MHP SE

For 1H 2026, revenue increased 32% year over year to around $2.161 billion. Gross profit increased 8% to $397 million, operating profit decreased 17% year over year, and adjusted EBITDA, net of IFRS 16, was $232 million versus $236 million in 1H 2025; the EBITDA margin declined from 14% to 11%. The company reported a net loss of $57 million, versus a $75 million exchange gain in the prior-year period. By segment, 1H revenue was $976 million in poultry, $738 million in the European operating segment, and $261 million in vegetable oils; agriculture revenue was $186 million. For the quarter, poultry revenue was $523 million and adjusted EBITDA was $30 million; vegetable oils revenue was $145 million and EBITDA $7 million; Europe revenue was $384 million and EBITDA $44 million. Full-year 2026 guidance from management was approximately $420 million to $450 million of EBITDA, $220 million to $240 million of CapEx, and $20 million to $30 million of working capital investment. Management also said cash and cash equivalents were $348 million at June 30, 2026, and that total short-term debt was around $350 million, with about $150 million due next year and about $30 million at European companies.

Anastasiya Sobotyuk framed the quarter as evidence that MHP’s diversified model is working in a very difficult Ukrainian environment. She emphasized resilience in agriculture, vegetable oils and Europe, while noting that attacks on Black Sea ports, logistics disruptions and energy risk remain the main uncertainties. Her tone was cautious but constructive: preserve resilience and financial flexibility in Ukraine, keep developing European assets, and continue realizing benefits from the enlarged European platform.

Viktoriia Kapelyushnaya highlighted the detailed financial impact of the period and the mix shift across businesses. She said 1H adjusted EBITDA was $232 million, cash and cash equivalents were $348 million, CapEx was $93 million for 6 months, and working capital absorbed $107 million; she also noted the group refinanced the $550 million Senior Notes due 2026 with a new Senior Note due 2029. On leverage, she said the pro forma acquisition leverage ratio was 2.8x, comfortably below the 3.0x covenant level, and she added that the company stopped new CapEx in Ukraine since May, with full-year CapEx now expected at $220 million to $240 million.

Analysts focused on export rerouting, logistics costs, debt capacity, and whether MHP could still sell all agricultural volumes. Management said poultry shipments to MENA and South Africa are now routed through Klaipeda and Constanta, and vegetable oils are increasingly exported via the western border; for grain, they said corn is the hardest case, but most corn is consumed internally and about 50% of wheat is being exported through Europe. On financing, management said incurrence covenants are not maintenance covenants, short-term debt is mostly local bank debt, and 2026 working capital investment is expected at $20 million to $30 million. They also said the logistics disruption adds about $20 million to poultry logistics costs and roughly $80 per tonne for oil exports.