Thank you, Danielle. Dear stakeholders, good day, and thank you for joining MHP's conference call covering our first quarter 2026 results.

My name is Anastasiya, Investor Relations Director, and I am joined today by Viktoria Kapelyushnaya, CFO of MHP. Together, we will present and discuss the company's operational and financial performance for the reporting period.

Please note that today's discussion is based on the press release, financial statements, and investor presentation published earlier today. During the call, we may also discuss our outlook, strategic priorities, and future plans.

These statements are based on our current expectations, assumptions, and assessments of market conditions, and are therefore subject to risks and uncertainties. We encourage you to consider these factors when evaluating the information presented today.

With that, let us begin. We go on slide number 3 of the presentation.

Before turning to our operational results, let me briefly comment on the macroeconomic environment in Ukraine. The Ukrainian economy continues to demonstrate resilience despite the ongoing war.

Following the recovery in 2023, 2024, GDP growth remained positive in 2025, although the outlook for 2026 has been revised downward due to continued infrastructure damage, energy challenges, and labor shortages. Inflation accelerated during the first quarter, reaching almost 15% year on year in March 2026, driven primarily by higher food and energy prices.

The National Bank expects inflation to gradually moderate over the medium term. The local currency, Ukrainian hryvnia, remains broadly stable, supported by the National Bank's active management of foreign exchange market, with only a gradual depreciation expected going forward.

Importantly for our sector, Ukraine's agricultural industry remains resilient. The 2025 harvest was stable despite challenging conditions, you remember that, providing a solid foundation for agricultural exports and food production.

In addition, the 2026 sowing campaign has been successfully completed, with planting progressing largely in line with expectations despite the ongoing wartime environment, supporting prospects for the upcoming harvest. Overall, while the operating environment remains challenging, the macroeconomic stability has been maintained, and we continue to successfully adapt our business to the evolving conditions.

With that, let me move to our operational and financial performance for the quarter. We are moving to slide number 4 of the presentation.

Turning to our financial performance, Q1 2026 revenue increased by 31% year on year to $1 billion, primarily driven by the consolidation of UVESA and continued growth of our European operations. Gross profit remained broadly stable at $162 million, as stronger contributions from our European business largely offset margin pressure in the poultry segment.

Adjusted EBITDA, excluding IFRS 16, amounted to $79 million, compared with $111 million in Q1 2025. EBITDA margin was 8%, reflecting softer poultry market conditions, lower profitability in agricultural business due to seasonal factors, and the initial impact of integrating of UVESA.

Net profit was negative $85 million, mainly due to foreign exchange losses compared with gains in the prior-year period. Looking at our export mix, poultry products remained the largest contributor, while grain exports increased year on year, reflecting continued diversification of our revenue streams.

Overall, while profitability was affected by market conditions and integration-related factors during the quarter, our revenue growth demonstrated the benefits of geographic diversification and the strategic expansion of our European platform. Let me now provide more detail on the performance of our key business segments.

Slide number 5 of the presentation. Looking at our segment performance, the business continues to benefit from increased diversification, with Europe contributing 35% of revenue and over half of segment EBITDA during the quarter.

The poultry segment remained our largest revenue contributor, generating $453 million in revenue. However, EBITDA declined year on year due to weaker poultry prices, lower sales volumes, and higher production costs, resulting in EBITDA contribution of $19 million only.

The European operating segment delivered a strong performance, contributing $354 million in revenue and $42 million in EBITDA. The inclusion of UVESA had a positive impact on both revenue and earnings, and further strengthens our presence in key European markets.

Overall, while the poultry segment faced a more challenging market environment, the growing contribution from our European operations and the successful integration of UVESA helped support the group's overall performance and demonstrates the benefits of our diversification strategy. Let us now turn to the operational highlights across our key business segments, and here I pass my word to Viktoria.

Thank you, Anastasiya. Good afternoon, everyone.

Let's turn to poultry and related operations segment performance, slide number 6. Despite more challenging pricing environment in export poultry market during the Q1, MHP remained focused on operational discipline, with results reflecting the temporary impact of softer export prices.

Total poultry meat sales volume declined slightly year on year to 152,000 tonnes, as reduced shipment to MENA were not fully offset by higher exports to Europe. Processed meat volumes continued to grow, increased by 14,000 tonnes, supported by higher production and our ongoing shift toward add-value product.

Revenue for Q1 increased modestly year on year to $253 million, driven by stronger pricing and higher volumes of processed meat alongside a significant increase and complementary product and other revenue, including biogas. On the same basis, revenue declined for $524 million in Q4 2025, reflecting softer pricing for poultry meat on export market.

Gross profit decreased year on year to $60 million, primarily due to a lower IFRS 41 biological assets revaluation gain compared to the prior-year period and higher production costs. Decline comparing to Q4 last year reflected the continued deterioration in Europe export meat prices, and that carried through into Q1 2026.

Adjusted EBITDA net IFRS 16 decreased year on year to $19 million, driven by lower gross profit and higher delivering and transportation expenses. The quarter-on-quarter decline was driven by lower gross profit, while selling, general, and administrative expenses remained stable compared with quarter 4 2025.

Poultry price on export market continued to decline in Q1, however stabilized and showed positive dynamic in April-May. Looking ahead into 2026, we expect the overall cost and price environment to remain challenging, but current pricing give us reason for cautious optimism as we move through the year.

Turning to our vegetable oil segment, slide number 7. Revenue in Q1 remained probably unchanging year on year at $116 million, but increased significantly at the same period from $81 million in Q4 2025, reflecting recovery in sales volume and price appreciation across both sunflower and soybean oil.

Sunflower oil sales volume recovered to almost the level in Q1 2025 and increased quarter on quarter, supported by launch of new sunflower extraction line, which increased oil yield and expand overall processing capacity. Soybean oil sales volume continued to decline both year on year and quarter on quarter, mainly due to the high international consumption of soybean oil and feed recipe, and the absence of toll manufacturing arrangement in Q1.

Adjusted EBITDA net IFRS 16 slightly improved to $3 million, reflecting the combined effect of volume recovery and favorable commodity prices. Looking in 2026, we expect some improvement in segment profitability, supported by a gradual normalization of the raw material cost environment and higher production volume.

However, the pace of recovery will depend on commodity market dynamics, and we remain cautious in our expectation for the near term. Let's move to the slide number 8, agricultural operations.

Revenue increased to $99 million, driven by higher price across key crops together with increased sales volume of corn and soybean to third party, which more than offset a lower wheat sales volume. Adjusted EBITDA net IFRS 16 increased to $39 million, supported by higher price of winter crops, wheat and rapeseeds.

Both winter and spring sowing campaign have been full complete. The crop stands are in good condition across the group farming area.

Favorable weather patterns and adequate precipitation have now support the outlook for crops yield, at least in line with '25 levels. Looking ahead to 2026, we expect agriculture to continue delivering positive results, supported by favorable crop price and yield forecast, even as the fuel costs rise, helping offset lower results in our poultry operation and stabilizing contribution to total EBITDA.

Let's proceed to the slide number 9, several words about European operating segment. Revenue increased year to year to $354 million, driven by consolidation of UVESA, while decreasing slightly quarter on quarter as outbreak on African swine fever in Spain put downward pressure on pork prices.

Poultry meat sales volume grew year on year, driven by higher sales in both domestic and export market, while processed meat volume remained stable. Average price for both poultry and processed meat held steady both year on year and quarter on quarter.

Gross profit increased year on year to $65 million, mainly due to the UVESA effect, while the quarter-on-quarter increase was related to favorable IFRS 41 fair value movement, reflecting partially recovering of pig price in Spain in March, in April. Adjusted EBITDA net IFRS 16 also grew, broadly in line with development of gross profit.

Looking ahead to the remainder of 2026, we expect price for poultry and processed meat in the European operating segment to remain broadly stable, with sales volume continuing to grow. This is expect to support steady growth in adjusted EBITDA net IFRS 16 over the courses of the year.

Slide number 10, a few words about our cash flow, debt, and liquidity. Operating cash flow for Q1 decreased year on year to $14 million, driven by lower cash earning, mainly reflecting negative trends in export poultry meat prices.

Working capital representing an investment only $20 million in Q1 2026, primarily driven by investment in inventory and crops field ahead of sowing campaign, partially offset by consumption of agricultural produce harvest in 2025 and increase in payables. The investment was lower than Q1 last year, which had reflected one-off increase in receivables last year.

CapEx decreased to $43 million, with capital developing mainly across key strategic area focused on the maintenance and modernization of existing facility. Regarding debt, the increase in long-term debt and reduction in short-term debt reflected the repayment $550 million senior notes due to 2026 and the issues of the new Eurobond, 550 due 2029.

Cash position was around $518 million at 31st March 2026. By the end of the first quarter, the group complied with all banks' covenant.

The group's acquisition leverage ratio increased to 2.6, below the defined limit 3.0, compared to the 2.5 by the end of last year. Few words about subsequent events.

Subsequent to the reporting date, the groups entered into the share purchase agreement for acquisition of stake of 100% in Nitsiakos, the leading vertical integrated poultry producer in Greece. The transaction is structuring in three tranches, through which the group will require 70% of share capital, with first completion expected, the first tranches, the first completion expected in the first quarter of 2027, subject to customary closing condition, including regulatory clearance.

The group has also granted the existing shareholders a put option over the remain 30%, exercisable between 2030 and 2035 years. As previously disclosed, the consideration for the acquisition is based on a pre-agreed valuation methodology linked to the target's enterprise value and financial performance, subject to customary adjustment for cash, debt, and working capital.

In line with our announcement, the amount payable at each stage of the transaction will be disclosed at the relevant time. Now, I give the floor to Anastasiya.

Thank you, Viktoria. In closing, despite the ongoing challenges in Ukraine, we continue to demonstrate resilience across our operations, supported by our diversified and vertically integrated business model, as well as dedicated and professional team.

At the time, we are making significant progress in executing our long-term growth strategy in Europe, as you mentioned. This includes the continued development of Perutnina Ptuj, the successful launch of our pet food business in Croatia, which is a part of Perutnina Ptuj Group, the integration of UVESA in Spain, and the recently announced plans to acquire Nitsiakos in Greece, as you just recently elaborated.

These milestones reflect our strategic vision of transforming MHP into a leading international food and agribusiness group with Ukrainian roots. By combining the strengths of our Ukrainian operations with a growing European footprint, we are building a more diversified, resilient, and sustainable business for the long term.

Thank you for your continued support and trust in MHP. We are ready to answer your questions now.

Danielle.

Thank you, and afternoon, everyone, and many thanks for all the updates today. There was two areas if I could ask on.

The first is on the Greece acquisition. Could you tell us why you decided to go ahead with another acquisition so soon after UVESA?

Would it also be possible to perhaps give an EBITDA guidance range in the same way that you did for UVESA in the early days there? You appreciate you're going to wait until make some kind of valuation type announcements, but any kind of indication at this stage about how that would be funded would be great.

The second thing I wanted to ask about was the short-term debt, and if you plan to pay down some of that short-term debt with cash or perhaps do some refinancing, that would be great. Thank you.

Thank you for your question. Regarding yeah, it's very good question regarding why we decided to provide the new acquisition.

Yeah. No, first of all, yeah, you need to understand during the all our history, because during the last 15 years, we we were working about new acquisitions, yeah, and try to find the right target for MHP in in Europe.

Unfortunately, or maybe fortunately, it is very difficult job. Regarding when we, how to say, to find this company, we understand that it is a good company with what for MHP, what is very important, because we see a lot of room for improvement and a lot of and we see a lot of potential for growth.

The Greek market demonstrates strong growth, poultry market, and we understand how we can provide growth on capacity of this company. We see how we can improve cost of production, efficiency of the company.

That is why and completely accordingly our strategy, which we announced during the last few years, that the main target the main strategy to for for MHP to increase our our European business, purely European business. We had we have very good track record with Perutnina, and we clearly understand how we can do it with right targets, not with all companies, but with right targets.

The second part of your question about yeah, about how we will finance. You completely right, and we discussed a lot during the our issues Eurobond.

In generally, yes, we understand that we will yeah, for us is yeah, is one is the one resources how we can provide acquisition, yeah, provide acquisition and finance acquisition through European through European debt, which we can put in balance sheet of our European business. You asked about the size of Nitsiakos.

Size of Nitsiakos, it is very, yeah, yes, as we announced in our press release, is the EBITDA is not EBITDA, is the revenue around €500 million, and it's approximately, but the profitability EBITDA margin of this company today generate around 8%, 8-9%. Yeah.

The second question about our short-term debt, yeah? Right now, our short-term debt 350, but at the same time, we always we always, yeah, we always have the same level of short-term debt.

During the few last years, the our short-term debt for financing our current assets, approximately $300 million. Thank you.

Yes. Hi.

I hope you can hear me. Some of my questions have been answered, but maybe we can go back and focus on your poultry business just because I also dialed in late because I double booked.

Maybe you can repeat, but in terms of, can you underline margins? Just explain what's going on, what impacted the margin in the first quarter, and what you expect the overall effect to be, and maybe refresh guidance for the full year if you haven't done so, or if you have done so earlier in the call and I missed it.

Thank you for your question. Yes, as I told during the presentation, that now we are in very challenging environment.

It's the main reason why we have the low financial result in the first quarter is the low the export price, especially low price export price in Europe. It's the main as we understand, especially in the first quarter.

To be honest, always is the first quarter is the low season. Now we see some signal for slightly improvement price.

Anyway, even today, price European price remain is the low level that, for example, in compared to the fourth quarter last year. That is why we understand that for 2026, our poultry segment will generate worse result compared to 2025, but at the same time, our expectation and we see the better financial result in agriculture segment, in European operation segments, even in crushing segments.

If you speak about it's very difficult, to be honest, to announce our and to forecast our EBITDA for full year, but always we try to be conservative, and our current expectation about 520, 550 our EBITDA for whole company for 2026. Okay.

Thank you.

Sorry, the European prices, how much lower are they year on year if I may ask so that I have a sort of understanding?

European price is now lower compared to the first to this fourth quarter approximately by 15 15%. No, despite on the product, but if you speak about the average, around 10-15% below.

Year

on year.

No, fourth quarter compared to the year on year, it was be around only 5%. You understand that in the first quarter, we had significant increase in our cost production, not significant, but increase because we have very cold winter with temperature minus 25 degrees, and price of electricity, it was very high in Ukraine during the first quarter.

That is why our cost of production in first quarter was by around 7% 8% higher compared to the last year, year on year. Today, situation more or less stabilized regarding cost of production.

Okay. Thank you very much.

Good afternoon. Thank you very much for the presentation.

I have a clarification question on the company's operating cash flow, please. During the presentation, it was mentioned that weaker operating cash flow came due to weaker poultry segment results, but as I see, poultry segment cash EBITDA before IFRS 16 and IAS 41 stood only $25 million lower year on year, while operating cash flow before working capital changes declined by roughly $70 million.

Could you please elaborate on what also drove the operating cash flow lower? Thank you very much.

Your question,

Natalia, if I understood your question correctly, your question about why we have the operation cash flow better in changes than our financial result, yeah?

Operating cash flow changed worse than the profitability on a cash basis.

Operation cash flow, it is where you look from segment result, yeah?

Yeah.

Operation cash flow, because operation cash flow after investment in working capital, yeah? Mhm.

At the same time, as I told, the investment in working capital this year was slightly less than last year. Your question about just poultry segment or about our full

No. Full.

Cash flow operations that declined from $101 million in first quarter 2025 to 34 in first quarter 2026.

No, because unfortunately, I don't see real figures right now, yeah, and maybe it is after interest payment, yeah?

I guess so.

That is why it's big difference, yeah. Net cash flow operation.

Last year, it was 45. This year, 14.

Yes? Because now I see in our report.

Yes, this is after working capital changes, but before working capital changes, the decline is much more material, from 101 to 34.

No, maybe in interest. Oh, Natasha, maybe we will discuss with you

because,

unfortunately

Sure, absolutely.

I don't see.

Thank you. Sure.

Thank you very much.

Okay.

Hello. Can you hear me?

Yes.

Thank you very much for the presentation. I have a few questions if I may, I will maybe ask them one by one.

Maybe the first one is just can you repeat the EBITDA margin at the Nitsiakos business? Was it 8% or 10% EBITDA margin you mentioned?

No, 8 9.

8-9%. 8 8 to 9.

Okay. How much debt is there right now?

How much debt?

No, to be honest, we will ready to describe this information, yeah, not right now, yes, for the next, yeah, when we will have the first tranche. Because, to be honest, we provide announce about this company, and to be honest, we don't want to provide the some special information on just only in one conference call.

Okay? Understood.

Understood. The first stage of acquisition will result in ownership of above 50%, you will consolidate it after the first stage of the transaction?

Yes. In Yes.

Yes, right? The positive answer.

Ok.

No, yes, we have the few options, but our aim, yeah, to be consolidate. Anyway, we have the other option.

We're flexible.

Okay. Maybe just another question.

Your leverage calculated under covenants is 2.8 times. I remember you did some calculations for UVESA on some kind of expected pro forma net leverage.

I'm just curious if you've done these calculations for this pro forma acquisition of Nitsiakos. What's expected increase in net leverage with this acquisition?

Will it go above 3x as leverage ratio just any color

would be helpful. We understand, and our target after acquisition, we must be in leverage below 3.

Okay. Pro forma acquisition you will be below 3?

On basis of pro forma, they below 3. Okay.

Okay?

Okay. That's helpful.

No, close to not significant below 3, believe me. Close to the 3, but anyway below 3.

That's helpful. Thank you very much.

A few more questions from my side. I think you mentioned EBITDA guidance of at least 500 520 to 550, at least $520 million for this year, right, basically?

In first quarter, you already generated $87 million, right, basically? I'm just trying to do a simple math.

Basically, your guidance implies that in the rest of the three quarters, you will generate around $145 million EBITDA each quarter. It implies material increase in quarterly EBITDA generation from Q1, right, basically?

You already mentioned

Yeah. It is very simple.

Sorry for my interruption. It is very simple explanation because, first of all, yeah, agro segment, you understand, 40% 40% of our contribution of EBITDA, it is the farming business.

The biggest part of farming business, yeah, generate mostly in the second, third, and fourth quarter. In the first quarter, close to the zero.

Understood. Basically, we should expect Always the first quarter Yeah,

yeah, always in the first quarter, we have during the all our life, the first quarter, we have the lowest financial re- result. The

lowest. That's helpful.

Basically you will see material improvements in the next quarter. That's helpful.

Yes.

CapEx guidance. You previously guided $250 to $275 million for the whole group for the year.

Is it still the same guidance,

or

you changed it?

Yes, it's still the same guidance, yeah.

250 to

275.

That's helpful. Probably last question, basically, I'm looking at your liquidity position.

You're kind of sitting on half billion cash at the moment, $518 million. I'm just trying to understand why do you need so much cash on your balance sheet, right, basically?

It's half billion dollars cash. Can you expect other material outflows we should expect?

Because

half billion dollars, that's a lot of money.

Yeah. Dmitry, Dmitry, it is very good question, but it was on the 31st of March.

Now our cash position, because you did not ask me, what is the current our cash position? Our current position around $300 million, and internally we have the rules.

We would like to keep as minimum, because you understand what condition we are living, and our minimum cash position around 200.

Why did it go to $300 million? Did you repay any loans?

Because cash position went down by $218 million. What happened?

No, because, first of all, yes, we repay some loans, yeah, because you completely right, our 100 position is the big. We have the term investment in working capital regarding our agriculture campaign.

It will be working capital outflow in the second quarter, right, basically, another It is, because always,

yeah, because it's the temporary, but it's always, yeah.

Okay. Are we talking about 10, 20, $50 million, approximately?

Approximately what? Now on the balance sheet, we have around 300.

No.

The question is

how much in working capital outflows we should expect in the second quarter of this year.

Yes, we have the clear target because we would like to have reinvestment in capital for full year around minimum $50 million. Because last year we have the huge investment in working capital, and our target provide optimization all our position, yeah, current assets, and is the minimum we would like to have reinvestment $50 million.

Okay. That's helpful.

I'll get back into the queue. Thank you very much for your answers.

Yes.

Thank you.

Thank you for the presentation. Mine is a quick question about EBITDA.

You mentioned that the expectation is that year-end is 520 to 550. How much of it comes from UVESA and what portion is of the group before UVESA?

Thank you.

Our total EBITDA from our European segment, Perutnina, UVESA, because we're considering it's a one segment, for this year around 150, $160 million.

Okay.

Thank you so much. If I could just follow up on the UVESA.

It did look like EBITDA jumped quite a bit quarter on quarter, and I know that you were experiencing the impact of African swine fever towards the end of last year. Could you just talk us through kind of what happened in Q1 and why you saw such a pick-up in EBITDA?

Yeah. No, especially now, yes, it is a quarter on quarter, your question about fourth quarter, your four quarter fourth quarter last year and this, it is a difference about revaluation of pigs, yeah, because in the fourth quarter, we have negative impact, result of IFRS 41.

Here, situation with price pig price pork price in Spain was stabilized, has stabilized, and that is why we have revaluation positive effect. This is the main reason why is

difference. That's super.

It's been very helpful that you've been adding in these new disclosures around UVESA. I think anything that we can perhaps have in terms of more information around that would be great as well going forward.

Thank you.

Hi, thanks for the presentation. Wanted to get some more color around the European operating segment.

Last year, we see IAS loss of $17 million versus a $14 million gain in 1Q, but I understand these are non-cash adjustments. If we adjust for that, the EBITDA actually declines and the margin is also quite low.

Wanting to hear from you how do you look at profitability and how do you expect this cash EBITDA, which is after adjusting for IAS, how do you see that evolving? Thank you.

Yes, you're right that effect of 41 standard, it's non-cash, but your question about year on year or quarter to

quarter?

Year over year. Year on year,

yeah?

Yeah. If you look at year to year, our EBITDA, even exclude effect of 41 standard, increased.

Increased, yeah, because last year it is completely understandable, because we include the financial result from UVESA. Because, for me, it's very strange why you tell that EBITDA decreased.

Because if you look at year on year, exclude effect of 41 standard, our EBITDA increased by $10 million, yeah.

The margin has declined.

Okay. Margin?

Margin maybe declined, but, yes, okay, maybe we will send to you some explanation regarding margin. At the same time, we understand it's very important that in the first quarter, we have the bad influence, especially in UVESA, in pork segment, because our we have very, very low profitability in pork segment, because it was avian swine flu last year, and that situation now has stabilized.

Anyway, today's the price of pork very close to the cost, but at the same time, we see the trend for improvement. That is why we're sure that and other very important point, especially in UVESA, always price in the first quarter is the lowest, because it's the low season, and price will improvement, and cost of production, we do a lot of improvements in the UVESA, and we expect significantly better results in the second, third quarter, especially in UVESA.

Thank you.

Hi, there. Thank you for your time.

I just kind of wanted to break down the cost increases in the poultry segment on the quarter, please. It seems like you have both lower gross margins and higher SG&A if you're looking year on year.

Could you just break down what's happening in terms of the cost increases, why the gross margins have fallen significantly, and also the same with the SG&A? As you mentioned increased freight costs, if you could just give a little bit more detail there, that'd be helpful.

Thank you. Yeah.

Thank you for your question. Regarding SG&A, if you compare the quarter to quarter, the SG&A in poultry segment completely the same level.

Because, yes, we last year in 2025, since the second quarter, we had some changes in SG&A regarding increase salary, increase logistic cost, transportation. If you compare the four fourth quarter, fourth quarter 2025 with first quarter 2026, our level of SG&A in poultry segment completely the same, is the one.

The second issue, yes, cost of production chicken meat increased compared to the last year approximately by 7-8%. It's the main contribution was because we consume more gas, consumption of gas was significantly higher compared to the previous year due to the weather condition, temperature minus 25, and price of the gas higher by approximately 40%, and electricity price was higher year to year almost 60%.

It is the main contribution for increase our cost of production.

Going forward looking at the rest of the year for the poultry segment, it sounds like the SG&A costs are not something that are going to go down. Is it the same for the costs themselves?

Is that going to No,

Antonio, the SG&A costs will be the same which we had in the first quarter. During the 2026, I don't see any signals and any driver for decrease, yeah, but at the same time, we don't expect any increase.

It is good. Regarding cost of production, our expectations, the cost of production year to year will be not 7-8%, will be higher approximately by 4-5%.

No, because, for example, right now, situation with electricity, with price electricity has stabilized, and for full year, our cost with current price of a grain, because maybe from the new harvest, it would be higher price, yeah, we will see, but now we see that cost of production will be higher approximately by five 4-5%. Okay.

From a quarterly run rate that poultry segment going forward, what's the kind of EBITDA that it's going to be able to generate? This quarter seems relatively low.

You're implying it's going to get better. Is it going to be what, around the $50 million run rate per quarter?

60, 70? Your high last year was 80, just trying to get a range here.

No.

As I told, yeah, previously, that we understand that our EBITDA from poultry segment this year, because now we stay in very challenging environment, will be lower than previous, but it would be compensated partially by better result in agriculture segment and in our European operation segment. It would be lower.

Okay. And

Due to the cost of production and

especially

price export price.

From a run rate perspective, on a quarterly EBITDA perspective, is that something you could give a guidance to?

No. I cannot provide any guidance, especially for poultry segment.

We will provide guidance for full our financial results. Thank you.

Thank you very much.

Thank you very much. Dear stakeholders, it was a great opportunity to receive all your questions you were interested in.

Thank you for being with us during the call. Of course, if you would like to have a meeting with us, raise other questions, and discuss any questions which remained outstanding, please send me a message by email or direct the questions which you would like to be answered.

Thank you, and have a lovely day. Bye-bye.

Thank you so much. Good day.

Bye.