After more than three years of preparations and announcements that an investment worth more than €500 million would turn Banovina into a regional poultry industry hub, the Sisak project has now been put on hold. What was the decisive reason behind the withdrawal? Were the main obstacles political, administrative, economic, or social?

Before addressing the Sisak project, it is important to put it into the broader context of our development in South-Eastern Europe. MHP entered this market through the acquisition of Perutnina Ptuj in 2019. Since then, Perutnina Ptuj has delivered strong and consistent growth, increasing production to 163,000 tonnes. This progress has been underpinned by a robust local ecosystem of more than 400 contracted breeders, as well as a significant expansion of exports across Western Europe and the Iberian market).

Over €241 million has been invested in modernisation and capacity expansion, while the number of employees has grown to more than 5,700, reflecting our long-term commitment to the region – both in terms of economic development and job creation.

From the outset, our focus has been on unlocking the company’s full potential by combining strong local heritage with MHP’s expertise in innovation, operational excellence, and scalable business models.

The successful development of Perutnina Ptuj following its acquisition has reaffirmed our ability to scale and manage international assets. The Sisak project was part of our broader strategy to strengthen our presence in South-Eastern Europe and to invest in the development of the local food industry.

We carried out extensive preparatory work, including environmental assessments and technical planning, with the intention of delivering a significant investment and creating new jobs. However, it became clear that the project did not have sufficient support from the local community.

As a responsible long-term investor, we believe that such projects can only be successful when there is strong local alignment. Based on this, we made a clear and final decision not to proceed with the Sisak project. The formal legal steps to close the project are currently underway.

Importantly, this decision does not change our strategic commitment to Croatia or to the region. On the contrary, we are now fully focused on the continued development of Perutnina Ptuj and strengthening our operations across South-Eastern Europe.

We are currently finalising a long-term development strategy through 2032, which will guide our investments in capacity expansion, efficiency and partnerships with local communities. Our regional hub in Zagreb will play a key role in coordinating these efforts and supporting future growth across the region.

In your official statement, you said that “the outcomes were not fully aligned with shared expectations.” Did you expect different support from the Croatian Government and local authorities, or faster administrative procedures?

We have always worked closely with local communities - supporting them and helping them grow. Our cooperation is broad and long-term in nature: we partner with farmers and support the growth of their businesses, create new jobs, contribute to local economies, and help address social needs — for example, most recently in May, through our donation toward the purchase of a fire truck in Zlatar Bistrica. We do not see ourselves in opposition to communities, we see ourselves as reliable partners.

In the case of the Sisak project, we approached the community with openness and a willingness to engage in dialogue. We consistently communicated our intention to contribute to the local community and to be a responsible and supportive neighbour. Unfortunately, we did not receive the necessary community support.

At the same time we continue to see Croatia as a strategically important market with strong long-term potential. At the core of our presence is Perutnina Ptuj – Pipo in Čakovec, a business with deep local roots and almost 80 years of tradition.

Over the past years, we have invested €79.4 million in the country and remain committed to further development, particularly through projects focused on innovation, food production and long-term value creation for local communities. Today, we employ almost 1000 people in Croatia, and we continue to see strong long-term potential in the market.

Can you clearly state whether MHP currently operates according to the same standards that apply to producers within the European Union in terms of environmental protection, animal welfare, food safety, and labour rights?

I could list a whole range of international standards and certifications that we have implemented across the company, but to put it simply - we work in line with European Union standards in areas such as animal welfare, environmental protection, social responsibility, and other sustainability-related areas.

Over the years, we have built high standards through a very disciplined and consistent approach, and whenever we acquire new companies, we bring that experience and those standards with us. In many cases, this means introducing higher standards across areas such as product quality, environmental management, and the way we work with and support employees.

Product quality is one example of how seriously we approach these standards. MHP operates 38 laboratories, which conducted more than 5.4 million tests in 2025 alone. We also work with international partners known for their high standards and strict requirements, including McDonald’s, KFC, Kaufland, and Metro. To work with companies like these, you have to go through regular audits across multiple areas, and we consistently meet those standards.

You said you are shifting your focus toward Spain and Slovenia.

The acquisition of UVESA is a natural continuation of our European growth strategy. It is a well-established leader in the Spanish food industry, with more than 60 years of experience in poultry and pork production.

Our approach is consistent: we invest in strong local businesses and unlock their full potential. Since acquiring Perutnina Ptuj in 2019. and in Croatian company PP Pippo Čakovec, we have nearly doubled production and tripled EBITDA, and we see similar opportunities for UVESA.

Our long-term commitment is also reflected in the value we have already created for shareholders. MHP entered the shareholding structure at €225 per share, compared to a historical trading level of around €55, sending a clear signal of confidence in the company’s future and its long-term development.

Today, our teams are working closely to integrate capabilities, combining local expertise with MHP’s operational excellence and best practices. The focus is on strengthening efficiency, supporting sustainable growth, and building a more competitive platform for the future. We are actively exploring additional M&A opportunities in Spain that will further strengthen UVESA and support its long-term growth.

Which business operations will you continue to maintain in Croatia, and would you recommend Croatia to other large international investors as a country for investment?

Croatia is a strategically important market for both MHP and Perutnina Ptuj, not only from a business perspective, but also in terms of shared values and long-term partnership. Our countries share a similar historical experience, and we deeply appreciate Croatia’s continued support for Ukraine.

Today, we employ almost 1,000 people in Croatia and continue to strengthen our presence in the country.

From a strategic standpoint, Croatia plays an important role as an EU market with high standards and growing demand for higher-value products. It also serves as a natural bridge between Central and South-East Europe. This is why we have recently established a regional management hub in Zagreb as a clear signal of our long-term commitment.

We continue to invest in Croatia. One of our key projects is MHP Pet Food — a new wet pet food production facility launched just a few days ago, in May 2026, representing an investment of more than €43 million and creating around 200 new jobs, primarily for local communities. This marks MHP’s first pet food production facility globally and reflects our strong confidence in the potential of the Croatian market.

On Ukraine and the war

The war in Ukraine is still ongoing. As a company headquartered in Ukraine, how is MHP coping with this period? What enables the company to continue developing?

From the first day of the war, we made a clear decision to stand with Ukraine and our people and to ensure the continuity of our business under any circumstances.

Do you know what the very first decision of MHP’s leadership team was on the first day of the war?

To go to our production sites and be alongside our people.To show that we are here, that we are going through this together, and that no matter how difficult this moment is for all of us, we will face it as one team. This mattered and it continues to define who we are as a company.

Today, MHP remains the largest taxpayer in Ukraine’s agricultural sector. We continue to operate, invest in development, create jobs, support local communities, and provide ongoing assistance to the military, veterans and their families. We also continue to pay salaries to all 3,045 employees who are currently serving in the armed forces (more than €95 million). They are paid by Ukraine as military personnel, but our additional payments are a sign of our respect and gratitude for defending the country.

What is critical is that our resilience is not only operational, it is also reflected in our financial performance and the confidence we have earned from international partners.

A clear example is our recent $550 million Eurobond issuance, which was oversubscribed more than five times. Achieving this level of demand in the midst of a full-scale war is a strong validation of the company’s resilience, financial discipline and long-term credibility.

Importantly, this was the first Eurobond issuance by a Ukrainian company since the start of the war – and it sends a clear signal: international investors believe in Ukraine, and they believe in MHP.

Interview with Yuriy Kosyuk, Founder and CEO of MHP Group

“We withdrew from the Sisak project because it became clear that the local community did not support us”

Jutarnji list, 22 May 2026