MHP SE Financial Results for the Q3 and 9 M 2025

15 December 2025, Limassol, Cyprus

MHP SE

Financial Results for the Third Quarter and Nine Months ended 30 September 2025

MHP SE (LSE:MHPC), the parent company of a leading international food and agri group, today announces its audited results for the third quarter and nine months ended 30 September 2025. Hereinafter, MHP SE and its subsidiaries are referred to as "MHP", "The Company" or "The Group".

MHP is reporting good operational and financial results for 9M 2025 thanks to continued strong demand for chicken meat and processed products both in Ukraine and for exports, a favourable price environment and our team's success in minimizing disruption to production. 

DIAL-IN DETAILS

MHP's management will host a conference call for investors and analysts followed by Q&A on the day of the results.

The dial-in details are:

Time: 13.00 London / 15.00 Kyiv / 08.00 New York

Title: Financial results for Q3 2025 and 9M 2025

UK: +44 203 984 9844

Ukraine: +380 89 324 0624

USA: +1 718 866 4614

PIN code: 645982

To follow the presentation with the management team, please use the following link:

https://mm.closir.com/slides?id=645982

For Investor Relations enquiries, please contact:

Anastasia Sobotiuk (Kyiv) +38 050 339 29 99

+357 99 76 71 26 [email protected]

WAR IN UKRAINE - UPDATE

The ongoing war continues to significantly affect the Company, creating an operational environment marked by energy supply disruptions, staffing challenges, and damaged infrastructure. Despite these obstacles, our 9M 2025 results underscore the resilience of our business model and the commitment of our workforce.

Recent months have seen intensified offensives across Ukraine, with more frequent and larger-scale attacks causing widespread destruction, particularly to energy systems, and resulting in substantial loss of life. These conditions have further complicated operations and increased war-related costs.

We are closely monitoring peace negotiations and their potential implications for Ukraine's economy and for MHP. A peace agreement could stabilize the local currency, alleviate labor shortages, and boost domestic demand-supporting our plans to expand operations in Ukraine.

Meanwhile, we remain dedicated to humanitarian relief efforts through our strategic partner, the Charitable Foundation MHP-HROMADI.

GLOBAL EXPANSION - Q3 2025

In July, MHP acquired a 92% stake in Grupo UVESA, one of Spain's leading poultry and pork producers with a vertically integrated model. This strategic move strengthens MHP's European footprint, adding significant production capacity and access to Spain's dynamic agri-food market.

The integration will prioritize operational alignment, best-practice sharing, and targeted investments in efficiency and product innovation. MHP also plans to enhance export capabilities and expand its presence across European and Middle Eastern markets, reinforcing its commitment to food safety, animal welfare, and long-term stakeholder value.

OPERATIONAL HIGHLIGHTS

Q3 2025

· Poultry meat production volume in Ukraine decreased by 10% y/y to 151,023 tonnes (Q3 2024: 167,836 tonnes). Poultry meat production volumes of the European Operating Segment (excluding UVESA) increased by 7% to 41,288 tonnes (Q3 2024: 38,534 tonnes). For the first two months following the acquisition, UVESA produced 32,913 tonnes of poultry meat and 19,537 tonnes of pork.

· MHP Ukraine's average poultry meat price increased by 18% to US$ 2.45 per kg (Q3 2024: US$ 2.07 per kg) excluding VAT. The average price of poultry meat in the European Operating Segment (excluding UVESA) increased by 3% y/y to EUR 3.66 per kg (Q3 2024: EUR 3.55 per kg).

· Poultry meat exports from Ukraine were stable y/y at 88,714 tonnes (Q3 2024: 90,486 tonnes).

9M 2025

· Poultry meat production volume in Ukraine decreased by 8% y/y to 492,963 tonnes (9M 2024: 533,737 tonnes). Poultry meat production volumes of the European Operating Segment (excluding UVESA) increased by 6% y/y to 114,406 tonnes (9M 2024: 107,952 tonnes).

· MHP Ukraine's average poultry meat price increased by 17% y/y to US$ 2.35 per kg (9M 2024: US$ 2.01 per kg) excluding VAT. The average price of poultry meat in the European Operating Segment (excluding Uvesa) increased by 3% y/y to EUR 3.63 per kg (9M 2024: EUR 3.51 per kg).

· Poultry meat exports from Ukraine remained stable y/y at 274,303 tonnes (9M 2024: 276,340 tonnes).

FINANCIAL HIGHLIGHTS

Q3 2025

· Revenue increased by 29% y/y to US$ 1,000 million (Q3 2024: US$ 773 million).

· Operating profit (excluding impairment) increased by 15% y/y to US$ 177 million (Q3 2024: US$ 154 million), while operating margin decreased to 18% (Q3 2024: 20%).

· Adjusted EBITDA (net of IFRS 16) increased by 27% y/y to US$ 219 million (Q3 2024: US$ 173 million); adjusted EBITDA margin (net of IFRS 16) was stable at 22% (Q3 2024: 22%).

· Net profit increased by 46% y/y to US$ 140 million (Q3 2024: US$ 96 million).

9M 2025

· Revenue increased by 16% y/y to US$ 2,635 million (9M 2024: US$ 2,262 million).

· Operating profit (excluding impairment) decreased by 10% y/y to US$ 313 million (9M 2024: US$ 346 million) and operating margin decreased to 12% (9M 2024: 15%).

· Adjusted EBITDA (net of IFRS 16) increased by 4% y/y to US$ 455 million (9M 2024: US$ 437 million); adjusted EBITDA margin (net of IFRS 16) also decreased to 17% (9M 2024: 19%).

· Net profit of US$ 215 million (9M 2024: net profit of US$ 141 million), primarily reflecting a US$ 23 million non-cash foreign exchange gain in 9M 2025 compared with a loss of US$ 98 million in 9M 2024.

SEGMENT PERFORMANCE

Poultry and processed meat and related operations

Q3 2025

· Revenue increased by 23% y/y to US$ 505 million (Q3 2024: US$ 412 million).

· Gross profit of US$ 105 million increased by 27% y/y and gross margin to 21% (Q3 2024: US$ 83 million and 20% respectively).

· Adjusted EBITDA (net of IFRS 16) increased by 28% y/y at US$ 73 million (Q3 2024: US$ 57 million); adjusted EBITDA margin (net of IFRS 16) was stable at 14%.

9M 2025

· Revenue increased by 17% y/y to US$ 1,402 million (9M 2024: US$ 1,200 million).

· Gross profit increased by 9% y/y to US$ 326 million (9M 2024: US$ 300 million) but gross margin decreased to 23% (9M 2024: 25%).

· Adjusted EBITDA (net of IFRS 16) increased by 12% y/y to US$ 239 million (9M 2024: US$ 214 million); adjusted EBITDA margin (net of IFRS 16) slightly decreased to 17% from 18%.

Vegetable oil operations

Q3 2025

· Revenue decreased by 25% y/y to US$ 89 million (Q3 2024: US$ 119 million).

· Gross profit of US$ 7 million decreased by 56% y/y and gross margin decreased to 8% (Q3 2024: US$ 16 million and 13% respectively).

· Adjusted EBITDA (net of IFRS 16) decreased by 53% y/y at US$ 7 million (Q3 2024: US$ 15 million); adjusted EBITDA margin (net of IFRS 16) also decreased to 8% (Q3 2024:13%).

9M 2025

· Revenue decreased to US$ 313 million, which is 12% y/y (9M 2024: US$ 355 million).

· Gross profit decreased to US$ 12 million, a fall of 73% y/y (9M 2024: US$ 44 million) and gross margin also decreased to 4% (9M 2024:12%).

Adjusted EBITDA (net of IFRS 16) decreased by 69% y/y to US$ 13 million (9M 2024: US$ 42 million); adjusted EBITDA margin (net of IFRS 16) decreased to 4% from 12%.

Agriculture operations

Q3 2025

· Revenue decreased by 3% y/y to US$ 89 million (Q3 2024: US$ 92 million).

· Adjusted EBITDA (net of IFRS 16) increased to US$ 136 million which is 43% y/y (Q3 2024: US$ 95 million).

9M 2025

· Revenue increased by 2% y/y to US$ 281 million (9M 2024: US$ 276 million).

· Adjusted EBITDA (net of IFRS 16) increased to US$ 205 million which is 25% y/y (9M 2024: US$ 164 million).

European operating segment

Q3 2025

· Revenue increased by 111% y/y to US$ 317 million (Q3 2024: US$ 150 million).

· Gross profit of US$ 60 million increased by 46% y/y while gross margin decreased to 19% (Q3 2024: US$ 41 million and 27% respectively).

· Adjusted EBITDA (net of IFRS 16) increased by 41% y/y to US$ 38 million (Q3 2024: US$ 27 million); adjusted EBITDA margin (net of IFRS 16) decreased to 12% (Q3 2024:18%).

9M 2025

· Revenue increased by 48% y/y to US$ 639 million (9M 2024: US$ 431 million).

· Gross profit increased to US$ 139 million up by 23% y/y (9M 2024: US$ 113 million) but gross margin remained slightly decreased at 22% (9M 2024: 26%).

· Adjusted EBITDA (net of IFRS 16) increased to US$ 87 million which is 18% y/y (9M 2024: US$ 74 million); adjusted EBITDA margin (net of IFRS 16) slightly decreased to 14% from 17%.

CURRENT GROUP CASH FLOW

1)Calculated as Net Cash from operating activities plus Cash used in investing activities plus Cash used in financing activities

Debt Structure and Liquidity

As at 30 September 2025 the Net Debt equals to US$ 1,529 million and LTM adjusted EBITDA (net of IFRS 16) raised to US$ 586 million (31 December 2024: US$ 1,179 million and US$ 566 million respectively).

The Net Debt / LTM adjusted EBITDA (net of IFRS 16) ratio was 2.61 as of 30 September 2025, well below the limit of 3.0 defined in the Eurobond agreement. Acquisition leverage ratio, calculated as if the UVESA acquisition had occurred on 1 October 2024, amounted to 2.40 to 1.

Notes to Editors:

About MHP

MHP is an international food and agri company, which produces high-quality healthy food products that enhance its consumers' lives. It has production facilities in Ukraine and throughout South-Eastern Europe, and is a specialist in the application and deployment of the latest food and agri-technologies across its operations. MHP's shares (GDRs) are listed on the London Stock Exchange. Employing over 38,000 employees in Ukraine and abroad, MHP is ranked among Ukraine's top 20 employers, according to Forbes Ukraine.

MHP exports its products to over 70 countries worldwide. The company's land bank totals 360,000 hectares across 12 regions of Ukraine. MHP is the largest single taxpayer across Ukraine's agricultural sector and was recognised by Forbes Ukraine and NV as one of the country's top investors in 2024. 

MHP is the leading poultry producer in Europe and ranks among the top 10 poultry producers worldwide, according to the WattPoultry ranking. The company develops over 15 food brands and, together with its partners, operates several chains, including the MeatMarket stores and Döner Market outlets.

Together with its strategic partner, the Charitable Foundation MHP-Hromadi, the company supports Ukrainians, fosters community development, and preserves Ukrainian culture. To provide personalised assistance and comprehensive support to members of the armed forces, veterans, and their families, MHP has designed and implemented the MHP Standing Together programme.

The founder and CEO of MHP is Ukrainian businessman Yuriy Kosyuk.

About Grupo UVESA 

Grupo UVESA is a leading name in Spain's agri-food industry, with over 60 years of expertise in poultry, pork, and animal feed production. Operating under a fully integrated model, UVESA ensures rigorous control across every stage of its value chain, reinforcing its reputation for quality and food safety.

Poultry business

As one of Spain's foremost chicken producers, UVESA operates state-of-the-art facilities equipped with advanced automation and stringent process controls. This has earned the company international certifications in quality and food safety.

Pork Sector

UVESA is a major supplier to Spain's leading meat companies, leveraging cutting-edge genetics and production systems to deliver consistent quality and traceability.

Feed area

Its feed centers utilize innovative technologies to produce nutrient-rich formulations, supporting healthy livestock growth and sustainable farming practices.

Driven by innovation and a dedicated workforce, UVESA continues to expand its market presence and strengthen its position as a trusted partner in Europe's agri-food sector.

About Perutnina Ptuj 

Perutnina Ptuj, headquartered in Ptuj, Slovenia, is a poultry producer and food company with a rich tradition dating back to 1905. It is an international group of 16 companies with more than 5,200 employees in 7 countries, operating 15 production plants and 3 trading companies. Perutnina Ptuj is a wholly owned subsidiary of the MHP Group.

Forward-Looking Statements

This press release might contain forward-looking statements that refer to future events or forecast financial indicators for MHP SE. Such statements do not guarantee that these are actions to be taken by MHP SE in the future, and estimates can be inaccurate and uncertain. Actual final indicators and results can considerably differ from those declared in any forward-looking statements. MHP SE does not intend to change these statements to reflect actual results.

MHP SE AND ITS SUBSIDIARIES

Interim condensed consolidated Financial Statements

As of and for the three-month and nine-month period

ended 30 September 2025

CONTENTS

STATEMENT OF MEMBERS OF THE BOARD OF DIRECTORS................................................................. 3

MANAGEMENT REPORT........................................................................................................................ 4

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE THREE-MONTH AND NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION................. 6

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME.............................................................................................................................................................. 7

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION..................................... 8

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY..................................... 9

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS............................................... 10

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.............................. 11

1. Corporate information..................................................................................................................... 11

2. Basis of preparation and accounting policies................................................................................... 12

3. Changes in the group structure........................................................................................................ 14

4. Segment information...................................................................................................................... 17

5. Revenue........................................................................................................................................ 19

6. Profit for the period........................................................................................................................ 19

7. Property, plant and equipment........................................................................................................ 20

8. Inventories, agricultural produce and biological assets..................................................................... 20

9. Shareholders' equity....................................................................................................................... 20

10.  Bank borrowings.......................................................................................................................... 21

11.  Bonds issued.............................................................................................................................. 23

12.  Related party balances and transactions....................................................................................... 24

13.  Operating environment in Ukraine.................................................................................................. 25

14.  Contingencies and contractual commitments................................................................................. 26

15.  Fair value of financial instruments................................................................................................. 27

16.  Risk management policy.............................................................................................................. 27

17.  Subsequent events...................................................................................................................... 29

18.  Authorization of the interim condensed consolidated financial statements....................................... 29

STATEMENT OF MEMBERS OF THE BOARD OF DIRECTORS

In accordance with Article 10 of the Transparency Requirements (Securities for Trading on Regulated Market) Law 190(l)/2007 ("Law"), as amended, the members of the Board of Directors of MHP SE confirm that to the best of our knowledge:

(a) The interim condensed consolidated financial statements for the period from 1 January 2025 to30 September 2025 are presented on pages 7 to 29:

i. were prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union and in accordance with the provisions of Article 10 (4) of the Law, and

ii. give a true and fair view of the assets and liabilities, the financial position, and the profits of MHP SE and the businesses that are included in the interim condensed consolidated financial statements as a whole and

(b) the interim management report gives a fair review of the information required under Article 10 (6) of the Law.

15 December 2025

Members of the Board of Directors:

Chief Executive Officer Yuriy Kosyuk

Chief Financial Officer Viktoriia Kapeliushna

Director John Clifford Rich

Director Philip J Wilkinson

Director Andriy Bulakh

Director Christakis Taoushanis

Director Oscar Chemerinski

MANAGEMENT REPORT

Key financial highlights

During the nine-month period ended 30 September 2025, consolidated revenue increased by 16% to USD 2,635 million, compared to USD 2,262 million for the nine-month period ended 30 September 2024. Export sales for the nine-month period ended 30 September 2025 constituted 57% of total revenue at USD 1,494 million, compared to USD 1,368 million and 60% of total revenue for the nine-month period ended 30 September 2024. The revenue increase was primarily driven by stronger contributions from the Poultry segment, reflecting higher prices for both poultry and processed meat, partially offset by lower sales volumes. Another significant factor was the inclusion of results from the newly acquired Uvesa Group in the European operating segment for the period commencing 1 August 2025.

Gross profit increased by 7% to USD 674 million for the nine-month period ended 30 September 2025 compared to USD 627 million for the nine-month period ended 30 September 2024. The increase was driven by strong results across most segments, though partially offset by the Vegetable Oil segment, which faced margin pressure from rising oilseed costs.

Operating profit decreased by 10% to USD 313 million for the nine-month period ended 30 September 2025 compared to USD 346 million for the nine-month period ended 30 September 2024. The decrease was primarily attributable to higher payroll-related expenses within selling, general and administrative costs, and increased war-related expenses and losses recorded in other operating costs, which outweighed the increase in gross profit.

Profit for the nine-month period ended 30 September 2025 amounted to USD 215 million, compared to USD 141 million for the nine-month period ended 30 September 2024. The increase was mainly due to relative stability of UAH in relation to foreign currencies during the reporting period, which resulted in a net foreign exchange gain of USD 23 million for the nine-month period ended 30 September 2025 compared to a net loss of USD 98 million for the nine-month period ended 30 September 2024.

Dividends

In view of continuing War-related uncertainties and the resulting need to preserve liquidity to support the Company's ongoing business operations, the Directors decided not to declare a final dividend for the 2024 financial year. No interim dividend has been declared for the nine-month period ended 30 September 2025.

Risks and uncertainties

Russian invasion

On 24 February 2022, Russian forces began a military invasion of Ukraine resulting in a full-scale war across the Ukrainian State (the "War"). Focused on continuity and sustainability of its business and the preservation of value for all stakeholders, the Group has concentrated on two key areas: the safety of its employees and the food security of the country by prioritizing a continuous supply of food to the population of Ukraine.

As a result of the War, MHP has experienced a number of significant disruptions and operational issues within its business, which are described in detail in Note 13 Operating environment in Ukraine. Detailed information on this matter can also be found on page 171 of the Annual Report, which is available at mhp.com.cy.

Management believes that the Group has adequate resources to continue in operational existence for the foreseeable future. However, due to the currently unpredictable effects of risks posed by the ongoing War on the significant assumptions underlying management forecasts, Management concludes that a material uncertainty exists, which may cast significant doubt about the Group's ability to continue as a going concern and, therefore, the Group may be unable to realize its assets and discharge its liabilities in the normal course of business.

Other risks and uncertainties

There are a number of other potential risks and uncertainties, which could have a material impact on the Group's performance over the remaining three months of the financial year and could cause actual results to differ materially from expected and historical results. The directors do not consider that the principal risks and uncertainties have changed since the publication of the 2024 Annual Report on 28 April 2025. A detailed explanation of the risks, and how the Group seeks to mitigate them, can be found on pages 221 to 224 of the Annual Report which is available at mhp.com.cy.

15 December 2025

On behalf of the Board:

Chief Executive Officer Yuriy Kosyuk

Chief Financial Officer Viktoriia Kapeliushna

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION

To the members of MHP SE

Introduction

We have reviewed the interim condensed consolidated financial statements of MHP SE (the "Company") and its subsidiaries (collectively referred to as "the Group") on pages 7 to 29, which comprise the interim condensed consolidated statement of financial position as at 30 September 2025, and the interim condensed consolidated statement of profit or loss and other comprehensive income for the three-month and nine-month periods then ended, and the interim condensed consolidated statements of changes in equity and cash flows for the nine-month period then ended and selected explanatory notes. Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IFRS Accounting Standard IAS 34 Interim Financial Reporting as adopted by the European Union. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IFRS Accounting Standard IAS 34 Interim Financial Reporting as adopted by the European Union.

Emphasis of Matter - Material Uncertainty Related to Going Concern

We draw attention to Note 2 to the interim condensed consolidated financial statements, which indicates that the Group's operations are negatively affected by the Russian Federation`s military invasion of Ukraine, with the magnitude of further developments or the timing of their cessation being uncertain. These conditions, along with other matters as set forth in Notes 2 and 13 indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

Andreas Avraamides

Certified Public Accountant and Registered Auditor

for and on behalf of

Ernst & Young Cyprus Limited

Certified Public Accountants and Registered Auditors

Nicosia, Cyprus

15 December 2025

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

for the three-month and nine-month periods ended 30 September 2025

(in millions of US dollars, unless otherwise indicated)

On behalf of the Board:

Chief Executive Officer Yuriy Kosyuk

Chief Financial Officer  Viktoriia Kapeliushna

The accompanying notes on the pages 11 to 29 form an integral part of these interim condensed consolidated financial statements

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as of 30 September 2025

(in millions of US dollars, unless otherwise indicated)

On behalf of the Board:

Chief Executive Officer Yuriy Kosyuk

Chief Financial Officer Viktoriia Kapeliushna

The accompanying notes on the pages 11 to 29 form an integral part of these interim condensed consolidated financial statements

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the nine-month periods ended 30 September 2025 and 2024

(in millions of US dollars, unless otherwise indicated)

On behalf of the Board:

Chief Executive Officer Yuriy Kosyuk

Chief Financial Officer Viktoriia Kapeliushna

The accompanying notes on the pages 11 to 29 form an integral part of these interim condensed consolidated financial statements

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

for the nine-month period ended 30 September 2025

(in millions of US dollars, unless otherwise indicated)

On behalf of the Board:

Chief Executive Officer Yuriy Kosyuk

Chief Financial Officer Viktoriia Kapeliushna

The accompanying notes on the pages 11 to 29 form an integral part of these interim condensed consolidated financial statements

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

for the nine-month period ended 30 September 2025

(in millions of US dollars, unless otherwise indicated)

1. Corporate information

MHP SE (the "Parent" or "MHP SE"), a limited liability company (Societas Europaea) registered under the laws of Cyprus, was formed on 30 May 2006. Hereinafter, MHP SE and its subsidiaries are referred to as the "MHP SE Group" or the "Group". The registered address of MHP SE is 16-18 Zinas Kanther Street, Agia Triada, 3035 Limassol, Cyprus. The MHP SE shares are listed on the London Stock Exchange ("LSE") in the form of global depositary receipts ("GDRs").

The controlling shareholder of MHP SE is Mr. Yuriy Kosyuk ("Principal Shareholder"), who owns 100% of the shares of WTI Trading Limited ("WTI"), the immediate majority shareholder of MHP SE, which in turn directly owns of 59.7% of the total outstanding share capital of MHP SE.

The principal business activities of the Group are poultry and related operations, agriculture and vegetable oil operations. The Group's poultry and related operations integrate all functions related to chicken production, including hatching, fodder manufacturing, raising chickens to marketable age ("grow-out"), processing and sale of frozen and chilled chicken meat, as well as processed meat products. Agriculture operations comprise cultivation and sale of grains as well as cattle breeding for milk production. Vegetable oil operations include production and sale of vegetable oil, cake, and husk. As at 30 September 2025, the Group had 40,209 employees, up from 36,306 as at 31 December 2024.

The primary subsidiaries, the principal activities of the companies forming the Group and the Parent's effective ownership interest as of 30 September 2025 and 31 December 2024 were as follows:

1) The assets, liabilities and respective operations of this subsidiary were merged by Vinnytska Ptakhofabryka in 2025. The entity is currently undergoing liquidation

The Group's primary operational facilities are located across various regions of Ukraine and Europe. The European operations are represented by Perutnina Ptuj and its subsidiaries, with facilities in Slovenia, Serbia, Croatia, and Bosnia and Herzegovina. Effective 1 August 2025, the Group's presence expanded to Spain through acquisition of UVE S.A ("UVESA").

Notes to the INTERIM CONDENSED Consolidated financial statements

for the nine-month period ended 30 September 2025

(in millions of US dollars, unless otherwise indicated)

2. Basis of preparation and accounting policies

Basis of preparation

The interim condensed consolidated financial statements for the nine-month period ended 30 September 2025 have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union (EU). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual consolidated financial statements as of 31 December 2024, prepared in accordance with IFRS Accounting Standards as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap.113.

The interim condensed consolidated financial statements are presented in the US dollars (USD) and all values are rounded to the nearest million, except when otherwise indicated.

Going concern

In 2025, the Group has continued its operations in an environment severely affected by the Russian invasion of Ukraine since 24 February 2022. The Group concluded that the analysis of the observable impact of the War as described on pages 171 and 217-218 of the Annual Report, which is available at mhp.com.cy, continues to be relevant for these interim condensed consolidated financial statements.

With respect to the Group's Eurobond indebtedness maturing in April 2026, management continues to pursue a prudent debt management strategy to ensure timely servicing of its obligations. The Group has a strong track record of meeting its debt obligations in full and on time and maintains constructive relationships with its bondholders and other creditors. As of the date of issue of these consolidated financial statements, management is actively assessing available financing alternatives and plans to initiate the execution of the refinancing plan for the 6.95% Senior Notes during the first quarter of 2026.

The updates in the economic environment conditions during January- September 2025 are presented in Note 13 Operating environment in Ukraine.

Management has prepared financial forecasts, including cash flow projections, covering the 2025-2026 budget cycle. These forecasts reflect expected economic conditions, consider anticipated changes in the operating environment, including the impact of the War and factoring in the positive outcome of the settlement of the 6.95% Senior Notes as well as ensuring the Group's financial stability by continuous monitoring its other obligations under existing debt agreements and implementing necessary measures to meet its debt servicing requirements in full and on time.

These forecasts indicate that the Group has adequate resources to continue in operational existence for the foreseeable future. The Directors have therefore concluded that it is appropriate to apply the going concern basis of accounting in preparing these interim condensed consolidated financial statements. However, due to the currently unpredictable effects of the factors described in the Annual report and referred above, the Directors have concluded that a material uncertainty exists, which may cast significant doubt on the Group's ability to continue as a going concern, in which case the Group may be unable to realize its assets and discharge its liabilities in the normal course of business.

Adoption of new and revised IFRS Accounting Standards

The accounting policies adopted in the preparation of these interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024, except for the following amendments to IFRS Accounting Standard which has been adopted by the Group as of 1 January 2025:

· IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The amendments are effective for annual reporting periods beginning on or after 1 January 2025.

The newly adopted amendments to the IFRS Accounting Standard did not have a material impact on the Group's accounting policies and on the interim condensed consolidated financial statements of the Group. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Notes to the INTERIM CONDENSED Consolidated financial statements

for the nine-month period ended 30 September 2025

(in millions of US dollars, unless otherwise indicated)

2. Basis of preparation and accounting policies (continued)

Standards and interpretations in issue, but not effective

At the date of authorization of these interim condensed consolidated financial statements, the following standards, interpretations and amendments to the standards were in issue but not yet effective:

Except for IFRS 18, these new standards and the amendments are not expected to have a material impact on the Group's consolidated financial statements. Management will analyse the requirements of the IFRS 18 and will assess its impact on the Group`s consolidated financial statements.

Functional and presentation currencies

The functional currency of the Ukrainian companies of the Group is the Ukrainian Hryvnia ("UAH"); the functional currency of the Cyprus companies and Luxembourg company of the Group is the US Dollar ("USD"); the functional currency of the other European companies of the Group is the Euro ("EUR"); the functional currency of the United Arab Emirates companies is the Dirham ("AED"); the functional currency of the UK company is the British Pound ("GBP"); the functional currency of the Saudi Arabia company is the Saudi Riyal ("SAR").

Transactions in currencies other than the functional currency of the entities concerned are treated as transactions in foreign currencies.

Such transactions are initially recorded at the rates of exchange ruling at the dates of the transactions. Monetary assets and liabilities denominated in such currencies are translated prevailing rates on the reporting date. All realized and unrealized gains and losses arising on exchange differences are recognised in the consolidated statement of profit or loss and other comprehensive income for the period.

These consolidated financial statements are presented in US Dollars ("USD"), the Group's presentation currency, and all values are rounded to the nearest million, except when otherwise indicated.

The results and financial position of the Group are translated into the presentation currency using the following procedures:

· Assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate as of the reporting date of that statement of financial position;

· Income and expenses for each consolidated statement of profit or loss are translated at exchange rates at the dates of the transactions;

· Exchange differences arising on translation for consolidation are recognised in other comprehensive income and presented as a separate equity component. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss;

· All equity items except the revaluation reserve are translated at the historical exchange rate. The revaluation reserve is translated at the closing rate as of the statement of financial position date.

Notes to the INTERIM CONDENSED Consolidated financial statements

for the nine-month period ended 30 September 2025

(in millions of US dollars, unless otherwise indicated)

2. Basis of preparation and accounting policies (continued)

Functional and presentation currencies (continued)

For practical reasons, the Group translates items of income and expenses, cash flow items for each period presented in the financial statements using the quarterly average exchange rates if such translations reasonably approximate the results translated at exchange rates prevailing at the dates of the transactions.

The following exchange rates were used:

Seasonality of operations

Poultry and related operations, European operating segment, and Vegetable oils operations segment are not significantly exposed to seasonal fluctuations.

Agriculture operations segment, due to seasonality and implications of IAS 41, in the first half of the year mainly reflects sales of carried forward agricultural produce and the effect of biological assets revaluation, while during the second half of the year, it reflects sales of crops and the effect of revaluation of agricultural produce harvested during the year. Also, Agriculture operations segment has seasonal requirements for working capital increase from November to May due to the sowing campaign.

3. Changes in the group structure

Acquisition of the UVESA Group

On 31 July 2025 the Group finalized the acquisition of 92% of the share capital of the UVESA Group, a non-listed Spanish producer of poultry and pork meat and animal feed. From that date, the Group has obtained control over UVESA. Perutnina Ptuj, a subsidiary of the Group, acted as the intermediate parent in the transaction and directly acquired the shares of UVESA.

The total consideration for the transaction amounted to EUR 271 million (equivalent of USD 312 million).

As part of the purchase agreement, the parties agreed on a potential contingent consideration mechanism linked to the post-acquisition performance of UVESA. Based on management's assessment as of the acquisition date, the estimated probability-weighted outcome related to this contingent consideration is immaterial to the interim condensed consolidated financial statements. Consequently, no liability has been recognized in respect of the contingent consideration at the acquisition date.

This strategic acquisition represents a significant milestone in the Group 's long-term development strategy aimed at geographical diversification, enhanced vertical integration, and expansion in the European Union market. Through the transaction, the Group gains access to a fully operational business with an established operating model, developed infrastructure, and a stable customer base in Spain.

Notes to the INTERIM CONDENSED Consolidated financial statements

for the nine-month period ended 30 September 2025

(in millions of US dollars, unless otherwise indicated)

3. Changes in the group structure (continued)

Acquisition of the UVESA Group (continued)

UVESA, headquartered in Tudela (Spain), is a vertically integrated producer of poultry, pork, and animal feed, operating both its own facilities and a wide network of over 600 integrated farms. Its products are mainly sold through large retailers and wholesalers, with poultry accounting for more than two-thirds of total revenue. The provisional fair values of identifiable assets acquired and liabilities assumed are as set out in the table below:

The initial accounting for this business combination had not been finalized at the time these interim condensed consolidated financial statements are authorized for issue. Thus, the values of the assets acquired and liabilities assumed may need to be adjusted by the Group with a corresponding adjustment to goodwill, deferred tax and non-controlling interest. The Group expect to complete the accounting of this business combination within twelve months from the acquisition date.

The gross amount of trade accounts receivable approximates their fair value as stated above, and it is expected that the full contractual amount can be collected.

The consideration payable amounts to USD 312 million, of which the Group had paid the full amount by 30 September 2025.

The provisional goodwill of USD 44 million arising from the acquisition is attributed to the expected synergies and other benefits from combining the assets and activities of UVESA with those of the Group. The goodwill is not deductible for income tax purposes.

Acquisition-related costs of USD 2.7 million have been expensed and are presented within Selling, general and administrative expenses. These costs are included in operating cash flows in the interim condensed consolidated statement of cash flows.

From the date of acquisition, UVESA's revenue from third parties amounted to USD 126 million, with a net profit of USD 3 million. If the acquisition of UVESA had been completed on the first day of the financial year, the Group revenues for the nine-month period ended 30 September 2025 would have reached USD 3,032 million (unaudited) and the Group profit would have comprised USD 243 million (unaudited).

Notes to the INTERIM CONDENSED Consolidated financial statements

for the nine-month period ended 30 September 2025

(in millions of US dollars, unless otherwise indicated)

3. Changes in the group structure (continued)

Acquisition of Ukrainskyi Miasnyi Khutir

On 24 January 2025, the Group obtained control over Ukrainskyi Miasnyi Khutir LLC, a Ukrainian meat processing company. The acquisition was carried out in stages: an initial 24.9% stake was acquired in April 2024, increased to 49% in August 2024, and completed with the acquisition of the remaining 51% in January 2025. The carrying value of 49% ownership interest in this investee of USD 7.5 million together with the prepayment for the remaining 51% ownership interest of USD 7.4 million made by the Group in December 2024 were presented within investments in associates as at 31 December 2024.

The total final consideration for this acquisition is USD 15.6 million, including the acquisition-date fair value of initial 49% interest as mentioned above. At the ultimate acquisition date, the provisional fair value of the company's identifiable net assets was USD 10.5 million, primarily consisting of property, plant and equipment, intangible assets, inventories, trade and other accounts receivables and payables.

Goodwill of USD 5.1 million was recognized as part of the transaction, reflecting expected synergies from the enhanced market presence in the processed meat segment, access to established brands such as "Ukrainskyi Miasnyi Khutir" and "Parowki", and anticipated operational efficiencies from integrating support functions while maintaining the acquired company's autonomous operations.

From the date of acquisition, Ukrainskyi Miasnyi Khutir contributed revenue of USD 14 million to the Group`s results. Its contribution to net profit was not material.

As of the date of approval of these interim condensed consolidated financial statements, the Group is in the process of completing the purchase price allocation for the business combination, which is expected to be finalized within twelve months from the acquisition date.

Notes to the INTERIM CONDENSED Consolidated financial statements

for the nine-month period ended 30 September 2025

(in millions of US dollars, unless otherwise indicated)

4. Segment information

The following table presents revenue and profit information regarding the Group's operating segments for the nine-month period ended 30 September 2025:

1) Includes finance income, finance costs, foreign exchange gain;

2) Depreciation and amortization for the nine-month period ended 30 September 2025 does not include unallocated depreciation and amortization in the amount of USD 3.7 million.

The following table presents revenue and profit information regarding the Group's operating segments for the nine-month period ended 30 September 2024:

1) Includes finance income, finance costs, foreign exchange loss;

2) Depreciation and amortization for the nine-month period ended 30 September 2024 does not include unallocated depreciation and amortization in the amount of USD 1.9 million.

Notes to the INTERIM CONDENSED Consolidated financial statements

for the nine-month period ended 30 September 2025

(in millions of US dollars, unless otherwise indicated)

4. Segment information (continued)

The following table presents revenue and profit information regarding the Group's operating segments for the three-month period ended 30 September 2025: