In its Q1 2026 earnings call, Astarta Holding PLC highlighted a positive trend in agricultural revenues, primarily due to higher pulp sales volumes. Despite this growth, the company faced significant challenges in its sugar production segment, which reported a loss of EUR 40 million due to a difficult pricing environment. Additionally, cattle farming revenues declined, resulting in a notable margin compression from 27% to 14%. The company's soybean processing remained flat, indicating stability but no growth. On a positive note, Astarta managed to increase its operating cash flows by 43%, reflecting a focus on enhancing cash generation amidst market challenges. However, the overall lower profitability and EBITDA led to an increase in leverage ratios, which reached 2.6x by the end of the first quarter. Astarta continues to invest in its core projects, including the SPC plant, which is expected to launch later this year, while also reducing discretionary capital expenditures.