AGRANA, the fruit, starch and sugar group listed in the Prime Market of the Vienna Stock Exchange, reported EBIT of €63.5 million for the first half of its 2026/27 financial year, covering 1 March to 31 August 2026, up from €28.0 million a year earlier. Revenue was €1,700.2 million, against €1,691.6 million. Profit for the period rose to €37.5 million from €1.1 million. The company published the results on 8 October 2026.

The improvement had been flagged in an ad hoc release on 28 September, when the company raised its full-year EBIT forecast to €90 million to €110 million, from €70 million to €90 million. EBIT for 2025/26 was €3.2 million.

Ethanol lifts starch as the sugar loss narrows

In the ACS-Starch segment, revenue was €508.1 million and EBIT rose to €17.2 million from €3.1 million. AGRANA attributes the gain mainly to higher margins in its ethanol business. Higher sales volumes and ethanol prices offset lower selling prices for starch and saccharification products.

In ACS-Sugar, revenue fell to €280.4 million from €309.6 million, as higher retail sugar sales did not offset sharply lower retail prices and lower industrial volumes. The segment’s EBIT loss narrowed to €2.0 million from €36.3 million. AGRANA links higher world market prices to the rise in oil prices tied to the war in the Near and Middle East, and to an expected expansion of Brazilian ethanol production.

The Food & Beverage Solutions segment, which covers formulations and beverages, raised revenue to €896.4 million from €859.1 million, but EBIT fell to €60.3 million from €68.0 million. The release says beverages revenue declined significantly because of price effects; Investing.com reported that the segment was held back by weak conditions for apple juice concentrate.

Exceptional items contributed €1.2 million, against minus €20.8 million a year earlier. Net financial debt was €464.1 million at 31 August 2026, and gearing was 41.2%. The group has about 8,400 employees.

“Overall, the AGRANA Group performed in line with our expectations in the first half of 2026|27.”

Stephan Büttner, CEO, AGRANA

Outlook and acquisitions

AGRANA expects full-year group revenue to rise slightly and third-quarter EBIT to be very significantly above the €20.4 million of a year earlier. It plans investment of about €113 million for the year, against depreciation of about €117 million. The 28 September release says the guidance assumes the Middle East conflict stays limited and regional, that energy and commodity supplies are secured and that markets see no major disruption.

The company has signed a purchase agreement to acquire flavour producer esarom and is integrating AUSTRIA JUICE and Mercator-Emba. Investing.com reported a price of roughly €150 million for esarom, with closing expected at the start of 2027/28, subject to antitrust approval.

TAD’s reading

  • For sugar and ethanol producers: AGRANA’s half shows a fuel-linked business steadying earnings while European sugar prices stay weak. For Indian sugar companies that also make ethanol, the read-across is the value of that hedge, although the price drivers in India are set differently.
  • For fruit and juice suppliers: Lower profit in Food & Beverage Solutions and weaker beverages pricing point to tough negotiations over fruit raw material, a consideration for growers and processors that supply European concentrate makers.
  • For investors: Much of the year-on-year EBIT swing comes from the absence of last year’s exceptional charge, the smaller sugar loss and ethanol margins rather than from revenue growth. The company itself ties its guidance to assumptions about the Middle East and energy supply.