MHP (MHPC) Q3 2025 earnings summary

Executive summary

• Revenue grew 16% year-over-year to $2,635 million for 9M 2025, with Q3 revenue up 29% to $1,062 million, driven by strong poultry, agricultural, and European segments, including the UVESA acquisition.

• Net profit rose 53% year-over-year to $215 million, mainly due to foreign exchange gains and stable poultry exports.

• Adjusted EBITDA for 9M 2025 increased 4% to $455 million, with Q3 up 27% to $219 million; margin declined to 17% from 19% year-over-year.

• Operational resilience maintained despite war-related disruptions, with strategic focus on international expansion and prudent financial management.

• Net profit outpaced operating profit growth, mainly due to a swing to foreign exchange gains versus prior period losses.

Financial highlights

• Q3 2025 revenue rose 29% year-over-year to $1,062 million; 9M 2025 revenue up 16% to $2,635 million.

• Adjusted EBITDA for Q3 2025 increased 27% year-over-year to $219 million; 9M 2025 up 4% to $455 million.

• Net profit for Q3 2025 surged 46% year-over-year to $140 million; 9M 2025 up 53% to $215 million.

• Cash and cash equivalents at 30 September 2025 were $463 million, up from $355 million at year-end 2024.

• Net debt at period end was about $1.5 billion; leverage ratio at 2.61, below the 3.0 limit.

Outlook and guidance

• 2026 EBITDA expected to be $580–$600 million, with group-wide positive cash flow of $30–$50 million.

• No further poultry price increases expected in 2026; conservative budgeting applied.

• UVESA EBITDA projected to grow 25–30% year-on-year in 2026.

• CapEx for 2026 expected at $250 million, with $130–$150 million for maintenance and $100 million for European and non-commodity projects.

• Management is monitoring peace negotiations, which could stabilize the local currency and support expansion plans in Ukraine.