Astarta Holding PLC

for which we would like you to send questions in the Q&A box so that we can read it out. Without further ado, we would like to go... So our first highlights on the P&L. We had quite a difficult year last year on the harvest front. Practically all crops except sugar beet were lower than in the previous period and that was reflected in the reduction of our revenues of the agricultural segment and also lower acreage for sugar production also resulted in lower revenues for sugar along with the price decreases. We had a good growth in soybean processing and the cattle farming, the two segments which remained robust on the revenue line. In terms of profitability, we had IBDA margin contraction from 26% to 21%. We do provide the picture without biological asset re-measurement in the lower part of the slide. And the margin contraction was less dramatic here, but also down to 23%. On the cash flow situation, operating cash flows were down by three quarters, but if we exclude the impact of the working capital, the fall was not as dramatic, so it was down to over 100 million euros. Investing cash flows doubled in 2025 as we continue to invest in our main project, soy protein concentrate facility, which we are planning to launch in the second half of this year. We also started our works on the multi-seat crusher, although the timetable for this project has been moved. And we also continued our maintenance in other segments. These investments led to increase in our leverage, which as of year end was over two times net debt to EBITDA. Agriculture, along with some lower crop prices, we had lower volumes of sales by one-third, and that was the main reason for contraction in revenues and EBDA. If we are looking at the harvest of last year, corn was flat, but all other grain and oil seeds were down. Sugar beet was a higher yield, which resulted in the same amount of sugar produced despite the lower acreage of 34. Looking ahead into the current year, our crop rotation mix is almost stable. For the key strategic crops like sugar beet, there is a slight decrease. It stays flat for soybeans. And we have a slight increase of corn and expense of wheat for this year. If we are looking at the global market situation, there was a convergence between domestic and international prices. But we had a big change in the trading regime with the EU. which affected us not only for the sugar segment, where quarters were imposed at 100,000 tons, which is only one fifth of Ukraine exports in the previous years to the EU, but grain quotas were also reinstated at pre-war levels for the key grains. Therefore, the exports to this market was reduced, and Ukrainian producers, including Astarta, increased their presence in South Europe and North Africa region, Middle East as well. Continuing on the sugar topic, there was a reduction in acreage because reduced quotas for the European market meant that there is a bigger oversupply in the domestic market. That was coupled with downturn in prices in the global markets and that resulted in lower profitability for us, which continues in the beginning of this year. The selling price over 12 months was down by more than 15%. And if we are looking at market prices for the beginning of this year, this downturn unfortunately continued. As we mentioned, the much reduced quota for Ukrainian sugar in European markets led to reduced acreage last year under sugar beet. This year, our expectations are also for sugar beet acreage to reduce by at least 20%. So from almost 200,000 hectares in 2025, we expect it to go down to 160-165,000 hectares. That should help relieve pressure on the domestic market. Soybean processing is our stable segment in terms of market access to the EU, in terms of the volumes for our two core products, meal and soybean oil. However, there is a normalization of the crushing margin. We saw elevated margin for the three years from 2022 to 2024. Now we can see crushing margin and EBITDA margin coming back to the pre-war levels, which can be seen in the five years preceding 2022. In order to increase profitability for this segment, we initiated a project to produce soybean concentrate. We plan to launch it this year and to have a positive impact on our margins from next year. Last but not the least, we also initiated a new multi-seat crusher construction in the western Ukraine, but we would like to focus on launching the SPC facility before significant CAPEX outlays for the multi-seat crusher, which we communicated in our annual report. Cattle farming, we had good operating results in terms of the volume and revenue growth, in terms of productivity for this segment. However, there was a cliff edge fall in the milk price, and this led to a big loss on the biological revaluation side of 13 million euros. In terms of our strategy, it remains intact during the war times. We are focusing on the oil seed side by launching the new facility, by implementing design works for the next multi-seat facility, and this will remain our core strategic focus for this year and next year. With this, we would like to conclude the main part of our presentation, and we would welcome your questions in the Q&A area. Quite a few of them already. The first question is from Carl. What was the reason that book value of pieces of cows decreased from 72 grivna in 24 to 52 grivna in 25 when prices milk look like not change much? One second. Let me have another look. the book value of pieces of cows. If we're talking about biological evaluation of cow heads, it is related mostly to the milk prices this year. And I would like to pass the floor to our finance director who will provide more color to this topic.

Thank you, Julia. It is the influence of a revelation according to our forecast on milk prices and the effect is 13 million euro. So it is cost only by our expectations of milk price for next 12 months.

Thank you. The next question from Carol, has company observed any late damage to crops due to cold weather in the last few weeks, especially in rapeseeds? Yes, there were reports in Ukraine regarding damage to rapeseeds, but in our case, there is the areas which were damaged are not material to be to be mentioned here. So we are on track for our planting season and we are in the final stages of it. Next question from Martin. Any confirmation from the market that sugar beet area locally would be cut by 20% as commented? Yes, there are conflicting messages as usual. There is data which was provided by the Ministry of Economy which shows acreage still at the level of closer to 200,000 hectares. We have more reliable data, which we believe is coming from Ukr-Tsukr. And this is not just related to the current year. We saw them as more precisely reporting and estimating acreage under sugar beet in the previous seasons. So until there is a final number also made public, We trust UkrZukr as more specialized in our industry, more on the estimates. Next question. What exact factors in the company's opinion drove weak first quarter, first quarter 26 sugar price? I would like to pass the floor to our commercial director, Vyacheslav Chuk.