We continue to operate in an environment characterised by uncertainty, intense competition and volatile commodity markets. These challenges, which are being exacerbated by the war in the Middle East, are not a temporary phase – they will remain part of our new reality. Despite these difficult conditions, our business performance in 2025|26 was solid, with operating profit of € 81.2 million before exceptional items and joint ventures (previous year: € 76.5 million). In the past financial year, further one-off effects related to our restructuring measures in the sugar business had to be recognised, ultimately resulting in a negative Group result for the period.
At the same time, 2025|26 was a pivotal year in our journey with AGRANA NEXT LEVEL, the Group strategy. We have begun to position the company more clearly, with sharper focus and for greater long-term stability. The results from the projects and processes to date clearly show that we are on track. The measures we have introduced are proving effective, our priorities are well-defined and our organisational structure is increasingly aligned with the strategic framework we have put in place.
Let us take a brief look at the Group’s operating performance in 2025|26. As is well known, our segment reporting has been based on a new structure since the start of the financial year. This structure is more closely aligned with the strategic requirements of AGRANA NEXT LEVEL, while also presenting the ACS – Sugar segment more transparently by no longer including within it the activities of the now separately reported “Holding Co. & Other” area.
Business performance in the Food & Beverage Solutions segment was very positive and served as a stabilising factor for the Group’s operating profitability. The ACS – Starch activities, by contrast, saw a market-related decline in earnings in 2025|26; we are working very intensively on our specialities strategy in order to stabilise margins in a continuing volatile environment. Operating performance in the sugar business remained negative and unsatisfactory. At the same time, an improvement compared with the previous year is already evident, confirming that we are pursuing the right course with the restructuring measures we have taken.
Thanks to the Group’s diversified business model, sound balance sheet and, not least, the structural transformation at both holding-company and segment level through the NEXT LEVEL strategy, AGRANA considers itself well positioned for the future. In our short-term forecast, for the 2026|27 financial year, we expect Group operating profit (EBIT1) to increase very significantly from one year earlier, to between € 70 million and € 90 million. It should be noted that the war in the Middle East that broke out on 28 February 2026 is expected to lead to a persistent increase in the already high volatility in the sales and procurement markets.
We endeavour to provide AGRANA's owners with a reliable return even in difficult times. In line with our commitment to dividend continuity, we would therefore like to pay you, our esteemed shareholders, a dividend for the 2025|26 financial year as well. The amount proposed to the Annual General Meeting will be € 0.35 per share. In reaching this decision, we have also given due consideration to our financial stability, including the free cash flow generated in 2025|26.
In closing, we would like to assure you that all of us at AGRANA remain fully committed to advancing the Group’s transformation. We see it as our responsibility to bring dependability to uncertain times – for our partners, customers, suppliers and all other stakeholders. That is precisely where one of our defining strengths has always lain: We cushion the volatility of nature to maintain stable industrial processes, making value creation predictable. In AGRANA NEXT LEVEL, we have created the framework for continuing to develop this strength. We made tangible early progress in 2025|26 and will continue on this path with consistency and resolve in 2026|27.
The Management Board of AGRANA Beteiligungs-AG
1 Also see the Outlook section in the full version of the annual report 2025|26.
