MHP SE Reports Resilient 2024 Results Amid Ukraine War and Announces Strategic Acquisition in Spain

The Phoenix Rises: MHP SE’s 2024 Survival Story

Let’s cut straight to the chase: operating a multinational agri-business from a war zone isn’t for the faint-hearted. Yet MHP SE’s latest results read like a masterclass in corporate resilience. While Russia’s invasion of Ukraine enters its fourth year, this Kyiv-rooted firm isn’t just surviving – it’s strategically expanding. Here’s what investors need to know.

War Zone Economics: The Operational Grit

Despite artillery fire and blackouts, MHP kept Ukrainian chicken plants running at 97% capacity. Key numbers that matter:

• 711,218 tonnes of Ukrainian poultry produced (flat vs 2023)
• 12% jump in European poultry output
• 80 countries supplied – including new Asian/Middle Eastern markets

The real hero? Export logistics. MHP somehow increased Q4 poultry exports by 12% despite Black Sea shipping constraints. Somebody deserves a medal for that customs clearance team.

Financials: Where the Rubber Meets the Road

The Good:

• 19% EBITDA margin (up from 15%) – war focuses the mind on costs
• 43x surge in agriculture EBITDA – sunflower profits blooming?
• Debt ratio at 2.08x EBITDA (well under 3x covenant)

The “Hmm…”

• Flat $3bn revenue – growth via inflation, not volume
• $125m forex hit – hryvnia volatility bites
• European ops’ EBITDA down 46% – energy costs?

The Spanish Gambit: UVESA Acquisition

While Kyiv air raid sirens wail, MHP’s boardroom is betting big on jamón ibérico. The €225/share (+€21.43 contingent) deal for 91.77% of Grupo UVESA screams strategic ambition: