AGRANA Beteiligungs-AG Overview
AGRANA is a mid-cap Austrian processor of agricultural raw materials, controlled jointly by Germany's Südzucker and Austrian Raiffeisen-affiliated interests. It turns fruit, sugar beet, corn, wheat and potatoes into food ingredients and industrial intermediates. Since FY2025/26 it has reported two strategic business areas.
Food & Beverage Solutions (FBS): combines the former Fruit segment (fruit preparations and apple/berry juice concentrates) with beverage bases and flavours. It is now about half of Group revenue and generates more than all of Group EBIT.
Agricultural Commodities & Specialities (ACS): comprises Starch (including bioethanol at Pischelsdorf and the 50% Hungrana joint venture) and Sugar. AGRANA describes itself as the leading sugar producer in Central and Eastern Europe.
The investment case is a transformation story. Under the "AGRANA NEXT LEVEL" / "ONE AGRANA" strategy, management is shrinking a structurally loss-making EU beet-sugar business through plant closures, impairments and 400–500 job cuts. At the same time it is buying growth in flavours and food service (Austria Juice minority, Mercator-Emba, esarom). The aim is to re-rate a stock that trades below book value.
Company's own description (paraphrased from AR 2025/26)
AGRANA describes itself as a globally operating processor of agricultural raw materials. Its two business areas, Food & Beverage Solutions and Agricultural Commodities & Specialities, make high-quality foods and many intermediate products for the downstream food industry and for non-food uses. In FY2025/26 it ran 49 production sites on six continents with about 8,407 FTE and generated revenue of about EUR 3.2 billion. In its press boilerplate, AGRANA calls itself a "food and industrial goods group". It says it converts agricultural raw materials into high-quality foods and numerous industrial intermediate products, and positions itself as the leading sugar company in Central and Eastern Europe.
Business model and revenue model
AGRANA is almost entirely a product business: it manufactures and sells physical goods. It has no material subscription, licensing or service revenue. Within the product mix, three distinct economic models coexist.
-
Customised B2B ingredients (FBS). Fruit preparations, brown-flavour and savoury preparations, inclusions, beverage bases and flavours are developed to customer-specific recipes. The Gleisdorf plant alone produces more than 1,800 variants for about 150 customers (ORF, as reported by Börse Express, 2026). Revenue is volume × recipe price, often with raw-material pass-through clauses. Margins are relatively stable: FBS EBIT margin was 6.1–6.7% over FY2024/25 to H1 2026/27. Main customers are dairy, ice-cream, bakery and food-service companies.
-
Commodity-linked processing (juice concentrate, starch, bioethanol, sugar). Apple juice concentrate, native starches, saccharification products, ethanol and beet sugar are priced against volatile market references, including EU white sugar, ethanol (T2) and grain prices. Profitability depends on the spread between input costs (beet, corn, wheat, apples, energy) and output prices. As a result, earnings swing sharply: ACS–Sugar EBIT margin moved from +3.8% in FY2023/24 (old Sugar segment) to −18.7% in FY2025/26.
-
Specialities within ACS. Modified and organic starches, potato specialities, betaine (Tulln) and high-protein feed co-products carry higher value added. Management's stated "specialties strategy" in Starch aims to raise their share (Q1–Q3 2025/26 conference-call presentation).
Value-chain position
AGRANA sits in the first and second processing stages.
Upstream: it contracts raw materials from tens of thousands of farmers, including multi-year beet contracts. In 2025 AGRANA agreed new terms with the Austrian beet growers' association running to 2029 (Börse Express; AR 2025/26).
Midstream: it processes these materials into ingredients.
Downstream: it sells mainly to food and beverage manufacturers, with smaller sales to retail (sugar brands such as Wiener Zucker) and to industrial users (paper, textiles, construction chemicals, fuel blenders for ethanol).
Customer types and end markets
| End market | Products | Business area |
|---|---|---|
| Dairy (yoghurt, desserts) | Fruit preparations, brown-flavour preparations, inclusions | FBS |
| Ice cream | Fruit and flavour preparations, inclusions, sauces | FBS |
| Bakery and confectionery | Fillings, toppings, sugar, glucose syrups | FBS, ACS |
| Food service | Syrups, sauces, desserts; Mercator-Emba products since Apr 2026 | FBS |
| Beverages | Juice concentrates, NFC juices, beverage bases, flavours, sugar, isoglucose | FBS, ACS |
| Food industry (general) | Native and modified starches, sugar | ACS |
| Paper, textile, construction, cosmetics, pharma | Modified and native starches | ACS–Starch |
| Fuel | Bioethanol (blending) | ACS–Starch |
| Animal feed | Protein feed co-products, beet pulp | ACS |
| Retail consumers | Branded household sugar (e.g., Wiener Zucker) | ACS–Sugar |
Independent characterisation
AGRANA is best understood as two companies under one roof.
The first is a quality, mid-margin global ingredients business (FBS). It earned EBIT of EUR 103.3 M on EUR 1,647.8 M revenue in FY2025/26, a 6.3% margin, and is growing through bolt-on M&A.
The second is a cyclical, capital-intensive European agri-commodity complex (ACS). Its starch arm is profitable but thin-margin (2.4% in FY2025/26). Its sugar arm has destroyed value over the last two fiscal years: EBIT losses of EUR 75.4 M in FY2024/25 and EUR 106.6 M in FY2025/26, both including exceptional items.
The Group's consolidated profitability is therefore set by the size of the sugar losses. That explains why Group EBIT fell from EUR 151.0 M (FY2023/24) to EUR 3.2 M (FY2025/26) even though operating performance before exceptional items improved in FY2025/26. Ownership is concentrated (about 78% held by Z&S) and free float is small, so liquidity is low and the stock behaves like a deep-value, low-turnover holding.
Strategy
Stated strategy — "AGRANA NEXT LEVEL" / "ONE AGRANA"
Themes paraphrased from AR 2025/26, investor presentations (Nov 2025, Jan 2026) and releases:
-
Why a new strategy was needed (management's diagnosis). Previously there was no clear Group strategy, only divisional ones. The organisation was rigid, and integration and synergy capture across segments were weak (Austrian Day Zurich presentation, Jan 2026).
-
Two strategic business areas. FBS focuses on innovation-driven, customer-specific food and beverage solutions and on global customer proximity. ACS manages commodity businesses (starch, sugar, juice concentrate supply) for cost leadership and specialities.
-
"ONE AGRANA". Bundle competences and act as one company toward customers. The esarom acquisition was framed explicitly in these terms (CEO Büttner, Sep 2026).
-
Holding transformation. Reporting lines reorganised along functional (departmental) lines. A "Horizon II" project covers starch and sugar.
-
Sugar footprint right-sizing. Concentrate Austrian sugar at Tulln and Czech sugar at Opava, while securing domestic beet supply through multi-year grower agreements (to 2029).
-
Starch specialities. Shift the mix toward higher-value speciality starches.
-
Climate strategy as an integral element (AR 2025/26).
Initiative register (last 24 months)
| Initiative | Date | Description | Target / status |
|---|---|---|---|
| NEXT LEVEL cost programme — phase 1 | FY2025/26 | Measures with a sustained annual savings effect of up to EUR 50 M (Q1 2025/26 release) | Implemented in FY2025/26 |
| NEXT LEVEL cost programme — full run-rate | FY2026/27–FY2027/28 | Sources conflict. Investing.com summary (Jul 2026): sustained annual savings of up to EUR 110 M by FY2026/27. Börse Express (late 2025): EUR 100 M per year by FY2027/28. | In progress |
| Workforce reduction | Announced late 2025 | 400–500 positions by FY2027/28, mostly in Austria; mainly via mutual terminations, dismissals and non-replacement | In progress; average FTE already fell 6.4% in FY2025/26 |
| Sugar plant closures | Mar 2025 | Leopoldsdorf and Hrušovany | Completed; costs of EUR 13.7 M booked in FY2025/26 |
| Beet grower agreement | Late 2025 | Three-year beet contract terms with the Austrian growers' association, valid to 2029 | Signed |
| AUSTRIA JUICE integration | Oct 2025 onwards | Integrate beverage bases and flavours into FBS and expand them globally | In progress |
| Mercator-Emba | Apr 2026 | Entry into the Slovenian and SEE food-service market | Integration under way |
| esarom | Sep 2026 | Flavours, bases and functional blends; three-site hub with Kröllendorf | Pending closing (early FY2027/28) |
| Financing optimisation | FY2025/26 | EUR 120 M five-year loan refinanced via OeKB; factoring extended to the USA | Completed |
| Climate strategy | Ongoing | SBTi-validated targets: Scope 1+2 −50% and Scope 3 −30% by 2030/31 vs 2019/20; climate-neutral production by 2040; net zero by 2050; about EUR 470 M climate capex to 2040 | Scope 1+2 emissions −16% YoY in FY2025/26 |
| Vienna Soil Dialogue | FY2025/26 | AGRANA-initiated stakeholder forum on soil health (Supervisory Board report 2025/26) | Ongoing |
Medium-term guidance
| Item | Guidance | Source |
|---|---|---|
| FY2026/27 Group EBIT | EUR 90–110 M (raised on 28 Sep 2026 from "significantly higher") | Ad-hoc, 28 Sep 2026; H1 release |
| FY2026/27 Group revenue | Slight increase | H1 release |
| Q3 FY2026/27 EBIT | Very significantly above prior-year Q3 (EUR 20.4 M) | H1 release |
| FBS FY2026/27 | Revenue growth; moderate EBIT reduction due to difficult apple juice concentrate conditions | H1 slides (Investing.com) |
| ACS–Starch FY2026/27 | Steady revenue; significant EBIT increase from strong bioethanol margins | H1 slides (Investing.com) |
| ACS–Sugar FY2026/27 | No positive operating result expected in H2 | CEO, H1 call |
| Multi-year EBIT or margin targets | — | — |
Products & Services
AGRANA does not publish a SKU-level catalogue, list prices or launch years for most products. Pricing is typically contract-based (B2B) or tied to commodity references. Where launch years or specifications are not disclosed, this is stated.
Food & Beverage Solutions
| Product line | Description and capabilities | Target customer | Launch / latest | Pricing model | Flagship / named offerings |
|---|---|---|---|---|---|
| Fruit preparations | Customised preparations from berries, stone fruit, pip fruit, citrus and exotic fruit, for blending into or layering with dairy | Dairy majors and regional dairies | Since the early-2000s fruit acquisitions; continuous recipe development | Contract per recipe; raw-material escalators | Gleisdorf (AT): more than 1,800 variants for about 150 customers (ORF/Börse Express, 2026) |
| Brown-flavour preparations | Chocolate, caramel, coffee, vanilla, nut and cake-piece preparations | Dairy, ice cream | — | Contract | Not publicly named |
| Preparations with inclusions | Cereals, grains, seeds, fruit-chocolate crunchies and splits, cake pieces | Dairy, ice cream, bakery | — | Contract | AGRANA fruit chocolate crunchies (Simply Wall St company description) |
| Savoury preparations | Vegetable and herb preparations for dips, spreads and savoury dairy | Food industry, food service | — | Contract | Not publicly named |
| Specialty fruit products | Frozen and dried fruit, fillings, bake-stable fillings and toppings for baked goods and desserts | Bakery, desserts | — | Contract | Not publicly named |
| Syrups, sauces, concentrates, fruit mixes | Ready-to-use toppings, beverage syrups and smoothie bases | Food service, coffee chains, QSR | — | Contract and list | "Watson Says" brand (Simply Wall St company description) |
| Apple juice concentrate | Clear and cloudy apple juice concentrate from European orchards | Beverage bottlers, private label | Long-standing (AUSTRIA JUICE) | Commodity-linked, seasonal crop pricing | AUSTRIA JUICE |
| Berry and fruit juice concentrates; NFC juices | Red-berry and other concentrates, not-from-concentrate juices | Beverage industry | Long-standing | Commodity-linked | AUSTRIA JUICE |
| Beverage bases and flavours | Compounds, emulsions and flavours for soft drinks, energy drinks and flavoured waters | Beverage brand owners, bottlers | Integration into FBS began Oct 2025 | Contract | AUSTRIA JUICE (Kröllendorf site); expanded by esarom (pending) |
| Food-service products (Emba) | Product range for food service and retail across Central, Southeast and Eastern Europe | Food service, retail | Acquired Apr 2026; brand about 70 years old | Contract and list | Emba (Slovenia; about 100 staff, about EUR 30 M revenue) |
| Flavours, bases, powders, emulsions, functional blends, stabilisers (esarom, pending) | Flavours, base materials, powders, emulsions, functional mixtures, stabilisers | Food and beverage industry, export-oriented | Closing expected early FY2027/28 | Contract | esarom (Oberrohrbach and Rückersdorf, AT; about 400 staff; EUR 112 M revenue in 2025) |
ACS – Starch
| Product line | Description and capabilities | Target customer | Pricing model | Named sites / offerings |
|---|---|---|---|---|
| Native starches (corn, wheat, potato) | Base starches for food and technical uses | Food, paper, corrugated board, textiles | Contract, grain-linked | Aschach (corn), Gmünd (potato), Pischelsdorf (wheat) — per company site descriptions |
| Modified starches | Chemically or physically modified starches with tailored viscosity and stability | Food, paper, construction chemicals, adhesives, cosmetics, pharma | Contract | AGRANA ranked 6th in modified starch in FoodTalks' 2021 global thickener list (Wikipedia) |
| Organic and clean-label starches | Organic native and functional starches | Organic food producers, baby food | Contract, premium | Not publicly named |
| Saccharification products | Glucose syrups, maltodextrins, isoglucose (largely via Hungrana JV) | Confectionery, beverages, food | Contract, sugar/grain-linked | Hungrana, Szabadegyháza (HU, 50% JV) |
| Bioethanol | Fuel ethanol for petrol blending (E5/E10) | Mineral-oil companies | Commodity-linked (ethanol price) | Pischelsdorf (AT) |
| Protein feed and co-products | High-protein distillers' feed, wheat gluten, bran, biogenic CO2 | Feed industry, food industry | Commodity-linked | Pischelsdorf integrated biorefinery |
| Betaine | Natural betaine from beet-processing streams | Feed, cosmetics, food | Contract | Betaine plant, Tulln (AT) (company timeline) |
| Potato specialities and fibres | Potato-based specialities from Gmünd | Food and technical | Contract | Gmünd (AT) |
ACS – Sugar
| Product line | Description | Target customer | Pricing model | Brands / offerings |
|---|---|---|---|---|
| Industrial sugar (white beet sugar) | Crystalline sugar in bulk and big bags | Beverage, confectionery, dairy, bakery | Contract, EU-price-linked; annual or semi-annual contracts | Plants at Tulln (AT), Opava (CZ), plus Slovak, Hungarian and Romanian sites |
| Raw cane sugar refining | Refining imported raw sugar | Industrial and retail | Margin on world raw sugar price | Two raw sugar refineries in Romania and Bulgaria (Jan 2026 investor presentation) |
| Retail sugar | Cubes, powdered, gelling, brown and speciality sugars | Retail (B2C), wholesale | Retail list | Wiener Zucker (AT) (Wikipedia). Other CEE consumer brands exist. |
| Instant products | Instant beverage powders and food mixes | Retail, food service | List / contract | Instantina plant (one plant per investor presentation) |
| Co-products | Beet pulp, molasses | Feed, fermentation | Commodity | — |
Financial Narrative
Source for all tables in this section unless noted: AR 2025/26 key-figures table (reports.agrana.com) and the consolidated financial statements for 2025|26 and 2024|25. Fiscal years end on the last day of February.
Income statement
Gross profit: AGRANA presents its income statement by nature of expense and does not report gross profit. A derived proxy (revenue + change in inventories − cost of materials) gives about EUR 957.4 M for FY2024/25 and EUR 935.3 M for FY2025/26. That is a material-margin proxy of 27.2% and 28.9% respectively. It is not available for earlier years from the sources reviewed.
Diluted EPS: there are no dilutive instruments, so basic and diluted EPS are equal (consolidated income statement, FY2025/26).
Margins (derived)
Revenue CAGR (derived):
-
FY2020/21 (EUR 2,547.0 M) to FY2025/26 (EUR 3,237.3 M): +4.9% per year over 5 years.
-
FY2021/22 to FY2025/26: +2.8% per year over 4 years.
Interim FY2026/27 (H1 release, 8 Oct 2026):
-
Revenue EUR 1,700.2 M (+0.5%).
-
Operating profit before exceptional items EUR 57.4 M (prior year EUR 52.2 M).
-
Exceptional items +EUR 1.2 M (prior year −EUR 20.8 M); JV result EUR 4.9 M.
-
EBIT EUR 63.5 M (3.7% margin vs 1.7%).
-
Profit EUR 37.5 M (prior year EUR 1.1 M).
-
EBITDA about EUR 110.4 M (H1 release key-figure table).
Balance sheet
Detailed balance sheet, last two year-ends (consolidated balance sheet, 28 Feb 2026 and 28 Feb 2025):
Supplementary balance-sheet notes:
Cash before FY2024/25: cash at 29 Feb 2024 was EUR 88.1 M (opening balance in the FY2024/25 cash-flow statement).
Non-controlling interests: fell from EUR 66.2 M to EUR 15.9 M because AGRANA bought RWA's 50% of AUSTRIA JUICE.
Net debt at 31 Aug 2026: was EUR 464.1 M, reflecting seasonal sugar stocks and the Emba purchase (H1 call summary).
Cash flow
Additional cash-flow notes:
Share buybacks: none. The share count has been unchanged at 62,488,976 throughout the period, and no buyback authorisation is in use (AR key figures).
- They are disclosed in the respective annual reports.
H1 FY2026/27: free cash flow was −EUR 9.2 M, about level with the prior year, driven by higher sugar stocks and the Emba purchase (H1 call summary).
Ratios (derived unless noted)
ROIC: AGRANA does not report ROIC. Its ROCE (operating profit before exceptional items and JV results ÷ capital employed) is the closest disclosed proxy and is shown in the table.
Commentary on trends, inflections and drivers
Revenue. Revenue rose from EUR 2.5 bn (FY2020/21) to a peak of EUR 3.79 bn (FY2023/24). The driver was commodity inflation after 2021: sugar, starch and ethanol prices surged with the energy crisis and the war in Ukraine. The following two-year decline of about 15% reflects normalising prices. Starch revenue fell 11.7% in FY2024/25 on price, and Sugar revenue fell 18.8% in FY2024/25 and 32.0% in FY2025/26 on price, volume and capacity cuts. FBS kept growing, so its share of Group revenue has risen to more than half.
Profitability. Operating profit before exceptional items peaked at EUR 176.7 M (FY2023/24) and then halved to EUR 76.5 M in FY2024/25. The causes were a cyclical starch downturn and a collapse in EU sugar prices linked to Ukrainian imports and a larger EU crop. In FY2025/26 it edged up to EUR 81.2 M, helped by NEXT LEVEL savings and a stronger FBS formulation business.
AGRANA has booked exceptional charges in every year of the period, totalling EUR 296 M over five years (derived). That pattern means "exceptional" is in practice a recurring feature of portfolio restructuring. Investors should treat reported EBIT, not just the pre-exceptional figure, as the economic measure.
Balance sheet. Net debt peaked at EUR 684.9 M (FY2022/23) when inflated inventories tied up working capital. It has since fallen to EUR 421 M, helped by working-capital release and a factoring programme started in 2024 and extended to US companies in FY2025/26. Gearing rose again to 39.2% in FY2025/26 because equity fell by EUR 155 M. That reflected the loss for the year, dividends and the buy-out of AUSTRIA JUICE minorities, which reduced non-controlling interests.
Cash flow. Operating cash flow before working capital has declined for three consecutive years (EUR 316 M → EUR 163 M). Reported FCF has stayed positive because of working-capital release, which is non-recurring. Investment has been held at or below depreciation: 90.6% coverage in FY2025/26, with D&A of EUR 113.6 M. This is prudent in a downturn but limits organic capacity growth.
Inflection. H1 FY2026/27 marks a clear earnings inflection, with EBIT more than doubling. The improvement comes from lower sugar losses (cost cuts, two plant closures) and better bioethanol margins. Guidance of EUR 90–110 M EBIT for FY2026/27 implies a return to roughly FY2022/23 levels.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Business Area Details
| Business area | Reporting segment | Contents |
|---|---|---|
Food & Beverage Solutions (FBS) | FBS | Replaces the former Fruit segment. Fruit preparations and formulations for dairy, food service, ice cream, bakery and beverages. Apple and berry juice concentrates, not-from-concentrate juices, beverage bases and flavours (AUSTRIA JUICE, 100% since Oct 2025). Mercator-Emba (since Apr 2026). esarom pending. |
Agricultural Commodities & Specialities (ACS) | ACS – Starch | Corn, wheat and potato starch plants in Austria; bioethanol and wheat starch (Pischelsdorf); saccharification products; specialities. 50% Hungrana JV (Hungary, equity-accounted). Romanian starch activities (49% of AGFD Tandarei sold in FY2025/26). |
ACS | ACS – Sugar | Five beet sugar plants, two raw sugar refineries and one Instantina plant (Jan 2026 investor presentation). Sugar distribution in CEE. Equity-accounted sugar JV(s). |
| — | Holding Co. & Other (HCO) | Holding costs and other activities, reported separately since FY2025/26. Revenue EUR 36.6 M, EBIT −EUR 17.0 M in FY2025/26. |
Segment revenue (EUR Mn)
| Segment revenue (EUR Mn) | FY2024/25 | FY2025/26 |
|---|---|---|
FBS revenue (EUR Mn) | 1,630.4 | 1,647.8 |
ACS-Starch revenue (EUR Mn) | 1,014.0 | 982.4 |
ACS-Sugar revenue (EUR Mn) | 839.1 | 570.6 |
Holding Co. & Other revenue (EUR Mn) | 30.4 | 36.6 |
Group revenue (EUR Mn) | 3,514.0 | 3,237.3 |
Segment EBIT (EUR Mn)
| Segment EBIT (EUR Mn) | FY2024/25 | FY2025/26 |
|---|---|---|
FBS EBIT (EUR Mn) | 99.7 | 103.3 |
ACS-Starch EBIT (EUR Mn) | 31.9 | 23.5 |
ACS-Sugar EBIT (EUR Mn) | -75.4 | -106.6 |
Holding Co. & Other EBIT (EUR Mn) | -15.7 | -17.0 |
Group EBIT (EUR Mn) | 40.5 | 3.2 |
Segment EBIT margin (%)
| Segment EBIT margin (%) | FY2024/25 | FY2025/26 |
|---|---|---|
FBS EBIT margin (%) | 6.1 | 6.3 |
ACS-Starch EBIT margin (%) | 3.1 | 2.4 |
ACS-Sugar EBIT margin (%) | -9.0 | -18.7 |
Group EBIT margin (%) | 1.2 | 0.1 |
Segment revenue growth YoY (%) — derived | FY2025/26 | — |
FBS (%) | 1.1 | — |
ACS-Starch (%) | -3.1 | — |
ACS-Sugar (%) | -32.0 | — |
HCO (%) | 20.4 | — |
Group (%) | -7.9 | — |
Share of Group revenue (%) — derived | FY2024/25 | FY2025/26 |
FBS share (%) | 46.4 | 50.9 |
ACS-Starch share (%) | 28.9 | 30.3 |
ACS-Sugar share (%) | 23.9 | 17.6 |
HCO share (%) | 0.9 | 1.1 |
Revenue by Segment
| Segment (H1, EUR Mn) | H1 FY2025/26 | H1 FY2026/27 |
|---|---|---|
Group revenue (EUR Mn) | 1,691.6 | 1,700.2 |
FBS revenue (EUR Mn) | 859.4 | 896.4 |
ACS-Starch revenue (EUR Mn) | 508.0 | 508.1 |
ACS-Sugar revenue (EUR Mn) | 309.6 | 280.4 |
Group EBIT (EUR Mn) | 28.0 | 63.5 |
ACS-Sugar EBIT (EUR Mn) | -36.3 | -2.0 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansOld segment revenue (EUR Mn)
| Old segment revenue (EUR Mn) | FY2022/23 | FY2023/24 | FY2024/25 |
|---|---|---|---|
Fruit revenue (EUR Mn) | 1,481.9 | 1,566.9 | 1,631.1 |
Starch revenue (EUR Mn) | 1,293.8 | 1,148.7 | 1,014.3 |
Sugar revenue (EUR Mn) | 861.7 | 1,071.3 | 869.9 |
Old segment EBIT (EUR Mn)
| Old segment EBIT (EUR Mn) | FY2022/23 | FY2023/24 | FY2024/25 |
|---|---|---|---|
Fruit EBIT (EUR Mn) | -38.5 | 60.2 | 99.7 |
Starch EBIT (EUR Mn) | 80.2 | 50.4 | 0 |
Sugar EBIT (EUR Mn) | 46.6 | 40.4 | 0 |
Income Statement and Per-Share Data
| Metric | FY2021/22 | FY2022/23 | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|---|---|
Revenue (EUR Mn) | 2,901.5 | 3,637.4 | 3,786.9 | 3,514.0 | 3,237.3 |
EBITDA before exceptional items and JV (EUR Mn) | 206.7 | 277.1 | 291.1 | 190.9 | 194.8 |
Operating profit before exceptional items and JV (EUR Mn) | 86.5 | 158.4 | 176.7 | 76.5 | 81.2 |
Share of results of equity-accounted JVs (EUR Mn) | 8.0 | 18.7 | 1.4 | 0.5 | -3.9 |
Exceptional items (EUR Mn) | -69.8 | -88.8 | -27.0 | -36.4 | -74.1 |
Operating profit EBIT (EUR Mn) | 24.7 | 88.3 | 151.0 | 40.5 | 3.2 |
Profit before tax (EUR Mn) | 8.6 | 61.7 | 97.7 | 3.7 | -34.3 |
Profit for the period (EUR Mn) | -12.2 | 24.7 | 69.4 | 0.0 | -35.6 |
Net profit attributable to shareholders (EUR Mn) | -12.6 | 15.8 | 64.9 | -4.3 | -40.1 |
EPS basic = diluted (EUR) | -0.20 | 0.25 | 1.04 | -0.07 | -0.64 |
Dividend per share (EUR) | 0.75 | 0.90 | 0.90 | 0.70 | 0.35 |
Margin Analysis (%)
| Metric | FY2021/22 | FY2022/23 | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|---|---|
EBITDA margin (%) | 7.1 | 7.6 | 7.7 | 5.4 | 6.0 |
Operating margin before exceptional items (%) | 3.0 | 4.4 | 4.7 | 2.2 | 2.5 |
EBIT margin reported (%) | 0.9 | 2.4 | 4.0 | 1.2 | 0.1 |
Pre-tax margin (%) | 0.3 | 1.7 | 2.6 | 0.1 | -1.1 |
Net margin (%) | -0.4 | 0.7 | 1.8 | 0.0 | -1.1 |
Revenue growth YoY (%) | 13.9 | 25.4 | 4.1 | -7.2 | -7.9 |
Balance Sheet and Margin Analysis (%)
| Metric | FY2021/22 | FY2022/23 | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|---|---|
Total assets (EUR Mn) | 2,643.6 | 3,003.1 | 2,889.4 | 2,710.9 | 2,438.3 |
Total equity (EUR Mn) | 1,281.5 | 1,256.6 | 1,248.4 | 1,229.7 | 1,074.5 |
Net debt (EUR Mn) | 532.0 | 684.9 | 636.1 | 436.4 | 421.0 |
Gearing net debt to equity (%) | 41.5 | 54.5 | 51.0 | 35.5 | 39.2 |
Equity ratio (%) | 48.5 | 41.8 | 43.2 | 45.4 | 44.1 |
Capital employed (EUR Mn) | 1,826.8 | 1,992.6 | 1,937.7 | 1,663.9 | 1,428.8 |
Core non-current assets (EUR Mn) | 1,117.9 | 1,018.7 | 997.6 | 980.7 | 921.8 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansBalance Sheet
| Item (EUR Mn) | 28 Feb 2025 | 28 Feb 2026 |
|---|---|---|
Cash and cash equivalents (EUR Mn) | 203.6 | 124.0 |
Non-current borrowings (EUR Mn) | 384.1 | 383.0 |
Current borrowings (EUR Mn) | 276.2 | 183.4 |
Total borrowings (EUR Mn) | 660.3 | 566.4 |
Intangible assets incl. goodwill (EUR Mn) | 112.8 | 110.9 |
Property plant and equipment (EUR Mn) | 781.7 | 710.5 |
Inventories (EUR Mn) | 1,030.8 | 941.6 |
Trade receivables (EUR Mn) | 300.4 | 221.0 |
Trade payables (EUR Mn) | 508.1 | 486.4 |
Current assets (EUR Mn) | 1,672.7 | 1,434.5 |
Current liabilities (EUR Mn) | 1,004.6 | 893.1 |
Working capital current assets minus current liabilities (EUR Mn) | 668.1 | 541.4 |
Equity attributable to parent (EUR Mn) | 1,163.5 | 1,058.6 |
Non-controlling interests (EUR Mn) | 66.2 | 15.9 |
Cash Flow
| Metric | FY2021/22 | FY2022/23 | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|---|---|
Operating cash flow before working capital (EUR Mn) | 207.2 | 282.3 | 316.3 | 217.6 | 162.6 |
Investment PP&E and intangibles excl goodwill (EUR Mn) | 82.4 | 102.9 | 127.3 | 113.7 | 102.9 |
Cash-flow item (EUR Mn)
| Cash-flow item (EUR Mn) | FY2024/25 | FY2025/26 |
|---|---|---|
Net cash from operating activities (EUR Mn) | 361.1 | 199.3 |
Change in working capital inflow (EUR Mn) | 195.9 | 112.3 |
Capex cash net of grants (EUR Mn) | -104.5 | -86.2 |
Free cash flow as reported (EUR Mn) | 259.1 | 127.2 |
Dividends paid (EUR Mn) | -56.4 | -44.1 |
Purchase of non-controlling interests (EUR Mn) | 0.0 | -54.7 |
Repayment of Schuldschein loans (EUR Mn) | -85.0 | -91.5 |
Interest paid (EUR Mn) | -17.4 | -29.5 |
Tax paid (EUR Mn) | -40.3 | -51.4 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021/22 | FY2022/23 | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|---|---|
ROE attributable profit to year-end equity (%) | -1.0 | 1.3 | 5.2 | -0.3 | -3.7 |
ROA profit to year-end total assets (%) | -0.5 | 0.8 | 2.4 | 0.0 | -1.5 |
ROCE company-defined pre-exceptional pre-tax (%) | 4.7 | 8.0 | 9.1 | 4.6 | 5.7 |
Net debt to EBITDA (x) | 2.57 | 2.47 | 2.19 | 2.29 | 2.16 |
Asset turnover revenue to total assets (x) | 1.10 | 1.21 | 1.31 | 1.30 | 1.33 |
Return on sales company-defined (%) | 0.3 | 1.7 | 2.6 | 0.1 | -1.1 |
Financial Ratios (x) and Working Capital (Days)
| Ratio (two-year detail) | FY2024/25 | FY2025/26 |
|---|---|---|
Current ratio (x) | 1.67 | 1.61 |
Gross debt to equity (x) | 0.54 | 0.53 |
EBITDA to interest paid (x) | 10.9 | 6.6 |
Operating profit pre-exceptional to interest paid (x) | 4.4 | 2.8 |
Days inventory on cost of materials (days) | 157 | 153 |
Days sales outstanding (days) | 31 | 25 |
Days payables on cost of materials (days) | 77 | 79 |
Cash conversion cycle (days) | 111 | 99 |
Segment Overview
| Segment | Primary revenue geographies | Evidence |
|---|---|---|
FBS — fruit preparations | Global: Europe, North America (US plants including Lysander, NY), Latin America (Mexico, Argentina, Brazil), Asia-Pacific (China incl. Changzhou, South Korea, Australia), Africa (Morocco, South Africa), plus Russia and Ukraine | Investor presentations (Nov 2025, Jan 2026); Google Finance/Wikipedia list of production countries |
FBS — juice concentrates and beverages | Europe-centric production (Austria, Hungary, Poland, Romania, Ukraine and others) with global export sales | Company site descriptions; AUSTRIA JUICE integration |
FBS — Emba / esarom | Slovenia and Central/Southeast/Eastern Europe (Emba); export-oriented from Austria (esarom) | EQS (Apr 2026); trend.at (Sep 2026) |
ACS — Starch | Austria (Aschach, Gmünd, Pischelsdorf) and Hungary (Hungrana JV), selling mainly within the EU | AR segment descriptions |
ACS — Sugar | Austria, Czech Republic, Slovakia, Hungary, Romania, Bulgaria and CEE neighbours | Company boilerplate ("leading sugar producer in Central and Eastern Europe") |
Share Price and Market Valuation
| Metric | FY2020/21 | FY2021/22 | FY2022/23 | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|---|---|---|
Closing share price end-Feb (EUR) | 17.60 | 16.54 | 17.00 | 13.35 | 10.55 | 11.75 |
Market capitalisation end-Feb (EUR Mn) | 1,099.8 | 1,033.6 | 1,062.3 | 834.2 | 659.3 | 734.2 |
Dividend per share (EUR) | 0.85 | 0.75 | 0.90 | 0.90 | 0.70 | 0.35 |
Dividend yield at FY-end (%) | 4.8 | 4.5 | 5.3 | 6.7 | 6.6 | 3.0 |
Dividend payout ratio (%) | 88.5 | 0 | 360.0 | 86.5 | 0 | 0 |
P/E at FY-end (x) | 18.3 | 0 | 68.0 | 12.8 | 0 | 0 |
Performance Details
| Performance | Return (%) | Basis |
|---|---|---|
1-year (%) | -9.0 | Stockopedia, 365 days to mid-Oct 2026 (price only) |
About 3-year (%) | -31.8 | Derived: EUR 17.00 (28 Feb 2023) to EUR 11.60 (9 Oct 2026), price only |
About 5-year (%) | -34.1 | Derived: EUR 17.60 (28 Feb 2021) to EUR 11.60, price only |
Valuation Multiples
| Multiple | AGRANA | Basis |
|---|---|---|
Enterprise value (EUR Mn) | 1,214 | Market cap EUR 734 M + net debt EUR 464.1 M (31 Aug 2026) + minorities about EUR 16 M |
EV/Sales trailing FY2025/26 (x) | 0.37 | Revenue EUR 3,237.3 M |
EV/EBITDA trailing FY2025/26 (x) | 6.2 | EBITDA EUR 194.8 M |
P/B (x) | 0.69 | Parent equity EUR 1,058.6 M (28 Feb 2026) |
P/E trailing | Negative | EPS −EUR 0.64 (FY2025/26) |
P/E forward FY2026/27 at consensus EPS EUR 0.67 (x) | 17.3 | Stockopedia consensus |
P/E forward FY2026/27 at consensus EPS EUR 0.78 (x) | 14.9 | Börse Stuttgart estimate table; conflicts with Stockopedia |
P/E forward FY2027/28 at EPS EUR 1.08 (x) | 10.7 | Börse Stuttgart estimate table |
Capital Markets
| Item | Value | Source |
|---|---|---|
Average 12-month price target | EUR 12.37 (range 12.0–12.7) | Investing.com, Aug–Sep 2026 |
Consensus target (alternative) | EUR 12.40 | Stockopedia, Oct 2026 |
Implied upside vs EUR 11.60 | About 6–7% | Derived |
Consensus DPS FY2026/27E / FY2027/28E | EUR 0.70 / EUR 0.80 | Börse Stuttgart estimate table |
Q1 FY2026/27 EPS vs consensus | EUR 0.31 actual vs EUR 0.18 consensus | TipRanks |
Capital Markets — Moody's / S&P / Fitch
| Item | Detail |
|---|---|
Moody's / S&P / Fitch | No public agency ratings disclosed. AGRANA funds itself through bank loans, Schuldschein (German private placement) loans and EIB loans. |
Gross borrowings (28 Feb 2026) | EUR 566.4 M (non-current EUR 383.0 M; current EUR 183.4 M) |
Recent maturities repaid | Schuldschein EUR 85.0 M (FY2024/25) and EUR 91.5 M (FY2025/26); syndicated loan EUR 50.0 M (FY2025/26) |
New funding | EUR 120 M five-year loan from four core banks, refinanced by OeKB (FY2025/26), maturing about FY2030/31 |
Amortising | EIB investment loan, EUR 4.9 M per year |
Off-balance-sheet support | Receivables factoring programme since 2024, extended to US companies in FY2025/26 |
Analyst Conclusions
Management guidance (FY2026/27)
Group EBIT: EUR 90–110 M, versus EUR 3.2 M in FY2025/26. The midpoint implies H2 EBIT of about EUR 36.5 M (derived).
Group revenue: slight increase.
Q3 EBIT: very significantly above EUR 20.4 M.
Segments: - FBS: revenue growth, moderate EBIT decline (apple juice concentrate).
-
ACS–Starch: steady revenue, significant EBIT increase (bioethanol).
-
ACS–Sugar: still negative in H2.
Consensus expectations
Consensus EPS for FY2026/27 ranges from EUR 0.67 (Stockopedia) to EUR 0.78 (Börse Stuttgart), with FY2027/28 at EUR 1.08 (Börse Stuttgart). The dividend is expected to recover toward EUR 0.70–0.80. These estimates imply a return to FY2023/24-level earnings (EPS EUR 1.04) by FY2027/28.
Bull case
-
Earnings snap-back is under way. H1 EBIT more than doubled to EUR 63.5 M, sugar losses shrank from −EUR 36.3 M to −EUR 2.0 M, and guidance was raised. With EUR 100–110 M of run-rate savings, FY2027/28 EBIT could exceed EUR 120 M if commodity conditions merely stabilise.
-
Mix shift toward FBS deserves a higher multiple. FBS produces over 100% of Group EBIT. With Emba and esarom, FBS revenue approaches EUR 1.8 bn at a 6–7% margin, comparable to listed ingredient peers trading well above AGRANA's 6.2x trailing EV/EBITDA.
-
Deep value with downside support. The stock trades at 0.69x book, 0.37x EV/Sales and about 10.7x FY2027/28E P/E. The controlling shareholders provide stability, and normalised FCF of EUR 100–150 M a year implies a double-digit FCF yield on a EUR 734 M market cap.
Bear case
-
Sugar remains a value trap. ACS–Sugar is still loss-making even after two closures, and EU prices near multi-year lows plus Ukrainian and Mercosur imports could force further impairments. AGRANA has booked negative exceptional items every year for six years.
-
Leverage drifts up as FBS growth is bought. Net debt rose to EUR 464.1 M by Aug 2026, and esarom adds about EUR 150 M EV. With operating cash flow before working capital already down to EUR 162.6 M, net debt/EBITDA could approach 2.5–3x if EBITDA disappoints.
-
Governance discount is structural. A free float of about 18–20%, thin trading (about 10,000 shares a day) and Südzucker's dual role as controller and competitor limit re-rating potential. Dividend cuts from EUR 0.90 to EUR 0.35 remove a key support for the share price.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| Jan 2027 | Q1–Q3 FY2026/27 results: delivery against the Q3 "very significant" EBIT increase; sugar loss trajectory |
| Through FY2026/27 | EU sugar price contracting for the 2026/27 marketing year; 2026 beet campaign yields at Tulln and Opava |
| Early FY2027/28 (spring 2027) | esarom closing and merger clearance; integration plan for the Kröllendorf three-site hub |
| Ongoing | Bioethanol margins (Pischelsdorf) and grain costs |
| Ongoing | Apple-crop impact on FBS juice concentrate (Hungary) |
| May 2027 | FY2026/27 annual results: EBIT vs EUR 90–110 M guidance; size of the dividend restoration |
| Ongoing | Net debt after esarom; any new financing |
| Ongoing | EU trade decisions (Ukraine tariff-rate quotas, Mercosur ratification) |
| Ongoing | Further exceptional items or plant decisions in ACS–Sugar |
Analyst verdict
AGRANA in October 2026 is a company emerging from the worst earnings period in its modern history. Group EBIT fell from EUR 151 M (FY2023/24) to EUR 3 M (FY2025/26) as EU sugar and starch markets collapsed together. The evidence of the past two quarters, however, points to a genuine inflection rather than a dead-cat bounce. Sugar losses have nearly disappeared at the H1 level. Starch is recovering on bioethanol margins. Management has raised guidance to EUR 90–110 M of EBIT.
Just as important, the portfolio is being reshaped with discipline. Two sugar plants are gone, the workforce is shrinking by up to 500 roles, capex has been redirected toward FBS, and three bolt-ons (AUSTRIA JUICE minorities, Emba, esarom) build out a higher-quality food and beverage solutions platform.
The valuation reflects scepticism rather than this progress. At about 0.7x book value and roughly 6x trailing EV/EBITDA, the market is pricing AGRANA as a permanently impaired commodity processor. Yet more than half of revenue, and all of operating profit, now comes from a customised-ingredients business with mid-single-digit margins and a growth agenda.
The constraints are real. Free float is small and the controlling shareholder also competes with AGRANA. Sugar may need further write-downs if EU prices stay depressed. Net debt will rise with esarom, and the halved dividend removes the income-investor support that historically held the shares up.
Net assessment: for patient, liquidity-tolerant investors, AGRANA offers asymmetric recovery potential. Hitting the guidance midpoint and consensus FY2027/28 EPS of about EUR 1.08 would justify a share price in the mid-teens, well above the EUR 12.4 consensus target. The key proof points are a second consecutive year without large exceptional charges, and FBS margins holding above 6% as acquisitions are integrated. Until both are visible, a sustained re-rating is unlikely. Stance: constructive-neutral, with a positive bias as execution evidence accumulates.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title / remit | Tenure | Prior roles | Education | Age |
|---|---|---|---|---|---|
Stephan Büttner | Chief Executive Officer (Chairman of the Management Board) | CEO since 1 Jan 2024; board member since 2014; term to 31 Oct 2028 | CFO of AGRANA Beteiligungs-AG from 2014; CEO of AGRANA Fruit from May 2021; CEO of AUSTRIA JUICE until 2014; joined AGRANA Group 2012 | — | 50 at appointment (Dec 2023 ad-hoc) |
Norbert Harringer | Management Board member. Historically responsible for raw materials, operations and sustainability (SBTi release, 2023). | — | — | — | — |
Stephan Meeder | Management Board member; responsible for internal audit at AGRANA | Since 1 Mar 2024 | CFO of Südzucker AG (succeeded Thomas Kölbl, who retired 31 May 2024); CEO of CropEnergies AG from Jul 2020; Südzucker Group finance roles from Nov 2006; ABB Structured Finance 1996–2000 | Business administration, University of Mannheim and ESSEC; doctorate, University of Mannheim (1999) | 53 at appointment (Feb 2024) |
Franz Ennser | Chief Operations Officer: agricultural raw materials; operational excellence incl. occupational health and investments; purchasing, logistics and supply-chain management | Since 1 Nov 2025 (three-year term) | CEO of AUSTRIA JUICE from 2014; AUSTRIA JUICE from 2006; AGRANA Group since 1998 | Agricultural economist | 54 at appointment (Sep 2025) |
“—” = not publicly disclosed.
Board of Directors
| Name | Role | Affiliation | Notes |
|---|---|---|---|
Erwin Hameseder | Chairman | Raiffeisen-Holding Niederösterreich-Wien | Confirmed as chair in the Dec 2023 and Feb 2024 releases |
Other members | Eight shareholder representatives after the AGM 2026 elections, plus works-council delegates under Austrian co-determination | Südzucker and Raiffeisen nominees plus independents | — |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Dec 2023 | CEO Markus Mühleisen left (effective 31 Dec 2023); Ingrid-Helen Arnold left the board | Mühleisen chose not to extend his mandate; the board credited him with steering through multiple crises and defining the new strategy's cornerstones |
1 Jan 2024 | Stephan Büttner became CEO | Promoted from CFO |
4 Dec 2023 – 31 May 2024 | Thomas Kölbl served as board member (internal audit) | Südzucker CFO, retiring |
1 Mar 2024 | Stephan Meeder appointed | Succeeded Kölbl |
1 Nov 2025 | Franz Ennser appointed COO; board enlarged to four | Operational focus amid restructuring |
3 Jul 2026 | AGM elections to the Supervisory Board (new nomination; deputy chair change referenced) | — |
Major Shareholders
| Holder | Stake | Source / date |
|---|---|---|
Z&S Zucker und Stärke Holding AG | About 78.3% | Südzucker release after the 2014 capital increase. |
— of which economically Südzucker AG | 50% of Z&S's parent (AGRANA Zucker, Stärke und Frucht Holding AG) | Wikipedia; Südzucker |
— of which Zucker-Beteiligungsgesellschaft m.b.H. (led by Raiffeisen-Holding NÖ-Wien) | 50% of Z&S's parent | Wikipedia; Südzucker |
Südzucker AG (direct) | About 1.5% (2014) | Südzucker release. |
Free float | About 18–20% | 18.4% (2014). Wikipedia's 24.5% predates 2014 and is outdated. |
Austrian beet growers (via their association) | Described as "almost 15%" indirect participation | vienna.at (Mar 2025). Likely held indirectly through ZBG; this conflicts with simple direct-stake readings. |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | HQ | Positioning vs AGRANA |
|---|---|---|---|
Sugar | Südzucker AG | Germany | Europe's largest sugar producer and AGRANA's parent; FY2025/26 revenue EUR 8.4 bn (preliminary), EBITDA EUR 535 M |
Sugar | Tereos | France | Sugar, starch and ethanol; FY2025/26 (Apr–Mar) revenue EUR 5,132 M, EBITDA EUR 416 M, net loss EUR 590 M |
Sugar | Nordzucker | Germany | — |
Sugar | Pfeifer & Langen | Germany | Strong in CEE (Poland, Romania); private; financials not publicly verified |
Sugar | Cristal Union | France | Reported a 14% fall in annual revenue (Reuters, spring 2026) |
Sugar | British Sugar (ABF) | UK | First-half operating loss in its sugar unit (ABF, Apr 2026) |
Starch / ethanol | Cargill | USA | Global corn wet-milling leader; private |
Starch | Roquette | France | Starch and plant-protein leader; private |
Starch / isoglucose | Primient (also Hungrana partner) and Ingredion | UK/USA | Speciality starch and sweeteners |
Starch | Tereos Starch & Sweeteners; Südzucker Starch segment | France / Germany | Südzucker's starch arm: 9M FY2025/26 revenue EUR 704 M, operating result EUR 19 M |
Potato starch | Emsland Group; Avebe | Germany / Netherlands | Direct competitors to Gmünd |
Bioethanol | CropEnergies (Südzucker); various EU producers | Germany | Same parent group |
Fruit preparations | Frulact; Zentis; Südzucker Fruit (rival unit within the parent group? — no: AGRANA Fruit is consolidated into Südzucker's Fruit segment) | Portugal / Germany | AGRANA claims world leadership in fruit preparations (company claim) |
Juice concentrate and beverage bases | Döhler; ADM (Wild Flavors); SVZ | Germany / USA / Netherlands | Döhler and ADM are far larger in flavours and bases |
Flavours (FBS expansion) | Givaudan, Symrise, IFF (global); regional flavour houses | Switzerland / Germany / USA | AGRANA is a small entrant via esarom |
Peer Comparison FY2025
| Metric | AGRANA FY2025/26 | Südzucker FY2025/26 | Tereos FY2025/26 |
|---|---|---|---|
Revenue (EUR Mn) | 3,237.3 | 8,400 | 5,132 |
Revenue growth YoY (%) | -7.9 | -13.4 | -13.5 |
EBITDA (EUR Mn) | 194.8 | 535 | 416 |
EBITDA margin (%) | 6.0 | 6.4 | 8.1 |
Operating result (EUR Mn) | 81.2 | 163 | 0 |
Operating margin (%) | 2.5 | 1.9 | 0 |
Net debt to EBITDA (x) | 2.2 | 0 | 5.4 |
