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Financial Results for Q2 and 6М 2026 28 September 2026 Kyiv, Ukraine
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2 Disclaimer These materials may not be copied, published, distributed or transmitted. These materials do not constitute an offer to sell or the solicitation of an offer to buy the securities to be offered in connection with the offering. Those securities have not been, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. This presentation is furnished on a confidential basis only for the use of the intended recipient and only for discussion purposes, may be amended and/or supplemented without notice and may not be relied upon for the purposes of entering into any transaction. The information presented herein will be deemed to be superseded by any subsequent versions of this presentation and is subject to the information later appearing in any related prospectus, offering circular, pricing supplement or other offer document. The information in this presentation is being provided by MHP SE. The joint lead managers make no representation or warranty, express or implied, as to the accuracy or completeness of the information in this presentation, and nothing in this presentation is, or shall be relied upon as, a promise or representation by the joint lead managers. This presentation is made to and directed only at (i) persons outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial and Markets Act 200 (Financial Promotion) Order 2005 (the “Order”), and (iii) high net worth individuals, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (such persons, “Relevant Persons”). The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged in only with, relevant persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents. This presentation contains forward looking statements, including statements about MHP SE beliefs and expectations. These statements are based on MHP SE current plans, estimates and projections, as well as its expectations of external conditions and events. All projections, valuations and statistical analyses are provided to assist the recipient in the evaluation of the matters described herein. They may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results and, to the extent that they are based on historical information, they should not be relied upon as an accurate prediction of future performance. Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. A number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. Certain information presented herein (including market data and statistical information) has been obtained from various sources which MHP SE considers to be reliable. However, MHP SE makes no representation as to, and accepts no responsibility or liability whatsoever for, the accuracy or completeness of such information. MHP SE (LSE: MHPC), the parent company of one of the leading agro-industrial companies in Ukraine with a focus on production of poultry and cultivation of grain, as well as other agricultural operations (meat processing and meat products ready for consumption). Hereinafter, MHP SE and its subsidiaries are referred to as “MHP”, “The Company” or “The Group”.
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3 Ukraine Macro Fundamentals Source: Company Information, SSSU, NBU Real GDP • Real GDP during 2Q 2026 increased by 0.6% compared to 2Q 2025 (+0.4% compared to 1Q2026), despite constant missile attacks on infrastructure (preliminary results, published by National Statistics Committee). • Expected growth for FY2026 according to National Bank of Ukraine is 1.8%, in view of significant damage to infrastructure, wider electricity deficits, and the effects of a substantial increase in energy prices. CPI • Q2 2026 CPI (q-o-q) was close to 2.2%, compared to 3.4% in Q1 2026. • According to the latest forecast published by the National Bank of Ukraine, average annual CPI is expected to reach 9.4% in FY 2026, which is almost 6 p.p. lower than the actual result for FY 2025 (12.7%). CPI is projected to further decline to 6.5% in FY 2027, followed by a decrease to 5.0% in FY 2028. FX • In 2025, the NBU continued to offset the private sector’s structural FX deficit and smooth excessive fluctuations of the hryvnia exchange rate. UAH/USD exchange rate ended the year largely unchanged from its starting level. At the same time, the hryvnia depreciated to 44.5 UAH/USD during 2026 as a consequences of damage to the energy sector and the impact of the war in the Middle East. Despite the ongoing war, the 2025 harvest showed that the Ukrainian agricultural sector remained stable. Grain harvest reached 63.5 million tonnes, up by 13% y/y. Wheat harvest amounted to around 23 million tonnes, while corn reached approximately 31 million tonnes. In contrast, oilseed production declined, with sunflower harvest decreasing by 7.5% to 10 million tonnes. Real GDP (y/y change) CPI dynamics (q/q change) UAH/USD dynamics (monthly average) 27.98 36.57 36.15 41.19 42.12 41.44 43.83 44.70 20.00 25.00 30.00 35.00 40.00 45.00 50.00 Jan. 22 Mar. 22 May. 22 Jul. 22 Sep. 22 Nov. 22 Jan. 23 Mar. 23 May. 23 Jul. 23 Sep. 23 Nov. 23 Jan. 24 Mar. 24 May. 24 Jul. 24 Sep. 24 Nov. 24 Jan. 25 Mar. 25 May. 25 Jul. 25 Sep. 25 Nov. 25 Jan. 26 Mar. 26 May 26 Jul. 26 Sep. 26 -14.9% -36.9% -30.6%-31.4% -10.5% 19.5% 9.6% 4.7% 6.8% 4.0% 2.2% -0.1% 0.9% 0.7% 2.4% 2.8% -0.6% 0.6% 1.8% -40.0% -20.0% 0.0% 20.0% 9.5% 6.6% 3.0% 3.9% 3.0% 1.5% -1.5% 2.0% 1.2% 3.0% 2.1% 5.2% 3.5% 2.8% -0.1% 1.5% 3.4% 2.2% -5.0% 5.0% 15.0%
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4 Financial overview 6M 2026 & 6M 2025 • Revenue increased by 32% y/y to US$2,161 million, primarily reflecting the consolidation of UVESA within the European operating segment. • Gross profit increased by 8% y/y to US$397 million, with the positive contribution from Agriculture and UVESA partly offset by weaker performance in Poultry. • Operating profit decreased by 17% y/y to US$113 million, primarily due to higher selling, general and administrative expenses, including payroll and transportation, delivery and administrative service costs offsetting the increase in gross profit. • Adjusted EBITDA (net of IFRS 16) remained broadly stable at US$232 million, down 2% y/y, while the margin decreased by 3 p.p. to 11%. • Net profit moved to a loss of US$57 million, compared with a profit of US$75 million in 6M 2025, primarily reflecting a foreign exchange loss versus a foreign exchange gain in the prior-year period, driven by the weakening of the Ukrainian Hryvnia against the US Dollar and Euro. 125 219 114 79 153 15% 22% 10% 8% 13% -3% 2% 7% 12% 17% 22% 0 100 200 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 EBITDA (net of IFRS 16) EBITDA (net of IFRS 16) EBITDA margin (net of IFRS 16) 453 387 424 1,062 1,263 1,287 282 342 354 43 77 128 1,840 2,069 2,193 - 500 1,000 1,500 2,000 2,500 2024 2025 LTM Export by type of products Vegetable oil and related products Chicken meat and processed meat Grain Other agricultural products In US$ millions, unless indicated otherwise Q2 2026 Q2 2025 % change y/y Q1 2026 % change q/q 6M 2026 6M 2025 % change y/y Revenue 1139 856 33% 1022 11% 2161 1,635 32% IAS 41 standard gain/(loss) 59 -3 -21x 7 -7x 66 -7 -10x Gross profit 235 205 15% 162 45% 397 368 8% War-related expenses -15 -18 -17% -16 -6% -31 -32 -3% Operating profit 94 76 24% 19 4x 113 136 -17% Adjusted EBITDA 160 133 20% 87 84% 247 253 -2% Adjusted EBITDA (net of IFRS 16) 153 125 22% 79 94% 232 236 -2% Adjusted EBITDA margin (net of IFRS 16) 13% 15% -2pps 8% 5pps 11% 14% -3pps Net profit 28 43 -35% -85 -1x -57 75 -2x1) pps – percentage points
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5 236 -118 3 79 38 -6 232 6M 2025 Poultry Vegetable oils Agriculture Europe operating Unallocated 6M 2026 100 120 140 160 180 200 220 240 260 EBITDA (net of IFRS 16) 6M 2026 & 2025 Financial result by segments ↓ Meat price ↓ Sales volumes ↓ Higher costs ↑ Sales volumes ↑ Higher costs ↓ Higher payroll 56% 13% 8% Results for 6M 2026 Poultry and related operations, 45% Vegetable oils operations, 12% Agriculture operations , 9% Europe operating segment, 34% Revenue 6M 2026 Poultry and related operations, 17%Agriculture operations , 51% Europe operating segment, 29% Ve ge ta bl e… EBITDA 6M 2026 (excl. unnalocated) In US$ millions, unless indicated otherwise Poultry and related operations Vegetable oils operations Agriculture operations Europe operating segment Unallocated Total Revenue 976 261 186 738 0 2,161 %, of total Revenue 45% 12% 9% 34% 0% 100% Gross profit 123 9 141 124 0 397 War-related expenses -10 0 -2 0 -19 -31 Adjusted EBITDA (net of IFRS 16) 49 9 149 86 -61 232 %, of total EBITDA 21% 4% 64% 37% -26% 100% Adjusted EBITDA margin (net of IFRS 16) 5% 3% 53% 12% n/a 11% ↑Uvesa effect ↑ Sales volumes1) Adjusted EBITDA margin (net of IFRS 16) for the Poultry and Related operations segment, Vegetable Oil operations segment and the European operating segment are defined as Segment Adjusted EBITDA as a percentage of external sales on segmental basis. For the Agriculture Operations segment, this is calculated as a percentage of total revenue of that segment. 3% ↑Higher crops prices
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6 Poultry and processed meat and related operations 1) Revenue from poultry meat includes sales of offal, which doesn’t include in table regarding sales volume and prices of poultry meat 2) Poultry meat consists of raw and unprocessed parts of chicken, meat after minor processing, meat after grinding and chicken meat with the addition of spices 3) Processed meat consists of meat after significant processing (added supplements like vegetables or breading), pre-cooked and ready-to-eat meat Financial results • Revenue increased by 10% y/y in Q2 2026 and by 9% y/y in 6M 2026, driven primarily by higher sales of complementary products and other sales, including poultry by-products and energy products such as biomethane and natural gas. • Poultry meat revenue was broadly stable in Q2 and decreased by 2% y/y in 6M 2026, while processed meat revenue increased by 6% and 20%, respectively. • Gross profit decreased by 48% y/y in Q2 2026 and by 44% y/y in 6M 2026, reflecting lower poultry meat prices, higher production costs and a significant IAS 41 revaluation loss compared with a gain in the prior-year periods, reflecting the factors described above. Q/Q performance was slightly better than in Q1 2026, reflecting a partial recovery in prices from their Q1 low. • Adjusted EBITDA (net of IFRS 16) decreased by 66% y/y in Q2 and by 71% y/y in 6M 2026, broadly in line with the decline in gross profit. 88 89 94 94 105 67 67 63 58 61 2.41 2.45 2.36 2.11 2.21 1.80 2.00 2.20 2.40 0 100 200 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Poultry meat, ’000 tonnes Export sales Domestic sales Average price of poultry meat, USD/kg 4 4 4 4 4 10 12 11 10 10 3.28 3.39 3.57 3.62 3.78 3.00 3.20 3.40 3.60 3.80 0 5 10 15 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Processed meat, ’000 tonnes Export sales Domestic sales Average price of processed meat, USD/kg In US$ millions, unless indicated otherwise Q2 2026 Q2 2025 % change y/y Q1 2026 % change q/q 6M 2026 6M 2025 % change y/y Revenue 523 476 10% 453 15% 976 897 9% Poultry meat 381 382 0% 334 14% 715 733 -2% Processed meat 52 49 6% 49 6% 101 84 20% Complementary products and other sales 90 45 100% 70 29% 160 80 99% IAS 41 standard gain/(loss) -23 24 -2x -3 7x -26 54 -1x Gross profit 63 121 -48% 60 5% 123 221 -44% Gross margin 12% 25% -13pps 13% -1pps 13% 25% -12pps War-related expenses -5 -6 -17% -5 0% -10 -13 -23% Adjusted EBITDA 32 89 -64% 21 52% 53 170 -69% Adjusted EBITDA (net of IFRS 16) 30 87 -66% 19 58% 49 167 -71% Adjusted EBITDA margin (net of IFRS 16) 6% 18% -12pps 4% 2pps 5% 19% -14pps
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7 Vegetable oil operations 1) Related products consist of meal, cake, husk Financial results • Revenue increased by 38% y/y in Q2 2026 to US$145 million and by 17% y/y in 6M 2026 to US$261 million, driven primarily by higher vegetable oil sales. • Sunflower oil sales volumes increased materially, reaching approximately 90 thousand tonnes in Q2 2026, compared with 56 thousand tonnes in Q2 2025 and 74 thousand tonnes in Q1 2026. • Gross profit increased by 50% y/y in Q2 2026 and by 80% y/y in 6M 2026, reflecting stronger sunflower oil sales volumes and improved margins. • Adjusted EBITDA (net of IFRS 16) increased by 20% y/y in Q2 2026 to US$6 million and by 50% y/y in 6M 2026 to US$9 million. 56 54 51 74 90 0 50 100 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Sales of sunflower oil, ’000 tonnes Sales volume of sunflower oil 22 18 14 12 12 0 10 20 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Sales of soybean oil, ’000 tonnes Sales volume of soybean oil In US$ millions, unless indicated otherwise Q2 2026 Q2 2025 % change y/y Q1 2026 % change q/q 6M 2026 6M 2025 % change y/y Revenue 145 105 38% 116 25% 261 224 17% Vegetable oil 139 96 45% 111 25% 250 213 17% Related products 6 9 -33% 5 20% 11 11 0% Gross profit 6 4 50% 3 100% 9 5 80% Gross margin 4% 4% 0pps 3% 1pps 3% 2% 1pps Adjusted EBITDA 6 5 20% 3 100% 9 6 50% Adjusted EBITDA (net of IFRS 16) 6 5 20% 3 100% 9 6 50% Adjusted EBITDA margin (net of IFRS 16) 4% 5% -1pps 3% 1pps 3% 3% 0pps
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8 Agriculture operations Financial results Operational information Financial results • Revenue remained at a broadly stable level. • Gross profit increased significantly to US$141 million from US$63 million, primarily due to a higher IAS 41 biological asset revaluation gain compared with the prior-year period. • Adjusted EBITDA (net of IFRS 16) increased to US$149 million from US$70 million, broadly in line with the increase in gross profit. 2026 harvesting campaign • The Group has already completed harvesting its winter crops, with preliminary yields of 6.7 t/ha for wheat and 3.8 t/ha for rapeseed. • Harvesting of spring crops is currently underway, and yields are expected to be comparable to last year. 192 186 70 149 - 100 200 6M 2025 6M 2026 Grain financials Revenue EBITDA (excl. IFRS 16) 122 137 142 49 41 39 81 71 45 40 53 62 34 28 35 0 50 100 150 200 250 300 350 2024 2025 2026 Plan Cropped land, ’000 ha Corn Sunflower Soy Wheat Rape In US$ millions, unless indicated otherwise 6M 2026 6M 2025 % change y/y Revenue¹ 186 192 -3% IAS 41 standart gain/loss 74 -62 -2x Gross profit 141 63 1x War-related expenses -2 -1 100% Adjusted EBITDA² 159 82 94% Adjusted EBITDA (net of IFRS 16)² 149 70 1x 1) includes sales to third parties only 2) includes sales to third parties and intragroup sales
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9 European operating Segment (Perutnina Ptuj and UVESA) Operational results • Perutnina Ptuj poultry meat and processed meat sales volumes increased by 10% y/y in 6M 2026, supported by higher domestic and export sales, with export growth primarily driven by Switzerland. • Perutnina Ptuj processed meat prices increased y/y, while poultry meat prices declined, reflecting price pressure in Bosnia and Serbia following the bird flu outbreak in Bosnia from March to June 2026. • UVESA poultry meat sales volumes increased by 7% y/y in 6M 2026, supported by increased production capacity. • Average selling price of Uvesa poultry meat remained broadly stable y/y in Q2 2026 and q/q, reflecting seasonally stronger demand in the Spanish market. Financial results • Revenue in both 6M 2026 and Q2 2026 increased, driven by the acquisition of Uvesa and supported by an increase in sales volumes at PP. • Gross profit increased by 26% y/y in Q2 2026 and by 57% y/y in 6M 2026, as revenue growth outpaced the increase in costs. Performance was also supported by the contribution from UVESA and the positive revaluation of sows and pigs following the recovery in prices in the Spanish market. • Adjusted EBITDA (net of IFRS 16) for both 6M 2026 and Q2 2026 also increased, broadly in line with gross profit. In US$ millions, unless indicated otherwise Q2 2026 Q2 2025 % change y/y Q1 2026 % change q/q 6M 2026 6M 2025 % change y/y Revenue 384 175 1x 354 8% 738 322 1x IAS 41 standard gain/(loss) 4 1 3x 14 -71% 18 1 17x Gross profit 59 47 26% 65 -9% 124 79 57% Gross margin 15% 27% -12pps 18% -3pps 17% 25% -8pps Adjusted EBITDA 43 30 43% 44 -2% 87 50 74% Adjusted EBITDA (net of IFRS 16) 43 29 48% 43 0% 86 48 79% Adjusted EBITDA margin (net of IFRS 16) 11% 17% -6pps 12% -1pps 12% 15% -3pps 1) Poultry meat consists of raw and unprocessed parts of chicken, meat after minor processing, meat after grinding and chicken meat with the addition of spices 2) Processed meat consists of meat after significant processing (added supplements like vegetables or breading), pre-cooked and ready-to-eat meat 1) Calculated as if the acquisition of Uvesa had occurred on 1 January 2025. 60 61 58 62 63 2.00 2.03 2.10 1.94 2.01 1.00 1.50 2.00 2.50 20 40 60 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Uvesa, ’000 tonnes Poultry meat Average price of poultry meat, USD/kg 26 27 25 25 2913 14 13 12 14 3.68 3.66 3.65 3.60 3.55 3.56 3.55 3.59 3.63 3.70 3.00 3.10 3.20 3.30 3.40 3.50 3.60 3.70 3.80 3.90 4.00 10 20 30 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Perutnina Ptuj, ’000 tonnes Poultry meat Processed meat Average price of poultry meat, USD/kg Average price of processed meat, USD/kg
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10 Cash flows Cash flow metrics Cash from operations • 6M 2026 and Q2 2026 operating cash flow decreased y/y, driven by lower cash earnings, driven mainly by weaker poultry meat pricing. Working capital • During both 6M 2026 and Q2 2026, increase in working capital was primarily driven by seasonal investments in crop fields due to the sowing campaign, that was partly offset by the consumption of agricultural produce harvested in 2025. CAPEX • CAPEX decreased in both 6M 2026 and Q2 2026, with capital expenditure focused mainly on key strategic areas, including the maintenance and modernization of existing facilities. 894 1,345 346 2,585 -348 -344 -276 1,617 Bonds … Bank debt Lease Total debt¹ Cash ST bank … IFRS 16 … Net debt - 500 1,000 1,500 2,000 2,500 3,000 Net debt composition (6M 2026) 77 87 47 128 61 251 376 368 390 287 328 463 415 518 348 53% 60% 21% 33% 36% 10% 30% 50% 0 200 400 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Cash and cash equivalents UAH denominated Foreign currency denominated Held in Ukraine,% Debt metrics Total debt changes • The increase in long-term and reduction in short-term debt reflects repayment of the 6.95% Senior Notes due 2026 and issue of new 10.5% Senior Notes due 2029. Covenants compliance • As of 30 June 2026, the Group has complied with all bank covenants. As of 30 June 2026, the Group’s leverage ratio increased to 2.9 to 1, below the defined limit of 3.0 to 1, compared with 2.7 to 1 as of 31 December 2025. Acquisition leverage ratio, calculated as if the UVESA acquisition had occurred on 1 January 2025, amounted to 2.8 to 1. Liquidity and Leverage Metrics 859 883 1,054 609 604 875 1,243 1,166 1,760 1,705 1,734 2,126 2,220 2,369 2,309 0 1,000 2,000 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Total debt¹ metrics ST Total Debt LT Total Debt Total debt In US$ millions, unless indicated otherwise Q2 2026 Q2 2025 6M 2026 6M 2025 Cash from operations 60 80 94 181 Change in working capital -89 37 -109 -19 Cash from operating activities -29 117 -15 162 CAPEX -50 -74 -93 -134 Acquisition of subsidiaries and investments in associates -17 0 -20 0 Cash used in investing activities -65 -119 -124 -179 Cash from financing activities -84 -36 71 -20 Total change in cash -178 -38 -68 -37 ¹excluding IFRS 16 effect ¹including short-term loans and IFRS 16 effect 1,243 1,529 1,532 1,497 1,617 540 638 614 568 570 2.3 2.4 2.5 2.6 2.8 1.0 2.0 3.0 100 600 1,100 1,600 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Leverage calculation Net Debt LTM EBITDA Pro Forma Acquisition leverage ratio
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Summary of the call Q&A
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Additional information
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13 Income Statement Profit statement U S$’ 000 2024 2025 LTM Tot al revenue 3 ,0 4 6 3 ,76 6 4 ,2 9 2 Net change i n f ai r val ue of bi ol ogi cal asset s and agri cul t ural produce 135 32 105 Cost of sal es - 2, 333 - 2, 898 - 3, 468 Gross prof i t 8 4 8 9 0 0 9 2 9 Gross margi n 28% 24% 22% Sel l i ng, general and admi ni st rat i ve expenses - 348 - 461 - 519 Ot her operat i ng ( expenses) / i ncome, net - 60 - 63 - 57 Operat i ng prof i t ( excl . l oss i n i mpai rment of PPE) 440 376 353 Depreci at i on and amort i zat i on expense 192 265 282 Ef f ect of I FRS 16 - 66 - 72 - 70 Adj ust ed EBI TDA ( net of I FRS 16) 566 5 6 9 5 6 5 Adj ust ed EBI TDA ( net of I FRS 16) margi n 19% 15% 13% Net f i nance expenses - 139 - 152 - 165 Forei gn exchange ( l oss) / gai n, net - 125 - 12 - 111 Prof i t / ( l oss) bef ore t ax 149 212 77 I ncome t ax ( expense) / benef i t -5 - 25 - 22 Prof i t / ( l oss) f or t he peri od 144 187 55 Net margi n f rom cont i nui ng operat i ons 5% 5% 1%
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14 Balance Sheet U S$’ 000 31 December 2024 31 December 2025 30 June 2026 Propert y, pl ant and equi pment 2 ,30 1 2 ,6 5 8 2 ,5 13 Total non-current assets 2 ,76 1 3 ,2 8 1 3 ,16 7 Cash and cash equi val ent s 35 5 415 348 I nvent ori es 381 49 7 49 9 Trade account s recei vabl e, net 2 0 0 32 7 339 Bi ol ogi cal asset s 16 9 32 3 6 47 Agri cul t ural produce 437 42 5 2 36 Taxes recoverabl e and prepai d 5 7 75 71 Prepayment s 47 6 9 6 9 Ot her current f i nanci al asset s, net 19 33 41 Total current assets 1,6 6 5 2 ,16 4 2 ,2 5 0 Total equi ty 1,9 6 6 2 ,2 14 2 ,0 6 7 Bank borrowi ngs 49 2 773 786 Bonds i ssued 89 4 349 86 9 Lease l i abi l i t i es 19 7 2 2 8 2 6 2 Def erred revenues 37 47 44 Ot her non- current l i abi l i t i es 6 11 13 Def erred t ax l i abi l i t i es 16 9 19 2 175 Total non-current l i abi l i ti es 1,79 5 1,6 0 0 2 ,14 9 Trade account s payabl e 147 2 77 2 87 Bank borrowi ngs 2 71 486 5 5 9 Bonds i ssued - 5 49 2 5 Cont ract l i abi l i t i es 2 4 40 46 Lease l i abi l i t i es 79 9 5 84 I nt erest payabl e 2 4 2 4 39 Ot her current l i abi l i t i es, net 12 0 16 0 16 1 Total current l i abi l i ti es 6 6 5 1,6 3 1 1,2 0 1 TOTAL EQUI TY AND LI ABI LI TI ES 4 ,4 2 6 5 ,4 4 5 5 ,4 17
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15 Cash Flow Statement US$` mi l l i on 2024 2025 LTM OPERATI NG ACTI VI TI ES: Cash f rom operat i ons 343 413 326 Change i n worki ng capi t al - 97 - 142 - 232 Net cash f rom operat i ons 246 271 94 I NVESTI NG ACTI VI TI ES: I ncl udi ng: CAPEX - 290 - 275 - 234 Acqui si t i on of subsi di ari es and i nvest ment s i n associ at es - 37 - 280 - 300 Tot al i nvest i ng act i vi t i es -333 -541 -486 FI NANCI NG ACTI VI TI ES: I ncl udi ng: Di vi dends 0 0 0 Tot al f i nanci al act i vi t i es 17 298 389 Net i ncrease/ ( decrease) i n cash and cash equi val ent s -70 28 -3 Ef f ect of exchange rat es -11 32 23 TOTAL CHANGE I N CASH -81 60 20