Shares in one of Ukraine’s biggest farm companies fall to a two-year low

Business

The Ukrainian agricultural holding Astarta's shares fell to their lowest level in more than two years, raising questions about investor confidence in Ukrainian agribusiness.

Trading in the company's stock was suspended on the Warsaw Stock Exchange on Oct. 20 after the price dropped 19.14% in a single day. Financial Times market data showed Astarta shares fell a further 8% the following day.

The shares last traded at a similarly low level in September 2024, according to the Warsaw Stock Exchange.

The company's shares are now worth about half what they were in May when they topped 60 zloty ($15.45).

Other Ukrainian agricultural stocks also fell. On Oct. 20, the WIG-Ukraine index, which tracks Ukrainian stocks listed in Warsaw, declined 3.38%, while the broader WIG20 index fell 1.24%. Shares in Ukrainian milk producer IMC dropped 9.21%, while Ukrainian agro holdings Agroton, KSG Agro and Milkiland recorded smaller losses, according to Interfax-Ukraine.

The sharp drop comes as Astarta reports weaker financial results. For Astarta, whether the fall reflects a temporary reaction to a bad half-year or deeper doubts about the company’s outlook will depend on its next results and on conditions in Ukraine.

Astarta reported a net loss of 14.07 million euros ($15.8 million) in the first half of 2026, compared with a net profit of 42.27 million euros ($47.5 million) in the same period in 2025.

Revenue remained broadly unchanged at 226.5 million euros ($254 million). The loss came mainly from lower sugar and milk prices and higher logistics costs for its soybean business, which offset growth in crop production.

Astarta is a vertically integrated agricultural group with operations spanning crop production, sugar manufacturing, soybean processing and dairy farming. Listed on the Warsaw Stock Exchange since 2006, the company provides international investors with exposure to Ukraine’s agricultural sector.

Exports accounted for 62% of revenue, according to the company’s first-half 2026 financial report.