According to the company’s annual report filed with the Warsaw Stock Exchange, the agricultural holding reported EBITDA of $1.27 million for the first quarter of 2025, a 26.6% decrease from the same period in 2026.
According to the document, the agricultural holding’s revenue for the reporting period decreased by 39.6% to $2.55 million, gross profit by 17.1% to $1.25 million, and operating profit by 24.1% to $1.01 million.
KSG Agro’s net profit for the first quarter was $0.14 million, compared to $3.04 million in the first quarter of last year, when the contribution from the sale of two of the holding’s assets amounted to $1.71 million.
In addition, in the first quarter of this year, the agricultural holding made $0.42 million in investments, which is 11 times more than in the first quarter of last year.
“The Group continues to implement its simple strategy, focusing on one winter crop, three spring crops, and a single breed of pigs… Overall, operating performance is considered satisfactory,” the report states.
According to the report, the crop production segment generated $0.81 million in revenue and a gross loss of $0.12 million in the first quarter, while the swine segment generated $1.66 million in revenue and a gross profit of $1.32 million,
As of the reporting date, KSG Agro had 1,900 hectares of winter wheat and 219 hectares of winter barley.
In 2025, the agricultural holding, which had previously decided to switch to Canadian genetics, purchased an additional 1,300 Canadian sows, enabling it to produce high-quality piglets to be sold as weaners and market hogs, the report states.
The document reiterates that the board of directors is developing a new growth strategy to expand the agricultural holding’s operations in the European Union with the clear goal of concentrating the majority of the group’s assets and revenues in the EU over the next 3–5 years. According to the company, this can be achieved through a series of mergers and acquisitions, as well as financed using equity and debt, including additional share issuances.
“The new strategy focuses primarily on expansion and investment, which reduces the potential risks of investing exclusively in Ukraine and mitigates the negative impact of the current macroeconomic situation in Ukraine on the Group’s business,” the report states.
The company’s net debt as of the end of March 2026 stood at $14.10 million, compared to $14.39 million at the beginning of the year, while equity remained at $8.94 million.
Olbis Investment LTD SA, owned by Serhiy Kasyanov, Chairman of the Board of Directors of KSG Agro, holds 47.83% of the holding company’s shares; 47.57% are in free float on the Warsaw Stock Exchange; and another 4.59% are treasury shares.
KSG Agro is a vertically integrated holding company engaged in pig farming, as well as the production, storage, processing, and sale of grains and oilseeds. Its land bank in the Dnipropetrovsk and Kherson regions totals approximately 21,000 hectares.
According to 2025 results, the agricultural holding increased its net profit by 5.4 times compared to 2024—to $4.23 million—while its revenue decreased by 14.3%—to $18.92 million.
During 2023 and 2024, one of KSG Agro’s main operating subsidiaries issued three series of foreign currency bonds at 7% per annum for a total of $4.38 million, maturing from September 2026 to February 2027.
AGRICULTURAL HOLDING, EBITDA, KSG AGRO, PIG FARMING, Warsaw Stock Exchange
Kernel Agroholding’s assets in the port of Chernomorsk were subjected to a massive missile attack from Russia on Wednesday and suffered significant damage, the company said in a statement on the Warsaw Stock Exchange.
“The company’s grain handling facilities as well as grain stored at the Chernomorsk port were significantly damaged. Initial assessments indicate that it will take considerable time to return the assets to working condition,” Kernel said.
Reports of the damage led to a collapse of the share price on the exchange from PLN13.53 to PLN12.34 and high volatility: at one point they managed to recover the fall, but by 15:00 local time they were quoted at around PLN12.7-12.9, about 5% below the opening price.
As reported, the company’s CEO Yevhen Osipov in early July at a meeting of the grain club of the Ukrainian Grain Association reported on the need for further development of alternative corridors for export of Ukrainian agricultural products already built on the Danube and assured that Ukraine can fulfill forward deliveries through them.
Before the war, Kernel Agroholding ranked first in the world in the production of sunflower oil (about 7% of world production) and its export (about 12%). The company is one of the largest producers and sellers of bottled oil in Ukraine. In addition, the agroholding is engaged in the cultivation of agricultural products and their realization.
The largest co-owner of Kernel through Namsen Ltd. – is Ukrainian businessman Andriy Verevsky with a 41.3% stake, who recently proposed delisting the company from the Warsaw Stock Exchange and buying back shares from other shareholders.
Kernel’s net profit for the first nine months of 2023FY (Jan-March 2023) rose 36% to $437 mln, while revenue fell 45% to $2.715 bln.
