MHP (MHPC) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 31% year-over-year to $1,022 million, mainly due to the consolidation of Uvesa in the European segment and international expansion.

• Net profit was -$85 million, swinging from a $32 million profit in Q1 2025, mainly due to significant non-cash FX losses and higher costs.

• Adjusted EBITDA (net of IFRS 16) fell 29% year-over-year to $79 million, with margin dropping to 8%.

• Diversification strategy advanced with European operations now contributing 35% of revenue and over half of segment EBITDA, supported by Uvesa integration and acquisition plans for Nitsiakos in Greece.

• Maintained business continuity and efficiency through robust risk management and diversified logistics amid intensified war in Ukraine.

Financial highlights

• Revenue: $1,022 million in Q1 2026, up 31% year-over-year; gross profit stable at $162 million.

• Adjusted EBITDA (net of IFRS 16): $79 million, down from $111 million in Q1 2025; margin at 8%.

• Net profit: -$85 million, compared to $32 million in Q1 2025, mainly due to FX losses.

• Operating cash flow dropped to $14 million, impacted by lower poultry prices and higher costs.

• CapEx for Q1 was $43 million; full-year guidance remains $250–$275 million.

Outlook and guidance

• Full-year 2026 EBITDA expected at $520–$550 million, with stronger results in agriculture and European segments offsetting weaker poultry.

• Poultry segment to remain challenged, but gradual price and cost stabilization expected.

• European segment EBITDA projected at $150–$160 million for the year.

• FY2026 GDP growth for Ukraine revised down to 1.3% due to infrastructure damage and energy price increases.

• CapEx guidance unchanged at $250–$275 million.