London · Delayed Price · Currency is GBP · Price in USD MHP SE Earnings Call Transcripts
Fiscal Year 2025
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Revenue and exports grew strongly in 2025, but profitability was pressured by higher costs and war impacts. EBITDA is expected to decline 5–15% in 2026, with continued investment in European expansion and stable cash flow in Ukraine.
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Revenue and EBITDA saw strong year-on-year growth, driven by poultry, agriculture, and European expansion, notably the UVESA acquisition. 2026 guidance anticipates stable EBITDA, positive cash flow, and continued investment in European operations, despite ongoing war-related risks.
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Revenue grew 10% to $1.6B in H1 2025, with net profit up 67% to $75M, driven by strong poultry and European segments. EBITDA declined 11% due to higher costs, while the EVESA acquisition in Spain boosts scale. Pro forma leverage post-acquisition is 2.7x.
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Revenue grew across all segments in Q1 2025, but EBITDA declined 7% year-on-year due to weaker poultry and oil margins. Net profit rose on FX gains, while the company advanced its European expansion and faces lower EU exports due to new quotas.
Fiscal Year 2024
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Revenue and EBITDA grew in 2024, driven by strong agriculture and European operations, despite war-related challenges. Uvesa acquisition in Spain is underway, with leverage expected to remain below 3x and 2025 EBITDA projected at $500 million.
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Revenue remained stable at $2.3B for nine months, with Q3 net profit up 75% year-on-year. Full-year EBITDA is expected around $500M, but rising production and energy costs are set to pressure 2025 results. War-related risks and energy resilience remain key concerns.
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Revenue grew 4% to $1.5B in H1 2024, with EBITDA up 21% to $264M, driven by strong agriculture and European operations. War-related costs doubled, and CapEx for 2024 is guided at $300–$350M, focusing on energy self-sufficiency and facility upgrades.
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Q1 2024 saw a 4% revenue decline to $720 million, with stable EBITDA at $119 million and a 17% margin. War-related costs rose, CapEx was $60 million, and liquidity remains strong, but ongoing conflict and regulatory constraints create high uncertainty.