Companies

Astarta Holding

Astarta Holding is a leading Ukrainian agricultural company, founded in 1993 and listed on the Warsaw Stock Exchange since 2006. The company engages in crop growing, sugar production, soybean crushing, and bioenergy. It reported 2025 net sales of $533m (-19% y-o-y) and EBITDA of $112m (-35%).

Shareholders Structure

SUMMARY

Market Price ($)	11.82
Market Cap ($m)	289
Enterprise Value ($m)	405
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	29.28	1.97	***	***	***
P/Sales	0.60	0.50	***	***	***
EV/EBITDA	3.5	1.9	***	***	***
P/Book	0.70	0.52	***	***	***

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.