MHP SE (MHPC) Q1 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by, and I would like to welcome you to MHP's Q1 2026 Results Conference Call on the 16th June 2026. [Operator Instructions] The format of the call is a presentation, which will be followed by a question-and-answer session. So without further ado, I would like to pass the line to Anastasiya Sobotyuk, Director of Investor Relations. Please go ahead, madam.

Thank you, Daniele. 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'm joined today by Viktoriia Kapeliushna, 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 #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, '24, 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 2025, 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 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 war-torn 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 #4 of the presentation. Turning to our financial performance. Q1 2026 revenue increased by 31% year-on-year to USD 1 billion, primarily driven by the condition of -- consolidation of UVESA and continued growth of our European operations. Gross profit remained broadly stable at USD 162 million as stronger contributions from our European business largely offset margin pressure in the Poultry segment. Adjusted EBITDA, excluding IFRS 16, amounted to USD 79 million compared with USD 111 million in Q1 2025. EBITDA margin was 8%, reflecting softer poultry market conditions, low profitability in agricultural business due to seasonal factors and the initial impact of integrating of UVESA. Net profit was negative USD 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 #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 USD 453 million in revenue. However, the 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 USD 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 Viktoriia.

Thank you, Anastasiya. Good afternoon, everyone. Let's turn to poultry and related operations segment performance, Slide #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 towards add-value product. Revenue for Q1 increased modestly year-on-year to $453 million, driven by stronger pricing and higher volumes of processed meat alongside a significant increase in 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 and 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 #7. Revenue in Q1 remained probably unchanged 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 expectations for the near term. Let's move to the Slide #8, agriculture 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 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 fully complete. The crop stands are in good condition and across the group farming area. Favorable weather patterns and adequate perception of 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 set in our poultry operation and stabilizing contribution to total EBITDA. Let's proceed to the Slide #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 high 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 partial recovery of peak price in Spain in March and 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 expected to support steady growth in adjusted EBITDA net IFRS 16 over the courses of the year. Slide #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 earnings, mainly reflecting negative trends in export poultry meat prices. Working capital represented an investment only $20 million in Q1 2026, primarily driven by investment in inventory and crops yield ahead of sowing campaign, but partially offset by consumption of agricultural produced harvest in 2025 and increase in payables. The investment was lower than Q1 last year, which had reflected a one-off increase in receivables last year. CapEx decreased to $43 million with capital development 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 of $550 million senior notes due to 2026 and the issues of the new Eurobond of $550 million 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. A few words about subsequent events. Subsequent to the reporting date, the group 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 3 tranches through which the group will acquire 70% of share capital, with first completion expected -- the first tranche with completion expected in the first quarter of 2027, subject to customary closing conditions, including regulatory clearance. The group has also granted the existing shareholders a put option over the remaining 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 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. And now I give the floor to Anastasiya.

Thank you, Viktoriia. 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.

[Operator Instructions] Our first question comes from Stella Cridge from Barclays.

There were 2 areas, if I could ask on. The first is on the Greece acquisition. So could you tell us why you decided to go ahead with another acquisition so soon after UVESA. And 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. And 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. And the second thing I want 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.

First of all, thank you for your question. Regarding, it's a very good question regarding why we decided to provide the new acquisition. Now first of all, you need to understand during our history because during the last 15 years, we were working about new acquisition and trying to find the right target for MHP in Europe. Unfortunately, or fortunately, it is a very difficult job. And regarding when we -- how to say, to find this company, we understand that this is a good company with good for MHP, what is very important because we see a lot of room for improvement and we see a lot of potential for growth. First of all, the Greece market demonstrates strong growth, poultry market. And we understand how we can provide growth on capacity of this company. And we see how we can improve cost of production and efficiency of the company. And that is why -- and completely accordingly, our strategy, which we announced during the last few years that the main target, the main strategy for MHP to increase our European business, pure European business. And yes, 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 the right targets. And the second part of your question about how we will finance, you're completely right, and we discussed a lot during our issues with Eurobond. In general, yes, we understand that we will -- for us is one resources how we can provide acquisition and finance acquisitions through European debt, which we can put in balance sheet of our European business. And you asked about the size of Nitsiakos, it is a very -- yes, as we announced in our press release is the EBIT, not EBITDA, it's revenue around $100 million. And the profitability, EBITDA margin of this company today generate around 8%, 9%. And the second question about our short-term debt. Right now, our short-term debt is $550 million. But at the same time, we always have the same level of short-term debt during the few last years, our short-term debt for financing our current assets, approximately $300 million.

Our next question comes from [ Alexi Soroka from amungji ].

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 that in terms of kind of underlying margins, just explain what's going on, what impacted the margins in the first -- or the first quarter? And what do you expect the overall effect to be and maybe refresh guidances for the full year if you haven't done so. So -- or if you have done so earlier in the call if I missed it.

Yes. Thank you for your question. Yes, as I told during the presentation, that segment poultry, now we are in a very challenging environment. It is the main reason why we have the low financial result in the first quarter, is the low export price, especially low rice export price in Europe. As we understand, especially in the first quarter, to be honest, always in the first quarter is the low season. And now we see some signal for slightly improving price. But anyway, even today, price -- European price remain in the low level that, for example, compared to the first quarter of last year. That is why we understand that for 2026, our poultry segment will generate worse results compared to 2025. But at the same time, our expectation and we see the better financial result in Agriculture segment, in European operations segment, even in Crushing segment. And if you speak about -- it's very difficult to be honest, to announce and to forecast our EBITDA for full year. But we always, we try to be conservative and our current expectation about $520 million, $550 million. Our EBITDA for whole company for 2026.

Sorry, the European prices, how much lower are they year-on-year. I may ask that I have an understanding...

European price is now lower compared to -- for the fourth quarter, it's approximately about 15% despite on the product, but if you speak about the average, around 10%, 15% growth.

Year-on-year?

No. Fourth quarter compared to the year-on-year, it will be around only 5%. But 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 the price of electricity, it was very high in Ukraine during the first quarter, that is why our cost of production in the first quarter was by around 7%, 8% higher compared to the last year year-on-year. Today's situation is more or less stabilized regarding cost of production.

Our next question comes from Natalia Shpygotska from Dragon Capital.

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 like $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.

Your question, Natalia, if I understood your question correctly, your question about why we have the operation cash flow better changes than our financial results, yes?

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

Operating cash flow, it is where you look from segment results, yes. Operation cash flow because operational cash flow after investment in working capital. But at the same time, as I told the investment in working capital this year was slightly less than last year. Your question about just the poultry segment or about our full.

No, no, no. Full. For cash flow operations that declined from $101 million in first quarter 2025 to $34 million in first quarter 2026.

No, because it is -- maybe it is -- yes, because unfortunately, I don't see real figures right now, yes. And maybe it is after payment, interest payment, yes?

I guess so.

Yes. And that is why it's a big difference. And that is why it seems to me the difference -- net cash flow operation last year, it was $45 million, this year, $14 million. Because now I think...

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

No, maybe we will discuss with you.

[Operator Instructions] Our next question comes from Dmitry Ivanov from Jefferies.

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 Nitsiakos business? Was it 8% or 10% EBITDA margin you mentioned?

No, 8%, 9%.

8% to 9%. Okay. And how much debt is there like now? How much debt.

To be honest, we will ready to -- how to say, to describe this information not right now, yes, for the next year, when we will have the first tranche. Because to be honest, we are not -- yes, we provide announcement about this company. And to be honest, we don't want to provide some special information on just only in one conference call.

Understood. Understood. And the first stage of acquisition will result in ownership of above 50%. So you will consolidate it after the first stage of the transaction.

Yes.

So yes, right, a positive answer.

No. Yes, we have a few options, but our aim, to be consolidated. But anyway, we have the other option, we're flexible.

Okay. Maybe just like another question. Your leverage like calculated under covenants is 2.8x. I remember you did some calculations for ELS on some kind of expected pro forma net leverage. I'm just curious if you've done the calculations for this like pro forma acquisition of Nitsiakos, how much -- what's like expected increase in net leverage with this acquisition? Will it go above 3x like the average or just any color.

Yes, we understand and our target after acquisition, we must be in average below 3.

Okay. So pro forma acquisition, you will be below 3...

Below 3. Not be significant below 3, close to the 3, but anyway, below 3.

That's helpful. So a few more questions from my side. I think you mentioned EBITDA guidance of at least $520 million for this year, right, basically. And in first quarter, you already like generated $87 million basically. I'm just trying to do like a simple math. So basically, your guidance implies that in the rest of the 3 quarters, you will generate around $145 million EBITDA each quarter. So it implies like a material increase in quarterly EBITDA generation from Q1 basically. You already...

It's very simple -- sorry for my interruption. It's very simple explanation because, first of all, Agri segment, you understand 40% of our business of our contribution of EBITDA is the farming business. And the biggest part of farming business generate mostly in the second -- third and fourth quarter. In the first quarter, close to the 0.

Understood. So basically, we should expect...

Yes, always in the first quarter, we have during all our life in the first quarter, we have the lowest financial results.

That's helpful. Okay. So basically, we will see material improvements in the next quarter.

Yes.

That's helpful. CapEx guidance. You previously guided $250 to $275 million for the whole group for the year. Is it still the same guidance or you change that.

This is still the same guidance. We're still the same guidance, yes.

$250 to $275 million. Okay. That's helpful. And probably last question, basically, I'm just trying, I'm looking at your liquidity position. You're kind of sitting on $0.5 billion cash at the moment, like $518 million. I'm just trying to understand why do you need so much cash on your balance sheet? It's $0.5 billion cash. Can you expect that other material outflows we should expect like $0.5 billion, that's a lot of money.

Yes, it is a 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 conditions we are living in and our minimum cash position is around $200 million.

And why did you go to $300 million? Did you repay any loans because your cash position went down by $280 million. So what happened?

No, no, no. Because first of all, yes, we repaid some a little bit. Yes, we repaid some loans because you're completely right, $100 million position is big. And we have the term investment in working capital regarding our agriculture campaign.

So it will be working capital outflow in the second quarter basically another...

Yes, because it's a temporary.

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

Approximately what -- now on the balance sheet, we have around $300 million.

No, no, no. The question is how much working capital outflows we should expect in the second quarter of this year.

Yes, we have the clear target, yes. We have a clear target because we would like to have reinvestment in total capital for full year around minimum $50 million because last year, we had a huge investment in working capital and our target provides optimization all our position, current assets. And as a minimum, we would like to have reimbursement -- reinvestment $50 million.

Our next question comes from Mary Gachanja from SALIC.

Mine is a quick question about EBITDA. You mentioned that the expectation at year-end is $520 million to $550 million. How much of it comes from UVESA? And what portion is from the -- of the group before UVESA.

Our total EBITDA from our European segment, Perutnina UVESA because we consider it is one segment for this year, around $160 million.

Our next question is a follow-up question from Stella Cridge from Barclays.

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 the 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 pickup in EBITDA?

Yes. No, no, no. Especially now, yes, it is quarter-on-quarter, your question about fourth quarter, first quarter last year and this. It is difference about reevaluation of fix because last -- in the fourth quarter, we have negative impact result of IAS 41. Here, situation with price, pig price, pork price in Spain was stabilized, and that is why we have reevaluation positive effect. This is the main reason why difference.

Okay. That's super. I mean 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.

[Operator Instructions] Our next question comes from Vidhi Vira from Goldman Sachs.

I 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 like noncash adjustments. And if we adjust for that, the EBITDA actually declines and the margin is also quite low. So 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?

Okay. Yes, you're right, that effect of 41 standard is noncash. But your question about year-on-year or quarter-to-quarter.

Year-over-year.

Year-on-year. But yes, if you look at year-to-year, our EBITDA even exclude effect of 41 standard increased. Increased because last year, it is completely understandable because we include any results 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.

Sorry, but the margin...

Okay, margin may be decline, but yes, okay, maybe we will send to you some explanation because regarding margin. But at the same time, we understand it's very important that in the first quarter, we have the bad influenza, 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. But anyway, today, the price of pork, very close to the cost. But at the same time, we see the trend for improvement. And that is why we saw the -- and a very important point, especially in UVESA, always price in the first quarter, the lowest because it's a low season and price will improve 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 the UVESA.

[Operator Instructions] Our next question comes from Antonio Gomes from 91.

I just kind of wanted to break down the cost increases in the poultry segment on the quarter, please. So 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 costs increases, why the gross margins have fallen significantly and also the same with the SG&A. Is it -- you mentioned freight costs, if you could just give a little bit more detail there, that would be helpful.

Yes. Thank you for your question. Regarding SG&A, if you compare the quarter-to-quarter SG&A in Poultry segment, completely the same level. Because we last year in 2025 in the second quarter, we had some changes in SG&A regarding increased salary, increased logistic cost, transportation. But if you compare the fourth quarter -- fourth quarter 2025 versus first quarter 2026, our level of SG&A in Poultry segment completely the same is the one. The second issue cost of production, chicken and meat increased compared to the last year, approximately by 7%. 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 the 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.

So 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...

Yes. Antonio, the SG&A cost will be the same, which we had in the first quarter. During the 2026. I don't see any signals and driver for decrease. 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 high approximately by 4%, 5%. Because, for example, right now, situation with electricity, price of electricity has stabilized. And for full year, our cost of -- with current price of grain because maybe from the new harvest, it would be higher price. Yes, we will see. But now we see that cost of production will be high approximately by 4%, 5%.

Okay. So from a quarterly run rate, the Poultry segment going forward, what's the kind of EBITDA that is going to be able to generate. This quarter seemed 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 million, $70 million? I mean your high last year was $80 million. So just trying to get a range here.

No, no. As I said told you previously that we understand that our EBITDA from Poultry segment this year because now we are staying in a very challenging environment, will be lower than previous, but it will be compensated partially by a better result in Agriculture segment and in our European operations segment. But it would be lower due to the -- and special price.

So from a run rate perspective on a quarterly EBITDA perspective, is that something you could give the guidance to.

Still no. I cannot provide any guidance, especially for Poultry segment. We will provide guidance for our financial results.

Okay. I'm not seeing any more questions. Thank you all for sending your questions. So perhaps I can hand back to the MHP team for the closing remarks.

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. And 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 e-mail or directly 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.

That concludes the call for today. Thank you all, and have a nice day.