Higher revenues, sales volumes in the agricultural segment, which allowed us to compensate slight decrease in the revenues in the other segments. On the profitability side, as cost of sales were going up and there was a price correction in the market, gross margin halved to 20% and EBITDA margin came down to 15%. The bottom line was also affected not only by the operating results, by the Forex movement of EUR 4 million, which gave us a loss at the bottom line. Going to the cash flows, our focus remained on maximizing operating cash flows, which were held by working capital release as we accelerated sales of grains and oilseeds. We kept our investments at maintenance CapEx levels, save for residual investment into the SPC. But lower profitability led to increased leverage, currently standing at 3x debt-to-EBITDA. Going into agricultural segment results, one can see higher volumes of corn, wheat, and sunflower seeds, but lower average prices compared to the previous period for all crops across the board. If we are looking at our harvesting results, we see higher yields for winter crops, the harvesting for which we already finished at 5.4 tons per hectare in wheat and 3.1 in rapeseeds. We continue harvesting for late crops and the results will be known later during the year. If we are looking at the market situation, we see already a much widening differential between global and domestic Ukrainian prices because of the difficulty of getting grain out of Ukraine. 90% of soft commodities used to be transported via Odesa deep ports, and these now do not operate at full potential. We see the alternative capacity at maximum 2.5 million tons per month, which was a recent estimate by the Ministry of Agrarian Policy and Food. But the real Ukrainian needs for its annual harvest is 5 million tons per annum. That resulted in significant decline for corn and wheat prices ex works in Ukraine. The pricing differential between international and domestic ex work prices currently already exceeds EUR 100 per ton. Sugar. The processing season hasn't started yet. We are still selling stocks from the previous one. We have higher sales volumes and exports at reasonable levels with MENA region being the key export destination. But of course, Ukraine wants to utilize fully its EU import quota of 100,000 tons. Profitability is much lower than last year due to higher logistics costs. Part of sugar exports is also done by sea, so switching to Danube and other alternative routes have its costs. What we expect in terms of prices for next year, the situation might look brighter because the adverse weather conditions in Europe mean that there could be a deficit of sugar in the EU. So that might provide an opportunity to increase quota for Ukrainian sugar next year. There is adverse weather conditions in Brazil, so we have to see how the situation will work out. But for the first six months, we see a 20% decline in average prices. Soybean processing is a stable production and sales picture. We see stable prices, but profitability is lower due to higher energy and logistics costs. We are putting the last CapEx into the SPC project this year, and we hope to launch it relatively soon. In terms of the market outlook, domestic Russian looks favorable despite 20% acreage downturn because of the limited exports routes. Very briefly on cattle farming. The price is down by 25%, which created a very big one-off biological asset revaluation hit of EUR 5.5 million, and that translated into negative EBITDA. We sold milk domestically, but in terms of by-product meat, we continue to be one of the leading exporters of live cattle out of Ukraine, and that generated 8% of the cattle farming revenues this year. This is all in a nutshell in terms of the presentation. I can see that there are already questions in the chat box. The first one is coming from Marek Leśniak. Fair value of biological assets and agricultural produce increased in second quarter by EUR 10 million versus 36 in second quarter 2025. To what extent was this driven by cost to sell component considering Astarta's Ukraine export volumes? Are land transport routes, railway tracks, a viable alternative to sea freight? I am going to pass the floor to Ms. Liliia Lymanska, the Chief Financial Officer. The fair value of biological assets as of the end of June this year, of course, largely driven by higher logistic costs, if you mean this by cost to sell component. It is based on our estimation of market price of goods at the date of harvesting as of the date of authorization of our financial statement to issue. Regarding the second part of the question, land transportation routes, railway and tracks, a viable alternative to sea freight. Capacity-wise, as I mentioned, the Ministry of Agrarian Policy and Food considers alternative route capacity to be half of what is required, up to 2.5 million tons per month, as opposed to 5 million tons required. So whether this is viable, of course, we will have to use all capacities required. We also need cooperation from neighboring countries for transit of Ukrainian grain, and we are pleased to see that Romania is the friendliest towards Ukrainian grain transit. It has been announced recently that the Port of Constanța takes Ukrainian cargo as a priority. So even this capacity requires good cooperation on European level. We hope that this full potential will be realized. Next question from Marcin Nowak. Several of them. I will start with the first one. What is Astarta's plan towards selling 2026 agriculture volumes with limited capacity of Black Sea terminals after recent strikes? This question is to Mr. Viacheslav Chuk, the Commercial Director. Yes. Good afternoon, everyone. Thank you very much for your attention to our results. I am replying to this question. I would say that we will use the routes we were using at the beginning of the full-scale invasion. It was transit routes to the port of European countries, to ports of European countries, and of course, we will use railway logistic to direct processors of the oil seeds. We are not processing by our own to the European continent. I will say that we have, and we have stable contacts with the partners on EU territory, and we are maintaining this relationship. So actually, that will be slower pace of export, but stable from the perspective of volumes month by month. Thank you. Related question from the same vlog: do you plan to resign from trading in third-party volumes until export capacity increases? Actually, we are right now in the process of pumping up our volumes. As soon as we see this logistics as stable, we are willing to help our ecosystem of farmers also to export these grains. So depending on the pace, how we fix our own pace of export, we will try to take some volumes also of third parties. How it will affect agriculture results? I think I mentioned it that the price differential between global and domestic prices is now just over EUR 100 for the market in general, and that can be an estimate of the cost of logistics at the moment. If we look at the picture for 2023, 2024, we hope that this pricing differential will narrow and converge again as Ukraine is working towards resuming its maritime corridor. Next question from Carl Adamski: Where are we with soybean crusher facility construction? We are in the last year of a three-year program of CapEx in our project. We hope to launch the facility this year, but we would not commit or comment on particular date given the security situation in Ukraine. Please bear with us. That's unfortunately the situation we are now. Is Astarta direct export product outside of EU? Ukraine. Ukraine. Okay. Or company are using middle broker or company that take product from Astarta storage directly? Thank you very much for the question. We are using mainly direct consumers and buyers or ABCD names, so it's mainly- Global global traders. Yes. Is the acquisition of Vidrodzhennia Lion Moloko still on table for Astarta? We postponed this acquisition given the current market environment. Next question from Marcin Nowak again: What is the expected time needed to restore terminal capacity? Has Kernel provided any timeline? We cannot, unfortunately, comment on something which we are not in control of. This question should be directed at Kernel, unfortunately. I don't see any other questions coming. I'll just wait for another 10 seconds, and if there are no more questions, we will complete this call. Thank you for your interest and for your support, and we'll talk again after the nine-month results. If you have any more questions, you can drop us an email, or we can set up one-on-one calls. Thank you. Bye-bye.
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