Operations Update for the three months ended 30 June 2025

21 JULY 2025

Note 1 Includes sales of sunflower oil in bulk and bottled sunflower oil, as well as rapeseed and soybean oil sold in bulk.

Note 2 Excluding physical trading volumes reported by Avere, a subsidiary of Kernel involved in physical and proprietary trading. Preliminary figures; financial year ends 30 June.

Differences are possible due to rounding.

• Kernel processed 952 thousand tons of oilseeds in Q4 FY2025, representing a 13% increase q-o-q (and flat y-o-y), driven by stronger farmer selling as producers began releasing inventories previously withheld. The processed volume included 852 thousand tons of sunflower seeds, alongside 71 thousand tons of soybeans and 29 thousand tons of rapeseeds. The total oilseed processing volume for FY2025 reached 3.5 million tons, an 8% increase y-o-y. This result was supported by the Group's ability to adapt its processing mix to include alternative oilseeds, mitigating the impact of limited domestic sunflower seed availability during the year.

• Edible oil sales in Q4 FY2025 totaled 381 thousand tons, up 10% q-o-q and in line with the corresponding period of the previous year, supported by stable oilseed processing volumes. This brought total edible oil sales for FY2025 to 1.4 million tons, down 5% y-o-y. Of the quarterly volume, bottled sunflower oil accounted for 17 thousand tons.

• Silo intake volume in Q4 FY2025 amounted to a seasonally low 34 thousand tons, bringing the total in-take during FY2025 to 2.7 million tons, a 3% decline y-o-y.

• The Group's grain export volume in the last quarter of the financial year decreased by 38% q-o-q, totaling 984 thousand tons, reflecting the reduced domestic grain supply toward the end of the season. The total grain export from Ukraine for FY2025 amounted to 5.4 million tons, remaining largely unchanged compared to the previous year.

• In line with the slower pace of grain exports, export terminal throughput declined by 28% q-o-q and 20% y-o-y, totaling 1.8 million tons in Q4 FY2025. Of this volume, grains accounted for 61%, edible oils for 22%, and the remainder comprised vegetable meals. On a full-year basis, Kernel's terminals transshipped 9.1 million tons of goods, representing a 36% increase y-o-y. While the Group's grain export volume remained stable compared to the previous year, the overall growth in transshipment volumes was driven by higher edible oil exports handled through the Group's vegetable oil transshipment terminal, which became operational in January 2024, as well as by increased volumes transshipped for third parties.

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Certain statements in this document are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties, or assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, or assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. You should not place undue reliance on forward-looking statements, which speak only as of the date of this announcement. Except as required by law, the Company is under no obligation to update or keep current the forward-looking statements contained in this document or to correct any inaccuracies which may become apparent in such forward-looking statements.