Of the total revenue obtained, RON4.4 million came from the sale of agricultural production actually harvested in the first half of 2025, RON39.5 million represents work-in-progress production related to the 2024–2025 agricultural year, and subsidies contributed RON10.1 million.
EBITDA returned to positive territory, at RON8.3 million, compared to -RON0.95 million in H1/2024, due to lower operating expenses and optimized input costs. Operating result (EBIT) improved to -RON1.6 million from -RON9.5 million last year, while net loss was significantly reduced to RON7 million, down 42% versus H1/2024. The evolution remains affected by high financial expenses, which increased to RON5.4 million, reflecting a higher level of bank and leasing financing, refinancing of investments, and the payment of penalty interest accrued in 2024.
“At the operational level, in the first six months of the year we operated 16,000 hectares, of which 1,722 hectares were organic, across Holde’s five operational hubs. 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. A central aspect of the first half was the set of operational efficiency measures. Input costs were reduced by 9% year-on-year through more efficient use of fertilizers, pesticides, and insecticides, adjustments to the crop mix, and an increased share of autumn crops. Personnel expenses declined by 12% as a result of a reduced workforce, while other operating expenses fell by 22% through optimization of repairs, logistics, and procedures for disposing of surplus equipment. At the same time, we internalized part of the maintenance operations for machinery and expanded irrigated areas with drip systems, which consume less energy than traditional systems. These measures are already reflected in our financial results and contribute to improved productivity,” said Bogdan Serghiescu, CEO of Holde Agri Invest.
According to the report, “on the production commercialization side, rapeseed results were in line with budgeted levels, while for wheat and barley we signed open-price contracts that can be closed by year-end, providing flexibility depending on market trends. With the exception of organic wheat, which is undergoing certification procedures, the harvest was fully contracted, either through forward sales or during the campaign, mainly to international traders, ensuring rapid cash collection and large-volume contracts.”
“The measures we have implemented, combined with shareholder support and the determination of our team, give us confidence that Holde is on the path to a sustainable recovery,” said Iulian Cîrciumaru, Chairman of the Board of Directors of Holde Agri Invest.
“At the organizational level, we went through important changes, such as the return of Adrian Pîrciu as Chief Financial Officer, aimed at strengthening the management team. These changes have brought stability and experience at a crucial time for the company. Under the coordination of the new team, the focus is on productivity, financial discipline, and diversifying funding sources. The results of the first half confirm that we are on the right track. However, given the seasonal nature of our business, we underline that full-year financial performance depends materially on the results of the autumn harvest campaign, which means that mid-year estimates cannot be made with a high degree of accuracy. For this reason, a clearer picture of the company’s financial trajectory in 2025 will be provided together with the publication of the nine-month financial results, scheduled for November 27, 2025,” added Bogdan Serghiescu.
On September 1, 2025, Holde Agri Invest announced that it would call shareholders for a meeting on October 6, 2025 to approve a share capital reorganization plan aimed at reducing the nominal value of its shares to RON0.72 from RON1, followed by a capital increase of up to RON45 million. Specifically, the company proposes a share capital reduction of RON33.9 million, from RON121 million to RON87.3 million, with the purpose of partially covering retained losses totaling RON34.8 million. These losses also include transfers from equity accounts, respectively RON768,482 losses from the sale of equity instruments and RON15.3 million other losses related to equity instruments. As a result of this operation, the nominal value of one share will decrease from RON1 to RON0.72. Subsequently, the company plans to carry out a capital increase of up to RON45 million through the issuance of up to 62,500,000 new shares, each with a nominal value of RON0.72.
Holde Agri Invest shares have been listed on the AeRO market of the Bucharest Stock Exchange since October 1, 2020 and are traded under the stock symbol HAI. The company has a market value of RON76 million after its shares have gained nearly 22% so far in 2025, amid deals worth RON6.3 million, in line with stock market data.