Tear Sheet: Aragvi Holding International (Trans-Oil Group)

This report does not constitute a rating action. The group?s credit metrics aligned with our forecasts: adjusted debt to EBITDA at 3.2x (versus the projection of around 3.0x), funds from operations (FFO) to debt at 13% (estimate: 15%-20%), and EBITDA interest coverage at 2.2x (versus the projection of around 2.5x). Adjusted EBITDA reached $217 million (up from $213 million last year) with strong growth in trading activities because higher selling prices offset a decline in profits in the sunflower oilseeds processing business, reversing the previous year?s trend. At $147 million, free operating cash flow (FOCF) deficit was steeper than estimated due to large working capital outflows (driven by higher inventories and significant advance purchases of agri- commodities by Moldovan farmers).

...November 28, 2025 This report does not constitute a rating action. Aragvi Holding International's (Aragvi's) performance in fiscal year 2025 (FY2025; year ended June) was overall in line with our base case. The group's credit metrics aligned with our forecasts: adjusted debt to EBITDA at 3.2x (versus the projection of around 3.0x), funds from operations (FFO) to debt at 13% (estimate: 15%-20%), and EBITDA interest coverage at 2.2x (versus the projection of around 2.5x). Adjusted EBITDA reached $217 million (up from $213 million last year) with strong growth in trading activities because higher selling prices offset a decline in profits in the sunflower oilseeds processing business, reversing the previous year's trend. At $147 million, free operating cash flow (FOCF) deficit was steeper than estimated due to large working capital outflows (driven by higher inventories and significant advance purchases of agri- commodities by Moldovan farmers). This led to increased adjusted debt and slightly...

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