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 ($)	11.77
Market Cap ($m)	288
Enterprise Value ($m)	403
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	29.14	1.96	***	***	***
P/Sales	0.60	0.50	***	***	***
EV/EBITDA	3.5	1.9	***	***	***
P/Book	0.69	0.51	***	***	***

Grain and oilseed exports down 12% y-o-y to 41 Mt in 2025/26 MY

Ukraine exported 3.7 Mt of grain and oilseed crops in June, the final month of marketing year 2025/26 (July-June), down 4.3% m-o-m but up 46% y-o-y. Corn remained Ukraine’s largest export crop in June, although shipments declined 15% m-o-m to 2.0 Mt, while wheat exports surged 29% m-o-m to 1.6 Mt. Grain exports remained unchanged m-o-m at 3.6 Mt in June (+60% y-o-y), while oilseed exports fell by 51% m-o-m to 0.2 Mt (-50% y-o-y). Grain and oilseed exports thus stood at 23.3 Mt in 1H26, up 30% h-o-h and 15% y-o-y, and at 41 Mt in 2025/26 MY, down 12% y-o-y.

May 01, 2026

| Sugar

Astarta Holding — Reports weaker than expected 2025 financials

WSE-listed Astarta Holding, a Ukrainian agricultural producer focused on sugar, grain, and soybean processing, reported 2025 net sales of $533m, -19% y-o-y, a gain from change in fair value of biological assets (IAS 41) of $52m, -40%, EBITDA of $112m, -35%, and net income of $21m, -77%. End-2025 net debt stood at $266m, yielding a Net Debt/LTM EBITDA ratio of 2.39x, up from 1.59x at end-9M25 and 0.67x at end-2024.