Namsen Limited, the majority shareholder of the Kernel agricultural holding and owned by the holding’s CEO Andriy Verevskyi, during the third of five mandatory buyout periods (sell-out) requested by minority shareholders—which ran from September 30 to October 29— purchased 174,923 thousand shares at a fair price of PLN19.93 ($5.09 at the current exchange rate), as approved by the Luxembourg regulator CSSF.
According to a statement by Kernel on the Warsaw Stock Exchange (WSE), the transaction took place on November 2 in an off-exchange trade.
Earlier, when the sell-out was announced, it was noted that the subject of the sale was 14,182,214 shares traded on the WSE, representing approximately 4.83% of the company’s authorized capital and approximately 4.83% of the total number of votes at the general meeting of shareholders. Namsen clarified that these are all Kernel shares not owned by the buyer or by the agricultural holding itself, which holds 300,000 of its own shares.
During the first phase of the sell-out, 1,204,776 thousand shares were repurchased, or about 0.41% of the authorized capital; during the second phase, 1,027,948 thousand shares, or 0.35%; and during the third phase, about 0.06% of the authorized capital.
While the official announcement of the sell-out on August 7 led to a 2.21% increase in the stock price—to PLN 19.44—the current price stands at PLN 19.68 per share, corresponding to a market capitalization of PLN 5 billion 778.8 million (approximately $1.472 billion).
Under the terms of the buyback, it is being conducted through the broker Q Securities S.A. in five periods, each ending on the 29th day of the month until the buyback is complete. In each period—except for the last one—Namsen is prepared to purchase a minimum of 2,836,443 shares, while in the final period, it will purchase all remaining shares. At the same time, priority was given to 14 shareholders who hold 311,57 thousand shares and had already submitted requests to the buyer for their buyout as of early August.
As previously reported, the sell-out price determined by GrantThornton and approved by the regulator turned out to be 2.5% higher than the initial valuation by KPMG—PLN 19.45—announced in July of last year. GrantThornton’s valuation was prepared as of the same date as KPMG’s initial valuation—May 28, 2025.
In the stock price chart for the past five years included in the valuation, the lowest price—PLN6.34—was in September 2023, and the highest—PLN64.1—was in the fall of 2021. In early 2025, fueled by hopes for a swift resolution to the war—which did not materialize—the price reached PLN28.9 per share.
Grant Thornton, like KPMG before it, emphasized that it had considered various valuation approaches and methods and determined the price using three methods with different weightings, whereas KPMG set it based on a 12-month volume-weighted average price (12-month VWAP).
The report cited share prices calculated using other approaches: ranging from PLN15.47 using the discounted cash flow method based on management’s forecast to PLN24.55 based on the average EV/EBITDAV multiple among the peer companies considered.
In September, four minority shareholders of Kernel challenged the CSSF’s decision to set the sell-out price at PLN19.93 per share in the Luxembourg Administrative Court (Tribunal administratif), but no information on the court’s verdict is currently available.
As previously reported by the agency, on January 28, 2025, Namsen Verevsky announced that it had become the majority shareholder of Kernel, holding 95.06% of the share capital, while 4.83% remained in circulation on the WSE.
In late April, some minority shareholders notified the majority shareholder that they were exercising their right to a sell-out. In July of that year, a preliminary sell-out was announced at a price of PLN 19.45, while the mandatory buyout of shares at the majority shareholder’s request is currently blocked due to the court’s consideration of complaints filed by minority shareholders.
Before the war, the Kernel agricultural holding was the world’s leading producer of sunflower oil (accounting for 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.
In fiscal year 2026 (FY, ended June 30), Kernel increased its net profit by 35% to $322 million, while its revenue grew by 7% to $4.404 billion.
In the first quarter of fiscal year 2027 (FY, July 2026–June 2027) processed 564,000 metric tons of oilseeds, a 1% increase compared to the first quarter of FY 2026, while oil sales volume fell by 48% compared to the same quarter of the previous fiscal year, to 165,000 metric tons.
“Although oilseed processing volumes remained generally stable compared to last year, sales figures were significantly impacted by disruptions in port logistics: for most of the quarter, shipments through Black Sea ports were effectively blocked,” the company stated in a stock exchange announcement on Friday.
“Kernel” clarified that, compared to the previous quarter, processing volumes decreased by 13% due to scheduled maintenance work that lasted one month, while oil sales fell by 52%. Sunflower seeds accounted for 59% of total processing volume, while soybeans and rapeseed made up the remainder, which helped maintain overall capacity utilization.
Of the total volume of products sold, 16,000 metric tons were packaged sunflower oil.
According to the press release, the volume of grain and oilseed crops received at Kernel’s elevators in the first quarter of FY 2027 totaled 969,000 metric tons, which is 21% less than in the same period last year and is attributed to a slower pace of corn harvesting on the group’s farms.
Kernel’s grain exports from Ukraine in the first quarter of fiscal year 2027 totaled 574,000 metric tons, down 54% compared to the same period last year and 71% lower than the previous quarter, the report states.
“Export operations were significantly restricted due to disruptions in maritime logistics caused by Russian attacks on Ukraine’s port infrastructure and commercial vessels. In response, the Group rerouted part of its export flows through ports on the Danube and Ukraine’s western land borders,” Kernel noted.
At the same time, the company clarified that, given the lower throughput capacity and higher logistics costs, these routes were only able to partially offset the losses in exports through Black Sea ports.
It is noted that the performance of export terminals was similarly affected: in the first quarter of 2027, transshipment volume totaled 742,000 metric tons, which is 59% less than in the same period last year and 73% less than in the previous quarter. Operations at Kernel’s port facilities, which were damaged during the attacks in July, were suspended, while general disruptions to shipping through Ukraine’s deep-water Black Sea ports further limited throughput capacity. Restoration work continued throughout the reporting period, but frequent and prolonged air raid alerts repeatedly interrupted the repair process, the statement said.
Before the war, the Kernel agricultural holding was the world’s leading producer of sunflower oil (accounting for 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.
Based on its 2026 financial results (July 2025–June 2026), Kernel increased its EBITDA by 20% to $558 million and its net profit by 35% to $322 million, with revenue growing by 7% to $4.404 billion.
Net yields for wheat and sunflowers at Kernel’s farms rose by 9% and 18%, respectively, compared to the previous year, reaching 6.4 metric tons per hectare and 3.1 metric tons per hectare, according to a company filing on Friday.
“The total area of land managed by the Group increased by 48% compared to the previous year and reached 530,000 hectares, as a result of the expansion and optimization of the land bank during fiscal year 2026,” Kernel noted.
It specified that the area planted with wheat increased by 13%—to 106,000 hectares, and sunflower acreage by 90%, to 88,000 hectares, which suggests an increase in their harvests by 22.3%—to 678,400 metric tons—and 2.2 times—to 272,800 metric tons, respectively.
At the same time, the company noted that sunflower harvesting has yet to be completed on 4% of the areas allocated for this crop.
As for corn, 28% of the planted area has been harvested so far, and based on this, its net yield is expected to be 8.1 metric tons per hectare, which is 13% less than last year.
“This decline is primarily due to periods of abnormal summer heat and insufficient rainfall during key stages of plant development, which significantly affected corn yields in one of the Group’s production clusters,” Kernel explained.
However, given the 48% increase in corn acreage this year—to 254,000 hectares—the corn harvest is expected to be 28.6% higher, at 2,057,400 metric tons.
In addition, Kernel increased the area planted with rapeseed from 3,000 hectares to 43,000 hectares, and given the rise in yield from 2.4 metric tons per hectare to 3.5 metric tons per hectare, its rapeseed harvest jumped 20.9-fold to 150,500 metric tons.
Furthermore, 39,000 hectares were allocated to other crops, compared to 43,000 hectares last year.
Before the war, the Kernel agricultural holding ranked first in the world in sunflower oil production (about 7% of global production) and 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.
According to its 2026 financial results (July 2025–June 2026), Kernel increased its EBITDA by 20% to $558 million and its net profit by 35% to $322 million, with revenue growing by 7% to $4.404 billion.
AGRICULTURAL HOLDING, AGRICULTURAL PRODUCTION, crop yields, KERNEL, LAND BANK
Yevgen Osipov, CEO of the agricultural holding “Kernel,” anticipates—in a stress scenario—a 12-million-metric-ton decline in grain production in Ukraine next year due to a possible reduction in planted acreage by farmers, if no solution is found within the next six months to resume exports, according to a correspondent for the Interfax-Ukraine news agency.
“It is difficult to make such forecasts today. We hope that some solutions will be found in the next six months. If no practical solution is found, then, objectively speaking, the area under cultivation will be reduced. In such a stress scenario, we estimated this would result in a shortfall of 12 million metric tons of grain next year,” he said at the “Forbes Ukraine” Economic Resilience Forum in Kyiv on Wednesday.
According to Osipov, with seaports closed, Ukraine will be able to export only about 20 million metric tons of the 50 million metric tons of agricultural products needed—that is, 40% of the required volume—so companies are having to pivot to other business models.
“Based on our own experience with the most recent export corridors, about 50% of the operations were inefficient; we need to find new ways. Because right now, for businesses, it’s a matter of building a new business model. In other words, the old business model doesn’t work there anymore. That’s why, for our part, we’re focusing on processing and exporting processed products,” Osipov noted.
According to him, under its new business model, “Kernel” is focusing on exporting smaller volumes of products with higher added value, while retaining the ability to purchase oilseeds from Ukrainian farmers, pay them, and export processed products.
Osipov also added that, due to security and logistical constraints as well as external factors, it is currently not realistic to expect that the Danube ports will be able to handle the same volume of shipments that Ukraine had in 2022–2023.
As previously reported, in its September report, the U.S. Department of Agriculture (USDA) raised its estimate for this year’s wheat production in Ukraine by 0.6 million metric tons compared to the August forecast—to 26 million metric tons—and its estimate for other grains (excluding wheat and corn) by 0.5 million metric tons, to 7.29 million metric tons, and maintained its corn production forecast at 31.8 million metric tons. Thus, the USDA estimates Ukraine’s total grain production this year at 65.09 million metric tons.
Agricultural holding company Kernel has signed a €100 million loan agreement with the Danish Export and Investment Fund (EIFO) to finance the construction of its first wind energy project—a 94.5 MW wind farm with energy storage systems in central Ukraine.
“For Kernel, this is a logical continuation of our long-term strategy to develop renewable energy and strengthen the business’s energy resilience. A stable energy supply for our assets allows us to fulfill international contracts,” said Yevgen Osipov, CEO of the Ukrainian company, as quoted in a press release published on Tuesday.
It is noted that the financing is being provided under a special EIFO program to support investments in Ukraine, and the agreement was signed with the participation of Denmark’s Minister of Business and Competitiveness, Martin Lidegaard.
According to the press release, the wind farm will consist of 21 state-of-the-art wind turbines to be supplied and installed by the Danish company Vestas—one of the world’s leaders in the wind energy sector. The project also includes the installation of industrial energy storage systems, which will help balance electricity production during peak load hours.
“EIFO’s financing sends an important signal to the international investment market. This agreement confirms that even amid a full-scale war, Ukraine remains a country where large-scale private investment projects can be implemented,” Osipov added.
It is noted that the development of renewable energy is one of Kernel’s strategic priorities alongside its core agricultural business; in particular, the agricultural holding is installing solar panels at its grain elevators and building a 106-MW solar power plant in southern Ukraine. In late April of this year, the European Bank for Reconstruction and Development (EBRD) provided the agricultural holding with $45 million in financing for this solar power plant, the total cost of which is estimated at $86 million.
EIFO (Export and Investment Fund of Denmark) is Denmark’s national export and investment agency. Since the start of the war, EIFO has financed more than 30 projects in Ukraine. The Kernel project is the second wind energy project in Ukraine financed by EIFO and is part of broader support for the Ukrainian energy sector.
Vestas is one of the world’s leading companies in the wind energy sector, with over 203 GW of installed capacity worldwide. In Ukraine, Vestas has 888 MW of wind capacity that is either already installed or currently under construction.
Kernel Agricultural Holding is the world’s largest producer and exporter of sunflower oil, Ukraine’s largest grain exporter, the operator of an extensive network of logistics assets, and a leading producer of grains and oilseeds in Ukraine. It is one of the largest producers and sellers of bottled oil in Ukraine. It is engaged in the cultivation and sale of agricultural products.
For the first nine months of fiscal year 2026 (beginning July 1, 2025), Kernel saw its net profit decline by 5% to $208 million, revenue increase by 0.4% to $3.092 billion, and EBITDA rise by 1% to $403 million.
“Kernel,” one of Ukraine’s largest agricultural holdings, reduced oilseed processing by 32% in the fourth quarter of fiscal year 2026 (FY, April–June 2026) reduced oilseed processing by 32% compared to the same period last year—to 645,000 metric tons, the company reported in its operating report on Monday.
“The total volume of oilseed processing for FY 2026 amounted to 3.185 million metric tons, which is 8% less than in FY 2025, due to limited availability of sunflower seeds on the domestic market as a result of one of the worst sunflower harvests in Ukraine in the last decade,” the document states.
At the same time, Kernel noted that this decline was partially offset by the processing of alternative oilseeds, particularly soybeans and rapeseed.
According to the report, sales of edible oil in the fourth quarter fell by 12% to 338,000 metric tons, reflecting a decline in oilseed processing volumes during the quarter.
“However, sales remained relatively high thanks to the sale of vegetable oil inventories accumulated in previous quarters. Total sales of edible oil for fiscal year 2026 reached 1.407 million metric tons, which is 2% more than in fiscal year 2025,” the report states.
Bottled sunflower oil accounted for 14,000 metric tons of the quarterly total, compared to 19,000 metric tons in the previous quarter.
At the same time, the volume of grain stored in elevators (silos) from April through June of this year totaled 320,000 metric tons, compared to just 34,000 metric tons during the same period last year. As a result, the Group’s total grain intake for the 2026 marketing year reached a record high of 4.341 million metric tons, which is 60% more than in the 2025 marketing year.
“The year-over-year growth was primarily driven by a higher share of corn in the Group’s 2025 harvest mix, which led to an increase in grain processing volumes, as well as a rise in grain intake from third-party suppliers,” the document states.
Kernel’s grain exports from Ukraine in the last quarter of fiscal year 2026 totaled 2.011 million metric tons, which is 33% more than in the previous quarter and more than double the figure for the corresponding period of the previous year. “This was driven by an increase in grain supply on the domestic market, as farmers accelerated grain sales toward the end of the season. Total grain exports from Ukraine for fiscal year 2026 reached 6.265 million metric tons, which is 15% more than in fiscal year 2025,” the report notes.
Transshipment through export terminals in the fourth quarter of fiscal year 2026 totaled 2.699 million metric tons, which is 3% more than in the previous quarter and 49% higher than in the fourth quarter of fiscal year 2025. Of this volume, grain accounted for 80%, edible oils for 12%, and the remainder consisted of vegetable meal.
“For the year, Kernel’s terminals handled a record 9.587 million metric tons of agricultural products, a 5% increase from the previous year, thanks to significant grain exports in the second half of the fiscal year,” the document states.
Kernel Agricultural Holding is the world’s largest producer and exporter of sunflower oil, Ukraine’s largest grain exporter, the operator of an extensive network of logistics assets, and a leading producer of grains and oilseeds in Ukraine. It is one of the largest producers and sellers of bottled oil in Ukraine. It is engaged in the cultivation and sale of agricultural products.
For the first nine months of fiscal year 2026, Kernel reported a 5% decline in net income to $208 million, while its revenue increased by 0.4% to $3.092 billion and EBITDA rose by 1% to $403 million.
