Agrohub reports 3.5x growth in 2024 crop season EBITDA

15 October 2025, 17:02

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The profitability of Ukraine’s agricultural sector showed strong recovery in 2024, with average EBITDA across six key crops reaching $446 per hectare, surpassing the initial forecast of $402/ha and marking a 3.5-fold increase from the 2023 season ($129/ha), according to Agrohub. The highest growth was recorded for wheat, corn, sunflower, and barley.

At the beginning of the year, the forecast stood at $402/ha, when companies had sold 72% of their wheat, 65% of their sunflower, and 64% of their corn and soybeans.

“Compared to 2023, when average EBITDA was only $129/ha, the 2024 results show that the market is gradually stabilizing toward higher price levels, directly improving crop profitability,” Agrohub noted.

Wheat demonstrated the most significant turnaround — from a loss of $101/ha in 2023 to a profit of $244/ha in 2024, marking a return to profitability after a challenging season.

Corn EBITDA soared to $625/ha (from $38/ha in 2023) thanks to the restoration of export logistics and renewed access to maritime routes.

Barley’s profitability more than doubled — from $53/ha to $121/ha, while sunflower nearly doubled as well — from $392/ha to $724/ha.

Among oilseeds, soybean EBITDA grew from $211/ha to $259/ha, and rapeseed from $452/ha to $533/ha.

The average crop prices for the 2024 season rose as follows compared to 2023:

corn up 5.6% ($190/t vs. $180/t)
sunflower up 3.9% ($553/t vs. $532/t)
wheat up 3.5% ($179/t vs. $173/t)
rapeseed up 2.1% ($480/t vs. $470/t)
barley up 0.7% ($154/t vs. $153/t)

Soybeans were the only crop to decline — by 11.5%, to $354/t. In early 2025, prices corrected downward due to record global harvests, higher domestic supply, seasonal sales activity, and slower exports.

“Price remains the key driver of EBITDA, but results depend on the right timing and sales strategy. The key success factor in 2024 was that actual prices exceeded conservative forecasts. Post-harvest sales brought extra profit, as prices traditionally rise after the harvest low. Producers’ cautious expectations turned out to be too modest — real outcomes were much stronger,” said Oksana Bobrova, Head of Agrohub Benchmarking.

The analysis covered 14 Ukrainian agroholdings cultivating a total of 1.7 million hectares across eight macro-regions of Ukraine.