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 ($)	15.77
Market Cap ($m)	386
Enterprise Value ($m)	501
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	39.05	2.63	***	***	***
P/Sales	0.80	0.67	***	***	***
EV/EBITDA	4.3	2.3	***	***	***
P/Book	0.93	0.69	***	***	***

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.

Apr 27, 2026

| Food & Agriculture

Astarta Holding — Reports solid 1Q26 volume sales, but sugar prices down q-o-q

WSE-listed Astarta Holding, a Ukrainian agricultural producer focused on sugar, grain, and soybean processing, reported 1Q26 sugar sales of 85 kt, flat q-o-q and up 10% y-o-y, with an average price of $434/t. Grain and oilseed sales surged 76% q-o-q to 216 kt (+61% y-o-y), while soybean oil sales declined 21% q-o-q to 12 kt (+3.4% y-o-y) and soybean meal sales fell 27% q-o-q to 45 kt (+2.0% y-o-y).