Kernel, one of Ukraine’s largest agricultural holdings, sold 499,000 tons of grain and oilseeds in July-September 2026 (FY, July 2025-June 2026), sold 499,000 tons of grain and oilseeds, with wheat accounting for 89% of the volume, the agricultural holding reported in its quarterly report.
“Profitability was further supported by favorable price conditions on the grain market, which helped to compensate for uneven yields in different regions,” the agricultural holding noted.
The agricultural holding named unfavorable weather conditions, which shifted the development phases of both grain and oilseeds, among the main features of the 2025 season. Two late spring frosts affected the growth of winter and early spring crops. A prolonged cool spring and summer with sharp fluctuations in day and night temperatures slowed plant growth in the northern regions. In the central regions, a constant shortage of soil moisture and limited rainfall hampered crop development and contributed to their premature wilting and early ripening.
According to published statistics, Kernel allocated 172,000 hectares to corn in the 2025 season, which is 98% more than last year. and thanks to a yield of 9.2 t/ha compared to 8.4 t/ha a year earlier, a gross harvest of 1,584 thousand tons was obtained, which is 18% more than last year.
In 2025, 94,000 hectares were planted with wheat (+1% compared to 2024), with a yield of 5.9 tons/hectare (-3%), resulting in 552,000 tons (-1%). The agricultural holding allocated 46 thousand hectares (-31%) for sunflowers, with a yield of 2.7 t/ha (-4%) and a gross harvest of 124 thousand tons (-33%). The area under soybeans was reduced by 44% to 22,000 hectares this year, while the yield increased by 7% compared to last year and amounted to 2.3 tons/hectare, which allowed for a gross yield of 54,000 tons (-65%). In 2025, the agricultural holding allocated 22,000 hectares for the cultivation of rapeseed, other secondary crops, and fallow land, which is 44% less than last year’s volumes.
As of the end of September, Kernel had completed the harvesting of wheat, sunflower, and soybeans on 100% of its production areas, while corn was harvested from 87% of the areas.
At the same time, the agricultural holding completed the sowing of winter crops for the 2026 harvest and sowed winter wheat on 84,000 hectares and winter rapeseed on 38,000 hectares.
Before the war, Kernel was the world’s leading producer of sunflower oil (about 7% of global production) and its exporter (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. In addition, it is engaged in the cultivation and sale of agricultural products.
Kernel, one of Ukraine’s largest agricultural holdings, exported 1.3 million tons of grain in July-September 2026 (FY, July 2025-June 2026) exported 1.3 million tons of grain, which is 15% less than in the same period last year, but 27% more than in the previous quarter, thanks to greater availability of grain on the domestic market after the start of the winter wheat harvest.
According to the published quarterly report, wheat accounted for 74% of Kernel’s total exports, with the rest being corn and barley.
“The start of the new financial year for the Infrastructure and Trade segment was shaped by two key market dynamics: a delay in the harvesting campaign in Ukraine caused by weather conditions and slower-than-usual sales by farmers,” the agricultural holding said.
As a result, the cargo turnover of export terminals in the first quarter of FY 2026 amounted to 1.8 million tons, which is 17% less than in the same period last year, leading to a decrease in grain exports and the group’s overall sales portfolio of vegetable oils and meal.
Grain accounted for 75% of the total cargo turnover, edible oils for 13%, and vegetable meal for the rest.
The volume of grain received by silos in July-September 2026 FR amounted to 1.2 million tons, which is 34% less than in the previous year. Of this amount, 796 thousand tons were received from the agricultural holding’s own agricultural enterprises, and the rest from third-party suppliers.
“The decrease in arrivals mainly reflects the later start of the group’s harvesting campaign, as unfavorable weather conditions and uneven ripeness of crops in different regions delayed and reduced deliveries to warehouses,” Kernel explained.
The Infrastructure and Trade segment generated EBITDA of $20 million in the first quarter of 2026 FY, down 62% from the previous year.
Before the war, Kernel was the world’s leading producer of sunflower oil (about 7% of global production) and its exporter (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. In addition, it is engaged in the cultivation and sale of agricultural products.
Chernivtsi Solar LLC, part of the Kernel group of companies, plans to build the largest solar power plant in western Ukraine with a declared capacity of 250 MW in the Kitsman territorial community in Chernivtsi region, according to a report by Molodyi Bukovynets on Monday, citing acting mayor of Kitsman Ivan Semenyuk.
“This is one of the largest strategic initiatives and projects in the community in its entire history (…) All stages of preparation have now been completed, from land issues to agreements with investors,” Semenyuk said.
The SES will be located on an area of 212 hectares, with the first works starting in the spring of 2026.
“At the first stage of the SES construction, the community budget will receive UAH 8.6 million per year. Then the amount will increase to UAH 12 million per year. The lease agreement is concluded for 25 years. In total, the volume of investments will amount to UAH 5 billion,” said the acting head.
According to him, the investor company is currently completing the design stage of the SES and will carry out installation work for the implementation of the first phase in the spring of 2026.
Before the war, the Kernel agricultural holding company ranked first in the world in the production of sunflower oil (about 7% of global production) and its export (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. In addition, it is engaged in the cultivation and sale of agricultural products.
In the first nine months of 2025, Kernel increased its net profit by 7% to $218 million, its revenue for the period grew by 19% to $3 billion 92 million, and EBITDA increased by 4% to $398 million.
According to the annual report published on the WSE, the Kernel agricultural holding reduced its capital investments in the 2025 financial year by almost half — to $73 million compared to $143 million a year earlier.
According to Andriy Verevsky, 2025F was one of the most difficult periods: due to poor harvests and reduced stocks, farmers held back their products in anticipation of price increases.
“The EBITDA margin fell from $121 to $66 per tonne as a result of aggressive behaviour by producers who speculated on future prices,” he said.
Kernel is Ukraine’s largest exporter of agricultural products, controlling about 10% of the global sunflower oil market and 27% of Ukrainian exports. Its main assets are terminals in the Black Sea basin, oilseed processing plants, and a logistics network across the country.
“Kernel, one of Ukraine’s largest agricultural holdings, posted $682 million in gross profit in fiscal year (FY) 2024, up 7% from FY 2023.
According to the annual report published on the company’s website, Kernel earned $3.581 billion in revenue last fiscal year, up 4% year-on-year.
“This growth was driven by increased sales volumes across all key products – grain, sunflower oil and sunflower meal – due to the reopening of exports to Ukrainian Black Sea ports in mid-October 2023. This growth was partially offset by lower realized prices. Cargo transportation and other services reached a record high of $405 million, accounting for 11% of total revenue. Export sales accounted for 94% of total revenue,” the report says.
At the same time, Kernel recognized a loss of $10 million from changes in the fair value of biological assets and agricultural products in FY2024, compared to a loss of $115 million in FY2023.
The cost of sales in FY2024 increased by 7% year-on-year to $2.889 billion, driven by a 7% year-on-year increase in the cost of goods for resale and raw materials used, as well as a 7% increase in shipping and handling costs, the company explained.
At the same time, Kernel estimated losses from property damage and business interruption due to Russia’s war against Ukraine at $71 million, up 33% year-on-year, and reported that it received a one-time insurance payment of $34 million.
In FY2024, the agricultural holding received $9 million in profit from securities transactions (including Avere trading), inventory income, foreign currency gains, and income from contract termination.
In FY2024, Kernel’s other operating expenses amounted to $23 million, down 34% year-on-year. This included $17 million of shipping and other penalties (due to long waiting times for loading and unloading vessels in ports) and a $5 million loss from the Group’s securities and derivatives operations.
The agroholding increased salaries and related expenses by 24%, or $81 million. As a result, general and administrative expenses in FY2024 increased by 4% year-on-year to $213 million, mainly due to higher salaries and related expenses.
In addition, Kernel recognized net impairment losses on financial assets of $11 million, which reflects the provisions made for receivables and loans to third parties.
The agroholding also recorded a loss of $229 million in FY2024 due to impairment of property, plant and equipment ($117 million), impairment of goodwill related to two oilseed processing plants previously acquired by Kernel ($58 million), and impairment of intangible assets related to the port transshipment business ($24 million).
In addition, the agricultural holding mentioned the impairment of prepayments to suppliers and other current assets ($6 million), the write-off of assets destroyed by Russian shelling ($14 million), etc.
As a result, Kernel’s operating profit in FY2024 decreased by 37% compared to the same period in FY2023 to $276 million.
Financial expenses in FY2024 decreased by 22% year-on-year to $119 million, driven by a significant repayment of the group’s bank loans in December 2023 and a decrease in lease payments following the sale of a part of the agricultural business in March 2023.
Financial income in FY2024 increased by 62% year-on-year to $50 million, mainly due to interest accrued on financial assets held for cash management as additional liquidity balances were allocated to interest-bearing instruments. This also included a non-cash gain of $6 million on the repayment of certain credit facilities at a discount.
As a result, net financial expenses decreased by 43% year-on-year to $69 million.
Net foreign exchange gain amounted to $33 million, mainly due to the devaluation of the Ukrainian hryvnia against the US dollar during the reporting period and the corresponding revaluation of intra-group balances.
Other expenses, net, increased 2.5 times year-on-year to $29 million. Among them, the agricultural holding mentioned expenses for charitable and social projects of $25 million, fines and penalties of $6 million, as well as $2 million of profit from the sale of subsidiaries, as the Group completed the sale of three floor-type granaries in FY2024.
The Group reported operating profit of $604 million before working capital changes, down 20% year-on-year. This was 59% higher than EBITDA for the period, reflecting the impact of significant non-cash items recognized during the year.
After accounting for foreign currency translation differences, total comprehensive income attributable to shareholders in FY2024 amounted to $63 million, up 7% year-on-year.
The Board of Directors has recommended to the General Meeting of Shareholders to declare dividends of zero for the year ended June 30, 2024.
Before the war, Kernel Agro Holding was the world’s leading producer of sunflower oil (about 7% of global production) and its exports (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. In addition, it is engaged in the cultivation and sale of agricultural products.
The Poltava Oil Extraction Plant (POEZ) of the Kernel agricultural holding has officially switched to renewable energy sources certified by the international organization Bureau Veritas Group, the company’s press service reported on Facebook.
According to the report, the agricultural holding will fully supply POEZ with renewable energy from sunflower husks, thereby reducing its dependence on fossil fuels and cutting greenhouse gas emissions by more than 11,000 tons per year. In addition, autonomous power generation will ensure continuity of production and reduce risks to food security.
“This is another step towards transforming Ukraine into a sustainable, energy-independent, and innovative country that knows how to turn agricultural resources into strategic advantages. Now our consumers can make an informed choice and contribute to the green recovery of the country’s economy by supporting a producer of certified sustainable oil,” Kernel emphasized.
It is specified that POEZ became the first company in Ukraine’s food sector to join the Science Based Targets Initiative (SBTi). In addition, it intends to support communities and supply surplus “green” energy to Ukraine’s power grid.
“This step is part of Kernel’s efforts to decarbonize and ensure climate resilience at every stage of our work: from the field to logistics,” the agricultural holding summarized.
The Poltava OEZ of the Kernel agricultural holding specializes in the production of sunflower oil under the Stozhar trademark. Previously, oil under this brand was produced in Vovchansk (Kharkiv region). With the start of the full-scale invasion of Ukraine by the Russian Federation, the work of the SEZ in Vovchansk was suspended and its capacities were transferred to the Poltava region. Before the war, the processing capacity of the Vovchansk SEZ was 330,000 tons of sunflower seeds per year. In turn, the Poltava SEZ is designed to process up to 430,000 tons of sunflower seeds per year and produces unrefined, refined, and hydrated vegetable oil, as well as meal.
Before the war, the Kernel agricultural holding company ranked first in the world in the production of sunflower oil (about 7% of world production) and its export (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. In addition, it is engaged in the cultivation and sale of agricultural products.
In the first nine months of 2025, Kernel increased its net profit by 7% to $218 million, with revenue growing by 19% to $3.092 billion and EBITDA increasing by 4% to $398 million.
