| €000 | 2025|26 | 2024|25 | Change absolute | Change % |
|---|---|---|---|---|
| Revenue | 3,237,327 | 3,514,002 | -276,675 | -7.9 % |
| Changes in inventories of finished and unfinished goods | (62,081) | (161,536) | 99,455 | 61.6 % |
| Own work capitalised | 1,550 | 1,820 | -270 | -14.8 % |
| Other operating income | 51,126 | 63,475 | -12,349 | -19.5 % |
| Cost of materials | (2,239,864) | (2,395,133) | 155,269 | 6.5 % |
| Staff cost | (440,174) | (448,018) | 7,844 | 1.8 % |
| Depreciation, amortisation and impairment losses | (156,489) | (132,141) | -24,348 | -18.4 % |
| Other operating expenses | (384,297) | (402,409) | 18,112 | 4.5 % |
| Share of results of equity-accounted joint ventures | (3,880) | 485 | -4,365 | -900.0 % |
| Operating profit [EBIT] | 3,218 | 40,545 | -37,327 | -92.1 % |
| Finance income | 52,599 | 49,232 | 3,367 | 6.8 % |
| Finance expense | (90,164) | (86,035) | -4,129 | -4.8 % |
| Net financial items | (37,565) | (36,803) | -762 | -2.1 % |
| (Loss)/profit before tax | (34,347) | 3,742 | -38,089 | -1017.9 % |
| Income tax expense | (1,235) | (3,769) | 2,534 | 67.2 % |
| (Loss) for the period | (35,582) | (27) | -35,555 | -131685.2 % |
| - Attributable to shareholders of the parent | (40,057) | (4,253) | -35,804 | -841.9 % |
| - Attributable to non-controlling interests | 4,475 | 4,226 | 249 | 5.9 % |
| (Loss) per share under IFRS (basic and diluted) | € (0.64) | € (0.07) | -0.57 | -814.3 % |
In the 2025|26 financial year, revenue of the AGRANA Group was € 3,237.3 million, down moderately from the previous year, with the decrease due largely to lower volume and prices in the ACS – Sugar segment.
Operating profit (EBIT) in 2025|26 was € 3.2 million, a very significant decrease from the year-ago level of € 40.5 million. The decline, which occurred despite an improved operating performance, resulted from higher negative net exceptional items, due primarily to impairment charges and redundancy plan benefit expenses in the ACS – Sugar segment. Details on this are presented in the ACS – Sugarsegment report and the Notes. In the Food & Beverage Solutions (FBS) segment, an improved performance in the formulation (i.e., food) business drove an increase in EBIT to € 103.3 million from the previous year’s already high € 99.7 million. Weaker margins on ethanol and on saccharification products led to a significant reduction in the ACS – Starch segment’s EBIT to € 23.5 million (previous year: € 31.9 million). The ACS – Sugar segment, despite a persistently challenging environment, achieved an improvement in the earnings metric “operating loss before exceptional items and results of equity-accounted joint ventures”, although the amount remained clearly negative. Net exceptional items amounted to an expense of € 71.3 million, related mainly to impairment charges on property, plant and equipment, and led to an EBIT loss of € 106.6 million in the ACS – Sugar segment (previous year: loss of € 75.4 million). Details on the share of results of equity-accounted joint ventures, which affect EBIT results in the ACS – Starch and ACS – Sugar segments, can be found in the respective two segment reports and the Notes. In the 2025|26 financial year, the reporting area “Holding Co. & Other” postedrevenue of € 36.6 million (previous year: € 30.4 million) and an EBIT loss of € 17.0 million (previous year: loss of € 15.7 million).
Net financial items amounted to an expense of € 37.6 million in the 2025|26 financial year (previous year: net expense of € 36.8 million), with the change driven by markedly more-adverse currency translation effects that outweighed a significant improvement in net interest expense.
The result before tax fell very significantly, from the previous year’s profit of € 3.7 million to a loss of € 34.3 million. After an income tax expense of € 1.2 million, representing a tax rate1 of –3.6% (previous year: 100.7%), the Group recorded a loss for the period of € 35.6 million (previous year: approximate break-even [loss of € 27 thousand]). The loss for the period attributable to shareholders of AGRANA was € 40.1 million (previous year: loss of € 4.3 million); the loss per share increased to € 0.64 (previous year: loss of € 0.07).
1 For details on the tax rate and income tax reconciliation, see the Notes in the full version of the annual report 2024|25.
| €000 | 28 Feb 2026 | 28 Feb 2025 | Change absolute | Change % |
|---|---|---|---|---|
ASSETS |
||||
| A. Non-current assets | ||||
| Intangible assets | 110,877 | 112,815 | -1,938 | -1.7 % |
| Property, plant and equipment | 710,514 | 781,722 | -71,208 | -9.1 % |
| Equity-accounted joint ventures | 78,986 | 65,946 | 13,040 | 19.8 % |
| Securities | 21,402 | 20,296 | 1,106 | 5.4 % |
| Investments in non-consolidated subsidiaries and outside companies | 10 | 10 | 0 | 0.0 % |
| Other assets | 1,822 | 5,784 | -3,962 | -68.5 % |
| Deferred tax assets | 80,211 | 51,565 | 28,646 | 55.6 % |
| 1,003,822 | 1,038,138 | -34,316 | -3.3 % | |
| B. Current assets | ||||
| Inventories | 941,616 | 1,030,827 | -89,211 | -8.7 % |
| Trade receivables | 220,953 | 300,350 | -79,397 | -26.4 % |
| Other assets | 142,614 | 134,827 | 7,787 | 5.8 % |
| Current tax assets | 5,277 | 3,115 | 2,162 | 69.4 % |
| Cash and cash equivalents | 123,993 | 203,626 | -79,633 | -39.1 % |
| 1,434,453 | 1,672,745 | -238,292 | -14.2 % | |
| Total assets | 2,438,275 | 2,710,883 | -272,608 | -10.1 % |
EQUITY AND LIABILITIES |
||||
| A. Equity | ||||
| Share capital | 113,531 | 113,531 | 0 | 0.0 % |
| Share premium and other capital reserves | 540,760 | 540,760 | 0 | 0.0 % |
| Retained earnings | 404,276 | 509,204 | -104,928 | -20.6 % |
| Equity attributable to shareholders of the parent | 1,058,567 | 1,163,495 | -104,928 | -9.0 % |
| Non-controlling interests | 15,935 | 66,208 | -50,273 | -75.9 % |
| 1,074,502 | 1,229,703 | -155,201 | -12.6 % | |
| B. Non-current liabilities | ||||
| Provisions for pensions and termination benefits | 42,042 | 45,811 | -3,769 | -8.2 % |
| Other provisions | 30,882 | 31,601 | -719 | -2.3 % |
| Borrowings | 383,014 | 384,139 | -1,125 | -0.3 % |
| Other payables | 7,250 | 7,904 | -654 | -8.3 % |
| Deferred tax liabilities | 7,482 | 7,118 | 364 | 5.1 % |
| 470,670 | 476,573 | -5,903 | -1.2 % | |
| C. Current liabilities | ||||
| Other provisions | 43,406 | 31,209 | 12,197 | 39.1 % |
| Borrowings | 183,418 | 276,204 | -92,786 | -33.6 % |
| Trade payables | 486,446 | 508,077 | -21,631 | -4.3 % |
| Other payables | 174,906 | 161,603 | 13,303 | 8.2 % |
| Tax liabilities | 4,927 | 27,514 | -22,587 | -82.1 % |
| 893,103 | 1,004,607 | -111,504 | -11.1 % | |
| Total equity and liabilities | 2,438,275 | 2,710,883 | -272,608 | -10.1 % |
Non-current assets eased slightly, to € 1,003.8 million, primarily as a result of a reduction in property, plant and equipment. Current assets, at € 1,434.5 million, declined significantly due to reductions in inventories, trade receivables and cash and cash equivalents.
Non-current liabilities registered a slight reduction to € 470.7 million on stable borrowings. Current liabilities fell significantly to € 893.1 million, primarily through the reduction of current borrowings; trade payables were also slightly reduced.
| €000 | 2025|26 | 2024|25 | Change absolute | Change % |
|---|---|---|---|---|
| (Loss) for the period | (35,582) | (27) | -35,555 | -131,685.2 % |
| Depreciation, amortisation and impairment of non-current assets | 162,598 | 133,319 | 29,279 | 22.0 % |
| Reversal of impairment losses on non-current assets | (6,109) | (908) | -5,201 | -572.8 % |
| (Gains) on disposal of non-current assets | (6,416) | (699) | -5,717 | -817.9 % |
| Changes in non-current provisions | (4,939) | (1,330) | -3,609 | -271.4 % |
| Share of results of equity-accounted joint ventures | 3,880 | (485) | 4,365 | 900.0 % |
| Dividends received from equity-accounted joint ventures | 0 | 8,500 | -8,500 | -100.0 % |
| Loss on net monetary position under IAS 29 | 432 | 865 | -433 | -50.1 % |
| Non-cash expenses/income and other adjustments | 77,483 | 78,381 | -898 | -1.1 % |
| Operating cash flow before changes in working capital | 162,557 | 217,616 | -55,059 | -25.3 % |
| Changes in inventories | 46,994 | 105,010 | -58,016 | -55.2 % |
| Changes in receivables and other assets | 48,744 | 120,587 | -71,843 | -59.6 % |
| Changes in current provisions | (16,430) | (3,921) | -12,509 | -319.0 % |
| Changes in payables (excluding borrowings) | 4,236 | (25,807) | 30,043 | 116.4% |
| Changes in working capital | 112,334 | 195,869 | -83,535 | -42.6 % |
| Interest received | 5,196 | 5,352 | -156 | -2.9 % |
| Interest paid | (29,481) | (17,445) | 5,308 | 30.4 % |
| Tax paid | (51,351) | (40,315) | -11,036 | -27.4 % |
| Net cash from operating activities | 199,255 | 361,077 | -161,822 | -44.8 % |
| Dividends received | 37 | 32 | 5 | 15.6 % |
| Proceeds from disposal of non-current assets | 3,633 | 563 | 3,070 | 545.3 % |
| Purchases of property, plant and equipment and intangible assets, net of government grants | (86,180) | (104,531) | 18,351 | 17.6 % |
| Proceeds from disposal of subsidiaries | 13,586 | 4,015 | 9,571 | 238.4 % |
| Outflow of cash and cash equivalents from disposal of subsidiaries | (29) | (896) | 867 | 96.8 % |
| Purchases of non-current financial assets | (2,341) | (635) | -1,706 | -268.7 % |
| Purchase of a business/of a subsidiary, net of cash acquired | (752) | (526) | -226 | -43.0 % |
| Net cash (used in) investing activities | (72,046) | (101,978) | 29,932 | 29.4 % |
| Repayment of Schuldschein loans | (91,500) | (85,000) | -6,500 | -7.6 % |
| Outflows from lease liabilities | (8,161) | (6,596) | -1,565 | -23.7 % |
| Repayment of investment loan of the European Investment Bank | (4,884) | (4,884) | 0 | 0.0 % |
| Proceeds from syndicated loans | 0 | 50,000 | -50,000 | -100.0 % |
| Repayment of syndicated loans | (50,000) | 0 | -50,000 | n/a |
| Proceeds from loans | 123,992 | 0 | 123,992 | n/a |
| Repayment of loans | 0 | (30,000) | 30,000 | 100.0 % |
| Repayment of bank overdrafts and cash advances | (72,549) | (9,104) | -63,445 | -696.9 % |
| Purchase of non-controlling interests | (54,700) | 0 | -54,700 | n/a |
| Dividends paid | (44,138) | (56,437) | 12,299 | 21.8 % |
| Net cash (used in) financing activities | (201,940) | (142,021) | -59,919 | -42.2 % |
| Net (decrease)/increase in cash and cash equivalents | (74,731) | 117,078 | -191,809 | -163.8 % |
| Effect of movement in foreign exchange rates on cash and cash equivalents | (878) | (1) | -877 | -87700.0 % |
| Effect of IAS 29 on cash and cash equivalents | (4,024) | (1,557) | -2,467 | -158.4 % |
| Cash and cash equivalents at beginning of period | 203,626 | 88,106 | 115,520 | 131.1 % |
| Cash and cash equivalents at end of period | 123,993 | 203,626 | -79,633 | -39.1 % |
The item “operating cash flow before changes in working capital” decreased by € 55.1 million to € 162.6 million due primarily to the larger Group loss than in the previous year. Working capital fell less significantly than in the year before, by € 112.3 million (previous year: decrease of € 195.9 million), for inventory and receivables reasons. Net cash from operating activities was € 199.3 million (previous year: € 361.1 million). Net cash used in investing activities was € 72.0 million, down significantly from a year ago (previous year: net cash use of € 102.0 million). This reduction in net cash outflow was due to lower investments in property, plant and equipment and intangible assets, as well as to proceeds from the sale of 49% of the shares in AGFD Tandarei SRL, Tăndărei, Romania. The net cash outflow from financing activities amounted to € 201.9 million (previous year: net outflow of € 142.0 million). This higher net cash use, despite a lower dividend payment, reflected a greater reduction in current borrowings, and payments of € 54.7 million made for the acquisition of non-controlling interests (the acquisition, cleared by antitrust authorities, of the remaining shares of AUSTRIA JUICE GmbH, which closed in October 2025). Free cash flow in 2025|26 was € 127.2 million (previous year: € 259.1 million).
Net debt as of 28 February 2026, at € 421.0 million, was € 15.4 million less than at the 2024|25 year-end. The gearing ratio rose to 39.2% as of the balance sheet date (28 February 2025: 35.5%).
In the 2025|26 financial year, AGRANA secured long-term financing of € 120 million with a term of five years. This was used to fund the purchase price of the remaining shares of the AUSTRIA JUICE group and the repayment of a Schuldschein loan tranche. Four core banks participated in this new facility, which was refinanced by Oesterreichische Kontrollbank AG. The interest margin obtained was significantly better than that of a comparable transaction in the Schuldschein market.
As well, in the 2025|26 financial year, the factoring programme implemented in 2024 was expanded to companies in the USA, thus helping to further reduce net debt.
