Kosyuk’s MHP becomes symbol of EU’s agricultural dilemma over Ukraine — Financial Times

Yuriy Kosyuk’s MHP has become one of the clearest examples of the dilemma facing the European Union ahead of the further integration of Ukraine’s agricultural sector. For Ukraine, the company is an example of a major business that has maintained production during the war and continued its international expansion, while some European farmers see it as a competitor capable of significantly reshaping the market, the Financial Times reports.

The outlet recalls that French President Emmanuel Macron, while criticising a sharp increase in Ukrainian chicken imports into the EU, effectively personified the issue in Kosyuk. According to the FT, Ukrainian chicken supplies to the European Union increased from about 103,000 tons in 2021 to 200,000 tons in 2025. As a result, Ukraine accounts for more than one-fifth of all poultry meat imports into the EU.

The growing strength of the Ukrainian producer is particularly strongly felt in Poland. Paweł Podstawka, president of Poland's National Federation of Poultry Breeders and Egg Producers, called MHP’s expansion the “main threat” to Polish poultry farmers. According to him, European and Ukrainian producers operate under different regulatory conditions, allowing MHP to offer prices that are difficult for EU producers to match.

MHP rejects this argument. The company attributes its competitiveness not to trade preferences but to vertical integration, investment, production efficiency and high productivity. MHP also says it complies with key EU poultry welfare requirements and that products entering the European market undergo the required controls.

The Financial Times also mentions the controversy surrounding the so-called “Batman cut.” In 2018, MHP exported a specific chicken cut to the EU in which the breast was left attached to part of the wing, including the bone and skin. The product did not fall under the tariff category for standard chicken breast, which was subject to quotas. The European Commission acknowledged at the time that the practice allowed the tariff quota to be circumvented, but ruled that it was not illegal. One EU official cited by the FT described the company’s approach as complying with the letter of the rules, but not always their spirit. MHP stresses that it operated within the rules established by the European Union.

The FT also highlights financial support provided to MHP during the full-scale war. According to the publication, the European Bank for Reconstruction and Development (EBRD) has provided the group with about €300 million in financing. This has also sparked discontent among some European farmers, who argue that European institutions are effectively supporting a future competitor.

However, the funds were not used directly to acquire assets in the EU. The EBRD has said its financing was intended to support the Ukrainian business’s operations during the war, food security, exports and the company’s financial resilience. In particular, the bank provided MHP with $90 million in working capital for sunflower oil production and exports, $100 million to refinance Eurobonds, and €24 million to support crop production operations. In 2025, it also arranged an investment package of up to €100 million, of which €40 million was provided directly by the EBRD.

Against the backdrop of the war, MHP has continued expanding in Europe. In August 2025, the group completed the acquisition of more than 92% of Spain’s UVESA, one of the country’s major vertically integrated poultry and pork producers. The company also agreed to acquire 70% of Greek producer Th. Nitsiakos AVEE in stages, with an option to eventually increase its stake to 100%. At the end of August 2026, the MHP/Nitsiakos deal completed the relevant procedure with the European Commission.

The FT also points to MHP’s return to the international Eurobond market. In 2026, the company issued $450 million in Eurobonds with a 10.5% coupon and maturity in 2029. Together with its own funds, the proceeds were used to refinance $550 million of bonds maturing in 2026.

In 2025, MHP’s revenue amounted to $3.77 billion, EBITDA to $569 million and net profit to $187 million. The Financial Times notes that the group’s international business will continue to grow in scale following the integration of its latest European acquisitions.

MHP views its European expansion not as a threat to the EU’s agricultural sector, but as part of Europe’s future food security. The company believes Ukrainian production could help the EU meet growing demand for poultry meat and reduce its reliance on imports from third countries.

MHP has thus found itself at the center of a broader debate over how the European Union will integrate Ukrainian agriculture, the FT notes. On one side are competitive large Ukrainian producers and Ukraine’s potential to strengthen EU food security; on the other are concerns among European farmers about price competition, regulatory differences and the redistribution of market share.