MHP (MHPC) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 grew 24% year-over-year to $3.77 billion, driven by higher poultry and processed meat prices and the acquisition of Grupo UVESA, which expanded the European segment.

• Net profit for 2025 increased 30% year-over-year to $187 million, supported by reduced FX losses, despite a decline in operating profit due to higher payroll, administrative, and war-related costs.

• Adjusted EBITDA for 2025 remained stable at $569 million with a 15% margin, while gross profit grew 6% to $900 million, offset by margin compression in vegetable oils and agriculture.

• Export sales rose from $1.8 billion in 2024 to over $2 billion in 2025, with a positive shift toward higher-value products.

• The company maintained resilience amid the ongoing war in Ukraine and global geopolitical uncertainty, leveraging risk management and operational flexibility.

Financial highlights

• Q4 2025 revenue increased 44% year-over-year to $1.131 billion; full-year revenue reached $3.77 billion (+24% YoY).

• Q4 operating profit declined 33% year-over-year; full-year operating profit down 15% to $376 million.

• Q4 EBITDA fell 12% year-over-year; full-year adjusted EBITDA stable at $569 million (15% margin).

• Q4 2025 net loss of $28 million, but full-year net profit up to $187 million.

• Cash from operations for 2025: $413 million; CapEx: $275 million, focused on maintenance and international expansion.

Outlook and guidance

• 2026 EBITDA is forecasted to decline by 5–15% year-over-year, with guidance around $500–510 million.

• Cost and price environment expected to remain challenging in 2026 due to commodity and energy price volatility and logistics pressures from the Middle East conflict.

• Working capital release of at least UAH 30–40 million expected in 2026.

• CapEx for 2026 planned at UAH 250–275 million, split between Ukraine (mainly maintenance) and Europe (expansion and modernization).

• Real GDP in Ukraine grew 1.8% in 2025, with similar growth and CPI decline to 6.9% forecast for 2026.