Ukrainian agriculture stocks – the world’s ultimate land bargain?

In April 2022, I published a primer on Ukrainian agriculture stocks. At the time, half a dozen were listed on major European exchanges, including London, Warsaw, Paris, and Frankfurt.

My conclusion was straightforward: "It's clear that these Ukrainian agricultural stocks represent tremendous value. Assume, for argument's sake, that all assets other than the land would be worth zero. You'd buy this land at about 10% the valuation of Polish farmland."

Nearly four years on, it's time to revisit that thesis.

Despite the ongoing war, the sector has shown notable resilience. The best-known company in the space has seen its share price double and now trades above pre-invasion levels. It has even moved onto the offensive, acquiring a Western European peer.

Why Ukraine matters

Ukraine remains one of the most important agricultural producers in the world. Its population of around 40m represents just 0.5% of the global total, yet the country has the capacity to feed an estimated 600m people – about 9% of the global calorific demand.

Before the war, Ukraine held leading positions across multiple commodities:

• 1^st globally in sunflower and sunflower oil exports.
• 6^th globally in barley production.
• 6^th globally in corn production.
• 7^th globally in rapeseed production.
• 9^th globally in wheat production.
• 9^th globally in soy production.

For key crops such as rapeseed, barley, wheat, and corn, Ukraine accounted for 15-20% of global exports. In commodity markets, even a 2-5% shift in supply can destabilise prices – underscoring the country's outsized importance.

While wartime conditions make precise data harder to obtain, Ukraine continues to play a critical role in global food supply. Interestingly, export dynamics are shifting. The European Union's share of Ukrainian agricultural exports declined from 52.1% in 2024 to 47.5% in 2025. At the same time, exports to Asia, Africa, and the Middle East have increased – regions with structurally higher population growth. This suggests a gradual reorientation toward faster-growing demand markets.

Before the war, Ukraine had the largest area of arable land in Europe. Its agricultural land base was comparable to the combined landmass of Italy and Portugal. While the war will have changed these figures, the fundamentals remain: highly fertile soil, flat terrain, and vast expanses that lend themselves to large-scale farming – similar to the US agricultural belt.

For those who want to revisit the original investment case, my Weekly Dispatch from 8 April 2022 ("Ukrainian agriculture stocks – land for 15 dollars an acre?") still provides useful background, particularly on structural issues such as leasehold land and potential reforms.

The London-listed bellwether

One company stands out among Ukrainian agricultural firms listed abroad.

MHP SE (ISIN US55302T2042) is a Luxembourg-based holding company with a primary listing in London and operations in Ukraine. It's the country's largest poultry producer, with poultry accounting for 50% of revenue. The company also produces corn, wheat, and rapeseed. MHP employs more than 36,000 people, operates across 12 regions, and controls 360,000 hectares of land. It exports to more than 70 countries worldwide.

With annual revenue of around USD 3bn, MHP is a sizeable company even by Western standards. Somewhat counterintuitively, it generated a net profit of USD 215m in the first nine months of 2025, up 52% year-on-year, on revenues of USD 2.64bn (+16%).

Even more striking is what the company has done beyond its core operations. In 2025, MHP acquired Uvesa SA, a leading, Madrid-listed poultry producer, for EUR 271m (USD 312m). A Ukrainian company expanding into Western Europe during wartime is not something many would have expected.

Investor confidence has also begun to return. In January 2026, MHP issued Ukraine's first corporate bond since the full-scale invasion, raising USD 450m. Demand exceeded USD 2bn, and the bonds were priced to yield 11%.

This level of oversubscription should make investors pay attention.

All of this has taken place in a difficult operating environment. According to preliminary government data, Ukraine's agricultural production declined by 6.8% in 2025. Labour shortages and risks to key export infrastructure, particularly around Odessa, remain ongoing challenges.

Despite this, MHP's share price is now trading above pre-invasion levels.

MHP SE.

A key sector for investors

Agriculture continues to play a central role in Ukraine's economy. The sector generates more than USD 20bn in exports and now accounts for 60% of total exports (up from 40% before the war).

It's an obvious area of interest for foreign investors – especially against the backdrop of a broader trend toward consolidation into larger, more efficient farming operations.

Political and regulatory reforms could further improve the investment case. Investors who view Ukraine as a long-term EU integration story are also likely to be drawn to the sector. The sector may sound boring, but 80% (!) of Ukraine's agricultural industry is still in the hands of small and medium businesses, which gives the larger operators an opportunity to grow through consolidating smaller players.

Exploring the theme in more detail

This sector still offers a handful of listed companies that Western investors can access via major exchanges.

There are also alternative ways to gain exposure. For example, Ukraine-based Diligent Capital Partners, together with Dutch firm 2ndAries, has launched a EUR 150m fund targeting medium-sized agricultural businesses. Liliane Bivings, Business Editor at the Kyiv Independent, published an in-depth interview on 7 November 2025 that not only covers the fund but also provides valuable broader insights into the sector ("This investment fund is betting on Ukraine's struggling farm sector").

Beyond equities, credit markets may offer interesting opportunities. MHP's outstanding bonds, for example, traded as low as 30% following the invasion but have since recovered to par – effectively delivering a threefold return, compared to roughly a doubling in the company's equity. The question is where similar opportunities might still exist, especially as creditors begin to reassess the concessions granted on pre-war debt.

All of this – and much more – will be the focus of my upcoming online conference:

"Investing in Ukraine – How to gain exposure before global capital returns"

The one-day event on 23 April 2026 will explore practical ways to access the theme today, including:

• Ukraine-linked securities traded on Western exchanges.
• Ukrainian defence and drone companies with global potential.
• Proxy investments with meaningful Ukraine exposure.
• Ukrainian bonds and real estate opportunities.

The focus will be on investments that are:

• Available today.
• Traded on Western exchanges.
• Accessible to private investors.

The conference will also connect participants with experts on the ground.

Among the speakers is Liliane Bivings, who also writes the weekly newsletter Ukraine Business Roundup and is the author of An investor's guide to Ukraine. She will host a session on the realities of doing business in Ukraine today – offering some fascinating and surprising insights that will add important context to the broader discussion.

Additional speakers will be announced in the coming weeks.

Participation costs USD 49 for Undervalued-Shares.com Members and USD 99 for non-Members. 10% of ticket sales will be donated to the Kyiv Independent to support independent, English-language journalism in Ukraine.

You can secure your space here.

Recordings will be made available after the event, although live participation is recommended to benefit from the Q&A sessions.

Did you find this article useful and enjoyable? If you want to read my next articles right when they come out, please sign up to my email list.

Share this post: