MHP reports US$1.02B in first quarter of 2026
Net loss recorded amid war-related disruptions and foreign exchange impacts.
UKRAINE – Ukraine-based agri-food group MHP SE recorded revenue of more than US$1.02 billion in the first quarter of 2026, representing a 31% increase compared with the same period in 2025.
Despite the revenue growth, the company reported a significant decline in profitability, with operating profit falling 68% to US$19 million and operating margins dropping to 2%, down from 8% a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased by 29% to US$79 million, with the margin narrowing from 14% to 8% over the same period.
The company also moved from a net profit of US$32 million in the first quarter of 2025 to a net loss of US$85 million in the latest quarter, which it attributed largely to a non-cash foreign exchange loss.
MHP said overall operational performance remained “solid” despite continued pressure from intensified conflict conditions in Ukraine and wider geopolitical instability affecting global trade flows.
The group noted that it continues to pursue international expansion, particularly in European markets, while maintaining its focus on food security and protein supply chains.
Mixed performance across business segments
In its Ukrainian poultry operations, production volumes declined by more than 4% to just over 173,000 metric tonnes, while average prices fell 3% year on year to US$2.11 per kilogram excluding tax.
Export volumes from Ukraine also dropped by 3% to just under 94,000 metric tonnes, although revenue from the domestic poultry segment still rose by 8%.
However, gross profit and adjusted EBITDA from Ukrainian poultry operations fell sharply due to weaker margins and higher cost pressures.
In contrast, the company’s European subsidiary Perutnina Ptuj delivered strong growth, with poultry output rising 19% to more than 42,000 metric tonnes.
Revenue from the European segment increased by 141% year on year to US$354 million, supported by higher volumes and improved pricing, while gross profit and adjusted EBITDA also recorded triple-digit growth.
MHP’s vegetable oil business generated US$116 million in revenue, slightly below the previous year, although profitability improved significantly with adjusted EBITDA and gross profit increasing by more than 200%.
The group’s agricultural operations posted revenue of US$99 million, up 8%, alongside an 11% rise in adjusted EBITDA.
MHP, one of Europe’s largest poultry producers, continues to expand its international footprint following acquisitions in Spain and Greece, including Grupo Uvesa and Th. Nitsiakos AVEE.
The company said its diversification strategy and European expansion are aimed at strengthening resilience amid ongoing geopolitical and market volatility.
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