Companies

Astarta Holding

Astarta Holding is the largest sugar producer in Ukraine with a 25% share of total output in 2016. The company cultivates 250,000 ha of land in central Ukraine and harvested 910 kt of crops in 2016 (1% of total domestic harvest).

Shareholders Structure

SUMMARY

Market Price ($)	12.85
Market Cap ($m)	314
Enterprise Value ($m)	430
Shares Outstanding	24,470,400
Code	AST PW

Recommendations

FV ($)	****
Upside (%)	****
Recommendation	****

Indicator	2020	2021	2022	2023	2024
Sales ($m)	480	573	***	***	***
EBITDA ($m)	128	240	***	***	***
Net Income ($m)	10	147	***	***	***
Net Debt ($m)	159	172	***	***	***

Indicator	2020	2021	2022	2023	2024
P/E	31.82	2.14	***	***	***
P/Sales	0.66	0.55	***	***	***
EV/EBITDA	3.7	2.0	***	***	***
P/Book	0.76	0.56	***	***	***

Astarta Holding — 4Q25 operating results broadly in line

WSE-listed Astarta Holding, Ukraine’s second largest sugar producer, reported a 36% q-o-q increase in 4Q25 sugar sales, to 85 kt (-20% y-o-y), priced at $465/t on average (-13% q-o-q and y-o-y). Grain and oilseed sales fell 44% q-o-q to 123 kt (-46% y-o-y). Soybean oil sales increased 39% q-o-q to 16 kt (+20% y-o-y), while soybean meal sales surged 75% q-o-q to 61 kt (+42% y-o-y). Astarta also reported 2025 sugar production of 361 kt (-5.0% y-o-y), having processed 2.3 Mt of sugar beets (-8.0% y-o-y).

Nov 24, 2025

| Food & Agriculture

Astarta Holding — 3Q25 EBITDA halves y-o-y to $24m

WSE-listed Astarta Holding, Ukraine’s largest sugar producer, reported 9M25 net sales of $382m (-20% y-o-y), a gain from change in fair value of biological assets (IAS 41) of $54m (-16%), EBITDA of $114m (-21%), and net income of $49m (-41%). End-9M25 net debt stood at $227m, yielding a Net Debt/LTM EBITDA ratio of 1.59x vs. 1.05x at end-1H25 and 0.67x at end-2024.