olivLaw · European equity research
AGRANA Beteiligungs-Aktiengesellschaft AGR.VI
Austria · Wiener Börse · ISIN AT000AGRANA3 · Vertical: Listed companies from Austria
AGRANA is an international group that turns agricultural raw materials into fruit preparations for the food industry, starch, bioethanol and sugar. In fiscal 2025|26 the group reported revenue of 3237.3 mio EUR and EBIT of only 3.2 mio EUR, and for 2026|27 management expects a markedly better result, subject to conflicts and raw material prices.
At the close of 05 Nov 2026, AGRANA Beteiligungs-Aktiengesellschaft (AGR.VI) stock was 11.55 EUR (−0.86% on the day), with market capitalisation 722.9 m EUR, dividend yield 6.11%, beta 0.21, 52-week range 10.90–12.20 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.8
- neutral
- Bollinger (20, 2)
- 11.39 – 11.73
- in the lower half of the band · %B 0.47 · band width 3.0%
- SMA 50 / 200
- 11.47 / 11.56
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.9% | +0.4% | +0.5 pp | — |
| 3 months | +3.6% | −3.3% | +6.8 pp | — |
| 6 months | −1.7% | +4.0% | −5.7 pp | — |
| Year to date | +6.0% | +8.1% | −2.1 pp | — |
| 1 year | −4.9% | +10.7% | −15.6 pp | +5.6% |
| 3 years | −23.0% | +50.1% | −73.1 pp | +12.7% |
| 5 years | −36.7% | +43.6% | −80.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 3.8 bn | 3.5 bn | 3.2 bn |
| Revenue YoY | unavailable | −7.2% | −7.9% |
| Net income | 64.9 m | -4.3 m | -40.1 m |
| Net income YoY | unavailable | −106.6% | unavailable |
| Diluted EPS | 1.04 | -0.07 | -0.64 |
| Diluted EPS YoY | unavailable | −106.7% | unavailable |
| net % | 1.7% | -0.1% | -1.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 28 Feb 2026
- Cash
- 124.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.1 bn EUR
- Total assets
- 2.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.61x
- ROE
- -3.5%
- ROA
- -1.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.8 bn | 3.5 bn | 3.2 bn | esef· 02 Jun 2026verified |
| Operating income | 151.0 m | 40.5 m | 3.2 m | esef· 02 Jun 2026verified |
| Interest expense | 107.0 m | 86.0 m | 90.2 m | esef· 02 Jun 2026verified |
| Pre-tax income | 97.7 m | 3.7 m | -34.3 m | esef· 02 Jun 2026verified |
| Income tax | 28.3 m | 3.8 m | 1.2 m | esef· 02 Jun 2026verified |
| Net income | 64.9 m | -4.3 m | -40.1 m | esef· 02 Jun 2026verified |
| Diluted EPS | 1.04 | -0.07 | -0.64 | esef· 02 Jun 2026verified |
| Dividend per share | 0.92 | 0.70 | 0.71 | esef· 02 Jun 2026derived |
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 88.1 m | 203.6 m | 124.0 m | esef· 02 Jun 2026verified |
| Inventories | 1.2 bn | 1.0 bn | 941.6 m | esef· 02 Jun 2026verified |
| Current assets | 1.9 bn | 1.7 bn | 1.4 bn | esef· 02 Jun 2026verified |
| Property, plant & equipment, net | 797.6 m | 781.7 m | 710.5 m | esef· 02 Jun 2026verified |
| Total assets | 2.9 bn | 2.7 bn | 2.4 bn | esef· 02 Jun 2026verified |
| Current liabilities | 1.0 bn | 1.0 bn | 893.1 m | esef· 02 Jun 2026verified |
| Equity | 1.2 bn | 1.2 bn | 1.1 bn | esef· 02 Jun 2026verified |
| Shares outstanding at year end | 62.4 m | 60.8 m | 62.6 m | esef· 02 Jun 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 240.2 m | 361.1 m | 199.3 m | esef· 02 Jun 2026verified |
| Investing cash flow | -111.0 m | -102.0 m | -72.0 m | esef· 02 Jun 2026verified |
| Financing cash flow | -139.3 m | -142.0 m | -201.9 m | esef· 02 Jun 2026verified |
| Dividends paid | 57.7 m | 56.4 m | 44.1 m | esef· 02 Jun 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 722.9 m EUR
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.59 – 13.08 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)9.59 – 13.08 (Mid 11.07)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.2% | 21 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.0x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.6x | 67 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.1% | 87 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet27/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns· partial87/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AGRANA Beteiligungs-Aktiengesellschaft (AGR.VI). Latest full fiscal year: 2026; data up to 2026-02-28.
Figures computed from the financial statements: revenue 3.2 bn EUR in 2026; YoY growth -7.9%; net margin -1.2%; ROE -3.6%.
The estimated value range is 9.59–13.08 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 11.07 EUR, the price of 11.55 EUR leaves a potential of -4.2% (value / price − 1) and a margin of safety of -4.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 6.1%
What contradicts it
- Net margin: -1.2%
- Interest coverage: 0.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for AGR.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AGRANA is an international group that turns agricultural raw materials into fruit preparations for the food industry, starch, bioethanol and sugar. In fiscal 2025|26 the group reported revenue of 3237.3 mio EUR and EBIT of only 3.2 mio EUR, and for 2026|27 management expects a markedly better result, subject to conflicts and raw material prices 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Geopolitical volatilityhigh
The conflicts in the Middle East and Ukraine can amplify price volatility in selling and purchasing markets 1.
- Sugar price pressurehigh
High EU sugar stocks and market share risk could keep prices low in the ACS Zucker segment 1.
- Physical climate risksmedium
Droughts, heatwaves and water scarcity could affect production at some sites and raw material harvests 1.
- Emission costsmedium
Rising emission allowance prices in the European system could increase production costs, especially over the long term 1.
- Quality of sustainability reportinglow
Errors in sustainability data could affect credibility, although the company applies internal control processes 1.
Investment thesis
What would need to be true (bull case)
- If the NEXT LEVEL programme delivers the announced savings, operating earnings could recover noticeably after the weak fiscal 2025|26 1.
- Diversification across three segments could cushion shocks from any single business such as sugar 1.
- Growing demand for low-emission products could create new revenue for starch and bioethanol 1.
What would break the thesis
- If EU sugar stocks persist, the ACS Zucker segment could stay unprofitable longer than management expects 1.
- If raw material and energy prices rise because of the conflicts, margins could be squeezed, even though part may be passed on to customers 1.
- The net loss in fiscal 2025|26 shows the overall result is vulnerable, and the forecast improvement may not fully materialise 1.
What to watch
- Achievement of the forecast EBIT for 2026|27 (range 70-90 mio EUR)2026|27
- EBIT development in the first quarter of fiscal 2026|27Q1 2027
- Annual savings delivered under the NEXT LEVEL programme2026|27
- Development of EU sugar stocks and prices in the ACS Zucker segmentnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
AGRANA is a global company in the food and industrial goods industry, specialised in processing agricultural raw materials 1. The business model runs through three segments: Food & Beverage Solutions, which makes fruit preparations and juice concentrates, and two Agricultural Commodities & Specialities segments, one for starch and one for sugar 1. The company links agriculture with the processing industry and uses its raw materials almost completely, including through animal feed and fertilisers 1.
The Food & Beverage Solutions segment is a global leader in fruit preparations for dairy, bakery, ice cream and food service industries, and produces juice concentrates mainly in Europe 1. ACS Stärke makes starch, bioethanol and other plant-based products from maize, potatoes and wheat 1. ACS Zucker makes sugar from sugar beet bought from contracted farmers and from raw cane sugar 1.
The acquisition of the Slovenian food maker Mercator-Emba, formally completed at the end of March 2026, shows AGRANA investing in profitable growth in Food & Beverage Solutions under its NEXT LEVEL strategy 1. The strategy also targets annual savings of up to 110 mio EUR 1.
Segments
Food & Beverage Solutions
The FBS segment produces fruit preparations and juice concentrates for food industry customers 1. For 2026|27 a moderate rise in revenue is expected, but a moderate decline in EBIT, due to lower margins on apple juice concentrate 1.
Market context
The market AGRANA operates in is marked by high volatility in selling and purchase prices, and management cites the Middle East conflict and the war in Ukraine as amplifying factors 1. In sugar, high EU stocks and geopolitical uncertainty weigh on prices, and market share in EU deficit countries is exposed 1.
Global trade and tariff policies are a further source of uncertainty, and their scale and duration are hard to estimate 1. Demand for low-emission products could grow and become a factor of competitiveness 1.
Trends
- Geopolitical volatilityheadwind
The conflicts in the Middle East and Ukraine increase volatility in selling and purchasing markets, which can put pressure on costs and deliveries 1.
- EU sugar surplusheadwind
High EU sugar stocks weigh on prices in the ACS Zucker segment and could limit a recovery of earnings 1.
- Demand for low-emission productstailwind
Growing demand for low-emission products could open opportunities for AGRANA's starch and bioethanol 1.
- Cost of emission allowancesmixed
Rising prices of emission allowances under the European trading system are a transition risk for the sugar and starch segments, especially over the long term 1.
Competitive position
The analysed sources do not name AGRANA's direct competitors. The company is described as a global leader in fruit preparations for the food industry, while competition in sugar and starch depends on raw material costs and market access 1.
In the medium term, competitiveness could depend on AGRANA's ability to cut costs, diversify raw material sources and reduce emissions without losing customers 1.
- Regional sugar and starch producers
The source does not name competitors; no US tickers can be assigned.
- Fruit preparation producers
The source does not name competitors in the fruit preparations segment.
- Bioethanol and starch producers
The source does not identify competitor names in this field.
- Food ingredient suppliers
Competition is mentioned in the text, but without company names.
News & filings
In the press
- Consiliul Concurenţei a amendat cu 10 mil. euro Agrana şi Lucsor pentru fixarea preţurilor la zahăr, o piaţă de 350 mil. euro. Companiile au fost investigate şi în 2023 după ce zahărul s-a scumpit cu 60% într-un anZiarul Financiar · 03 Aug 2026 · RO
- Consiliul Concurenţei a sancţionat două firme ale grupului austriac Agrana din România şi Lucsor Impex SRL Buzău cu 52 mil.lei pentru fixarea preţurilor la zahăr. Reacţia Lucsor: Relaţia cu Agrana a fost una verticală, de tip producător-distribuitor, iar stabilirea unui preţ de achiziţie nu poate fi confundată cu stabilirea preţurilor de revânzare către clienţiZiarul Financiar · 03 Aug 2026 · RO
- Consiliul Concurenţei a sancţionat două firme ale grupului austriac Agrana din România şi Lucsor Impex SRL Buzău cu amenzi de 52 milioane lei pentru fixarea preţurilor de vânzare la zahărZiarul Financiar · 03 Aug 2026 · RO
- Autoritatea de concurenţă a amendat Agrana Sales & Marketing GmbH, Agrana România SRL şi Lucsor Impex SRL cu 52,09 milioane de lei pentru înţelegere anticoncurenţială pe piaţa zahăruluiG4Media · 03 Aug 2026 · RO
- Amenzi de peste 10 milioane EUR pentru Agrana și un distribuitor român de zahăr. Consiliul Concurenței: Au stabilit împreună prețul zahăruluiStartupCafe.ro · 03 Aug 2026 · RO
- Consiliul Concurenței: Amenzi de 52 de milioane de lei pentru Agrana și Lucsor pentru o înțelegere privind prețurile zahăruluiEconomedia · 03 Aug 2026 · RO
Annual reports (ESEF)
- Annual report 202602 Jun 2026
- Annual report 202503 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-02-28 (ESEF) · SEC / AGRANA Beteiligungs-Aktiengesellschaft · 28 Feb 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.