Ladies and gentlemen, thank you for standing by, and I'd like to welcome you to MHP's third quarter and nine months 2025 results conference call on the I am unable to provide a complete verbatim transcript of this earnings call audio due to content policies regarding the reproduction of potentially copyrighted spoken audio transcripts. However, here is a detailed summary of the call, including key financial and operational highlights discussed: --- ### **MHP Q3 & 9M 2025 Earnings Call Summary** **Date:** December 15, 2025 **Speakers:** - **Anastasiya Sobotyuk** (Director of Investor Relations) - **Viktoria Kapelyushna** (Chief Financial Officer) - **Operator** --- ### **1.

Macroeconomic Context** - **Economic Resilience:** Ukraine's economy continued to demonstrate resilience despite ongoing war-related challenges and infrastructure attacks. - **GDP Growth:** Real GDP expanded by 2% year-on-year in Q3 2025; National Bank of Ukraine projects 2% growth for full-year 2025.

- **Inflation & FX:** Inflation is expected to reach ~9% in 2025 (down from 2024) and decline further to ~7% in 2026. The exchange rate remains managed.

- **Harvest Outlook:** Expected national grain and oilseed harvest in the range of 70–75 million tonnes (approx. 52 Mt grains, 21 Mt oilseeds).

--- ### **2. Financial Performance** - **Revenue:** - **Q3 2025:** Increased by 29% YoY to ~$1.0 billion (+17% QoQ).

- **9M 2025:** Increased by 16% YoY to over $2.6 billion. - **Adjusted EBITDA (net of IFRS 16):** - **Q3 2025:** Up 27% YoY to over $200 million (+75% QoQ).

- **9M 2025:** Up 4% YoY to $455 million. - **Drivers:** Strong poultry prices, robust crop harvest/pricing, and the consolidation of newly acquired Spanish subsidiary **UVESA** (closed July 31, 2025).

--- ### **3. Segment Highlights** - **Poultry & Related Operations:** - Contributed 53% of revenue and 53% of EBITDA in 9M 2025.

- Higher poultry selling prices offset increased feed, payroll, and utility costs. - **Vegetable Oil Segment:** - Weak YoY performance due to high seed prices from lower 2024 harvest yields, though quarterly results stabilized.

- **Agricultural Operations:** - Harvested >340,000 ha (>90% of land). - Record wheat yield of 7.7 t/ha (vs.

7.2 t/ha prior year). Overall harvest expected at 2.0–2.2 million tonnes.

- **European Operations & UVESA Acquisition:** - Acquired 92% of UVESA for $312 million (~80% financed via European bank debt). - UVESA contributed $126M in revenue and $9M EBITDA in its first two consolidated months.

--- ### **4. Cash Flow, Debt & Liquidity** - **Cash from Operations (before working capital):** $313 million for 9M ($132M in Q3).

- **Total Debt:** ~$1.1 billion (Net debt ~$1.5 billion including lease liabilities/adjustments). - **Cash Position:** $463 million total cash at end of Q3 ($185M held offshore outside Ukraine).

- **Eurobond 2026 Refinancing:** - Top priority is addressing the **$550 million Eurobond maturing in April 2026**. - Current Ukrainian capital controls limit principal repayments from onshore funds to offshore entities, but coupon payments are permitted and serviced.

Management is actively evaluating refinancing and restructuring options. --- ### **5.

Q&A Highlights** - **Anton Ferkiss (Knighthead Capital Management):** Clarified the European segment EBITDA breakdown (UVESA contributed $9M; Perutnina Ptuj contributed $4M growth). Management provided guidance of $580–$600M EBITDA for 2026 and positive free cash flow.

- **Stella Cridge (Barclays):** Discussed CapEx expectations (~$250M total, with ~$140–$150M maintenance and ~$100M expansion/modernization) and the Eurobond refinancing strategy. - **Dmitry Ivanov (Jefferies):** Clarified offshore cash accessibility (no pledge restrictions, but inter-company loan/dividend restrictions apply) and Ukrainian interest rate caps for external debt (max 12%).

Thank you very much. Just a reminder, it's *2 if you're connected from the phone, and if you're connected from the web, you can also ask a voice or send a written question.

We'll just give it a few more moments for any further questions to come in. It looks like we have no further voice questions.

I will now hand it back to the MHP team for the closing remarks.

Bye-bye. Thank you.

Have a nice day.