Slides
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1H26 Operating and Financial Results 25th August 2026 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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1H26 HIGHLIGHTS Summary P&L *FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce ** Earnings before interest, tax, depreciation and amortization EURk 1H25 1H26 Revenues, incl. 226 619 226 468 Agriculture 61 220 77 642 Sugar Production 79 493 71 556 Soybean Processing 54 598 50 716 Cattle Farming 29 268 24 869 Cost of revenues, incl. (172 955) (190 297) Effect of FV remeasurement of AP* (23 321) (25 625) Changes in FV of BA and AP* 38 045 9 835 Gross profit 91 709 46 006 Gross margin 40% 20% EBIT 55 531 6 584 Depreciation & Amortisation, incl. 25 345 27 736 Charge of right-of-use assets 10 778 10 601 EBITDA**, incl. 80 876 34 320 Agriculture 49 202 30 491 Sugar Production 14 286 2 436 Soybean Processing 6 837 3 769 Cattle Farming 12 007 (960) EBITDA margin 36% 15% Interest expense on lease liability (12 110) (12 229) Other finance costs (694) (3 257) Forex gain/(loss) (110) (4 387) Net profit/(loss) 42 271 (14 068) Net profit margin 19% (6%) EURk 1H25 1H26 Gross Profit, ex BA & AP remeasurement 76 985 61 796 Gross Margin, ex BA & AP remeasurement 34% 27% EBITDA, ex BA & AP remeasurement 66 152 50 110 EBITDA margin, ex BA & AP remeasurement 29% 22% 3Note: Percentage changes and totals in this presentation may not sum due to rounding • Revenues were stable y-o-y at EUR226m in the 1H26. Export sales were EUR140m, or 62% of total revenue, compared with 61% a year earlier • Agriculture led the way, adding EUR78m, or 34% of total sales (+27% y- o-y). Sugar Production brought in EUR72m (-10% y-o-y), or 32% of revenue; Soybean Processing - EUR51m (-7% y-o-y), or 22% of revenue; and Cattle Farming EUR25m (-15% y-o-y), or 11% of revenue • Gross profit fell by half to EUR46m, as the cost of sales rose by 10% y-o- y and the remeasurement value of crops and livestock was revised down, driven by weaker crop prices and higher costs • Consolidated EBITDA fell by 58% y-o-y to EUR34m, translating into an EBITDA margin of 15%, down from 36% a year earlier • Leaving out the effect of accounting rule IAS 41, the gross margin fell 7pp y-o-y to 27%, and the adjusted EBITDA margin eased to 22%, from 29% a year earlier • Bottom line net profit turned red at EUR14m vs EUR42m profit in 1H25
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Summary Balance Sheet •1H26 Operating Cash Flow grew to EUR72m. Operating Cash flows before Working Capital decreased by 24% y-o-y to EUR49m in 1H26 •Net investment dropped to EUR27m (-41% y-o-y) after residual investment in the protein concentrate facility and ongoing routine capex in other segments •1H26 Net Financial Debt (excl. lease liabilities) was at EUR81m vs EUR28m in 1H25. Total Net Debt (incl. leases) stood at EUR220m (+44% y-o-y) **Net Debt = Lt and ST debt + Lease Liabilities - Cash 1H26 HIGHLIGHTS 4 *RMI (Readily Marketable Inventories) = Finished Goods EURk 1H25 YE25 1H26 Right-of-use asset (mainly land) 120 607 125 985 138 960 Biological assets (non-current) 45 892 33 330 27 268 PP&E and other non-current assets 228 788 326 097 324 219 Inventories, including RMI* 112 398 245 070 126 339 Biological assets (current) 129 600 21 440 119 210 AR and other current assets 79 351 77 201 72 617 Cash and equivalents 30 680 40 260 69 228 Total Assets 747 316 869 383 877 841 Equity 523 026 552 893 524 770 Long-term loans 18 185 59 194 90 789 Lease liability (mainly land) 97 917 99 852 109 653 Other 7 451 16 532 13 590 Non-current liabilities 123 553 175 578 214 032 Short-term debt and similar 40 402 75 053 59 485 Current lease liability (mainly land) 26 623 32 611 29 416 Other 33 712 33 248 50 138 Current liabilities 100 737 140 912 139 039 Total equity and liabilities 747 316 869 383 877 841 EBITDA LTM 154 396 99 677 53 121 RMI* 53 601 186 305 62 355 Net debt total** 152 447 226 450 220 115 ND total/EBITDA (х) 1.0 2.3 4.1 Adjusted net debt = (ND-RMI) 98 846 40 145 157 760 Adj ND/EBITDA (х) 0.6 0.4 3.0 Summary Сash Flows EURk 1H25 1H26 Pre-tax income 42 641 (13 222) Depreciation and amortisation 25 345 27 736 Financial interest expenses, net 745 3 173 Interest on lease liability 12 110 12 229 Changes in FV of BA and AP* (38 045) (9 835) Disposal of revaluation of AP in COR* 23 321 25 625 Forex (gain)/loss 110 4 387 Income taxes paid (2 093) (2 495) Working Capital changes (40 584) 23 387 Other 80 1 007 Operating Cash Flows 23 630 71 992 Investing Cash Flows (45 981) (27 158) Debt repayment, Net 36 087 11 379 Finance interest paid (1 179) (3 832) Lease repayment (mainly land) (26 236) (25 248) Financing Cash Flows 8 672 (17 701) *FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce, COR – cost of revenue
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AGRICULTURE Sales volumes of key crops Financial results • Revenues at EUR78m, up 27% y-o-y, amid a 47% surge in crop sales volumes. Exports generated 74% of segment revenues vs 83% in 1H25 • Gross Profit stood at EUR29m (-37% y-o-y), with gross margin down to 37%. Profitability was impacted by a 58% y-o-y lower contribution from changes in FV of BA at EUR15m, reflecting a decrease in soft commodity prices and higher costs • EBITDA decreased by 38% y-o-y to EUR30m, with EBITDA margin narrowing to 39% from 80% in 1H25 • CAPEX at maintenance level of EUR3m (-84% y-o-y) Realized prices 5 **FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce kt 2023 2024 2025 1H25 1H26 Corn 493 373 201 151 197 Wheat 354 366 235 7 82 Sunseeds 118 48 45 16 31 Rapeseeds 38 73 29 0 3 Soybeans 1 2 47 40 0.4 EUR/t 2023 2024 2025 1H25 1H26 Corn 215 190 204 214 204 Wheat 209 218 206 195 193 Sunseeds 349 409 555 633 609 Rapeseeds 404 465 490 - 438 Soybeans 674 551 401 417 786* EURk 2023 2024 2025 1H25 1H26 Revenues, incl. 239 890 208 637 149 448 61 220 77 642 Corn 105 978 70 809 41 114 32 491 40 250 Wheat 74 076 79 843 48 304 1 294 15 914 Sunseeds 41 225 19 505 25 088 10 108 19 009 Rapeseeds 15 371 34 162 14 056 - 1 274 Soybeans 939 1 258 18 851 16 881 280 Cost of revenues, incl. (179 951)(151 655)(131 763) (52 054) (64 019) Land lease depreciation (18 609) (19 871) (19 652) (10 295) (10 381) Changes in FV of BA and AP** 51 967 68 465 58 959 36 607 15 404 Gross profit 111 906 125 447 76 644 45 773 29 027 Gross margin 47% 60% 51% 75% 37% G&A expenses (16 577) (14 893) (16 345) (6 518) (6 612) S&D expenses (62 546) (48 933) (18 475) (6 854) (10 002) Other operating expenses (4 829) (3 800) (3 057) (708) (1 870) EBIT 27 954 57 821 38 767 31 693 10 543 EBITDA 63 567 92 087 72 927 49 202 30 491 EBITDA margin 26% 44% 49% 80% 39% Interest on lease liability (18 125) (19 557) (20 215) (11 050) (11 200) CAPEX (8 898) (16 670) (27 792) (15 662) (2 558) Cash outflow on land lease liability (30 490) (32 533) (34 483) (25 326) (24 610) *premium pricing for organic
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5 49 18 38 70 1212 46 29 34 56 11 23 39 24 31 56 14 Corn Wheat Sunseeds Sugar beets Soybeans Rapeseeds 2024 2025 2026 AGRICULTURE 6 Key operating highlights Source: the Company’s data Gross yields and output of key crops • Despite severe agro-climatic headwinds early grain harvesting campaign at Astarta was completed on time. Wheat yielded 5.4t/ha and stands at 210kt, rapeseed yielded 3.1 t/ha and stands at 43kt. As of the date of this report harvesting of late crops ongoing • As of the date of this report Astarta’s agricultural subsidiaries have started 2027 winter crops sowing campaign. Winter rapeseed sowing is in the final stages, and preparations for winter wheat sowing are underway t/ha 2024 2025 2026 t/ha kt t/ha kt t/ha kt Corn 7.6 40 7.6 94 In progress In progress Wheat 5.3 260 5.2 237 5.4* 210* Sunseeds 2.5 46 2.1 61 In progress In progress Soybeans 2.4 168 2.2 122 In progress In progress Rapeseeds 3.4 40 2.7 31 3.1 43 Sugar beets 49 1 887 55 1 848 In progress In progress *winter and spring wheat harvest Key crops acreage, kha
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0 100 200 300 400 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 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Corn Ukraine, EXW Wheat Ukraine, EXW Corn Euronext, FOB Wheat Euronext, CPT Source: APK-inform AGRICULTURAL MARKET FUNDAMENTALS • Harvesting is currently underway in Ukraine. According to MinAgro. Grain and oilseed harvest stands at 36mt as of Aug 24th. While Jul weather supported harvest prospects, late crop outlooks remain subject to Aug–Sept heat risks • The 1H26 grain and oilseeds exports from Ukraine totalled 23mt (+15% y-o-y), 94% of those were handled via the seaports. The main export destinations traditionally were MENA region (57%) and the EU countries (35% of total). Astarta’s share in exports was 1% • Following Russian attacks on port infrastructure starting Jul 10th, commercial vessel traffic halted, driving a sharp m-o-m drop in Jul shipments and forcing a gradual reorientation toward Danube ports and western rail/road borders (capped at a monthly capacity of max 2.5mt per month vs 5mt needed) • On an EXW basis, 1H26 Ukrainian wheat prices decreased by 11% y-o-y to EUR183/t and corn to EUR183/t (-13% y-o-y). Pressure on domestic prices is expected to persist as farmers defer sales along with a 30% increase of rail freight tariffs in local currency from Aug 1st 2026 • In 1H26 European wheat traded at an average of EUR199/t (-9% y-o-y), corn was flat y-o-y at EUR207/t. as global markets attempted to stabilize following Black Sea freight disruptions. However, escalating maritime tensions in the Black Sea region continue to inject uncertainty, placing upward pressure on international benchmark prices 7 Crop prices, EUR/t Source: State Customs Service of Ukraine, Ministry of Economy Ukrainian export of agricultural products by means of transport, mt Average price 1H26: Corn Ukraine – EUR183 (-13% y-o-y) Wheat Ukraine– EUR183 (-11% y-o-y) Corn Euronext – EUR207 (flat y-o-y) Wheat Euronext – EUR199 (-9% y-o-y) 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 Oct'25 Jan'26 Apr'26 Jul'26 Sea ports Railway Trucks Other Black Sea Grain initiative Ukrainian Sea Corridor
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SUGAR PRODUCTION Unit 2023 2024 2025 Total sugar production kt 377 380 362 Sugar beet processed kt 2 701 2 538 2 319 In house sugar beet % 74% 68% 72% 8 *Granulated sugar beet pulp and molasses Financial resultsProduction Sales volumes and realized prices • Revenues at EUR72m (-10% y-o-y) on the back of lower sugar sales prices. Average selling price was at EUR389/t (-25% y-o-y) amid seasonally low market activity • Gross Profit decreased to EUR9m (-59% y-o-y), with the gross margin compressing by 15pp y-o-y to 12%. EBITDA at EUR2m (-83% y-o-y), leading to an EBITDA margin of 3% (vs 18% in 1H25) • Astarta shipped 94kt of white sugar into international markets in 1H26, representing 53% of total segment sales volume. Commercial focus remained on non-EU countries, with the Middle East absorbing 59% of total export volumes 2023 2024 2025 1H25 1H26 Sugar, kt 284 396 298 149 177 Sugar-by products*, kt 94 134 67 20 26 Sugar prices, EUR/t 665 550 469 519 389 EURk 2023 2024 2025 1H25 1H26 Revenues 199 452 228 715 146 617 79 493 71 556 Cost of revenues (144 408) (180 449) (114 244) (58 144)(62 838) Gross profit 55 044 48 266 32 373 21 349 8 718 Gross margin 28% 21% 22% 27% 12% G&A expenses (7 194) (8 337) (9 323) (3 741) (3 193) S&D expenses (15 784) (30 023) (18 587) (8 645) (7 398) Other operating income/(expense) (1 463) (1 126) (409) 166 (729) EBIT 30 603 8 780 4 054 9 129 (2 602) EBITDA 39 290 18 243 14 297 14 286 2 436 EBITDA margin 20% 8% 10% 18% 3% CAPEX (10 927) (20 566) (22 879) (8 716) (4 298)
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0 100 200 300 400 500 600 700 800 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 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 White sugar, Ukraine White sugar, LIFFE Raw sugar, NYBOT SUGAR MARKET FUNDAMENTALS Sugar prices, USD/t • According to UkrSugar, updated 2026 sugar beet acreage in Ukraine contracted to 162kha (-23% y-o-y). As of the day of this report the sugar beet harvesting campaign has not yet started • In 1H26, Ukrainian sugar exports surged by 58% y-o-y to 393kt, with 71% shipped via maritime routes. Trade flows shifted predominantly away from the EU, with the Middle East absorbing 53% of total exports Deliveries to the EU declined by 11% y-o-y to 78kt (20% of total exports) in 1H26. Under the revised Tariff Rate Quotas, Ukraine’s duty-free sugar export limit to the EU is set at 100kt for 2026. Anticipated lower EU output could enhance the competitiveness of Ukrainian sugar, driving market expectations for potential EU import quota expansions in 2027 • The global sugar market faced downward pressure during the reporting period, with raw sugar averaging USD318/t (-21% y-o-y) and white sugar trading at USD429/t (-16% y-o-y). However, prices trended upward in Jul–Aug, prompted by revised global balance projections shifting from surplus to deficit due to adverse weather conditions in Brazil and the EU • Domestic sugar prices averaged USD413/t excl. VAT in 1H26 (-19% y-o-y), affected by low buyer activity across domestic and export channels. Market downside remains buffered by expected lower domestic output in the upcoming campaign and dry weather in Europe. Conversely, ongoing port infrastructure disruptions in Ukraine due to shelling continue to pose supply-chain and logistical risks 1.4 2.1 2.1 1.8 1.5 1.2 1.6 1.3 1.8 1.8 1.71.5 1.5 1.3 1.3 1.3 1.3 1.3 1.0 1.0 0.9 0.9 115 465 600 585 237 151 26 184 502 746 466 0 500 1000 1500 2000 0.0 0.5 1.0 1.5 2.0 2.5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 Average sugar prices 1H26: Ukraine – USD413 (-19% y-o-y) LIFFE – USD429 (-16% y-o-y) NYBOT – USD318 (-21% y-o-y)
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- 200 400 600 800 1 000 1 200 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 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Soybean oil, EXW Soybean meal, EXW Soybeans, EXW SOYBEAN PROCESSING Sales volumes Financial results Realized prices • Revenues at EUR51m (-7% y-o-y). Exports revenue contributed 87% of the total. Gross profit at EUR9m (-22% y-o-y) with the gross profit margin narrowing by 3pp y-o-y to 18% • EBITDA at EUR4m (-45% y-o-y), with the EBITDA margin narrowing by 6pp y-o-y to 7%, reflecting 8% y-o-y lower sales volumes and higher logistic costs • Soybean crushing volume at 114kt (-7% y-o-y) • Capex limited to routine maintenance and residual SPC investment • According to MinAgro, the updated acreage under soybeans in Ukraine stands at 1.7mha in 2026 (-18% y-o-y). As of the day of this report the harvesting has not yet started Production Ukrainian prices for soybean products and soybeans, EUR/t, excl. VAT Source: APK-inform 10 Average prices 1H26: Soybeans – EUR335 (+1% y-o-y) Soybean oil – EUR903 (+5% y-o-y) Soybean meal – EUR315 (+4% y-o-y) kt 2023 2024 2025 1H25 1H26 Soybean processed 232 226 229 123 114 Soybean meal 172 165 165 88 83 Soybean oil 45 45 45 25 22 kt 2023 2024 2025 1H25 1H26 Soybean meal 175 160 183 88 82 Soybean oil 42 48 51 24 21 EUR/t 2023 2024 2025 1H25 1H26 Soybean meal 482 415 332 345 349 Soybean oil 839 792 982 986 1 012 EURk 2023 2024 2025 1H25 1H26 Revenues, incl. 121 539 106 310112 378 54 598 50 716 Soybean meal 84 555 66 273 60 848 30 306 28 516 Soybean oil 35 468 38 302 49 670 23 382 21 109 Cost of revenues (86 436)(75 193) (93 247)(43 097)(41 720) Gross profit 35 103 31 117 19 131 11 501 8 996 Gross margin 29% 29% 17% 21% 18% G&A expenses (843) (997) (1 828) (833) (811) S&D expenses (7 739) (5 673) (7 723) (4 080) (4 964) Other operating expense (263) (103) (1 228) (580) (372) EBIT 26 258 24 344 8 352 6 008 2 849 EBITDA 27 956 26 012 9 927 6 837 3 769 EBITDA margin 23% 24% 9% 13% 7% CAPEX (13 988)(16 599)(41 694) (24 291)(15 127)
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0 100 200 300 400 500 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 Apr 26 Jul 26 Milk price1H26 average price CATTLE FARMING Milk sales volume and realized prices Financial results • Revenues at EUR25m (-15% y-o-y) primarily impacted by weaker realized selling prices for raw milk. Gross profit turned negative to EUR1m with a gross margin of negative 4%, reflecting a decline in dairy prices that triggered a negative IAS 41 herd revaluation of EUR6m • EBITDA negative at EUR1m vs positive EUR12m in 1H25. CAPEX at maintenance levels of EUR2m (-30% y-o-y) • Milk sales increased by 3% y-o-y to 63kt fully matching production growth, with 99% graded as "extra quality". The average 1H26 realized milk price at EUR316/t (-26% y-o-y) but consistently maintaining a quality premium over the average market levels • Astarta shipped almost 1.5k heads the MENA region, representing 4% of total Ukrainian live cattle exports and generating 8% of segment revenue Milk production volume, herd and productivity* Ukrainian premium quality milk price, EUR/t Average price 1H26: Milk: EUR280 (-25% y-o-y) 11Source: Infagro * average reporting period number 2023 2024 2025 1H25 1H26 Milk production, kt 115 119 126 63 65 Herd, k heads 26 28 29 29 31 Unit milk yield, kg/day 25.8 26.3 27.5 28.4 28.0 2023 2024 2025 1H25 1H26 Milk sales, kt 111 114 122 61 63 Milk price, EUR/t 352 414 408 425 316 EURk 2023 2024 2025 1H25 1H26 Revenues 42 598 53 099 56 408 29 268 24 869 Cost of revenues (29 891) (33 272) (35 884) (18 063) (20 184) BA revaluation 5 978 9 991 (13 036) 1 438 (5 569) Gross profit 18 685 29 818 7 488 12 643 (884) Gross margin 44% 56% 13% 43% (4%) G&A expenses (1 604) (1 964) (2 128) (1 432) (893) S&D expenses (416) (656) (644) (259) (324) Other operating expense (559) (683) (645) (269) (310) EBIT 16 106 26 515 4 071 10 683 (2 411) EBITDA 18 650 29 037 6 530 12 007 (960) EBITDA margin 44% 55% 12% 41% (4%) CAPEX (5 006) (4 982) (7 402) (3 050) (2 147)
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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 expansion in crop growing and 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 • Creating a digital culture in agricultural production through digitalization of business processes and application of AI solutions Downstream / processing • Crop storage and trading • Sugar production • Oilseeds processing • 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 2024 - reporting in accordance with ESRS 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 189kha, cover crops at 15kha, organic farming at 2kha in 2025 • Cooperation with global soft commodity off-takers who seek sourcing ingredients from regenerative farming within their supply chain. Pilot Carbon Farming project on 13kha Disclosure • Annual non-financial reporting in accordance with European Sustainability Reporting Standards (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 Resilience Centers for local communities in partnership with the Ministry of Social Policy Key focus areas: EUR40.7m - 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 EUR5m - Investments 600 - eentrepreneurs supported with grants 1,160 - New jobs created Resilience Centers in local communities as an effective model for delivering integrated social services, incl. psychological assistance and social integration programmes 300 Resilience centres developed in Ukraine - 12 – Resilience Centres supported by Astarta, 58k - 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 11 21 239 17 2814 17 42 7 5 87% 10% 21% -9% -4% 1% 6% 11% 16% 21% 0 20 40 60 80 100 120 140 2023 2024 2025 Sugar Production Agriculture Soybean Processing Other СAPEX as % of revenues ∑59 ∑100 ∑41 39 18 14 64 92 73 28 26 10 19 29 7 23% 26% 21% 0 100 200 300 400 500 600 2023 2024 2025 Sugar Production Agriculture Soybean Processing Cattle Farming EBITDA margin ∑145 ∑159 ∑100 39 -21 94 118 132 132 1.1 0.7 2.3 -0.8 -0.3 0.2 0.7 1.2 1.7 2.2 2023 2024 2025 Net financial debt Lease liabilities Net debt/EBITDA ∑111∑156 ∑226 199 229 147 240 209 149 122 106 112 43 53 56 15 15 7 2023 2024 2025 Sugar Production Agriculture Soybean Processing Cattle Farming Other ∑619 ∑612 ∑472 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 2025 1H25 1H26 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 491 510 619 612 472 227 226 Cost of revenues (55) (67) (96) (83) (128) (193) (286) (293) (268) (219) (257) (355) (324) (400) (348) (416) (380) (453) (455) (381) (173) (190) Changes in FV of BA/ remeasurement 1 4 8 (2) - 11 41 47 47 48 45 45 47 43 54 144 77 58 78 46 38 10 Gross profit 14 25 35 43 91 121 108 81 131 143 157 149 95 91 122 219 207 224 236 137 92 46 G&A expenses (6) (8) (12) (8) (9) (11) (24) (23) (23) (19) (21) (24) (24) (24) (23) (31) (24) (28) (29) (32) (13) (13) S&D expenses (3) (4) (7) (6) (7) (13) (20) (23) (22) (20) (22) (35) (41) (47) (31) (31) (66) (88) (86) (46) (20) (23) Other 2 13 6 11 13 (3) (3) (2) 5 5 10 (8) (12) (6) (12) (7) (8) (12) (10) (9) (3) (4) Profit from operations 7 26 21 41 88 93 61 34 91 108 124 82 18 15 56 150 109 96 110 50 56 7 Finance costs and income (5) (7) (8) (9) (12) (17) (18) (21) (24) (31) (27) (9) (13) (17) (10) (4) (6) (4) (1) (3) (1) (3) Interest expense on lease liability* - - - - - - - - - - - - (20) (23) (22) (21) (21) (20) (22) (22) (12) (12) Foreign currency exchange (1) - (33) (2) - (1) - (4) (135) (63) (14) (8) (2) 25 (17) 1 (6) 2 1 (2) (0) (4) Other 4 5 9 1 4 14 3 12 1 - 1 (1) - - 3 2 0.04(0.04) 0.09 0.10 0 0 Profit before tax 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 74 90 24 43 (13) 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) (4) (0.4) (1) Net profit 6 23 (8) 29 80 88 46 22 (68) 16 83 62 (18) 2 9 122 65 62 83 20 42 (14) ROE 9% 23% (13%) 25% 38% 29% 14% 6% (31%) 7% 23% 18% (5%) 0.4% 3% 25% 13% 12% 15% 4% 8% (3%) EBITDA* 11 31 31 50 101 111 86 65 120 131 152 120 68 78 113 201 155 145 159 100 81 34 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 14 14 2 Agriculture 5 21 24 14 29 47 58 47 59 71 76 39 70 53 80 154 76 64 92 73 49 30 Soybean Processing - - - - - - - - 19 10 19 6 6 7 7 5 28 28 26 10 7 4 Cattle Farming - 8 4 12 12 12 9 19 12 2 4 17 (4) 16 9 9 18 19 29 7 12 (1) 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% 3% Agriculture 45% 98% 81% 43% 71% 59% 55% 55% 83% 87% 90% 28% 55% 26% 46% 83% 42% 26% 44% 49% 80% 39% Soybean Processing - - - - - - - - 26% 20% 25% 8% 8% 9% 10% 6% 23% 23% 24% 9% 13% 7% Cattle Farming (11%) 105% 41% 132% 69% 46% 29% 55% 41% 9% 15% 54% (12%) 45% 26% 23% 47% 44% 55% 12% 41% (4%)
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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 2025 1H25 1H26 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 117 98 107 120 126 121 139 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 28 30 37 48 33 46 27 PP&E and other 33 79 79 111 148 231 244 321 237 232 265 244 277 300 199 201 196 192 215 326 229 324 Non-current assets 36 86 84 124 163 252 288 366 268 252 280 267 404 472 317 345 324 335 383 485 395 490 Inventories: 46 52 58 70 120 192 218 246 157 153 223 195 235 194 107 227 244 255 221 245 112 126 Incl RMI* 36 36 39 52 89 139 170 160 114 109 180 146 182 143 74 171 184 181 160 186 54 62 Biological assets 7 15 15 20 39 54 53 29 27 18 14 17 16 16 21 41 33 17 19 21 130 119 TA receivable and other 27 19 15 16 29 55 65 45 20 38 46 39 76 64 43 65 81 89 76 77 79 73 Cash and equivalents 3 1 5 2 2 18 12 7 35 31 12 15 13 13 22 12 26 13 48 40 31 69 Current assets 83 87 93 108 190 319 348 327 239 240 295 267 341 287 194 345 384 375 365 384 352 387 Total assets 119 173 176 231 353 570 636 693 507 492 575 533 745 759 511 691 708 710 748 869 747 878 Equity 62 99 60 119 209 307 328 371 220 240 353 348 366 439 337 495 489 499 549 553 523 525 Long-term loans 8 6 12 52 56 108 155 114 106 13 48 45 1 1 35 21 17 35 16 59 18 91 Lease liability (mainly land)** - - - - - - - - - - - - 79 103 73 92 80 86 98 100 98 110 Other 3 10 7 12 12 21 17 19 17 20 26 14 14 11 6 5 8 6 9 17 7 14 Non-current liabilities 11 16 19 64 68 128 171 133 124 33 74 59 93 115 114 118 105 127 122 176 124 214 Short-term and current loans 28 46 81 32 57 102 97 157 145 191 110 101 233 149 18 18 53 17 11 75 40 59 Current lease liability** - - - - - - - - - - - - 25 36 26 33 29 32 34 33 27 29 Other 18 12 17 16 19 33 40 32 18 27 37 26 28 21 17 27 32 36 31 33 34 50 Current liabilities 46 58 97 49 75 135 137 189 162 218 147 127 286 206 60 78 114 84 76 141 101 139 Total equity and liabilities 119 173 176 231 353 570 636 693 507 492 575 533 745 759 511 691 708 710 748 869 747 878 Net Debt (incl lease) 33 50 87 83 110 192 240 264 217 173 146 130 324 276 129 152 152 156 111 226 152 220 Adj. Net Debt = (ND-RMI) (3) 14 48 31 21 53 70 104 102 64 (34) (16) 142 133 55 (19) (31) (25) (50) 40 99 158 EBITDA (LTM) 11 31 31 50 101 111 86 65 120 131 152 120 68 78 113 201 155 145 159 100 154 53 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 2.3 1.0 4.1 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 3.0
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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 2025 1H25 1H26 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 74 90 24 43 (13) Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 51 46 50 49 50 25 28 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 4 1 4 Interest expense on lease liability** - - - - - - - - - - - - 20 23 22 21 21 20 22 22 12 12 Forex - - 35 3 (1) 1 (0) 6 130 63 14 8 2 (25) 17 (1) 6 (2) (1) 2 0 4 WC changes (26) (22) (29) (16) (57) (81) (29) 17 24 2 (25) (9) (9) 138 51 (85) (103) (44) 20 (67) (41) 23 Income taxes paid (0) (0) (0) (0) (0) (0) (0) (0) (1) (1) (2) (4) (2) (1) (2) (6) (9) (14) (6) (6) (2) (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) 9 (15) 16 Operating CF (15) 8 5 23 32 21 17 39 94 88 82 69 16 173 156 57 39 91 167 36 24 72 Purchase of PPE and other (11) (23) (38) (10) (34) (58) (51) (54) (27) (10) (21) (51) (47) (24) (15) (13) (18) (42) (55) (102) (47) (29) Other (0) (1) (5) 5 (6) (32) 12 11 (22) 8 9 (10) 2 2 1 9 2 2 3 2 1 1 Investing CF (11) (24) (43) (5) (40) (91) (39) (43) (49) (2) (12) (61) (46) (22) (14) (4) (16) (40) (52) (100) (46) (27) Proceeds from loans and borrowings 32 64 102 35 81 194 179 254 165 108 140 163 190 81 82 82 118 117 3 173 47 68 Repayment of loans and borrowings (15) (44) (52) (42) (62) (107) (134) (232) (180) (159) (191) (157) (115) (181) (169) (100) (88) (131) (31) (59) (11) (57) Dividends paid - - - - - - - - - - - - - - - (12) - (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) (4) (1) (4) Land lease repayment** - - - - - - - - - - - - (34) (36) (31) (31) (28) (32) (34) (36) (26) (25) 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) 62 9 (18) Change in cash and equivalents 7 (2) 7 1 0 2 3 (4) 7 5 (3) 2 (2) (3) 16 (12) 18 (12) 37 (1) (14) 27 Cash as at PE 1 3 1 1 2 1 5 8 3 13 17 11 14 13 12 22 12 26 13 48 48 40 Currency translation difference (4) (0) (7) (0) (1) 2 0 (2) 4 (1) (2) 2 1 2 (6) 1 (4) (1) (2) (7) (4) 2 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 40 31 69
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APPENDIX
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Crop growing Storage, Handling and Logistics Processing Primary agriculture • Among the biggest Ukraine’s agricultural businesses by land bank in operation • 214kha* of leased land in seven regions • Up to 600kt of grain and oilseeds output in 2025 (key crops – winter wheat, corn, soybeans, sunseeds, rapeseeds) • 1.8mt of sugar beet harvest in 2025 • 2025 Revenue – EUR149m 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 • Sugar plants producing 200-500kt of sugar in 2016-2025 • Bioenergy plant • 2025 Revenue – EUR147m Soybeans • Soybean processing plant with crushing capacity 230kt annually • 165kt of soybean meal and 45kt of soybean oil output in 2025 • 2025 Revenue – EUR112m Cattle farming • The largest industrial milk producer with 31k* cows • 126kt of milk production in 2025 • 2025 Revenue – EUR56m 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 2023-1H26 39 -21 94 81 118 132 132 139 165 239 265 276 1.1 0.7 2.3 4.1 2.2 2.2 4.9 9.3 -1.0 1.0 3.0 5.0 7.0 9.0 2023 2024 2025 1H26 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 30.06.2026 EUR11.0 (PL N47.5) VALUATION AND CAPITAL STRUCTURE *As of August 2026 Source: Bloomberg, Company’s data Name Share Ivanchyk family 44.19% Fairfax Financial Holdings LTD 29.91% Kopernik Global Investors 2.64% Heptagon Capital 1.88% AXA SE 0.69% Generali 0.47% OFE Pocztylion 0.37% AgioFunds 0.25% TIFF Advisory Services 0.18% 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 Average number of training hour per employee Key corporate documentsStructure of the BoD Composition of the BoD Ecological Total energy consumption, kMWh 2 246 2 232 4 693 4 805 2024 2025 Female Male 0.3 0.5 2024 2025 21.1 26.7 2024 2025 Board of Directors Audit committee Remuneration committee ESG committee • Code of Conduct • Remuneration Policy • Insider Trading Rules • Whistleblower Rules • Anticorruption Policy • Social Policy • Human Rights Policy • Occupational Health and Safety Policy • Environmental Policy Governance KEY ESG FACTS 507 487 15 14 352 405 288 234 2024 2025 Biogenic Scope 3 Scope 2 Scope 1 Board of Directors Executive Directors Non-executive directors Total emissions, kt of CO2eq* Water consumption, 2025, k m3 Note: for more detailed information, please, refer to Astarta’s Annual Report/Sustainability Statement 23 ∑1 161 ∑1 141 *Carbon dioxide equivalent 1 225 1 052 2024 2025 5 798 2 656 3 142 Withdrawal Discharge Consumption
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ASTARTA IT SOLUTIONS AgriChain is the integrated technological ecosystem of Astarta, that is driving digital transformation through centralised data management and bespoke IT solutions. In 2025, the platform evolved into a unified operational architecture, synchronising land bank management, field operations, logistics, and corporate intelligence. AgriChain, covers Astarta’s land bank and is used on 350k+ ha of third-party farmland as an outsourced service. • AgriChain Land - comprehensive management system for the land bank, lease relations, and legal data. In 2025 introduced CRM for lessor relations and a land-exchange accounting system to facilitate field consolidation and reduce logistics costs • AgriChain Kit – business process modelling and CRM system that enables agribusinesses to structure, automate, and optimize internal workflows • AgriChain Plan – comprehensive planning system for seasonal production programmes that allows the development of crop rotation scenarios, logistics optimization, and differentiated technological maps • AgriChain Farm – field operation planning solution for crop production management and technological process tracking. In 2025 piloted the automated stock taking of quantitative and qualitative performance indicators by integrating direct data from the AgriChain Machinery module • AgriChain Scout – advanced agronomic monitoring and crop potential assessment based on Big Data. In 2025 launched the "assessment of the field potential " function to optimise fertiliser and crop variety selection for precision farming • AgriChain Barn – warehouse management system that provides inventory control, stock tracking, and logistics automation • AgriChain Logistics – raw materials supply chain management and scenario-based planning. In 2025 developed scenario models for the sugar beet campaign, contributing to enhancing efficiency in beet processing • AgriChain Machinery – real-time monitoring of machinery and field works, linking the "field–machine–operator" connection. In 2025 transitioned to full industrial application; automated reporting to enhance resource management during peak seasons • AgriChain LMS – digital learning management system for professional development and knowledge sharing. In 2025 launched a structured onboarding system and the "Open LMS" public platform for partners and seasonal staff • AgriChain Cattle – mobile application for daily livestock management and real-time animal history tracking. In 2025 transformed into a practical daily management tool with an integrated system for task assignment and monitoring • AgriChain LMS – digital learning management system for professional development and knowledge sharing. In 2025 launched a structured onboarding system and the "Open LMS" public platform for partners and seasonal staff • e-TTN and Digital Logistics - platform for legally binding electronic shipping documentation and real-time transit tracking • AgriChain Security - digitalisation of security workflows and operational risk monitoring. In 2025 fully replaced paper-based reporting with a digital format, significantly reducing response times during sowing and harvesting • AI Platform - corporate AI hub to scale automation and business process knowledge. In 2025 launched the internal AI platform and took an active role in drafting the National AI Roadmap for Ukraine’s AgTech sector
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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