Q1 2026 Financial Results Announcement

MHP SE

16 June 2026

 

16 June 2026, Limassol, Cyprus

MHP SE

Financial Results for the First Quarter ended 31 March 2026

MHP SE (LSE:MHPC), the parent company of a leading international food and agri group, today announces its audited results for the first quarter ended 31 March 2026. Hereinafter, MHP SE and its subsidiaries are referred to as "MHP", "The Company" or "The Group".

MHP is reporting solid operational performance for 3M 2026 despite challenging operational environment both in Ukraine and worldwide.

Presentation of Q1 2026 results with details about operational and financial results can be found here: https://mhp.com.ua/en/mhp-se/results-and-presentations. This presentation will be used by Management Team during conference call with stakeholders.

DIAL-IN DETAILS

MHP's management will host a conference call for investors and analysts followed by Q&A on the day of the results.

The dial-in details are:

Time:                            13.00 London / 15.00 Kyiv / 08.00 New York

Title:            Financial results for Q1 2026

UK:            [phone]

Ukraine:         [phone]

USA:            [phone]

PIN code:        645982

To follow the presentation with the management team, please use the following link:

https://mm.closir.com/slides?id=645982

For Investor Relations enquiries, please contact:

Anastasia Sobotiuk (Kyiv)        [phone]

                    [phone]        [e-mail]

OPERATIONAL ENVIRONMENT

Operating in Ukraine and across international markets, the Group continues to navigate a highly challenging and evolving operating environment. During the period, the War in Ukraine intensified further, marked by an increased frequency and severity of large-scale attacks on critical infrastructure and civilian areas, contributing to heightened security and operational risks. At the same time, broader geopolitical tensions, including the ongoing conflict in the Middle East, have continued to weigh on the global macroeconomic environment, creating uncertainty across energy, logistics, and supply chains. Poultry meat market conditions remained broadly stable in both Ukraine and the European Union during the period. Nevertheless, the absence of significant price growth, particularly in the EU since Q4 2025, continued to contribute to a challenging operating environment, placing greater emphasis on operational excellence, efficiency improvements, and value-added product offerings.

The Group continues to closely monitor developments related to the War in Ukraine and wider geopolitical dynamics that may affect its business and markets. Drawing on the experience gained since 2022, the Company has further strengthened its resilience through robust risk management practices, operational flexibility, diversified logistics solutions, and proactive procurement strategies. These measures have enabled the Group to maintain business continuity and operational efficiency despite ongoing disruptions. While uncertainty remains elevated, MHP continues to demonstrate resilience and adaptability, pursuing its strategic growth objectives, expanding its presence in international markets, particularly in Europe, and reinforcing its commitment to food security and the delivery of high-quality protein products.

GLOBAL EXPANSION

On 30 May 2026, MHP announced the acquisition of a controlling stake in Greek poultry producer Th. Nitsiakos AVEE, which represents another important milestone in MHP's international expansion strategy, strengthening the resilience of the Group as a whole and enabling MHP's business in Ukraine to continue operating and developing.

The transaction further strengthens the Group's presence in Southern Europe, adding a leading poultry producer in Greece to its growing international portfolio and reinforcing MHP's position as an international food company. The investment is consistent with MHP's strategy of partnering with established local businesses, leveraging operational expertise and market access to support sustainable growth and create long-term value across international markets.

OPERATIONAL HIGHLIGHTS

Q1 2026

·      Poultry meat production volume in Ukraine decreased y/y to 173,092 tonnes (Q1 2025: 180,869 tonnes). Poultry meat production volumes at PP increased by 19% y/y to 42,032 tonnes (Q1 2025: 35,272 tonnes).

·      MHP Ukraine's average poultry meat price decreased by 3% y/y to US$ 2.11 per kg (Q1 2025: US$ 2.18 per kg) excluding VAT. The average price of poultry meat in the European Operating Segment (excluding UVESA) increased slightly y/y to EUR 3.60 per kg (Q1 2025: EUR 3.55 per kg).

·      Poultry meat exports from Ukraine slightly decreased y/y to 93,943 tonnes (Q1 2025: 97,227 tonnes).

FINANCIAL HIGHLIGHTS

Q1 2026

·      Revenue increased by 31% y/y to US$ 1,022 million (Q1 2025: US$ 779 million).

·      Operating profit decreased to US$ 19 million, down by 68% y/y (Q1 2025: US$ 60 million) and operating margin also decreased to 2% (Q1 2025: 8%).

·      Adjusted EBITDA (net of IFRS 16) decreased by 29% y/y to US$ 79 million (Q1 2025: US$ 111 million); adjusted EBITDA margin (net of IFRS 16) also decreased to 8% (Q1 2025: 14%).

·      Net loss amounted to US$ 85 million (Q1 2025: net profit of US$ 32 million), primarily reflecting a US$ 53 million non-cash foreign exchange loss in Q1 2026 compared with a US$ 13 million of gain in Q1 2025.

SEGMENT PERFORMANCE

Poultry and processed meat and related operations

Q1 2026

·      Revenue increased by 8% to US$ 453 million(Q1 2025: US$ 421 million).

·      Gross profit decreased by 41% y/y to US$ 60 million (Q1 2025: US$ 101 million) and gross margin also decreased to 13% (Q1 2025: 24%).

·      Adjusted EBITDA (net of IFRS 16) decreased by 76% y/y to US$ 19 million (Q1 2025: US$ 80 million); adjusted EBITDA margin (net of IFRS 16) decreased to 4% from 19%.

Vegetable oil operations

Q1 2026

·      Revenue slightly decreased y/y to US$ 116 million (Q1 2025: US$ 119 million).

·      Gross profit increased by 200% y/y to US$ 3 million (Q1 2025: US$ 1 million) and gross margin also increased to 3% (Q1 2025:1%).

·      Adjusted EBITDA (net of IFRS 16) increased by 200% y/y to US$ 3 million (Q1 2025: US$ 1 million); adjusted EBITDA margin (net of IFRS 16) also increased to 3% from 1%.

Agriculture operations

Q1 2026

·      Revenue increased by 8% y/y to US$ 99 million (Q1 2025: US$ 92 million).

·      Adjusted EBITDA (net of IFRS 16) increased to US$ 39 million which is 11% y/y (Q1 2025: US$ 35 million).

European operating segment

Q1 2026

·      Revenue at US$ 354 million was up by 141% y/y (Q1 2025: US$ 147 million).

·      Gross profit increased to US$ 65 million up by 103% y/y (Q1 2025: US$ 32 million), while gross margin slightly decreased to 18% (Q1 2025: 22%).

·      Adjusted EBITDA (net of IFRS 16) increased by 121% y/y to US$ 42 million (Q1 2025: US$ 19 million); adjusted EBITDA margin (net of IFRS 16) slightly decreased to 12% (Q1 2025: 13%).

CURRENT GROUP CASH FLOW

(in mln. US$)		Q1 2026		Q1 2025
Cash from operations		34		101
Change in working capital		(20)		(56)
Net Cash from operating activities		14		45
Cash used in investing activities		(59)		(60)
Cash from financing activities		155		16
Total change in cash1)		110		1

¹⁾Calculated as Net Cash from operating activities plus Cash used in investing activities plus Cash used in financing activities

Debt Structure and Liquidity

As at 31 March 2026 the Net Debt equals to US$ 1,497 million and LTM adjusted EBITDA (net of IFRS 16) was at US$ 537 million (31 December 2025: US$ 1,532 million and US$ 569 million respectively).

The Net Debt / LTM adjusted EBITDA (net of IFRS 16) ratio was 2.8 as of 31 March 2026, well below the limit of 3.0 defined in the Eurobond agreement. Acquisition leverage ratio, calculated as if the UVESA acquisition had occurred on 1 January 2025, amounted to 2.6 to 1.

Notes to Editors:

About MHP Ukraine

MHP Ukraine is a producer of high-quality food products that enhance consumers' lives. The company operates across agriculture, logistics, food production and retail, with a strategic focus on value-added products.

The company's land bank totals 350,000 hectares across 12 regions of Ukraine.

Throughout the full-scale war, MHP Ukraine has continued to support the country's economy and contribute to Ukraine's food security through its operations, investments and exports. MHP is the largest single taxpayer in Ukraine's agricultural sector and was recognised by NV as one of the country's top investors and exporters in 2025.  

About Grupo UVESA 

Grupo UVESA stands as a prominent leader in Spain's food industry, with over 60 years of dedication to excellence in the poultry, and feed sectors. The company's vertically integrated model ensures meticulous oversight across all production stages, reinforcing its commitment to quality and food safety.   

Poultry business  

As one of Spain's foremost chicken producers, UVESA operates state-of-the-art facilities equipped with advanced automation and stringent process controls. This has earned the company international certifications in quality and food safety.  

Pork Sector  

Pork production and genetics, serving as a major supplier to the country's leading meat companies.  

Feed area  

The company's feed manufacturing centers utilize cutting-edge technologies to produce nutrient-rich feed, ensuring the healthy and balanced growth of livestock.  

Throughout its history, UVESA has experienced significant growth, driven by the dedication of its workforce and the trust of its stakeholders. The company remains committed to innovation and excellence, solidifying its position as a trusted name in the agri-food sector.

About Perutnina Ptuj 

Perutnina Ptuj, headquartered in Ptuj, Slovenia, is a poultry producer and food company with a rich tradition dating back to 1905. It is an international group of 16 companies with more than 5,200 employees in 7 countries, operating 15 production plants and 3 trading companies. Perutnina Ptuj is a wholly owned subsidiary of the MHP Group.

Forward-Looking Statements

This press release might contain forward-looking statements that refer to future events or forecast financial indicators for MHP SE. Such statements do not guarantee that these are actions to be taken by MHP SE in the future, and estimates can be inaccurate and uncertain. Actual final indicators and results can considerably differ from those declared in any forward-looking statements. MHP SE does not intend to change these statements to reflect actual results.

 

END