Kernel cuts oilseed processing by 32% in Q4 FY2026, doubles grain exports
Kernel, one of the largest Ukrainian agricultural holdings, reduced its oilseed processing by 32% in the fourth quarter of fiscal year 2026 (FY, April–June 2026) compared to the same period last year, down to 645,000 tonnes, the company announced in an operational report on Monday.
"The total volume of oilseed processing for FY 2026 amounted to 3.185 million tonnes, which is 8% less than in FY 2025, due to the limited availability of sunflower seeds in the domestic market as a result of one of the worst sunflower harvests in Ukraine over the past decade," the document states.
At the same time, Kernel noted that this decline was partially offset by processing alternative oilseeds, specifically soybeans and rapeseed.
According to the report, sales of edible oil in the fourth quarter decreased by 12% to 338,000 tonnes, reflecting lower oilseed processing volumes during the quarter.
"However, sales remained relatively high thanks to the realization of vegetable oil stocks accumulated in previous quarters. The total volume of edible oil sales for FY 2026 reached 1.407 million tonnes, which is 2% more than in FY 2025," the report says.
Out of the quarterly volume, bottled sunflower oil accounted for 14,000 tonnes compared to 19,000 tonnes in the previous quarter.
At the same time, the volume of grain received at elevators (silos) in April–June of this year amounted to 320,000 tonnes, compared to just 34,000 tonnes over the same period last year. Thanks to this, the total intake volume for FY 2026 reached a record level of 4.341 million tonnes, which is 60% more than in FY 2025.
"The annual growth was driven primarily by a larger share of corn in the Group's harvest structure for 2025, which led to an increase in grain processing volumes, as well as an increase in grain intake volumes from third-party suppliers," the document notes.
Kernel's volume of grain exports from Ukraine in the final quarter of FY 2026 amounted to 2.011 million tonnes, 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 at the end of the season. The total volume of grain exports from Ukraine for fiscal year 2026 reached 6.265 million tonnes, which is 15% more than in FY 2025," the report specifies.
Throughput via export terminals in Q4 FY 2026 reached 2.699 million tonnes, which is 3% more than in the previous quarter and 49% higher than the figure for Q4 FY 2025. Of this volume, grain accounted for 80%, edible oils for 12%, and the rest consisted of vegetable meal.
"Following the results of the year, Kernel's terminals handled a record 9.587 million tonnes of agricultural products, which is 5% more than in the previous year, thanks to significant grain export volumes in the second half of the fiscal year," the document emphasizes.
Kernel agricultural holding is the world's largest producer and exporter of sunflower oil, the largest grain exporter from Ukraine, an operator of an extensive network of logistics assets, and a leading producer of grain and oilseeds in Ukraine. It is one of the largest producers and sellers of bottled oil in Ukraine. It is engaged in the cultivation of agricultural products and their sale.
According to the results of the first nine months of FY 2026, Kernel reduced its net profit by 5% to $208 million, while its revenue increased by 0.4% to $3.092 billion, and EBITDA by 1% to $403 million.