IMC

WSE-listed Ukrainian agricultural producer IMC reported 2025 sales of $190m (-10% y-o-y), a gain from the change in fair value of biological assets (IAS 41) of $92m (+22%), EBITDA of $96m (+11%), and net income of $68m (+24%). End-2025 total debt stood at $135m, up 5% y-o-y, while the cash position was broadly unchanged y-o-y at $45m. Financial debt (before $117m of lease liabilities under IFRS 16) thus amounted to $18m, down 23% y-o-y, implying net cash of $27m.

• The intensity of Russian attacks and territorial gains remains at yearly lows. • The fighting is concentrated in three sectors in the Donetsk and neighboring Zaporizhya regions, with activity along the rest of the 1,200 km front line comparatively low. • Ukraine’s interception of Russian missiles and drones has improved markedly, but sustaining this positive dynamic depends on continued interceptor supplies, which appear at risk.