Mhp Se Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Anton Anikst - Knighthead Capital Management - Analyst : Good afternoon, guys. Thanks so much for taking the questions. The first one's a clarification. Slide 5 shows a $13 million positive impact from Uvesa on, year over year IITDA performance, but slide 9, shows $9 million. So which number is correct? Part of the reason I'm asking is I'm trying to understand what's happening with Perutina because if Yvesa was 13, that then sounds like Perutnina is down year on year. But if Yvesa was $9 million, then Perotina is up slightly over a year. So if you could clarify that, that'd be great.

Question: Anton Anikst - Knighthead Capital Management - Analyst : Yes, and then my next question is just, any early thoughts on 26 guidance or at least as you think about the refinancing of the 2026 bonds, do you expect to be free cash flow positive between now and the maturity of the bonds?

Question: Anton Anikst - Knighthead Capital Management - Analyst : Got it. The other four is Peru, so Perutina grew as well. That's.

Question: Anton Anikst - Knighthead Capital Management - Analyst : Yeah, perfect, yeah. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 15, 2025 / 1:00PM, MHPCq.L - Q3 2025 Mhp Se Earnings Call

Question: Anton Anikst - Knighthead Capital Management - Analyst : Yeah, any early thoughts on '26, high level, production maybe but the CapEx, and a related question, do you expect to be generating cash? Between now and.

Question: Stella Cridge - Barclays Services Corp - Analyst : Yeah, I wanted to ask a couple of areas, so yeah, I wondered in terms of the first four months that you've, been consolidating UESA, I mean, you touched on it briefly already. I mean, what in your 1st year in 2026. Of kind of owning the asset, what are the main, kind of targets or things you're going to look at to TRY to improve performance there? That would be great. And also just on the prior question, I'm sorry if I missed it there, and what you expect CapEx to be for the whole group next year and kind of the main projects that you're looking at, and then finally I understand that you've been talking with investors recently, about the bond. I was wondering, what kind of feedback you got from that experience, what kind of options might be possible. What do you think potential, you could go up to say on coupons and a new bond or any kind of cash component, it'd be great to get some feedback from those discussions with investors. Thanks a lot. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 15, 2025 / 1:00PM, MHPCq.L - Q3 2025 Mhp Se Earnings Call

Question: Stella Cridge - Barclays Services Corp - Analyst : Super, thank you very much for those comments. If I could also ask as well, I noticed in the short-term borrowings, there's $318 million of other short-term borrowings. Could you just run through the breakdown there and how you also plan to address those?

Question: Dmitry Ivanov - Jefferies - Analyst : I just wanted just to ask, a few follow-up questions, you mentioned. That you expect, like positive free cash flowss next year and we just discussed, like CapEx expectations for you. Can you unpack, the way you look at the poultry prices like basically we see, material increase year over year in poultry prices. Basically how do you see this poultry prices evolving into 2026 given like all the demand supply. Balance and also kind of also sub question basically when it comes to your expectations for 2026 how should we look at the working capital because working capital was a positive info this year. Also kind of curious when you expect positive cash flows, how do you look at the working capital impact for the next year? So this is my first question. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 15, 2025 / 1:00PM, MHPCq.L - Q3 2025 Mhp Se Earnings Call

Question: Dmitry Ivanov - Jefferies - Analyst : Understood that that's helpful. I also wanted to ask you about. Cash outside of Ukraine which is around $185 million, as of now. Are there any kind of restrictions like when it comes to this cash? So for example, do you have just to hold like a minimum amount of cash in Spain or in Peru up to in Slovenia as part of the covenants with the bank? So should we look at this cash as kind of available for any kind of debt management liability management exercise? So there are some restrictions when it comes to offshore cash of 185.

Question: Dmitry Ivanov - Jefferies - Analyst : I mean, is it like, can you use a scat so without any kind of restrictions, any consent from lenders just to use a sketch, so basically it's freely available cash that can be used for like, the intergroup, operations.

Question: Dmitry Ivanov - Jefferies - Analyst : That's helpful and probably like 11 kind of clarification on like. Current capital control rules and etc. Because you're kind of about to come to like a potential agreement, or like a deal just to extend, the bond or do something else with the bond. I'm just trying to understand, are there any restrictions, on how much you can, pay like interest, rates or any kind of limitations on the interest rate the company can offer to bondholders. So for example like 10% more than not more than 11% is Any limit? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 15, 2025 / 1:00PM, MHPCq.L - Q3 2025 Mhp Se Earnings Call

Question: Dmitry Ivanov - Jefferies - Analyst : 12% is the maximum that can be offered to new lenders. Interest rate in, okay. That's clear. And final clarification, apologies, you mentioned that you expect free cash negative, at the profile at Osa given CapEx, and expansion CapEx. How do you plan to fund this negative cash flows? They are like additional loans expected to be drawn additional.

Question: Dmitry Ivanov - Jefferies - Analyst : So it will be funded from loans, not from Ukrainian box perimeter, right, basically.

Question: Dmitry Ivanov - Jefferies - Analyst : Yeah, just, thank you for the.