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 ($)	12.66
Market Cap ($m)	310
Enterprise Value ($m)	425
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	31.36	2.11	***	***	***
P/Sales	0.65	0.54	***	***	***
EV/EBITDA	3.7	2.0	***	***	***
P/Book	0.75	0.55	***	***	***

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Latest news about Astarta Holding

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.

Nov 18, 2025

| Food & Agriculture

Astarta Holding — Reports 3Q25 operating update

WSE-listed Astarta Holding, Ukraine’s largest sugar producer, reported a 13% q-o-q decline in 3Q25 sugar sales, to 63 kt (-19% y-o-y), priced at $535/t on average (-8.4% q-o-q, -8.0% y-o-y). Grain and oilseed sales surged 5.3x q-o-q to 212 kt (+23% y-o-y). Soybean oil sales dropped 4.3% q-o-q to 11 kt (+37% y-o-y), while soybean meal sales fell 21% q-o-q to 35 kt (+18% y-o-y).