) (5 006) (4 982) (1 598) (3 050)
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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 2017–2022 – reporting based on 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 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 2024 - reporting in accordance with CSRD 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 Resilience Centers for local communities in partnership with the Ministry of Social Policy Key focus areas: commonhelpua.org.ua EUR36.4m - Estimated financial value of charitable contributions and humanitarian aid since the launch of the humanitarian project “Common Help Ukraine” Key partners: 14 Entrepreneurship development projects for small and midsized business development • Course to Independence • Brave • Wings EUR4.8m - Investments 570 - eentrepreneurs supported with grants 1,104 - New jobs created Learn more and help: Resilience Centers in local communities as an effective model for delivering integrated social services, incl. psychological assistance and social integration programmes Over 200 in Ukraine - Resilience Centres Developed 12 – Resilience Centres supported by Astarta, 32k - recipients of services Office of First Lady of Ukraine
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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 1H24 1H25 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 491 510 619 612 321 227 Cost of revenues (55) (67) (96) (83) (128) (193) (286) (293) (268) (219) (257) (355) (324) (400) (348) (416) (380) (453) (455) (225) (173) Changes in FV of BA/ remeasurement 1 4 8 (2) - 11 41 47 47 48 45 45 47 43 54 144 77 58 78 31 38 Gross profit 14 25 35 43 91 121 108 81 131 143 157 149 95 91 122 219 207 224 236 127 92 G&A expenses (6) (8) (12) (8) (9) (11) (24) (23) (23) (19) (21) (24) (24) (24) (23) (31) (24) (28) (29) (10) (13) S&D expenses (3) (4) (7) (6) (7) (13) (20) (23) (22) (20) (22) (35) (41) (47) (31) (31) (66) (88) (86) (52) (20) Other 2 13 6 11 13 (3) (3) (2) 5 5 10 (8) (12) (6) (12) (7) (8) (12) (10) (4) (3) Profit from operations 7 26 21 41 88 93 61 34 91 108 124 82 18 15 56 150 109 96 110 61 56 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) Interest expense on lease liability* - - - - - - - - - - - - (20) (23) (22) (21) (21) (20) (22) (12) (12) Foreign currency exchange (1) - (33) (2) - (1) - (4) (135) (63) (14) (8) (2) 25 (17) 1 (6) 2 1 1 (0) Other 4 5 9 1 4 14 3 12 1 - 1 (1) - - 3 2 0.04 (0.04) 0.09 0 0 Profit before tax 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 74 90 49 43 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) (2) (0) Net profit 6 23 (8) 29 80 88 46 22 (68) 16 83 62 (18) 2 9 122 65 62 83 47 42 ROE 9% 23% (13%) 25% 38% 29% 14% 6% (31%) 7% 23% 18% (5%) 0.4% 3% 25% 13% 12% 15% 9% 8% EBITDA* 11 31 31 50 101 111 86 65 120 131 152 120 68 78 113 201 155 145 159 86 81 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 12 14 Agriculture 5 21 24 14 29 47 58 47 59 71 76 39 70 53 80 154 76 64 92 44 49 Soybean Processing - - - - - - - - 19 10 19 6 6 7 7 5 28 28 26 16 7 Cattle Farming - 8 4 12 12 12 9 19 12 2 4 17 (4) 16 9 9 18 19 29 15 12 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% 18% Agriculture 45% 98% 81% 43% 71% 59% 55% 55% 83% 87% 90% 28% 55% 26% 46% 83% 42% 26% 44% 45% 80% Soybean Processing - - - - - - - - 26% 20% 25% 8% 8% 9% 10% 6% 23% 23% 24% 28% 13% Cattle Farming (11%) 105% 41% 132% 69% 46% 29% 55% 41% 9% 15% 54% (12%) 45% 26% 23% 47% 44% 55% 58% 41%
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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 1H24 1H25 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 117 98 107 120 119 121 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 28 30 37 48 41 46 PP&E and other 33 79 79 111 148 231 244 321 237 232 265 244 277 300 199 201 196 192 215 192 229 Non-current assets 36 86 84 124 163 252 288 366 268 252 280 267 404 472 317 345 324 335 383 352 395 Inventories: 46 52 58 70 120 192 218 246 157 153 223 195 235 194 107 227 244 255 221 103 112 Incl RMI* 36 36 39 52 89 139 170 160 114 109 180 146 182 143 74 171 184 181 160 39 54 Biological assets 7 15 15 20 39 54 53 29 27 18 14 17 16 16 21 41 33 17 19 127 130 TA receivable and other 27 19 15 16 29 55 65 45 20 38 46 39 76 64 43 65 81 89 76 76 79 Cash and equivalents 3 1 5 2 2 18 12 7 35 31 12 15 13 13 22 12 26 13 48 73 31 Current assets 83 87 93 108 190 319 348 327 239 240 295 267 341 287 194 345 384 375 365 378 352 Total assets 119 173 176 231 353 570 636 693 507 492 575 533 745 759 511 691 708 710 748 731 747 Equity 62 99 60 119 209 307 328 371 220 240 353 348 366 439 337 495 489 499 549 519 523 Long-term loans 8 6 12 52 56 108 155 114 106 13 48 45 1 1 35 21 17 35 16 29 18 Lease liability (mainly land)** - - - - - - - - - - - - 79 103 73 92 80 86 98 95 98 Other 3 10 7 12 12 21 17 19 17 20 26 14 14 11 6 5 8 6 9 8 7 Non-current liabilities 11 16 19 64 68 128 171 133 124 33 74 59 93 115 114 118 105 127 122 132 124 Short-term and current loans 28 46 81 32 57 102 97 157 145 191 110 101 233 149 18 18 53 17 11 16 40 Current lease liability** - - - - - - - - - - - - 25 36 26 33 29 32 34 28 27 Other 18 12 17 16 19 33 40 32 18 27 37 26 28 21 17 27 32 36 31 35 34 Current liabilities 46 58 97 49 75 135 137 189 162 218 147 127 286 206 60 78 114 84 76 79 101 Total equity and liabilities 119 173 176 231 353 570 636 693 507 492 575 533 745 759 511 691 708 710 748 731 747 Net Debt (incl lease) 33 50 87 83 110 192 240 264 217 173 146 130 324 276 129 152 152 156 111 96 152 Adj. Net Debt = (ND-RMI) (3) 14 48 31 21 53 70 104 102 64 (34) (16) 142 133 55 (19) (31) (25) (50) 57 99 EBITDA (LTM) 11 31 31 50 101 111 86 65 120 131 152 120 68 78 113 201 155 145 159 134 154 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 0.7 1.0 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) 0.4 0.6
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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 1H24 1H25 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 74 90 49 43 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 51 46 50 49 25 25 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 1 1 Interest expense on lease liability** - - - - - - - - - - - - 20 23 22 21 21 20 22 12 12 Forex - - 35 3 (1) 1 (0) 6 130 63 14 8 2 (25) 17 (1) 6 (2) (1) (1) 0 WC changes (26) (22) (29) (16) (57) (81) (29) 17 24 2 (25) (9) (9) 138 51 (85) (103) (44) 20 30 (41) Income taxes paid (0) (0) (0) (0) (0) (0) (0) (0) (1) (1) (2) (4) (2) (1) (2) (6) (9) (14) (6) (5) (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) 4 (15) Operating CF (15) 8 5 23 32 21 17 39 94 88 82 69 16 173 156 57 39 91 167 116 24 Purchase of PPE and other (11) (23) (38) (10) (34) (58) (51) (54) (27) (10) (21) (51) (47) (24) (15) (13) (18) (42) (55) (20) (47) 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) (19) (46) Proceeds from loans and borrowings 32 64 102 35 81 194 179 254 165 108 140 163 190 81 82 82 118 117 3 3 47 Repayment of loans and borrowings (15) (44) (52) (42) (62) (107) (134) (232) (180) (159) (191) (157) (115) (181) (169) (100) (88) (131) (31) (11) (11) 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) (2) (1) Land lease repayment** - - - - - - - - - - - - (34) (36) (31) (31) (28) (32) (34) (25) (26) 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) (35) 9 Change in cash and equivalents 7 (2) 7 1 0 2 3 (4) 7 5 (3) 2 (2) (3) 16 (12) 18 (12) 37 62 (14) 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) (2) (4) 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 73 31
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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 213kha of leased land in seven regions (55k 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 2022-1H25 43 39 -21 28 109 118 132 125 109 165 239 353 1.0 1.1 0.7 1.0 1.7 2.2 2.2 3.3 -0.4 0.6 1.6 2.6 3.6 4.6 2022 2023 2024 1H25 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 30.06.2025 EUR14.1 (PLN59.9) VALUATION AND CAPITAL STRUCTURE *As of August 2025 Source: Bloomberg, Company’s data Name Share Ivanchyk family 42.23% Fairfax Financial Holdings LTD 29.91% Kopernik Global Investors 2.64% Heptagon Capital 1.88% AXA SA 0.80% Generali OFE 0.47% OFE Pocztylion 0.37% TIFF Advisory Services 0.18% AgioFunds 0.12% TFI BNP Paribas Polska SA 0.11% 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