AgroGeneration: net loss of €1M in the first half, grain prices fall by at least 30%
AgroGeneration published its half-year accounts on 30 October 2026, which rely largely on the sale of its 2025 harvest inventories. These inventories were sold at prices above the estimates used at the end of 2025.
Since July, grain prices have fallen by at least 30% on the Ukrainian market. This decline has reduced the expected valuation of the 2026 harvest, which the group has not yet begun to sell, apart from limited volumes of rapeseed.
The producer of cereals and oilseeds, whose assets are located close to the front line, states that its annual performance could deteriorate if prices do not recover. At the same time, its yields are rising significantly compared with 2025.
EBITDA of €2.1M and net loss of approximately €1.0M in the first half
For the first half of 2026, AgroGeneration generated revenue of €10.0M and a gross margin of €1.4M. The sale of approximately 24,500 tonnes of 2025 inventories, mainly sunflower and maize, alone generated a margin of €1.1M.
The fair value measurement of the 2026 harvest contributed only about €0.2M. Other activities, mainly agricultural services, contributed €0.1M.
After €0.3M in overheads and €0.6M in other operating expenses, operating income stands at €0.5M. EBITDA reaches €2.1M, but net financial expenses of €1.5M (interest on land leases and bank loans) lead to a net loss of approximately €1.0M.
The group presents alongside it the audited accounts for fiscal year 2025, which showed a net income of €3.7M. It nevertheless specifies that these figures cover a full year and are not directly comparable to a half-year.
A 2026 harvest held in storage while awaiting a price recovery
According to the group, the escalation of Russian military attacks and restrictions on Ukrainian grain exports have resulted in an oversupply on the domestic market. Selling prices have fallen by at least 30% since July 2026.
This decline has already weighed on the interim accounts, through a downward revision of the fair value of biological assets compared with initial estimates. AgroGeneration plans to market its crops gradually.
A significant portion of the 2026 harvest could be stored until the end of the year, while awaiting a price recovery in 2027. At the publication date, the group states that it does not observe any clear sign of market improvement.
On the balance sheet, net debt stands at €8.7M as of 30 June 2026, compared with €12.6M at the end of 2025. Excluding IFRS 16 lease liabilities, it amounts to €0.3M, compared with €5.5M. The group recalls that its debt is traditionally higher in the first half and should be lower at year-end.
Yields up, winter sowings reduced to 6,500 hectares
In mid-October, approximately 70% of sunflower areas had been harvested, with an average net yield of 2.50 tonnes per hectare, up about 40% year-on-year. This increase is mainly explained by favourable weather conditions.
It also reflects the disposal of the Podolivska farm at the end of 2025, whose performance had weighed on the group's average. Soybean yield reached 2.14 tonnes per hectare, compared with 1.12 tonnes in 2025.
The maize harvest was scheduled to begin in early November and could, depending on weather conditions and drying and storage capacities, extend into 2027. On the share capital side, the share consolidation approved at the general meeting on 30 June 2026 will be carried out on the basis of 110 old shares for one new share.
The first listing of the new shares is scheduled for 23 November 2026. For the 2027 campaign, winter sowings will cover approximately 6,500 hectares out of the roughly 21,000 hectares planned, compared with about 9,100 hectares in autumn 2025.
In return, the group is increasing the share of oilseeds and legumes, which offer outlets through local processing while exports through Ukrainian ports remain limited.
