Q3 2025 Astarta Holding PLC Earnings Call Transcript
Key Points
- Soybean processing segment shows stable top-line performance with plans to launch a new plant next year.
- Cattle farming segment experiences a good increase in production volume and herd size.
- Leverage remains at an acceptable level with a net debt-to-EBITDA ratio of 1.5 times.
- Logistics through seaports are operating efficiently, allowing for timely export of grains and oilseeds.
- Government initiatives to promote domestic oilseed processing could benefit ASTARTA Holding NV (FRA:Z6J) by increasing soybean and rapeseed availability.
- Overall top-line revenue decreased by one-fifth due to lower agriculture and sugar production revenues.
- Profitability is lower at the gross level, with a net profit of EUR44 million.
- Soybean processing faces a contraction in gross margin due to a significant decline in soybean meal prices.
- Weather conditions have negatively impacted the harvest timing and yield of key crops.
- Global and domestic sugar prices are declining, leading to a reduction in sugar beet acreage by approximately 20% for next year.
Hello and thank you, everyone for joining today's call devoted to the nine months results of Astarta. We started with the P&L overview. Our top line was down by one-fifth on account of lower revenues in agriculture and sugar production, in agriculture due to lower harvest of last year, which we are selling as well as sugar -- lower volumes of sugar sales.
In soybean processing, our top line is stable and we have a good increase in cattle farming. Profitability this year is lower at gross level of 35%. At EBITDA margin, it is stable year-on-year but we do have lower results at the bottom line of net profit of EUR44 million. We also show our results without IAS 41 impact in our P&L. And here, EBITDA margin is at 28%.
Switching to cash flows and balance sheet. We have lower operating cash flows but largely stable if we exclude working capital changes. Our investments are more than double on last year because we are actively developing the soybean processing segment. We are
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