Agricultural holding Kernel, Ukraine’s largest exporter of agricultural products, has sold the Rotterdam Pearl V bulker, which has a carrying capacity of 55,000 tons, and is considering a complete exit from the shipping business, the holding’s press service reported on Thursday.
According to the report, the vessel, purchased in December 2023, was part of an anti-crisis strategy to ensure exports during a period of charter rate shortages. The stabilization of the maritime corridor allowed the company to shift its strategy toward operational flexibility rather than owning its own fleet. Currently, the holding retains only the MAVKA tanker with a carrying capacity of 13,500 tons for transporting oil.
“We entered the shipping business when freight rates were at their peak and access to vessels was limited. Our own fleet fulfilled its mission: we gained control over the export chain and deep market expertise. Today, the situation has changed, and we are adapting to remain effective,” the agricultural holding’s press service quoted Kernel’s Director of Logistics, Mykola Miroshnychenko, as saying.
The logistics optimization comes amid a recent attack by Russian drones on the port infrastructure in Chornomorsk on the night of May 3. At that time, Kernel’s vegetable oil transshipment terminal sustained significant damage: the destruction of tanks led to a spill of over 1,100 tons of product. The spill was quickly contained, but the company temporarily suspended operations, redirecting flows to partner terminals in Odesa and on the Danube.
As reported, Kernel exported 5.4 million tons of grain during the 2025 fiscal year (FY, July 2024–June 2025). At the same time, the company’s own harvest amounted to 2.3 million tons, while the agricultural holding purchased over 3 million tons of grain (about 60% of the segment’s exports) from third-party producers. Overall, transshipment volumes through the company’s own terminals during this period increased by 36%—to 9.1 million tons.
Before the war, Kernel ranked first in the world in sunflower oil production (about 7% of global production). In 2025, the company accounted for about 10% of Ukraine’s total export revenue. The holding’s share of global sunflower oil exports currently stands at 10%.
For the first time since the start of the full-scale war, the European Bank for Reconstruction and Development (EBRD) has provided the Kernel agricultural holding with $45 million in financing for a renewable energy project. The decision was approved by the bank’s Board of Directors and signed during the Ukraine-EU Business Summit in Brussels.
According to a statement from Kernel’s Communications, PR, and GR Department, the total cost of the project is estimated at $86 million. In addition to the EBRD, negotiations are ongoing with other international lenders, and Kernel will finance the remaining investment. The European Union will provide partial coverage of the first-loss risk under the Investment Facility for Ukraine (UIF).
The project involves the construction of a 106 MW solar power plant (SPP) in southern Ukraine and the installation of energy storage systems. The facility is expected to generate approximately 141 GWh of electricity from renewable sources annually and reduce carbon dioxide emissions by 82,500 tons. Once the transmission line is completed, the plant will be integrated into Ukraine’s Unified Energy System (UES) and will supply “green” electricity to the domestic market.
“The development of ‘green’ energy is one of Kernel’s key investment priorities. Today, Ukraine is acutely feeling a shortage of power generation, as large facilities remain vulnerable to attacks. Our response to these challenges is the development of distributed generation, particularly solar and wind power, as well as the implementation of energy storage systems. Connecting new capacity to the power grid is Kernel’s contribution to the stability and energy security of the entire country,” said Kernel CEO Yevgen Osipov.
Overall, Kernel’s strategy involves building a portfolio of green energy projects with a total capacity of up to 600 MW. The expected investment in this area is approximately $400 million.
The Ukraine Investment Framework (UIF) is an investment mechanism under the EU’s €50 billion Ukraine Facility program, aimed at rebuilding and modernizing Ukraine’s economy. Under the UIF, EBRD financing is backed by EU guarantees through the HI-BAR program, which reduces risks for investors and helps attract funding for renewable energy and climate technology projects.
Kernel Agri-Holding is the world’s largest producer and exporter of sunflower oil, Ukraine’s largest grain exporter, an 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.
Kernel, one of Ukraine’s largest agricultural holdings, increased oilseed processing by 17% in the third quarter of fiscal year 2026 (FY, January–March 2026) compared to the same period last year—to 986,000 tons, the company reported in its operating report.
“Kernel processed 986,000 tons of oilseeds during January–March 2026, which is 17% more than in the previous year, thanks to improved availability and procurement of sunflower seeds on the domestic market, while remaining generally stable compared to the previous quarter. Sunflower seeds accounted for the majority of the processing volume, while soybeans and rapeseed contributed to the overall utilization at the group’s oil processing plants,” the document states.
According to the report, sales of edible oil during the reporting period increased by 7% and reached 373,000 tons, which correlates with processing trends. Bottled sunflower oil accounted for 19,000 tons of total sales.
The volume of grain stored in elevators (silos) in January–March amounted to 511,000 tons. According to the agricultural holding, this result reflects the protracted harvest campaign in Ukraine, as well as an increase in the volume of products received from third-party suppliers. Cumulatively, over the first nine months of the 2026 financial year, this figure reached 4 million tons.
Kernel emphasized that the 50% year-over-year growth in procurement is due to a change in crop structure: the share of corn in the 2025 harvest rose to 48% compared to 24% in the previous season.
Grain exports from Ukraine in the third quarter of the fiscal year totaled 1.5 million tons, effectively maintaining the level of the previous quarter. Restraining factors included slow sales by farmers, power shortages, and rising logistics costs.
At the same time, transshipment through the group’s export terminals increased by 4% compared to the previous fiscal year and by 6% compared to the previous quarter, reaching 2.6 million tons. Grain accounted for 73% of total cargo handling, oils for 14%, and meal for the remainder.
” “In total, terminal throughput for the first nine months of fiscal year 2026 amounted to 6.9 million tons, which is 6% less than in the previous year, amid operational disruptions caused by intensified attacks on Black Sea ports and adverse weather conditions,” the agricultural holding concluded.
Kernel Agricultural Holding is the world’s largest producer and exporter of sunflower oil, Ukraine’s largest grain exporter, an 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.
According to Fixygen, Poltava Oil Extraction Plant (Kernel Group) will hold its annual general meeting of shareholders on April 30, 2026, via remote participation. The agenda includes financial results and corporate resolutions.
The company is part of the Kernel agricultural holding, one of the world’s largest producers of sunflower oil. The controlling stake in the group belongs to Andriy Verevskyi, who owns more than 35% of the shares in the publicly traded company Kernel Holding and retains effective control.
The European Bank for Reconstruction and Development (EBRD) plans to provide a loan of up to $45 million (equivalent to EUR 38 million) to Energy RTB 2 LLC, a subsidiary of the Kernel Group, the bank announced on its website.
“The project is expected to be co-financed by a parallel loan of up to $10 million,” the statement said.
The bank has completed its final review of the project, and approval by the Board of Directors is expected.
The project is expected to receive partial first-loss risk coverage from the European Union under the Ukraine Investment Facility (UIF).
“This program promotes the ‘green’ transition of the Ukrainian economy by supporting sustainable investment in green urban infrastructure, the greening of logistics chains, energy efficiency, and the transfer of ‘green’ technologies in industrial processes, commercial activities, and construction,” the EBRD explained.
The program also provides support to companies directly affected by the military conflict to ensure rapid recovery and resilience to the consequences of the ongoing war.
As reported with reference to Kernel CEO Yevgen Osipov, the company intends to invest approximately $400 million in the energy sector over the next two years,
“We have made a strategic decision to enter the energy sector. Our liquidity is one of the components of these new investments. We already implemented a $20 million pilot project last year, and over the next two years we plan to invest $400 million in this area,” he said.
According to Osipov, the company is planning large-scale projects in wind and solar power generation, as well as energy storage systems (ESS) with a total capacity of about 600 MW. Currently, the holding company is in the process of securing financing from international financial institutions, including the EBRD.
In January 2026, during the World Economic Forum in Davos, Osipov announced Kernel’s strategic goal of becoming a leading player in the green energy sector. At that time, the company confirmed the implementation of its first pilot 20-MW solar power plant project and plans to build a 250-MW solar power plant in the Chernivtsi region.
Kernel Agricultural Holding is the world’s largest producer and exporter of sunflower oil, Ukraine’s largest grain exporter, an 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 also engaged in the cultivation and sale of agricultural products.
In the first half of fiscal year 2026 (FY, July–December 2025), Kernel reduced its net profit by 33% compared to the same period in 2025, to $119 million. Consolidated revenue amounted to $1.924 billion, which is 1% less than in the first half of FY 2025. EBITDA fell by 14% to $247 million.
Kernel, one of Ukraine’s largest agricultural holdings and a major taxpayer in the country’s agricultural sector, has signed a purchase agreement to acquire a 100% stake in Enselco Holding Limited — an agricultural holding with a land bank of 190,000 hectares, controlled by Kernel’s chairman of the board of directors and its majority owner, Andriy Verevskyi.
“The total transaction amount is $348 million, reflecting a 5% discount ($18 million) from an independent fair market value appraisal of $366 million, prepared by a reputable international valuation expert at the company’s request and under the supervision of its independent directors,” according to a statement by Kernel on the Warsaw Stock Exchange.
It is noted that the purchase price was determined by the company’s directors, who have no conflict of interest, and accepted by the seller—Veretsky—and the discount was applied to ensure that the transaction provides a clear economic benefit to the company compared to the independently assessed fair value.
According to the statement, Enselco currently manages a consolidated agricultural business comprising 190,000 hectares of leased farmland, its own network of grain storage facilities, agricultural machinery and equipment, as well as a fleet of grain railcars. The scope of the transaction includes agricultural assets that Kernel previously sold in 2022–2023 for $210 million, as well as additional assets acquired and integrated by Enselco since then, including 56,000 hectares of leased land, a network of grain storage facilities, grain railcars, agricultural machinery and equipment, and related working capital.
Payment will be made in two installments: $300 million will be paid immediately upon signing the purchase and sale agreement, and the remaining amount by June 30, 2026.
“This transaction will secure the company’s core production supply chain and support the group’s grain export and oilseed processing value chains. Mr. Andriy Verevskyi abstained from voting on the board of directors’ resolutions approving the transaction,” the statement concludes.
Kernel Agri-Holding is the world’s largest producer and exporter of sunflower oil, Ukraine’s largest grain exporter, an 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.
In the first half of fiscal year 2026 (FY, July–December 2025), Kernel reduced its net profit by 33% compared to the same period last year—to $119 million. Consolidated revenue amounted to $1.924 billion, which is 1% less than in the first half of FY 2025, while EBITDA fell by 14% to $247 million.
