AGRANA (AGR) H1 25/26 earnings summary

Executive summary

• Revenue declined 9.1% year-over-year to €1,691.6 million, with EBIT down 50.5% to €28.0 million and profit for the period dropping 95.3% to €1.1 million, mainly due to weak Starch and Sugar segments and restructuring costs; Food & Beverage Solutions (FBS) delivered strong growth.

• The group remains in a transformation phase, including site closures, acquisition of Mercator-Emba, and a new segment reporting structure.

Financial highlights

• Revenue for H1 2025/26 was €1,691.6 million, down 9.1% year-over-year; EBIT was €28.0 million, down 50.5% from €56.6 million in H1 2024/25.

• Exceptional items totaled €-20.8 million, mainly due to restructuring costs in the Sugar segment.

• Free cash flow improved to €83.5 million (prior year: €73.9 million); net debt reduced to €407.8 million, down €28.6 million from prior year-end.

• Profit for the period was €1.1 million, down from €23.5 million in the prior year; EPS was a €0.05 loss versus €0.35 gain.

Outlook and guidance

• Full-year EBIT forecast raised to €45–60 million, significantly above the previous year, while revenue is projected to decrease moderately.

• FBS segment expected to see slight increases in both revenue and EBIT; Starch segment faces slight revenue reduction and significant EBIT decline; Sugar segment anticipates significant revenue drop but EBIT improvement due to absence of exceptional items.

• Third quarter EBIT expected to improve significantly year-over-year but remain below Q2.

• Investment plan for 2025/26 set at €100 million, below prior year and depreciation, with focus on FBS.