Holde Agri Invest reports significant production growth and improved net result in the first half of 2025

Holde Agri Invest SA, one of the largest farmland operators in Romania, reports financial results for the first half of 2025, marked by significant growth in agricultural production, a visible improvement in profitability, and a strengthened financial position, despite persistent challenges related to financing costs.

In the first six months of the year, Holde operated 16,000 hectares, of which 1,722 hectares were organic, across its five operational hubs (Roșiori, Frumușani, Videle, Conțești, and Salcia). The autumn crops for the 2024–2025 agricultural year (wheat, rapeseed, barley, two-row barley, and peas) reached a total volume of 66,771 tons, up more than 53% compared to the previous year, supported by favorable weather conditions.

From a financial perspective, the company reported consolidated revenues of RON 59 million compared to RON 62 million in H1 2024, of which RON 4.4 million came from the sale of agricultural production actually harvested in H1 2025, RON 39.5 million from work-in-progress production for the 2024 – 2025 agricultural year, and RON 10.1 million from subsidies. EBITDA rose to RON 8.3 million, compared to RON -0.95 million in H1 2024, while net losses decreased to RON 7 million, an improvement of 42% versus the same period last year.

“The results of the first half show that the measures implemented by our team have started to deliver results. We managed to reduce input costs by 9%, cut personnel expenses by 12%, and lower other operating expenses by 22%. At the same time, we expanded irrigated areas through drip systems and internalized part of the machinery maintenance activities. All these are reflected in EBITDA returning to positive territory and in the significant reduction of the net loss. Going forward, we will remain focused on increasing productivity, maintaining financial discipline, and consolidating commercial and financial partnerships, so that we can turn this progress into a solid foundation for Holde’s future development,” stated Bogdan Serghiescu, CEO of Holde Agri Invest.

On the commercialization side, Holde pursued a balanced strategy: the rapeseed harvest was sold at budgeted prices, while for wheat and barley open-price contracts were signed, which can be closed by year-end, providing flexibility depending on market developments. With the exception of organic wheat, which is undergoing certification procedures, the harvest was fully contracted, mainly with international traders, ensuring rapid cash collection and large-volume contracts.

“After a very difficult 2024 for the entire agricultural sector, Holde is demonstrating in 2025 that it has managed to adapt and reposition itself on a solid recovery path. Our role, as shareholders and members of the Board of Directors, is to support this strategy through responsible decisions and measures designed to stabilize the company over the medium and long term. The measures already applied show results in cost reductions and improved financial performance, which gives us confidence that we are on the right track. We look with optimism towards the next quarters and towards the management team’s ability to continue this transformation process,” stated Iulian Cîrciumaru, Chairman of the Board of Directors of Holde Agri Invest.

On September 1, 2025, Holde Agri Invest announced its intention to reduce and subsequently increase its share capital, by up to RON 45 million. Specifically, the company proposes to reduce the share capital by approximately RON 33.96 million, by decreasing the nominal value per share from RON 1 to RON 0.72, in order to partially cover accumulated losses. Subsequently, Holde intends to increase the share capital by up to RON 45 million, through the issuance of up to 62.5 million new shares with a nominal value of RON 0.72. This operation will allow the company both to raise fresh funds for current activity and investments, and to convert shareholder loans into new shares, thereby reducing liquidity pressure and strengthening the capital base. At the same time, adjusting the nominal value of the shares to a level closer to the market price creates real premises for the participation of existing shareholders and for attracting additional resources necessary to consolidate the company.

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About Holde Agri Invest

Holde Agri Invest is a company founded by a group of Romanian entrepreneurs with the objective of developing it into a leader in the agricultural sector in Romania. Established in 2018, the company operates over 16,300 hectares of farmland, organized into five core farms – Roșiori farm located in Roșiori de Vede (Teleorman County), Frumușani (Călărași County), Videle (Teleorman County), Conțești (Dâmbovița County), and Salcia (Brăila County). Since October 2020, Holde Agri Invest has been a listed company on the AeRO market of the Bucharest Stock Exchange, under the ticker symbol HAI, and since October 2021, it has been included in the BVB’s BET-AeRO index.