Astarta (AST) Q4 2025 earnings summary

Executive summary

• Consolidated revenues fell 23% year-over-year to EUR472m in 2025, driven by lower crop yields, reduced acreage, lower oilseed harvests, and reduced crop and sugar sales volumes, with only soybean processing and cattle farming showing growth.

• EBITDA margin contracted from 26% to 21%, with EBITDA down 37% to EUR100m and net profit falling 76% to EUR20m, reflecting profitability pressures across segments.

• Gross profit dropped 42% year-over-year to EUR137m, with gross margin narrowing to 29% due to lower fair value changes in biological assets and agricultural produce.

• Operating cash flow fell sharply, down 78% year-over-year to EUR36m, but less so when excluding working capital effects; investing cash flow doubled due to major projects.

• Export sales comprised 62% of total revenue.

Financial highlights

• Revenues in agriculture and sugar segments dropped due to lower volumes and prices; soybean processing and cattle farming remained robust in volume but faced margin pressures.

• EBITDA margin fell to 21% from 26% year-over-year; excluding biological asset remeasurement, margin was 23%.

• Net financial debt (excluding lease liabilities) rose to EUR94m from a positive cash position of EUR21m in 2024; total net debt doubled to EUR226m.

• CAPEX increased 43% year-over-year to EUR59m, focused on machinery renewal, SPC facility, multi-seed crusher, and dairy farm upgrades.

• Net debt to EBITDA exceeded 2x at year-end due to increased investment.

Outlook and guidance

• Crop rotation mix for the current year is stable, with a slight decrease in sugar beet acreage and a slight increase in corn at the expense of wheat.

• Sugar beet acreage expected to drop by at least 20% in 2026, aiming to relieve domestic oversupply.

• SPC facility launch expected in 2H26; multi-seed crusher project timeline extended beyond 2026.

• CapEx in 2026 projected to be less than half of 2025, reflecting market downturn and project completion.

• Focus on resilience under wartime conditions, digital transformation, and climate adaptation.